UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09729
Name of Fund: iShares Trust
Fund Address: c/o BlackRock Fund
Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The
Corporation Trust Company, 1209 Orange
Street, Wilmington, DE 19801
Registrant’s telephone number, including area code: (415)
670-2000
Date of fiscal year end: 02/28/2025
Date of reporting period: 08/31/2024
Item
1 – Reports to Stockholders
(a) The Reports to
Shareholders are attached herewith.
(b) Not Applicable
Item
2 – Code of Ethics – Not Applicable to this semi-annual report
Item
3 – Audit Committee Financial Expert – Not Applicable to this semi-annual
report
Item
4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual
report
Item
5 – Audit Committee of Listed Registrant – Not Applicable
Item 6
– Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7
– Financial Statements and Financial Highlights for Open-End Management
Investment Companies –
(a)
The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
AUGUST
31,
2024
2024
Semi-Annual
Financial
Statements
(Unaudited)
iShares
Trust
iShares
0-3
Month
Treasury
Bond
ETF
|
SGOV
|
NYSE
Arca
iShares
1-3
Year
Treasury
Bond
ETF
|
SHY
|
NASDAQ
iShares
3-7
Year
Treasury
Bond
ETF
|
IEI
|
NASDAQ
iShares
7-10
Year
Treasury
Bond
ETF
|
IEF
|
NASDAQ
iShares
10-20
Year
Treasury
Bond
ETF
|
TLH
|
NYSE
Arca
iShares
20+
Year
Treasury
Bond
ETF
|
TLT
|
NASDAQ
iShares
25+
Year
Treasury
STRIPS
Bond
ETF
|
GOVZ
|
Cboe
BZX
iShares
Short
Treasury
Bond
ETF
|
SHV
|
NASDAQ
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
15
Statements
of
Operations
.................................................................................................
17
Statements
of
Changes
in
Net
Assets
..........................................................................................
19
Financial
Highlights
.....................................................................................................
23
Notes
to
Financial
Statements
...............................................................................................
31
Additional
Information
....................................................................................................
39
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
40
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
49
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
0-3
Month
Treasury
Bond
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.6%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(a)
(b)
(c)
................
140,292,228
$
140,292,228
Total
Money
Market
Funds
—
0
.6
%
(Cost:
$
140,292,228
)
..............................
140,292,228
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
112.2%
U.S.
Treasury
Bills
(d)
5.31
%
,
09/03/24
..................
USD
3,051,743
3,051,742,800
5.31
%
,
09/05/24
(e)
.................
1,132,294
1,131,965,335
5.30
%
,
09/10/24
..................
467,007
466,533,159
5.31
%
,
09/12/24
..................
1,318,272
1,316,551,655
5.30
%
,
09/17/24
..................
3,673,118
3,665,636,856
5.31
%
,
09/19/24
..................
53,938
53,812,624
5.30
%
,
09/24/24
..................
1,998,256
1,992,209,197
5.27
%
,
10/01/24
..................
3,009,239
2,997,123,496
5.27
%
,
10/03/24
..................
1,453,683
1,447,449,936
5.23
%
,
10/08/24
..................
511,682
509,132,075
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.18
%
,
10/10/24
..................
USD
1,133,130
$
1,127,149,449
5.21
%
,
10/15/24
..................
1,508,923
1,499,927,597
5.17
%
,
10/22/24
..................
1,975,026
1,961,269,373
5.21
%
,
10/29/24
..................
3,100,000
3,075,406,677
5.21
%
,
10/31/24
..................
1,038,106
1,029,634,764
5.14
%
,
11/07/24
..................
412,967
409,222,781
5.14
%
,
11/14/24
..................
505,253
500,205,523
5.12
%
,
11/21/24
..................
1,495,425
1,479,049,678
Total
U.S.
Treasury
Obligations
—
112
.2
%
(Cost:
$
27,705,827,261
)
............................
27,714,022,975
Total
Short-Term
Securities
—
112.8%
(Cost:
$
27,846,119,489
)
............................
27,854,315,203
Total
Investments
—
112
.8
%
(Cost:
$
27,846,119,489
)
............................
27,854,315,203
Liabilities
in
Excess
of
Other
Assets
—
(
12.8
)
%
............
(
3,153,082,893
)
Net
Assets
—
100.0%
...............................
$
24,701,232,310
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(e)
All
or
a
portion
of
this
security
is
on
loan.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
27,220,000
$
113,072,228
(a)
$
—
$
—
$
—
$
140,292,228
140,292,228
$
6,248,943
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Money
Market
Funds
......................................
$
140,292,228
$
—
$
—
$
140,292,228
U.S.
Treasury
Obligations
...................................
—
27,714,022,975
—
27,714,022,975
$
140,292,228
$
27,714,022,975
$
—
$
27,854,315,203
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
1-3
Year
Treasury
Bond
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
,
6.75
%
,
08/15/26
.....
USD
23,920
$
25,241,101
U.S.
Treasury
Notes
0.63
%
,
10/15/24
-
03/31/27
...........
362,321
339,483,770
2.25
%
,
10/31/24
-
08/15/27
...........
1,053,068
1,020,354,758
4.38
%
,
10/31/24
-
07/15/27
...........
1,367,104
1,381,202,414
0.75
%
,
11/15/24
-
08/31/26
...........
1,627,747
1,538,543,079
1.50
%
,
11/30/24
-
01/31/27
...........
635,258
604,165,115
1.00
%
,
12/15/24
(a)
.................
3,136
3,101,672
1.13
%
,
01/15/25
(a)
.................
6,542
6,453,650
2.50
%
,
01/31/25
-
03/31/27
...........
279,417
271,323,522
4.13
%
,
01/31/25
-
02/15/27
...........
634,107
636,926,347
2.00
%
,
02/15/25
(a)
.................
3,209
3,168,054
1.13
%
,
02/28/25
-
02/28/27
...........
408,907
385,444,900
2.75
%
,
02/28/25
-
07/31/27
...........
498,999
485,440,929
4.63
%
,
02/28/25
-
06/15/27
...........
2,211,754
2,239,697,696
1.75
%
,
03/15/25
-
12/31/26
...........
147,851
141,005,117
0.50
%
,
03/31/25
-
08/31/27
...........
895,560
817,356,506
2.63
%
,
03/31/25
-
05/31/27
...........
394,139
382,194,352
3.88
%
,
03/31/25
-
01/15/26
...........
780,689
777,652,951
2.88
%
,
04/30/25
-
07/31/25
...........
29,712
29,337,582
2.13
%
,
05/15/25
-
05/31/26
...........
169,470
164,258,009
0.25
%
,
05/31/25
-
10/31/25
...........
298,642
285,526,557
4.25
%
,
05/31/25
-
03/15/27
...........
1,036,195
1,041,365,797
3.00
%
,
07/15/25
-
10/31/25
...........
404,660
398,954,463
2.00
%
,
08/15/25
-
11/15/26
...........
341,398
328,070,768
5.00
%
,
08/31/25
-
09/30/25
...........
295,412
297,389,841
3.50
%
,
09/15/25
..................
216
213,705
4.50
%
,
11/15/25
-
05/15/27
...........
2,259,329
2,279,469,992
4.88
%
,
11/30/25
-
05/31/26
...........
349,691
353,298,700
4.00
%
,
12/15/25
-
01/15/27
...........
2,555,354
2,552,768,833
3.75
%
,
04/15/26
-
08/15/27
...........
971,363
968,307,871
1.63
%
,
05/15/26
-
11/30/26
...........
697,612
666,972,775
3.63
%
,
05/15/26
..................
397,447
394,808,004
0.88
%
,
06/30/26
-
09/30/26
...........
594,298
560,026,839
1.88
%
,
06/30/26
-
02/28/27
...........
575,524
551,545,454
1.38
%
,
08/31/26
..................
152,374
144,963,909
1.25
%
,
11/30/26
-
12/31/26
...........
745,311
703,123,106
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
3.25
%
,
06/30/27
..................
USD
242,724
$
239,159,385
0.38
%
,
07/31/27
..................
192,161
174,183,437
3.13
%
,
08/31/27
..................
270,000
264,916,407
Total
Long-Term
Investments
—
98
.9
%
(Cost:
$
23,306,581,112
)
............................
23,457,417,367
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.3%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(b)
(c)
(d)
................
78,126,892
78,126,892
Total
Short-Term
Securities
—
0
.3
%
(Cost:
$
78,126,892
)
...............................
78,126,892
Total
Investments
Before
Investments
Sold
Short
—
99
.2
%
(Cost:
$
23,384,708,004
)
............................
23,535,544,259
Investments
Sold
Short
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
,
3.13
%
,
08/15/25
......
(
518
)
(
512,195
)
Total
Investments
Sold
Short
—
(0.0)
%
(Proceeds:
$
(
512,244
)
)
............................
(
512,195
)
Total
Investments
Net
of
Investments
Sold
Short
—
99
.2
%
(Cost:
$
23,384,195,760
)
............................
23,535,032,064
Other
Assets
Less
Liabilities
—
0.8
%
....................
197,719,342
Net
Assets
—
100.0%
...............................
$
23,732,751,406
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(d)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
468,836,072
$
—
$
(
390,709,180
)
(a)
$
—
$
—
$
78,126,892
78,126,892
$
1,767,966
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
1-3
Year
Treasury
Bond
ETF
Schedule
of
Investments
5
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
23,457,417,367
$
—
$
23,457,417,367
Short-Term
Securities
Money
Market
Funds
......................................
78,126,892
—
—
78,126,892
Liabilities
Investment
Sold
Short
U.S.
Treasury
Obligations
...................................
—
(
512,195
)
—
(
512,195
)
$
78,126,892
$
23,456,905,172
$
—
$
23,535,032,064
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
3-7
Year
Treasury
Bond
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
,
5.50
%
,
08/15/28
.....
USD
14,465
$
15,436,867
U.S.
Treasury
Bonds
STRIPS
,
0.00
%
,
02/15/29
(a)
.................
38,450
32,467,118
U.S.
Treasury
Notes
2.25
%
,
02/15/27
-
11/15/27
...........
154,473
147,423,105
1.88
%
,
02/28/27
..................
554
528,716
0.63
%
,
03/31/27
-
08/15/30
...........
750,883
645,251,830
2.50
%
,
03/31/27
..................
579
560,231
0.50
%
,
04/30/27
-
10/31/27
...........
215,095
194,674,786
2.75
%
,
04/30/27
-
02/15/28
...........
424,245
410,272,332
2.38
%
,
05/15/27
-
05/15/29
...........
539,722
508,265,781
2.63
%
,
05/31/27
-
07/31/29
...........
695,151
662,849,939
3.25
%
,
06/30/27
-
06/30/29
...........
89,535
87,732,510
3.13
%
,
08/31/27
-
08/31/29
...........
624,226
608,242,807
4.13
%
,
09/30/27
-
07/31/31
...........
1,023,125
1,039,296,296
3.88
%
,
12/31/27
-
12/31/29
...........
656,815
659,999,745
0.75
%
,
01/31/28
..................
174,935
158,124,840
1.13
%
,
02/29/28
-
02/15/31
...........
793,952
701,489,182
4.00
%
,
02/29/28
-
01/31/31
...........
1,202,226
1,214,645,863
1.25
%
,
03/31/28
-
08/15/31
...........
1,583,749
1,422,400,828
3.50
%
,
04/30/28
-
04/30/30
...........
436,757
431,357,391
2.88
%
,
05/15/28
-
04/30/29
...........
785,680
760,328,785
1.00
%
,
07/31/28
..................
511,369
460,291,667
4.38
%
,
08/31/28
-
11/30/30
...........
756,055
778,035,627
1.38
%
,
10/31/28
..................
587,360
533,809,285
4.88
%
,
10/31/28
-
10/31/30
...........
346,584
363,955,907
1.50
%
,
11/30/28
..................
52,503
47,894,631
3.75
%
,
12/31/28
-
08/31/31
...........
937,363
935,624,153
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.75
%
,
01/31/29
-
11/15/29
...........
USD
117,134
$
106,299,830
4.25
%
,
02/28/29
-
06/30/31
...........
510,067
522,280,356
4.63
%
,
04/30/29
-
05/31/31
...........
549,729
573,279,083
4.50
%
,
05/31/29
..................
183,869
189,937,596
3.63
%
,
08/31/29
-
03/31/30
...........
239,001
237,343,454
1.63
%
,
05/15/31
..................
348,787
304,017,091
Total
Long-Term
Investments
—
98
.6
%
(Cost:
$
14,914,580,661
)
............................
14,754,117,632
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.7%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(b)
(c)
.................
100,236,010
100,236,010
Total
Short-Term
Securities
—
0
.7
%
(Cost:
$
100,236,010
)
..............................
100,236,010
Total
Investments
—
99
.3
%
(Cost:
$
15,014,816,671
)
............................
14,854,353,642
Other
Assets
Less
Liabilities
—
0.7
%
....................
100,030,630
Net
Assets
—
100.0%
...............................
$
14,954,384,272
(a)
Zero-coupon
bond.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
188,906,078
$
—
$
(
88,670,068
)
(a)
$
—
$
—
$
100,236,010
100,236,010
$
1,365,620
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
3-7
Year
Treasury
Bond
ETF
Schedule
of
Investments
7
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
14,754,117,632
$
—
$
14,754,117,632
Short-Term
Securities
Money
Market
Funds
......................................
100,236,010
—
—
100,236,010
$
100,236,010
$
14,754,117,632
$
—
$
14,854,353,642
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
7-10
Year
Treasury
Bond
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
0.63
%
,
08/15/30
..................
USD
401
$
333,979
4.13
%
,
03/31/31
-
11/15/32
...........
2,280,758
2,323,430,182
1.63
%
,
05/15/31
..................
240,180
209,350,295
4.63
%
,
05/31/31
..................
18,873
19,772,312
4.25
%
,
06/30/31
..................
14,382
14,759,733
1.25
%
,
08/15/31
..................
1,190,296
1,004,777,035
1.38
%
,
11/15/31
..................
2,857,474
2,419,253,813
1.88
%
,
02/15/32
..................
3,113,683
2,720,093,746
2.88
%
,
05/15/32
..................
2,689,443
2,516,099,633
2.75
%
,
08/15/32
..................
963,097
890,676,623
3.50
%
,
02/15/33
..................
2,599,000
2,528,340,077
3.38
%
,
05/15/33
..................
2,802,424
2,696,675,787
3.88
%
,
08/15/33
-
08/15/34
...........
4,304,156
4,292,633,199
4.50
%
,
11/15/33
..................
3,128,828
3,270,969,163
4.00
%
,
02/15/34
..................
3,618,061
3,640,673,982
4.38
%
,
05/15/34
..................
2,899,921
3,005,043,447
Total
Long-Term
Investments
—
99
.0
%
(Cost:
$
31,614,917,736
)
............................
31,552,883,006
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.0%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(a)
(b)
.................
302,924,460
$
302,924,460
Total
Short-Term
Securities
—
1
.0
%
(Cost:
$
302,924,460
)
..............................
302,924,460
Total
Investments
—
100
.0
%
(Cost:
$
31,917,842,196
)
............................
31,855,807,466
Liabilities
in
Excess
of
Other
Assets
—
(
0.0
)
%
.............
(
3,278,931
)
Net
Assets
—
100.0%
...............................
$
31,852,528,535
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
204,610,000
$
98,314,460
(a)
$
—
$
—
$
—
$
302,924,460
302,924,460
$
2,617,807
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
31,552,883,006
$
—
$
31,552,883,006
Short-Term
Securities
Money
Market
Funds
......................................
302,924,460
—
—
302,924,460
$
302,924,460
$
31,552,883,006
$
—
$
31,855,807,466
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
10-20
Year
Treasury
Bond
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.50
%
,
02/15/36
-
02/15/44
...........
USD
565,959
$
583,679,684
4.75
%
,
02/15/37
-
11/15/43
...........
466,590
495,320,370
5.00
%
,
05/15/37
..................
42,751
47,205,117
4.38
%
,
02/15/38
-
08/15/43
...........
450,425
458,486,843
3.50
%
,
02/15/39
..................
53,008
49,910,722
4.25
%
,
05/15/39
-
11/15/40
...........
63,482
64,748,979
4.63
%
,
02/15/40
-
05/15/44
...........
207,841
218,474,316
1.13
%
,
05/15/40
-
08/15/40
...........
658,684
423,705,615
3.88
%
,
08/15/40
-
05/15/43
...........
775,091
734,854,445
1.38
%
,
11/15/40
..................
599,708
398,290,709
1.88
%
,
02/15/41
..................
634,655
456,406,334
2.25
%
,
05/15/41
..................
704,626
535,598,184
1.75
%
,
08/15/41
..................
632,983
439,997,365
3.75
%
,
08/15/41
-
11/15/43
...........
133,527
123,513,685
2.00
%
,
11/15/41
..................
668,819
482,725,409
3.13
%
,
11/15/41
-
08/15/44
...........
259,793
220,408,397
2.38
%
,
02/15/42
..................
306,306
234,012,694
3.00
%
,
05/15/42
..................
1,735
1,459,770
3.25
%
,
05/15/42
..................
99,168
86,408,128
2.75
%
,
08/15/42
-
11/15/42
...........
570,353
459,959,773
3.38
%
,
08/15/42
-
05/15/44
...........
473,038
417,007,635
4.00
%
,
11/15/42
..................
313,371
302,354,147
2.88
%
,
05/15/43
..................
259,156
210,857,662
3.63
%
,
08/15/43
-
02/15/44
...........
334,525
303,886,618
4.13
%
,
08/15/44
..................
120,610
117,688,977
U.S.
Treasury
Bonds
Principal
STRIPS
(a)
0.00
%
,
11/15/40
-
02/15/41
...........
168,253
83,727,084
0.00
%
,
05/15/41
(b)
.................
3,455
1,697,144
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
U.S.
Treasury
Notes
2.88
%
,
04/30/29
-
05/15/32
...........
USD
17,709
$
16,571,145
3.13
%
,
08/31/29
..................
55,960
54,364,266
0.63
%
,
08/15/30
..................
5,516
4,596,713
1.38
%
,
11/15/31
..................
93,062
78,790,408
1.88
%
,
02/15/32
..................
2,572
2,246,971
2.75
%
,
08/15/32
..................
4,449
4,114,641
Total
Long-Term
Investments
—
98
.6
%
(Cost:
$
8,226,776,915
)
............................
8,113,069,950
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.3%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(c)
(d)
(e)
................
105,335,607
105,335,607
Total
Short-Term
Securities
—
1
.3
%
(Cost:
$
105,335,607
)
..............................
105,335,607
Total
Investments
—
99
.9
%
(Cost:
$
8,332,112,522
)
............................
8,218,405,557
Other
Assets
Less
Liabilities
—
0.1
%
....................
4,606,236
Net
Assets
—
100.0%
...............................
$
8,223,011,793
(a)
Zero-coupon
bond.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(e)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
147,527,500
$
—
$
(
42,191,893
)
(a)
$
—
$
—
$
105,335,607
105,335,607
$
1,849,240
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
10-20
Year
Treasury
Bond
ETF
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
8,113,069,950
$
—
$
8,113,069,950
Short-Term
Securities
Money
Market
Funds
......................................
105,335,607
—
—
105,335,607
$
105,335,607
$
8,113,069,950
$
—
$
8,218,405,557
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
20+
Year
Treasury
Bond
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
2.75
%
,
11/15/42
-
11/15/47
...........
USD
1,747,297
$
1,336,867,385
4.00
%
,
11/15/42
-
11/15/52
...........
2,229,544
2,139,667,013
3.13
%
,
02/15/43
-
05/15/48
...........
4,579,156
3,790,524,051
2.88
%
,
05/15/43
-
05/15/52
...........
4,256,673
3,354,108,112
3.63
%
,
08/15/43
-
05/15/53
...........
4,560,292
4,093,755,628
3.75
%
,
11/15/43
..................
88,678
82,002,532
4.50
%
,
02/15/44
..................
419
429,885
3.38
%
,
05/15/44
-
11/15/48
...........
2,200,463
1,875,218,806
3.00
%
,
11/15/44
-
08/15/52
...........
10,170,614
8,123,648,200
2.50
%
,
02/15/45
-
05/15/46
...........
5,788,667
4,296,306,476
2.25
%
,
08/15/49
-
02/15/52
...........
2,744,618
1,859,878,118
2.38
%
,
11/15/49
-
05/15/51
...........
583,409
406,454,276
2.00
%
,
02/15/50
-
08/15/51
...........
9,921,787
6,312,217,106
1.25
%
,
05/15/50
..................
903,035
474,410,846
1.38
%
,
08/15/50
..................
2,890,580
1,565,429,569
1.63
%
,
11/15/50
..................
5,973,017
3,453,850,200
1.88
%
,
02/15/51
-
11/15/51
...........
12,350,914
7,600,161,464
4.13
%
,
08/15/53
..................
2,898,583
2,846,385,672
4.75
%
,
11/15/53
..................
2,459,324
2,679,126,082
4.25
%
,
02/15/54
-
08/15/54
...........
3,100,901
3,114,419,843
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.63
%
,
05/15/54
..................
USD
1,538,577
$
1,644,353,634
Total
Long-Term
Investments
—
98
.7
%
(Cost:
$
65,303,938,123
)
............................
61,049,214,898
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.6%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(a)
(b)
.................
960,405,411
960,405,411
Total
Short-Term
Securities
—
1
.6
%
(Cost:
$
960,405,411
)
..............................
960,405,411
Total
Investments
—
100
.3
%
(Cost:
$
66,264,343,534
)
............................
62,009,620,309
Liabilities
in
Excess
of
Other
Assets
—
(
0.3
)
%
.............
(
167,288,797
)
Net
Assets
—
100.0%
...............................
$
61,842,331,512
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
810,710,000
$
149,695,411
(a)
$
—
$
—
$
—
$
960,405,411
960,405,411
$
11,138,544
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
61,049,214,898
$
—
$
61,049,214,898
Short-Term
Securities
Money
Market
Funds
......................................
960,405,411
—
—
960,405,411
$
960,405,411
$
61,049,214,898
$
—
$
62,009,620,309
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
25+
Year
Treasury
STRIPS
Bond
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
Principal
STRIPS
0.00
%
,
08/15/49
-
05/15/54
(a)
..........
USD
1,149,231
$
364,451,016
U.S.
Treasury
Bonds
STRIPS
,
0.00
%
,
05/15/52
(a)
.................
1
304
Total
Long-Term
Investments
—
99
.7
%
(Cost:
$
380,297,561
)
..............................
364,451,320
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(b)
(c)
.................
179,792
$
179,792
Total
Short-Term
Securities
—
0
.0
%
(Cost:
$
179,792
)
.................................
179,792
Total
Investments
—
99
.7
%
(Cost:
$
380,477,353
)
..............................
364,631,112
Other
Assets
Less
Liabilities
—
0.3
%
....................
1,123,038
Net
Assets
—
100.0%
...............................
$
365,754,150
(a)
Zero-coupon
bond.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
20,000
$
159,792
(a)
$
—
$
—
$
—
$
179,792
179,792
$
6,029
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
U.S.
Treasury
Obligations
...................................
$
—
$
364,451,320
$
—
$
364,451,320
Short-Term
Securities
Money
Market
Funds
......................................
179,792
—
—
179,792
$
179,792
$
364,451,320
$
—
$
364,631,112
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
Short
Treasury
Bond
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
4.5%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(a)
(b)
(c)
................
857,623,629
$
857,623,629
Total
Money
Market
Funds
—
4
.5
%
(Cost:
$
857,623,629
)
..............................
857,623,629
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
102.7%
U.S.
Treasury
Bills
(d)
5.32
%
,
09/03/24
..................
USD
602,889
602,889,300
5.36
%
,
09/05/24
..................
582,797
582,627,689
5.30
%
,
09/10/24
(e)
.................
198,358
198,156,969
5.25
%
,
09/12/24
..................
626,157
625,339,765
5.30
%
,
09/17/24
..................
777,434
775,850,515
5.30
%
,
09/24/24
..................
399,646
398,436,855
5.30
%
,
09/26/24
..................
39,989
39,856,033
2.83
%
,
10/01/24
..................
749,238
746,221,889
5.33
%
,
10/03/24
..................
1,243,464
1,238,133,046
5.26
%
,
10/10/24
..................
548,440
545,545,332
5.31
%
,
10/15/24
..................
599,170
595,597,549
5.26
%
,
10/17/24
..................
346,660
344,501,272
5.29
%
,
10/22/24
..................
429,929
426,934,632
5.27
%
,
10/24/24
..................
696,508
691,464,216
5.00
%
,
10/29/24
(e)
.................
891,892
884,815,830
5.37
%
,
10/31/24
..................
867,486
860,406,575
5.28
%
,
11/12/24
..................
198,438
196,512,798
5.22
%
,
11/14/24
..................
705,749
698,698,171
5.21
%
,
11/21/24
..................
444,628
439,759,199
5.20
%
,
11/26/24
(e)
.................
397,608
392,991,855
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.09
%
,
11/29/24
..................
USD
532,522
$
526,126,364
5.28
%
,
12/05/24
(e)
.................
250,029
246,867,081
5.29
%
,
12/12/24
..................
651,913
643,139,537
5.06
%
,
12/17/24
(e)
.................
150,870
148,703,641
5.00
%
,
12/24/24
(e)
.................
150,905
148,601,406
4.82
%
,
12/26/24
..................
511,387
503,516,754
5.02
%
,
12/31/24
..................
200,000
196,773,778
5.24
%
,
01/02/25
..................
994,710
978,728,880
5.20
%
,
01/09/25
..................
395,030
388,352,020
4.97
%
,
01/16/25
..................
300,091
294,745,531
4.87
%
,
01/23/25
..................
916,873
899,730,724
4.89
%
,
01/30/25
..................
200,974
197,036,815
4.91
%
,
02/13/25
..................
701,256
686,300,644
4.92
%
,
02/20/25
..................
474,827
464,288,187
4.80
%
,
02/27/25
..................
450,052
439,679,710
5.05
%
,
03/20/25
(e)
.................
25,528
24,916,062
5.15
%
,
04/17/25
(e)
.................
614,449
597,533,925
5.13
%
,
05/15/25
(e)
.................
405,522
393,061,938
5.00
%
,
07/10/25
..................
158,016
152,194,126
4.45
%
,
08/07/25
..................
450,390
432,515,976
Total
U.S.
Treasury
Obligations
—
102
.7
%
(Cost:
$
19,634,787,796
)
............................
19,647,552,589
Total
Short-Term
Securities
—
107.2%
(Cost:
$
20,492,411,425
)
............................
20,505,176,218
Total
Investments
—
107
.2
%
(Cost:
$
20,492,411,425
)
............................
20,505,176,218
Liabilities
in
Excess
of
Other
Assets
—
(
7.2
)
%
.............
(
1,385,758,231
)
Net
Assets
—
100.0%
...............................
$
19,119,417,987
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(e)
All
or
a
portion
of
this
security
is
on
loan.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
1,530,557,500
$
—
$
(
672,933,871
)
(a)
$
—
$
—
$
857,623,629
857,623,629
$
6,911,238
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short
Treasury
Bond
ETF
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Money
Market
Funds
......................................
$
857,623,629
$
—
$
—
$
857,623,629
U.S.
Treasury
Obligations
...................................
—
19,647,552,589
—
19,647,552,589
$
857,623,629
$
19,647,552,589
$
—
$
20,505,176,218
Statements
of
Assets
and
Liabilities
(unaudited)
August
31,
2024
15
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
0-3
Month
Treasury
Bond
ETF
iShares
1-3
Year
Treasury
Bond
ETF
iShares
3-7
Year
Treasury
Bond
ETF
iShares
7-10
Year
Treasury
Bond
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
27,714,022,975
$
23,457,417,367
$
14,754,117,632
$
31,552,883,006
Investments,
at
value
—
affiliated
(c)
............................................
140,292,228
78,126,892
100,236,010
302,924,460
Receivables:
–
–
–
–
Investment
s
sold
......................................................
—
1,225,815,660
475,440,566
888,305,927
Securities
lending
income
—
affiliated
........................................
66,928
1,726
—
—
Capital
shares
sold
.....................................................
—
—
—
922,224
Dividends
—
affiliated
...................................................
1,258,924
273,664
404,051
773,620
Interest
—
unaffiliated
...................................................
685
189,699,664
118,524,359
196,709,282
Total
a
ssets
...........................................................
27,855,641,740
24,951,334,973
15,448,722,618
32,942,518,519
LIABILITIES
Investments
sold
short,
at
value
(d)
.............................................
—
512,195
—
—
Due
to
broker
..........................................................
—
198,019
—
—
Collateral
on
securities
loaned
...............................................
17,340,000
9,373,669
—
—
Payables:
–
–
–
–
Investments
purchased
..................................................
3,075,406,677
1,205,187,015
492,452,305
1,086,057,810
Capital
shares
redeemed
.................................................
59,802,644
223,056
—
—
Investment
advisory
fees
.................................................
1,860,109
3,089,613
1,886,041
3,932,174
Total
li
abilities
..........................................................
3,154,409,430
1,218,583,567
494,338,346
1,089,989,984
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
24,701,232,310
$
23,732,751,406
$
14,954,384,272
$
31,852,528,535
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
24,584,138,959
$
24,574,746,776
$
15,935,242,510
$
35,846,872,164
Accumulated
earnings
(loss)
................................................
117,093,351
(
841,995,370
)
(
980,858,238
)
(
3,994,343,629
)
NET
ASSETS
..........................................................
$
24,701,232,310
$
23,732,751,406
$
14,954,384,272
$
31,852,528,535
NET
ASSET
VALUE
Shares
outstanding
......................................................
245,150,000
286,700,000
126,000,000
328,100,000
Net
asset
value
.........................................................
$
100.76
$
82.78
$
118.69
$
97.08
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.......................................
$
27,705,827,261
$
23,306,581,112
$
14,914,580,661
$
31,614,917,736
(b)
Securities
loaned,
at
value
............................................
$
16,995,070
$
9,175,396
$
—
$
—
(c)
Investments,
at
cost
—
affiliated
.........................................
$
140,292,228
$
78,126,892
$
100,236,010
$
302,924,460
(d)
Proceeds
received
from
short
sales
......................................
$
—
$
512,244
$
—
$
—
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
August
31,
2024
2024
iShares
Semi-Annual
Financial
Statements
16
See
notes
to
financial
statements.
iShares
10-20
Year
Treasury
Bond
ETF
iShares
20+
Year
Treasury
Bond
ETF
iShares
25+
Year
Treasury
STRIPS
Bond
ETF
iShares
Short
Treasury
Bond
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
8,113,069,950
$
61,049,214,898
$
364,451,320
$
19,647,552,589
Investments,
at
value
—
affiliated
(c)
............................................
105,335,607
960,405,411
179,792
857,623,629
Cash
...............................................................
870,033
—
—
—
Receivables:
–
–
–
–
Investment
s
sold
......................................................
167,526,881
114,216,380
1,149,166
—
Securities
lending
income
—
affiliated
........................................
361
306
—
480,983
Capital
shares
sold
.....................................................
—
1,503,129
2,408
4,091,607
Dividends
—
affiliated
...................................................
341,491
3,229,693
1,516
440,933
Interest
—
unaffiliated
...................................................
45,250,318
330,157,863
—
—
Total
a
ssets
...........................................................
8,432,394,641
62,458,727,680
365,784,202
20,510,189,741
LIABILITIES
Bank
overdraft
..........................................................
—
207,855
—
—
Collateral
on
securities
loaned
...............................................
1,537,500
—
—
784,377,500
Payables:
–
–
–
–
Investments
purchased
..................................................
206,782,302
603,964,072
—
594,976,333
Capital
shares
redeemed
.................................................
—
4,509,387
1,204
9,001,536
Investment
advisory
fees
.................................................
1,063,046
7,714,854
28,848
2,416,385
Total
li
abilities
..........................................................
209,382,848
616,396,168
30,052
1,390,771,754
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
8,223,011,793
$
61,842,331,512
$
365,754,150
$
19,119,417,987
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
9,408,069,165
$
73,478,989,825
$
460,537,985
$
19,070,586,928
Accumulated
earnings
(loss)
................................................
(
1,185,057,372
)
(
11,636,658,313
)
(
94,783,835
)
48,831,059
NET
ASSETS
..........................................................
$
8,223,011,793
$
61,842,331,512
$
365,754,150
$
19,119,417,987
NET
ASSET
VALUE
Shares
outstanding
......................................................
76,600,000
640,400,000
31,650,000
172,860,000
Net
asset
value
.........................................................
$
107.35
$
96.57
$
11.56
$
110.61
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.......................................
$
8,226,776,915
$
65,303,938,123
$
380,297,561
$
19,634,787,796
(b)
Securities
loaned,
at
value
............................................
$
1,473,855
$
—
$
—
$
768,645,122
(c)
Investments,
at
cost
—
affiliated
.........................................
$
105,335,607
$
960,405,411
$
179,792
$
857,623,629
Statements
of
Operations
(unaudited)
Six
Months
Ended
August
31,
2024
17
Statements
of
Operations
iShares
0-3
Month
Treasury
Bond
ETF
iShares
1-3
Year
Treasury
Bond
ETF
iShares
3-7
Year
Treasury
Bond
ETF
iShares
7-10
Year
Treasury
Bond
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
5,999,325
$
1,664,012
$
1,355,762
$
2,169,962
Interest
—
unaffiliated
...................................................
580,405,416
499,244,723
227,666,482
544,653,894
Securities
lending
income
—
affiliated
—
net
...................................
249,618
103,954
9,858
447,845
Total
investment
income
...................................................
586,654,359
501,012,689
229,032,102
547,271,701
EXPENSES
Investment
advisory
....................................................
11,839,463
18,508,110
10,358,937
21,942,202
Commitment
costs
.....................................................
19,242
—
—
—
Total
e
xpenses
.........................................................
11,858,705
18,508,110
10,358,937
21,942,202
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
(
3,447,220
)
—
—
—
Total
ex
penses
after
fees
waived
.............................................
8,411,485
18,508,110
10,358,937
21,942,202
Net
investment
income
....................................................
578,242,874
482,504,579
218,673,165
525,329,499
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
10,155,724
$
305,593,231
$
387,467,581
$
900,247,193
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
—
$
(
92,950,543
)
$
(
92,935,229
)
$
(
832,448,645
)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
33,532
6,486,067
17,300,361
67,582,122
Payment
by
affiliate
..................................................
—
—
13,552
—
33,532
(86,464,476)
(75,621,316)
(764,866,523)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
10,122,193
392,057,658
463,088,897
1,665,113,717
Short
sales
—
unaffiliated
..............................................
—
49
—
—
10,122,193
392,057,707
463,088,897
1,665,113,717
Net
realized
and
unrealized
gain
.............................................
10,155,725
305,593,231
387,467,581
900,247,194
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
588,398,599
$
788,097,810
$
606,140,746
$
1,425,576,693
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
August
31,
2024
2024
iShares
Semi-Annual
Financial
Statements
18
iShares
10-20
Year
Treasury
Bond
ETF
iShares
20+
Year
Treasury
Bond
ETF
iShares
25+
Year
Treasury
STRIPS
Bond
ETF
iShares
Short
Treasury
Bond
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
1,614,169
$
11,136,088
$
5,948
$
4,083,133
Interest
—
unaffiliated
...................................................
166,079,768
1,071,559,573
5,553,848
491,633,672
Securities
lending
income
—
affiliated
—
net
...................................
235,071
2,456
81
2,828,105
Total
investment
income
...................................................
167,929,008
1,082,698,117
5,559,877
498,544,910
EXPENSES
Investment
advisory
....................................................
5,940,147
38,908,970
190,991
14,182,299
Commitment
costs
.....................................................
—
—
—
19,242
Interest
expense
......................................................
—
—
817
—
Total
e
xpenses
.........................................................
5,940,147
38,908,970
191,808
14,201,541
Less:
–
–
–
–
Investment
advisory
fees
waived
...........................................
—
—
(
64,582
)
(
69,664
)
Total
ex
penses
after
fees
waived
.............................................
5,940,147
38,908,970
127,226
14,131,877
Net
investment
income
....................................................
161,988,861
1,043,789,147
5,432,651
484,413,033
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
260,572,346
$
1,581,950,828
$
12,614,967
$
17,544,190
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(
173,375,907
)
$
(
2,134,357,418
)
$
(
18,031,376
)
$
1,398,968
In-kind
redemptions
—
unaffiliated
(a)
.......................................
22,244,761
382,314,554
6,017,827
527,579
(151,131,146)
(1,752,042,864)
(12,013,549)
1,926,547
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
411,703,492
3,333,993,691
24,628,515
15,617,643
Net
realized
and
unrealized
gain
.............................................
260,572,346
1,581,950,827
12,614,966
17,544,190
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
422,561,207
$
2,625,739,974
$
18,047,617
$
501,957,223
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
19
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
0-3
Month
Treasury
Bond
ETF
iShares
1-3
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
578,242,874
$
728,033,727
$
482,504,579
$
851,308,319
Net
realized
gain
(loss)
............................................
33,532
225,124
(
86,464,476
)
(
468,968,368
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
10,122,193
(
1,973,749
)
392,057,707
667,550,333
Net
increase
in
net
assets
resulting
from
operations
...........................
588,398,599
726,285,102
788,097,810
1,049,890,284
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(544,681,984)
(b)
(675,659,011)
(475,146,711)
(b)
(829,122,279)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
6,136,457,943
10,347,503,962
(2,137,499,895)
(1,003,021,375)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
6,180,174,558
10,398,130,053
(
1,824,548,796
)
(
782,253,370
)
Beginning
of
period
................................................
18,521,057,752
8,122,927,699
25,557,300,202
26,339,553,572
End
of
period
....................................................
$
24,701,232,310
$
18,521,057,752
$
23,732,751,406
$
25,557,300,202
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2024
iShares
Semi-Annual
Financial
Statements
20
See
notes
to
financial
statements.
iShares
3-7
Year
Treasury
Bond
ETF
iShares
7-10
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
218,673,165
$
334,099,086
$
525,329,499
$
855,368,820
Net
realized
loss
................................................
(
75,621,316
)
(
453,468,810
)
(
764,866,523
)
(
1,383,200,291
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
463,088,897
523,381,542
1,665,113,717
731,353,030
Net
increase
in
net
assets
resulting
from
operations
...........................
606,140,746
404,011,818
1,425,576,693
203,521,559
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(210,314,799)
(b)
(322,555,021)
(503,891,409)
(b)
(829,462,599)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
1,183,675,299
1,285,662,391
3,065,888,161
5,509,125,703
NET
ASSETS
Total
increase
in
net
assets
...........................................
1,579,501,246
1,367,119,188
3,987,573,445
4,883,184,663
Beginning
of
period
................................................
13,374,883,026
12,007,763,838
27,864,955,090
22,981,770,427
End
of
period
....................................................
$
14,954,384,272
$
13,374,883,026
$
31,852,528,535
$
27,864,955,090
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
21
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
10-20
Year
Treasury
Bond
ETF
iShares
20+
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
161,988,861
$
302,105,982
$
1,043,789,147
$
1,505,673,994
Net
realized
loss
................................................
(
151,131,146
)
(
134,357,949
)
(
1,752,042,864
)
(
2,600,577,020
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
411,703,492
(
165,080,386
)
3,333,993,691
(
269,922,256
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
422,561,207
2,667,647
2,625,739,974
(1,364,825,282)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(158,970,909)
(b)
(299,913,515)
(999,962,238)
(b)
(1,423,935,830)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
209,144,893
(230,401,103)
10,453,361,286
22,187,012,620
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
472,735,191
(
527,646,971
)
12,079,139,022
19,398,251,508
Beginning
of
period
................................................
7,750,276,602
8,277,923,573
49,763,192,490
30,364,940,982
End
of
period
....................................................
$
8,223,011,793
$
7,750,276,602
$
61,842,331,512
$
49,763,192,490
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2024
iShares
Semi-Annual
Financial
Statements
22
See
notes
to
financial
statements.
iShares
25+
Year
Treasury
STRIPS
Bond
ETF
iShares
Short
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
5,432,651
$
5,832,713
$
484,413,033
$
1,008,345,606
Net
realized
gain
(loss)
............................................
(
12,013,549
)
(
61,158,044
)
1,926,547
1,940,355
Net
change
in
unrealized
appreciation
(depreciation)
........................
24,628,515
41,485,165
15,617,643
31,585,558
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
18,047,617
(13,840,166)
501,957,223
1,041,871,519
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(4,950,127)
(b)
(6,043,087)
(475,253,623)
(b)
(995,877,471)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
110,988,599
(20,427,364)
1,110,200,588
(5,806,139,037)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
124,086,089
(
40,310,617
)
1,136,904,188
(
5,760,144,989
)
Beginning
of
period
................................................
241,668,061
281,978,678
17,982,513,799
23,742,658,788
End
of
period
....................................................
$
365,754,150
$
241,668,061
$
19,119,417,987
$
17,982,513,799
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
iShares
0-3
Month
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Period
from
05/26/20
(a)
to
02/28/21
Net
asset
value,
beginning
of
period
..............................
$
100.66
$
100.41
$
100.02
$
100.01
$
100.01
Net
investment
income
(b)
......................................
2
.68
5
.26
2
.81
0
.04
0
.05
Net
realized
and
unrealized
gain
(loss)
(c)
............................
0.04
(0.06
)
(0.57
)
0.00
0.00
(d)
Net
increase
from
investment
operations
.............................
2.72
5.20
2.24
0.04
0.05
Distributions
from
net
investment
income
(e)
.........................
(2.62
)
(f)
(4.95
)
(1.85
)
(0.03
)
(0.05
)
Net
asset
value,
end
of
period
...................................
$
100.76
$
100.66
$
100.41
$
100.02
$
100.01
Total
Return
(g)
—
—
—
—
—
Based
on
net
asset
value
.......................................
2.74
%
(h)
5.32
%
2.25
%
0.04
%
0.05
%
(h)
Ratios
to
Average
Net
Assets
(i)
Total
expen
ses
..............................................
0.11
%
(j)
0.12
%
0.12
%
0.12
%
0.12
%
(j)
Total
expenses
after
fees
waived
..................................
0.08
%
(j)
0.06
%
0.04
%
0.03
%
0.03
%
(j)
Net
investment
income
.........................................
5.29
%
(j)
5.24
%
2.81
%
0.04
%
0.07
%
(j)
Supplemental
Data
Net
assets,
end
of
period
(000)
...................................
$
24,701,232
$
18,521,058
$
8,122,928
$
1,865,428
$
735,108
Portfolio
turnover
rate
(k)
.........................................
0
%
0
%
(l)
0
%
0
%
326
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Rounds
to
less
than
$0.01.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
(l)
Portfolio
turnover
rate
presented
in
the
previously
issued
financial
statements
for
the
year-ended
02/29/24
of
584%
has
been
revised
to
remove
the
impact
from
short-term
securities
included
in
error,
which
the
fund
determined
was
immaterial
to
the
previously
issued
financial
statements.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
24
iShares
1-3
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
81.70
$
80.97
$
84.55
$
86.30
$
85.70
$
83.73
Net
investment
income
(a)
........................
1
.61
2
.60
1
.38
0
.20
0
.62
1
.73
Net
realized
and
unrealized
gain
(loss)
(b)
..............
1.05
0.67
(3.77
)
(1.73
)
0.69
2.02
Net
increase
(decrease)
from
investment
operations
.......
2.66
3.27
(2.39
)
(1.53
)
1.31
3.75
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(
1
.58
)
(d)
(
2
.54
)
(
1
.19
)
(
0
.19
)
(
0
.71
)
(
1
.78
)
From
net
realized
gain
..........................
—
—
—
(
0
.03
)
—
—
Total
distributions
..............................
(1.58
)
(2.54
)
(1.19
)
(0.22
)
(0.71
)
(1.78
)
Net
asset
value,
end
of
period
.....................
$
82.78
$
81.70
$
80.97
$
84.55
$
86.30
$
85.70
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
3.28
%
(f)
4.11
%
(2.84
)%
(1.77
)%
1.52
%
4.53
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.15
%
(h)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
...........................
3.91
%
(h)
3.20
%
1.69
%
0.24
%
0.71
%
2.05
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
23,732,751
$
25,557,300
$
26,339,554
$
21,433,224
$
19,572,396
$
17,465,741
Portfolio
turnover
rate
(i)
...........................
27
%
55
%
73
%
148
%
79
%
56
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
25
Financial
Highlights
iShares
3-7
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
115.50
$
114.47
$
126.06
$
131.00
$
130.24
$
121.54
Net
investment
income
(a)
........................
1
.85
2
.98
1
.84
0
.94
1
.29
2
.44
Net
realized
and
unrealized
gain
(loss)
(b)
..............
3.13
0.92
(11.75
)
(4.94
)
0.85
8.76
Net
increase
(decrease)
from
investment
operations
.......
4.98
3.90
(9.91
)
(4.00
)
2.14
11.20
Distributions
from
net
investment
income
(c)
...........
(1.79
)
(d)
(2.87
)
(1.68
)
(0.94
)
(1.38
)
(2.50
)
Net
asset
value,
end
of
period
.....................
$
118.69
$
115.50
$
114.47
$
126.06
$
131.00
$
130.24
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.36
%
(f)
(g)
3.44
%
(7.90
)%
(3.07
)%
1.63
%
9.31
%
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
................................
0.15
%
(i)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
...........................
3.17
%
(i)
2.58
%
1.57
%
0.72
%
0.97
%
1.95
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
14,954,384
$
13,374,883
$
12,007,764
$
10,475,559
$
11,227,126
$
9,923,985
Portfolio
turnover
rate
(j)
...........................
19
%
45
%
36
%
62
%
49
%
38
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
26
iShares
7-10
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
94.14
$
95.72
$
111.99
$
115.71
$
117.31
$
104.16
Net
investment
income
(a)
........................
1
.70
2
.92
2
.15
1
.08
1
.15
2
.19
Net
realized
and
unrealized
gain
(loss)
(b)
..............
2.89
(1.67
)
(16.44
)
(3.81
)
(1.53
)
13.19
Net
increase
(decrease)
from
investment
operations
.......
4.59
1.25
(14.29
)
(2.73
)
(0.38
)
15.38
Distributions
from
net
investment
income
(c)
...........
(1.65
)
(d)
(2.83
)
(1.98
)
(0.99
)
(1.22
)
(2.23
)
Net
asset
value,
end
of
period
.....................
$
97.08
$
94.14
$
95.72
$
111.99
$
115.71
$
117.31
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.95
%
(f)
1.32
%
(12.83
)%
(2.38
)%
(0.37
)%
14.94
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.15
%
(h)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
...........................
3.59
%
(h)
3.06
%
2.15
%
0.94
%
0.95
%
1.98
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
31,852,529
$
27,864,955
$
22,981,770
$
17,413,750
$
14,209,563
$
21,480,308
Portfolio
turnover
rate
(i)
...........................
34
%
48
%
53
%
114
%
76
%
57
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
27
Financial
Highlights
iShares
10-20
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
...............
$
103.89
$
109.21
$
141.79
$
146.54
$
158.70
$
132.80
Net
investment
income
(a)
.......................
2
.14
4
.17
3
.70
2
.41
2
.04
3
.18
Net
realized
and
unrealized
gain
(loss)
(b)
.............
3.42
(5.32
)
(33.13
)
(4.91
)
(10.08
)
26.01
Net
increase
(decrease)
from
investment
operations
......
5.56
(1.15
)
(29.43
)
(2.50
)
(8.04
)
29.19
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
(
2
.10
)
(d)
(
4
.17
)
(
3
.15
)
(
2
.25
)
(
2
.80
)
(
3
.29
)
From
net
realized
gain
.........................
—
—
—
—
(
1
.32
)
—
Total
distributions
.............................
(2.10
)
(4.17
)
(3.15
)
(2.25
)
(4.12
)
(3.29
)
Net
asset
value,
end
of
period
....................
$
107.35
$
103.89
$
109.21
$
141.79
$
146.54
$
158.70
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
........................
5.45
%
(f)
(1.05
)%
(20.90
)%
(1.74
)%
(5.38
)%
22.28
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...............................
0.15
%
(h)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
..........................
4.09
%
(h)
3.93
%
3.23
%
1.65
%
1.25
%
2.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
8,223,012
$
7,750,277
$
8,277,924
$
2,325,430
$
1,186,936
$
1,095,034
Portfolio
turnover
rate
(i)
..........................
18
%
26
%
56
%
114
%
214
%
63
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
28
iShares
20+
Year
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
...............
$
94.07
$
101.52
$
139.87
$
143.12
$
155.13
$
119.95
Net
investment
income
(a)
.......................
1
.89
3
.54
2
.98
2
.25
2
.24
3
.09
Net
realized
and
unrealized
gain
(loss)
(b)
.............
2.44
(7.61
)
(38.60
)
(3.26
)
(11.95
)
35.13
Net
increase
(decrease)
from
investment
operations
......
4.33
(4.07
)
(35.62
)
(1.01
)
(9.71
)
38.22
Distributions
from
net
investment
income
(c)
..........
(1.83
)
(d)
(3.38
)
(2.73
)
(2.24
)
(2.30
)
(3.04
)
Net
asset
value,
end
of
period
....................
$
96.57
$
94.07
$
101.52
$
139.87
$
143.12
$
155.13
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
........................
4.71
%
(f)
(4.06
)%
(25.64
)%
(0.72
)%
(6.43
)%
32.29
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...............................
0.15
%
(h)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
..........................
4.02
%
(h)
3.68
%
2.72
%
1.56
%
1.39
%
2.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
61,842,332
$
49,763,192
$
30,364,941
$
16,113,367
$
14,783,961
$
21,237,057
Portfolio
turnover
rate
(i)
..........................
11
%
23
%
22
%
43
%
65
%
25
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
29
Financial
Highlights
iShares
25+
Year
Treasury
STRIPS
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Period
from
09/22/20
(a)
to
02/28/21
Net
asset
value,
beginning
of
period
.............................
$
11.29
$
13.08
$
20.52
$
20.61
$
25.06
Net
investment
income
(b)
.....................................
0
.24
0
.47
0
.47
0
.45
0
.17
Net
realized
and
unrealized
gain
(loss)
(c)
...........................
0.26
(1.79
)
(7.44
)
(0.14
)
(4.50
)
Net
increase
(decrease)
from
investment
operations
....................
0.50
(1.32
)
(6.97
)
0.31
(4.33
)
Distributions
from
net
investment
income
(d)
........................
(0.23
)
(e)
(0.47
)
(0.47
)
(0.40
)
(0.12
)
Net
asset
value,
end
of
period
..................................
$
11.56
$
11.29
$
13.08
$
20.52
$
20.61
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.50
%
(g)
(10.27
)%
(34.23
)%
1.44
%
(17.33
)%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
.............................................
0.15
%
(i)
0.15
%
0.15
%
0.15
%
0.15
%
(i)
Total
expenses
after
fees
waived
.................................
0.10
%
(i)
0.08
%
0.04
%
0.04
%
0.07
%
(i)
Net
investment
income
........................................
4.27
%
(i)
3.97
%
3.17
%
2.10
%
1.71
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
365,754
$
241,668
$
281,979
$
324,196
$
28,853
Portfolio
turnover
rate
(j)
........................................
12
%
22
%
50
%
40
%
36
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
30
iShares
Short
Treasury
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
.................
$
110.48
$
110.22
$
110.29
$
110.52
$
110.68
$
110.52
Net
investment
income
(loss)
(a)
.....................
2
.85
5
.40
2
.32
(
0
.07
)
0
.40
2
.28
Net
realized
and
unrealized
gain
(loss)
(b)
...............
0.10
0.18
(0.50
)
(0.16
)
0.10
0.25
Net
increase
(decrease)
from
investment
operations
........
2.95
5.58
1.82
(0.23
)
0.50
2.53
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(
2
.82
)
(d)
(
5
.32
)
(
1
.89
)
—
(
0
.50
)
(
2
.37
)
From
net
realized
gain
...........................
—
—
—
—
(
0
.16
)
—
Total
distributions
...............................
(2.82
)
(5.32
)
(1.89
)
—
(0.66
)
(2.37
)
Net
asset
value,
end
of
period
......................
$
110.61
$
110.48
$
110.22
$
110.29
$
110.52
$
110.68
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.71
%
(f)
5.19
%
1.66
%
(0.19
)%
0.45
%
2.31
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.................................
0.15
%
(h)
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Total
expenses
after
fees
waived
.....................
0.15
%
(h)
0.15
%
0.14
%
0.15
%
0.15
%
0.15
%
Net
investment
income
(loss)
........................
5.12
%
(h)
4.90
%
2.10
%
(0.06
)%
0.36
%
2.06
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
19,119,418
$
17,982,514
$
23,742,659
$
15,779,285
$
16,193,171
$
20,276,511
Portfolio
turnover
rate
(i)
............................
34
%
62
%
107
%
86
%
115
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
31
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Bank
Overdraft:
Certain
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Fixed-income
investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed
income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data,
credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless BFA
determines
such
method
does
not
represent
fair
value.
iShares
ETF
Diversification
Classification
0-3
Month
Treasury
Bond
...............................................................................................
Diversified
1-3
Year
Treasury
Bond
................................................................................................
Diversified
3-7
Year
Treasury
Bond
................................................................................................
Diversified
7-10
Year
Treasury
Bond
................................................................................................
Diversified
10-20
Year
Treasury
Bond
...............................................................................................
Diversified
20+
Year
Treasury
Bond
................................................................................................
Diversified
25+
Year
Treasury
STRIPS
Bond
..........................................................................................
Diversified
Short
Treasury
Bond
..................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
32
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
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.
4.
Securities
and
Other
Investments
Stripped
Bonds:
A
stripped
bond
is
a
bond
that
has
had
its
coupon
payments
and
principal
repayment
stripped
into
two
separate
components
then
selling
the
separate
parts
as
a
zero-coupon
bond
and
an
interest
paying
coupon
bond.
Once
stripped,
each
component
trades
as
a
separate
security.
Stripped
bonds
have
a
greater
sensitivity
to
changes
in
interest
rates
than
similar
maturity
debt
obligations
which
provide
for
regular
interest
payments.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments.
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Effective
June
28,
2024,
for
its
investment
advisory
services
to
the
iShares
0-3
Month
Treasury
Bond
ETF,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.09%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund.
Prior
to
June
28,
2024,
BFA
was
entitled
to
an
annual
investment
advisory
fee
of
0.12%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund.
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
the
iShares
25+
Year
Treasury
STRIPS
Bond
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
management
fee
so
that
the
Fund’s
total
annual
fund
operating
expenses
after
the
fee
waiver
will
not
exceed
0.10%
through
February
28,
2029.
For
the
iShares
Short
Treasury
Bond
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
June
30,
2026
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
investments
by
the
Fund
in
other
registered
investment
companies
advised
by
BFA
or
its
affiliates.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
0-3
Month
Treasury
Bond
BofA
Securities,
Inc.
....................................
$
16,995,070
$
(16,995,070)
$
–
$
–
m
1-3
Year
Treasury
Bond
J.P.
Morgan
Securities
LLC
...............................
$
9,175,396
$
(9,175,396)
$
–
$
–
m
10-20
Year
Treasury
Bond
Barclays
Capital,
Inc.
...................................
$
982,570
$
(982,570)
$
–
$
–
Citigroup
Global
Markets,
Inc.
..............................
491,285
(491,285)
–
–
$
1,473,855
$
(1,473,855)
$
–
$
–
Short
Treasury
Bond
BMO
Capital
Markets
Corp.
...............................
$
91,589,488
$
(91,589,488)
$
–
$
–
Citigroup
Global
Markets,
Inc.
..............................
145,870,650
(145,870,650)
–
–
Deutsche
Bank
Securities,
Inc.
.............................
24,231,825
(24,231,825)
–
–
J.P.
Morgan
Securities
LLC
...............................
290,854,581
(290,854,581)
–
–
Mitsubishi
UFJ
Securities
Holdings
Co.,
Ltd.
....................
2,965,170
(2,965,170)
–
–
Morgan
Stanley
.......................................
137,761,735
(137,761,735)
–
–
Nomura
Securities
International,
Inc.
.........................
3,968,264
(3,968,264)
–
–
State
Street
Bank
&
Trust
Co.
..............................
33,965,456
(33,965,456)
–
–
Toronto-Dominion
Bank
(The)
..............................
37,437,953
(37,437,953)
–
–
$
768,645,122
$
(768,645,122)
$
–
$
–
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
iShares
ETF
Investment
Advisory
Fees
0-3
Month
Treasury
Bond
............................................................................................
0.09
%
1-3
Year
Treasury
Bond
.............................................................................................
0.15
3-7
Year
Treasury
Bond
.............................................................................................
0.15
7-10
Year
Treasury
Bond
.............................................................................................
0.15
10-20
Year
Treasury
Bond
............................................................................................
0.15
20+
Year
Treasury
Bond
.............................................................................................
0.15
25+
Year
Treasury
STRIPS
Bond
.......................................................................................
0.15
Short
Treasury
Bond
...............................................................................................
0.15
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
34
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
six
months ended August
31,
2024,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to May
6,
2024,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
August
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
During
the
six
months
ended
August
31,
2024, 3-7
Year
Treasury
Bond
received
a
reimbursement
of
$13,552
from
an
affiliate,
which
is
included
in
payment
by
affiliate
in
the
Statements
of
Operations,
related
to
an
operating
error,
event.
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
iShares
ETF
Amounts
Waived
0-3
Month
Treasury
Bond
...............................................................................................
$
3,447,220
25+
Year
Treasury
STRIPS
Bond
..........................................................................................
64,083
Short
Treasury
Bond
..................................................................................................
69,483
iShares
ETF
Amounts
0-3
Month
Treasury
Bond
...................................................................................................
$
88,895
1-3
Year
Treasury
Bond
....................................................................................................
36,355
3-7
Year
Treasury
Bond
....................................................................................................
3,243
7-10
Year
Treasury
Bond
....................................................................................................
128,867
10-20
Year
Treasury
Bond
...................................................................................................
56,402
20+
Year
Treasury
Bond
....................................................................................................
1,037
25+
Year
Treasury
STRIPS
Bond
..............................................................................................
35
Short
Treasury
Bond
......................................................................................................
840,132
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
6.
Purchases
and
Sales
For
the six
months ended
August
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
August
31,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
August
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
As
of
February
29,
2024,
the
Funds
had
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
through
the
indicated
expiration
dates
as
follows:
As
of
August
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
U.S.
Government
Securities
iShares
ETF
Purchases
Sales
1-3
Year
Treasury
Bond
.................................................................................
$
6,612,953,408
$
6,751,371,784
3-7
Year
Treasury
Bond
.................................................................................
2,626,032,245
2,692,720,867
7-10
Year
Treasury
Bond
.................................................................................
9,821,362,307
9,915,323,950
10-20
Year
Treasury
Bond
................................................................................
1,394,875,229
1,403,294,055
20+
Year
Treasury
Bond
.................................................................................
5,423,782,469
5,572,653,573
25+
Year
Treasury
STRIPS
Bond
...........................................................................
29,588,703
34,995,963
Short
Treasury
Bond
...................................................................................
2,104,118,966
1,074,983,103
iShares
ETF
In-kind
Purchases
In-kind
Sales
0-3
Month
Treasury
Bond
................................................................................
$
290,826,737
$
—
1-3
Year
Treasury
Bond
.................................................................................
3,685,227,784
5,796,874,195
3-7
Year
Treasury
Bond
.................................................................................
2,480,946,687
1,309,653,179
7-10
Year
Treasury
Bond
.................................................................................
9,649,181,095
6,623,773,909
10-20
Year
Treasury
Bond
................................................................................
1,138,767,702
932,346,374
20+
Year
Treasury
Bond
.................................................................................
35,764,538,081
25,496,977,086
25+
Year
Treasury
STRIPS
Bond
...........................................................................
215,298,935
104,336,285
Short
Treasury
Bond
...................................................................................
96,211,356
165,803,435
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
0-3
Month
Treasury
Bond
...............................................................................................
$
(221,144)
1-3
Year
Treasury
Bond
................................................................................................
(987,179,677)
3-7
Year
Treasury
Bond
................................................................................................
(783,635,164)
7-10
Year
Treasury
Bond
................................................................................................
(3,175,828,313)
10-20
Year
Treasury
Bond
...............................................................................................
(938,207,745)
20+
Year
Treasury
Bond
................................................................................................
(5,817,636,963)
25+
Year
Treasury
STRIPS
Bond
..........................................................................................
(68,022,849)
Short
Treasury
Bond
..................................................................................................
(48,260,472)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
0-3
Month
Treasury
Bond
............................................
$
27,846,119,489
$
8,195,714
$
–
$
8,195,714
1-3
Year
Treasury
Bond
.............................................
23,386,831,162
172,660,391
(23,947,245)
148,713,146
3-7
Year
Treasury
Bond
.............................................
15,016,450,261
134,070,351
(296,166,970)
(162,096,619)
7-10
Year
Treasury
Bond
............................................
32,004,860,000
209,984,030
(359,036,564)
(149,052,534)
10-20
Year
Treasury
Bond
...........................................
8,342,204,702
65,947,552
(189,746,697)
(123,799,145)
20+
Year
Treasury
Bond
.............................................
66,277,786,403
188,096,395
(4,456,262,489)
(4,268,166,094)
25+
Year
Treasury
STRIPS
Bond
.......................................
380,578,276
2,353,506
(18,300,670)
(15,947,164)
Short
Treasury
Bond
...............................................
20,492,411,425
13,061,173
(296,380)
12,764,793
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
36
8.
Line
of
Credit
The iShares
0-3
Month
Treasury
Bond
ETF
and
iShares
Short
Treasury
Bond
ETF,
along
with
certain
other
iShares
funds
(“Participating
Funds”),
are
parties
to
a
$800
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
October 16,
2024.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
Syndicated
Credit
Agreement.
The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or
(b)
the
U.S.
Federal
Funds
rate plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
During
the
six
months,
ended
August
31,
2024,
the
Funds
did
not
borrow
under
the
Syndicated
Credit
Agreement.
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities.
Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
The
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Funds'
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
Six
Months
Ended
08/31/24
Year
Ended
02/29/24
iShares
ETF
Shares
Amount
Shares
Amount
0-3
Month
Treasury
Bond
Shares
sold
88,400,000
$
8,879,346,083
144,100,000
$
14,464,440,829
Shares
redeemed
(27,250,000)
(2,742,888,140)
(41,000,000)
(4,116,936,867)
61,150,000
$
6,136,457,943
103,100,000
$
10,347,503,962
1-3
Year
Treasury
Bond
Shares
sold
46,100,000
$
3,768,813,798
152,500,000
$
12,423,738,873
Shares
redeemed
(72,200,000)
(5,906,313,693)
(165,000,000)
(13,426,760,248)
(26,100,000)
$
(2,137,499,895)
(12,500,000)
$
(1,003,021,375)
3-7
Year
Treasury
Bond
Shares
sold
21,600,000
$
2,508,101,899
66,500,000
$
7,677,570,565
Shares
redeemed
(11,400,000)
(1,324,426,600)
(55,600,000)
(6,391,908,174)
10,200,000
$
1,183,675,299
10,900,000
$
1,285,662,391
7-10
Year
Treasury
Bond
Shares
sold
103,200,000
$
9,753,899,280
265,100,000
$
25,475,616,835
Shares
redeemed
(71,100,000)
(6,688,011,119)
(209,200,000)
(19,966,491,132)
32,100,000
$
3,065,888,161
55,900,000
$
5,509,125,703
10-20
Year
Treasury
Bond
Shares
sold
11,100,000
$
1,157,663,205
37,600,000
$
3,896,931,646
Shares
redeemed
(9,100,000)
(948,518,312)
(38,800,000)
(4,127,332,749)
2,000,000
$
209,144,893
(1,200,000)
$
(230,401,103)
20+
Year
Treasury
Bond
Shares
sold
389,800,000
$
36,384,675,133
639,700,000
$
61,064,609,023
Shares
redeemed
(278,400,000)
(25,931,313,847)
(409,800,000)
(38,877,596,403)
111,400,000
$
10,453,361,286
229,900,000
$
22,187,012,620
25+
Year
Treasury
STRIPS
Bond
Shares
sold
19,600,000
$
215,432,287
18,000,000
$
202,814,117
Shares
redeemed
(9,350,000)
(104,443,688)
(18,150,000)
(223,241,481)
10,250,000
$
110,988,599
(150,000)
$
(20,427,364)
Short
Treasury
Bond
Shares
sold
35,440,000
$
3,907,324,940
60,750,000
$
6,693,451,949
Shares
redeemed
(25,350,000)
(2,797,124,352)
(113,400,000)
(12,499,590,986)
10,090,000
$
1,110,200,588
(52,650,000)
$
(5,806,139,037)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
38
11.
Subsequent
Events
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds'
financial
statements
was
completed
through
the
date
the
financial
statements
were
available
to
be
issued
and
the
following
items
were
noted:
Effective
October
16,
2024,
the
Syndicated
Credit
Agreement
to
which
the
Participating
Funds
are
party
was
amended
to
extend
the
maturity
date
to
October
15,
2025
under
the
same
terms.
Additional
Information
39
Additional
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2024
BlackRock
Semi-Annual
Financial
Statements
40
iShares
0-3
Month
Treasury
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
41
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
any
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
during
the
June
4-5,
2024
meeting,
the
Board
approved
a
permanent
reduction
to
the
advisory
fee
rate
charged
to
the
Fund.
In
addition,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
BlackRock
Semi-Annual
Financial
Statements
42
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
1-3
Year
Treasury
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
The
Board
also
noted
the
tradability,
liquidity
and
developed
capital
markets
ecosystem
associated
with
the
Fund
that
differentiates
it
from
other
ETFs
in
the
marketplace.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
43
Board
Review
and
Approval
of
Investment
Advisory
Contract
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
BlackRock
Semi-Annual
Financial
Statements
44
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
3-7
Year
Treasury
Bond
ETF,
iShares
7-10
Year
Treasury
Bond
ETF,
iShares
10-20
Year
Treasury
Bond
ETF,
iShares
20+
Year
Treasury
Bond
ETF,
iShares
25+
Year
Treasury
Strips
Bond
ETF
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
45
Board
Review
and
Approval
of
Investment
Advisory
Contract
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
BlackRock
Semi-Annual
Financial
Statements
46
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Short
Treasury
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
47
Board
Review
and
Approval
of
Investment
Advisory
Contract
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
BlackRock
Semi-Annual
Financial
Statements
48
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
49
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
STRIPS
Separate
Trading
of
Registered
Interest
&
Principal
of
Securities
Currency
Abbreviation
USD
United
States
Dollar
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
ICE
Data
Indices,
LLC
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
AUGUST
31,
2024
2024
Semi-Annual
Financial
Statements
(Unaudited)
iShares
Trust
iShares
California
Muni
Bond
ETF
|
CMF
|
NYSE
Arca
iShares
National
Muni
Bond
ETF
|
MUB
|
NYSE
Arca
iShares
New
York
Muni
Bond
ETF
|
NYF
|
NYSE
Arca
iShares
Short-Term
National
Muni
Bond
ETF
|
SUB
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
99
Statements
of
Operations
.................................................................................................
100
Statements
of
Changes
in
Net
Assets
..........................................................................................
101
Financial
Highlights
.....................................................................................................
103
Notes
to
Financial
Statements
...............................................................................................
107
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
113
Additional
Information
....................................................................................................
115
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
116
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
California
—
100.0%
Acalanes
Union
High
School
District,
Series
2010A,
GO,
6.35%, 08/01/39
.........
USD
200
$
230,680
Alameda
Corridor
Transportation
Authority
Series
1999A
,
RB
,
0.00
%
,
10/01/32
(
NPFGC
)
(a)
....................
745
574,550
Series
2016B
,
RB
,
4.00
%
,
10/01/35
(
AGM
)
255
256,080
Series
2016B
,
RB
,
5.00
%
,
10/01/35
.....
2,000
2,047,659
Series
2016B
,
RB
,
5.00
%
,
10/01/36
(
AGM
)
600
620,198
Series
2016B
,
RB
,
5.00
%
,
10/01/36
.....
2,000
2,047,373
Series
2022A
,
RB
,
0.00
%
,
10/01/47
(a)
....
1,630
966,051
Series
2022A
,
RB
,
0.00
%
,
10/01/48
(a)
....
665
392,211
Series
2022A
,
RB
,
0.00
%
,
10/01/49
(a)
....
665
390,691
Series
2022A
,
RB
,
0.00
%
,
10/01/50
(a)
....
2,195
1,283,211
Series
2022A
,
RB
,
0.00
%
,
10/01/51
(
AGM
)
(a)
1,000
575,706
Series
A
,
RB
,
0.00
%
,
10/01/51
(
AGM
)
(a)
...
1,000
283,603
Series
2022C
,
RB
,
5.00
%
,
10/01/52
(
AGM
)
285
306,926
Series
C
,
RB
,
0.00
%
,
10/01/53
(
AGM
)
(a)
..
5,000
1,232,253
Alameda
County
Transportation
Commission
Series
2022
,
RB
,
5.00
%
,
03/01/40
......
4,215
4,786,603
Series
2022
,
RB
,
5.00
%
,
03/01/41
......
1,860
2,097,842
Series
2022
,
RB
,
5.00
%
,
03/01/45
......
2,000
2,223,958
Alhambra
Unified
School
District,
Series
B,
GO,
0.00%, 08/01/39
(AGM)
(a)
...........
5,100
2,980,450
Allan
Hancock
Joint
Community
College
District,
Series
2012C,
GO,
0.00%, 08/01/47
(a)
....
1,295
960,640
Alvord
Unified
School
District,
Series
2011B,
GO,
0.00%, 08/01/43
(AGM)
(a)
........
2,500
1,118,693
Anaheim
Housing
&
Public
Improvements
Authority,
Series
2020A,
RB,
5.00%, 10/01/50
200
202,813
Anaheim
Union
High
School
District,
Series
2018,
GO,
4.00%, 08/01/42
..........
4,060
4,075,150
Bay
Area
Toll
Authority
Series
2017S-7
,
RB
,
5.00
%
,
04/01/28
....
1,945
2,124,007
Series
2017S-7
,
RB
,
4.00
%
,
04/01/29
....
500
513,718
Series
2023F-1
,
RB
,
5.00
%
,
04/01/29
....
3,000
3,347,752
Series
2017S-7
,
RB
,
4.00
%
,
04/01/33
....
1,695
1,724,966
Series
2017S-7
,
RB
,
4.00
%
,
04/01/34
....
3,500
3,556,579
Series
2017S-7
,
RB
,
4.00
%
,
04/01/38
....
400
405,041
Series
2017S-7
,
RB
,
4.00
%
,
04/01/42
....
8,035
8,061,735
Series
2024F-2
,
RB
,
5.00
%
,
04/01/42
....
4,000
4,461,618
Series
2017B
,
RB
,
VRDN
2.85
%
,
04/01/25
(b)
710
709,090
Series
2017A
,
RB
,
VRDN
2.95
%
,
04/01/26
(b)
705
702,987
Series
2017S-7
,
RB
,
4.00
%
,
04/01/47
....
2,500
2,477,558
Series
H
,
RB
,
VRDN
2.13
%
,
04/01/25
(b)
...
1,200
1,193,522
Series
2019S-8
,
RB
,
3.00
%
,
04/01/54
....
5,085
3,995,143
Series
2023F-1
,
RB
,
5.00
%
,
04/01/54
....
5,000
5,486,414
Series
2023F-1
,
RB
,
5.25
%
,
04/01/54
....
8,000
8,955,545
Series
2014S-6
,
RB
,
5.00
%
,
10/01/54
....
2,980
2,984,705
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
3.85
%
,
09/03/24
(b)
...........
20,000
20,000,000
Series
2019S-8
,
RB
,
5.00
%
,
04/01/56
....
2,000
2,257,890
Series
2017F-1
,
RB
,
5.00
%
,
04/01/56
....
1,405
1,500,090
Series
2024G
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
2.14
%
,
09/05/24
(b)
........
14,400
14,400,000
Beverly
Hills
Unified
School
District
(a)
Series
2009
,
GO
,
0.00
%
,
08/01/27
......
11,500
10,632,807
Series
2009
,
GO
,
0.00
%
,
08/01/29
......
2,195
1,919,848
Series
2009
,
GO
,
0.00
%
,
08/01/33
......
2,515
1,917,530
California
Educational
Facilities
Authority
Series
V-1
,
RB
,
5.00
%
,
05/01/29
.......
500
560,875
Series
T-1
,
RB
,
5.00
%
,
03/15/39
.......
4,950
6,103,036
Series
U-1
,
RB
,
5.25
%
,
04/01/40
.......
4,650
5,912,381
Series
U-3
,
RB
,
5.00
%
,
06/01/43
.......
2,090
2,590,202
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2015
,
RB
,
5.00
%
,
04/01/45
......
USD
500
$
504,184
Series
U-6
,
RB
,
5.00
%
,
05/01/45
.......
20,280
25,159,613
Series
2015
,
RB
,
5.00
%
,
09/01/45
......
5,000
5,128,998
Series
U-7
,
RB
,
5.00
%
,
06/01/46
.......
2,650
3,291,785
Series
V-1
,
RB
,
5.00
%
,
05/01/49
.......
7,260
9,000,064
Series
2016
,
RB
,
5.00
%
,
10/01/49
......
250
259,982
Series
2018A
,
RB
,
5.00
%
,
10/01/53
.....
2,120
2,197,065
California
Infrastructure
&
Economic
Development
Bank
Series
2017
,
RB
,
5.00
%
,
10/01/24
......
890
891,479
Series
2003A
,
RB
,
5.00
%
,
07/01/25
(
FGIC
)
300
306,277
Series
2018
,
RB
,
5.00
%
,
10/01/26
......
215
226,871
Series
2016
,
RB
,
5.00
%
,
10/01/26
......
3,550
3,696,606
Series
2018
,
RB
,
5.00
%
,
10/01/27
......
505
546,313
Series
2023
,
RB
,
5.00
%
,
10/01/28
......
1,000
1,107,285
Series
2018
,
RB
,
5.00
%
,
10/01/28
......
545
596,137
Series
2003A
,
RB
,
5.00
%
,
07/01/29
(
FGIC
)
810
874,005
Series
2003A
,
RB
,
5.00
%
,
07/01/33
(
AMBAC
)
1,410
1,533,790
Series
2003A
,
RB
,
5.00
%
,
07/01/36
(
AMBAC
)
740
804,968
Series
2016A
,
RB
,
5.00
%
,
10/01/41
.....
700
736,995
Series
2017
,
RB
,
5.00
%
,
05/15/42
......
1,000
1,054,292
Series
2018
,
RB
,
5.00
%
,
10/01/43
......
2,000
2,098,270
Series
2019
,
RB
,
5.00
%
,
08/01/44
......
1,510
1,612,735
Series
2016A
,
RB
,
4.00
%
,
10/01/45
.....
500
516,349
Series
2023
,
RB
,
4.00
%
,
10/01/45
......
5,000
5,090,389
Series
2024
,
RB
,
4.00
%
,
10/01/47
......
1,775
1,779,816
Series
2022A
,
RB
,
5.00
%
,
10/01/47
.....
1,175
1,313,496
Series
2018
,
RB
,
5.00
%
,
10/01/48
......
125
130,310
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
3,125
3,309,052
Series
2022A
,
RB
,
5.00
%
,
10/01/52
.....
8,000
8,868,554
California
Municipal
Finance
Authority
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
500
516,667
Series
2017
,
RB
,
5.00
%
,
01/01/48
......
1,000
1,085,783
California
School
Facilities
Financing
Authority,
Series
2009A,
RB,
0.00%, 08/01/49
(AGM)
(a)
2,100
615,988
California
State
Public
Works
Board
Series
2021A
,
RB
,
5.00
%
,
02/01/25
.....
5,005
5,049,981
Series
F
,
RB
,
5.00
%
,
05/01/25
.........
300
304,557
Series
D
,
RB
,
5.00
%
,
06/01/25
.........
350
356,062
Series
2022A
,
RB
,
5.00
%
,
08/01/25
.....
6,680
6,827,034
Series
2014A
,
RB
,
5.00
%
,
09/01/25
.....
3,100
3,107,400
Series
2021A
,
RB
,
5.00
%
,
02/01/26
.....
3,340
3,456,397
Series
2014A
,
RB
,
5.00
%
,
09/01/26
.....
2,620
2,625,531
Series
2021A
,
RB
,
5.00
%
,
02/01/27
.....
7,000
7,402,043
Series
B
,
RB
,
5.00
%
,
10/01/27
.........
395
424,053
Series
2023D
,
RB
,
5.00
%
,
11/01/27
.....
4,510
4,849,138
Series
2019C
,
RB
,
5.00
%
,
11/01/27
.....
1,140
1,225,724
Series
F
,
RB
,
5.00
%
,
05/01/28
.........
350
354,685
Series
2022B
,
RB
,
5.00
%
,
06/01/28
.....
2,000
2,176,230
Series
2022A
,
RB
,
5.00
%
,
08/01/28
.....
1,000
1,091,876
Series
2014A
,
RB
,
5.00
%
,
09/01/28
.....
1,265
1,267,266
Series
2014A
,
RB
,
5.00
%
,
09/01/29
.....
2,205
2,208,949
Series
B
,
RB
,
5.00
%
,
10/01/29
.........
250
266,437
Series
2019C
,
RB
,
5.00
%
,
11/01/29
.....
1,530
1,710,654
Series
2023C
,
RB
,
5.00
%
,
09/01/30
.....
2,735
3,090,040
Series
2020D
,
RB
,
5.00
%
,
11/01/30
.....
1,405
1,591,117
Series
2023C
,
RB
,
5.00
%
,
09/01/31
.....
4,875
5,576,314
Series
2014A
,
RB
,
5.00
%
,
09/01/32
.....
1,000
1,002,327
Series
2019C
,
RB
,
5.00
%
,
11/01/32
.....
1,010
1,112,138
Series
2023C
,
RB
,
5.00
%
,
09/01/34
.....
5,000
5,825,876
Series
2014A
,
RB
,
5.00
%
,
09/01/34
.....
1,000
1,002,289
Series
2016C
,
RB
,
5.00
%
,
11/01/34
.....
1,575
1,631,374
Series
2023D
,
RB
,
5.00
%
,
11/01/36
.....
5,000
5,770,097
Series
2014B
,
RB
,
5.00
%
,
10/01/39
.....
2,000
2,002,429
Series
2021C
,
RB
,
5.00
%
,
11/01/40
.....
1,000
1,112,401
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2021D
,
RB
,
4.00
%
,
11/01/41
.....
USD
2,510
$
2,554,388
Series
2024A
,
RB
,
5.00
%
,
04/01/42
.....
2,795
3,168,614
Series
2021C
,
RB
,
5.00
%
,
11/01/46
.....
3,100
3,387,262
Series
2023D
,
RB
,
4.63
%
,
11/01/48
.....
13,760
14,436,691
Series
2024A
,
RB
,
5.00
%
,
04/01/49
.....
2,000
2,220,593
California
State
University
Series
2014A
,
RB
,
5.00
%
,
11/01/26
.....
400
401,290
Series
2017A
,
RB
,
5.00
%
,
11/01/26
.....
370
391,550
Series
2016A
,
RB
,
5.00
%
,
11/01/27
.....
1,385
1,443,185
Series
2014A
,
RB
,
5.00
%
,
11/01/27
.....
400
401,290
Series
2014A
,
RB
,
5.00
%
,
11/01/28
.....
3,370
3,380,871
Series
2014A
,
RB
,
5.00
%
,
11/01/29
.....
1,425
1,429,597
Series
2016A
,
RB
,
5.00
%
,
11/01/29
.....
1,070
1,112,751
Series
2014A
,
RB
,
5.00
%
,
11/01/30
.....
505
506,629
Series
2017A
,
RB
,
5.00
%
,
11/01/30
.....
520
550,024
Series
2017A
,
RB
,
5.00
%
,
11/01/31
.....
500
527,588
Series
2015A
,
RB
,
5.00
%
,
11/01/31
.....
2,500
2,560,898
Series
2014A
,
RB
,
5.00
%
,
11/01/32
.....
2,000
2,006,451
Series
2016A
,
RB
,
5.00
%
,
11/01/32
.....
1,500
1,551,587
Series
2014A
,
RB
,
5.00
%
,
11/01/33
.....
1,500
1,504,839
Series
2017A
,
RB
,
5.00
%
,
11/01/33
.....
1,325
1,396,683
Series
2015A
,
RB
,
5.00
%
,
11/01/33
.....
500
511,546
Series
2016A
,
RB
,
4.00
%
,
11/01/35
.....
3,000
3,030,518
Series
2015A
,
RB
,
5.00
%
,
11/01/35
.....
2,780
2,840,974
Series
2017A
,
RB
,
5.00
%
,
11/01/35
.....
450
473,806
Series
2017A
,
RB
,
5.00
%
,
11/01/36
.....
485
509,951
Series
2016A
,
RB
,
4.00
%
,
11/01/37
.....
2,455
2,467,392
Series
2016A
,
RB
,
4.00
%
,
11/01/38
.....
2,540
2,545,908
Series
2015A
,
RB
,
5.00
%
,
11/01/38
.....
415
423,655
Series
2014A
,
RB
,
5.00
%
,
11/01/39
.....
500
501,613
Series
2019A
,
RB
,
5.00
%
,
11/01/39
.....
1,515
1,650,767
Series
2016A
,
RB
,
5.00
%
,
11/01/41
.....
650
668,147
Series
2024A
,
RB
,
5.00
%
,
11/01/42
.....
5,070
5,843,234
Series
2015A
,
RB
,
4.00
%
,
11/01/43
.....
200
200,061
Series
2015A
,
RB
,
5.00
%
,
11/01/43
.....
1,665
1,693,487
Series
2024A
,
RB
,
5.00
%
,
11/01/43
.....
4,800
5,507,387
Series
2014A
,
RB
,
5.00
%
,
11/01/44
.....
13,290
13,332,870
Series
2020C
,
RB
,
4.00
%
,
11/01/45
.....
4,470
4,481,929
Series
2016A
,
RB
,
4.00
%
,
11/01/45
.....
985
979,625
Series
2016A
,
RB
,
5.00
%
,
11/01/45
.....
760
778,164
Series
2015A
,
RB
,
5.00
%
,
11/01/47
.....
1,300
1,318,869
Series
2018A
,
RB
,
5.00
%
,
11/01/48
.....
5,550
5,864,576
Series
2023A
,
RB
,
5.25
%
,
11/01/48
.....
3,745
4,264,325
California
Statewide
Communities
Development
Authority,
Series
2016,
RB,
5.00%, 05/15/40
250
253,871
Campbell
Union
High
School
District,
Series
B,
GO,
4.00%, 08/01/38
..............
2,000
2,059,974
Cerritos
Community
College
District
Series
2012D
,
GO
,
0.00
%
,
08/01/26
(a)
....
545
516,789
Series
2014A
,
GO
,
5.00
%
,
08/01/39
.....
2,790
2,792,553
Series
2019C
,
GO
,
3.00
%
,
08/01/44
.....
250
212,696
Series
2014A
,
GO
,
4.00
%
,
08/01/44
.....
250
248,015
Chabot-Las
Positas
Community
College
District
Series
C
,
GO
,
5.00
%
,
08/01/27
........
500
537,515
Series
2016
,
GO
,
4.00
%
,
08/01/33
......
1,000
1,014,337
Series
2016
,
GO
,
4.00
%
,
08/01/34
......
1,000
1,013,085
Series
2017A
,
GO
,
4.00
%
,
08/01/42
.....
1,290
1,284,697
Series
2017A
,
GO
,
4.00
%
,
08/01/47
.....
3,000
2,959,936
Series
C
,
GO
,
5.25
%
,
08/01/48
........
2,725
3,089,642
Chaffey
Community
College
District,
Series
A,
GO,
3.00%, 06/01/33
..............
1,800
1,772,493
Chaffey
Joint
Union
High
School
District
Series
B
,
GO
,
4.00
%
,
08/01/44
........
500
499,421
Series
G
,
GO
,
5.25
%
,
08/01/52
........
1,500
1,660,770
Security
Par
(000)
Par
(000)
Value
California
(continued)
Chino
Basin
Regional
Financing
Authority,
Series
2020B,
RB,
4.00%, 11/01/25
.........
USD
3,790
$
3,846,293
Chino
Valley
Unified
School
District
Series
2020B
,
GO
,
4.00
%
,
08/01/45
.....
2,500
2,525,786
Series
2022C
,
GO
,
4.00
%
,
08/01/55
.....
2,000
1,986,781
Series
2020B
,
GO
,
5.00
%
,
08/01/55
.....
4,000
4,265,500
Citrus
Community
College
District,
Series
2024B,
GO,
5.00%, 08/01/49
.........
1,000
1,121,376
City
&
County
of
San
Francisco
Series
2020R-1
,
GO
,
5.00
%
,
06/15/25
...
2,815
2,871,753
Series
2021R-1
,
GO
,
5.00
%
,
06/15/26
...
1,000
1,048,250
Series
2022R-1
,
GO
,
5.00
%
,
06/15/26
...
500
524,125
Series
2022R-1
,
GO
,
5.00
%
,
06/15/27
...
500
537,288
Series
2022R-1
,
GO
,
5.00
%
,
06/15/28
...
3,500
3,852,122
Series
2020R-1
,
GO
,
5.00
%
,
06/15/31
...
1,500
1,621,887
Series
2024-R1
,
GO
,
5.00
%
,
06/15/32
...
3,000
3,536,668
Series
2024-R1
,
GO
,
5.00
%
,
06/15/34
...
10,000
12,117,165
Series
2024R-1
,
GO
,
5.00
%
,
06/15/35
...
1,880
2,267,490
City
of
Glendale,
Series
2024-2,
RB,
5.00%, 02/01/54
.................
2,000
2,195,316
City
of
Long
Beach
Series
2019A
,
RB
,
5.00
%
,
05/15/44
.....
2,000
2,137,009
Series
C
,
RB
,
5.00
%
,
05/15/47
.........
1,500
1,546,734
City
of
Los
Angeles
Series
2024
,
RB
,
5.00
%
,
06/26/25
......
4,400
4,484,158
Series
2023A
,
RB
,
5.00
%
,
02/01/37
.....
1,000
1,168,074
Series
2023A
,
RB
,
5.00
%
,
02/01/38
.....
1,000
1,162,389
City
of
Los
Angeles
Department
of
Airports
Series
2019C
,
RB
,
5.00
%
,
05/15/25
.....
500
508,309
Series
2020B
,
RB
,
5.00
%
,
05/15/25
.....
1,135
1,154,239
Series
2020A
,
RB
,
5.00
%
,
05/15/26
.....
1,000
1,043,997
Series
2020A
,
RB
,
5.00
%
,
05/15/28
.....
280
306,748
Series
2020A
,
RB
,
5.00
%
,
05/15/32
.....
1,070
1,198,267
Series
2020B
,
RB
,
5.00
%
,
05/15/32
.....
1,000
1,132,305
Series
2021B
,
RB
,
5.00
%
,
05/15/35
.....
2,105
2,401,974
Series
2020A
,
RB
,
5.00
%
,
05/15/36
.....
5,330
5,905,291
Series
C
,
RB
,
5.00
%
,
05/15/38
.........
1,750
1,770,671
Series
2020A
,
RB
,
5.00
%
,
05/15/39
.....
6,430
7,038,688
Series
2020A
,
RB
,
5.00
%
,
05/15/40
.....
1,425
1,554,272
Series
B
,
RB
,
5.00
%
,
05/15/42
.........
2,000
2,085,244
Series
2019E
,
RB,
AMT
,
5.00
%
,
05/15/44
.
2,500
2,657,358
Series
2021B
,
RB
,
5.00
%
,
05/15/45
.....
2,205
2,417,148
Series
2018E
,
RB
,
5.00
%
,
05/15/48
.....
1,020
1,082,241
Series
2021B
,
RB
,
5.00
%
,
05/15/48
.....
475
517,299
City
of
Los
Angeles
Wastewater
System
Series
2022C
,
RB
,
5.00
%
,
06/01/26
.....
3,815
3,997,645
Series
2018B
,
RB
,
5.00
%
,
06/01/27
.....
3,860
4,146,784
Series
2022C
,
RB
,
5.00
%
,
06/01/29
.....
1,000
1,122,259
Series
2022C
,
RB
,
5.00
%
,
06/01/30
.....
1,000
1,139,731
Series
A
,
RB
,
5.00
%
,
06/01/30
.........
1,305
1,389,903
Series
2022C
,
RB
,
5.00
%
,
06/01/32
.....
2,500
2,925,961
Series
2013A
,
RB
,
5.00
%
,
06/01/35
.....
2,450
2,451,916
Series
A
,
RB
,
4.00
%
,
06/01/42
.........
500
501,625
Series
2018A
,
RB
,
5.00
%
,
06/01/43
.....
1,000
1,053,652
Series
A
,
RB
,
5.00
%
,
06/01/43
.........
2,435
2,435,695
Series
C
,
RB
,
5.00
%
,
06/01/45
.........
915
924,491
Series
2022A
,
RB
,
5.00
%
,
06/01/47
.....
5,275
5,807,194
Series
A
,
RB
,
5.25
%
,
06/01/47
.........
1,000
1,046,078
Series
2022A
,
RB
,
4.00
%
,
06/01/52
.....
1,420
1,400,424
City
of
Riverside
Series
2019A
,
RB
,
5.00
%
,
10/01/36
.....
1,025
1,112,123
Series
2015A
,
RB
,
5.00
%
,
08/01/40
.....
500
507,595
Series
2019A
,
RB
,
5.00
%
,
10/01/48
.....
3,695
3,922,496
City
of
Sacramento,
Series
2018A,
RB,
5.00%, 06/01/43
.................
1,000
1,040,735
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
City
of
San
Francisco
Series
2015A
,
RB
,
5.00
%
,
11/01/25
.....
USD
1,700
$
1,729,317
Series
A
,
RB
,
5.00
%
,
11/01/25
.........
455
468,659
Series
A
,
RB
,
5.00
%
,
11/01/29
.........
1,405
1,472,048
Series
A
,
RB
,
4.00
%
,
11/01/30
.........
1,055
1,081,540
Series
2023C
,
RB
,
5.00
%
,
11/01/31
.....
1,000
1,165,709
Series
2015A
,
RB
,
5.00
%
,
11/01/32
.....
1,000
1,013,758
Series
A
,
RB
,
5.00
%
,
11/01/32
.........
370
385,219
Series
2023C
,
RB
,
5.00
%
,
11/01/32
.....
1,000
1,181,250
Series
A
,
RB
,
5.00
%
,
11/01/33
.........
1,835
1,906,069
Series
D
,
RB
,
5.00
%
,
11/01/33
.........
1,000
1,063,875
Series
A
,
RB
,
5.00
%
,
11/01/34
.........
1,740
1,802,243
Series
2023C
,
RB
,
5.00
%
,
11/01/35
.....
1,440
1,707,657
Series
A
,
RB
,
4.00
%
,
11/01/36
.........
2,500
2,525,180
Series
A
,
RB
,
4.00
%
,
11/01/39
.........
1,000
1,002,360
Series
2023C
,
RB
,
5.00
%
,
11/01/39
.....
1,000
1,160,748
Series
2017A
,
RB
,
5.00
%
,
11/01/42
.....
4,325
4,338,597
Series
2023AB
,
RB
,
5.00
%
,
11/01/43
....
3,550
4,022,995
Series
2020B
,
RB
,
5.00
%
,
11/01/50
.....
3,600
3,742,837
City
of
San
Jose
Series
2019C
,
GO
,
5.00
%
,
09/01/28
.....
370
408,601
Series
2021A
,
GO
,
5.00
%
,
09/01/39
.....
3,150
3,540,689
Series
2021A
,
GO
,
5.00
%
,
09/01/42
.....
2,175
2,415,422
Series
2019A-1
,
GO
,
5.00
%
,
09/01/45
....
2,650
2,822,493
Series
2021A
,
GO
,
5.00
%
,
09/01/45
.....
7,035
7,726,797
Series
2019A-1
,
GO
,
5.00
%
,
09/01/47
....
2,000
2,126,975
City
of
Santa
Rosa,
Series
2002B,
RB,
0.00%, 09/01/32
(AMBAC)
(a)
..........
5,000
3,889,423
Clovis
Unified
School
District
Series
D
,
GO
,
4.00
%
,
08/01/40
........
250
252,159
Coast
Community
College
District
Series
2006B
,
GO
,
0.00
%
,
08/01/27
(
AGM
)
(a)
320
295,106
Series
2006B
,
GO
,
0.00
%
,
08/01/28
(
AGM
)
(a)
2,050
1,837,532
Series
2015
,
GO
,
5.00
%
,
08/01/29
......
4,905
5,020,157
Series
2006B
,
GO
,
0.00
%
,
08/01/30
(
AGM
)
(a)
2,985
2,515,237
Series
2015
,
GO
,
5.00
%
,
08/01/31
......
2,335
2,389,820
Series
2015
,
GO
,
0.00
%
,
08/01/34
(a)
.....
500
330,608
Series
2017D
,
GO
,
5.00
%
,
08/01/36
.....
1,500
1,613,813
Series
2019F
,
GO
,
3.00
%
,
08/01/39
.....
2,520
2,305,348
Series
2017D
,
GO
,
4.00
%
,
08/01/42
.....
10,230
10,226,821
Series
2019F
,
GO
,
0.00
%
,
08/01/43
(a)
....
1,000
456,411
Contra
Costa
Community
College
District,
Series
2014A,
GO,
4.00%, 08/01/39
.........
1,250
1,249,973
Contra
Costa
Water
District,
Series
W,
RB,
5.00%, 10/01/51
.................
5,775
6,307,114
Corona-Norco
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/40
........
1,500
1,532,410
Series
B
,
GO
,
4.00
%
,
08/01/43
........
3,725
3,751,943
County
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/30/25
.................
9,020
9,196,294
County
of
Riverside,
Series
2024,
RB,
5.00%, 06/30/25
.................
6,500
6,624,343
County
of
Sacramento
Airport
System
Series
2018B
,
RB
,
5.00
%
,
07/01/38
.....
1,000
1,067,971
Series
A
,
RB
,
5.00
%
,
07/01/41
.........
1,000
1,024,610
Series
B
,
RB
,
5.00
%
,
07/01/41
.........
800
816,700
County
of
Santa
Clara
Series
2022D
,
GO
,
5.00
%
,
08/01/34
.....
5,890
6,919,879
Series
2017C
,
GO
,
4.00
%
,
08/01/38
.....
750
758,080
Desert
Community
College
District
Series
2016
,
GO
,
5.00
%
,
08/01/37
......
1,000
1,037,050
Series
2017
,
GO
,
4.00
%
,
08/01/39
......
500
502,815
Desert
Sands
Unified
School
District,
Series
2019,
GO,
4.00%, 08/01/44
..........
1,000
1,004,386
Security
Par
(000)
Par
(000)
Value
California
(continued)
Dublin
Unified
School
District,
Series
B,
GO,
4.25%, 08/01/53
.................
USD
5,000
$
5,059,814
East
Bay
Municipal
Utility
District
Water
System
Series
2014B
,
RB
,
5.00
%
,
06/01/25
.....
325
331,027
Series
2015A
,
RB
,
5.00
%
,
06/01/27
.....
1,005
1,022,514
Series
2015A
,
RB
,
5.00
%
,
06/01/28
.....
250
254,183
Series
2024B
,
RB
,
5.00
%
,
06/01/28
.....
1,000
1,098,477
Series
2017B
,
RB
,
5.00
%
,
06/01/29
.....
2,200
2,351,136
Series
2015A
,
RB
,
5.00
%
,
06/01/29
.....
300
304,775
Series
2024B
,
RB
,
5.00
%
,
06/01/30
.....
1,000
1,141,583
Series
2024B
,
RB
,
5.00
%
,
06/01/33
.....
2,000
2,388,019
Series
2017B
,
RB
,
5.00
%
,
06/01/33
.....
1,000
1,060,838
Series
2017B
,
RB
,
5.00
%
,
06/01/34
.....
430
455,885
Series
2024B
,
RB
,
5.00
%
,
06/01/34
.....
2,000
2,386,989
Series
2015A
,
RB
,
5.00
%
,
06/01/35
.....
540
547,499
Series
2022A
,
RB
,
5.00
%
,
06/01/37
.....
2,000
2,320,903
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
5,460
5,717,781
Series
2017A
,
RB
,
4.00
%
,
06/01/45
.....
1,000
996,502
Series
2017A
,
RB
,
5.00
%
,
06/01/45
.....
2,000
2,087,225
Series
2024A
,
RB
,
5.00
%
,
06/01/54
.....
3,215
3,568,853
East
Side
Union
High
School
District
Series
2024B
,
GO
,
5.00
%
,
08/01/30
(
AGM
)
3,500
3,989,474
Series
2024B
,
GO
,
5.00
%
,
08/01/34
(
AGM
)
4,000
4,803,606
Eastern
Municipal
Water
District,
Series
2018A,
RB,
VRDN
(Bank
of
America
NA
SBPA),
3.75%, 09/03/24
(b)
................
9,005
9,005,000
Eastern
Municipal
Water
District
Financing
Authority
Series
2020A
,
RB
,
5.00
%
,
07/01/36
.....
3,000
3,378,884
Series
2020A
,
RB
,
4.00
%
,
07/01/38
.....
2,310
2,394,022
Series
2017D
,
RB
,
5.00
%
,
07/01/47
.....
1,000
1,043,447
El
Camino
Community
College
District
Fountation
(The)
Series
2012C
,
GO
,
0.00
%
,
08/01/29
(a)
....
2,110
1,851,774
Series
2012C
,
GO
,
0.00
%
,
08/01/32
(a)
....
700
558,276
Series
2012C
,
GO
,
0.00
%
,
08/01/33
(a)
....
125
96,483
Series
2012C
,
GO
,
0.00
%
,
08/01/34
(a)
....
3,050
2,267,652
Series
2016A
,
GO
,
4.00
%
,
08/01/45
.....
500
492,803
El
Monte
Union
High
School
District,
Series
B,
GO,
4.00%, 06/01/46
..............
4,100
4,064,593
Elk
Grove
Unified
School
District
Series
2021
,
GO
,
2.00
%
,
08/01/34
......
2,515
2,099,285
Series
2019
,
GO
,
4.00
%
,
08/01/46
......
2,855
2,837,139
Series
2017
,
GO
,
4.00
%
,
08/01/46
......
5,950
5,912,776
Escondido
Union
High
School
District
(a)
Series
2009
,
GO
,
0.00
%
,
08/01/37
(
AGC
)
.
190
122,092
Series
2011C
,
GO
,
0.00
%
,
08/01/46
.....
985
377,866
Series
2011C
,
GO
,
0.00
%
,
08/01/51
.....
1,155
360,707
Foothill-De
Anza
Community
College
District
Series
2003B
,
GO
,
0.00
%
,
08/01/34
(
NPFGC-IBC,
FGIC
)
(a)
............
2,000
1,495,723
Series
A
,
GO
,
0.00
%
,
08/01/36
(
AMBAC
)
(a)
1,950
1,339,706
Series
2021A
,
GO
,
3.00
%
,
08/01/40
.....
5,160
4,705,661
Series
2016
,
GO
,
4.00
%
,
08/01/40
......
4,285
4,288,022
Foothill-Eastern
Transportation
Corridor
Agency
Series
1995A
,
RB
,
0.00
%
,
01/01/25
(a)
....
880
871,677
Series
1995A
,
RB
,
0.00
%
,
01/01/26
(a)
....
1,165
1,125,852
Series
1995A
,
RB
,
0.00
%
,
01/01/28
(a)
....
440
404,309
Series
1995A
,
RB
,
0.00
%
,
01/01/29
(a)
....
500
447,524
Series
1995A
,
RB
,
0.00
%
,
01/01/30
(
AGC-
ICC,
AGM-CR
)
(a)
................
320
278,779
Series
2015A
,
RB
,
0.00
%
,
01/15/33
(a)
....
750
552,440
Series
2015A
,
RB
,
0.00
%
,
01/15/34
(
AGM
)
(a)
5,500
4,034,611
Series
2015A
,
RB
,
0.00
%
,
01/15/35
(
AGM
)
(a)
300
211,758
Series
2013A
,
RB
,
0.00
%
,
01/15/36
(
AGM
)
(a)
12,490
8,439,088
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2013A
,
RB
,
0.00
%
,
01/15/37
(
AGM
)
(a)
USD
3,000
$
1,935,714
Series
2021A
,
RB
,
4.00
%
,
01/15/46
.....
19,000
18,465,927
Series
2013B-1
,
RB
,
3.95
%
,
01/15/53
....
1,200
1,115,942
Fremont
Union
High
School
District
Series
2021A
,
GO
,
3.00
%
,
08/01/40
.....
4,000
3,640,828
Series
2015
,
GO
,
4.00
%
,
08/01/40
......
1,950
1,949,980
Series
A
,
GO
,
5.00
%
,
08/01/44
........
1,000
1,046,088
Glendale
Community
College
District,
Series
B,
GO,
4.00%, 08/01/50
..............
8,085
7,985,834
Glendale
Unified
School
District,
Series
2015B,
GO,
4.00%, 09/01/41
..............
350
355,679
Grossmont-Cuyamaca
Community
College
District
Series
2008C
,
GO
,
0.00
%
,
08/01/30
(
AGC
)
(a)
2,000
1,683,288
Series
2018B
,
GO
,
4.00
%
,
08/01/47
.....
1,000
991,053
Hayward
Area
Recreation
&
Park
District,
Series
A,
GO,
4.00%, 08/01/46
............
1,000
994,235
Hayward
Unified
School
District,
Series
2019A,
GO,
4.00%, 08/01/48
(BAM)
..........
1,000
996,530
Hillsborough
City
School
District
(a)
Series
B
,
GO
,
0.00
%
,
09/01/30
........
4,995
4,219,334
Series
B
,
GO
,
0.00
%
,
09/01/31
........
5,075
4,170,041
Imperial
Irrigation
District
Electric
System,
Series
2016B-1,
RB,
5.00%, 11/01/46
........
500
514,394
Irvine
Facilities
Financing
Authority
Series
2023A
,
RB
,
5.25
%
,
05/01/48
.....
1,000
1,022,203
Series
2023A
,
RB
,
4.25
%
,
05/01/53
.....
1,000
1,001,624
Irvine
Ranch
Water
District
Water
Service
Corp.
Series
2009B
,
VRDN
(
Bank
of
America
NA
LOC
),
3.40
%
,
09/03/24
(b)
...........
2,250
2,250,000
Series
2016
,
5.25
%
,
02/01/46
.........
1,000
1,030,741
Lodi
Unified
School
District,
Series
2020,
GO,
3.00%, 08/01/43
.................
5,465
4,674,039
Long
Beach
Community
College
District
Series
2019C
,
GO
,
4.00
%
,
08/01/45
.....
400
396,461
Series
2012B
,
GO
,
0.00
%
,
08/01/49
(a)
....
250
181,999
Series
2019C
,
GO
,
4.00
%
,
08/01/49
.....
300
294,615
Long
Beach
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/25
........
3,200
3,272,311
Series
D-1
,
GO
,
0.00
%
,
08/01/33
(a)
......
1,750
1,212,850
Series
D-1
,
GO
,
0.00
%
,
08/01/37
(a)
......
5,290
3,029,307
Series
D-1
,
GO
,
0.00
%
,
08/01/39
(a)
......
200
102,776
Series
C
,
GO
,
5.00
%
,
08/01/43
........
3,000
3,412,702
Series
G
,
GO
,
5.00
%
,
08/01/44
........
1,015
1,148,801
Series
B
,
GO
,
4.00
%
,
08/01/45
........
500
492,803
Series
G
,
GO
,
4.00
%
,
08/01/45
........
1,380
1,391,158
Series
C
,
GO
,
5.00
%
,
08/01/45
........
3,265
3,678,339
Series
F
,
GO
,
3.00
%
,
08/01/47
.........
1,605
1,331,748
Series
C
,
GO
,
4.00
%
,
08/01/47
........
3,500
3,500,067
Series
B
,
GO
,
3.00
%
,
08/01/48
........
3,150
2,584,404
Series
C
,
GO
,
4.00
%
,
08/01/48
........
3,910
3,910,457
Series
B
,
GO
,
3.00
%
,
08/01/50
........
7,320
5,881,466
Series
C
,
GO
,
4.00
%
,
08/01/53
........
2,085
2,064,451
Los
Angeles
Community
College
District
Series
2015C
,
GO
,
5.00
%
,
08/01/25
.....
345
353,142
Series
A-1
,
GO
,
5.00
%
,
08/01/25
.......
4,420
4,524,318
Series
2015C
,
GO
,
5.00
%
,
06/01/26
.....
2,395
2,505,878
Series
A-1
,
GO
,
5.00
%
,
08/01/27
.......
1,800
1,940,972
Series
D
,
GO
,
5.00
%
,
08/01/27
........
10,000
10,783,180
Series
D
,
GO
,
5.00
%
,
08/01/28
........
3,625
4,003,006
Series
D
,
GO
,
5.00
%
,
08/01/29
........
2,085
2,354,780
Series
K
,
GO
,
4.00
%
,
08/01/36
........
2,435
2,466,186
Series
2016
,
GO
,
4.00
%
,
08/01/37
......
1,915
1,934,795
Series
K
,
GO
,
4.00
%
,
08/01/37
........
4,325
4,369,706
Series
K
,
GO
,
4.00
%
,
08/01/38
........
1,460
1,470,184
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024
,
GO
,
5.00
%
,
08/01/38
......
USD
3,500
$
4,175,976
Series
K
,
GO
,
3.00
%
,
08/01/39
........
855
791,495
Series
J
,
GO
,
4.00
%
,
08/01/41
.........
3,445
3,475,207
Los
Angeles
County
Facilities
2,
Inc.,
Series
2024A,
RB,
5.25%, 06/01/49
.........
5,000
5,656,415
Los
Angeles
County
Facilities,
Inc.
Series
2018A
,
RB
,
5.00
%
,
12/01/43
.....
1,000
1,058,854
Series
2018A
,
RB
,
4.00
%
,
12/01/48
.....
500
495,078
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Series
2020A
,
RB
,
5.00
%
,
06/01/25
.....
4,280
4,359,372
Series
2016A
,
RB
,
5.00
%
,
06/01/26
.....
450
470,124
Series
2020A
,
RB
,
5.00
%
,
06/01/27
.....
460
493,413
Series
2021A
,
RB
,
5.00
%
,
06/01/28
.....
1,040
1,143,989
Series
2020A
,
RB
,
5.00
%
,
06/01/28
.....
200
219,679
Series
2017A
,
RB
,
5.00
%
,
07/01/28
.....
270
288,774
Series
2021A
,
RB
,
5.00
%
,
06/01/30
.....
2,450
2,796,878
Series
2020A
,
RB
,
5.00
%
,
06/01/30
.....
1,500
1,707,869
Series
2023A
,
RB
,
5.00
%
,
07/01/30
.....
2,000
2,286,300
Series
2020A
,
RB
,
5.00
%
,
06/01/31
.....
5,680
6,414,948
Series
2020A
,
RB
,
5.00
%
,
06/01/32
.....
2,500
2,822,412
Series
2023A
,
RB
,
5.00
%
,
07/01/32
.....
2,000
2,356,202
Series
2021A
,
RB
,
5.00
%
,
06/01/33
.....
2,020
2,332,006
Series
2020A
,
RB
,
5.00
%
,
06/01/33
.....
3,020
3,401,968
Series
2023A
,
RB
,
5.00
%
,
07/01/33
.....
500
597,714
Series
2020A
,
RB
,
5.00
%
,
06/01/34
.....
4,095
4,346,869
Series
2019B
,
RB
,
5.00
%
,
07/01/34
.....
3,065
3,319,439
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
2,000
2,388,007
Series
2019B
,
RB
,
5.00
%
,
07/01/35
.....
2,285
2,470,463
Series
2020A
,
RB
,
4.00
%
,
06/01/37
.....
1,250
1,303,880
Series
2017A
,
RB
,
5.00
%
,
07/01/37
.....
1,000
1,055,968
Series
2017A
,
RB
,
5.00
%
,
07/01/38
.....
1,390
1,464,342
Series
2021A
,
RB
,
5.00
%
,
07/01/39
.....
1,500
1,693,083
Series
2017A
,
RB
,
5.00
%
,
07/01/39
.....
2,890
3,037,004
Series
2017A
,
RB
,
5.00
%
,
07/01/40
.....
2,175
2,280,962
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
2,400
2,508,283
Series
2021A
,
RB
,
5.00
%
,
07/01/43
.....
10,120
11,215,012
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
3,770
3,990,193
Series
2021A
,
RB
,
5.00
%
,
07/01/45
.....
1,075
1,184,068
Los
Angeles
County
Public
Works
Financing
Authority
Series
2024H
,
RB
,
5.00
%
,
12/01/34
(c)
....
1,000
1,207,073
Series
2024H
,
RB
,
5.00
%
,
12/01/37
(c)
....
3,000
3,554,238
Series
2015A
,
RB
,
5.00
%
,
12/01/39
.....
500
501,995
Series
2024H
,
RB
,
5.00
%
,
12/01/39
(c)
....
1,500
1,755,317
Series
2016D
,
RB
,
4.00
%
,
12/01/40
.....
2,260
2,259,915
Series
2019E-1
,
RB
,
5.00
%
,
12/01/44
....
1,000
1,067,290
Series
2016D
,
RB
,
5.00
%
,
12/01/45
.....
535
543,131
Series
2021F
,
RB
,
4.00
%
,
12/01/46
.....
2,000
2,009,696
Series
2024H
,
RB
,
4.00
%
,
12/01/53
(c)
....
1,000
993,055
Series
2024H
,
RB
,
5.25
%
,
12/01/53
(c)
....
4,970
5,595,116
Los
Angeles
County
Sanitation
Districts
Financing
Authority
Series
2015A
,
RB
,
5.00
%
,
10/01/34
.....
500
509,819
Series
2016A
,
RB
,
4.00
%
,
10/01/42
.....
5,010
4,995,260
Los
Angeles
Department
of
Water
&
Power
Series
2022E
,
RB
,
5.00
%
,
07/01/25
.....
3,590
3,665,368
Series
2014C
,
RB
,
5.00
%
,
07/01/25
.....
3,560
3,563,787
Series
2018B
,
RB
,
5.00
%
,
07/01/25
.....
1,495
1,523,244
Series
2014C
,
RB
,
5.00
%
,
07/01/26
.....
1,360
1,361,447
Series
2021C
,
RB
,
5.00
%
,
07/01/26
.....
815
852,660
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
3,645
3,821,327
Series
2018B
,
RB
,
5.00
%
,
07/01/26
.....
2,270
2,374,892
Series
2022E
,
RB
,
5.00
%
,
07/01/28
.....
2,485
2,731,875
Series
2015A
,
RB
,
5.00
%
,
07/01/28
.....
1,325
1,334,303
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2018A
,
RB
,
5.00
%
,
07/01/28
.....
USD
1,175
$
1,277,047
Series
2015A
,
RB
,
5.00
%
,
07/01/30
.....
1,000
1,006,790
Series
2019D
,
RB
,
5.00
%
,
07/01/32
.....
1,000
1,102,266
Series
2019B
,
RB
,
5.00
%
,
07/01/32
.....
1,760
1,922,414
Series
2015A
,
RB
,
5.00
%
,
07/01/32
.....
855
860,580
Series
2017B
,
RB
,
5.00
%
,
07/01/32
.....
1,960
2,052,191
Series
2001B-3
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.65
%
,
09/03/24
(b)
.......
9,200
9,200,000
Series
2015A
,
RB
,
5.00
%
,
07/01/34
.....
625
628,976
Series
2002A,
Sub-Series
A-7
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.65
%
,
09/03/24
(b)
...............
7,000
7,000,000
Series
2002A,
Sub-Series
A-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.65
%
,
09/03/24
(b)
...............
380
380,000
Series
2014D
,
RB
,
5.00
%
,
07/01/35
.....
775
775,825
Series
2024B
,
RB
,
5.00
%
,
07/01/37
.....
4,000
4,723,038
Series
2019D
,
RB
,
5.00
%
,
07/01/37
.....
3,865
4,214,286
Series
2014D
,
RB
,
5.00
%
,
07/01/39
.....
2,530
2,532,692
Series
2020B
,
RB
,
5.00
%
,
07/01/39
.....
4,600
5,111,407
Series
2022C
,
RB
,
5.00
%
,
07/01/40
.....
2,000
2,252,939
Series
2020B
,
RB
,
5.00
%
,
07/01/40
.....
1,500
1,654,218
Series
2022C
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,235,243
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
695
720,489
Series
2016B
,
RB
,
5.00
%
,
07/01/42
.....
2,230
2,276,503
Series
2022C
,
RB
,
5.00
%
,
07/01/42
.....
8,185
9,102,326
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
4,450
5,044,486
Series
2022C
,
RB
,
5.00
%
,
07/01/43
.....
2,400
2,659,901
Series
2014D
,
RB
,
5.00
%
,
07/01/44
.....
425
425,452
Series
2024C
,
RB
,
5.00
%
,
07/01/44
.....
1,000
1,129,367
Series
2024A
,
RB
,
5.00
%
,
07/01/44
.....
3,615
4,082,660
Series
2024D
,
RB
,
5.00
%
,
07/01/45
.....
4,000
4,525,363
Series
2019A
,
RB
,
5.00
%
,
07/01/45
.....
1,510
1,602,343
Series
2021C
,
RB
,
5.00
%
,
07/01/45
.....
3,000
3,287,283
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
1,000
1,018,404
Series
2024D
,
RB
,
5.00
%
,
07/01/47
.....
6,750
7,584,102
Series
2022B
,
RB
,
5.00
%
,
07/01/47
.....
6,000
6,610,271
Series
2017A
,
RB
,
5.00
%
,
07/01/47
.....
1,000
1,031,567
Series
2017C
,
RB
,
5.00
%
,
07/01/47
.....
1,000
1,038,025
Series
2019D
,
RB
,
5.00
%
,
07/01/49
.....
3,675
3,894,755
Series
2019C
,
RB
,
5.00
%
,
07/01/49
.....
2,455
2,601,802
Series
2022A
,
RB
,
5.00
%
,
07/01/51
.....
2,480
2,687,212
Series
2021C
,
RB
,
5.00
%
,
07/01/51
.....
2,575
2,790,150
Series
2022C
,
RB
,
5.00
%
,
07/01/52
.....
2,100
2,280,976
Series
2022B
,
RB
,
5.00
%
,
07/01/52
.....
1,000
1,091,272
Series
2024C
,
RB
,
5.00
%
,
07/01/54
.....
10,750
11,863,519
Los
Angeles
Department
of
Water
&
Power
Water
System
Series
2023A
,
RB
,
5.00
%
,
07/01/25
.....
2,000
2,041,988
Series
2020B
,
RB
,
4.00
%
,
07/01/27
.....
415
433,366
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
1,100
1,309,376
Series
2016A
,
RB
,
5.00
%
,
07/01/35
.....
2,830
2,905,852
Series
2020C
,
RB
,
5.00
%
,
07/01/36
.....
2,500
2,805,163
Series
2016A
,
RB
,
5.00
%
,
07/01/38
.....
1,330
1,363,181
Series
2022B
,
RB
,
5.00
%
,
07/01/38
.....
2,500
2,857,566
Series
2022D
,
RB
,
5.00
%
,
07/01/40
.....
1,220
1,385,443
Series
2022C
,
RB
,
5.00
%
,
07/01/40
.....
4,130
4,690,066
Series
2017A
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,074,727
Series
2024B
,
RB
,
5.00
%
,
07/01/41
.....
3,200
3,691,988
Series
2022B
,
RB
,
5.00
%
,
07/01/42
.....
2,310
2,572,075
Series
2024B
,
RB
,
5.00
%
,
07/01/42
.....
2,000
2,292,877
Series
2018B
,
RB
,
5.00
%
,
07/01/43
.....
4,345
4,588,813
Series
2022C
,
RB
,
5.00
%
,
07/01/43
.....
2,650
2,958,021
Series
2017A
,
RB
,
5.00
%
,
07/01/44
.....
2,000
2,069,516
Series
2016B
,
RB
,
5.00
%
,
07/01/46
.....
250
254,666
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
USD
5,000
$
5,093,322
Series
2021B
,
RB
,
5.00
%
,
07/01/46
.....
2,950
3,208,732
Series
2022D
,
RB
,
5.00
%
,
07/01/47
.....
6,330
6,982,952
Series
2018B
,
RB
,
5.00
%
,
07/01/48
.....
4,025
4,218,832
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
1,000
1,042,231
Series
2022B
,
RB
,
4.00
%
,
07/01/49
.....
1,000
984,912
Series
2023A
,
RB
,
5.00
%
,
07/01/49
.....
1,000
1,109,246
Series
2020A
,
RB
,
5.00
%
,
07/01/50
.....
6,460
6,942,646
Series
2021B
,
RB
,
5.00
%
,
07/01/51
.....
2,600
2,806,111
Series
2022B
,
RB
,
5.00
%
,
07/01/52
.....
5,760
6,264,114
Series
2023A
,
RB
,
5.25
%
,
07/01/53
.....
1,000
1,123,944
Los
Angeles
Unified
School
District
Series
2021A
,
GO
,
5.00
%
,
07/01/25
.....
1,000
1,021,326
Series
2017A
,
GO
,
5.00
%
,
07/01/25
.....
2,050
2,093,718
Series
2019A
,
GO
,
5.00
%
,
07/01/25
.....
2,455
2,507,355
Series
2022QRR
,
GO
,
5.00
%
,
07/01/25
...
2,000
2,042,652
Series
2022QRR
,
GO
,
5.00
%
,
07/01/26
...
750
786,833
Series
2019A
,
GO
,
5.00
%
,
07/01/26
.....
2,500
2,622,776
Series
2020RYQ
,
GO
,
5.00
%
,
07/01/26
...
1,500
1,573,665
Series
2017A
,
GO
,
5.00
%
,
07/01/26
.....
3,625
3,803,025
Series
2017A
,
GO
,
5.00
%
,
07/01/27
.....
3,570
3,834,179
Series
2019A
,
GO
,
5.00
%
,
07/01/27
.....
1,170
1,256,580
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/27
..
1,250
1,342,500
Series
2020C
,
GO
,
5.00
%
,
07/01/27
.....
1,070
1,149,180
Series
2023A
,
COP
,
5.00
%
,
10/01/27
....
1,000
1,076,414
Series
2023QRR
,
GO
,
5.00
%
,
07/01/28
...
2,865
3,149,626
Series
2020A
,
GO
,
5.00
%
,
07/01/28
.....
875
961,928
Series
2019A
,
GO
,
5.00
%
,
07/01/28
.....
3,945
4,336,920
Series
2020RYQ
,
GO
,
5.00
%
,
07/01/28
...
1,145
1,258,751
Series
2018B-1
,
GO
,
5.00
%
,
07/01/28
....
1,455
1,576,656
Series
2022QRR
,
GO
,
5.00
%
,
07/01/29
...
1,000
1,123,795
Series
2023QRR
,
GO
,
5.00
%
,
07/01/29
...
3,500
3,933,281
Series
2024A
,
GO
,
5.00
%
,
07/01/29
.....
3,180
3,573,667
Series
2016A
,
GO
,
5.00
%
,
07/01/29
.....
1,000
1,017,155
Series
2019A
,
GO
,
5.00
%
,
07/01/29
.....
1,850
2,079,020
Series
2016B
,
GO
,
5.00
%
,
07/01/30
.....
1,000
1,041,593
Series
2020C
,
GO
,
5.00
%
,
07/01/30
.....
1,225
1,399,491
Series
2018B-1
,
GO
,
5.00
%
,
07/01/30
....
505
542,101
Series
2021A
,
GO
,
5.00
%
,
07/01/30
.....
5
5,712
Series
2023A
,
COP
,
5.00
%
,
10/01/30
....
2,000
2,261,281
Series
2020C
,
GO
,
4.00
%
,
07/01/31
.....
1,000
1,069,385
Series
2018B-1
,
GO
,
5.00
%
,
07/01/31
....
500
535,039
Series
2019A
,
GO
,
5.00
%
,
07/01/31
.....
1,000
1,108,700
Series
2021A
,
GO
,
4.00
%
,
07/01/32
.....
440
470,915
Series
2019A
,
GO
,
5.00
%
,
07/01/32
.....
1,500
1,654,828
Series
2024A
,
GO
,
5.00
%
,
07/01/33
.....
17,500
20,855,817
Series
2020A
,
GO
,
5.00
%
,
07/01/33
.....
6,020
6,803,756
Series
2018B-1
,
GO
,
5.00
%
,
07/01/33
....
2,000
2,136,355
Series
2024A
,
GO
,
5.00
%
,
07/01/34
.....
16,820
20,308,295
Series
2022QRR
,
GO
,
5.00
%
,
07/01/36
...
1,000
1,165,590
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/37
...
3,500
3,638,396
Series
2018B-1
,
GO
,
5.00
%
,
07/01/37
....
1,000
1,060,820
Series
2020C
,
GO
,
3.00
%
,
07/01/38
.....
1,000
923,053
Series
2020C
,
GO
,
4.00
%
,
07/01/39
.....
2,620
2,687,830
Series
2022QRR
,
GO
,
5.00
%
,
07/01/39
...
1,405
1,613,855
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/40
...
3,010
3,076,637
Series
2016A
,
GO
,
5.00
%
,
07/01/40
.....
4,000
4,048,811
Series
2018B-1
,
GO
,
5.25
%
,
07/01/42
....
3,075
3,258,988
Series
2023QRR
,
GO
,
5.00
%
,
07/01/43
...
4,575
5,201,916
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/44
...
3,000
3,027,064
Series
2022QRR
,
GO
,
5.25
%
,
07/01/47
...
750
848,559
Series
2023QRR
,
GO
,
5.25
%
,
07/01/48
...
10,000
11,408,107
Manhattan
Beach
Unified
School
District,
Series
2018A,
GO,
4.00%, 09/01/46
.........
5,000
4,960,378
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Marin
Community
College
District,
Series
B,
GO,
4.00%, 08/01/40
.................
USD
2,400
$
2,497,433
Mendocino-Lake
Community
College
District
(a)
Series
B
,
GO
,
0.00
%
,
08/01/51
(
AGM
)
...
250
74,057
Series
B
,
GO
,
0.00
%
,
08/01/51
(
BAM
)
....
7,000
1,771,932
Menlo
Park
City
School
District,
Series
2010,
GO,
0.00%, 07/01/44
(a)
.............
435
446,880
Mesa
Water
District,
Series
2020,
COP,
5.00%, 03/15/50
.................
4,380
4,681,363
Metropolitan
Water
District
of
Southern
California
Series
2019A
,
RB
,
5.00
%
,
07/01/25
.....
125
127,531
Series
2017A
,
RB
,
2.50
%
,
07/01/26
.....
230
229,462
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,060
1,109,527
Series
2019A
,
RB
,
5.00
%
,
07/01/27
.....
790
848,910
Series
2011C
,
RB
,
5.00
%
,
10/01/27
.....
980
1,061,085
Series
2022A
,
RB
,
5.00
%
,
10/01/27
.....
175
189,479
Series
2022A
,
RB
,
5.00
%
,
10/01/29
.....
2,000
2,266,419
Series
2016A
,
RB
,
5.00
%
,
07/01/30
.....
1,000
1,035,482
Series
2022A
,
RB
,
5.00
%
,
10/01/33
.....
1,000
1,186,201
Series
2019A
,
RB
,
5.00
%
,
07/01/34
.....
2,020
2,204,904
Series
2016B-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.65
%
,
09/03/24
(b)
..........
3,640
3,640,000
Series
2019A
,
RB
,
5.00
%
,
07/01/37
.....
1,000
1,086,409
Series
2019A
,
RB
,
5.00
%
,
07/01/38
.....
1,015
1,101,445
Series
2020C
,
RB
,
5.00
%
,
07/01/39
.....
355
395,111
Series
2021A
,
RB
,
5.00
%
,
10/01/39
.....
1,680
1,892,070
Series
2020C
,
RB
,
5.00
%
,
07/01/40
.....
3,490
3,868,841
Series
2015A
,
RB
,
5.00
%
,
07/01/40
.....
1,525
1,556,906
Series
2020A
,
RB
,
5.00
%
,
10/01/45
.....
1,000
1,075,188
Series
2023A
,
RB
,
5.00
%
,
04/01/48
.....
6,500
7,253,845
Series
2020A
,
RB
,
5.00
%
,
10/01/49
.....
15,915
17,018,568
Miracosta
Community
College
District,
Series
B,
GO,
4.00%, 08/01/45
..............
3,000
3,034,528
Moreno
Valley
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/44
(AGM)
.........
10,000
10,225,179
Mount
Diablo
Unified
School
District,
Series
2010A,
GO,
5.75%, 08/01/35
(AGM)
.....
400
409,645
Mount
San
Antonio
Community
College
District
Series
2013A
,
GO
,
5.87
%
,
08/01/28
.....
1,000
1,110,271
Series
2013A
,
GO
,
0.00
%
,
08/01/43
(a)
....
2,235
2,229,484
Mount
San
Jacinto
Community
College
District,
Series
B,
GO,
4.00%, 08/01/43
........
5,250
5,278,484
Mountain
View-Whisman
School
District,
Series
B,
GO,
4.00%, 09/01/42
............
250
258,339
Municipal
Improvement
Corp.
of
Los
Angeles
Series
2016B
,
RB
,
5.00
%
,
11/01/29
.....
1,340
1,404,615
Series
2016B
,
RB
,
5.00
%
,
11/01/30
.....
500
522,579
Series
2016B
,
RB
,
5.00
%
,
11/01/32
.....
1,055
1,098,729
Newport
Mesa
Unified
School
District
(a)
Series
2007
,
GO
,
0.00
%
,
08/01/31
(
NPFGC
)
5,135
4,199,846
Series
2011
,
GO
,
0.00
%
,
08/01/32
......
7,000
5,569,712
Series
2011
,
GO
,
0.00
%
,
08/01/34
......
3,715
2,748,624
Series
2011
,
GO
,
0.00
%
,
08/01/35
......
2,000
1,419,933
Series
2011
,
GO
,
0.00
%
,
08/01/36
......
2,625
1,780,346
Series
2011
,
GO
,
0.00
%
,
08/01/38
......
500
310,025
Series
2017
,
GO
,
0.00
%
,
08/01/44
......
1,000
427,754
Norman
Y
Mineta
San
Jose
International
Airport
SJC,
Series
2017B,
RB,
5.00%, 03/01/47
..
2,000
2,059,979
North
Orange
County
Community
College
District
Series
C
,
GO
,
4.00
%
,
08/01/43
........
2,100
2,151,964
Series
B
,
GO
,
4.00
%
,
08/01/44
........
6,500
6,581,332
Series
C
,
GO
,
4.00
%
,
08/01/44
........
2,625
2,668,148
Security
Par
(000)
Par
(000)
Value
California
(continued)
Northern
California
Sanitation
Agencies
Financing
Authority
Series
2020A
,
RB
,
5.00
%
,
12/01/27
.....
USD
750
$
814,747
Series
2021
,
RB
,
5.00
%
,
12/01/31
......
1,250
1,460,771
Series
2021
,
RB
,
5.00
%
,
12/01/33
......
1,270
1,474,019
Series
2024A
,
RB
,
5.00
%
,
12/01/35
.....
10,000
12,102,937
Series
2020A
,
RB
,
5.00
%
,
12/01/41
.....
2,520
2,769,610
Series
2014A
,
RB
,
5.00
%
,
12/01/44
.....
1,000
1,000,894
Series
2020A
,
RB
,
5.00
%
,
12/01/50
.....
4,105
4,430,095
Ohlone
Community
College
District,
Series
C,
GO,
4.00%, 08/01/45
..............
1,250
1,225,122
Orange
County
Local
Transportation
Authority
Sales
Tax
Series
2019
,
RB
,
5.00
%
,
02/15/25
......
1,110
1,121,729
Series
2019
,
RB
,
5.00
%
,
02/15/30
......
500
555,760
Series
2019
,
RB
,
4.00
%
,
02/15/38
......
3,365
3,443,375
Series
2019
,
RB
,
5.00
%
,
02/15/41
......
1,500
1,607,271
Orange
County
Sanitation
District
Series
2021A
,
RB
,
5.00
%
,
02/01/26
.....
2,005
2,079,532
Series
2022A
,
COP
,
5.00
%
,
02/01/33
....
1,000
1,145,576
Orange
County
Water
District
Series
2019C
,
RB
,
5.00
%
,
08/15/25
.....
175
179,241
Series
2017A
,
RB
,
4.00
%
,
08/15/41
.....
2,755
2,774,032
Palomar
Community
College
District
Series
C
,
GO
,
4.00
%
,
08/01/40
........
250
253,483
Series
2017
,
GO
,
4.00
%
,
08/01/45
......
1,615
1,602,962
Series
D
,
GO
,
4.00
%
,
08/01/46
........
1,070
1,061,768
Peninsula
Corridor
Joint
Powers
Board
Measure
RR
Sales
Tax,
Series
2022A,
RB,
5.00%, 06/01/47
.................
2,025
2,204,623
Placentia-Yorba
Linda
Unified
School
District
(a)
Series
D
,
GO
,
0.00
%
,
08/01/40
........
500
276,698
Series
D
,
GO
,
0.00
%
,
08/01/42
........
200
99,937
Series
D
,
GO
,
0.00
%
,
08/01/46
........
1,300
510,753
Port
of
Los
Angeles
Series
2019B
,
RB
,
5.00
%
,
08/01/26
.....
2,030
2,131,856
Series
2016C
,
RB
,
4.00
%
,
08/01/39
.....
1,000
1,002,042
Series
2014B
,
RB
,
5.00
%
,
08/01/44
.....
1,100
1,101,988
Poway
Unified
School
District
(a)
Series
A
,
GO
,
0.00
%
,
08/01/27
........
2,500
2,308,164
Series
A
,
GO
,
0.00
%
,
08/01/31
........
790
644,324
Series
A
,
GO
,
0.00
%
,
08/01/32
........
450
354,131
Series
B
,
GO
,
0.00
%
,
08/01/33
........
1,650
1,252,688
Series
B
,
GO
,
0.00
%
,
08/01/34
........
7,165
5,229,703
Series
B
,
GO
,
0.00
%
,
08/01/35
........
500
349,760
Series
B
,
GO
,
0.00
%
,
08/01/36
........
1,000
666,860
Series
B
,
GO
,
0.00
%
,
08/01/38
........
755
459,294
Series
B
,
GO
,
0.00
%
,
08/01/46
........
4,445
1,680,889
Rio
Hondo
Community
College
District
Series
2010C
,
GO
,
6.63
%
,
08/01/42
.....
1,210
1,562,296
Series
2010C
,
GO
,
6.85
%
,
08/01/42
.....
2,960
3,878,057
Riverside
Community
College
District,
Series
2019,
GO,
3.00%, 08/01/38
..........
2,040
1,856,375
Riverside
County
Public
Financing
Authority,
Series
2015,
RB,
5.25%, 11/01/45
......
500
516,382
Riverside
County
Transportation
Commission
Series
2021B-1
,
RB
,
4.00
%
,
06/01/37
....
2,384
2,440,910
Series
2021B-1
,
RB
,
4.00
%
,
06/01/38
....
2,965
3,024,003
Series
2021B-1
,
RB
,
4.00
%
,
06/01/40
....
1,100
1,110,681
Series
B
,
RB
,
0.00
%
,
06/01/41
(a)
.......
2,500
1,246,139
Series
2021B-1
,
RB
,
4.00
%
,
06/01/46
....
6,020
5,941,894
Series
2021B-1
,
RB
,
3.00
%
,
06/01/49
....
2,000
1,574,502
Riverside
County
Transportation
Commission
Sales
Tax
Series
2017B
,
RB
,
5.00
%
,
06/01/25
.....
420
427,883
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2017B
,
RB
,
5.00
%
,
06/01/29
.....
USD
1,500
$
1,616,629
Series
2017B
,
RB
,
5.00
%
,
06/01/30
.....
2,500
2,688,682
Series
2017B
,
RB
,
5.00
%
,
06/01/32
.....
310
332,493
Series
2017B
,
RB
,
5.00
%
,
06/01/37
.....
1,020
1,085,909
Series
2017B
,
RB
,
5.00
%
,
06/01/38
.....
1,520
1,613,555
Series
2017A
,
RB
,
5.00
%
,
06/01/39
.....
410
429,795
Series
2017B
,
RB
,
5.00
%
,
06/01/39
.....
1,000
1,056,648
Riverside
Unified
School
District,
Series
B,
GO,
4.00%, 08/01/42
.................
1,000
1,003,732
Sacramento
Area
Flood
Control
Agency,
Series
2016A,
5.00%, 10/01/47
............
1,000
1,028,032
Sacramento
City
Financing
Authority,
Series
E,
RB,
5.25%, 12/01/30
(AMBAC)
........
650
732,586
Sacramento
City
Unified
School
District,
Series
2022A,
GO,
5.50%, 08/01/52
(BAM)
.....
2,000
2,193,822
Sacramento
Municipal
Utility
District
Series
2017E
,
RB
,
5.00
%
,
08/15/25
.....
805
824,585
Series
2022J
,
RB
,
5.00
%
,
08/15/25
.....
750
768,247
Series
2022J
,
RB
,
5.00
%
,
08/15/26
.....
265
278,287
Series
2021I
,
RB
,
5.00
%
,
08/15/27
......
1,000
1,077,824
Series
2019G
,
RB
,
5.00
%
,
08/15/30
.....
1,000
1,119,326
Series
2023C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.60
%
,
09/03/24
(b)
..........
10,750
10,750,000
Series
2023K
,
RB
,
5.00
%
,
08/15/44
.....
1,785
2,018,255
Series
2019B
,
RB
,
VRDN
5.00
%
,
10/15/25
(b)
1,635
1,657,170
Series
2024M
,
RB
,
5.00
%
,
11/15/49
.....
2,500
2,811,074
Series
2020H
,
RB
,
5.00
%
,
08/15/50
.....
3,340
3,609,375
Series
2023K
,
RB
,
5.00
%
,
08/15/53
.....
2,000
2,219,361
Series
2024M
,
RB
,
5.00
%
,
11/15/54
.....
5,000
5,578,368
Sacramento
Transportation
Authority
Sales
Tax
Series
2023
,
RB
,
5.00
%
,
10/01/28
......
1,500
1,660,928
Series
2023
,
RB
,
5.00
%
,
10/01/29
......
2,000
2,263,337
Series
2023
,
RB
,
5.00
%
,
10/01/32
......
1,750
2,079,031
Series
2023
,
RB
,
5.00
%
,
10/01/33
......
8,265
9,966,849
Series
2023
,
RB
,
5.00
%
,
10/01/38
......
2,000
2,348,475
San
Bernardino
Community
College
District,
Series
2019A,
GO,
4.00%, 08/01/44
.....
500
523,200
San
Diego
Association
of
Governments,
Series
2019A,
RB,
5.00%, 11/15/26
.........
2,350
2,419,516
San
Diego
Association
of
Governments
South
Bay
Expressway,
Series
2017A,
RB,
5.00%, 07/01/42
.................
3,000
3,115,031
San
Diego
Community
College
District
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
555
582,394
Series
2016
,
GO
,
5.00
%
,
08/01/28
......
1,450
1,520,565
Series
2016
,
GO
,
5.00
%
,
08/01/30
......
650
681,562
Series
2016
,
GO
,
5.00
%
,
08/01/31
......
2,035
2,133,813
Series
2016
,
GO
,
4.00
%
,
08/01/32
......
500
514,993
Series
2016
,
GO
,
4.00
%
,
08/01/41
......
3,500
3,604,954
Series
2016
,
GO
,
5.00
%
,
08/01/41
......
6,250
6,553,479
San
Diego
County
Regional
Airport
Authority
Series
2019A
,
RB
,
5.00
%
,
07/01/35
.....
1,500
1,649,344
Series
2019A
,
RB
,
5.00
%
,
07/01/39
.....
2,000
2,172,049
Series
A
,
RB
,
5.00
%
,
07/01/42
.........
1,000
1,040,709
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
400
427,362
Series
2021A
,
RB
,
4.00
%
,
07/01/46
.....
2,000
1,984,935
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
1,400
1,481,980
Series
2021A
,
RB
,
5.00
%
,
07/01/51
.....
2,000
2,154,897
Series
2021A
,
RB
,
4.00
%
,
07/01/56
.....
1,000
971,048
Series
2021A
,
RB
,
5.00
%
,
07/01/56
.....
2,000
2,142,449
San
Diego
County
Regional
Transportation
Commission
Series
2023A
,
RB
,
5.00
%
,
04/01/28
.....
1,300
1,422,554
Series
2023A
,
RB
,
5.00
%
,
04/01/30
.....
1,375
1,565,343
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2023A
,
RB
,
5.00
%
,
04/01/35
.....
USD
1,500
$
1,776,526
Series
2016A
,
RB
,
5.00
%
,
04/01/41
.....
2,000
2,052,332
Series
2016A
,
RB
,
5.00
%
,
04/01/48
.....
2,115
2,165,308
Series
2021B
,
RB
,
5.00
%
,
04/01/48
.....
4,380
4,753,790
San
Diego
County
Water
Authority
Series
2021S-1
,
RB
,
5.00
%
,
05/01/28
....
4,730
5,157,946
Series
2021B
,
RB
,
4.00
%
,
05/01/38
.....
2,500
2,649,276
Series
2022A
,
RB
,
5.00
%
,
05/01/47
.....
2,000
2,227,253
Series
2022A
,
RB
,
5.00
%
,
05/01/52
.....
1,570
1,730,350
San
Diego
Public
Facilities
Financing
Authority
Series
2015
,
RB
,
5.00
%
,
05/15/25
......
1,000
1,017,051
Series
2016B
,
RB
,
5.00
%
,
08/01/25
.....
310
317,373
Series
2016B
,
RB
,
5.00
%
,
08/01/27
.....
1,535
1,608,959
Series
2016A
,
RB
,
5.00
%
,
05/15/29
.....
500
521,408
Series
2018A
,
RB
,
5.00
%
,
08/01/43
.....
500
528,720
Series
A
,
RB
,
5.00
%
,
10/15/44
.........
1,000
1,016,314
Series
2021A
,
RB
,
5.00
%
,
10/15/46
.....
1,000
1,077,875
Series
2023A
,
RB
,
5.25
%
,
08/01/48
.....
9,080
10,332,302
Series
2023A
,
RB
,
4.00
%
,
08/01/52
.....
1,730
1,705,130
Series
2024A
,
RB
,
5.00
%
,
05/15/54
.....
4,000
4,466,170
Series
2024A
,
RB
,
5.00
%
,
10/15/54
.....
2,500
2,768,209
San
Diego
Unified
School
District
Series
2015R-4
,
GO
,
5.00
%
,
07/01/27
...
350
356,576
Series
2015R-4
,
GO
,
5.00
%
,
07/01/28
...
180
183,372
Series
2022O-2
,
GO
,
5.00
%
,
07/01/29
...
4,000
4,491,285
Series
2016R-5
,
GO
,
5.00
%
,
07/01/29
...
960
1,003,309
Series
2010C
,
GO
,
0.00
%
,
07/01/30
(a)
....
1,840
1,569,191
Series
R-1
,
GO
,
0.00
%
,
07/01/31
(a)
......
1,820
1,487,927
Series
SR-1
,
GO
,
4.00
%
,
07/01/31
......
500
509,054
Series
2012E
,
GO
,
0.00
%
,
07/01/32
(a)
....
3,440
2,713,531
Series
SR-1
,
GO
,
4.00
%
,
07/01/32
......
220
223,409
Series
2010C
,
GO
,
0.00
%
,
07/01/35
(a)
....
300
213,287
Series
2010C
,
GO
,
0.00
%
,
07/01/36
(a)
....
3,240
2,200,959
Series
2020D-2
,
GO
,
3.00
%
,
07/01/37
...
2,400
2,224,460
Series
2010C
,
GO
,
0.00
%
,
07/01/38
(a)
....
1,930
1,198,266
Series
2010C
,
GO
,
0.00
%
,
07/01/39
(a)
....
1,100
649,410
Series
2020D-2
,
GO
,
3.00
%
,
07/01/39
...
1,030
929,991
Series
R-2
,
GO
,
0.00
%
,
07/01/40
(a)
......
800
824,653
Series
R-2
,
GO
,
0.00
%
,
07/01/41
(a)
......
450
458,495
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/41
..
1,000
1,162,924
Series
2012E
,
GO
,
0.00
%
,
07/01/42
(a)
....
1,340
1,130,861
Series
2010C
,
GO
,
0.00
%
,
07/01/42
(a)
....
215
108,820
Series
2019L
,
GO
,
4.00
%
,
07/01/44
.....
2,015
2,032,094
Series
2010C
,
GO
,
0.00
%
,
07/01/45
(a)
....
2,780
1,209,617
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/45
(d)
1,200
1,366,207
Series
2010C
,
GO
,
0.00
%
,
07/01/46
(a)
....
500
206,498
Series
2021N-2
,
GO
,
3.00
%
,
07/01/46
...
3,000
2,518,540
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/46
(d)
1,500
1,699,723
Series
2012E
,
GO
,
0.00
%
,
07/01/47
(a)
....
3,025
2,540,992
Series
2010C
,
GO
,
0.00
%
,
07/01/47
(a)
....
1,880
1,196,658
Series
2017I
,
GO
,
4.00
%
,
07/01/47
......
4,000
4,000,049
Series
2024ZR-5A
,
GO
,
5.00
%
,
07/01/47
(d)
1,660
1,875,444
Series
2010C
,
GO
,
0.00
%
,
07/01/48
(a)
....
1,100
1,069,279
Series
2023N2
,
GO
,
5.00
%
,
07/01/48
....
1,000
1,113,874
Series
2023A-3
,
GO
,
5.00
%
,
07/01/48
....
13,000
14,480,359
Series
2012E
,
GO
,
0.00
%
,
07/01/49
(a)
....
4,000
1,421,648
Series
2019L
,
GO
,
4.00
%
,
07/01/49
.....
1,000
994,621
Series
2020M-2
,
GO
,
3.00
%
,
07/01/50
...
4,200
3,428,777
Series
2020D-2
,
GO
,
4.00
%
,
07/01/50
...
5,085
5,085,814
Series
2021E-2
,
GO
,
4.00
%
,
07/01/51
....
2,300
2,293,894
Series
2023G-3
,
GO
,
4.00
%
,
07/01/53
...
12,285
12,205,211
San
Dieguito
Union
High
School
District,
Series
B-2,
GO,
4.00%, 02/01/40
...........
200
199,995
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2015D
,
GO
,
4.00
%
,
08/01/33
.....
2,250
2,255,748
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2020C-1
,
GO
,
4.00
%
,
08/01/35
...
USD
1,000
$
1,041,840
Series
2020C-1
,
GO
,
3.00
%
,
08/01/36
...
4,025
3,800,821
Series
2020C-1
,
GO
,
3.00
%
,
08/01/38
...
1,625
1,501,718
Series
A-1
,
GO
,
4.00
%
,
08/01/42
.......
1,000
1,001,295
Series
A-1
,
GO
,
5.00
%
,
08/01/47
.......
1,015
1,052,243
Series
2019B-1
,
GO
,
3.00
%
,
08/01/49
....
3,700
3,053,983
Series
2020C-1
,
GO
,
3.00
%
,
08/01/50
...
2,600
2,129,430
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Series
2019A
,
RB
,
4.00
%
,
07/01/37
.....
1,000
1,009,575
Series
2019A
,
RB
,
4.00
%
,
07/01/38
.....
2,000
2,015,354
Series
2019A
,
RB
,
3.00
%
,
07/01/44
.....
1,200
1,015,877
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Series
2016D
,
RB
,
5.00
%
,
05/01/25
.....
250
253,929
Series
2016A
,
RB
,
5.00
%
,
05/01/26
.....
1,000
1,042,472
Series
2019D
,
RB
,
5.00
%
,
05/01/31
.....
1,230
1,363,940
Series
2021-2B
,
RB
,
5.00
%
,
05/01/32
....
350
401,919
Series
2021-2B
,
RB
,
5.00
%
,
05/01/34
....
2,200
2,515,740
Series
2020-2B
,
RB
,
4.00
%
,
05/01/37
....
4,000
4,184,165
Series
2024B
,
RB
,
5.00
%
,
05/01/42
.....
2,430
2,770,502
Series
2024B
,
RB
,
5.00
%
,
05/01/44
.....
1,500
1,695,024
Series
2016C
,
RB
,
5.00
%
,
05/01/46
.....
8,850
9,021,524
Series
2017B
,
RB
,
5.00
%
,
05/01/47
.....
1,500
1,552,391
Series
2018E
,
RB
,
5.00
%
,
05/01/48
.....
2,000
2,091,881
Series
2019B
,
RB
,
5.00
%
,
05/01/49
.....
3,000
3,171,424
Series
2024B
,
RB
,
5.00
%
,
05/01/49
.....
4,180
4,641,362
Series
2019-2F
,
RB
,
5.00
%
,
05/01/50
....
745
786,894
Series
2022-2B
,
RB
,
5.00
%
,
05/01/52
....
1,500
1,632,570
San
Francisco
City
&
County
Public
Utilities
Commission
Power,
Series
2021A,
RB,
4.00%, 11/01/51
.................
2,090
2,062,237
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
Series
2022B
,
RB
,
5.00
%
,
10/01/25
.....
2,280
2,343,495
Series
2016A
,
RB
,
5.00
%
,
10/01/27
.....
530
543,326
Series
2023A
,
RB
,
5.00
%
,
10/01/28
.....
3,195
3,534,870
Series
2023A
,
RB
,
5.00
%
,
10/01/30
.....
5,000
5,750,688
Series
2018A
,
RB
,
5.00
%
,
10/01/31
.....
1,400
1,516,685
Series
2013B
,
RB
,
4.00
%
,
10/01/42
.....
2,175
2,139,972
Series
2018A
,
RB
,
4.00
%
,
10/01/43
.....
1,000
1,002,439
Series
2018B
,
RB
,
5.00
%
,
10/01/43
.....
1,000
1,054,754
Series
2021A
,
RB
,
5.00
%
,
10/01/45
.....
7,485
8,190,685
Series
2021A
,
RB
,
4.00
%
,
10/01/47
.....
2,000
2,000,699
Series
2024C
,
RB
,
5.00
%
,
10/01/49
.....
8,000
8,919,982
Series
2024C
,
RB
,
5.00
%
,
10/01/54
.....
9,590
10,607,187
Series
2024D
,
RB
,
5.00
%
,
10/01/54
.....
2,000
2,212,135
San
Francisco
Community
College
District,
Series
B,
GO,
5.25%, 06/15/49
(BAM)
....
2,500
2,826,463
San
Francisco
County
Transportation
Authority
Sales
Tax
Series
2017
,
RB
,
4.00
%
,
02/01/25
......
2,270
2,281,702
Series
2017
,
RB
,
4.00
%
,
02/01/26
......
1,480
1,512,307
San
Francisco
Municipal
Transportation
Agency
Series
2017
,
RB
,
4.00
%
,
03/01/46
......
740
732,114
Series
2021C
,
RB
,
4.00
%
,
03/01/51
.....
2,400
2,375,713
San
Joaquin
County
Transportation
Authority
Measure
K
Sales
Tax,
Series
2017,
RB,
4.00%, 03/01/41
.................
500
501,667
San
Joaquin
Hills
Transportation
Corridor
Agency
Series
1993
,
RB
,
0.00
%
,
01/01/26
(a)
.....
280
270,946
Series
1997A
,
RB
,
0.00
%
,
01/15/26
(
NPFGC
)
(a)
....................
400
383,643
RB
,
0.00
%
,
01/01/28
(a)
..............
750
689,163
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2021A
,
RB
,
5.00
%
,
01/15/31
.....
USD
1,500
$
1,672,742
Series
2021A
,
RB
,
5.00
%
,
01/15/33
.....
8,830
9,915,082
Series
2021A
,
RB
,
4.00
%
,
01/15/34
.....
3,107
3,272,305
Series
2014A
,
RB
,
5.00
%
,
01/15/34
.....
750
756,237
Series
2014A
,
RB
,
5.00
%
,
01/15/44
.....
8,000
8,066,526
Series
2014A
,
RB
,
5.00
%
,
01/15/50
.....
8,755
8,827,804
San
Jose
Evergreen
Community
College
District
Series
B
,
GO
,
3.00
%
,
09/01/40
........
1,250
1,125,417
Series
C
,
GO
,
4.00
%
,
09/01/40
........
2,500
2,500,000
San
Jose
Financing
Authority,
Series
2022B,
RB,
5.00%, 11/01/52
.................
7,300
8,109,580
San
Jose
Unified
School
District
(a)
Series
C
,
GO
,
0.00
%
,
08/01/29
(
NPFGC
)
.
1,060
925,779
Series
C
,
GO
,
0.00
%
,
08/01/30
(
NPFGC
)
.
3,150
2,663,566
Series
C
,
GO
,
0.00
%
,
06/01/31
(
NPFGC
)
.
400
328,645
San
Juan
Unified
School
District
Series
2019N
,
GO
,
4.00
%
,
08/01/29
.....
5,000
5,121,910
Series
2022
,
GO
,
4.00
%
,
08/01/46
......
1,095
1,085,005
San
Marcos
Unified
School
District
(a)
Series
A
,
GO
,
0.00
%
,
08/01/28
........
655
587,114
Series
B
,
GO
,
0.00
%
,
08/01/38
........
565
341,814
Series
B
,
GO
,
0.00
%
,
08/01/47
........
500
189,458
Series
B
,
GO
,
0.00
%
,
08/01/51
........
1,500
469,686
San
Mateo
County
Community
College
District
Series
2006B
,
GO
,
0.00
%
,
09/01/26
(
NPFGC
)
(a)
....................
1,550
1,470,797
Series
2006B
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
....................
4,500
3,812,454
Series
A
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
2,000
1,694,424
Series
2006B
,
GO
,
0.00
%
,
09/01/32
(
NPFGC
)
(a)
....................
5,020
3,970,088
Series
2006B
,
GO
,
0.00
%
,
09/01/35
(
NPFGC
)
(a)
....................
3,380
2,380,867
Series
2015A
,
GO
,
5.00
%
,
09/01/45
.....
775
794,840
Series
2018B
,
GO
,
5.00
%
,
09/01/45
.....
4,475
4,748,354
San
Mateo
County
Transit
District
Sales
Tax,
Series
2020B,
RB,
VRDN
(Bank
of
America
NA
LOC),
3.75%, 09/03/24
(b)
.........
2,830
2,830,000
San
Mateo
Foster
City
Public
Financing
Authority
Series
2021B
,
RB
,
5.00
%
,
08/01/25
.....
6,415
6,559,452
Series
2019
,
RB
,
4.00
%
,
08/01/44
......
430
431,735
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
3,000
3,201,946
San
Mateo
Foster
City
School
District,
Series
A,
GO,
0.00%, 08/01/42
(a)
.............
2,235
2,419,549
San
Mateo
Union
High
School
District
(a)
Series
2011A
,
GO
,
0.00
%
,
09/01/33
.....
500
483,628
Series
2011A
,
GO
,
0.00
%
,
09/01/41
.....
1,915
2,029,302
Series
2011A
,
GO
,
0.00
%
,
07/01/51
.....
1,755
1,392,442
Santa
Barbara
Secondary
High
School
District,
Series
2011A,
GO,
0.00%, 08/01/40
(a)
....
555
298,372
Santa
Barbara
Unified
School
District
Series
A
,
GO
,
4.00
%
,
08/01/41
........
2,000
2,014,682
Series
B
,
GO
,
4.00
%
,
08/01/44
........
2,945
2,962,062
Santa
Clara
Unified
School
District,
Series
2019,
GO,
3.00%, 07/01/36
..............
3,370
3,127,487
Santa
Clara
Valley
Transportation
Authority
Series
2023A
,
RB
,
5.00
%
,
04/01/27
.....
1,005
1,073,625
Series
2023A
,
RB
,
5.00
%
,
04/01/28
.....
1,000
1,094,272
Series
2015A
,
RB
,
5.00
%
,
04/01/34
.....
500
507,140
Series
2023A
,
RB
,
5.00
%
,
04/01/36
.....
1,000
1,178,569
Santa
Clara
Valley
Water
District
Series
A
,
RB
,
5.00
%
,
06/01/41
.........
2,825
2,885,516
Series
A
,
RB
,
5.00
%
,
06/01/46
.........
1,410
1,436,689
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Clara
Valley
Water
District
Safe
Clean
Water
Series
2022B
,
COP
,
5.00
%
,
12/01/26
....
USD
1,825
$
1,924,857
Series
2022A
,
RB
,
5.00
%
,
08/01/47
.....
1,000
1,105,132
Santa
Clarita
Community
College
District,
Series
2019,
GO,
3.00%, 08/01/49
..........
1,660
1,357,054
Santa
Monica
Community
College
District
Series
2018A
,
GO
,
4.00
%
,
08/01/39
.....
565
573,514
Series
2018A
,
GO
,
5.00
%
,
08/01/43
.....
4,590
4,881,322
Series
2022B
,
GO
,
5.00
%
,
08/01/45
.....
1,020
1,134,482
Series
2018A
,
GO
,
4.00
%
,
08/01/47
.....
4,485
4,444,874
Santa
Monica-Malibu
Unified
School
District
Series
B
,
GO
,
4.00
%
,
08/01/41
........
2,000
2,046,478
Series
A
,
GO
,
3.00
%
,
08/01/49
........
1,500
1,223,942
Series
B
,
GO
,
4.00
%
,
08/01/50
........
1,000
987,735
Sonoma
County
Junior
College
District,
Series
B,
GO,
3.00%, 08/01/41
............
1,500
1,313,789
South
San
Francisco
Unified
School
District,
Series
2016C,
GO,
4.00%, 09/01/37
.....
1,000
1,001,232
Southern
California
Public
Power
Authority
Series
2015C
,
RB
,
5.00
%
,
07/01/26
.....
1,070
1,078,553
Series
2023-1
,
RB
,
5.00
%
,
07/01/28
.....
2,610
2,865,269
Series
2023-1
,
RB
,
5.00
%
,
07/01/29
.....
4,000
4,487,396
Series
2023-1
,
RB
,
5.00
%
,
07/01/30
.....
3,000
3,411,569
Series
2024A
,
RB
,
5.00
%
,
07/01/34
.....
2,500
3,006,450
Series
2024A
,
RB
,
5.00
%
,
07/01/35
.....
2,500
3,038,198
Series
2020-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.95
%
,
09/03/24
(b)
.......
11,870
11,870,000
Series
2024-1
,
RB
,
5.00
%
,
07/01/46
.....
5,000
5,656,813
Series
2024-1
,
RB
,
5.00
%
,
07/01/49
.....
3,485
3,908,029
Series
2024-1
,
RB
,
5.00
%
,
07/01/53
.....
9,000
10,012,666
Southern
California
Water
Replenishment
District,
Series
2015,
RB,
5.00%, 08/01/41
.
1,000
1,016,125
Southwestern
Community
College
District
Series
C
,
GO
,
0.00
%
,
08/01/41
(a)
.......
650
340,624
Series
D
,
GO
,
5.00
%
,
08/01/44
........
500
511,031
Series
C
,
GO
,
0.00
%
,
08/01/46
(a)
.......
1,000
383,763
Series
A
,
GO
,
4.00
%
,
08/01/47
........
2,000
1,982,106
State
of
California
GO
,
5.00
%
,
09/01/24
...............
2,990
2,990,000
Series
B
,
GO
,
5.00
%
,
09/01/24
........
1,000
1,000,000
Series
2017
,
GO
,
5.00
%
,
11/01/24
......
1,910
1,916,769
GO
,
5.00
%
,
02/01/25
...............
5
5,007
GO
,
4.00
%
,
03/01/25
...............
475
478,360
GO
,
5.00
%
,
03/01/25
...............
250
252,989
GO
,
5.00
%
,
04/01/25
...............
700
709,892
GO
,
5.00
%
,
08/01/25
...............
5,170
5,281,442
Series
B
,
GO
,
5.00
%
,
09/01/25
........
1,015
1,039,312
GO
,
5.00
%
,
09/01/25
...............
1,005
1,029,073
GO
,
5.00
%
,
10/01/25
...............
17,690
18,121,675
Series
2017
,
GO
,
4.00
%
,
11/01/25
......
240
243,963
GO
,
5.00
%
,
12/01/25
...............
4,485
4,619,685
GO
,
5.00
%
,
03/01/26
...............
1,290
1,304,439
GO
,
5.00
%
,
04/01/26
...............
7,675
7,958,967
Series
2016
,
GO
,
5.00
%
,
08/01/26
......
2,280
2,382,620
GO
,
5.00
%
,
08/01/26
...............
9,720
10,115,544
Series
C
,
GO
,
5.00
%
,
09/01/26
........
3,500
3,575,502
GO
,
5.00
%
,
09/01/26
...............
10,225
10,706,006
GO
,
5.00
%
,
10/01/26
...............
13,340
13,979,562
Series
2017
,
GO
,
5.00
%
,
11/01/26
......
2,500
2,632,411
Series
2003
,
GO
,
5.00
%
,
02/01/27
(
AMBAC
)
200
211,583
GO
,
4.00
%
,
03/01/27
...............
5,000
5,177,097
GO
,
5.00
%
,
03/01/27
...............
1,400
1,415,609
GO
,
5.00
%
,
04/01/27
...............
680
722,116
Series
C
,
GO
,
5.00
%
,
08/01/27
........
3,350
3,584,402
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
USD
760
$
795,401
GO
,
5.00
%
,
08/01/27
...............
1,120
1,156,015
GO
,
5.00
%
,
09/01/27
...............
5,035
5,311,654
GO
,
4.00
%
,
10/01/27
...............
1,740
1,816,318
GO
,
5.00
%
,
10/01/27
...............
6,175
6,631,415
GO
,
5.00
%
,
11/01/27
...............
9,600
10,327,953
Series
2017
,
GO
,
5.00
%
,
11/01/27
......
1,325
1,425,473
GO
,
5.00
%
,
12/01/27
...............
2,595
2,796,757
GO
,
5.00
%
,
08/01/28
...............
7,035
7,506,205
GO
,
4.00
%
,
09/01/28
...............
1,450
1,483,718
GO
,
5.00
%
,
09/01/28
...............
6,395
6,932,196
GO
,
5.00
%
,
10/01/28
...............
15,070
16,522,816
GO
,
5.00
%
,
11/01/28
...............
3,135
3,443,013
GO
,
5.00
%
,
12/01/28
...............
4,040
4,444,401
GO
,
5.00
%
,
04/01/29
...............
4,375
4,843,281
Series
2016
,
GO
,
5.00
%
,
08/01/29
......
1,920
2,001,443
GO
,
5.00
%
,
08/01/29
...............
1,000
1,067,246
GO
,
5.00
%
,
09/01/29
...............
3,245
3,388,537
GO
,
5.00
%
,
10/01/29
...............
11,115
12,359,586
GO
,
5.00
%
,
11/01/29
...............
1,500
1,678,653
GO
,
5.00
%
,
12/01/29
...............
2,405
2,694,998
GO
,
5.00
%
,
03/01/30
...............
170
190,878
GO
,
5.00
%
,
04/01/30
...............
3,175
3,548,082
GO
,
5.00
%
,
08/01/30
...............
1,545
1,663,599
Series
C
,
GO
,
5.00
%
,
08/01/30
........
100
106,328
GO
,
5.00
%
,
10/01/30
...............
2,000
2,264,688
GO
,
5.00
%
,
11/01/30
...............
9,275
10,514,914
Series
2017
,
GO
,
5.00
%
,
11/01/30
......
4,680
4,998,056
GO
,
5.00
%
,
03/01/31
...............
4,000
4,148,103
GO
,
5.00
%
,
04/01/31
...............
6,415
7,306,638
GO
,
5.25
%
,
08/01/31
...............
1,680
1,714,111
GO
,
5.00
%
,
09/01/31
...............
2,175
2,263,657
GO
,
5.00
%
,
10/01/31
...............
2,825
2,830,696
GO
,
5.00
%
,
11/01/31
...............
10,500
11,711,764
Series
2017
,
GO
,
5.00
%
,
11/01/31
......
3,000
3,190,710
GO
,
5.00
%
,
03/01/32
...............
3,900
4,345,340
GO
,
5.00
%
,
04/01/32
...............
10,405
11,925,329
GO
,
5.00
%
,
08/01/32
...............
300
302,433
Series
2007
,
GO
,
5.25
%
,
08/01/32
(
AGM
)
.
1,825
2,118,923
GO
,
5.00
%
,
09/01/32
...............
11,325
12,768,917
Series
2024
,
GO
,
5.00
%
,
09/01/32
......
5,000
5,796,229
GO
,
3.00
%
,
10/01/32
...............
820
803,583
GO
,
5.00
%
,
10/01/32
...............
3,745
4,095,802
GO
,
5.00
%
,
11/01/32
...............
16,045
18,546,611
GO
,
5.00
%
,
12/01/32
...............
775
801,660
GO
,
5.00
%
,
03/01/33
...............
4,690
5,207,792
GO
,
5.00
%
,
04/01/33
...............
2,590
2,954,335
GO
,
5.00
%
,
08/01/33
...............
3,480
3,490,060
GO
,
4.00
%
,
09/01/33
...............
3,560
3,613,678
GO
,
5.00
%
,
09/01/33
...............
10,215
11,740,946
Series
2024
,
GO
,
5.00
%
,
09/01/33
......
3,045
3,566,917
GO
,
4.00
%
,
10/01/33
...............
2,855
3,053,009
GO
,
5.00
%
,
10/01/33
...............
5,305
5,658,437
GO
,
5.00
%
,
03/01/34
...............
3,600
3,988,778
GO
,
4.00
%
,
09/01/34
...............
5,865
6,343,848
GO
,
5.00
%
,
09/01/34
...............
8,935
9,916,068
GO
,
3.00
%
,
10/01/34
...............
1,900
1,820,267
GO
,
4.00
%
,
10/01/34
...............
1,535
1,634,037
GO
,
5.00
%
,
10/01/34
...............
13,230
15,342,900
GO
,
3.00
%
,
11/01/34
...............
1,575
1,511,222
Series
2017
,
GO
,
4.00
%
,
11/01/34
......
3,300
3,367,798
GO
,
5.00
%
,
11/01/34
...............
1,000
1,078,913
GO
,
5.00
%
,
12/01/34
...............
1,780
1,992,757
GO
,
5.00
%
,
04/01/35
...............
1,000
1,085,364
Series
2022
,
GO
,
5.00
%
,
04/01/35
......
1,365
1,555,707
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
08/01/35
...............
USD
3,485
$
3,578,598
Series
2024
,
GO
,
5.00
%
,
09/01/35
......
5,000
5,842,642
GO
,
5.00
%
,
09/01/35
...............
4,085
4,233,051
GO
,
3.00
%
,
10/01/35
...............
1,850
1,744,597
GO
,
4.00
%
,
10/01/35
...............
1,735
1,836,946
GO
,
5.00
%
,
10/01/35
...............
5,000
5,146,178
GO
,
4.00
%
,
03/01/36
...............
7,150
7,438,975
GO
,
5.00
%
,
08/01/36
...............
1,890
2,025,156
GO
,
4.00
%
,
09/01/36
...............
4,000
4,031,860
GO
,
5.00
%
,
09/01/36
...............
10,000
11,299,462
GO
,
3.00
%
,
10/01/36
...............
8,000
7,450,790
GO
,
4.00
%
,
10/01/36
...............
4,225
4,393,568
GO
,
5.00
%
,
10/01/36
...............
6,055
6,947,128
GO
,
5.00
%
,
11/01/36
...............
2,510
2,698,903
Series
2017
,
GO
,
5.00
%
,
11/01/36
......
3,290
3,462,617
GO
,
4.00
%
,
03/01/37
...............
3,815
3,957,562
GO
,
5.00
%
,
08/01/37
...............
2,125
2,273,566
GO
,
4.00
%
,
09/01/37
...............
3,505
3,523,615
GO
,
5.00
%
,
09/01/37
...............
8,000
9,218,288
Series
2019
,
GO
,
3.00
%
,
10/01/37
......
1,375
1,271,675
GO
,
5.00
%
,
10/01/37
...............
3,100
3,106,251
GO
,
5.00
%
,
11/01/37
...............
7,500
8,541,324
GO
,
5.00
%
,
08/01/38
...............
2,250
2,320,631
GO
,
4.00
%
,
11/01/38
...............
4,950
5,113,997
GO
,
5.00
%
,
09/01/39
...............
16,625
18,979,231
GO
,
4.00
%
,
10/01/39
...............
3,500
3,601,797
GO
,
5.00
%
,
10/01/39
...............
2,250
2,390,243
GO
,
5.25
%
,
10/01/39
...............
4,125
4,249,471
GO
,
4.00
%
,
11/01/39
...............
2,500
2,574,192
GO
,
5.00
%
,
11/01/39
...............
3,505
3,743,141
GO
,
4.00
%
,
03/01/40
...............
2,000
2,045,700
GO
,
4.00
%
,
11/01/40
...............
1,150
1,179,094
GO
,
5.00
%
,
09/01/41
...............
18,000
20,148,614
GO
,
4.00
%
,
10/01/41
...............
10,400
10,637,922
GO
,
5.00
%
,
10/01/41
...............
2,425
2,673,568
Series
2022
,
GO
,
4.00
%
,
04/01/42
......
1,680
1,714,547
Series
2022
,
GO
,
5.00
%
,
04/01/42
......
1,515
1,684,663
GO
,
5.00
%
,
09/01/42
...............
5,000
5,587,000
GO
,
5.00
%
,
10/01/42
...............
14,515
16,270,778
GO
,
5.00
%
,
11/01/42
...............
2,500
2,798,729
GO
,
4.00
%
,
09/01/43
...............
7,320
7,452,360
GO
,
5.00
%
,
09/01/43
...............
4,000
4,495,292
Series
2024
,
GO
,
5.00
%
,
09/01/43
......
10,000
11,296,685
GO
,
2.38
%
,
12/01/43
...............
925
678,769
GO
,
5.00
%
,
09/01/44
...............
1,000
1,128,858
GO
,
5.00
%
,
10/01/44
...............
2,330
2,332,073
GO
,
4.00
%
,
11/01/44
...............
975
956,351
GO
,
4.00
%
,
03/01/45
...............
500
490,117
GO
,
5.00
%
,
04/01/45
...............
3,145
3,343,677
GO
,
4.00
%
,
08/01/45
...............
250
244,988
GO
,
5.00
%
,
08/01/45
...............
3,400
3,457,760
GO
,
5.00
%
,
10/01/45
...............
1,145
1,274,513
GO
,
3.00
%
,
03/01/46
...............
1,000
832,744
GO
,
4.00
%
,
03/01/46
...............
9,960
10,006,950
GO
,
5.00
%
,
08/01/46
...............
6,500
6,686,562
GO
,
5.00
%
,
09/01/46
...............
1,000
1,029,941
GO
,
5.00
%
,
12/01/46
...............
2,000
2,166,420
GO
,
5.25
%
,
09/01/47
...............
5,045
5,659,213
GO
,
5.00
%
,
10/01/47
...............
3,850
3,940,680
Series
2017
,
GO
,
4.00
%
,
11/01/47
......
1,500
1,488,400
Series
2017
,
GO
,
5.00
%
,
11/01/47
......
800
832,865
GO
,
5.00
%
,
09/01/48
...............
5,000
5,567,860
GO
,
4.00
%
,
04/01/49
...............
1,000
1,000,868
GO
,
5.00
%
,
08/01/49
(c)
..............
4,740
5,286,045
GO
,
3.00
%
,
03/01/50
...............
505
410,248
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
4.00
%
,
10/01/50
...............
USD
2,500
$
2,500,497
GO
,
3.00
%
,
11/01/50
...............
1,500
1,215,394
GO
,
2.38
%
,
10/01/51
...............
2,000
1,302,285
GO
,
3.00
%
,
04/01/52
...............
2,000
1,613,087
GO
,
4.25
%
,
09/01/52
...............
1,310
1,332,450
GO
,
5.25
%
,
09/01/53
...............
7,000
7,859,502
GO
,
5.25
%
,
08/01/54
(c)
..............
500
565,692
State
of
California
Department
of
Water
Resources
Series
AS
,
RB
,
5.00
%
,
12/01/24
........
300
301,673
Series
AW
,
RB
,
5.00
%
,
12/01/24
.......
500
502,788
Series
AZ
,
RB
,
5.00
%
,
12/01/24
........
475
477,649
Series
BA
,
RB
,
5.00
%
,
12/01/24
........
385
387,147
Series
AS
,
RB
,
5.00
%
,
12/01/25
........
2,315
2,329,252
Series
BB
,
RB
,
5.00
%
,
12/01/25
........
240
248,016
Series
BB
,
RB
,
5.00
%
,
12/01/26
........
1,900
2,013,743
Series
AS
,
RB
,
5.00
%
,
12/01/27
........
4,060
4,081,190
Series
BB
,
RB
,
5.00
%
,
12/01/28
........
2,015
2,238,661
Series
AW
,
RB
,
5.00
%
,
12/01/28
.......
1,040
1,095,304
Series
BD
,
RB
,
5.00
%
,
12/01/31
.......
2,555
2,958,377
Series
BA
,
RB
,
5.00
%
,
12/01/32
........
2,540
2,823,732
Series
AW
,
RB
,
5.00
%
,
12/01/33
.......
1,050
1,110,884
Series
BB
,
RB
,
5.00
%
,
12/01/33
........
2,045
2,335,737
Series
BA
,
RB
,
5.00
%
,
12/01/33
........
1,500
1,664,311
Series
BD
,
RB
,
4.00
%
,
12/01/34
.......
2,005
2,160,215
Series
BD
,
RB
,
4.00
%
,
12/01/35
.......
3,000
3,210,055
Series
AW
,
RB
,
4.00
%
,
12/01/35
.......
1,000
1,019,090
Series
BA
,
RB
,
5.00
%
,
12/01/35
........
580
652,271
Sunnyvale
School
District,
Series
2015,
GO,
4.00%, 09/01/42
.................
500
500,022
Ukiah
Unified
School
District,
Series
2006,
GO,
0.00%, 08/01/28
(NPFGC)
(a)
..........
1,000
897,395
University
of
California
Series
2018O
,
RB
,
4.00
%
,
05/15/25
.....
5,490
5,546,776
Series
2017AY
,
RB
,
5.00
%
,
05/15/25
....
1,300
1,322,491
Series
2022S
,
RB
,
5.00
%
,
05/15/26
.....
1,000
1,043,315
Series
2021BH
,
RB
,
5.00
%
,
05/15/26
....
1,190
1,243,373
Series
2024BX
,
RB
,
5.00
%
,
05/15/26
....
1,000
1,044,851
Series
2015AO
,
RB
,
5.00
%
,
05/15/27
....
3,155
3,204,356
Series
2015I
,
RB
,
5.00
%
,
05/15/27
......
745
756,550
Series
2024BS
,
RB
,
5.00
%
,
05/15/28
....
2,000
2,193,805
Series
2023BN
,
RB
,
5.00
%
,
05/15/28
....
1,000
1,096,903
Series
2015AO
,
RB
,
5.00
%
,
05/15/28
....
5,400
5,481,079
Series
2015I
,
RB
,
5.00
%
,
05/15/28
......
350
355,206
Series
2018O
,
RB
,
4.00
%
,
05/15/29
.....
500
523,873
Series
2022S
,
RB
,
5.00
%
,
05/15/29
.....
4,005
4,488,432
Series
2024BX
,
RB
,
5.00
%
,
05/15/29
....
835
936,583
Series
2015I
,
RB
,
5.00
%
,
05/15/29
......
205
208,035
Series
2022S
,
RB
,
5.00
%
,
05/15/30
.....
3,000
3,409,848
Series
2017AY
,
RB
,
5.00
%
,
05/15/31
....
1,000
1,061,752
Series
2015I
,
RB
,
5.00
%
,
05/15/31
......
5,290
5,363,519
Series
2015I
,
RB
,
5.00
%
,
05/15/32
......
540
547,166
Series
2015AO
,
RB
,
5.00
%
,
05/15/32
....
3,000
3,040,229
Series
2024BS
,
RB
,
5.00
%
,
05/15/32
....
3,000
3,495,306
Series
2017AY
,
RB
,
4.00
%
,
05/15/33
....
4,000
4,096,996
Series
2020BE
,
RB
,
5.00
%
,
05/15/33
....
2,000
2,245,393
Series
2023BN
,
RB
,
5.00
%
,
05/15/33
....
1,125
1,327,757
Series
2017M
,
RB
,
5.00
%
,
05/15/33
.....
1,000
1,056,124
Series
2024BW
,
RB
,
5.00
%
,
05/15/33
....
4,255
5,021,873
Series
2015I
,
RB
,
4.00
%
,
05/15/34
......
4,900
4,912,723
Series
2016AR
,
RB
,
5.00
%
,
05/15/34
....
1,005
1,039,640
Series
2024BS
,
RB
,
5.00
%
,
05/15/34
....
4,415
5,263,618
Series
2024BW
,
RB
,
5.00
%
,
05/15/35
....
7,500
8,873,483
Series
2017AV
,
RB
,
5.00
%
,
05/15/35
....
2,500
2,629,465
Series
2016K
,
RB
,
5.00
%
,
05/15/35
.....
500
516,704
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2023BQ
,
RB
,
5.00
%
,
05/15/35
....
USD
5,625
$
6,561,390
Series
2021Q
,
RB
,
4.00
%
,
05/15/36
.....
1,000
1,059,553
Series
2018AZ
,
RB
,
5.00
%
,
05/15/36
....
750
803,217
Series
2017AY
,
RB
,
5.00
%
,
05/15/36
....
2,135
2,241,463
Series
2017AV
,
RB
,
5.00
%
,
05/15/36
....
1,100
1,154,852
Series
2020BE
,
RB
,
4.00
%
,
05/15/37
....
1,000
1,038,745
Series
2024BS
,
RB
,
5.00
%
,
05/15/37
....
3,000
3,529,017
Series
2024BV
,
RB
,
5.00
%
,
05/15/37
....
2,500
2,940,847
Series
2017AY
,
RB
,
5.00
%
,
05/15/37
....
4,650
4,875,612
Series
2024BV
,
RB
,
5.00
%
,
05/15/38
....
2,500
2,932,857
Series
2020BE
,
RB
,
5.00
%
,
05/15/38
....
1,500
1,661,398
Series
2024BS
,
RB
,
5.00
%
,
05/15/38
....
3,000
3,519,428
Series
2021Q
,
RB
,
4.00
%
,
05/15/39
.....
2,500
2,595,900
Series
2024BV
,
RB
,
5.00
%
,
05/15/39
....
2,800
3,260,132
Series
2021Q
,
RB
,
4.00
%
,
05/15/40
.....
2,500
2,566,759
Series
2020BE
,
RB
,
4.00
%
,
05/15/40
....
665
682,928
Series
2015AO
,
RB
,
5.00
%
,
05/15/40
....
6,245
6,319,616
Series
2024BV
,
RB
,
5.00
%
,
05/15/40
....
6,615
7,660,898
Series
2023BN
,
RB
,
5.50
%
,
05/15/40
....
9,000
10,635,911
Series
2016AR
,
RB
,
5.00
%
,
05/15/41
....
970
998,015
Series
2024BV
,
RB
,
5.00
%
,
05/15/41
....
2,500
2,880,083
Series
2023BN
,
RB
,
5.00
%
,
05/15/41
....
4,000
4,553,640
Series
2024BS
,
RB
,
5.00
%
,
05/15/42
....
3,000
3,442,511
Series
2022S
,
RB
,
5.00
%
,
05/15/42
.....
1,720
1,925,116
Series
2024BV
,
RB
,
5.00
%
,
05/15/42
....
3,500
4,016,263
Series
2023BN
,
RB
,
5.00
%
,
05/15/42
....
7,910
8,972,441
Series
2017AV
,
RB
,
5.00
%
,
05/15/42
....
2,405
2,498,492
Series
2017AV
,
RB
,
5.25
%
,
05/15/42
....
5,000
5,232,883
Series
2018AZ
,
RB
,
5.00
%
,
05/15/43
....
5,630
5,948,035
Series
2024BV
,
RB
,
5.00
%
,
05/15/43
....
4,000
4,566,724
Series
2023BN
,
RB
,
5.00
%
,
05/15/44
....
2,630
2,956,831
Series
2021BH
,
RB
,
4.00
%
,
05/15/46
....
1,000
1,010,739
Series
2016K
,
RB
,
4.00
%
,
05/15/46
.....
3,000
2,965,956
Series
2021Q
,
RB
,
5.00
%
,
05/15/46
.....
3,000
3,273,143
Series
2020BE
,
RB
,
4.00
%
,
05/15/47
....
10,250
10,335,729
Series
2017M
,
RB
,
4.00
%
,
05/15/47
.....
250
247,618
Series
2017M
,
RB
,
5.00
%
,
05/15/47
.....
1,165
1,204,046
Series
2023BP-2
,
RB
,
VRDN
3.45
%
,
09/03/24
(b)
...............
950
950,000
Series
2013AL-1
,
RB
,
VRDN
3.45
%
,
09/03/24
(b)
...............
1,150
1,150,000
Series
2013AL-3
,
RB
,
VRDN
3.65
%
,
09/03/24
(b)
...............
3,000
3,000,000
Series
2018AZ
,
RB
,
5.00
%
,
05/15/48
....
12,250
12,851,757
Series
2019BB
,
RB
,
5.00
%
,
05/15/49
....
1,500
1,596,523
Series
2017AV
,
RB
,
5.00
%
,
05/15/49
....
1,500
1,549,700
Series
2021Q
,
RB
,
3.00
%
,
05/15/51
.....
7,000
5,707,130
Series
2021BH
,
RB
,
4.00
%
,
05/15/51
....
2,020
2,024,060
Series
2022BK
,
RB
,
5.00
%
,
05/15/52
....
6,000
6,531,450
Series
2017M
,
RB
,
5.00
%
,
05/15/52
.....
250
257,886
Series
2024BW
,
RB
,
5.00
%
,
05/15/54
....
3,000
3,308,210
Series
2018O
,
RB
,
5.00
%
,
05/15/58
.....
1,000
1,044,252
Series
2018AZ
,
RB
,
5.25
%
,
05/15/58
....
500
526,763
Series
2018O
,
RB
,
5.50
%
,
05/15/58
.....
500
530,693
Upper
Santa
Clara
Valley
Joint
Powers
Authority
Series
2020A
,
RB
,
4.00
%
,
08/01/45
.....
1,100
1,093,336
Series
2020A
,
RB
,
4.00
%
,
08/01/50
.....
3,000
2,973,074
Ventura
Unified
School
District,
Series
2022A,
GO,
4.00%, 08/01/52
..............
4,430
4,337,395
Walnut
Valley
Unified
School
District,
Series
C,
GO,
4.00%, 08/01/51
..............
2,000
1,978,208
West
Valley-Mission
Community
College
District,
Series
2015B,
GO,
4.00%, 08/01/40
.....
250
250,126
Westminster
School
District,
Series
2013A,
GO,
0.00%, 08/01/52
(BAM)
(a)
............
6,380
4,554,706
Security
Par
(000)
Par
(000)
Value
California
(continued)
William
S
Hart
Union
High
School
District
(a)
Series
A
,
GO
,
0.00
%
,
08/01/33
........
USD
990
$
751,509
Series
B
,
GO
,
0.00
%
,
08/01/34
(
AGM
)
...
1,250
914,965
3,187,620,588
Total
Long-Term
Investments
—
100
.0
%
(Cost:
$
3,196,952,501
)
............................
3,187,620,588
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.77
%
(e)
(f)
.........
387,627
387,666
Total
Short-Term
Securities
—
0
.0
%
(Cost:
$
387,666
)
.................................
387,666
Total
Investments
—
100
.0
%
(Cost:
$
3,197,340,167
)
............................
3,188,008,254
Other
Assets
Less
Liabilities
—
0.0
%
....................
1,079,855
Net
Assets
—
100.0%
...............................
$
3,189,088,109
(a)
Zero-coupon
bond.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
When-issued
security.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
California
Muni
Bond
ETF
14
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
837,046
$
—
$
(
449,380
)
(a)
$
—
$
—
$
387,666
387,627
$
4,978
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
3,187,620,588
$
—
$
3,187,620,588
Short-Term
Securities
Money
Market
Funds
......................................
387,666
—
—
387,666
$
387,666
$
3,187,620,588
$
—
$
3,188,008,254
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
Alabama
—
0.6%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
B
,
RB
,
5.00
%
,
09/01/24
.........
USD
3,980
$
3,980,000
Series
B
,
RB
,
5.00
%
,
09/01/26
.........
2,780
2,909,981
Series
2015
,
RB
,
5.00
%
,
09/01/27
......
6,710
6,710,000
Series
2015
,
RB
,
5.00
%
,
09/01/28
......
13,500
13,500,000
Series
2015
,
RB
,
5.00
%
,
09/01/30
......
2,525
2,525,000
Series
2015
,
RB
,
4.00
%
,
09/01/31
......
20,970
20,970,000
Series
2015
,
RB
,
4.00
%
,
09/01/33
......
57,315
57,315,000
Series
2016A
,
RB
,
5.00
%
,
09/01/35
.....
23,575
24,653,834
Series
2016A
,
RB
,
5.00
%
,
09/01/36
.....
8,750
9,150,416
Series
A
,
RB
,
4.00
%
,
06/01/37
.........
5,290
5,510,171
Series
A
,
RB
,
5.00
%
,
06/01/37
.........
5,000
5,351,377
Alabama
Public
School
&
College
Authority
Series
2014B
,
RB
,
5.00
%
,
01/01/26
.....
6,135
6,153,933
Series
2020A
,
RB
,
5.00
%
,
11/01/27
.....
7,850
8,449,122
Series
2020A
,
RB
,
5.00
%
,
11/01/32
.....
5,000
5,634,729
Series
2020A
,
RB
,
5.00
%
,
11/01/33
.....
4,300
4,832,153
Series
2020A
,
RB
,
4.00
%
,
11/01/36
.....
7,275
7,439,109
Series
2020A
,
RB
,
4.00
%
,
11/01/38
.....
1,605
1,630,558
Series
2020A
,
RB
,
5.00
%
,
11/01/39
.....
11,305
12,441,313
Series
2020A
,
RB
,
4.00
%
,
11/01/40
.....
4,865
4,883,866
Auburn
University
Series
2016A
,
RB
,
4.00
%
,
06/01/41
.....
3,375
3,337,302
Series
2018A
,
RB
,
5.00
%
,
06/01/48
.....
11,875
12,362,769
County
of
Jefferson
Series
2024
,
RB
,
5.25
%
,
10/01/43
......
8,750
9,597,843
Series
2024
,
RB
,
5.25
%
,
10/01/44
......
9,000
9,837,111
Series
2024
,
RB
,
5.25
%
,
10/01/45
......
7,750
8,443,587
Series
2024
,
RB
,
5.25
%
,
10/01/49
......
28,350
30,614,127
Series
2024
,
RB
,
5.50
%
,
10/01/53
......
7,000
7,645,359
State
of
Alabama,
Series
2016C,
GO,
5.00%, 08/01/27
.................
1,405
1,466,304
287,344,964
Alaska
—
0.0%
City
of
Anchorage,
Series
2014A,
RB,
4.00%, 12/01/44
.................
2,000
2,004,586
Arizona
—
0.8%
Arizona
Board
of
Regents
Series
2016B
,
RB
,
5.00
%
,
07/01/42
.....
2,900
2,974,887
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
3,410
3,836,053
Series
2016B
,
RB
,
5.00
%
,
07/01/47
.....
1,500
1,533,389
Series
2024A
,
RB
,
5.00
%
,
07/01/50
.....
8,000
8,819,879
Series
2024A
,
RB
,
5.00
%
,
07/01/54
.....
13,265
14,533,367
Series
2024
,
RB
,
5.00
%
,
08/01/54
......
7,280
7,905,967
Arizona
Water
Infrastructure
Finance
Authority
Series
2014A
,
RB
,
5.00
%
,
10/01/25
.....
1,000
1,001,777
Series
2014A
,
RB
,
5.00
%
,
10/01/26
.....
7,890
7,902,289
City
of
Mesa
Utility
System,
Series
2016,
RB,
4.00%, 07/01/32
.................
1,500
1,520,069
City
of
Phoenix
Series
2014
,
GO
,
4.00
%
,
07/01/25
......
1,205
1,206,022
Series
2016
,
GO
,
5.00
%
,
07/01/25
......
3,800
3,870,335
City
of
Phoenix
Civic
Improvement
Corp.
Series
2014B
,
RB
,
5.00
%
,
07/01/26
.....
1,500
1,502,425
Series
2014B
,
RB
,
5.00
%
,
07/01/27
.....
4,025
4,030,384
Series
2014B
,
RB
,
4.00
%
,
07/01/28
.....
16,100
16,104,162
Series
2017D
,
RB
,
5.00
%
,
07/01/35
.....
4,200
4,393,269
Series
2015A
,
RB
,
5.00
%
,
07/01/37
.....
2,000
2,029,075
Series
2016
,
RB
,
5.00
%
,
07/01/38
......
2,000
2,062,338
Series
2016
,
RB
,
5.00
%
,
07/01/39
......
2,215
2,280,857
Series
2023
,
RB
,
5.00
%
,
07/01/39
......
4,000
4,559,533
Series
2021A
,
RB
,
4.00
%
,
07/01/40
.....
1,610
1,653,606
Security
Par
(000)
Par
(000)
Value
Arizona
(continued)
Series
2015A
,
RB
,
5.00
%
,
07/01/41
.....
USD
2,000
$
2,024,974
Series
2019A
,
RB
,
4.00
%
,
07/01/44
.....
4,800
4,678,646
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
1,500
1,590,958
Series
2020A
,
RB
,
5.00
%
,
07/01/44
.....
12,205
13,015,622
Series
2015A
,
RB
,
5.00
%
,
07/01/45
.....
2,000
2,014,029
Series
2019A
,
RB
,
5.00
%
,
07/01/45
.....
2,000
2,092,250
Series
2023
,
RB
,
5.25
%
,
07/01/47
......
4,830
5,407,916
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
5,000
5,261,126
Gilbert
Water
Resource
Municipal
Property
Corp.
Series
2022
,
RB
,
5.00
%
,
07/15/32
......
4,650
5,395,827
Series
2022
,
RB
,
5.00
%
,
07/15/33
......
3,000
3,461,740
Salt
River
Project
Agricultural
Improvement
&
Power
District
Series
2021A
,
RB
,
5.00
%
,
01/01/25
.....
2,255
2,269,947
Series
2016A
,
RB
,
5.00
%
,
01/01/26
.....
3,295
3,398,269
Series
2016A
,
RB
,
5.00
%
,
01/01/27
.....
2,090
2,207,743
Series
2017A
,
RB
,
5.00
%
,
01/01/27
.....
2,030
2,144,362
Series
2016A
,
RB
,
5.00
%
,
01/01/28
.....
2,650
2,793,263
Series
2017A
,
RB
,
5.00
%
,
01/01/28
.....
1,645
1,777,126
Series
2021A
,
RB
,
5.00
%
,
01/01/29
.....
6,250
6,889,623
Series
2022A
,
RB
,
5.00
%
,
01/01/31
.....
15,000
17,072,433
Series
2017A
,
RB
,
5.00
%
,
01/01/31
.....
3,650
3,903,683
Series
2017A
,
RB
,
5.00
%
,
01/01/32
.....
5,415
5,773,307
Series
2022A
,
RB
,
5.00
%
,
01/01/32
.....
32,020
36,898,503
Series
2016A
,
RB
,
5.00
%
,
01/01/34
.....
10,000
10,489,702
Series
2015A
,
RB
,
5.00
%
,
12/01/34
.....
2,500
2,537,704
Series
2017A
,
RB
,
5.00
%
,
01/01/37
.....
1,955
2,065,032
Series
2016A
,
RB
,
4.00
%
,
01/01/38
.....
2,000
2,012,309
Series
2016A
,
RB
,
5.00
%
,
01/01/38
.....
5,100
5,307,596
Series
2017A
,
RB
,
5.00
%
,
01/01/38
.....
1,555
1,641,469
Series
2019A
,
RB
,
4.00
%
,
01/01/39
.....
4,990
5,090,373
Series
2017A
,
RB
,
5.00
%
,
01/01/39
.....
8,000
8,425,517
Series
2020A
,
RB
,
5.00
%
,
01/01/45
.....
4,750
5,077,423
Series
2015A
,
RB
,
5.00
%
,
12/01/45
.....
6,000
6,097,475
Series
2019A
,
RB
,
5.00
%
,
01/01/47
.....
10,500
11,145,454
Series
2023A
,
RB
,
5.00
%
,
01/01/50
.....
29,485
32,047,995
Series
2023B
,
RB
,
5.25
%
,
01/01/53
.....
15,040
16,729,615
State
of
Arizona,
Series
2019A,
COP,
5.00%, 10/01/28
.................
3,085
3,395,324
State
of
Arizona
Lottery,
Series
2019,
RB,
5.00%, 07/01/25
.................
1,500
1,528,276
337,382,294
Arkansas
—
0.0%
State
of
Arkansas,
Series
2014,
GO,
5.00%, 04/01/26
.................
1,815
1,818,327
California
—
20.7%
Acalanes
Union
High
School
District,
Series
2010A,
GO,
6.35%, 08/01/39
.........
3,000
3,460,203
Alameda
Corridor
Transportation
Authority
Series
2016B
,
RB
,
5.00
%
,
10/01/34
.....
2,000
2,050,228
Series
2016B
,
RB
,
5.00
%
,
10/01/36
(
AGM
)
1,000
1,033,664
Series
2016B
,
RB
,
5.00
%
,
10/01/36
.....
2,785
2,850,966
Series
2016B
,
RB
,
5.00
%
,
10/01/37
.....
4,950
5,070,091
Series
2022A
,
RB
,
0.00
%
,
10/01/47
(a)
....
1,500
889,004
Series
2022A
,
RB
,
0.00
%
,
10/01/48
(a)
....
1,335
787,372
Series
2022A
,
RB
,
0.00
%
,
10/01/49
(a)
....
1,335
784,320
Series
2022A
,
RB
,
0.00
%
,
10/01/50
(a)
....
1,430
835,987
Series
2022A
,
RB
,
0.00
%
,
10/01/51
(
AGM
)
(a)
2,500
1,439,265
Series
2022C
,
RB
,
5.00
%
,
10/01/52
(
AGM
)
715
770,006
Alameda
County
Transportation
Commission,
Series
2022,
RB,
5.00%, 03/01/45
......
6,955
7,733,815
Alameda
Unified
School
District-Alameda
County,
Series
C,
GO,
3.00%, 08/01/42
...
11,425
9,907,712
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Allan
Hancock
Joint
Community
College
District
(a)
Series
2012C
,
GO
,
0.00
%
,
08/01/44
.....
USD
7,500
$
5,535,661
Series
2012C
,
GO
,
0.00
%
,
08/01/47
.....
6,000
4,450,841
Alvord
Unified
School
District
(a)
Series
2011B
,
GO
,
0.00
%
,
08/01/36
(
AGM
)
2,000
1,238,207
Series
2011B
,
GO
,
0.00
%
,
08/01/43
(
AGM
)
6,415
2,870,566
Anaheim
Public
Financing
Authority,
Series
1997C,
RB,
0.00%, 09/01/32
(AGM)
(a)
....
3,040
2,385,335
Antelope
Valley
Community
College
District,
Series
B,
GO,
4.00%, 08/01/45
........
7,035
7,081,608
Bay
Area
Toll
Authority
Series
2017S-7
,
RB
,
5.00
%
,
04/01/28
....
1,605
1,752,715
Series
2017S-7
,
RB
,
4.00
%
,
04/01/29
....
6,530
6,709,153
Series
2017S-7
,
RB
,
4.00
%
,
04/01/33
....
1,800
1,831,822
Series
2017S-7
,
RB
,
4.00
%
,
04/01/37
....
14,205
14,396,005
Series
2017S-7
,
RB
,
4.00
%
,
04/01/38
....
22,620
22,905,082
Series
2024F-2
,
RB
,
5.00
%
,
04/01/41
....
2,500
2,801,540
Series
2017S-7
,
RB
,
4.00
%
,
04/01/42
....
4,500
4,514,973
Series
2024F-2
,
RB
,
5.00
%
,
04/01/43
....
3,000
3,327,681
Series
2019S-H
,
RB
,
5.00
%
,
04/01/44
....
2,000
2,234,504
Series
2024F-2
,
RB
,
5.00
%
,
04/01/44
....
1,000
1,104,881
Series
2024F-2
,
RB
,
5.00
%
,
04/01/45
....
1,000
1,100,693
Series
2017B
,
RB
,
VRDN
2.85
%
,
04/01/25
(b)
3,760
3,755,182
Series
2017A
,
RB
,
VRDN
2.95
%
,
04/01/26
(b)
935
932,330
Series
2017S-7
,
RB
,
4.00
%
,
04/01/47
....
26,445
26,207,603
Series
2019S-H
,
RB
,
5.00
%
,
04/01/49
....
2,000
2,234,504
Series
H
,
RB
,
VRDN
2.13
%
,
04/01/25
(b)
...
2,000
1,989,203
Series
2023F-1
,
RB
,
5.00
%
,
04/01/54
....
35,000
38,404,898
Series
2023F-1
,
RB
,
5.25
%
,
04/01/54
....
15,850
17,743,173
Series
2014S-6
,
RB
,
5.00
%
,
10/01/54
....
7,395
7,406,674
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
3.85
%
,
09/03/24
(b)
...........
30,975
30,975,000
Series
2017F-1
,
RB
,
4.00
%
,
04/01/56
....
2,600
2,555,272
Series
2024G
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
2.14
%
,
09/05/24
(b)
........
3,000
3,000,000
Series
2024H
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.85
%
,
09/03/24
(b)
........
34,200
34,200,000
Series
2024E
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.85
%
,
09/03/24
(b)
........
31,600
31,600,000
Beverly
Hills
Unified
School
District,
Series
2009,
GO,
0.00%, 08/01/33
(a)
.............
1,000
762,437
California
Educational
Facilities
Authority
Series
U-2
,
RB
,
5.00
%
,
10/01/32
.......
5,000
5,940,088
Series
T-1
,
RB
,
5.00
%
,
03/15/39
.......
1,025
1,263,760
Series
U-1
,
RB
,
5.25
%
,
04/01/40
.......
21,000
26,701,074
Series
2015
,
RB
,
5.00
%
,
04/01/45
......
1,000
1,008,369
Series
U-7
,
RB
,
5.00
%
,
06/01/46
.......
12,745
15,831,621
Series
V-1
,
RB
,
5.00
%
,
05/01/49
.......
15,000
18,595,173
Series
2016
,
RB
,
5.00
%
,
10/01/49
......
500
519,964
Series
V-2
,
RB
,
5.00
%
,
04/01/51
.......
5,000
6,195,164
California
Infrastructure
&
Economic
Development
Bank
Series
2018
,
RB
,
5.00
%
,
10/01/26
......
1,345
1,419,263
Series
2023
,
RB
,
5.00
%
,
10/01/28
......
2,655
2,939,842
Series
2003A
,
RB
,
5.00
%
,
07/01/33
(
AMBAC
)
2,000
2,175,588
Series
2003A
,
RB
,
5.00
%
,
07/01/36
(
AMBAC
)
500
543,897
Series
2017
,
RB
,
5.00
%
,
10/01/36
......
5,050
5,295,351
Series
2003A
,
RB
,
5.13
%
,
07/01/37
(
AMBAC
)
5,710
5,998,010
Series
2023
,
RB
,
4.00
%
,
10/01/41
......
14,620
15,303,855
Series
2016A
,
RB
,
5.00
%
,
10/01/41
.....
1,010
1,063,379
Series
2017
,
RB
,
5.00
%
,
05/15/42
......
1,500
1,581,438
Series
2018
,
RB
,
5.00
%
,
10/01/43
......
3,620
3,797,869
Series
2019
,
RB
,
5.00
%
,
08/01/44
......
3,835
4,095,920
Series
2016A
,
RB
,
4.00
%
,
10/01/45
.....
1,500
1,549,047
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2023
,
RB
,
4.00
%
,
10/01/45
......
USD
10,000
$
10,180,778
Series
2023
,
RB
,
4.00
%
,
10/01/46
......
33,860
34,215,913
Series
2024
,
RB
,
4.00
%
,
10/01/47
......
5,000
5,013,566
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
4,375
4,632,673
Series
2022A
,
RB
,
5.00
%
,
10/01/52
.....
7,550
8,369,698
California
Municipal
Finance
Authority
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
2,110
2,180,333
Series
2017
,
RB
,
5.00
%
,
01/01/48
......
1,000
1,085,783
California
School
Facilities
Financing
Authority,
Series
2009A,
RB,
0.00%, 08/01/49
(AGM)
(a)
4,490
1,317,041
California
State
Public
Works
Board
Series
2022D
,
RB
,
5.00
%
,
05/01/25
.....
3,500
3,553,160
Series
B
,
RB
,
5.00
%
,
10/01/25
.........
1,980
2,032,553
Series
F
,
RB
,
5.00
%
,
05/01/26
.........
3,250
3,304,446
Series
2022C
,
RB
,
5.00
%
,
08/01/26
.....
3,000
3,142,477
Series
2014A
,
RB
,
5.00
%
,
09/01/27
.....
2,175
2,178,895
Series
2014A
,
RB
,
5.00
%
,
09/01/28
.....
2,600
2,604,657
Series
2021A
,
RB
,
5.00
%
,
02/01/29
.....
3,005
3,312,988
Series
2023C
,
RB
,
5.00
%
,
09/01/29
.....
10,000
11,151,303
Series
2023D
,
RB
,
5.00
%
,
11/01/29
.....
3,725
4,164,829
Series
2022C
,
RB
,
5.00
%
,
08/01/30
.....
1,785
2,014,327
Series
2023C
,
RB
,
5.00
%
,
09/01/30
.....
9,000
10,168,322
Series
2023D
,
RB
,
5.00
%
,
11/01/30
.....
7,380
8,357,611
Series
2016D
,
RB
,
4.00
%
,
04/01/31
.....
10,305
10,443,118
Series
D
,
RB
,
3.00
%
,
09/01/31
.........
3,055
2,991,751
Series
2023D
,
RB
,
5.00
%
,
11/01/31
.....
6,375
7,308,026
Series
2014A
,
RB
,
5.00
%
,
09/01/32
.....
1,540
1,543,584
Series
2019C
,
RB
,
5.00
%
,
11/01/32
.....
9,220
10,152,393
Series
2023C
,
RB
,
5.00
%
,
09/01/33
.....
22,560
26,387,757
Series
2016C
,
RB
,
5.00
%
,
11/01/33
.....
4,230
4,386,732
Series
2021C
,
RB
,
5.00
%
,
11/01/33
.....
2,000
2,275,364
Series
2023C
,
RB
,
5.00
%
,
09/01/34
.....
8,220
9,577,741
Series
2016C
,
RB
,
5.00
%
,
11/01/34
.....
1,000
1,035,793
Series
2021C
,
RB
,
4.00
%
,
11/01/36
.....
1,000
1,049,565
Series
2023D
,
RB
,
5.00
%
,
11/01/36
.....
10,965
12,653,823
Series
2022C
,
RB
,
4.00
%
,
08/01/37
.....
7,045
7,370,519
Series
2023B
,
RB
,
5.00
%
,
12/01/37
.....
5,800
6,600,593
Series
2014A
,
RB
,
5.00
%
,
09/01/39
.....
17,245
17,279,980
Series
2014B
,
RB
,
5.00
%
,
10/01/39
.....
2,750
2,753,340
Series
2021B
,
RB
,
4.00
%
,
05/01/41
.....
3,670
3,730,896
Series
2021C
,
RB
,
4.00
%
,
11/01/41
.....
1,520
1,546,881
Series
2024A
,
RB
,
5.00
%
,
04/01/42
.....
13,000
14,737,740
Series
2024A
,
RB
,
5.00
%
,
04/01/43
.....
2,000
2,257,725
Series
2024A
,
RB
,
5.00
%
,
04/01/44
.....
3,250
3,654,849
Series
2024A
,
RB
,
5.00
%
,
04/01/45
.....
4,750
5,327,897
Series
2021B
,
RB
,
4.00
%
,
05/01/46
.....
10,865
10,925,328
Series
2024A
,
RB
,
5.00
%
,
04/01/49
.....
27,945
31,027,233
California
State
University
Series
2015A
,
RB
,
5.00
%
,
11/01/24
.....
3,005
3,014,567
Series
2017A
,
RB
,
5.00
%
,
11/01/24
.....
1,010
1,013,199
Series
2014A
,
RB
,
5.00
%
,
11/01/28
.....
6,000
6,019,354
Series
2014A
,
RB
,
5.00
%
,
11/01/29
.....
4,535
4,549,629
Series
2015A
,
RB
,
5.00
%
,
11/01/30
.....
3,000
3,077,086
Series
2017A
,
RB
,
5.00
%
,
11/01/31
.....
1,545
1,630,246
Series
2016A
,
RB
,
5.00
%
,
11/01/31
.....
500
517,757
Series
2016A
,
RB
,
5.00
%
,
11/01/32
.....
2,000
2,068,782
Series
2014A
,
RB
,
5.00
%
,
11/01/32
.....
160
160,516
Series
2014A
,
RB
,
5.00
%
,
11/01/33
.....
2,500
2,508,064
Series
2015A
,
RB
,
5.00
%
,
11/01/33
.....
1,500
1,534,638
Series
2015A
,
RB
,
4.00
%
,
11/01/34
.....
2,000
2,012,338
Series
2016A
,
RB
,
4.00
%
,
11/01/34
.....
1,000
1,013,778
Series
2014A
,
RB
,
5.00
%
,
11/01/34
.....
2,950
2,959,516
Series
2016A
,
RB
,
4.00
%
,
11/01/35
.....
21,340
21,557,081
Series
2015A
,
RB
,
5.00
%
,
11/01/35
.....
3,000
3,065,799
Series
2017A
,
RB
,
5.00
%
,
11/01/36
.....
1,960
2,060,834
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2016A
,
RB
,
4.00
%
,
11/01/37
.....
USD
3,625
$
3,643,298
Series
2016A
,
RB
,
4.00
%
,
11/01/38
.....
13,215
13,245,737
Series
2015A
,
RB
,
5.00
%
,
11/01/38
.....
3,150
3,215,695
Series
2020C
,
RB
,
3.00
%
,
11/01/39
.....
7,100
6,532,550
Series
2014A
,
RB
,
5.00
%
,
11/01/39
.....
900
902,903
Series
2016A
,
RB
,
5.00
%
,
11/01/41
.....
1,005
1,033,059
Series
2017A
,
RB
,
5.00
%
,
11/01/42
.....
8,450
8,842,084
Series
2015A
,
RB
,
5.00
%
,
11/01/43
.....
1,500
1,525,664
Series
2018A
,
RB
,
5.00
%
,
11/01/43
.....
3,000
3,191,786
Series
2014A
,
RB
,
5.00
%
,
11/01/44
.....
700
702,258
Series
2019A
,
RB
,
5.00
%
,
11/01/44
.....
2,000
2,139,732
Series
2020C
,
RB
,
4.00
%
,
11/01/45
.....
19,940
19,993,212
Series
2016A
,
RB
,
4.00
%
,
11/01/45
.....
8,300
8,254,704
Series
2016A
,
RB
,
5.00
%
,
11/01/45
.....
8,100
8,293,593
Series
2017A
,
RB
,
5.00
%
,
11/01/47
.....
18,900
19,679,326
Series
2018A
,
RB
,
5.00
%
,
11/01/48
.....
10,875
11,491,399
Series
2023A
,
RB
,
5.25
%
,
11/01/48
.....
1,840
2,095,156
Series
2019A
,
RB
,
5.00
%
,
11/01/49
.....
2,150
2,287,329
Series
2020C
,
RB
,
3.00
%
,
11/01/51
.....
4,000
3,220,288
California
Statewide
Communities
Development
Authority,
Series
2017,
RB,
5.00%, 05/15/42
500
510,437
Campbell
Union
High
School
District,
Series
B,
GO,
4.00%, 08/01/38
..............
1,000
1,029,987
Campbell
Union
School
District,
Series
2011C,
GO,
0.00%, 08/01/36
(a)
.............
2,215
1,490,002
Cerritos
Community
College
District
Series
2014A
,
GO
,
5.00
%
,
08/01/39
.....
6,065
6,070,549
Series
2014A
,
GO
,
4.00
%
,
08/01/44
.....
1,750
1,736,108
Chabot-Las
Positas
Community
College
District
Series
2016
,
GO
,
4.00
%
,
08/01/33
......
2,000
2,028,674
Series
2016
,
GO
,
4.00
%
,
08/01/34
......
2,845
2,882,227
Series
2016
,
GO
,
4.00
%
,
08/01/35
......
25,875
26,133,722
Series
2017A
,
GO
,
4.00
%
,
08/01/42
.....
5,000
4,979,445
Series
C
,
GO
,
5.25
%
,
08/01/48
........
4,600
5,215,543
Chaffey
Community
College
District,
Series
A,
GO,
5.00%, 06/01/48
..............
2,300
2,420,367
Chaffey
Joint
Union
High
School
District
Series
B
,
GO
,
4.00
%
,
08/01/44
........
2,000
1,997,683
Series
C
,
GO
,
4.00
%
,
08/01/47
........
10,000
10,004,231
Series
G
,
GO
,
5.25
%
,
08/01/52
........
20,895
23,134,530
Chino
Valley
Unified
School
District,
Series
2024D,
GO,
5.00%, 08/01/55
.........
11,565
12,815,284
City
&
County
of
San
Francisco
Series
2022R-1
,
GO
,
5.00
%
,
06/15/28
...
5,500
6,053,335
Series
2022R-1
,
GO
,
5.00
%
,
06/15/29
...
1,000
1,125,720
Series
2022R-1
,
GO
,
5.00
%
,
06/15/30
...
1,250
1,431,517
Series
2022R-1
,
GO
,
5.00
%
,
06/15/31
...
750
871,983
Series
2022R-1
,
GO
,
5.00
%
,
06/15/32
...
500
589,445
Series
2024-R1
,
GO
,
5.00
%
,
06/15/32
...
3,820
4,503,357
Series
2024R-1
,
GO
,
5.00
%
,
06/15/35
...
12,205
14,720,595
City
of
Glendale,
Series
2024-2,
RB,
5.00%, 02/01/54
.................
8,000
8,781,262
City
of
Long
Beach
Series
C
,
RB
,
5.00
%
,
05/15/47
.........
1,000
1,031,156
Series
2019A
,
RB
,
5.00
%
,
05/15/49
.....
4,190
4,461,155
City
of
Los
Angeles
Department
of
Airports
Series
2020B
,
RB
,
5.00
%
,
05/15/25
.....
2,035
2,069,494
Series
2020B
,
RB
,
5.00
%
,
05/15/29
.....
2,000
2,235,087
Series
2020A
,
RB
,
5.00
%
,
05/15/30
.....
4,020
4,528,812
Series
2020A
,
RB
,
5.00
%
,
05/15/31
.....
1,500
1,684,725
Series
2020B
,
RB
,
5.00
%
,
05/15/32
.....
2,000
2,264,611
Series
2020A
,
RB
,
5.00
%
,
05/15/35
.....
1,500
1,667,460
Series
2020A
,
RB
,
5.00
%
,
05/15/36
.....
1,505
1,667,441
Series
C
,
RB
,
5.00
%
,
05/15/38
.........
3,100
3,136,617
Series
2020A
,
RB
,
5.00
%
,
05/15/38
.....
2,175
2,391,445
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2020B
,
RB
,
4.00
%
,
05/15/39
.....
USD
5,000
$
5,159,739
Series
2020A
,
RB
,
5.00
%
,
05/15/39
.....
1,450
1,587,263
Series
2020B
,
RB
,
4.00
%
,
05/15/40
.....
3,900
4,008,595
Series
2020A
,
RB
,
5.00
%
,
05/15/40
.....
1,000
1,090,717
Series
B
,
RB
,
5.00
%
,
05/15/42
.........
4,390
4,577,111
Series
2019E
,
RB,
AMT
,
5.00
%
,
05/15/44
.
2,000
2,125,887
Series
2020D
,
RB
,
5.00
%
,
05/15/44
.....
2,920
3,179,258
Series
2021B
,
RB
,
5.00
%
,
05/15/45
.....
7,000
7,673,485
Series
2018E
,
RB
,
5.00
%
,
05/15/48
.....
1,500
1,591,531
City
of
Los
Angeles
Wastewater
System
Series
2013A
,
RB
,
5.00
%
,
06/01/26
.....
1,000
1,002,813
Series
2022C
,
RB
,
5.00
%
,
06/01/29
.....
2,405
2,699,033
Series
2022C
,
RB
,
5.00
%
,
06/01/30
.....
7,000
7,978,117
Series
2022C
,
RB
,
5.00
%
,
06/01/32
.....
8,020
9,386,482
Series
2013A
,
RB
,
5.00
%
,
06/01/34
.....
1,000
1,000,888
Series
2018A
,
RB
,
5.00
%
,
06/01/43
.....
1,500
1,580,478
Series
A
,
RB
,
5.00
%
,
06/01/43
.........
12,695
12,698,623
Series
A
,
RB
,
5.00
%
,
06/01/44
.........
4,630
4,679,324
Series
C
,
RB
,
5.00
%
,
06/01/45
.........
1,000
1,010,373
Series
2022A
,
RB
,
5.00
%
,
06/01/47
.....
3,500
3,853,115
Series
A
,
RB
,
5.25
%
,
06/01/47
.........
1,500
1,569,116
City
of
Riverside
Series
2015A
,
RB
,
5.00
%
,
08/01/40
.....
1,690
1,715,672
Series
2022A
,
RB
,
5.00
%
,
10/01/47
.....
6,890
7,618,921
Series
2019A
,
RB
,
5.00
%
,
10/01/48
.....
6,895
7,319,515
Series
2022A
,
RB
,
5.00
%
,
10/01/52
.....
8,800
9,618,506
City
of
San
Francisco
Series
A
,
RB
,
5.00
%
,
11/01/27
.........
4,575
4,814,390
Series
A
,
RB
,
5.00
%
,
11/01/29
.........
3,000
3,143,163
Series
2015A
,
RB
,
5.00
%
,
11/01/31
.....
2,000
2,028,440
Series
2015A
,
RB
,
5.00
%
,
11/01/32
.....
2,025
2,052,861
Series
A
,
RB
,
5.00
%
,
11/01/33
.........
2,000
2,077,459
Series
2023C
,
RB
,
5.00
%
,
11/01/33
.....
3,000
3,583,323
Series
A
,
RB
,
5.00
%
,
11/01/34
.........
1,040
1,077,203
Series
2023C
,
RB
,
5.00
%
,
11/01/34
.....
3,000
3,572,704
Series
D
,
RB
,
5.00
%
,
11/01/34
.........
2,000
2,119,081
Series
2023C
,
RB
,
5.00
%
,
11/01/35
.....
3,000
3,557,618
Series
2023C
,
RB
,
5.00
%
,
11/01/36
.....
3,000
3,537,929
Series
2015A
,
RB
,
5.00
%
,
11/01/36
.....
1,255
1,270,201
Series
A
,
RB
,
4.00
%
,
11/01/39
.........
23,695
23,750,925
Series
2020C
,
RB
,
4.00
%
,
11/01/50
.....
4,000
3,955,362
Series
2020B
,
RB
,
5.00
%
,
11/01/50
.....
3,500
3,638,870
Series
2020A
,
RB
,
5.00
%
,
11/01/50
.....
9,345
10,036,195
Series
2023AB
,
RB
,
5.25
%
,
11/01/52
....
6,265
7,045,362
City
of
San
Jose
Series
2021A
,
GO
,
5.00
%
,
09/01/41
.....
1,500
1,671,436
Series
2021A
,
GO
,
5.00
%
,
09/01/42
.....
3,900
4,331,102
Series
2021A
,
GO
,
5.00
%
,
09/01/44
.....
4,015
4,427,946
Series
2019A-1
,
GO
,
5.00
%
,
09/01/45
....
13,000
13,846,193
Series
2021A
,
GO
,
5.00
%
,
09/01/46
.....
7,385
8,079,703
Series
2019A-1
,
GO
,
5.00
%
,
09/01/47
....
3,615
3,844,507
City
of
Santa
Rosa,
Series
2002B,
RB,
0.00%, 09/01/32
(AMBAC)
(a)
..........
10,880
8,463,386
Clovis
Unified
School
District
Series
D
,
GO
,
4.00
%
,
08/01/40
........
1,000
1,008,448
Coast
Community
College
District
Series
2006B
,
GO
,
0.00
%
,
08/01/27
(
AGM
)
(a)
6,475
5,971,281
Series
2006B
,
GO
,
0.00
%
,
08/01/28
(
AGM
)
(a)
7,075
6,341,728
Series
2015
,
GO
,
5.00
%
,
08/01/29
......
2,000
2,046,955
Series
2015
,
GO
,
0.00
%
,
08/01/34
(a)
.....
2,000
1,322,433
Series
2019F
,
GO
,
0.00
%
,
08/01/41
(a)
....
1,000
506,029
Series
2019F
,
GO
,
0.00
%
,
08/01/42
(a)
....
1,000
480,750
Series
2017D
,
GO
,
4.00
%
,
08/01/42
.....
2,000
1,999,378
Contra
Costa
Community
College
District,
Series
2014A,
GO,
4.00%, 08/01/39
.........
29,830
29,829,347
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Contra
Costa
Water
District,
Series
W,
RB,
5.00%, 10/01/51
.................
USD
3,200
$
3,494,851
County
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/30/25
.................
18,040
18,392,588
County
of
Riverside,
Series
2024,
RB,
5.00%, 06/30/25
.................
13,000
13,248,686
County
of
Sacramento
Airport
System,
Series
A,
RB,
5.00%, 07/01/41
..............
3,500
3,586,136
County
of
Santa
Clara
Series
2022D
,
GO
,
5.00
%
,
08/01/34
.....
4,000
4,699,409
Series
2017C
,
GO
,
4.00
%
,
08/01/37
.....
11,305
11,474,159
Series
2017C
,
GO
,
4.00
%
,
08/01/38
.....
3,015
3,047,480
Desert
Community
College
District,
Series
2017,
GO,
4.00%, 08/01/39
..............
8,000
8,045,034
Dublin
Unified
School
District
Series
B
,
GO
,
4.00
%
,
08/01/42
........
3,040
3,129,436
Series
B
,
GO
,
4.13
%
,
08/01/49
........
2,710
2,725,867
Series
B
,
GO
,
4.25
%
,
08/01/53
........
5,000
5,059,814
East
Bay
Municipal
Utility
District
Water
System
Series
2015A
,
RB
,
5.00
%
,
06/01/27
.....
4,120
4,191,800
Series
2017B
,
RB
,
5.00
%
,
06/01/31
.....
2,000
2,126,247
Series
2015A
,
RB
,
4.00
%
,
06/01/34
.....
14,315
14,351,327
Series
2017B
,
RB
,
5.00
%
,
06/01/34
.....
3,085
3,270,711
Series
2022B-2
,
RB
,
5.00
%
,
06/01/34
....
3,035
3,672,838
Series
2022A
,
RB
,
5.00
%
,
06/01/35
.....
17,000
19,889,694
Series
2015A
,
RB
,
5.00
%
,
06/01/36
.....
1,925
1,950,506
Series
2017B
,
RB
,
5.00
%
,
06/01/36
.....
2,105
2,224,202
Series
2022A
,
RB
,
5.00
%
,
06/01/36
.....
12,000
13,970,083
Series
2022B-1
,
RB
,
5.00
%
,
06/01/36
....
1,180
1,373,725
Series
2022A
,
RB
,
5.00
%
,
06/01/37
.....
10,000
11,604,514
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
11,705
12,257,623
Series
2017A
,
RB
,
5.00
%
,
06/01/45
.....
7,240
7,555,755
Series
2019A
,
RB
,
5.00
%
,
06/01/49
.....
4,750
5,050,514
Series
2024A
,
RB
,
5.00
%
,
06/01/49
.....
5,000
5,586,351
Eastern
Municipal
Water
District
(b)
Series
2024A
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.60
%
,
09/03/24
........
17,670
17,670,000
Series
2018A
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.75
%
,
09/03/24
........
24,600
24,600,000
Eastern
Municipal
Water
District
Financing
Authority
Series
2020A
,
RB
,
4.00
%
,
07/01/38
.....
7,125
7,384,160
Series
2017D
,
RB
,
5.00
%
,
07/01/47
.....
1,500
1,565,171
El
Camino
Community
College
District
Fountation
(The)
Series
2012C
,
GO
,
0.00
%
,
08/01/29
(a)
....
6,000
5,265,707
Series
2012C
,
GO
,
0.00
%
,
08/01/31
(a)
....
1,000
822,356
Series
2012C
,
GO
,
0.00
%
,
08/01/32
(a)
....
200
159,507
Series
2012C
,
GO
,
0.00
%
,
08/01/33
(a)
....
1,000
771,867
Series
2012C
,
GO
,
0.00
%
,
08/01/34
(a)
....
12,415
9,230,458
Series
2016A
,
GO
,
4.00
%
,
08/01/41
.....
6,985
6,985,591
Series
2016A
,
GO
,
4.00
%
,
08/01/45
.....
2,000
1,971,210
El
Dorado
Irrigation
District,
Series
2020A,
COP,
4.00%, 03/01/45
.................
5,000
5,006,626
Elk
Grove
Unified
School
District
Series
2021
,
GO
,
2.00
%
,
08/01/34
......
3,000
2,504,117
Series
2021
,
GO
,
2.00
%
,
08/01/35
......
5,930
4,849,526
Series
2017
,
GO
,
4.00
%
,
08/01/46
......
2,640
2,623,484
Series
2019
,
GO
,
4.00
%
,
08/01/46
......
3,000
2,981,232
Escondido
Union
High
School
District
(a)
Series
2011C
,
GO
,
0.00
%
,
08/01/46
.....
1,905
730,798
Series
2011C
,
GO
,
0.00
%
,
08/01/51
.....
2,850
890,056
Foothill-De
Anza
Community
College
District
Series
B
,
GO
,
0.00
%
,
08/01/33
(
AMBAC
)
(a)
3,805
2,952,472
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2003B
,
GO
,
0.00
%
,
08/01/34
(
NPFGC-IBC,
FGIC
)
(a)
............
USD
14,840
$
11,098,265
Series
A
,
GO
,
0.00
%
,
08/01/34
(
AMBAC
)
(a)
2,500
1,869,654
Series
A
,
GO
,
0.00
%
,
08/01/36
(
AMBAC
)
(a)
6,300
4,328,281
Series
2016
,
GO
,
4.00
%
,
08/01/40
......
4,000
4,002,821
Foothill-Eastern
Transportation
Corridor
Agency
Series
1995A
,
RB
,
0.00
%
,
01/01/25
(a)
....
200
198,108
Series
1995A
,
RB
,
0.00
%
,
01/01/26
(a)
....
1,500
1,449,595
Series
1995A
,
RB
,
0.00
%
,
01/01/28
(a)
....
4,450
4,089,033
Series
1995A
,
RB
,
0.00
%
,
01/01/30
(a)
....
1,000
871,185
Series
2013A
,
RB
,
5.40
%
,
01/15/30
(
AGM
)
10,000
11,286,823
Series
2015A
,
RB
,
0.00
%
,
01/15/34
(
AGM
)
(a)
12,500
9,169,571
Series
2015A
,
RB
,
0.00
%
,
01/15/35
(
AGM
)
(a)
1,700
1,199,960
Series
2013A
,
RB
,
0.00
%
,
01/15/36
(
AGM
)
(a)
7,010
4,736,430
Series
2013A
,
RB
,
0.00
%
,
01/15/37
(
AGM
)
(a)
1,000
645,238
Series
2021A
,
RB
,
4.00
%
,
01/15/46
.....
44,700
43,443,523
Series
2013B-1
,
RB
,
3.95
%
,
01/15/53
....
1,800
1,673,912
Fremont
Union
High
School
District
Series
2021A
,
GO
,
3.00
%
,
08/01/40
.....
3,825
3,481,542
Series
2015
,
GO
,
4.00
%
,
08/01/40
......
2,000
1,999,980
Series
2015
,
GO
,
4.00
%
,
08/01/44
......
15,000
14,884,771
Series
2019A
,
GO
,
4.00
%
,
08/01/46
.....
2,660
2,644,665
Series
2023
,
GO
,
4.00
%
,
08/01/48
......
9,000
8,979,621
Gilroy
Unified
School
District,
Series
2017,
GO,
4.00%, 08/01/46
.................
5,000
4,968,719
Glendale
Unified
School
District,
Series
2015B,
GO,
4.00%, 09/01/41
..............
1,650
1,676,773
Grossmont-Cuyamaca
Community
College
District,
Series
2008C,
GO,
0.00%, 08/01/30
(AGC)
(a)
......................
8,800
7,406,469
Hayward
Area
Recreation
&
Park
District,
Series
A,
GO,
4.00%, 08/01/46
............
8,950
8,898,401
Hayward
Unified
School
District,
Series
2019A,
GO,
5.00%, 08/01/44
(BAM)
..........
2,300
2,422,242
Irvine
Ranch
Water
District
Water
Service
Corp.
Series
2016
,
5.25
%
,
02/01/41
.........
10,360
10,726,964
Series
2016
,
COP
,
5.00
%
,
03/01/41
.....
6,000
6,187,520
Series
2009B
,
VRDN
(
Bank
of
America
NA
LOC
),
3.40
%
,
09/03/24
(b)
...........
12,715
12,715,000
Lodi
Unified
School
District,
Series
2020,
GO,
3.00%, 08/01/43
.................
7,500
6,414,509
Long
Beach
Community
College
District
Series
2008A
,
GO
,
0.00
%
,
06/01/29
(
AGM
)
(a)
5,420
4,756,199
Series
2016B
,
GO
,
4.00
%
,
08/01/41
.....
3,590
3,594,234
Series
2012B
,
GO
,
0.00
%
,
08/01/49
(a)
....
2,000
1,455,988
Series
2019C
,
GO
,
4.00
%
,
08/01/49
.....
10,675
10,483,387
Long
Beach
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/35
........
3,000
3,118,027
Series
F
,
GO
,
4.00
%
,
08/01/36
.........
4,195
4,345,437
Series
D-1
,
GO
,
0.00
%
,
08/01/37
(a)
......
11,000
6,299,127
Series
B
,
GO
,
3.00
%
,
08/01/37
........
2,420
2,289,445
Series
A
,
GO
,
4.00
%
,
08/01/38
........
10,300
10,328,311
Series
D-1
,
GO
,
0.00
%
,
08/01/39
(a)
......
800
411,105
Series
B
,
GO
,
3.00
%
,
08/01/41
........
4,650
4,117,924
Series
C
,
GO
,
5.00
%
,
08/01/43
........
5,345
6,080,297
Series
F
,
GO
,
3.00
%
,
08/01/47
.........
25,525
21,179,361
Series
C
,
GO
,
4.00
%
,
08/01/47
........
5,855
5,855,112
Series
B
,
GO
,
3.00
%
,
08/01/48
........
5,000
4,102,229
Series
C
,
GO
,
4.00
%
,
08/01/48
........
11,845
11,846,385
Series
B
,
GO
,
3.00
%
,
08/01/50
........
6,000
4,820,873
Los
Angeles
Community
College
District
Series
2015C
,
GO
,
5.00
%
,
06/01/26
.....
1,125
1,177,083
Series
D
,
GO
,
5.00
%
,
08/01/29
........
12,915
14,586,083
Series
D
,
GO
,
5.00
%
,
08/01/30
........
9,285
10,678,391
Series
K
,
GO
,
4.00
%
,
08/01/35
........
1,750
1,777,839
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
L
,
GO
,
5.00
%
,
08/01/36
........
USD
2,030
$
2,362,913
Series
2016
,
GO
,
4.00
%
,
08/01/37
......
8,815
8,906,118
Series
J
,
GO
,
4.00
%
,
08/01/37
.........
2,500
2,542,265
Series
K
,
GO
,
4.00
%
,
08/01/37
........
14,250
14,397,298
Series
L
,
GO
,
5.00
%
,
08/01/37
........
1,005
1,166,560
Series
K
,
GO
,
4.00
%
,
08/01/38
........
27,685
27,878,119
Series
K
,
GO
,
3.00
%
,
08/01/39
........
2,145
1,985,681
Series
K
,
GO
,
4.00
%
,
08/01/39
........
7,500
7,535,093
Series
J
,
GO
,
4.00
%
,
08/01/41
.........
5,000
5,043,841
Los
Angeles
County
Facilities
2,
Inc.,
Series
2024A,
RB,
5.25%, 06/01/49
.........
14,090
15,939,776
Los
Angeles
County
Facilities,
Inc.
Series
2018A
,
RB
,
5.00
%
,
12/01/43
.....
1,000
1,058,854
Series
2018A
,
RB
,
4.00
%
,
12/01/48
.....
2,305
2,282,311
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Series
2021A
,
RB
,
5.00
%
,
06/01/28
.....
5,000
5,499,946
Series
2021A
,
RB
,
5.00
%
,
06/01/30
.....
3,755
4,286,643
Series
2016A
,
RB
,
5.00
%
,
06/01/31
.....
2,055
2,127,787
Series
2020A
,
RB
,
5.00
%
,
06/01/31
.....
4,000
4,517,569
Series
2023A
,
RB
,
5.00
%
,
07/01/31
.....
2,000
2,321,432
Series
2021A
,
RB
,
5.00
%
,
06/01/32
.....
3,250
3,761,007
Series
2016A
,
RB
,
5.00
%
,
06/01/32
.....
1,500
1,552,999
Series
2020A
,
RB
,
5.00
%
,
06/01/32
.....
2,785
3,144,167
Series
2020A
,
RB
,
5.00
%
,
06/01/33
.....
6,585
7,257,205
Series
2021A
,
RB
,
5.00
%
,
06/01/33
.....
2,000
2,308,917
Series
2016A
,
RB
,
5.00
%
,
06/01/34
.....
5,225
5,402,873
Series
2021A
,
RB
,
5.00
%
,
07/01/34
.....
4,000
4,615,409
Series
2020A
,
RB
,
4.00
%
,
06/01/35
.....
3,800
4,005,189
Series
2020A
,
RB
,
5.00
%
,
06/01/35
.....
1,500
1,684,096
Series
2021A
,
RB
,
4.00
%
,
06/01/36
.....
2,000
2,151,421
Series
2020A
,
RB
,
5.00
%
,
06/01/36
.....
8,080
9,034,623
Series
2016A
,
RB
,
5.00
%
,
06/01/36
.....
4,400
4,542,102
Series
2021A
,
RB
,
4.00
%
,
06/01/37
.....
6,980
7,480,000
Series
2020A
,
RB
,
5.00
%
,
06/01/37
.....
4,800
5,349,143
Series
2019A
,
RB
,
5.00
%
,
07/01/37
.....
2,000
2,152,407
Series
2021A
,
RB
,
4.00
%
,
06/01/38
.....
5,270
5,605,451
Series
2021A
,
RB
,
4.00
%
,
06/01/39
.....
8,115
8,554,320
Series
2019A
,
RB
,
5.00
%
,
07/01/39
.....
3,400
3,642,060
Series
2017A
,
RB
,
5.00
%
,
07/01/39
.....
10,000
10,508,663
Series
2017A
,
RB
,
5.00
%
,
07/01/40
.....
8,000
8,389,745
Series
2021A
,
RB
,
5.00
%
,
07/01/41
.....
4,835
5,400,763
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
7,990
8,350,491
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
4,000
4,233,627
Los
Angeles
County
Public
Works
Financing
Authority
Series
2024H
,
RB
,
5.00
%
,
12/01/37
(c)
....
5,165
6,119,214
Series
2024H
,
RB
,
5.00
%
,
12/01/38
(c)
....
3,865
4,550,910
Series
2016D
,
RB
,
4.00
%
,
12/01/40
.....
3,765
3,764,858
Series
2024H
,
RB
,
5.00
%
,
12/01/40
(c)
....
1,750
2,031,441
Series
2019E-1
,
RB
,
5.00
%
,
12/01/49
....
10,645
11,245,404
Series
2024H
,
RB
,
5.25
%
,
12/01/53
(c)
....
7,200
8,105,601
Los
Angeles
County
Sanitation
Districts
Financing
Authority,
Series
2016A,
RB,
4.00%, 10/01/42
.................
13,500
13,460,280
Los
Angeles
Department
of
Water
&
Power
Series
2014C
,
RB
,
5.00
%
,
07/01/26
.....
955
956,016
Series
2014C
,
RB
,
5.00
%
,
07/01/27
.....
350
350,372
Series
2015A
,
RB
,
5.00
%
,
07/01/28
.....
2,000
2,014,042
Series
2022E
,
RB
,
5.00
%
,
07/01/28
.....
4,975
5,469,246
Series
2015A
,
RB
,
5.00
%
,
07/01/30
.....
1,615
1,625,966
Series
2019B
,
RB
,
5.00
%
,
07/01/31
.....
4,005
4,391,982
Series
2019B
,
RB
,
5.00
%
,
07/01/32
.....
1,755
1,916,952
Series
2023A
,
RB
,
5.00
%
,
07/01/32
.....
1,495
1,762,181
Series
2014D
,
RB
,
5.00
%
,
07/01/33
.....
240
240,255
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2015A
,
RB
,
5.00
%
,
07/01/33
.....
USD
1,000
$
1,006,461
Series
2002A,
Sub-Series
A-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.65
%
,
09/03/24
(b)
...............
4,100
4,100,000
Series
2002A-1
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.65
%
,
09/03/24
(b)
.......
6,800
6,800,000
Series
2014D
,
RB
,
5.00
%
,
07/01/35
.....
1,495
1,496,591
Series
2022B
,
RB
,
5.00
%
,
07/01/35
.....
1,500
1,748,347
Series
2017B
,
RB
,
5.00
%
,
07/01/36
.....
2,000
2,085,530
Series
2022A
,
RB
,
5.00
%
,
07/01/37
.....
3,160
3,592,233
Series
2020B
,
RB
,
5.00
%
,
07/01/40
.....
12,440
13,718,983
Series
2022C
,
RB
,
5.00
%
,
07/01/40
.....
12,270
13,821,782
Series
2022A
,
RB
,
5.00
%
,
07/01/41
.....
1,000
1,110,430
Series
2022C
,
RB
,
5.00
%
,
07/01/42
.....
5,515
6,133,088
Series
2017C
,
RB
,
5.00
%
,
07/01/42
.....
2,000
2,088,397
Series
2017A
,
RB
,
5.00
%
,
07/01/42
.....
7,495
7,769,873
Series
2016B
,
RB
,
5.00
%
,
07/01/42
.....
1,095
1,117,835
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
3,275
3,712,515
Series
2018D
,
RB
,
5.00
%
,
07/01/43
.....
1,725
1,821,796
Series
2022C
,
RB
,
5.00
%
,
07/01/43
.....
2,155
2,388,369
Series
2019D
,
RB
,
5.00
%
,
07/01/44
.....
13,000
13,923,416
Series
2024A
,
RB
,
5.00
%
,
07/01/44
.....
5,000
5,646,833
Series
2014D
,
RB
,
5.00
%
,
07/01/44
.....
8,005
8,013,517
Series
2021B
,
RB
,
5.00
%
,
07/01/46
.....
3,535
3,840,851
Series
2022A
,
RB
,
5.00
%
,
07/01/46
.....
3,880
4,239,259
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
7,050
7,179,746
Series
2023F,
Sub-Series
F-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.75
%
,
09/03/24
(b)
...............
42,265
42,265,000
Series
2022C
,
RB
,
5.00
%
,
07/01/47
.....
3,390
3,715,460
Series
2017C
,
RB
,
5.00
%
,
07/01/47
.....
15,115
15,689,754
Series
2023F-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.60
%
,
09/03/24
(b)
5,100
5,100,000
Series
2019C
,
RB
,
5.00
%
,
07/01/49
.....
1,250
1,324,747
Series
2019D
,
RB
,
5.00
%
,
07/01/49
.....
21,630
22,923,416
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
14,500
15,289,976
Series
2019A
,
RB
,
5.25
%
,
07/01/49
.....
2,500
2,666,181
Series
2020B
,
RB
,
5.00
%
,
07/01/50
.....
4,230
4,541,431
Series
2021C
,
RB
,
5.00
%
,
07/01/51
.....
17,980
19,482,290
Series
2022A
,
RB
,
5.00
%
,
07/01/51
.....
1,635
1,771,610
Series
2024C
,
RB
,
5.00
%
,
07/01/54
.....
500
551,792
Los
Angeles
Department
of
Water
&
Power
Water
System
Series
2020B
,
RB
,
4.00
%
,
07/01/29
.....
2,000
2,147,175
Series
2020B
,
RB
,
4.00
%
,
07/01/30
.....
2,000
2,168,681
Series
2023A
,
RB
,
5.00
%
,
07/01/33
.....
5,000
5,971,887
Series
2016B
,
RB
,
5.00
%
,
07/01/34
.....
5,015
5,152,647
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
5,000
5,951,710
Series
2020C
,
RB
,
5.00
%
,
07/01/36
.....
2,250
2,524,647
Series
2020C
,
RB
,
5.00
%
,
07/01/37
.....
3,050
3,414,367
Series
2018B
,
RB
,
5.00
%
,
07/01/37
.....
2,000
2,134,170
Series
2022B
,
RB
,
5.00
%
,
07/01/37
.....
7,000
8,030,755
Series
2022B
,
RB
,
5.00
%
,
07/01/38
.....
6,670
7,623,987
Series
2020C
,
RB
,
5.00
%
,
07/01/38
.....
1,000
1,116,085
Series
2020A
,
RB
,
5.00
%
,
07/01/40
.....
5,065
5,591,434
Series
2020C
,
RB
,
5.00
%
,
07/01/40
.....
5,250
5,795,662
Series
2024B
,
RB
,
5.00
%
,
07/01/41
.....
4,800
5,537,982
Series
2022C
,
RB
,
5.00
%
,
07/01/41
.....
4,610
5,191,670
Series
2020C
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,193,634
Series
2016A
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,041,977
Series
2020A
,
RB
,
5.00
%
,
07/01/41
.....
1,500
1,645,226
Series
2017A
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,074,727
Series
2024B
,
RB
,
5.00
%
,
07/01/42
.....
3,000
3,439,315
Series
2018B
,
RB
,
5.00
%
,
07/01/43
.....
2,500
2,640,284
Series
2017A
,
RB
,
5.00
%
,
07/01/44
.....
17,715
18,330,738
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024B
,
RB
,
5.00
%
,
07/01/44
.....
USD
4,000
$
4,548,090
Series
2016B
,
RB
,
5.00
%
,
07/01/46
.....
1,525
1,553,463
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
12,275
12,504,106
Series
2022B
,
RB
,
5.00
%
,
07/01/47
.....
20,030
21,980,137
Series
2018B
,
RB
,
5.00
%
,
07/01/48
.....
2,500
2,620,392
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
9,745
10,156,544
Series
2021B
,
RB
,
5.00
%
,
07/01/49
.....
3,900
4,218,453
Series
2022C
,
RB
,
5.00
%
,
07/01/52
.....
2,345
2,562,371
Series
2022D
,
RB
,
5.00
%
,
07/01/52
.....
1,650
1,802,948
Los
Angeles
Unified
School
District
Series
2017A
,
GO
,
5.00
%
,
07/01/26
.....
2,210
2,318,534
Series
2016B
,
GO
,
5.00
%
,
07/01/27
.....
5,970
6,238,994
Series
2017A
,
GO
,
5.00
%
,
07/01/27
.....
1,460
1,568,040
Series
2019A
,
GO
,
5.00
%
,
07/01/27
.....
1,625
1,745,250
Series
2024A
,
GO
,
5.00
%
,
07/01/28
.....
2,460
2,704,391
Series
2019A
,
GO
,
5.00
%
,
07/01/28
.....
5,005
5,502,227
Series
2016B
,
GO
,
5.00
%
,
07/01/28
.....
1,155
1,206,493
Series
2022QRR
,
GO
,
5.00
%
,
07/01/28
...
2,505
2,753,862
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/28
..
1,505
1,654,516
Series
2016A
,
GO
,
5.00
%
,
07/01/29
.....
4,000
4,068,619
Series
2019A
,
GO
,
5.00
%
,
07/01/29
.....
5,000
5,618,973
Series
2024A
,
GO
,
5.00
%
,
07/01/30
.....
7,000
7,997,091
Series
2016B
,
GO
,
3.00
%
,
07/01/31
.....
15,405
15,242,229
Series
2019A
,
GO
,
5.00
%
,
07/01/31
.....
3,045
3,375,990
Series
2022QRR
,
GO
,
5.00
%
,
07/01/31
...
1,410
1,636,408
Series
2018B-1
,
GO
,
5.00
%
,
07/01/31
....
1,000
1,070,077
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/31
..
500
580,286
Series
2016B
,
GO
,
3.00
%
,
07/01/32
.....
7,820
7,687,779
Series
2020C
,
GO
,
4.00
%
,
07/01/32
.....
5,000
5,318,310
Series
2018B-1
,
GO
,
5.00
%
,
07/01/32
....
3,250
3,474,046
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/32
..
2,920
3,400,795
Series
2024A
,
GO
,
5.00
%
,
07/01/32
.....
23,735
27,884,547
Series
2016A
,
GO
,
4.00
%
,
07/01/33
.....
1,000
1,003,648
Series
2020C
,
GO
,
4.00
%
,
07/01/33
.....
4,750
5,034,965
Series
2018B-1
,
GO
,
5.00
%
,
07/01/33
....
4,000
4,272,710
Series
2024A
,
GO
,
5.00
%
,
07/01/33
.....
7,500
8,938,207
Series
2021RYRR
,
GO
,
5.00
%
,
07/01/34
..
1,505
1,745,049
Series
2024A
,
GO
,
5.00
%
,
07/01/34
.....
3,610
4,358,677
Series
2021RYRR
,
GO
,
4.00
%
,
07/01/36
..
5,250
5,548,517
Series
2018B-1
,
GO
,
5.00
%
,
07/01/36
....
2,000
2,125,800
Series
2020C
,
GO
,
4.00
%
,
07/01/37
.....
12,990
13,503,647
Series
2021RYRR
,
GO
,
4.00
%
,
07/01/37
..
5,050
5,316,102
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/37
...
1,830
1,902,361
Series
2023QRR
,
GO
,
5.00
%
,
07/01/37
...
4,000
4,715,839
Series
2021RYRR
,
GO
,
4.00
%
,
07/01/38
..
4,695
4,910,841
Series
2020C
,
GO
,
4.00
%
,
07/01/38
.....
5,500
5,681,762
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/38
...
6,550
6,766,462
Series
2022QRR
,
GO
,
5.00
%
,
07/01/38
...
2,500
2,888,877
Series
2023QRR
,
GO
,
5.00
%
,
07/01/38
...
5,000
5,859,299
Series
2018B-1
,
GO
,
5.00
%
,
07/01/38
....
10,835
11,466,068
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/39
...
1,030
1,056,666
Series
2020C
,
GO
,
4.00
%
,
07/01/39
.....
10,000
10,258,894
Series
2023QRR
,
GO
,
5.00
%
,
07/01/39
...
10,000
11,641,727
Series
2016A
,
GO
,
4.00
%
,
07/01/40
.....
1,045
1,044,968
Series
2020C
,
GO
,
4.00
%
,
07/01/40
.....
1,005
1,027,249
Series
2021RYRR
,
GO
,
4.00
%
,
07/01/40
..
3,250
3,349,491
Series
2016A
,
GO
,
5.00
%
,
07/01/40
.....
5,320
5,384,918
Series
2018B-1
,
GO
,
5.25
%
,
07/01/42
....
7,900
8,372,685
Series
2020C
,
GO
,
4.00
%
,
07/01/44
.....
4,500
4,540,597
Series
2020RYQ
,
GO
,
4.00
%
,
07/01/44
...
46,225
46,642,019
Series
2020C
,
GO
,
3.00
%
,
07/01/45
.....
10,000
8,430,168
Series
2021RYRR
,
GO
,
4.00
%
,
07/01/46
..
13,285
13,360,112
Series
2022QRR
,
GO
,
5.25
%
,
07/01/47
...
3,765
4,259,767
Los
Rios
Community
College
District,
Series
E,
GO,
3.00%, 08/01/25
..............
2,000
2,010,474
Security
Par
(000)
Par
(000)
Value
California
(continued)
Mendocino-Lake
Community
College
District,
Series
B,
GO,
0.00%, 08/01/51
(AGM)
(a)
..
USD
750
$
222,169
Metropolitan
Water
District
of
Southern
California
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,000
1,046,723
Series
2011C
,
RB
,
5.00
%
,
10/01/27
.....
1,000
1,082,740
Series
2015A
,
RB
,
5.00
%
,
07/01/28
.....
8,695
8,876,914
Series
2022A
,
RB
,
5.00
%
,
10/01/31
.....
2,425
2,842,561
Series
2019A
,
RB
,
5.00
%
,
07/01/34
.....
8,000
8,732,293
Series
2024B3
,
RB
,
VRDN
5.00
%
,
07/01/31
(b)
1,500
1,684,712
Series
2020C
,
RB
,
5.00
%
,
07/01/38
.....
10,730
11,995,171
Series
2020C
,
RB
,
5.00
%
,
07/01/39
.....
2,520
2,804,734
Series
2020C
,
RB
,
5.00
%
,
07/01/40
.....
12,000
13,302,604
Series
2020A
,
RB
,
5.00
%
,
10/01/45
.....
3,000
3,225,565
Series
2021A
,
RB
,
5.00
%
,
10/01/46
.....
6,000
6,593,735
Series
2020A
,
RB
,
5.00
%
,
10/01/49
.....
7,415
7,929,166
Series
2021A
,
RB
,
5.00
%
,
10/01/51
.....
12,000
13,030,169
Miracosta
Community
College
District,
Series
B,
GO,
4.00%, 08/01/45
..............
17,405
17,605,318
Moreno
Valley
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/44
(AGM)
.........
14,220
14,540,205
Morgan
Hill
Unified
School
District,
Series
B,
GO,
4.00%, 08/01/47
..............
7,500
7,432,899
Mount
Diablo
Unified
School
District
Series
2022B
,
GO
,
4.00
%
,
08/01/35
.....
4,000
4,269,364
Series
2010A
,
GO
,
5.75
%
,
08/01/35
(
AGM
)
2,530
2,591,004
Mount
San
Antonio
Community
College
District
Series
2013A
,
GO
,
5.87
%
,
08/01/28
.....
1,000
1,110,271
Series
2013A
,
GO
,
0.00
%
,
08/01/43
(a)
....
12,830
12,798,338
Municipal
Improvement
Corp.
of
Los
Angeles
Series
2016B
,
RB
,
5.00
%
,
11/01/30
.....
2,000
2,090,318
Series
2016B
,
RB
,
4.00
%
,
11/01/34
.....
800
812,729
Series
2016B
,
RB
,
4.00
%
,
11/01/36
.....
11,040
11,151,195
Series
2020B
,
RB
,
5.00
%
,
11/01/38
.....
2,000
2,218,278
New
Haven
Unified
School
District,
Series
2020C,
GO,
3.00%, 08/01/49
.........
6,060
4,963,431
Newport
Mesa
Unified
School
District
(a)
Series
2011
,
GO
,
0.00
%
,
08/01/34
......
7,485
5,537,942
Series
2011
,
GO
,
0.00
%
,
08/01/35
......
13,000
9,229,567
Series
2011
,
GO
,
0.00
%
,
08/01/36
......
1,400
949,518
Series
2011
,
GO
,
0.00
%
,
08/01/38
......
3,500
2,170,174
Series
2017
,
GO
,
0.00
%
,
08/01/43
......
1,500
674,548
Series
2017
,
GO
,
0.00
%
,
08/01/44
......
1,125
481,223
Series
2017
,
GO
,
0.00
%
,
08/01/45
......
2,500
1,014,358
Norman
Y
Mineta
San
Jose
International
Airport
SJC,
Series
2017B,
RB,
5.00%, 03/01/47
..
1,000
1,029,989
North
Orange
County
Community
College
District,
Series
B,
GO,
4.00%, 08/01/44
...
9,325
9,441,680
Northern
California
Sanitation
Agencies
Financing
Authority
Series
2021
,
RB
,
5.00
%
,
12/01/27
......
1,000
1,086,329
Series
2021
,
RB
,
5.00
%
,
12/01/29
......
1,000
1,133,915
Series
2021
,
RB
,
5.00
%
,
12/01/30
......
400
460,312
Series
2021
,
RB
,
5.00
%
,
12/01/33
......
4,000
4,642,580
Series
2024A
,
RB
,
5.00
%
,
12/01/36
.....
15,000
18,034,586
Series
2024A
,
RB
,
5.00
%
,
12/01/37
.....
20,360
24,362,621
Series
2024A
,
RB
,
5.00
%
,
12/01/38
.....
4,000
4,764,729
Series
2024A
,
RB
,
5.00
%
,
12/01/39
.....
5,000
5,928,854
Series
2014A
,
RB
,
5.00
%
,
12/01/44
.....
2,000
2,001,788
Series
2020A
,
RB
,
5.00
%
,
12/01/45
.....
7,885
8,577,449
Series
2020A
,
RB
,
5.00
%
,
12/01/50
.....
12,525
13,516,915
Ohlone
Community
College
District,
Series
C,
GO,
4.00%, 08/01/41
..............
5,000
4,973,231
Orange
County
Local
Transportation
Authority
Sales
Tax
Series
2019
,
RB
,
5.00
%
,
02/15/40
......
19,805
21,296,404
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2019
,
RB
,
5.00
%
,
02/15/41
......
USD
1,500
$
1,607,271
Palomar
Community
College
District
Series
C
,
GO
,
4.00
%
,
08/01/40
........
1,000
1,013,931
Series
C
,
GO
,
5.00
%
,
08/01/44
........
19,785
20,237,736
Series
2017
,
GO
,
4.00
%
,
08/01/45
......
1,900
1,885,837
Series
D
,
GO
,
5.25
%
,
08/01/45
........
1,000
1,047,942
Pasadena
Area
Community
College
District,
Series
2023A-1,
GO,
5.00%, 08/01/48
...
2,340
2,586,371
Placentia-Yorba
Linda
Unified
School
District
(a)
Series
D
,
GO
,
0.00
%
,
08/01/42
........
1,205
602,119
Series
D
,
GO
,
0.00
%
,
08/01/46
........
2,500
982,218
Pleasanton
Unified
School
District,
Series
2017,
GO,
4.00%, 08/01/42
..............
8,590
8,622,054
Port
of
Los
Angeles,
Series
2014B,
RB,
5.00%, 08/01/44
.................
2,430
2,434,392
Poway
Unified
School
District
(a)
Series
B
,
GO
,
0.00
%
,
08/01/33
........
1,000
759,205
Series
B
,
GO
,
0.00
%
,
08/01/34
........
4,630
3,379,418
Series
B
,
GO
,
0.00
%
,
08/01/36
........
13,250
8,835,892
Series
B
,
GO
,
0.00
%
,
08/01/41
........
1,500
777,791
Series
B
,
GO
,
0.00
%
,
08/01/46
........
9,615
3,635,939
Series
B
,
GO
,
0.00
%
,
08/01/51
........
1,250
372,936
Rio
Hondo
Community
College
District
Series
2010C
,
GO
,
6.63
%
,
08/01/42
.....
560
723,046
Series
2010C
,
GO
,
6.85
%
,
08/01/42
.....
7,500
9,826,158
Riverside
County
Public
Financing
Authority,
Series
2015,
RB,
5.25%, 11/01/45
......
1,000
1,032,763
Riverside
County
Transportation
Commission
Series
2021B-1
,
RB
,
4.00
%
,
06/01/37
....
5,092
5,213,555
Series
2021B-1
,
RB
,
4.00
%
,
06/01/38
....
2,125
2,167,287
Series
2021B-1
,
RB
,
4.00
%
,
06/01/39
....
8,860
8,987,166
Series
2021B-1
,
RB
,
4.00
%
,
06/01/40
....
10,370
10,470,693
Series
2021B-1
,
RB
,
4.00
%
,
06/01/46
....
18,940
18,694,263
Series
2021B-1
,
RB
,
3.00
%
,
06/01/49
....
2,000
1,574,502
Riverside
County
Transportation
Commission
Sales
Tax
Series
2017B
,
RB
,
5.00
%
,
06/01/29
.....
7,130
7,684,379
Series
2017B
,
RB
,
5.00
%
,
06/01/34
.....
15,975
17,103,428
Series
2017B
,
RB
,
5.00
%
,
06/01/35
.....
1,030
1,101,428
Series
2017B
,
RB
,
5.00
%
,
06/01/37
.....
2,555
2,720,096
Series
2017B
,
RB
,
5.00
%
,
06/01/39
.....
2,960
3,127,679
Sacramento
Area
Flood
Control
Agency,
Series
2016A,
5.00%, 10/01/41
............
2,000
2,069,642
Sacramento
City
Financing
Authority,
Series
E,
RB,
5.25%, 12/01/30
(AMBAC)
........
440
495,904
Sacramento
City
Unified
School
District,
Series
2024B,
GO,
4.00%, 08/01/54
(AGM)
.....
5,000
4,896,217
Sacramento
Municipal
Utility
District
Series
2022J
,
RB
,
5.00
%
,
08/15/26
.....
1,770
1,858,746
Series
2022J
,
RB
,
5.00
%
,
08/15/28
.....
1,630
1,798,220
Series
2024N-1
,
RB
,
5.00
%
,
11/15/36
....
10,000
11,939,976
Series
2019G
,
RB
,
5.00
%
,
08/15/39
.....
1,500
1,630,725
Series
2020H
,
RB
,
4.00
%
,
08/15/40
.....
2,500
2,560,360
Series
2019G
,
RB
,
5.00
%
,
08/15/40
.....
2,000
2,166,797
Series
2023C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.60
%
,
09/03/24
(b)
..........
41,520
41,520,000
Series
2020H
,
RB
,
4.00
%
,
08/15/45
.....
15,575
15,686,400
Series
2023K
,
RB
,
5.00
%
,
08/15/48
.....
14,280
15,972,336
Series
2019B
,
RB
,
VRDN
5.00
%
,
10/15/25
(b)
2,500
2,533,899
Series
2023D
,
RB
,
VRDN
5.00
%
,
10/15/30
(b)
11,500
12,893,409
Series
2024M
,
RB
,
5.00
%
,
11/15/49
.....
17,070
19,194,012
Series
2020H
,
RB
,
5.00
%
,
08/15/50
.....
43,000
46,468,002
Series
2024M
,
RB
,
5.00
%
,
11/15/54
.....
15,015
16,751,839
Sacramento
Transportation
Authority
Sales
Tax,
Series
2023,
RB,
5.00%, 10/01/34
......
5,835
7,016,371
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Diego
Association
of
Governments,
Series
2019A,
RB,
5.00%, 11/15/25
.........
USD
6,025
$
6,048,557
San
Diego
Association
of
Governments
South
Bay
Expressway,
Series
2017A,
RB,
5.00%, 07/01/42
.................
10,000
10,383,437
San
Diego
Community
College
District
Series
2016
,
GO
,
5.00
%
,
08/01/28
......
1,000
1,048,666
Series
2011
,
GO
,
0.00
%
,
08/01/35
(a)
.....
4,000
2,818,598
San
Diego
County
Regional
Airport
Authority
Series
2019A
,
RB
,
5.00
%
,
07/01/34
.....
4,850
5,353,376
Series
2019A
,
RB
,
5.00
%
,
07/01/36
.....
1,450
1,589,138
Series
2019A
,
RB
,
4.00
%
,
07/01/38
.....
2,120
2,170,242
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
1,600
1,709,449
Series
2021A
,
RB
,
5.00
%
,
07/01/46
.....
5,000
5,432,139
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
600
635,134
Series
2021A
,
RB
,
5.00
%
,
07/01/56
.....
5,000
5,356,124
San
Diego
County
Regional
Transportation
Commission
Series
2023A
,
RB
,
5.00
%
,
04/01/32
.....
2,000
2,347,738
Series
2023A
,
RB
,
5.00
%
,
04/01/34
.....
1,500
1,782,276
Series
2023A
,
RB
,
5.00
%
,
04/01/38
.....
1,000
1,168,864
Series
2016A
,
RB
,
5.00
%
,
04/01/41
.....
10,230
10,497,678
Series
2021B
,
RB
,
5.00
%
,
04/01/45
.....
4,300
4,692,658
Series
2016A
,
RB
,
5.00
%
,
04/01/48
.....
2,270
2,323,995
Series
2021B
,
RB
,
5.00
%
,
04/01/48
.....
8,140
8,834,669
San
Diego
County
Water
Authority
Series
2021B
,
RB
,
4.00
%
,
05/01/33
.....
3,500
3,785,616
Series
2021B
,
RB
,
4.00
%
,
05/01/35
.....
3,000
3,222,920
Series
2021B
,
RB
,
4.00
%
,
05/01/37
.....
3,515
3,749,638
Series
2021B
,
RB
,
4.00
%
,
05/01/38
.....
14,715
15,593,640
Series
2022A
,
RB
,
5.00
%
,
05/01/52
.....
8,250
9,092,605
San
Diego
Public
Facilities
Financing
Authority
Series
2016B
,
RB
,
5.00
%
,
08/01/28
.....
2,500
2,619,648
Series
2016A
,
RB
,
5.00
%
,
05/15/29
.....
2,505
2,612,256
Series
2020A
,
RB
,
4.00
%
,
08/01/36
.....
1,350
1,411,828
Series
2020A
,
RB
,
4.00
%
,
08/01/37
.....
2,250
2,334,442
Series
2018A
,
RB
,
5.00
%
,
08/01/43
.....
1,500
1,586,160
Series
A
,
RB
,
5.00
%
,
10/15/44
.........
1,810
1,839,529
Series
2020A
,
RB
,
4.00
%
,
08/01/45
.....
500
499,072
Series
2023A
,
RB
,
5.25
%
,
08/01/48
.....
3,290
3,743,753
Series
2023A
,
RB
,
4.00
%
,
08/01/52
.....
5,770
5,687,052
San
Diego
Unified
School
District
Series
2015R-4
,
GO
,
5.00
%
,
07/01/28
...
5,000
5,093,660
Series
G-1
,
GO
,
5.25
%
,
07/01/28
(
AGM
)
..
1,000
1,106,781
Series
2016R-5
,
GO
,
5.00
%
,
07/01/29
...
2,005
2,095,453
Series
R-1
,
GO
,
0.00
%
,
07/01/30
(a)
......
7,570
6,407,804
Series
2010C
,
GO
,
0.00
%
,
07/01/30
(a)
....
1,550
1,321,873
Series
R-1
,
GO
,
0.00
%
,
07/01/31
(a)
......
2,000
1,635,084
Series
2012E
,
GO
,
0.00
%
,
07/01/32
(a)
....
6,440
5,079,983
Series
SR-1
,
GO
,
4.00
%
,
07/01/32
......
1,000
1,015,496
Series
2010C
,
GO
,
0.00
%
,
07/01/35
(a)
....
2,380
1,692,076
Series
2010C
,
GO
,
0.00
%
,
07/01/36
(a)
....
17,465
11,864,118
Series
2010C
,
GO
,
0.00
%
,
07/01/37
(a)
....
700
455,456
Series
2010C
,
GO
,
0.00
%
,
07/01/38
(a)
....
3,000
1,862,590
Series
R-2
,
GO
,
0.00
%
,
07/01/40
(a)
......
13,475
13,890,250
Series
2012E
,
GO
,
0.00
%
,
07/01/42
(a)
....
5,850
4,936,967
Series
2010C
,
GO
,
0.00
%
,
07/01/43
(a)
....
4,140
1,994,780
Series
2010C
,
GO
,
0.00
%
,
07/01/44
(a)
....
2,165
991,873
Series
2010C
,
GO
,
0.00
%
,
07/01/45
(a)
....
4,590
1,997,174
Series
F
,
GO
,
4.00
%
,
07/01/45
.........
9,000
8,948,009
Series
2010C
,
GO
,
0.00
%
,
07/01/46
(a)
....
275
113,574
Series
2021N-2
,
GO
,
3.00
%
,
07/01/46
...
3,000
2,518,540
Series
2021N-2
,
GO
,
4.00
%
,
07/01/46
...
22,000
22,222,127
Series
2012E
,
GO
,
0.00
%
,
07/01/47
(a)
....
3,800
3,191,990
Series
2010C
,
GO
,
0.00
%
,
07/01/47
(a)
....
1,405
553,930
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2017I
,
GO
,
4.00
%
,
07/01/47
......
USD
19,400
$
19,400,239
Series
2010C
,
GO
,
0.00
%
,
07/01/48
(a)
....
3,250
3,159,233
Series
2023A-3
,
GO
,
5.00
%
,
07/01/48
....
5,000
5,569,369
Series
2012E
,
GO
,
0.00
%
,
07/01/49
(a)
....
7,640
2,715,347
Series
2019L
,
GO
,
4.00
%
,
07/01/49
.....
13,000
12,930,072
Series
2020M-2
,
GO
,
3.00
%
,
07/01/50
...
21,350
17,429,617
Series
2020M-2
,
GO
,
4.00
%
,
07/01/50
...
12,710
12,712,035
Series
2020D-2
,
GO
,
4.00
%
,
07/01/50
...
45,580
45,587,297
Series
2022F-2
,
GO
,
4.25
%
,
07/01/52
....
5,000
5,074,690
Series
2023A-3
,
GO
,
4.00
%
,
07/01/53
....
15,500
15,399,331
Series
2023G-3
,
GO
,
4.00
%
,
07/01/53
...
10,000
9,935,052
San
Dieguito
Union
High
School
District,
Series
B-2,
GO,
4.00%, 02/01/40
...........
800
799,980
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2015D
,
GO
,
4.00
%
,
08/01/33
.....
2,885
2,892,371
Series
E
,
GO
,
4.00
%
,
08/01/37
........
8,420
8,517,562
Series
2020C-1
,
GO
,
3.00
%
,
08/01/38
...
5,000
4,620,671
Series
2022D-1
,
GO
,
5.00
%
,
08/01/39
...
1,250
1,429,690
Series
A-1
,
GO
,
4.00
%
,
08/01/42
.......
1,500
1,501,943
Series
2019B-1
,
GO
,
4.00
%
,
08/01/44
....
5,000
4,974,378
Series
2020C-1
,
GO
,
4.00
%
,
08/01/45
...
2,640
2,627,995
Series
A-1
,
GO
,
5.00
%
,
08/01/47
.......
3,000
3,110,079
Series
2022D-1
,
GO
,
5.25
%
,
08/01/47
...
1,250
1,427,644
Series
2020C-1
,
GO
,
3.00
%
,
08/01/50
...
8,500
6,961,599
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Series
2019A
,
RB
,
4.00
%
,
07/01/37
.....
3,075
3,104,444
Series
2019A
,
RB
,
4.00
%
,
07/01/38
.....
5,495
5,537,186
Series
2019A
,
RB
,
3.00
%
,
07/01/44
.....
1,800
1,523,816
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Series
2021-2B
,
RB
,
5.00
%
,
05/01/32
....
3,150
3,617,268
Series
2021-2B
,
RB
,
5.00
%
,
05/01/35
....
3,000
3,421,412
Series
2024B
,
RB
,
5.00
%
,
05/01/41
.....
4,000
4,581,990
Series
2024B
,
RB
,
5.00
%
,
05/01/42
.....
3,000
3,420,372
Series
2024B
,
RB
,
5.00
%
,
05/01/44
.....
10,790
12,192,870
Series
2016C
,
RB
,
5.00
%
,
05/01/46
.....
4,265
4,347,661
Series
2017B
,
RB
,
5.00
%
,
05/01/47
.....
3,500
3,622,247
Series
2018E
,
RB
,
5.00
%
,
05/01/48
.....
2,500
2,614,851
Series
2019B
,
RB
,
5.00
%
,
05/01/49
.....
7,785
8,229,845
Series
2024B
,
RB
,
5.00
%
,
05/01/49
.....
4,180
4,641,362
Series
2019-2F
,
RB
,
5.00
%
,
05/01/50
....
22,605
23,876,167
Series
2022-2B
,
RB
,
5.00
%
,
05/01/52
....
12,240
13,321,769
San
Francisco
City
&
County
Public
Utilities
Commission
Power
Series
2023A
,
RB
,
5.00
%
,
11/01/48
.....
4,000
4,392,951
Series
2021A
,
RB
,
4.00
%
,
11/01/51
.....
18,000
17,760,895
Series
2023A
,
RB
,
5.00
%
,
11/01/53
.....
19,900
21,695,296
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
Series
2023A
,
RB
,
5.00
%
,
10/01/35
.....
1,500
1,751,293
Series
2023A
,
RB
,
5.00
%
,
10/01/36
.....
1,000
1,161,433
Series
2023A
,
RB
,
5.00
%
,
10/01/37
.....
1,500
1,737,248
Series
2023B
,
RB
,
4.00
%
,
10/01/39
.....
1,350
1,419,535
Series
2013B
,
RB
,
4.00
%
,
10/01/42
.....
25,000
24,597,375
Series
2018A
,
RB
,
4.00
%
,
10/01/43
.....
1,330
1,333,244
Series
2021A
,
RB
,
5.00
%
,
10/01/45
.....
5,000
5,471,400
Series
2021A
,
RB
,
5.00
%
,
10/01/46
.....
5,000
5,458,372
Series
2021A
,
RB
,
4.00
%
,
10/01/47
.....
9,075
9,078,173
Series
2024C
,
RB
,
5.00
%
,
10/01/49
.....
4,000
4,459,991
Series
2021A
,
RB
,
4.00
%
,
10/01/50
.....
5,000
4,945,038
Series
2024C
,
RB
,
5.00
%
,
10/01/54
.....
8,410
9,302,028
San
Joaquin
County
Transportation
Authority
Measure
K
Sales
Tax,
Series
2017,
RB,
4.00%, 03/01/41
.................
11,000
11,036,678
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Joaquin
Hills
Transportation
Corridor
Agency
Series
1993
,
RB
,
0.00
%
,
01/01/25
(a)
.....
USD
2,100
$
2,080,814
Series
1993
,
RB
,
0.00
%
,
01/01/27
(a)
.....
1,075
1,015,053
Series
2014A
,
RB
,
5.00
%
,
01/15/29
.....
1,000
1,008,316
Series
2021A
,
RB
,
5.00
%
,
01/15/32
.....
1,500
1,688,834
Series
2021A
,
RB
,
5.00
%
,
01/15/33
.....
3,415
3,834,655
Series
2021A
,
RB
,
4.00
%
,
01/15/34
.....
2,185
2,301,251
Series
2014A
,
RB
,
5.00
%
,
01/15/34
.....
2,680
2,702,286
Series
2014A
,
RB
,
5.00
%
,
01/15/44
.....
8,000
8,066,526
Series
2014A
,
RB
,
5.00
%
,
01/15/50
.....
13,275
13,385,391
San
Jose
Evergreen
Community
College
District
Series
C
,
GO
,
4.00
%
,
09/01/40
........
7,500
7,500,000
Series
C
,
GO
,
4.13
%
,
09/01/43
........
5,000
5,000,000
Series
C
,
GO
,
4.00
%
,
09/01/45
........
8,515
8,634,366
San
Jose
Unified
School
District
Series
C
,
GO
,
0.00
%
,
08/01/29
(
NPFGC
)
(a)
3,800
3,318,829
Series
C
,
GO
,
0.00
%
,
08/01/30
(
NPFGC
)
(a)
5,980
5,056,548
Series
2016
,
GO
,
5.00
%
,
08/01/32
......
9,000
9,179,815
Series
2018E
,
GO
,
4.00
%
,
08/01/42
.....
6,825
6,907,266
San
Juan
Unified
School
District,
Series
2022,
GO,
4.00%, 08/01/46
..............
17,000
16,844,826
San
Marcos
Unified
School
District
(a)
Series
B
,
GO
,
0.00
%
,
08/01/47
........
1,700
644,158
Series
B
,
GO
,
0.00
%
,
08/01/51
........
1,500
469,686
San
Mateo
County
Community
College
District
Series
A
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
6,690
5,667,848
Series
C
,
GO
,
0.00
%
,
09/01/30
(
NPFGC
)
(a)
4,295
3,638,776
Series
2006B
,
GO
,
0.00
%
,
09/01/32
(
NPFGC
)
(a)
....................
6,565
5,191,957
Series
2006B
,
GO
,
0.00
%
,
09/01/34
(
NPFGC
)
(a)
....................
21,075
15,481,035
Series
2006B
,
GO
,
0.00
%
,
09/01/35
(
NPFGC
)
(a)
....................
11,500
8,100,584
Series
2015A
,
GO
,
5.00
%
,
09/01/45
.....
1,000
1,025,600
Series
2018B
,
GO
,
5.00
%
,
09/01/45
.....
44,150
46,846,890
San
Mateo
Foster
City
Public
Financing
Authority
Series
2019
,
RB
,
4.00
%
,
08/01/44
......
7,070
7,098,520
Series
2019
,
RB
,
5.00
%
,
08/01/49
......
3,700
3,949,067
San
Mateo
Foster
City
School
District,
Series
A,
GO,
0.00%, 08/01/42
(a)
.............
5,500
5,954,147
San
Mateo
Union
High
School
District
(a)
Series
2011A
,
GO
,
0.00
%
,
09/01/33
.....
500
483,628
Series
2011A
,
GO
,
0.00
%
,
09/01/41
.....
3,765
3,989,724
Series
2011A
,
GO
,
0.00
%
,
07/01/51
.....
4,465
3,542,595
Santa
Barbara
Secondary
High
School
District,
Series
2011A,
GO,
0.00%, 08/01/36
(a)
....
2,500
1,581,392
Santa
Barbara
Unified
School
District
Series
A
,
GO
,
4.00
%
,
08/01/41
........
2,600
2,619,087
Series
B
,
GO
,
5.00
%
,
08/01/44
........
6,725
7,121,443
Santa
Clara
Unified
School
District,
Series
2019,
GO,
4.00%, 07/01/48
..............
24,000
23,624,662
Santa
Clara
Valley
Transportation
Authority
Series
2023A
,
RB
,
5.00
%
,
04/01/30
.....
3,060
3,483,600
Series
2023A
,
RB
,
5.00
%
,
04/01/33
.....
5,000
5,955,878
Series
2023A
,
RB
,
5.00
%
,
04/01/35
.....
4,500
5,329,577
Santa
Clara
Valley
Water
District,
Series
A,
RB,
5.00%, 06/01/46
.................
1,000
1,018,928
Santa
Clarita
Community
College
District,
Series
2016,
GO,
4.00%, 08/01/41
..........
6,850
6,858,079
Santa
Monica
Community
College
District
Series
2018A
,
GO
,
5.00
%
,
08/01/43
.....
7,500
7,976,016
Series
2022B
,
GO
,
5.00
%
,
08/01/45
.....
1,150
1,279,073
Series
2018A
,
GO
,
4.00
%
,
08/01/47
.....
21,580
21,386,928
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Monica-Malibu
Unified
School
District
Series
B
,
GO
,
4.00
%
,
08/01/50
........
USD
28,230
$
27,883,748
Sonoma
County
Junior
College
District,
Series
B,
GO,
3.00%, 08/01/41
............
7,000
6,131,015
South
San
Francisco
Unified
School
District
Series
2016C
,
GO
,
4.00
%
,
09/01/37
.....
4,000
4,004,930
Series
2023
,
GO
,
4.00
%
,
09/01/48
......
22,000
21,900,859
Series
2023
,
GO
,
4.00
%
,
09/01/52
......
10,975
10,814,267
Southern
California
Public
Power
Authority
Series
2015C
,
RB
,
5.00
%
,
07/01/26
.....
1,660
1,673,269
Series
2020-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.95
%
,
09/03/24
(b)
.......
39,335
39,335,000
Series
2024-1
,
RB
,
5.00
%
,
07/01/44
.....
6,300
7,191,583
Series
2024-1
,
RB
,
5.00
%
,
07/01/46
.....
5,600
6,335,631
Series
2024-1
,
RB
,
5.00
%
,
07/01/49
.....
9,535
10,692,412
Series
2024-1
,
RB
,
5.00
%
,
07/01/53
.....
31,685
35,250,149
Series
2023-1A
,
RB
,
5.25
%
,
07/01/53
....
13,675
15,391,967
Southwestern
Community
College
District
Series
D
,
GO
,
5.00
%
,
08/01/44
........
2,000
2,044,124
Series
C
,
GO
,
0.00
%
,
08/01/46
(a)
.......
1,920
736,826
State
of
California
GO
,
5.00
%
,
09/01/24
...............
14,770
14,770,000
GO
,
5.00
%
,
10/01/24
...............
11,605
11,624,375
GO
,
5.00
%
,
11/01/24
...............
28,675
28,776,618
Series
2003
,
GO
,
5.50
%
,
02/01/25
......
250
252,940
Series
2016
,
GO
,
5.00
%
,
08/01/25
......
4,070
4,157,731
GO
,
5.00
%
,
08/01/25
...............
8,420
8,601,498
GO
,
5.00
%
,
09/01/25
...............
2,035
2,083,745
GO
,
5.00
%
,
10/01/25
...............
13,705
14,009,119
Series
2017
,
GO
,
4.00
%
,
11/01/25
......
6,465
6,571,758
GO
,
5.00
%
,
11/01/25
...............
5,510
5,664,239
GO
,
5.00
%
,
03/01/26
...............
3,810
3,852,645
GO
,
5.00
%
,
04/01/26
...............
7,875
8,166,366
GO
,
5.00
%
,
08/01/26
...............
16,000
16,682,911
Series
C
,
GO
,
5.00
%
,
09/01/26
........
1,500
1,532,358
GO
,
5.00
%
,
09/01/26
...............
3,510
3,675,118
GO
,
5.00
%
,
10/01/26
...............
9,180
9,436,126
GO
,
5.00
%
,
11/01/26
...............
2,280
2,400,759
GO
,
5.00
%
,
03/01/27
...............
3,920
3,963,707
GO
,
5.00
%
,
04/01/27
...............
3,385
3,594,650
GO
,
5.00
%
,
08/01/27
...............
1,500
1,514,017
GO
,
5.00
%
,
09/01/27
...............
6,210
6,512,025
GO
,
4.00
%
,
10/01/27
...............
7,280
7,599,307
GO
,
5.00
%
,
10/01/27
...............
5,885
6,174,748
GO
,
5.00
%
,
11/01/27
...............
1,155
1,242,582
GO
,
5.00
%
,
12/01/27
...............
3,665
3,949,947
GO
,
3.00
%
,
03/01/28
...............
2,500
2,532,478
GO
,
5.00
%
,
04/01/28
...............
6,525
7,080,202
GO
,
5.00
%
,
08/01/28
...............
17,380
18,750,598
Series
2016
,
GO
,
5.00
%
,
08/01/28
......
4,325
4,511,999
GO
,
4.00
%
,
09/01/28
...............
38,850
40,788,416
GO
,
5.00
%
,
09/01/28
...............
20,775
22,555,983
GO
,
5.00
%
,
10/01/28
...............
27,870
30,368,017
GO
,
5.00
%
,
11/01/28
...............
37,845
41,563,260
Series
2017
,
GO
,
5.00
%
,
11/01/28
......
3,600
3,862,298
GO
,
5.00
%
,
03/01/29
...............
1,000
1,105,225
GO
,
5.00
%
,
04/01/29
...............
26,510
29,347,514
Series
2016
,
GO
,
5.00
%
,
08/01/29
......
5,015
5,227,728
Series
C
,
GO
,
5.00
%
,
08/01/29
........
26,175
27,935,164
GO
,
5.00
%
,
08/01/29
...............
12,965
13,558,248
GO
,
4.00
%
,
09/01/29
...............
5,225
5,577,803
GO
,
5.00
%
,
09/01/29
...............
9,255
9,844,107
GO
,
5.00
%
,
10/01/29
...............
50,450
54,953,780
GO
,
5.00
%
,
11/01/29
...............
10,280
11,504,368
Series
2017
,
GO
,
5.00
%
,
11/01/29
......
6,270
6,723,850
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
03/01/30
...............
USD
2,000
$
2,021,412
GO
,
5.00
%
,
04/01/30
...............
25,150
28,273,321
Series
C
,
GO
,
5.00
%
,
08/01/30
........
1,035
1,100,497
GO
,
5.00
%
,
08/01/30
...............
13,990
14,814,856
Series
2016
,
GO
,
5.00
%
,
08/01/30
......
4,525
4,711,183
GO
,
5.25
%
,
08/01/30
...............
4,000
4,085,575
GO
,
5.00
%
,
09/01/30
...............
1,000
1,042,796
GO
,
5.00
%
,
10/01/30
...............
2,000
2,004,033
Series
2017
,
GO
,
5.00
%
,
11/01/30
......
8,840
9,440,773
GO
,
5.00
%
,
11/01/30
...............
25,005
28,347,753
GO
,
5.00
%
,
03/01/31
...............
6,195
6,924,516
GO
,
5.00
%
,
04/01/31
...............
2,385
2,655,525
GO
,
4.00
%
,
08/01/31
...............
5,000
5,088,645
GO
,
5.00
%
,
08/01/31
...............
2,500
2,505,205
GO
,
4.00
%
,
09/01/31
...............
1,010
1,028,583
GO
,
5.00
%
,
09/01/31
...............
64,215
72,839,402
GO
,
5.00
%
,
10/01/31
...............
2,540
2,545,121
GO
,
5.00
%
,
11/01/31
...............
3,005
3,251,758
Series
2017
,
GO
,
5.00
%
,
11/01/31
......
7,000
7,444,989
GO
,
5.00
%
,
12/01/31
...............
3,500
3,737,829
GO
,
5.00
%
,
03/01/32
...............
2,500
2,785,474
GO
,
5.00
%
,
04/01/32
...............
14,125
16,046,859
GO
,
4.00
%
,
08/01/32
...............
2,000
2,032,840
GO
,
5.00
%
,
08/01/32
...............
12,580
12,888,878
Series
B
,
GO
,
5.00
%
,
08/01/32
........
5,000
5,285,637
GO
,
5.25
%
,
08/01/32
...............
3,525
3,595,612
GO
,
4.00
%
,
09/01/32
...............
3,000
3,051,172
GO
,
5.00
%
,
09/01/32
...............
25,785
27,983,185
Series
C
,
GO
,
5.00
%
,
09/01/32
........
4,225
4,307,236
GO
,
5.00
%
,
10/01/32
...............
23,720
26,723,362
GO
,
5.00
%
,
11/01/32
...............
18,815
21,002,300
GO
,
5.00
%
,
12/01/32
...............
2,100
2,172,240
GO
,
5.00
%
,
03/01/33
...............
5,555
5,916,461
GO
,
5.00
%
,
04/01/33
...............
12,190
13,350,972
GO
,
5.00
%
,
08/01/33
...............
7,460
7,540,398
GO
,
4.00
%
,
09/01/33
...............
4,035
4,095,840
GO
,
5.00
%
,
09/01/33
...............
18,285
21,419,071
Series
2024
,
GO
,
5.00
%
,
09/01/33
......
20,000
23,428,024
GO
,
5.00
%
,
10/01/33
...............
2,820
2,825,686
Series
2017
,
GO
,
4.00
%
,
11/01/33
......
20,630
21,109,546
GO
,
5.00
%
,
03/01/34
...............
14,240
15,777,835
GO
,
5.00
%
,
09/01/34
...............
35,685
39,205,961
GO
,
3.00
%
,
10/01/34
...............
6,805
6,519,429
GO
,
4.00
%
,
10/01/34
...............
6,255
6,562,020
GO
,
5.00
%
,
10/01/34
...............
13,000
15,076,167
Series
2017
,
GO
,
4.00
%
,
11/01/34
......
3,915
3,995,432
GO
,
5.00
%
,
11/01/34
...............
4,035
4,353,415
GO
,
5.00
%
,
12/01/34
...............
8,120
8,859,767
GO
,
5.00
%
,
03/01/35
...............
36,960
40,824,597
Series
2022
,
GO
,
5.00
%
,
04/01/35
......
2,955
3,367,850
Series
C
,
GO
,
5.00
%
,
08/01/35
........
6,415
6,742,968
GO
,
5.00
%
,
08/01/35
...............
8,050
8,247,780
GO
,
4.00
%
,
09/01/35
...............
26,730
27,030,702
Series
2024
,
GO
,
5.00
%
,
09/01/35
......
3,900
4,557,261
GO
,
5.00
%
,
09/01/35
...............
1,500
1,554,364
GO
,
3.00
%
,
10/01/35
...............
3,000
2,829,077
GO
,
5.00
%
,
10/01/35
...............
12,910
13,564,839
Series
2017
,
GO
,
4.00
%
,
11/01/35
......
7,440
7,580,252
GO
,
5.00
%
,
11/01/35
...............
8,000
8,910,215
GO
,
4.00
%
,
03/01/36
...............
12,350
12,849,139
GO
,
5.00
%
,
03/01/36
...............
4,845
5,334,506
GO
,
5.00
%
,
04/01/36
...............
2,880
3,119,609
GO
,
5.00
%
,
08/01/36
...............
6,235
6,440,588
Series
C
,
GO
,
5.00
%
,
08/01/36
........
2,215
2,323,293
GO
,
4.00
%
,
09/01/36
...............
13,560
13,668,007
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.00
%
,
09/01/36
...............
USD
24,080
$
27,321,243
GO
,
3.00
%
,
10/01/36
...............
5,795
5,397,166
GO
,
4.00
%
,
10/01/36
...............
6,945
7,273,860
GO
,
5.00
%
,
10/01/36
...............
42,700
48,991,307
Series
2017
,
GO
,
4.00
%
,
11/01/36
......
8,000
8,121,067
GO
,
5.00
%
,
11/01/36
...............
13,440
14,787,678
Series
2017
,
GO
,
5.00
%
,
11/01/36
......
2,000
2,104,934
GO
,
5.00
%
,
12/01/36
...............
2,000
2,221,074
GO
,
5.00
%
,
08/01/37
...............
2,625
2,808,523
GO
,
5.00
%
,
09/01/37
...............
20,000
23,045,720
Series
2019
,
GO
,
3.00
%
,
10/01/37
......
6,385
5,905,195
GO
,
3.75
%
,
10/01/37
...............
15,830
15,830,301
GO
,
4.00
%
,
10/01/37
...............
3,300
3,441,988
GO
,
5.00
%
,
10/01/37
...............
4,000
4,249,573
GO
,
4.00
%
,
11/01/37
...............
1,530
1,588,897
GO
,
5.00
%
,
11/01/37
...............
22,500
25,297,008
GO
,
4.00
%
,
03/01/38
...............
11,960
12,347,913
GO
,
5.00
%
,
04/01/38
...............
1,000
1,080,260
GO
,
5.00
%
,
08/01/38
...............
6,500
6,704,046
GO
,
4.00
%
,
11/01/38
...............
21,060
21,757,733
GO
,
5.00
%
,
10/01/39
...............
6,730
7,211,251
GO
,
5.25
%
,
10/01/39
...............
19,795
20,392,308
GO
,
4.00
%
,
11/01/39
...............
5,000
5,148,385
GO
,
5.00
%
,
09/01/41
...............
13,095
14,679,168
GO
,
4.00
%
,
10/01/41
...............
6,705
6,858,391
GO
,
4.00
%
,
11/01/41
...............
8,750
8,604,599
Series
2022
,
GO
,
4.00
%
,
04/01/42
......
21,240
21,676,769
Series
2022
,
GO
,
5.00
%
,
04/01/42
......
6,455
6,874,221
GO
,
4.00
%
,
09/01/42
...............
7,545
7,707,675
GO
,
5.00
%
,
10/01/42
...............
5,000
5,345,969
GO
,
5.00
%
,
11/01/42
...............
10,000
11,194,915
GO
,
4.00
%
,
09/01/43
...............
4,250
4,326,848
Series
2024
,
GO
,
5.00
%
,
09/01/43
......
10,000
11,296,685
GO
,
5.00
%
,
09/01/43
...............
33,180
37,288,444
GO
,
2.25
%
,
11/01/43
...............
5,000
3,596,342
GO
,
2.38
%
,
12/01/43
...............
3,075
2,256,449
GO
,
4.00
%
,
10/01/44
...............
11,655
11,750,440
GO
,
5.00
%
,
10/01/44
...............
8,265
8,272,353
GO
,
4.00
%
,
11/01/44
...............
1,500
1,471,309
GO
,
4.00
%
,
03/01/45
...............
6,500
6,371,526
GO
,
4.00
%
,
08/01/45
...............
1,750
1,714,918
GO
,
5.00
%
,
09/01/45
...............
16,275
16,774,908
GO
,
5.00
%
,
10/01/45
...............
5,280
5,877,232
GO
,
5.25
%
,
10/01/45
...............
17,105
19,422,688
GO
,
4.00
%
,
11/01/45
...............
10,350
10,140,802
GO
,
4.00
%
,
03/01/46
...............
12,805
12,865,361
GO
,
5.00
%
,
08/01/46
...............
5,000
5,143,509
GO
,
5.00
%
,
09/01/46
...............
3,495
3,599,645
GO
,
5.25
%
,
09/01/47
...............
11,000
12,339,215
GO
,
5.00
%
,
10/01/47
...............
5,075
5,194,532
Series
2017
,
GO
,
4.00
%
,
11/01/47
......
15,750
15,628,202
Series
2017
,
GO
,
5.00
%
,
11/01/47
......
4,310
4,487,060
GO
,
5.00
%
,
09/01/48
...............
15,345
17,087,764
GO
,
4.00
%
,
04/01/49
...............
7,000
7,006,079
GO
,
5.00
%
,
08/01/49
(c)
..............
1,665
1,856,807
GO
,
3.00
%
,
10/01/49
...............
1,000
815,328
GO
,
5.00
%
,
10/01/49
...............
1,955
2,080,349
GO
,
4.00
%
,
03/01/50
...............
1,915
1,915,288
GO
,
5.25
%
,
10/01/50
...............
5,000
5,613,121
GO
,
3.00
%
,
11/01/50
...............
10,860
8,799,454
GO
,
4.00
%
,
11/01/50
...............
6,575
6,380,496
GO
,
4.25
%
,
09/01/52
...............
2,190
2,227,531
GO
,
5.00
%
,
09/01/52
...............
13,500
14,736,782
GO
,
5.25
%
,
09/01/53
...............
32,560
36,557,912
GO
,
5.25
%
,
08/01/54
(c)
..............
1,500
1,697,077
Security
Par
(000)
Par
(000)
Value
California
(continued)
GO
,
5.50
%
,
08/01/54
(c)
..............
USD
1,500
$
1,734,754
State
of
California
Department
of
Water
Resources
Series
AS
,
RB
,
5.00
%
,
12/01/24
........
10
10,052
Series
AS
,
RB
,
5.00
%
,
12/01/26
........
15,480
15,560,795
Series
AS
,
RB
,
5.00
%
,
12/01/27
........
1,060
1,065,532
Series
AX
,
RB
,
5.00
%
,
12/01/27
........
1,000
1,085,746
Series
AS
,
RB
,
5.00
%
,
12/01/28
........
1,065
1,070,559
Series
BB
,
RB
,
5.00
%
,
12/01/28
........
2,000
2,221,996
Series
AW
,
RB
,
5.00
%
,
12/01/30
.......
4,000
4,194,518
Series
BB
,
RB
,
5.00
%
,
12/01/30
........
2,000
2,301,823
Series
BD
,
RB
,
5.00
%
,
12/01/30
.......
4,075
4,689,965
Series
BD
,
RB
,
4.00
%
,
12/01/34
.......
5,000
5,387,069
Series
BB
,
RB
,
5.00
%
,
12/01/34
........
8,940
10,188,503
Series
BA
,
RB
,
5.00
%
,
12/01/34
........
6,790
7,504,792
Series
BB
,
RB
,
5.00
%
,
12/01/35
........
9,075
10,316,450
Ukiah
Unified
School
District,
Series
2006,
GO,
0.00%, 08/01/28
(NPFGC)
(a)
..........
3,750
3,365,232
University
of
California
Series
2015AO
,
RB
,
5.00
%
,
05/15/27
....
5,000
5,078,219
Series
2018AZ
,
RB
,
4.00
%
,
05/15/28
....
1,020
1,073,921
Series
2024BS
,
RB
,
5.00
%
,
05/15/30
....
5,000
5,688,789
Series
2017AY
,
RB
,
5.00
%
,
05/15/30
....
465
495,164
Series
2017AY
,
RB
,
5.00
%
,
05/15/31
....
3,000
3,185,256
Series
2017AV
,
RB
,
5.00
%
,
05/15/31
....
10,060
10,681,225
Series
2023BN
,
RB
,
5.00
%
,
05/15/32
....
5,000
5,825,510
Series
2022BK
,
RB
,
5.00
%
,
05/15/32
....
4,265
4,969,160
Series
2015AO
,
RB
,
5.00
%
,
05/15/32
....
8,615
8,730,525
Series
2015I
,
RB
,
5.00
%
,
05/15/32
......
3,070
3,110,740
Series
2017AY
,
RB
,
4.00
%
,
05/15/33
....
4,530
4,639,848
Series
2020BE
,
RB
,
5.00
%
,
05/15/33
....
1,000
1,122,696
Series
2020BE
,
RB
,
5.00
%
,
05/15/34
....
1,500
1,678,508
Series
2024BS
,
RB
,
5.00
%
,
05/15/34
....
15,000
17,883,186
Series
2017AY
,
RB
,
4.00
%
,
05/15/35
....
5,000
5,088,735
Series
2017AV
,
RB
,
5.00
%
,
05/15/35
....
2,660
2,797,751
Series
2024BW
,
RB
,
5.00
%
,
05/15/35
....
10,000
11,831,310
Series
2024BS
,
RB
,
5.00
%
,
05/15/35
....
5,000
5,915,655
Series
2015I
,
RB
,
4.00
%
,
05/15/36
......
1,000
1,001,198
Series
2021Q
,
RB
,
4.00
%
,
05/15/36
.....
1,610
1,705,881
Series
2020BE
,
RB
,
5.00
%
,
05/15/36
....
1,500
1,666,841
Series
2024BS
,
RB
,
5.00
%
,
05/15/36
....
10,000
11,791,950
Series
2017AY
,
RB
,
5.00
%
,
05/15/36
....
15,880
16,671,866
Series
2023BM
,
RB
,
5.00
%
,
05/15/36
....
7,200
8,373,041
Series
2024BV
,
RB
,
5.00
%
,
05/15/37
....
7,500
8,822,542
Series
2016AR
,
RB
,
5.00
%
,
05/15/37
....
11,340
11,701,083
Series
2023BM
,
RB
,
5.00
%
,
05/15/37
....
4,270
4,954,686
Series
2024BS
,
RB
,
5.00
%
,
05/15/37
....
10,000
11,763,390
Series
2017AY
,
RB
,
5.00
%
,
05/15/37
....
11,345
11,895,445
Series
2020BE
,
RB
,
5.00
%
,
05/15/38
....
1,000
1,107,598
Series
2024BV
,
RB
,
5.00
%
,
05/15/38
....
7,500
8,798,570
Series
2024BS
,
RB
,
5.00
%
,
05/15/38
....
6,000
7,038,856
Series
2021BH
,
RB
,
4.00
%
,
05/15/39
....
2,000
2,079,157
Series
2021Q
,
RB
,
4.00
%
,
05/15/39
.....
1,710
1,775,596
Series
2020BE
,
RB
,
5.00
%
,
05/15/39
....
5,820
6,415,391
Series
2024BS
,
RB
,
5.00
%
,
05/15/39
....
14,500
16,882,827
Series
2020BE
,
RB
,
4.00
%
,
05/15/40
....
10,070
10,341,478
Series
2024BS
,
RB
,
5.00
%
,
05/15/40
....
13,000
15,055,430
Series
2024BS
,
RB
,
5.00
%
,
05/15/41
....
7,000
8,064,233
Series
2016AR
,
RB
,
5.00
%
,
05/15/41
....
5,000
5,144,406
Series
2023BN
,
RB
,
5.00
%
,
05/15/41
....
36,840
41,939,024
Series
2020BE
,
RB
,
5.00
%
,
05/15/41
....
1,410
1,543,774
Series
2024BV
,
RB
,
5.00
%
,
05/15/42
....
3,695
4,240,027
Series
2024BS
,
RB
,
5.00
%
,
05/15/42
....
7,430
8,525,953
Series
2020BE
,
RB
,
5.00
%
,
05/15/42
....
6,000
6,552,789
Series
2023BN
,
RB
,
5.00
%
,
05/15/42
....
34,000
38,566,751
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2024BS
,
RB
,
5.00
%
,
05/15/43
....
USD
5,000
$
5,708,405
Series
2024BV
,
RB
,
5.00
%
,
05/15/43
....
2,020
2,306,196
Series
2016K
,
RB
,
4.00
%
,
05/15/46
.....
10,045
9,931,010
Series
2021BH
,
RB
,
4.00
%
,
05/15/46
....
5,500
5,559,064
Series
2016AR
,
RB
,
5.00
%
,
05/15/46
....
12,845
13,161,737
Series
2017M
,
RB
,
4.00
%
,
05/15/47
.....
4,580
4,536,353
Series
2020BE
,
RB
,
4.00
%
,
05/15/47
....
36,135
36,437,226
Series
2017M
,
RB
,
5.00
%
,
05/15/47
.....
14,075
14,546,742
Series
2017AV
,
RB
,
5.00
%
,
05/15/47
....
13,200
13,649,286
Series
2017AV
,
RB
,
5.25
%
,
05/15/47
....
1,170
1,218,804
Series
2013AL-1
,
RB
,
VRDN
3.45
%
,
09/03/24
(b)
...............
8,000
8,000,000
Series
2013AL-3
,
RB
,
VRDN
3.65
%
,
09/03/24
(b)
...............
8,000
8,000,000
Series
2013AL-2
,
RB
,
VRDN
3.85
%
,
09/03/24
(b)
...............
13,280
13,280,000
Series
2018AZ
,
RB
,
4.00
%
,
05/15/48
....
2,000
2,003,012
Series
2018AZ
,
RB
,
5.00
%
,
05/15/48
....
22,770
23,888,531
Series
2019BB
,
RB
,
5.00
%
,
05/15/49
....
5,000
5,321,744
Series
2017AV
,
RB
,
5.00
%
,
05/15/49
....
18,500
19,112,970
Series
2020BE
,
RB
,
4.00
%
,
05/15/50
....
11,000
11,047,022
Series
2021Q
,
RB
,
3.00
%
,
05/15/51
.....
5,000
4,076,522
Series
2021BH
,
RB
,
4.00
%
,
05/15/51
....
3,250
3,256,532
Series
2017M
,
RB
,
5.00
%
,
05/15/52
.....
9,250
9,541,779
Series
2022BK
,
RB
,
5.00
%
,
05/15/52
....
17,335
18,870,448
Series
2024BW
,
RB
,
5.00
%
,
05/15/54
....
4,000
4,410,946
Series
2018O
,
RB
,
5.00
%
,
05/15/58
.....
3,000
3,132,756
Series
2018AZ
,
RB
,
5.25
%
,
05/15/58
....
2,000
2,107,053
Series
2018O
,
RB
,
5.50
%
,
05/15/58
.....
2,000
2,122,771
Upper
Santa
Clara
Valley
Joint
Powers
Authority
Series
2020A
,
RB
,
4.00
%
,
08/01/45
.....
3,450
3,429,099
Series
2020A
,
RB
,
4.00
%
,
08/01/50
.....
8,435
8,359,292
Ventura
County
Community
College
District,
Series
2008C,
GO,
0.00%, 08/01/28
(a)
....
15,000
13,512,963
Walnut
Valley
Unified
School
District,
Series
C,
GO,
4.00%, 08/01/51
..............
3,000
2,967,312
West
Valley-Mission
Community
College
District,
Series
2015B,
GO,
4.00%, 08/01/40
.....
1,750
1,750,885
Westminster
School
District
(a)
Series
2013A
,
GO
,
0.00
%
,
08/01/48
(
BAM
)
8,345
5,977,856
Series
2013A
,
GO
,
0.00
%
,
08/01/52
(
BAM
)
15,000
10,708,556
William
S
Hart
Union
High
School
District,
Series
B,
GO,
0.00%, 08/01/34
(AGM)
(a)
.......
4,825
3,531,765
7,463,622,515
Colorado
—
1.5%
Board
of
Governors
of
Colorado
State
University
System
Series
2017C
,
RB
,
4.00
%
,
03/01/47
(
HERBIP
)
.....................
18,625
18,181,097
Series
E-1
,
RB
,
5.00
%
,
03/01/47
(
HERBIP
)
1,000
1,010,355
Series
2015A
,
RB
,
4.00
%
,
03/01/49
.....
4,000
3,864,118
Series
2015A
,
RB
,
4.13
%
,
03/01/55
.....
30,000
29,447,619
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
Series
2020B
,
RB
,
5.00
%
,
09/15/30
.....
1,920
2,184,065
Series
A
,
RB
,
4.00
%
,
09/15/42
.........
2,500
2,505,739
Series
2022A
,
RB
,
5.00
%
,
12/15/45
.....
5,770
6,354,395
Series
A
,
RB
,
5.00
%
,
09/15/47
.........
5,575
5,818,602
Series
2022A
,
RB
,
5.00
%
,
12/15/52
.....
25,285
27,510,242
Boulder
Valley
School
District
No.
Re-2
Boulder,
Series
2015,
GO,
5.00%, 12/01/39
(SAW)
.
22,710
23,017,169
City
&
County
of
Denver
Series
2020B
,
GO
,
5.00
%
,
08/01/26
.....
16,500
17,284,979
Series
2020B
,
GO
,
5.00
%
,
08/01/29
.....
11,010
12,289,517
Security
Par
(000)
Par
(000)
Value
Colorado
(continued)
Series
2020B
,
GO
,
5.00
%
,
08/01/30
.....
USD
19,375
$
21,976,458
Series
2023
,
COP
,
5.00
%
,
12/01/32
.....
2,320
2,686,823
Series
2022A
,
GO
,
5.00
%
,
08/01/38
.....
16,200
18,465,115
Series
2018A-1
,
RB
,
5.00
%
,
08/01/41
....
1,000
1,036,095
Series
2016A
,
RB
,
5.00
%
,
08/01/44
.....
9,500
9,737,890
Series
2016A
,
RB
,
4.00
%
,
08/01/46
.....
10,000
9,684,088
City
&
County
of
Denver
Airport
System
Series
2016A
,
RB
,
5.00
%
,
11/15/24
.....
1,135
1,139,361
Series
2022C
,
RB
,
5.00
%
,
11/15/25
.....
1,055
1,084,650
Series
2022C
,
RB
,
5.00
%
,
11/15/28
.....
525
576,085
Series
2023A
,
RB
,
5.00
%
,
11/15/29
.....
2,850
3,168,880
Series
B
,
RB
,
4.00
%
,
11/15/31
.........
2,310
2,310,427
Series
2023A
,
RB
,
5.00
%
,
11/15/33
.....
1,000
1,166,792
Series
2023A
,
RB
,
5.00
%
,
11/15/38
.....
750
854,902
Series
2023A
,
RB
,
5.00
%
,
11/15/39
.....
1,000
1,134,888
Series
2023A
,
RB
,
5.00
%
,
11/15/42
.....
2,000
2,230,100
Series
B
,
RB
,
5.00
%
,
11/15/43
.........
140
140,061
Series
2018B
,
RB
,
4.00
%
,
12/01/43
.....
5,000
4,882,034
Series
2022B
,
RB
,
5.00
%
,
11/15/47
.....
10,780
11,731,267
Series
2018B
,
RB
,
5.00
%
,
12/01/48
.....
7,515
7,812,169
Series
2022B
,
RB
,
5.25
%
,
11/15/53
.....
3,000
3,302,662
City
of
Aurora,
Series
2016,
RB,
5.00%, 08/01/46
.................
24,380
25,540,471
City
of
Colorado
Springs
Utilities
System
Series
2018A-1
,
RB
,
5.00
%
,
11/15/24
....
3,000
3,012,039
Series
2007A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.93
%
,
09/05/24
(b)
..........
12,475
12,475,000
County
of
Adams,
Series
2015,
COP,
4.00%, 12/01/45
.................
700
682,430
Denver
City
&
County
School
District
No.
1
Series
2021B
,
GO
,
4.00
%
,
12/01/27
(
SAW
)
5,840
6,107,366
Series
2021B
,
GO
,
4.00
%
,
12/01/28
(
SAW
)
5,000
5,281,538
Series
2012B
,
GO
,
3.00
%
,
12/01/29
(
SAW
)
1,000
999,998
Series
2017
,
GO
,
5.00
%
,
12/01/37
(
SAW
)
.
2,035
2,120,455
Series
2017
,
GO
,
5.00
%
,
12/01/38
(
SAW
)
.
1,830
1,903,613
Series
2021
,
GO
,
5.00
%
,
12/01/39
(
SAW
)
.
4,520
4,952,778
Series
2022A
,
GO
,
5.00
%
,
12/01/42
(
SAW
)
3,205
3,527,903
Series
2022A
,
GO
,
5.00
%
,
12/01/45
(
SAW
)
2,565
2,795,892
E-470
Public
Highway
Authority
Series
B
,
RB
,
0.00
%
,
09/01/24
(
NPFGC
)
(a)
.
1,165
1,165,000
Series
2004A
,
RB
,
0.00
%
,
09/01/28
(
NPFGC
)
(a)
....................
12,900
11,369,267
Series
2000B
,
RB
,
0.00
%
,
09/01/29
(
NPFGC
)
(a)
....................
2,500
2,129,144
Series
2004A
,
RB
,
0.00
%
,
09/01/34
(
NPFGC
)
(a)
....................
22,000
15,212,971
Series
2010A
,
RB
,
0.00
%
,
09/01/35
(a)
....
1,000
667,791
Series
2010A
,
RB
,
0.00
%
,
09/01/40
(a)
....
2,745
1,417,614
Series
2020A
,
RB
,
5.00
%
,
09/01/40
.....
1,600
1,600,000
Series
2010A
,
RB
,
0.00
%
,
09/01/41
(a)
....
3,495
1,704,118
Regional
Transportation
District
Sales
Tax
Series
2013A
,
RB
,
5.00
%
,
11/01/27
.....
1,500
1,613,690
Series
2013A
,
RB
,
5.00
%
,
11/01/28
.....
1,670
1,831,925
Series
2021B
,
RB
,
5.00
%
,
11/01/28
.....
8,535
9,362,563
Series
2021B
,
RB
,
5.00
%
,
11/01/29
.....
5,000
5,587,539
Series
2023A
,
RB
,
5.00
%
,
11/01/31
.....
5,000
5,748,951
Series
2017B
,
RB
,
5.00
%
,
11/01/33
.....
1,655
1,762,198
Series
2023A
,
RB
,
5.00
%
,
11/01/37
.....
5,000
5,737,926
Series
2023A
,
RB
,
5.00
%
,
11/01/38
.....
2,000
2,282,320
Series
2021B
,
RB
,
4.00
%
,
11/01/39
.....
15,500
15,993,103
Series
2016A
,
RB
,
5.00
%
,
11/01/41
.....
2,765
2,852,579
Series
2016A
,
RB
,
5.00
%
,
11/01/46
.....
11,875
12,208,678
State
of
Colorado
Series
2022
,
COP
,
6.00
%
,
12/15/41
.....
10,000
11,889,845
Series
2018N
,
COP
,
4.00
%
,
03/15/43
....
3,500
3,481,553
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Colorado
(continued)
Series
2019O
,
COP
,
4.00
%
,
03/15/44
....
USD
1,985
$
1,968,350
University
of
Colorado
Series
2017A-2
,
RB
,
4.00
%
,
06/01/35
....
3,000
3,160,297
Series
2017A-2
,
RB
,
4.00
%
,
06/01/43
....
2,000
1,969,855
446,705,404
Connecticut
—
1.6%
Connecticut
State
Health
&
Educational
Facilities
Authority
Series
2017B-1
,
RB
,
5.00
%
,
07/01/29
....
5,000
5,591,471
Series
2015A
,
RB
,
5.00
%
,
07/01/35
.....
3,500
4,255,738
Series
2001V-1
,
RB
,
VRDN
3.50
%
,
09/03/24
(b)
...............
14,355
14,355,000
Series
2017C-1
,
RB
,
VRDN
5.00
%
,
02/01/28
(b)
...............
25,600
27,702,328
Series
2016A1
,
RB
,
VRDN
3.50
%
,
09/03/24
(b)
40,000
40,000,000
Series
2013A
,
RB
,
VRDN
3.75
%
,
09/03/24
(b)
54,700
54,700,000
Series
2017C-2
,
RB
,
VRDN
2.80
%
,
02/03/26
(b)
...............
7,600
7,594,091
Series
2024C-1
,
RB
,
VRDN
2.90
%
,
09/04/24
(b)
...............
30,000
30,000,000
State
of
Connecticut
Series
2022D
,
GO
,
5.00
%
,
09/15/24
.....
1,000
1,000,639
Series
2021A
,
GO
,
4.00
%
,
01/15/25
.....
3,500
3,514,519
Series
2018B
,
GO
,
5.00
%
,
04/15/25
.....
2,500
2,534,575
Series
2016B
,
GO
,
5.00
%
,
05/15/25
.....
1,935
1,965,781
Series
2023B
,
GO
,
5.00
%
,
08/01/25
.....
1,000
1,021,657
Series
2022D
,
GO
,
5.00
%
,
09/15/25
.....
1,000
1,024,907
Series
E
,
GO
,
5.00
%
,
10/15/25
........
3,140
3,224,893
Series
2022G
,
GO
,
5.00
%
,
11/15/25
.....
7,820
8,047,382
Series
2022A
,
GO
,
4.00
%
,
01/15/26
.....
1,500
1,529,772
Series
2016B
,
GO
,
5.00
%
,
05/15/26
.....
3,580
3,728,430
Series
2022D
,
GO
,
5.00
%
,
09/15/26
.....
7,535
7,902,628
Series
2018F
,
GO
,
5.00
%
,
09/15/26
.....
1,110
1,164,156
Series
2021A
,
GO
,
4.00
%
,
01/15/27
.....
3,000
3,098,292
Series
2022A
,
GO
,
4.00
%
,
01/15/27
.....
3,790
3,914,176
Series
2015B
,
GO
,
5.00
%
,
06/15/27
.....
2,300
2,338,884
Series
2021D
,
GO
,
5.00
%
,
07/15/27
.....
1,700
1,815,982
Series
2022D
,
GO
,
5.00
%
,
09/15/27
.....
660
707,644
Series
F
,
GO
,
5.00
%
,
11/15/27
.........
2,080
2,134,011
Series
2022A
,
GO
,
4.00
%
,
01/15/28
.....
1,250
1,306,776
Series
2020A
,
GO
,
5.00
%
,
01/15/28
.....
2,000
2,159,623
Series
2018C
,
GO
,
5.00
%
,
06/15/28
.....
1,010
1,100,142
Series
2015B
,
GO
,
5.00
%
,
06/15/28
.....
10,000
10,167,057
Series
2021D
,
GO
,
5.00
%
,
07/15/28
.....
2,735
2,984,255
Series
E
,
GO
,
5.00
%
,
10/15/28
........
5,000
5,230,544
Series
F
,
GO
,
5.00
%
,
11/15/28
.........
5,000
5,127,382
Series
2021A
,
GO
,
4.00
%
,
01/15/29
.....
5,000
5,278,114
Series
2020A
,
GO
,
5.00
%
,
01/15/29
.....
4,615
5,086,869
Series
2015B
,
GO
,
5.00
%
,
06/15/29
.....
10,000
10,160,001
Series
2018C
,
GO
,
5.00
%
,
06/15/29
.....
14,690
15,909,191
Series
2024A
,
GO
,
5.00
%
,
01/15/30
.....
5,000
5,612,842
Series
2024C
,
GO
,
5.00
%
,
03/01/30
.....
6,965
7,834,359
Series
2019A
,
GO
,
5.00
%
,
04/15/30
.....
1,365
1,507,474
Series
2022A
,
GO
,
4.00
%
,
01/15/31
.....
4,310
4,604,212
Series
2021A
,
GO
,
4.00
%
,
01/15/31
.....
1,565
1,671,831
Series
2020A
,
GO
,
5.00
%
,
01/15/31
.....
2,145
2,396,616
Series
2024A
,
GO
,
5.00
%
,
01/15/31
.....
5,000
5,690,139
Series
2023B
,
GO
,
5.00
%
,
08/01/31
.....
1,000
1,146,486
Series
2022D
,
GO
,
5.00
%
,
09/15/31
.....
635
729,206
Series
2022E
,
GO
,
5.00
%
,
11/15/31
.....
2,750
3,165,080
Series
F
,
GO
,
5.00
%
,
11/15/31
.........
4,945
5,049,061
Series
2021A
,
GO
,
3.00
%
,
01/15/32
.....
3,970
3,900,946
Series
2024A
,
GO
,
5.00
%
,
01/15/32
.....
5,000
5,760,394
Series
2015B
,
GO
,
5.00
%
,
06/15/32
.....
2,265
2,295,041
Security
Par
(000)
Par
(000)
Value
Connecticut
(continued)
Series
2023B
,
GO
,
5.00
%
,
08/01/32
.....
USD
1,000
$
1,160,117
Series
2024E
,
GO
,
5.00
%
,
09/01/32
.....
32,735
38,016,301
Series
F
,
GO
,
5.00
%
,
11/15/32
.........
2,000
2,039,767
Series
2021A
,
GO
,
3.00
%
,
01/15/33
.....
6,970
6,841,361
Series
2020A
,
GO
,
4.00
%
,
01/15/33
.....
3,000
3,141,406
Series
2022A
,
GO
,
4.00
%
,
01/15/33
.....
16,155
17,208,705
Series
A
,
GO
,
5.00
%
,
04/15/33
........
1,660
1,735,689
Series
2015B
,
GO
,
4.00
%
,
06/15/33
.....
27,000
27,115,090
Series
2023B
,
GO
,
5.00
%
,
08/01/33
.....
1,000
1,171,674
Series
2024E
,
GO
,
5.00
%
,
09/01/33
.....
15,745
18,466,878
Series
E
,
GO
,
5.00
%
,
10/15/33
........
4,170
4,308,803
Series
2021A
,
GO
,
3.00
%
,
01/15/34
.....
4,000
3,857,721
Series
2022A
,
GO
,
4.00
%
,
01/15/34
.....
1,500
1,587,603
Series
2019A
,
GO
,
5.00
%
,
04/15/34
.....
3,675
4,005,988
Series
A
,
GO
,
5.00
%
,
04/15/34
........
7,000
7,312,822
Series
F
,
GO
,
5.00
%
,
11/15/34
.........
2,000
2,036,529
Series
2022A
,
GO
,
4.00
%
,
01/15/35
.....
5,205
5,484,922
Series
2020A
,
GO
,
4.00
%
,
01/15/35
.....
5,500
5,710,406
Series
2019A
,
GO
,
5.00
%
,
04/15/35
.....
3,000
3,266,185
Series
A
,
GO
,
5.00
%
,
04/15/35
........
6,000
6,256,491
Series
2022F
,
GO
,
5.00
%
,
11/15/35
.....
1,640
1,887,537
Series
2021A
,
GO
,
3.00
%
,
01/15/36
.....
3,000
2,824,781
Series
2020A
,
GO
,
4.00
%
,
01/15/36
.....
4,000
4,130,608
Series
2022B
,
GO
,
4.00
%
,
01/15/36
.....
3,000
3,146,018
Series
2024A
,
GO
,
5.00
%
,
01/15/36
.....
3,150
3,672,237
Series
2019A
,
GO
,
5.00
%
,
04/15/36
.....
2,300
2,496,191
Series
2020A
,
GO
,
4.00
%
,
01/15/37
.....
2,000
2,053,909
Series
2022F
,
GO
,
5.00
%
,
11/15/37
.....
1,000
1,137,004
Series
2021A
,
GO
,
3.00
%
,
01/15/38
.....
5,000
4,579,839
Series
2022B
,
GO
,
4.00
%
,
01/15/38
.....
12,235
12,731,877
Series
2021A
,
GO
,
3.00
%
,
01/15/39
.....
1,000
895,326
Series
2020A
,
GO
,
3.00
%
,
01/15/39
.....
2,000
1,787,773
Series
2024B
,
GO
,
5.00
%
,
01/15/39
.....
3,000
3,429,165
Series
2022B
,
GO
,
3.00
%
,
01/15/40
.....
14,250
12,530,692
Series
2021A
,
GO
,
3.00
%
,
01/15/40
.....
5,000
4,396,734
Series
2021B
,
GO
,
3.00
%
,
06/01/40
.....
5,425
4,755,696
Series
2022F
,
GO
,
5.00
%
,
11/15/40
.....
1,950
2,179,416
Series
2024B
,
GO
,
4.00
%
,
01/15/41
.....
7,750
7,936,463
Series
2024B
,
GO
,
4.00
%
,
01/15/42
.....
8,110
8,265,941
Series
2024B
,
GO
,
4.00
%
,
01/15/43
.....
5,000
5,072,118
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
A
,
RB
,
5.00
%
,
05/01/30
.........
1,590
1,685,637
Series
2019A
,
RB
,
5.00
%
,
02/01/36
.....
14,215
15,468,412
State
of
Connecticut
Special
Tax
Series
B
,
RB
,
5.00
%
,
09/01/24
.........
2,345
2,345,000
Series
2021A
,
RB
,
5.00
%
,
05/01/25
.....
880
893,081
Series
B
,
RB
,
5.00
%
,
09/01/25
.........
5,090
5,098,411
Series
A
,
RB
,
5.00
%
,
09/01/25
.........
5,000
5,008,262
Series
2018B
,
RB
,
5.00
%
,
10/01/25
.....
1,500
1,538,970
Series
2020A
,
RB
,
5.00
%
,
05/01/26
.....
3,000
3,120,983
Series
2023B
,
RB
,
5.00
%
,
07/01/26
.....
19,720
20,593,302
Series
A
,
RB
,
5.00
%
,
08/01/26
.........
1,000
1,020,910
Series
2018A
,
RB
,
5.00
%
,
01/01/27
.....
8,000
8,442,837
Series
A
,
RB
,
5.00
%
,
08/01/27
.........
5,050
5,149,550
Series
A
,
RB
,
5.00
%
,
09/01/27
.........
1,575
1,577,230
Series
2021D
,
RB
,
5.00
%
,
11/01/27
.....
4,520
4,859,419
Series
A
,
RB
,
5.00
%
,
08/01/28
.........
1,000
1,019,467
Series
A
,
RB
,
5.00
%
,
09/01/28
.........
1,000
1,001,341
Series
2021D
,
RB
,
5.00
%
,
11/01/28
.....
3,550
3,896,848
Series
A
,
RB
,
5.00
%
,
09/01/29
.........
4,000
4,166,013
Series
2020A
,
RB
,
5.00
%
,
05/01/30
.....
5,000
5,638,134
Series
2018B
,
RB
,
5.00
%
,
10/01/30
.....
1,000
1,082,030
Series
A
,
RB
,
5.00
%
,
09/01/31
.........
1,000
1,001,005
Series
2018B
,
RB
,
5.00
%
,
10/01/31
.....
14,605
15,762,144
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Connecticut
(continued)
Series
2021A
,
RB
,
5.00
%
,
05/01/32
.....
USD
5,775
$
6,564,709
Series
A
,
RB
,
5.00
%
,
08/01/32
.........
1,200
1,218,414
Series
A
,
RB
,
5.00
%
,
09/01/32
.........
7,640
7,646,809
Series
2020A
,
RB
,
5.00
%
,
05/01/33
.....
4,000
4,455,287
Series
A
,
RB
,
5.00
%
,
08/01/33
.........
1,000
1,014,870
Series
A
,
RB
,
5.00
%
,
09/01/33
.........
1,000
1,031,549
Series
2018B
,
RB
,
5.00
%
,
10/01/33
.....
5,020
5,401,486
Series
2018A
,
RB
,
5.00
%
,
01/01/34
.....
18,000
19,121,324
Series
2020A
,
RB
,
5.00
%
,
05/01/34
.....
5,000
5,548,221
Series
2021A
,
RB
,
5.00
%
,
05/01/34
.....
4,000
4,512,386
Series
A
,
RB
,
5.00
%
,
09/01/34
.........
9,500
9,789,148
Series
2020A
,
RB
,
5.00
%
,
05/01/35
.....
5,565
6,145,644
Series
2021A
,
RB
,
5.00
%
,
05/01/35
.....
3,250
3,655,872
Series
2018B
,
RB
,
5.00
%
,
10/01/35
.....
1,500
1,607,917
Series
2021A
,
RB
,
4.00
%
,
05/01/36
.....
1,245
1,292,631
Series
2020A
,
RB
,
4.00
%
,
05/01/36
.....
1,950
2,014,429
Series
2022A
,
RB
,
5.00
%
,
07/01/36
.....
3,950
4,529,074
Series
A
,
RB
,
4.00
%
,
09/01/36
.........
10,000
10,015,086
Series
2018A
,
RB
,
5.00
%
,
01/01/37
.....
2,000
2,112,047
Series
2021A
,
RB
,
4.00
%
,
05/01/37
.....
2,350
2,426,297
Series
2020A
,
RB
,
5.00
%
,
05/01/37
.....
3,485
3,825,069
Series
2020A
,
RB
,
5.00
%
,
05/01/38
.....
4,960
5,426,985
Series
2018B
,
RB
,
5.00
%
,
10/01/38
.....
1,500
1,592,254
Series
2020A
,
RB
,
4.00
%
,
05/01/39
(
BAM-
TCRS
)
.......................
7,750
7,959,856
Series
2020A
,
RB
,
4.00
%
,
05/01/39
.....
11,575
11,792,928
Series
2021A
,
RB
,
4.00
%
,
05/01/39
.....
3,500
3,570,215
Series
2021D
,
RB
,
4.00
%
,
11/01/39
.....
4,545
4,642,312
Series
2021A
,
RB
,
4.00
%
,
05/01/40
.....
5,000
5,057,946
Series
2021A
,
RB
,
5.00
%
,
05/01/41
.....
3,655
3,989,775
Series
2022A
,
RB
,
5.25
%
,
07/01/43
.....
2,500
2,817,553
862,521,459
Delaware
—
0.5%
Delaware
Transportation
Authority
Series
2020
,
RB
,
5.00
%
,
07/01/30
......
5,000
5,648,873
Series
2020
,
RB
,
5.00
%
,
09/01/33
......
1,250
1,396,955
Series
2022
,
RB
,
5.00
%
,
07/01/34
......
8,560
9,887,212
Series
2022
,
RB
,
5.00
%
,
07/01/36
......
2,250
2,578,992
Series
2015
,
RB
,
5.00
%
,
06/01/55
......
14,435
14,563,438
State
of
Delaware
Series
2017A
,
GO
,
5.00
%
,
01/01/26
.....
3,090
3,189,994
Series
2022
,
GO
,
5.00
%
,
03/01/26
......
3,855
3,995,841
Series
2017A
,
GO
,
5.00
%
,
01/01/27
.....
1,270
1,343,520
Series
2021
,
GO
,
5.00
%
,
02/01/27
......
2,470
2,618,153
Series
2020A
,
GO
,
5.00
%
,
01/01/28
.....
2,150
2,327,476
Series
2017A
,
GO
,
5.00
%
,
01/01/28
.....
2,025
2,192,158
Series
2019
,
GO
,
5.00
%
,
02/01/28
......
4,495
4,875,043
Series
2018A
,
GO
,
5.00
%
,
02/01/28
.....
2,215
2,402,274
Series
2022
,
GO
,
5.00
%
,
03/01/28
......
5,465
5,938,015
Series
2021
,
GO
,
5.00
%
,
02/01/29
......
2,000
2,214,306
Series
2022
,
GO
,
5.00
%
,
03/01/29
......
3,005
3,332,778
Series
2020A
,
GO
,
5.00
%
,
01/01/30
.....
2,240
2,522,423
Series
2023A
,
GO
,
5.00
%
,
05/01/30
.....
8,955
10,137,720
Series
2021
,
GO
,
5.00
%
,
02/01/31
......
2,630
3,011,428
Series
2022
,
GO
,
5.00
%
,
03/01/31
......
6,590
7,555,094
Series
2023A
,
GO
,
5.00
%
,
05/01/31
.....
17,035
19,576,182
Series
2021
,
GO
,
4.00
%
,
02/01/32
......
9,365
10,057,627
Series
2018A
,
GO
,
5.00
%
,
02/01/34
.....
5,000
5,323,157
Series
2018A
,
GO
,
5.00
%
,
02/01/35
.....
9,210
9,779,753
Series
2018A
,
GO
,
5.00
%
,
02/01/36
.....
6,745
7,150,207
Series
2018A
,
GO
,
5.00
%
,
02/01/37
.....
6,245
6,596,709
Series
2023A
,
GO
,
5.00
%
,
05/01/37
.....
2,690
3,129,400
Series
2018A
,
GO
,
5.00
%
,
02/01/38
.....
4,000
4,214,172
Series
2023A
,
GO
,
5.00
%
,
05/01/39
.....
8,000
9,199,381
Security
Par
(000)
Par
(000)
Value
Delaware
(continued)
Series
2023A
,
GO
,
4.00
%
,
05/01/40
.....
USD
13,420
$
14,031,159
Series
2023A
,
GO
,
4.00
%
,
05/01/42
.....
15,000
15,523,048
Series
2023A
,
GO
,
4.00
%
,
05/01/43
.....
4,655
4,803,244
University
of
Delaware
Series
2013C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(b)
..........
15,000
15,000,000
Series
2015
,
RB
,
5.00
%
,
11/01/45
......
12,625
12,800,548
228,916,280
District
of
Columbia
—
2.0%
District
of
Columbia
Series
2021E
,
GO
,
5.00
%
,
02/01/26
.....
15,580
16,113,913
Series
2015A
,
GO
,
5.00
%
,
06/01/26
.....
1,250
1,272,939
Series
2015B
,
GO
,
5.00
%
,
06/01/26
.....
2,000
2,036,703
Series
D
,
GO
,
5.00
%
,
06/01/26
........
4,000
4,170,110
Series
2017D
,
GO
,
5.00
%
,
06/01/27
.....
4,060
4,327,205
Series
2023B
,
GO
,
5.00
%
,
06/01/27
.....
2,500
2,664,535
Series
2019A
,
GO
,
5.00
%
,
10/15/27
.....
2,000
2,149,339
Series
2021E
,
GO
,
5.00
%
,
02/01/28
.....
1,495
1,616,298
Series
2019A
,
GO
,
5.00
%
,
10/15/28
.....
2,045
2,243,554
Series
2023B
,
GO
,
5.00
%
,
06/01/29
.....
5,010
5,561,053
Series
2019A
,
GO
,
5.00
%
,
10/15/29
.....
3,575
3,946,356
Series
2021D
,
GO
,
5.00
%
,
02/01/30
.....
2,200
2,467,712
Series
2023B
,
GO
,
5.00
%
,
06/01/30
.....
4,000
4,509,016
Series
2016A
,
GO
,
5.00
%
,
06/01/31
.....
9,250
9,561,120
Series
2017A
,
GO
,
5.00
%
,
06/01/32
.....
2,000
2,102,488
Series
2019A
,
GO
,
5.00
%
,
10/15/32
.....
13,490
14,763,911
Series
2021D
,
GO
,
5.00
%
,
02/01/33
.....
2,300
2,597,051
Series
2017A
,
GO
,
5.00
%
,
06/01/33
.....
1,900
1,994,486
Series
2019A
,
GO
,
5.00
%
,
10/15/33
.....
5,000
5,457,680
Series
2020
,
RB
,
5.00
%
,
12/01/33
......
6,000
6,525,148
Series
2023A
,
GO
,
5.00
%
,
01/01/34
.....
1,040
1,210,710
Series
2017A
,
GO
,
5.00
%
,
06/01/34
.....
2,500
2,622,744
Series
2020
,
RB
,
5.00
%
,
12/01/34
......
2,450
2,658,510
Series
2023A
,
GO
,
5.00
%
,
01/01/35
.....
500
580,388
Series
D
,
GO
,
5.00
%
,
06/01/35
........
2,150
2,239,558
Series
2023A
,
GO
,
5.00
%
,
01/01/36
.....
3,350
3,873,036
Series
2017D
,
GO
,
5.00
%
,
06/01/36
.....
2,650
2,769,350
Series
2023A
,
GO
,
5.00
%
,
01/01/37
.....
1,000
1,149,206
Series
2021E
,
GO
,
4.00
%
,
02/01/37
.....
1,835
1,919,878
Series
2017A
,
GO
,
4.00
%
,
06/01/37
.....
3,060
3,111,374
Series
2017A
,
GO
,
5.00
%
,
06/01/37
.....
3,720
3,879,683
Series
2019A
,
GO
,
5.00
%
,
10/15/37
.....
5,000
5,376,425
Series
2023A
,
GO
,
5.00
%
,
01/01/38
.....
1,000
1,143,850
Series
2019A
,
GO
,
5.00
%
,
10/15/40
.....
4,665
4,965,350
Series
2023A
,
GO
,
5.00
%
,
01/01/41
.....
1,000
1,118,462
Series
2021D
,
GO
,
5.00
%
,
02/01/41
.....
1,725
1,884,640
Series
2016A
,
GO
,
5.00
%
,
06/01/41
.....
15,570
15,968,047
Series
D
,
GO
,
5.00
%
,
06/01/41
........
7,805
8,056,352
Series
2023A
,
GO
,
5.00
%
,
01/01/42
.....
2,000
2,223,380
Series
2023A
,
GO
,
5.00
%
,
01/01/43
.....
13,000
14,403,788
Series
2018A
,
GO
,
5.00
%
,
06/01/43
.....
3,950
4,126,867
Series
2019A
,
GO
,
5.00
%
,
10/15/44
.....
29,090
30,749,643
Series
2021D
,
GO
,
4.00
%
,
02/01/46
.....
1,500
1,473,670
Series
2023A
,
GO
,
5.25
%
,
01/01/48
.....
17,790
19,826,724
District
of
Columbia
Income
Tax
Series
2020B
,
RB
,
5.00
%
,
10/01/25
.....
33,905
34,788,697
Series
2019C
,
RB
,
5.00
%
,
10/01/25
.....
1,210
1,241,537
Series
2019C
,
RB
,
5.00
%
,
10/01/26
.....
2,270
2,384,931
Series
2022C
,
RB
,
5.00
%
,
12/01/26
.....
3,585
3,781,044
Series
2019C
,
RB
,
5.00
%
,
10/01/27
.....
2,190
2,351,574
Series
2020B
,
RB
,
5.00
%
,
10/01/27
.....
11,885
12,761,853
Series
2022C
,
RB
,
5.00
%
,
12/01/27
.....
2,015
2,171,375
Series
2022C
,
RB
,
5.00
%
,
12/01/28
.....
2,750
3,024,784
Series
2019A
,
RB
,
5.00
%
,
03/01/29
.....
2,000
2,209,179
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
District
of
Columbia
(continued)
Series
2019C
,
RB
,
5.00
%
,
10/01/29
.....
USD
5,160
$
5,763,203
Series
2022C
,
RB
,
5.00
%
,
12/01/29
.....
7,000
7,838,883
Series
2022C
,
RB
,
5.00
%
,
12/01/30
.....
8,500
9,650,709
Series
2019A
,
RB
,
5.00
%
,
03/01/31
.....
2,500
2,763,317
Series
2020B
,
RB
,
5.00
%
,
10/01/31
.....
8,000
9,180,736
Series
2022C
,
RB
,
5.00
%
,
12/01/31
.....
15,590
17,930,694
Series
2019A
,
RB
,
5.00
%
,
03/01/32
.....
1,500
1,653,869
Series
2022C
,
RB
,
5.00
%
,
12/01/32
.....
5,125
5,970,906
Series
2019A
,
RB
,
5.00
%
,
03/01/33
.....
4,010
4,409,496
Series
2022A
,
RB
,
5.00
%
,
07/01/33
.....
2,075
2,401,400
Series
2023C
,
RB
,
5.00
%
,
10/01/33
.....
1,000
1,176,529
Series
2019A
,
RB
,
5.00
%
,
03/01/34
.....
7,040
7,713,914
Series
2019A
,
RB
,
5.00
%
,
03/01/35
.....
6,355
6,934,289
Series
2020A
,
RB
,
5.00
%
,
03/01/35
.....
1,065
1,177,268
Series
2022A
,
RB
,
5.00
%
,
07/01/35
.....
2,125
2,444,987
Series
2019A
,
RB
,
5.00
%
,
03/01/36
.....
2,000
2,174,944
Series
2024A
,
RB
,
5.00
%
,
10/01/36
.....
4,000
4,708,468
Series
2019A
,
RB
,
4.00
%
,
03/01/37
.....
2,000
2,056,002
Series
2024A
,
RB
,
5.00
%
,
10/01/37
.....
3,530
4,134,517
Series
2022C
,
RB
,
5.00
%
,
12/01/37
.....
5,000
5,711,095
Series
2020C
,
RB
,
4.00
%
,
05/01/38
.....
2,605
2,683,819
Series
2023A
,
RB
,
5.00
%
,
05/01/38
.....
3,000
3,439,678
Series
2023A
,
RB
,
5.00
%
,
05/01/39
.....
1,000
1,138,480
Series
2022A
,
RB
,
5.00
%
,
07/01/39
.....
3,420
3,846,376
Series
2019A
,
RB
,
4.00
%
,
03/01/40
.....
4,370
4,397,846
Series
2023A
,
RB
,
5.00
%
,
05/01/41
.....
11,865
13,292,695
Series
2023A
,
RB
,
5.00
%
,
05/01/42
.....
4,520
5,042,207
Series
2023A
,
RB
,
5.00
%
,
05/01/43
.....
13,750
15,289,564
Series
2019A
,
RB
,
4.00
%
,
03/01/44
.....
2,000
1,990,605
Series
2020C
,
RB
,
4.00
%
,
05/01/45
.....
2,210
2,197,042
Series
2022A
,
RB
,
5.50
%
,
07/01/47
.....
30,000
33,847,017
Series
2023A
,
RB
,
5.25
%
,
05/01/48
.....
4,870
5,437,163
District
of
Columbia
Water
&
Sewer
Authority
Series
A
,
RB
,
5.00
%
,
10/01/25
.........
2,120
2,175,255
Series
2024A
,
RB
,
5.00
%
,
10/01/33
.....
7,350
8,660,398
Series
2016A
,
RB
,
5.00
%
,
10/01/36
.....
8,520
8,754,639
Series
2024A
,
RB
,
5.00
%
,
10/01/36
.....
7,500
8,799,807
Series
2024A
,
RB
,
5.00
%
,
10/01/38
.....
12,000
13,947,154
Series
2024A
,
RB
,
5.00
%
,
10/01/40
.....
2,740
3,147,229
Series
2024A
,
RB
,
5.00
%
,
10/01/41
.....
4,000
4,566,012
Series
2024A
,
RB
,
5.00
%
,
10/01/42
.....
2,750
3,123,922
Series
2014C
,
RB
,
5.00
%
,
10/01/44
.....
12,060
12,077,509
Series
B
,
RB
,
5.25
%
,
10/01/44
.........
2,000
2,034,954
Series
2018A
,
RB
,
5.00
%
,
10/01/49
.....
23,715
24,595,939
Series
2018B
,
RB
,
5.00
%
,
10/01/49
.....
14,425
14,960,844
Series
A
,
RB
,
5.00
%
,
10/01/52
.........
3,000
3,069,872
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Series
2009B
,
RB
,
0.00
%
,
10/01/33
(
AGC
)
(a)
5,000
3,622,672
Series
2009B
,
RB
,
0.00
%
,
10/01/35
(
AGC
)
(a)
13,940
9,253,608
Series
2010A
,
RB
,
0.00
%
,
10/01/37
(a)
....
4,000
2,165,528
Series
2019B
,
RB
,
4.00
%
,
10/01/44
.....
5,250
5,069,462
Series
2019A
,
RB
,
5.00
%
,
10/01/44
.....
1,000
1,041,740
Series
2019B
,
RB
,
5.00
%
,
10/01/47
.....
1,000
1,034,914
Series
2019B
,
RB
,
4.00
%
,
10/01/49
.....
5,250
4,953,607
Series
2019B
,
RB
,
4.00
%
,
10/01/53
(
AGM
)
3,000
2,843,233
Series
2019B
,
RB
,
4.00
%
,
10/01/53
.....
5,000
4,662,949
Washington
Metropolitan
Area
Transit
Authority
Series
2021A
,
RB
,
5.00
%
,
07/15/25
.....
1,000
1,020,315
Series
2020A
,
RB
,
5.00
%
,
07/15/26
.....
3,360
3,509,553
Series
2021A
,
RB
,
5.00
%
,
07/15/27
.....
500
534,240
Series
2021A
,
RB
,
4.00
%
,
07/15/35
.....
1,500
1,575,140
Series
2023A
,
RB
,
5.00
%
,
07/15/35
.....
1,100
1,275,317
Series
2017B
,
RB
,
5.00
%
,
07/01/36
.....
1,700
1,773,762
Series
2020A
,
RB
,
5.00
%
,
07/15/36
.....
11,730
12,956,318
Security
Par
(000)
Par
(000)
Value
District
of
Columbia
(continued)
Series
2020A
,
RB
,
5.00
%
,
07/15/37
.....
USD
2,765
$
3,047,428
Series
2023A
,
RB
,
5.00
%
,
07/15/37
.....
1,000
1,147,517
Series
2020A
,
RB
,
5.00
%
,
07/15/38
.....
2,000
2,195,199
Series
2021A
,
RB
,
4.00
%
,
07/15/39
.....
4,000
4,107,724
Series
2020A
,
RB
,
4.00
%
,
07/15/40
.....
8,000
8,105,538
Series
2023A
,
RB
,
5.00
%
,
07/15/40
.....
1,500
1,686,274
Series
2023A
,
RB
,
5.00
%
,
07/15/42
.....
5,655
6,276,023
Series
2018
,
RB
,
5.00
%
,
07/01/43
......
5,000
5,154,950
Series
2021A
,
RB
,
3.00
%
,
07/15/43
.....
10,000
8,408,507
Series
2021A
,
RB
,
4.00
%
,
07/15/43
.....
16,820
16,704,386
Series
2023A
,
RB
,
5.00
%
,
07/15/43
.....
1,050
1,158,163
Series
2020A
,
RB
,
5.00
%
,
07/15/45
.....
2,000
2,128,423
Series
2023A
,
RB
,
5.00
%
,
07/15/45
.....
1,000
1,093,260
Series
2021A
,
RB
,
5.00
%
,
07/15/46
.....
2,250
2,409,214
Series
2023A
,
RB
,
5.00
%
,
07/15/48
.....
5,000
5,417,452
Series
2023A
,
RB
,
5.25
%
,
07/15/53
.....
12,000
13,150,978
Washington
Metropolitan
Area
Transit
Authority
Dedicated
Series
2024A
,
RB
,
5.00
%
,
07/15/54
.....
5,000
5,397,463
Series
2024A
,
RB
,
5.00
%
,
07/15/56
.....
7,500
8,064,541
Series
2024A
,
RB
,
5.25
%
,
07/15/59
.....
13,750
15,085,511
774,469,387
Florida
—
1.5%
Broward
County,
Series
2019A,
RB,
5.00%, 10/01/40
.................
5,290
5,680,203
Central
Florida
Expressway
Authority
Series
2016B
,
RB
,
5.00
%
,
07/01/26
.....
4,110
4,282,096
Series
2021
,
RB
,
5.00
%
,
07/01/26
(
AGM
)
.
510
531,913
Series
2021
,
RB
,
5.00
%
,
07/01/27
(
AGM
)
.
10,450
11,141,060
Series
2016B
,
RB
,
5.00
%
,
07/01/28
.....
3,505
3,632,896
Series
2021
,
RB
,
5.00
%
,
07/01/28
(
AGM
)
.
1,000
1,088,688
Series
2021
,
RB
,
5.00
%
,
07/01/30
(
AGM
)
.
1,000
1,128,044
Series
2016B
,
RB
,
4.00
%
,
07/01/31
.....
1,050
1,060,150
Series
2021
,
RB
,
5.00
%
,
07/01/32
(
AGM
)
.
725
825,386
Series
2016B
,
RB
,
5.00
%
,
07/01/34
.....
1,000
1,042,724
Series
2021
,
RB
,
4.00
%
,
07/01/35
(
AGM
)
.
500
523,130
Series
2024B
,
RB
,
5.00
%
,
07/01/35
(
AGC
)
10,000
11,605,966
Series
2021
,
RB
,
2.13
%
,
07/01/36
(
AGM
)
.
1,000
809,250
Series
2016B
,
RB
,
4.00
%
,
07/01/36
.....
2,000
2,006,507
Series
2021
,
RB
,
4.00
%
,
07/01/37
(
AGM
)
.
3,440
3,565,669
Series
2018
,
RB
,
5.00
%
,
07/01/37
......
2,025
2,148,472
Series
2021
,
RB
,
4.00
%
,
07/01/38
(
AGM
)
.
1,000
1,029,708
Series
2018
,
RB
,
5.00
%
,
07/01/38
......
3,325
3,511,887
Series
2017
,
RB
,
5.00
%
,
07/01/38
......
5,845
6,064,256
Series
2017
,
RB
,
5.00
%
,
07/01/39
......
1,250
1,295,268
Series
2018
,
RB
,
5.00
%
,
07/01/39
......
4,380
4,607,813
Series
2018
,
RB
,
5.00
%
,
07/01/40
......
3,000
3,140,786
Series
2017
,
RB
,
4.00
%
,
07/01/41
......
2,775
2,743,964
Series
2018
,
RB
,
5.00
%
,
07/01/43
......
2,000
2,083,113
Series
2019B
,
RB
,
5.00
%
,
07/01/44
.....
2,500
2,632,964
Series
2019B
,
RB
,
5.00
%
,
07/01/49
.....
2,500
2,625,161
Series
2024A
,
RB
,
5.00
%
,
07/01/54
(
AGC
)
4,000
4,323,668
City
of
Fort
Lauderdale,
Series
2023B,
RB,
5.50%, 09/01/53
.................
3,825
4,311,437
City
of
Gainesville
Utilities
System
Series
2017A
,
RB
,
5.00
%
,
10/01/37
.....
1,000
1,044,625
Series
2019A
,
RB
,
5.00
%
,
10/01/44
.....
1,500
1,570,899
City
of
Jacksonville
Series
2024
,
RB
,
5.00
%
,
10/01/49
......
3,000
3,279,195
Series
2024
,
RB
,
5.25
%
,
10/01/54
......
10,000
11,049,364
City
of
Tampa
Water
&
Wastewater
System
Series
2020A
,
RB
,
4.00
%
,
10/01/44
.....
1,000
1,000,725
Series
2020A
,
RB
,
5.00
%
,
10/01/50
.....
12,000
12,924,577
Series
2020A
,
RB
,
5.00
%
,
10/01/54
.....
4,205
4,508,104
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
County
of
Miami-Dade
Series
2020A
,
RB
,
5.00
%
,
10/01/31
.....
USD
2,000
$
2,226,071
Series
2016
,
RB
,
5.00
%
,
10/01/35
......
2,000
2,060,205
Series
2024B
,
RB
,
5.00
%
,
10/01/37
.....
3,750
4,325,580
Series
B
,
RB
,
5.00
%
,
10/01/37
.........
6,705
6,723,820
Series
2016A
,
GO
,
5.00
%
,
07/01/38
.....
2,000
2,063,718
Series
2016A
,
GO
,
4.00
%
,
07/01/39
.....
5,000
5,040,623
Series
2020A
,
RB
,
4.00
%
,
10/01/41
.....
4,950
4,905,161
Series
A
,
RB
,
5.00
%
,
10/01/41
.........
30,050
30,646,135
Series
2014A
,
GO
,
4.00
%
,
07/01/42
.....
2,000
1,993,932
Series
2015D
,
GO
,
5.00
%
,
07/01/45
.....
8,505
8,715,017
Series
2024A
,
RB
,
5.00
%
,
04/01/51
.....
2,980
3,211,137
Series
2021A
,
GO
,
5.00
%
,
07/01/51
.....
8,375
9,253,323
Series
2024A
,
RB
,
5.00
%
,
04/01/54
.....
16,705
17,925,354
County
of
Miami-Dade
Transit
System
Series
2019
,
RB
,
4.00
%
,
07/01/39
......
2,000
2,030,449
Series
2018
,
RB
,
5.00
%
,
07/01/43
......
2,000
2,086,734
Series
2022
,
RB
,
5.00
%
,
07/01/43
......
15,000
16,464,126
Series
2022
,
RB
,
5.00
%
,
07/01/46
......
5,780
6,287,817
Series
2018
,
RB
,
4.00
%
,
07/01/48
......
5,215
5,062,622
Series
2020A
,
RB
,
4.00
%
,
07/01/49
.....
3,500
3,359,979
Series
2020A
,
RB
,
4.00
%
,
07/01/50
.....
5,000
4,771,514
County
of
Miami-Dade
Water
&
Sewer
System
Series
2015
,
RB
,
5.00
%
,
10/01/24
......
4,140
4,145,857
Series
2015
,
RB
,
5.00
%
,
10/01/25
......
2,840
2,910,963
Series
2017B
,
RB
,
5.00
%
,
10/01/27
.....
1,010
1,082,654
Series
2017B
,
RB
,
4.00
%
,
10/01/35
.....
7,600
7,767,751
Series
2017B
,
RB
,
4.00
%
,
10/01/37
.....
6,500
6,628,365
Series
2017A
,
RB
,
4.00
%
,
10/01/38
.....
18,605
18,866,084
Series
2021
,
RB
,
4.00
%
,
10/01/39
......
1,000
1,015,671
Series
2021
,
RB
,
4.00
%
,
10/01/41
......
1,000
993,741
Series
2019B
,
RB
,
4.00
%
,
10/01/44
.....
2,345
2,309,385
Series
2017A
,
RB
,
4.00
%
,
10/01/44
.....
3,235
3,185,867
Series
2019B
,
RB
,
5.00
%
,
10/01/44
.....
2,000
2,091,722
Series
2021
,
RB
,
4.00
%
,
10/01/46
......
5,050
4,937,259
RB
,
4.00
%
,
10/01/48
...............
2,000
1,963,774
Series
2019B
,
RB
,
4.00
%
,
10/01/49
.....
7,000
6,766,900
Series
2024A
,
RB
,
5.00
%
,
10/01/49
.....
18,800
20,540,754
Series
2021
,
RB
,
4.00
%
,
10/01/51
......
2,000
1,920,725
Series
2024A
,
RB
,
5.25
%
,
10/01/54
.....
3,500
3,852,280
Florida
Department
of
Management
Services,
Series
2018A,
COP,
5.00%, 11/01/28
....
1,750
1,914,382
Florida
Municipal
Power
Agency
Series
2016A
,
RB
,
5.00
%
,
10/01/29
.....
5,360
5,577,096
Series
2016A
,
RB
,
5.00
%
,
10/01/30
.....
2,500
2,597,157
Series
2016A
,
RB
,
5.00
%
,
10/01/31
.....
830
861,407
Hillsborough
County
Aviation
Authority
Series
2015B
,
RB
,
5.00
%
,
10/01/40
.....
3,075
3,079,464
Series
2015A
,
RB
,
5.00
%
,
10/01/44
.....
1,000
1,000,331
Series
2015B
,
RB
,
5.00
%
,
10/01/44
.....
2,425
2,428,521
Series
2022B
,
RB
,
5.00
%
,
10/01/47
.....
2,000
2,155,419
Series
2018F
,
RB
,
5.00
%
,
10/01/48
.....
7,000
7,280,339
JEA
Water
&
Sewer
System
Series
2017A
,
RB
,
5.00
%
,
10/01/27
.....
4,070
4,356,537
Series
2008B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.30
%
,
09/04/24
(b)
...
44,790
44,790,000
Series
2024A
,
RB
,
5.25
%
,
10/01/49
.....
19,835
21,888,404
Series
2024A
,
RB
,
5.50
%
,
10/01/54
.....
1,000
1,121,653
Miami
Beach
Redevelopment
Agency,
Series
A,
5.00%, 02/01/40
(AGM)
............
1,000
1,000,657
Miami-Dade
County
Educational
Facilities
Authority
Series
2015A
,
RB
,
5.00
%
,
04/01/40
.....
6,000
6,037,099
Series
2015A
,
RB
,
5.00
%
,
04/01/45
.....
4,000
4,020,205
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Miami-Dade
County
Expressway
Authority
Series
2014B
,
RB
,
5.00
%
,
07/01/26
.....
USD
1,020
$
1,023,867
Series
A
,
RB
,
5.00
%
,
07/01/35
(
AGM
)
....
975
975,842
Series
2014A
,
RB
,
5.00
%
,
07/01/39
.....
2,830
2,831,622
Series
A
,
RB
,
5.00
%
,
07/01/40
.........
2,105
2,106,222
Series
2014A
,
RB
,
5.00
%
,
07/01/44
.....
1,000
1,000,558
Mid-Bay
Bridge
Authority
Series
A
,
RB
,
5.00
%
,
10/01/35
.........
1,000
1,013,530
Series
A
,
RB
,
5.00
%
,
10/01/40
.........
3,000
3,025,106
Orange
County
Convention
Center
Series
2010
,
RB
,
5.00
%
,
10/01/24
......
1,285
1,286,870
Series
2016B
,
RB
,
4.00
%
,
10/01/36
.....
2,070
2,075,102
Orange
County
School
Board
Series
2024A
,
COP
,
5.00
%
,
08/01/33
....
6,500
7,537,521
Series
2016C
,
COP
,
5.00
%
,
08/01/34
....
2,500
2,618,042
Orlando
Utilities
Commission
Series
2013A
,
RB
,
5.00
%
,
10/01/25
.....
1,900
1,946,862
Series
2015B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.09
%
,
09/04/24
(b)
..........
20,425
20,425,000
Series
2021A
,
RB
,
4.00
%
,
10/01/39
.....
4,685
4,783,113
Series
2021A
,
RB
,
4.00
%
,
10/01/40
.....
4,000
4,065,634
Palm
Beach
County
School
District
Series
2018C
,
COP
,
5.00
%
,
08/01/29
....
2,540
2,735,548
Series
2015D
,
COP
,
5.00
%
,
08/01/31
....
2,000
2,035,255
Series
2023A
,
COP
,
5.00
%
,
08/01/36
....
1,500
1,726,071
Series
2023A
,
COP
,
5.00
%
,
08/01/37
....
1,750
2,009,054
Series
2023A
,
COP
,
5.00
%
,
08/01/38
....
1,500
1,710,465
Series
2022B
,
COP
,
5.25
%
,
08/01/38
....
3,530
4,040,546
Series
2023A
,
COP
,
5.00
%
,
08/01/39
....
2,250
2,552,581
School
Board
of
Miami-Dade
County
(The)
Series
2015D
,
COP
,
5.00
%
,
02/01/27
....
2,000
2,046,392
Series
2015B
,
COP
,
5.00
%
,
05/01/27
....
2,500
2,529,741
Series
2014D
,
COP
,
5.00
%
,
11/01/27
....
3,300
3,310,092
Series
2012A
,
COP
,
4.00
%
,
08/01/29
....
1,000
1,000,897
Series
2015D
,
COP
,
5.00
%
,
02/01/30
....
2,000
2,045,558
Series
2015A
,
COP
,
5.00
%
,
05/01/30
....
1,000
1,011,633
School
District
of
Broward
County
Series
C
,
COP
,
5.00
%
,
07/01/26
........
2,025
2,109,422
Series
2019A
,
COP
,
5.00
%
,
07/01/27
....
1,750
1,863,262
Series
2020A
,
COP
,
5.00
%
,
07/01/32
....
2,000
2,216,615
Series
2020A
,
COP
,
5.00
%
,
07/01/34
....
2,000
2,207,656
South
Florida
Water
Management
District
Series
2015
,
COP
,
5.00
%
,
10/01/33
.....
1,000
1,027,350
Series
2015
,
COP
,
5.00
%
,
10/01/35
.....
5,000
5,132,087
State
of
Florida
Series
2024A
,
GO
,
5.00
%
,
06/01/28
.....
9,965
10,860,133
Series
2024A
,
GO
,
5.00
%
,
06/01/34
.....
5,030
5,981,933
Series
2017C
,
GO
,
4.00
%
,
06/01/36
.....
13,590
13,801,717
Series
2018A
,
GO
,
4.00
%
,
07/01/37
.....
3,725
3,811,346
Series
2018A
,
GO
,
4.00
%
,
07/01/38
.....
4,030
4,096,195
Series
2018A
,
GO
,
4.00
%
,
07/01/39
.....
4,195
4,257,000
Series
2018A
,
GO
,
4.00
%
,
07/01/40
.....
4,360
4,407,427
State
of
Florida
Department
of
Transportation
Turnpike
System
Series
2022C
,
RB
,
5.00
%
,
07/01/47
.....
6,395
6,949,425
Series
2018A
,
RB
,
4.00
%
,
07/01/48
.....
4,000
3,936,463
Series
2024B
,
RB
,
4.00
%
,
07/01/54
.....
15,000
14,581,060
State
of
Florida
Lottery,
Series
2016B,
RB,
5.00%, 07/01/25
.................
1,100
1,120,513
Tampa
Bay
Water,
Series
2022,
RB,
5.00%, 10/01/52
.................
5,000
5,364,438
Tampa-Hillsborough
County
Expressway
Authority
Series
2017B
,
RB
,
4.00
%
,
07/01/42
.....
12,725
12,349,794
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Series
2017
,
RB
,
5.00
%
,
07/01/47
......
USD
6,210
$
6,355,046
662,959,014
Georgia
—
2.8%
City
of
Atlanta
Series
2015
,
RB
,
5.00
%
,
11/01/28
......
2,000
2,027,971
Series
2022A-1
,
GO
,
5.00
%
,
12/01/29
....
1,000
1,121,406
Series
2015
,
RB
,
5.00
%
,
11/01/31
......
1,755
1,776,693
Series
2015
,
RB
,
5.00
%
,
11/01/32
......
2,230
2,256,884
Series
2022A-1
,
GO
,
5.00
%
,
12/01/32
....
1,750
2,044,470
Series
2015
,
RB
,
5.00
%
,
11/01/33
......
11,680
11,861,696
Series
2015
,
RB
,
5.00
%
,
11/01/34
......
10,005
10,160,640
Series
2022A-1
,
GO
,
5.00
%
,
12/01/35
....
1,750
2,025,907
Series
2018C
,
RB
,
4.00
%
,
11/01/38
.....
8,000
8,032,983
Series
2022A-1
,
GO
,
5.00
%
,
12/01/38
....
2,500
2,852,111
Series
2015
,
RB
,
5.00
%
,
11/01/40
......
82,030
82,679,258
Series
2022A-1
,
GO
,
5.00
%
,
12/01/41
....
2,000
2,245,891
Series
2018B
,
RB
,
5.00
%
,
11/01/43
.....
4,780
4,977,869
Series
2018B
,
RB
,
5.00
%
,
11/01/47
.....
24,350
25,232,366
City
of
Atlanta
Airport
Passenger
Facility
Charge
Series
2019C
,
RB
,
5.00
%
,
07/01/36
.....
2,500
2,716,371
Series
2019C
,
RB
,
5.00
%
,
07/01/39
.....
2,500
2,691,790
Series
2023D
,
RB
,
5.00
%
,
07/01/44
.....
2,000
2,207,087
City
of
Atlanta
Department
of
Aviation
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
1,735
1,767,052
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
2,005
2,091,554
Series
2020A
,
RB
,
5.00
%
,
07/01/28
.....
2,000
2,178,219
Series
2020A
,
RB
,
5.00
%
,
07/01/29
.....
8,505
9,448,102
Series
2020A
,
RB
,
5.00
%
,
07/01/30
.....
2,000
2,257,362
Series
2023F
,
RB
,
5.00
%
,
07/01/33
.....
2,250
2,627,824
Series
2022A
,
RB
,
5.00
%
,
07/01/47
.....
1,445
1,567,526
Series
2023B-1
,
RB
,
5.00
%
,
07/01/48
....
1,000
1,091,056
Series
2019A
,
RB
,
4.00
%
,
07/01/49
.....
6,145
5,980,021
Series
2022A
,
RB
,
4.00
%
,
07/01/52
.....
3,010
2,889,822
Series
2023B-1
,
RB
,
5.00
%
,
07/01/53
....
4,000
4,317,889
County
of
DeKalb,
Series
2006B,
RB,
5.25%, 10/01/32
(AGM)
............
2,190
2,279,768
County
of
Fulton
Series
2013A
,
RB
,
4.00
%
,
01/01/34
.....
15,990
15,991,306
Series
2013A
,
RB
,
4.00
%
,
01/01/35
.....
6,885
6,885,344
Forsyth
County
Water
&
Sewerage
Authority,
Series
2019,
RB,
3.00%, 04/01/49
......
4,000
3,213,854
Georgia
Ports
Authority
Series
2022
,
RB
,
5.00
%
,
07/01/26
......
535
558,399
Series
2022
,
RB
,
5.00
%
,
07/01/27
......
905
967,148
Series
2022
,
RB
,
5.00
%
,
07/01/29
......
1,500
1,669,864
Series
2022
,
RB
,
5.00
%
,
07/01/31
......
1,015
1,160,276
Series
2022
,
RB
,
5.00
%
,
07/01/33
......
1,500
1,733,104
Series
2022
,
RB
,
5.00
%
,
07/01/35
......
1,000
1,148,945
Series
2022
,
RB
,
5.00
%
,
07/01/38
......
750
849,294
Series
2021
,
RB
,
4.00
%
,
07/01/39
......
1,000
1,023,415
Series
2021
,
RB
,
4.00
%
,
07/01/40
......
1,000
1,018,656
Series
2022
,
RB
,
5.00
%
,
07/01/41
......
2,250
2,499,598
Series
2021
,
RB
,
4.00
%
,
07/01/42
......
1,000
1,004,995
Series
2022
,
RB
,
5.00
%
,
07/01/42
......
5,865
6,489,976
Series
2021
,
RB
,
4.00
%
,
07/01/43
......
4,750
4,766,650
Series
2022
,
RB
,
4.00
%
,
07/01/47
......
3,125
3,092,265
Series
2022
,
RB
,
5.00
%
,
07/01/47
......
1,000
1,087,560
Series
2021
,
RB
,
4.00
%
,
07/01/51
......
1,750
1,700,557
Series
2022
,
RB
,
4.00
%
,
07/01/52
......
11,110
10,770,783
Series
2022
,
RB
,
5.25
%
,
07/01/52
......
6,750
7,418,244
Georgia
State
Road
&
Tollway
Authority
Series
2020
,
RB
,
5.00
%
,
06/01/26
......
1,325
1,380,244
Series
2020
,
RB
,
5.00
%
,
06/01/27
......
2,200
2,344,121
Series
2020
,
RB
,
5.00
%
,
06/01/29
......
2,910
3,232,680
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Series
2020
,
RB
,
5.00
%
,
06/01/31
......
USD
2,500
$
2,808,716
Series
2020
,
RB
,
5.00
%
,
06/01/32
......
6,105
6,830,395
Series
2021A
,
RB
,
4.00
%
,
07/15/41
(
GTD
)
5,000
5,146,678
Series
2021A
,
RB
,
4.00
%
,
07/15/42
(
GTD
)
18,100
18,508,506
Series
2021A
,
RB
,
4.00
%
,
07/15/46
(
GTD
)
7,170
7,145,988
Gwinnett
County
School
District
Series
2022B
,
GO
,
5.00
%
,
08/01/25
.....
6,000
6,127,088
Series
2022B
,
GO
,
5.00
%
,
08/01/26
.....
25,010
26,154,233
Series
2015
,
GO
,
5.00
%
,
02/01/31
......
5,580
5,677,173
Series
2015
,
GO
,
5.00
%
,
02/01/34
......
4,995
5,075,963
Series
2021
,
GO
,
4.00
%
,
02/01/37
......
2,000
2,104,175
Series
2019
,
GO
,
5.00
%
,
02/01/38
......
17,010
18,404,291
Series
2019
,
GO
,
5.00
%
,
02/01/39
......
6,165
6,639,197
Series
2019
,
GO
,
5.00
%
,
02/01/40
......
11,710
12,571,529
Henry
County
School
District
Series
2021
,
GO
,
1.88
%
,
08/01/34
(
SAW
)
.
18,330
14,961,544
Series
2021
,
GO
,
1.88
%
,
08/01/35
(
SAW
)
.
18,880
15,069,512
Series
2021
,
GO
,
1.88
%
,
08/01/36
(
SAW
)
.
19,305
15,010,838
Metropolitan
Atlanta
Rapid
Transit
Authority
Series
2016B
,
RB
,
5.00
%
,
07/01/35
.....
7,750
8,102,352
Series
2024B
,
RB
,
5.00
%
,
07/01/36
.....
5,000
5,853,380
Series
2024A
,
RB
,
5.00
%
,
07/01/37
.....
5,000
5,828,721
Series
2021E-1
,
RB
,
3.00
%
,
07/01/39
....
2,500
2,252,142
Series
2017C
,
RB
,
3.25
%
,
07/01/39
.....
2,500
2,326,983
Series
2021E-1
,
RB
,
3.00
%
,
07/01/40
....
9,565
8,476,529
Series
2015B
,
RB
,
5.00
%
,
07/01/45
.....
1,745
1,779,902
Series
2024B
,
RB
,
5.00
%
,
07/01/45
.....
5,000
5,595,140
Series
2020A
,
RB
,
3.00
%
,
07/01/47
.....
2,850
2,309,804
Municipal
Electric
Authority
of
Georgia
Series
2016A
,
RB
,
5.00
%
,
01/01/28
.....
2,000
2,068,625
Series
2021A
,
RB
,
5.00
%
,
01/01/34
.....
1,575
1,761,626
Series
2019A
,
RB
,
4.00
%
,
01/01/44
(
AGM
)
2,000
1,979,540
Series
2019A
,
RB
,
5.00
%
,
01/01/44
.....
7,975
8,296,112
Series
2019A
,
RB
,
4.00
%
,
01/01/49
.....
1,750
1,672,948
Series
2019A
,
RB
,
5.00
%
,
01/01/49
.....
5,000
5,146,368
Series
2019A
,
RB
,
5.00
%
,
01/01/56
.....
3,000
3,072,846
Series
2015A
,
RB
,
5.00
%
,
07/01/60
.....
1,000
1,001,832
Series
2021A
,
RB
,
5.00
%
,
01/01/62
(
AGM
)
3,335
3,458,822
Series
2019A
,
RB
,
5.00
%
,
01/01/63
.....
1,500
1,532,705
Private
Colleges
&
Universities
Authority
Series
2020B
,
RB
,
5.00
%
,
09/01/25
.....
10,710
10,947,409
Series
2022A
,
RB
,
5.00
%
,
09/01/29
.....
1,505
1,677,555
Series
2020B
,
RB
,
5.00
%
,
09/01/30
.....
5,000
5,652,175
Series
2023B
,
RB
,
5.00
%
,
09/01/33
.....
29,360
34,520,049
Series
B
,
RB
,
4.00
%
,
10/01/38
.........
4,000
4,010,319
Series
2020B
,
RB
,
4.00
%
,
09/01/39
.....
1,500
1,538,965
Series
2013A
,
RB
,
5.00
%
,
10/01/43
.....
2,415
2,419,425
Series
A
,
RB
,
5.00
%
,
10/01/46
.........
6,525
6,721,968
Series
2019B
,
RB
,
5.00
%
,
09/01/48
.....
2,500
2,646,373
State
of
Georgia
Series
2016E
,
GO
,
5.00
%
,
12/01/24
.....
1,370
1,377,135
Series
2016F
,
GO
,
5.00
%
,
01/01/25
.....
2,410
2,427,300
Series
2014A-2
,
GO
,
5.00
%
,
02/01/25
....
2,000
2,003,425
Series
2019A
,
GO
,
5.00
%
,
07/01/25
.....
1,000
1,020,138
Series
2022A
,
GO
,
5.00
%
,
07/01/25
.....
1,890
1,928,061
Series
2016E
,
GO
,
5.00
%
,
12/01/25
.....
5,775
5,956,418
Series
2016A
,
GO
,
5.00
%
,
02/01/26
.....
10,685
11,056,022
Series
2021A
,
GO
,
5.00
%
,
07/01/26
.....
23,835
24,912,330
Series
2017C
,
GO
,
5.00
%
,
07/01/26
.....
2,000
2,090,399
Series
2022A
,
GO
,
5.00
%
,
07/01/26
.....
7,905
8,262,302
Series
2016E
,
GO
,
5.00
%
,
12/01/26
.....
16,530
17,442,993
Series
2016A
,
GO
,
5.00
%
,
02/01/27
.....
1,175
1,212,829
Series
2021A
,
GO
,
5.00
%
,
07/01/27
.....
14,890
15,927,021
Series
2023A
,
GO
,
5.00
%
,
07/01/27
.....
5,000
5,348,227
Series
2020A
,
GO
,
5.00
%
,
08/01/27
.....
7,665
8,214,718
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Series
2016E
,
GO
,
5.00
%
,
12/01/27
.....
USD
1,325
$
1,392,674
Series
2016F
,
GO
,
5.00
%
,
01/01/28
.....
2,805
2,956,733
Series
2022A
,
GO
,
5.00
%
,
07/01/28
.....
8,500
9,294,207
Series
2018A
,
GO
,
5.00
%
,
07/01/28
.....
5,165
5,647,597
Series
2020A
,
GO
,
5.00
%
,
08/01/28
.....
2,000
2,190,787
Series
2017C
,
GO
,
5.00
%
,
07/01/29
.....
5,500
5,858,880
Series
2018A
,
GO
,
5.00
%
,
07/01/29
.....
5,000
5,455,197
Series
2019A
,
GO
,
5.00
%
,
07/01/29
.....
1,500
1,674,509
Series
2020A
,
GO
,
5.00
%
,
08/01/29
.....
10,000
11,182,293
Series
2016A
,
GO
,
5.00
%
,
02/01/30
.....
1,030
1,059,933
Series
2017A-2
,
GO
,
5.00
%
,
02/01/30
....
11,420
12,042,103
Series
2023A
,
GO
,
5.00
%
,
07/01/30
.....
11,660
13,236,786
Series
2018A
,
GO
,
5.00
%
,
07/01/30
.....
6,775
7,350,173
Series
2019A
,
GO
,
5.00
%
,
07/01/31
.....
5,180
5,723,990
Series
2023A
,
GO
,
5.00
%
,
07/01/31
.....
5,720
6,590,398
Series
2022A
,
GO
,
5.00
%
,
07/01/31
.....
2,200
2,534,768
Series
2021A
,
GO
,
5.00
%
,
07/01/31
.....
1,570
1,808,903
Series
2020A
,
GO
,
5.00
%
,
08/01/31
.....
2,805
3,168,043
Series
2017A-2
,
GO
,
5.00
%
,
02/01/32
....
12,600
13,227,397
Series
2018A
,
GO
,
5.00
%
,
07/01/32
.....
22,925
24,727,322
Series
2021A
,
GO
,
5.00
%
,
07/01/32
.....
3,330
3,822,912
Series
2023C
,
GO
,
5.00
%
,
01/01/33
.....
8,545
10,045,911
Series
2017A-2
,
GO
,
5.00
%
,
02/01/33
....
10,015
10,503,684
Series
2021A
,
GO
,
4.00
%
,
07/01/34
.....
2,010
2,140,977
Series
2020A
,
GO
,
4.00
%
,
08/01/34
.....
1,720
1,818,016
Series
2023A
,
GO
,
5.00
%
,
07/01/35
.....
9,560
11,245,256
Series
2021A
,
GO
,
4.00
%
,
07/01/36
.....
30,000
31,716,951
Series
2023A
,
GO
,
5.00
%
,
07/01/36
.....
2,215
2,591,053
Series
2021A
,
GO
,
4.00
%
,
07/01/37
.....
11,810
12,414,894
Series
2023A
,
GO
,
5.00
%
,
07/01/37
.....
7,340
8,557,779
Series
2021A
,
GO
,
4.00
%
,
07/01/38
.....
7,500
7,851,608
Series
2023A
,
GO
,
5.00
%
,
07/01/38
.....
1,985
2,302,698
Series
2021A
,
GO
,
4.00
%
,
07/01/39
.....
1,055
1,098,774
Series
2022A
,
GO
,
4.00
%
,
07/01/40
.....
10,000
10,377,971
Series
2023A
,
GO
,
5.00
%
,
07/01/41
.....
11,210
12,739,958
Series
2022A
,
GO
,
4.00
%
,
07/01/42
.....
10,000
10,234,756
984,066,516
Hawaii
—
0.0%
City
&
County
Honolulu
Wastewater
System
Series
2018A
,
RB
,
4.00
%
,
07/01/38
.....
3,300
3,345,167
Series
A
,
RB
,
5.00
%
,
07/01/40
.........
1,000
1,018,851
Series
A
,
RB
,
5.00
%
,
07/01/45
.........
3,675
3,744,276
Series
2018A
,
RB
,
5.00
%
,
07/01/47
.....
4,220
4,375,971
Series
2022A
,
RB
,
5.00
%
,
07/01/47
.....
3,000
3,272,670
Series
2022A
,
RB
,
5.25
%
,
07/01/51
.....
2,500
2,778,467
City
&
County
of
Honolulu
Series
2020B
,
GO
,
5.00
%
,
03/01/25
.....
1,010
1,020,751
Series
2019A
,
GO
,
5.00
%
,
09/01/27
.....
1,170
1,254,201
Series
2020B
,
GO
,
5.00
%
,
03/01/28
.....
2,120
2,294,839
Series
2020D
,
GO
,
5.00
%
,
07/01/28
.....
3,055
3,329,806
Series
2022A
,
GO
,
5.00
%
,
11/01/28
.....
2,930
3,215,311
Series
2020B
,
GO
,
5.00
%
,
03/01/30
.....
1,500
1,680,864
Series
C
,
GO
,
5.00
%
,
10/01/30
........
5,000
5,649,412
Series
2020B
,
GO
,
5.00
%
,
03/01/31
.....
2,550
2,847,516
State
of
Hawaii
Series
EO
,
GO
,
5.00
%
,
08/01/25
.......
5,255
5,263,510
Series
2018FT
,
GO
,
5.00
%
,
01/01/26
....
3,410
3,519,897
Series
FK
,
GO
,
5.00
%
,
05/01/26
.......
1,400
1,456,692
Series
EO
,
GO
,
5.00
%
,
08/01/26
.......
2,280
2,283,750
Series
FH
,
GO
,
5.00
%
,
10/01/26
.......
3,975
4,168,741
Series
FH
,
GO
,
5.00
%
,
10/01/27
.......
4,725
4,952,508
Series
EZ
,
GO
,
5.00
%
,
10/01/27
.......
2,000
2,051,841
Series
2018FT
,
GO
,
5.00
%
,
01/01/28
....
1,000
1,079,515
Series
FH
,
GO
,
5.00
%
,
10/01/28
.......
3,450
3,613,974
Security
Par
(000)
Par
(000)
Value
Hawaii
(continued)
Series
EO
,
GO
,
5.00
%
,
08/01/29
.......
USD
720
$
721,120
Series
2018FT
,
GO
,
5.00
%
,
01/01/30
....
3,000
3,217,663
Series
EO
,
GO
,
5.00
%
,
08/01/30
.......
1,895
1,898,862
Series
2018FT
,
GO
,
5.00
%
,
01/01/31
....
3,005
3,205,962
Series
FN
,
GO
,
5.00
%
,
10/01/31
.......
1,000
1,065,938
Series
2019FW
,
GO
,
5.00
%
,
01/01/33
....
5,060
5,507,353
Series
2018FT
,
GO
,
5.00
%
,
01/01/33
....
2,000
2,127,995
Series
FK
,
GO
,
5.00
%
,
05/01/34
.......
2,310
2,440,212
Series
FG
,
GO
,
4.00
%
,
10/01/34
.......
7,755
7,894,271
Series
2019FW
,
GO
,
5.00
%
,
01/01/35
....
10,000
10,861,753
Series
FK
,
GO
,
4.00
%
,
05/01/36
.......
2,000
2,024,325
Series
FG
,
GO
,
4.00
%
,
10/01/36
.......
6,665
6,736,290
Series
2019FW
,
GO
,
5.00
%
,
01/01/37
....
2,000
2,166,025
State
of
Hawaii
Airports
System
Series
2020D
,
RB
,
4.00
%
,
07/01/35
.....
2,000
2,079,951
Series
2020D
,
RB
,
4.00
%
,
07/01/38
.....
2,000
2,047,790
122,214,040
Idaho
—
0.0%
Idaho
Housing
&
Finance
Association
Series
2015A
,
RB
,
5.00
%
,
07/15/26
.....
1,030
1,072,395
Series
2021A
,
RB
,
4.00
%
,
07/15/38
.....
2,150
2,177,777
3,250,172
Illinois
—
4.0%
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Series
2016
,
RB
,
5.75
%
,
04/01/34
......
1,670
1,757,393
Series
2016
,
RB
,
6.00
%
,
04/01/46
......
1,830
1,912,338
Chicago
Midway
International
Airport
Series
2023B
,
RB
,
5.00
%
,
01/01/34
(
BAM
)
1,900
2,185,105
Series
2023B
,
RB
,
5.00
%
,
01/01/35
(
BAM
)
7,000
8,016,042
Series
B
,
RB
,
5.00
%
,
01/01/46
.........
2,255
2,275,549
Chicago
O'Hare
International
Airport
Series
E
,
RB
,
5.00
%
,
01/01/27
.........
2,000
2,106,994
Series
B
,
RB
,
5.00
%
,
01/01/27
.........
2,500
2,514,830
Series
B
,
RB
,
5.00
%
,
01/01/28
.........
10,000
10,053,153
Series
B
,
RB
,
5.00
%
,
01/01/30
.........
6,120
6,151,990
Series
C
,
RB
,
5.00
%
,
01/01/31
.........
460
469,827
Series
B
,
RB
,
5.00
%
,
01/01/32
.........
15,075
15,146,489
Series
B
,
RB
,
5.00
%
,
01/01/33
.........
9,085
9,128,586
Series
D
,
RB
,
5.25
%
,
01/01/33
.........
9,000
9,412,450
Series
2020A
,
RB
,
5.00
%
,
01/01/34
.....
8,045
8,784,380
Series
C
,
RB
,
5.00
%
,
01/01/34
.........
1,300
1,324,620
Series
B
,
RB
,
5.00
%
,
01/01/34
.........
4,175
4,291,442
Series
D
,
RB
,
5.25
%
,
01/01/34
.........
5,000
5,225,227
Series
2020A
,
RB
,
4.00
%
,
01/01/35
.....
4,000
4,103,055
Series
B
,
RB
,
5.00
%
,
01/01/35
.........
9,000
9,324,266
Series
2020A
,
RB
,
5.00
%
,
01/01/35
.....
10,000
10,897,643
Series
B
,
RB
,
5.00
%
,
01/01/36
.........
14,110
14,598,780
Series
B
,
RB
,
5.00
%
,
01/01/37
.........
2,345
2,422,688
Series
B
,
RB
,
5.00
%
,
01/01/38
.........
3,025
3,121,735
Series
B
,
RB
,
5.00
%
,
01/01/39
.........
7,500
7,722,209
Series
2020A
,
RB
,
4.00
%
,
01/01/40
(
AGM
)
5,000
5,048,382
Series
2022D
,
RB
,
5.00
%
,
01/01/40
.....
15,045
16,525,717
Series
B
,
RB
,
5.00
%
,
01/01/41
.........
4,075
4,126,228
Series
2022D
,
RB
,
4.00
%
,
01/01/42
.....
2,000
1,969,361
Series
D
,
RB
,
5.25
%
,
01/01/42
.........
9,000
9,292,844
Series
2018B
,
RB
,
4.00
%
,
01/01/44
.....
7,000
6,771,810
Series
D
,
RB
,
5.00
%
,
01/01/46
.........
1,000
1,002,104
Series
D
,
RB
,
5.00
%
,
01/01/47
.........
8,380
8,552,878
Series
2018B
,
RB
,
5.00
%
,
01/01/48
.....
32,500
33,874,175
Series
2024B
,
RB
,
5.00
%
,
01/01/48
(c)
....
5,000
5,390,489
Series
D
,
RB
,
5.00
%
,
01/01/52
.........
23,915
24,341,333
Series
2018B
,
RB
,
4.00
%
,
01/01/53
(
AGM
)
9,450
9,160,555
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Series
2018B
,
RB
,
5.00
%
,
01/01/53
.....
USD
9,885
$
10,208,102
Chicago
Transit
Authority
Capital
Grant
Receipts,
Series
2021,
RB,
5.00%, 06/01/28
......
780
831,758
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Series
2014
,
RB
,
5.00
%
,
12/01/44
(
AGM
)
.
1,000
1,001,982
Series
2014
,
RB
,
5.25
%
,
12/01/49
......
2,500
2,503,953
City
of
Chicago
Series
2020A
,
GO
,
5.00
%
,
01/01/28
.....
5,000
5,269,260
Series
2020A
,
GO
,
5.00
%
,
01/01/29
.....
3,000
3,200,948
Series
2021A
,
GO
,
5.00
%
,
01/01/33
.....
10,000
10,812,748
Series
2021A
,
GO
,
4.00
%
,
01/01/35
.....
6,500
6,521,308
Series
2023A
,
GO
,
5.50
%
,
01/01/39
.....
2,850
3,141,293
Series
2024A
,
GO
,
5.00
%
,
01/01/43
.....
2,900
3,064,291
Series
2019A
,
GO
,
5.00
%
,
01/01/44
.....
2,500
2,571,412
Series
2024A
,
GO
,
5.00
%
,
01/01/44
.....
7,500
7,898,372
Series
2024A
,
GO
,
5.25
%
,
01/01/45
.....
24,200
25,845,051
Series
2019A
,
GO
,
5.50
%
,
01/01/49
.....
5,000
5,202,748
County
of
Cook
Series
2024
,
RB
,
5.00
%
,
11/15/42
......
2,500
2,740,913
Series
2024
,
RB
,
5.00
%
,
11/15/43
......
3,000
3,272,419
County
of
Will
Series
2016
,
GO
,
5.00
%
,
11/15/41
......
13,050
13,412,549
Series
2016
,
GO
,
5.00
%
,
11/15/45
......
18,000
18,500,067
Illinois
Finance
Authority
Series
2016
,
RB
,
4.00
%
,
01/01/25
......
3,310
3,321,974
Series
2020
,
RB
,
4.00
%
,
01/01/32
......
7,800
8,244,962
Series
2017
,
RB
,
5.00
%
,
07/01/32
......
1,585
1,655,853
Series
2021A
,
RB
,
5.00
%
,
10/01/32
.....
4,000
4,610,854
Series
2024B
,
RB
,
5.00
%
,
04/01/34
.....
26,490
30,992,137
Series
2024A
,
RB
,
5.00
%
,
04/01/34
.....
13,000
15,209,429
Series
2019
,
RB
,
5.00
%
,
07/01/34
......
2,575
2,790,705
Series
2020
,
RB
,
5.00
%
,
07/01/34
......
1,760
1,969,328
Series
2024B
,
RB
,
5.00
%
,
04/01/35
.....
7,640
8,893,209
Series
2020
,
RB
,
5.00
%
,
07/01/35
......
4,950
5,523,942
Series
2019
,
RB
,
5.25
%
,
07/01/35
......
3,000
3,280,617
Series
2024B
,
RB
,
5.00
%
,
04/01/36
.....
14,120
16,348,756
Series
2017
,
RB
,
5.00
%
,
07/01/36
......
6,030
6,272,287
Series
2020
,
RB
,
4.00
%
,
07/01/37
......
8,345
8,605,818
Series
2020
,
RB
,
4.00
%
,
07/01/38
......
8,050
8,297,319
Series
2014A
,
RB
,
4.00
%
,
10/01/38
.....
10,000
9,999,805
Series
2014A
,
RB
,
5.00
%
,
10/01/38
.....
2,000
2,002,745
Series
2024B
,
RB
,
5.25
%
,
04/01/39
.....
1,450
1,679,846
Series
2015A
,
RB
,
5.00
%
,
10/01/40
.....
2,000
2,027,409
Series
2018A
,
RB
,
5.00
%
,
10/01/48
.....
2,000
2,051,688
Illinois
State
Toll
Highway
Authority
Series
2019B
,
RB
,
5.00
%
,
01/01/25
.....
5,070
5,103,553
Series
2019B
,
RB
,
5.00
%
,
01/01/26
.....
2,635
2,720,270
Series
2019C
,
RB
,
5.00
%
,
01/01/26
.....
1,245
1,285,289
Series
2018A
,
RB
,
5.00
%
,
01/01/27
.....
4,000
4,221,734
Series
2019C
,
RB
,
5.00
%
,
01/01/27
.....
6,320
6,670,340
Series
2019B
,
RB
,
5.00
%
,
01/01/27
.....
2,130
2,248,074
Series
2019C
,
RB
,
5.00
%
,
01/01/28
.....
6,000
6,468,281
Series
2019C
,
RB
,
5.00
%
,
01/01/29
.....
11,065
12,121,942
Series
2019B
,
RB
,
5.00
%
,
01/01/29
.....
2,000
2,191,042
Series
2019C
,
RB
,
5.00
%
,
01/01/30
.....
3,000
3,340,927
Series
2018A
,
RB
,
5.00
%
,
01/01/30
.....
3,000
3,280,136
Series
2019C
,
RB
,
5.00
%
,
01/01/31
.....
2,000
2,221,405
Series
2018A
,
RB
,
5.00
%
,
01/01/31
.....
1,505
1,640,862
Series
2019B
,
RB
,
5.00
%
,
01/01/31
.....
1,505
1,671,607
Series
2016A
,
RB
,
4.00
%
,
12/01/31
.....
5,035
5,077,218
Series
2016A
,
RB
,
5.00
%
,
12/01/31
.....
2,080
2,127,827
Series
2016A
,
RB
,
5.00
%
,
12/01/32
.....
3,000
3,066,326
Series
2024A
,
RB
,
5.00
%
,
01/01/36
.....
30,000
35,009,883
Series
2014C
,
RB
,
5.00
%
,
01/01/36
.....
2,000
2,010,385
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Series
2015B
,
RB
,
5.00
%
,
01/01/36
.....
USD
1,000
$
1,019,909
Series
2014C
,
RB
,
5.00
%
,
01/01/37
.....
35,000
35,174,828
Series
2015B
,
RB
,
5.00
%
,
01/01/37
.....
11,500
11,725,940
Series
2024A
,
RB
,
5.00
%
,
01/01/38
.....
7,105
8,175,665
Series
2024A
,
RB
,
5.00
%
,
01/01/39
.....
4,000
4,557,844
Series
2015B
,
RB
,
5.00
%
,
01/01/40
.....
9,645
9,810,124
Series
2015A
,
RB
,
5.00
%
,
01/01/40
.....
10,000
10,104,244
Series
2016B
,
RB
,
5.00
%
,
01/01/41
.....
7,435
7,600,617
Series
2021A
,
RB
,
5.00
%
,
01/01/41
.....
9,765
10,718,363
Series
2023A
,
RB
,
5.00
%
,
01/01/41
.....
4,250
4,778,564
Series
2021A
,
RB
,
4.00
%
,
01/01/42
.....
11,825
11,732,073
Series
2017A
,
RB
,
5.00
%
,
01/01/42
.....
28,500
29,642,628
Series
2023A
,
RB
,
5.00
%
,
01/01/42
.....
3,665
4,091,046
Series
2023A
,
RB
,
5.25
%
,
01/01/43
.....
1,235
1,391,362
Series
2019A
,
RB
,
4.00
%
,
01/01/44
.....
15,500
15,277,116
Series
2019A
,
RB
,
5.00
%
,
01/01/44
.....
8,400
8,866,329
Series
2020A
,
RB
,
5.00
%
,
01/01/45
.....
9,215
9,752,505
Series
2021A
,
RB
,
4.00
%
,
01/01/46
.....
20,185
19,653,271
Metropolitan
Pier
&
Exposition
Authority
Series
2010B-1
,
RB
,
0.00
%
,
06/15/26
(
AGM
)
(a)
......................
2,000
1,888,807
Series
2010B-1
,
RB
,
0.00
%
,
06/15/27
(
AGM
)
(a)
......................
1,000
913,040
Series
1998B
,
RB
,
5.50
%
,
06/15/29
(
NPFGC
)
50
50,988
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
A
,
GO
,
5.00
%
,
12/01/28
........
3,180
3,332,437
Series
2007C
,
GO
,
5.25
%
,
12/01/32
.....
1,340
1,568,994
Series
2021B
,
GO
,
5.00
%
,
12/01/33
.....
5,000
5,678,209
Series
2007B
,
GO
,
5.25
%
,
12/01/34
.....
2,500
2,998,401
Series
2014A
,
GO
,
5.00
%
,
12/01/44
.....
25,165
25,280,183
Sales
Tax
Securitization
Corp.
Series
2020A
,
RB
,
5.00
%
,
01/01/25
.....
770
775,144
Series
2020A
,
RB
,
5.00
%
,
01/01/30
.....
2,500
2,758,310
Series
2021A
,
RB
,
5.00
%
,
01/01/30
.....
5,000
5,516,620
Series
2021A
,
RB
,
5.00
%
,
01/01/32
.....
5,000
5,635,759
Series
2020A
,
RB
,
5.00
%
,
01/01/37
(
BAM
)
1,000
1,078,510
Series
2020A
,
RB
,
4.00
%
,
01/01/40
(
BAM
)
1,000
1,009,616
State
of
Illinois
Series
2017D
,
GO
,
5.00
%
,
11/01/24
.....
37,890
37,989,249
Series
2016
,
GO
,
5.00
%
,
02/01/25
......
5,000
5,037,660
Series
2021A
,
GO
,
5.00
%
,
03/01/25
.....
2,170
2,190,278
Series
2017D
,
GO
,
5.00
%
,
11/01/25
.....
28,485
29,135,808
Series
2014
,
GO
,
5.00
%
,
02/01/26
......
2,400
2,403,157
Series
2016
,
GO
,
5.00
%
,
02/01/26
......
5,000
5,138,113
Series
2022B
,
GO
,
5.00
%
,
03/01/26
.....
6,190
6,370,760
Series
2018A
,
GO
,
5.00
%
,
10/01/26
.....
4,750
4,945,485
Series
2019A
,
GO
,
5.00
%
,
11/01/26
.....
5,000
5,213,958
Series
2017D
,
GO
,
5.00
%
,
11/01/26
.....
16,070
16,757,994
Series
2016
,
GO
,
5.00
%
,
02/01/27
......
12,000
12,567,518
Series
2021A
,
GO
,
5.00
%
,
03/01/27
.....
2,640
2,769,242
Series
2017D
,
GO
,
5.00
%
,
11/01/27
.....
36,705
39,002,906
Series
2021A
,
GO
,
5.00
%
,
12/01/27
.....
9,600
10,215,228
Series
2016
,
GO
,
5.00
%
,
02/01/28
......
4,500
4,715,937
Series
2022B
,
GO
,
5.00
%
,
03/01/28
.....
3,450
3,687,593
Series
2021A
,
GO
,
5.00
%
,
03/01/28
.....
1,425
1,523,136
Series
2014
,
GO
,
5.00
%
,
05/01/28
......
4,080
4,085,249
Series
2018B
,
GO
,
5.00
%
,
10/01/28
.....
2,000
2,159,312
Series
2017D
,
GO
,
5.00
%
,
11/01/28
.....
10,405
11,054,906
Series
2023B
,
GO
,
5.00
%
,
05/01/29
.....
5,000
5,447,532
Series
2014
,
GO
,
5.00
%
,
05/01/29
......
1,900
1,902,418
Series
2018B
,
GO
,
5.00
%
,
10/01/29
.....
4,100
4,421,025
Series
2022B
,
GO
,
5.00
%
,
10/01/29
.....
5,000
5,480,605
Series
2017C
,
GO
,
5.00
%
,
11/01/29
.....
19,505
20,681,959
Series
2022A
,
GO
,
5.00
%
,
03/01/30
.....
2,000
2,203,295
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Series
2022B
,
GO
,
5.00
%
,
03/01/30
.....
USD
4,000
$
4,406,590
Series
2024B
,
GO
,
5.00
%
,
05/01/30
.....
3,000
3,311,804
Series
2020
,
GO
,
5.50
%
,
05/01/30
......
2,000
2,182,888
Series
2018B
,
GO
,
5.00
%
,
10/01/30
.....
3,000
3,216,751
Series
2019B
,
GO
,
5.00
%
,
11/01/30
.....
2,000
2,186,042
Series
2021A
,
GO
,
5.00
%
,
03/01/31
.....
1,500
1,669,039
Series
2022B
,
GO
,
5.00
%
,
03/01/31
.....
3,000
3,338,078
Series
2024B
,
GO
,
5.00
%
,
05/01/31
.....
2,500
2,783,759
Series
2014
,
GO
,
5.00
%
,
05/01/31
......
1,500
1,501,726
Series
2017A
,
GO
,
5.00
%
,
12/01/31
.....
2,000
2,106,650
Series
2014
,
GO
,
5.25
%
,
02/01/32
......
7,650
7,660,706
Series
2022B
,
GO
,
5.00
%
,
10/01/32
.....
10,000
11,267,629
Series
2018B
,
GO
,
5.00
%
,
10/01/32
.....
2,000
2,127,427
Series
2019B
,
GO
,
5.00
%
,
11/01/32
.....
5,750
6,206,653
Series
2023B
,
GO
,
5.00
%
,
12/01/32
.....
10,000
11,281,894
Series
2017A
,
GO
,
5.00
%
,
12/01/32
.....
3,830
4,022,715
Series
2021A
,
GO
,
5.00
%
,
03/01/33
.....
8,275
9,133,117
Series
2022B
,
GO
,
5.00
%
,
03/01/33
.....
7,650
8,540,706
Series
2018A
,
GO
,
5.00
%
,
05/01/33
.....
9,480
10,004,076
Series
2023D
,
GO
,
5.00
%
,
07/01/33
.....
9,465
10,591,976
Series
2018A
,
GO
,
5.00
%
,
10/01/33
.....
1,240
1,313,376
Series
2017A
,
GO
,
4.00
%
,
12/01/33
.....
2,500
2,511,734
Series
2021B
,
GO
,
5.00
%
,
12/01/33
.....
6,000
6,667,226
Series
2014
,
GO
,
5.25
%
,
02/01/34
......
3,000
3,003,627
Series
2022B
,
GO
,
5.00
%
,
03/01/34
.....
5,000
5,556,759
Series
2023B
,
GO
,
5.00
%
,
05/01/34
.....
15,000
16,690,141
Series
2024B
,
GO
,
5.00
%
,
05/01/34
.....
2,000
2,275,148
Series
2017A
,
GO
,
5.00
%
,
12/01/34
.....
2,650
2,769,945
Series
2021A
,
GO
,
5.00
%
,
03/01/35
.....
1,500
1,645,576
Series
2024B
,
GO
,
5.00
%
,
05/01/35
.....
7,500
8,489,600
Series
2021A
,
GO
,
5.00
%
,
03/01/36
.....
3,000
3,279,586
Series
2024B
,
GO
,
5.00
%
,
05/01/36
.....
7,500
8,448,105
Series
2023B
,
GO
,
5.00
%
,
05/01/36
.....
2,900
3,200,292
Series
2014
,
GO
,
5.00
%
,
05/01/36
......
1,000
1,000,990
Series
2022A
,
GO
,
5.25
%
,
03/01/37
.....
1,665
1,855,743
Series
2023B
,
GO
,
5.00
%
,
05/01/37
.....
3,500
3,847,885
Series
2022B
,
GO
,
5.25
%
,
10/01/37
.....
5,000
5,598,485
Series
2021A
,
GO
,
4.00
%
,
03/01/38
.....
2,000
1,987,169
Series
2023B
,
GO
,
5.25
%
,
05/01/38
.....
2,000
2,222,842
Series
2020C
,
GO
,
4.00
%
,
10/01/38
.....
2,500
2,472,849
Series
2017A
,
GO
,
5.00
%
,
12/01/38
.....
3,740
3,874,155
Series
2014
,
GO
,
5.00
%
,
02/01/39
......
7,285
7,291,531
Series
2024B
,
GO
,
5.00
%
,
05/01/39
.....
3,000
3,330,356
Series
2014
,
GO
,
5.00
%
,
05/01/39
......
2,500
2,502,212
Series
2023B
,
GO
,
5.25
%
,
05/01/39
.....
2,500
2,767,331
Series
2020
,
GO
,
5.50
%
,
05/01/39
......
7,075
7,769,952
Series
2021B
,
GO
,
4.00
%
,
12/01/39
.....
2,000
1,964,958
Series
2023C
,
GO
,
5.00
%
,
12/01/39
.....
15,000
16,549,438
Series
2017A
,
GO
,
5.00
%
,
12/01/39
.....
2,000
2,067,809
Series
2024B
,
GO
,
5.00
%
,
05/01/40
.....
3,500
3,865,046
Series
2023B
,
GO
,
5.25
%
,
05/01/40
.....
3,190
3,515,905
Series
2020C
,
GO
,
4.00
%
,
10/01/40
.....
5,000
4,892,214
Series
2019C
,
GO
,
4.00
%
,
11/01/40
.....
18,000
17,598,150
Series
2023C
,
GO
,
5.00
%
,
12/01/40
.....
35,000
38,390,824
Series
2021A
,
GO
,
4.00
%
,
03/01/41
.....
4,750
4,640,778
Series
2024B
,
GO
,
5.00
%
,
05/01/41
.....
5,000
5,491,236
Series
2022A
,
GO
,
5.50
%
,
03/01/42
.....
3,000
3,338,063
Series
2018A
,
GO
,
5.00
%
,
05/01/42
.....
4,345
4,486,772
Series
2023B
,
GO
,
5.25
%
,
05/01/42
.....
4,000
4,370,821
Series
2024B
,
GO
,
5.25
%
,
05/01/45
.....
5,000
5,501,302
Series
2020
,
GO
,
5.75
%
,
05/01/45
......
3,125
3,426,165
Series
2021A
,
GO
,
5.00
%
,
03/01/46
.....
24,235
25,589,140
Series
2022C
,
GO
,
5.25
%
,
10/01/46
.....
5,000
5,410,580
Series
2022A
,
GO
,
5.50
%
,
03/01/47
.....
2,000
2,192,154
Series
2024B
,
GO
,
5.25
%
,
05/01/47
.....
11,000
12,027,975
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Series
2023B
,
GO
,
5.50
%
,
05/01/47
.....
USD
10,550
$
11,577,696
Series
2022C
,
GO
,
5.25
%
,
10/01/47
.....
3,000
3,238,223
Series
2024B
,
GO
,
5.25
%
,
05/01/48
.....
5,650
6,160,454
Series
2024B
,
GO
,
5.25
%
,
05/01/49
.....
4,000
4,350,654
State
of
Illinois
Sales
Tax
Series
2013
,
RB
,
5.00
%
,
06/15/26
......
1,500
1,502,176
Series
2024A
,
RB
,
5.00
%
,
06/15/29
.....
23,900
25,779,596
Series
2024B
,
RB
,
5.00
%
,
06/15/35
.....
6,000
6,805,430
Series
2024C
,
RB
,
5.00
%
,
06/15/41
.....
9,080
9,989,237
1,605,551,031
Indiana
—
0.3%
City
of
Indianapolis
Department
of
Public
Utilities
Water
System
Series
2018A
,
RB
,
5.00
%
,
10/01/33
.....
4,185
4,489,226
Series
2018A
,
RB
,
5.00
%
,
10/01/35
.....
1,000
1,069,055
Series
2016B
,
RB
,
5.00
%
,
10/01/37
.....
14,010
14,443,028
Indiana
Finance
Authority
Series
2016C
,
RB
,
5.00
%
,
12/01/24
.....
5,070
5,094,527
Series
2015B
,
RB
,
5.00
%
,
02/01/25
.....
4,915
4,959,802
Series
2016C
,
RB
,
5.00
%
,
12/01/25
.....
7,890
8,123,117
Series
E
,
RB
,
5.00
%
,
02/01/27
.........
3,375
3,517,896
Series
2016C
,
RB
,
5.00
%
,
06/01/27
.....
7,435
7,818,141
Series
2017C
,
RB
,
5.00
%
,
02/01/29
.....
1,800
1,927,437
Series
2016C
,
RB
,
5.00
%
,
06/01/29
.....
3,120
3,470,242
Series
2021-1
,
RB
,
5.00
%
,
10/01/29
.....
1,000
1,114,775
Series
2022B
,
RB
,
5.00
%
,
02/01/31
.....
10,000
11,448,960
Series
2021B
,
RB
,
5.00
%
,
02/01/34
.....
3,000
3,385,927
Series
2021-1
,
RB
,
5.00
%
,
10/01/34
.....
2,605
2,951,698
Series
2015A
,
RB
,
5.25
%
,
02/01/35
.....
1,000
1,017,041
Series
D
,
RB
,
5.00
%
,
08/01/36
.........
8,935
9,334,698
Series
2019A
,
RB
,
5.00
%
,
02/01/37
.....
1,000
1,075,873
Series
2019A
,
RB
,
5.00
%
,
02/01/38
.....
3,310
3,552,120
Series
2021B
,
RB
,
4.00
%
,
02/01/39
.....
7,000
7,219,252
Series
2019A
,
RB
,
5.00
%
,
02/01/39
.....
7,755
8,294,356
Series
2021B
,
RB
,
4.00
%
,
02/01/40
.....
3,000
3,071,449
Series
2015A
,
RB
,
5.00
%
,
10/01/40
.....
10,000
10,011,345
Series
2021B
,
RB
,
5.00
%
,
02/01/41
.....
2,555
2,794,241
Series
2021-1
,
RB
,
3.00
%
,
10/01/41
.....
5,000
4,360,465
Series
2016A
,
RB
,
5.00
%
,
10/01/41
.....
2,000
2,064,253
Series
2024A
,
RB
,
5.00
%
,
02/01/42
.....
5,000
5,623,664
Series
2012A
,
RB
,
4.00
%
,
10/01/42
.....
2,500
2,500,030
Series
2024A
,
RB
,
5.00
%
,
02/01/43
.....
8,300
9,296,283
Series
2024A
,
RB
,
5.00
%
,
10/01/43
.....
1,440
1,604,954
Series
2014A
,
RB
,
4.25
%
,
10/01/44
.....
3,205
3,204,827
Series
2014A
,
RB
,
5.00
%
,
10/01/44
.....
1,000
1,001,372
Series
2016A
,
RB
,
5.00
%
,
10/01/46
.....
7,370
7,566,485
Series
2022B
,
RB
,
5.25
%
,
10/01/52
.....
7,490
8,028,398
Indiana
Municipal
Power
Agency
Series
2016A
,
RB
,
5.00
%
,
01/01/42
.....
18,345
18,783,433
Series
2017A
,
RB
,
5.00
%
,
01/01/42
.....
3,000
3,118,649
Indianapolis
Local
Public
Improvement
Bond
Bank
Series
2021A
,
RB
,
5.00
%
,
06/01/30
.....
8,000
8,890,704
Series
2019A
,
RB
,
5.00
%
,
02/01/49
.....
6,000
6,263,205
Series
2019A
,
RB
,
5.00
%
,
02/01/54
.....
9,950
10,372,087
212,863,015
Iowa
—
0.0%
City
of
West
Des
Moines,
Series
2021B,
GO,
2.00%, 06/01/36
.................
1,170
937,468
Iowa
Finance
Authority
Series
2017
,
RB
,
5.00
%
,
08/01/28
......
4,200
4,482,741
Series
2017
,
RB
,
5.00
%
,
08/01/30
......
2,000
2,119,047
Series
2017
,
RB
,
5.00
%
,
08/01/31
......
3,420
3,605,566
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Iowa
(continued)
Series
2023A
,
RB
,
5.00
%
,
08/01/35
.....
USD
5,500
$
6,415,556
Series
2020A
,
RB
,
5.00
%
,
08/01/38
.....
2,665
2,942,353
Series
2022A
,
RB
,
5.00
%
,
08/01/39
.....
5,000
5,648,232
Series
2023A
,
RB
,
5.00
%
,
08/01/40
.....
1,690
1,918,495
Series
2023A
,
RB
,
5.00
%
,
08/01/41
.....
3,800
4,286,449
Series
2017
,
RB
,
5.00
%
,
08/01/42
......
7,265
7,500,372
Series
2023A
,
RB
,
5.00
%
,
08/01/42
.....
4,000
4,485,727
Series
2022A
,
RB
,
5.00
%
,
08/01/47
.....
2,500
2,715,656
Series
2020A
,
RB
,
5.00
%
,
08/01/49
.....
1,525
1,624,696
Series
2022A
,
RB
,
5.00
%
,
08/01/52
.....
9,715
10,520,310
State
of
Iowa,
Series
2016A,
RB,
5.00%, 06/01/27
.................
1,000
1,039,250
60,241,918
Kansas
—
0.2%
Johnson
County
Unified
School
District
No.
512
Shawnee
Mission,
Series
2015A,
GO,
5.00%, 10/01/33
.................
5,000
5,127,449
Kansas
Development
Finance
Authority,
Series
2019SRF,
RB,
5.00%, 05/01/31
........
5,465
6,005,671
Seward
County
Unified
School
District
No.
480
Liberal
Series
2017B
,
GO
,
4.00
%
,
09/01/32
.....
3,895
3,944,748
Series
2017B
,
GO
,
4.00
%
,
09/01/33
.....
4,080
4,132,111
State
of
Kansas
Department
of
Transportation
Series
2015B
,
RB
,
5.00
%
,
09/01/26
.....
5,040
5,152,273
Series
2014A
,
RB
,
5.00
%
,
09/01/27
.....
2,040
2,040,000
Series
2015B
,
RB
,
5.00
%
,
09/01/27
.....
3,010
3,077,117
Series
2014A
,
RB
,
5.00
%
,
09/01/29
.....
1,000
1,000,000
Series
2015B
,
RB
,
5.00
%
,
09/01/29
.....
1,000
1,021,406
Series
2014A
,
RB
,
5.00
%
,
09/01/30
.....
1,100
1,100,000
Series
2015B
,
RB
,
5.00
%
,
09/01/30
.....
3,270
3,338,058
Series
2024A
,
RB
,
5.00
%
,
09/01/32
.....
14,080
16,327,381
Series
2015B
,
RB
,
5.00
%
,
09/01/33
.....
3,000
3,062,735
Series
2024A
,
RB
,
5.00
%
,
09/01/34
.....
15,000
17,787,061
Series
2015B
,
RB
,
5.00
%
,
09/01/35
.....
2,000
2,037,873
Series
2017A
,
RB
,
5.00
%
,
09/01/35
.....
3,380
3,541,404
Series
2024A
,
RB
,
5.00
%
,
09/01/35
.....
7,500
8,835,494
Wyandotte
County-Kansas
City
Unified
Government
Utility
System,
Series
2014A,
RB,
4.25%, 09/01/39
.................
9,285
9,193,049
96,723,830
Kentucky
—
0.1%
Kentucky
Asset
Liability
Commission,
Series
A,
RB,
5.00%, 09/01/26
..............
1,010
1,010,000
Kentucky
State
Property
&
Building
Commission,
RB,
5.00%, 05/01/27
..............
4,765
5,041,151
Kentucky
Turnpike
Authority,
Series
2024A,
RB,
5.00%, 07/01/30
.................
2,000
2,254,814
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2024A,
RB,
5.00%, 05/15/37
.................
25,500
29,805,843
Scott
County
School
District
Finance
Corp.,
Series
2022,
RB,
5.00%, 09/01/41
(BAM)
..
4,500
4,932,312
43,044,120
Louisiana
—
0.6%
City
of
New
Orleans,
Series
2024A,
GO,
5.00%, 12/01/53
.................
37,505
40,203,428
City
of
New
Orleans
Water
System,
Series
2014,
RB,
5.00%, 12/01/44
..............
1,000
1,004,577
East
Baton
Rouge
Sewerage
Commission
Series
2014B
,
RB
,
5.00
%
,
02/01/39
.....
2,000
2,017,197
Series
2019A
,
RB
,
4.00
%
,
02/01/45
.....
3,000
2,982,989
Security
Par
(000)
Par
(000)
Value
Louisiana
(continued)
New
Orleans
Aviation
Board,
Series
A,
RB,
5.00%, 01/01/48
.................
USD
8,355
$
8,513,028
State
of
Louisiana
Series
2016D
,
GO
,
5.00
%
,
09/01/24
.....
3,075
3,075,000
Series
2016B
,
GO
,
5.00
%
,
08/01/27
.....
3,265
3,400,087
Series
2016B
,
GO
,
5.00
%
,
08/01/28
.....
2,850
2,967,916
Series
2019A
,
GO
,
5.00
%
,
03/01/31
.....
10,870
11,853,260
Series
2021A
,
GO
,
5.00
%
,
03/01/32
.....
7,875
8,925,866
Series
2023
,
RB
,
5.00
%
,
09/01/34
......
5,000
5,838,370
Series
2024E
,
GO
,
5.00
%
,
09/01/34
(c)
....
9,000
10,636,612
Series
2019A
,
GO
,
5.00
%
,
03/01/35
.....
8,000
8,634,167
Series
2023A
,
GO
,
5.00
%
,
04/01/35
.....
4,165
4,814,216
Series
2022A
,
GO
,
4.00
%
,
04/01/39
.....
7,500
7,757,707
Series
2021A
,
GO
,
5.00
%
,
03/01/40
.....
5,000
5,487,012
Series
2022A
,
GO
,
4.00
%
,
04/01/40
.....
10,000
10,266,683
Series
2024A
,
GO
,
5.00
%
,
05/01/40
.....
18,565
21,157,483
Series
2022A
,
GO
,
4.00
%
,
04/01/41
.....
4,445
4,539,227
Series
2022A
,
GO
,
4.00
%
,
04/01/42
.....
15,065
15,194,182
Series
2024A
,
GO
,
4.00
%
,
05/01/42
.....
20,275
20,670,139
State
of
Louisiana
Gasoline
&
Fuels
Tax
Series
2022B
,
RB
,
4.00
%
,
05/01/39
.....
5,830
6,012,211
Series
A
,
RB
,
4.50
%
,
05/01/39
.........
1,000
1,011,315
Series
C
,
RB
,
5.00
%
,
05/01/40
.........
2,000
2,082,849
Series
A
,
RB
,
4.00
%
,
05/01/41
.........
10,000
10,080,654
Series
A
,
RB
,
5.00
%
,
05/01/41
.........
8,500
8,623,801
227,749,976
Maine
—
0.1%
Maine
Health
&
Higher
Educational
Facilities
Authority
(c)
Series
2024B
,
RB
,
5.00
%
,
10/01/38
.....
7,500
8,626,476
Series
2024B
,
RB
,
5.25
%
,
10/01/54
.....
11,500
12,727,150
Maine
Turnpike
Authority
Series
2020
,
RB
,
4.00
%
,
07/01/45
......
1,000
1,001,030
Series
2018
,
RB
,
5.00
%
,
07/01/47
......
1,000
1,041,439
Series
2020
,
RB
,
4.00
%
,
07/01/50
......
2,425
2,373,517
25,769,612
Maryland
—
2.2%
City
of
Baltimore
Series
2019A
,
RB
,
4.00
%
,
07/01/44
.....
6,500
6,513,727
Series
2017A
,
RB
,
5.00
%
,
07/01/46
.....
3,000
3,075,027
Series
2019A
,
RB
,
4.00
%
,
07/01/49
.....
2,000
1,942,748
County
of
Anne
Arundel
Series
2021
,
GO
,
5.00
%
,
10/01/25
......
2,225
2,282,992
Series
2021
,
GO
,
5.00
%
,
10/01/26
......
5,275
5,544,510
Series
2021
,
GO
,
5.00
%
,
04/01/28
......
6,575
7,148,071
Series
2021
,
GO
,
5.00
%
,
10/01/28
......
4,690
5,153,202
Series
2021
,
GO
,
3.00
%
,
10/01/39
......
8,520
7,679,889
Series
2021
,
GO
,
3.00
%
,
10/01/40
......
8,520
7,554,902
Series
2018
,
GO
,
5.00
%
,
10/01/47
......
2,000
2,072,634
Series
2022
,
GO
,
4.00
%
,
10/01/51
......
15,460
15,323,148
County
of
Baltimore
Series
2022
,
GO
,
5.00
%
,
03/01/25
......
5,435
5,499,953
Series
2019
,
GO
,
4.00
%
,
03/01/37
......
4,575
4,709,918
County
of
Frederick,
Series
2018A,
GO,
3.40%, 08/01/37
.................
7,000
6,881,314
County
of
Howard
Series
2017B
,
GO
,
5.00
%
,
02/15/27
.....
1,125
1,192,818
Series
2023A
,
GO
,
4.00
%
,
08/15/40
.....
5,015
5,192,622
County
of
Montgomery
Series
2014A
,
GO
,
5.00
%
,
11/01/24
.....
2,125
2,131,866
Series
2014B
,
GO
,
5.00
%
,
11/01/24
.....
2,535
2,543,191
Series
2017A
,
GO
,
5.00
%
,
11/01/24
.....
1,000
1,003,231
Series
2017C
,
GO
,
5.00
%
,
10/01/25
.....
6,870
7,051,281
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Series
2014B
,
GO
,
5.00
%
,
11/01/25
.....
USD
3,945
$
3,957,353
Series
2017C
,
GO
,
5.00
%
,
10/01/26
.....
5,250
5,518,233
Series
2017A
,
GO
,
5.00
%
,
11/01/26
.....
3,955
4,165,141
Series
2018A
,
GO
,
5.00
%
,
11/01/26
.....
5,780
6,087,109
Series
2019A
,
GO
,
5.00
%
,
11/01/26
.....
1,600
1,685,013
Series
2017C
,
GO
,
5.00
%
,
10/01/27
.....
1,500
1,613,539
Series
2020B
,
GO
,
4.00
%
,
11/01/28
.....
5,545
5,878,267
Series
2019A
,
GO
,
5.00
%
,
11/01/28
.....
2,500
2,752,685
Series
2014A
,
GO
,
5.00
%
,
11/01/28
.....
525
526,711
Series
2016A
,
GO
,
4.00
%
,
12/01/30
.....
10,000
10,008,021
Series
2021A
,
GO
,
5.00
%
,
08/01/31
.....
8,440
9,728,727
Series
2021A
,
GO
,
4.00
%
,
08/01/32
.....
2,445
2,616,396
Series
2016A
,
GO
,
4.00
%
,
12/01/33
.....
5,125
5,127,382
Series
2023A
,
GO
,
4.00
%
,
08/01/41
.....
14,000
14,319,803
Series
2023A
,
GO
,
4.00
%
,
08/01/42
.....
14,000
14,216,710
County
of
Prince
George's
Series
2018A
,
GO
,
5.00
%
,
07/15/25
.....
10,005
10,210,665
Series
2021A
,
GO
,
5.00
%
,
07/01/26
.....
3,490
3,645,691
Series
2017A
,
GO
,
5.00
%
,
09/15/26
.....
1,200
1,259,957
Series
2018A
,
GO
,
5.00
%
,
07/15/27
.....
1,530
1,637,941
Series
2021A
,
GO
,
5.00
%
,
07/01/28
.....
15,580
17,034,480
Series
2020A
,
GO
,
5.00
%
,
07/15/28
.....
3,235
3,539,956
Series
2018A
,
GO
,
5.00
%
,
07/15/28
.....
4,015
4,393,485
Series
2021A
,
GO
,
5.00
%
,
07/01/29
.....
12,150
13,556,421
Series
2018A
,
GO
,
5.00
%
,
07/15/29
.....
2,000
2,183,679
Series
2020B
,
GO
,
5.00
%
,
09/15/29
.....
1,000
1,120,224
Series
2023A
,
GO
,
5.00
%
,
08/01/30
.....
10,115
11,490,343
Series
2018A
,
GO
,
5.00
%
,
07/15/31
.....
11,000
11,871,828
Series
2023A
,
GO
,
5.00
%
,
08/01/31
.....
7,455
8,593,325
Series
2022A
,
GO
,
5.00
%
,
07/01/32
.....
15,785
18,427,734
Series
2023A
,
GO
,
5.00
%
,
08/01/32
.....
10,000
11,687,204
Series
2022A
,
GO
,
5.00
%
,
07/01/33
.....
9,200
10,687,318
Series
2023A
,
GO
,
5.00
%
,
08/01/34
.....
9,385
11,064,502
Series
2023A
,
GO
,
5.00
%
,
08/01/35
.....
8,055
9,447,768
Series
2024A
,
GO
,
5.00
%
,
08/01/44
.....
6,945
7,855,858
Maryland
Stadium
Authority,
Series
2016,
RB,
5.00%, 05/01/46
(ST
INTERCEPT)
.....
38,750
40,309,160
Maryland
State
Transportation
Authority
Series
2021A
,
RB
,
5.00
%
,
07/01/26
.....
8,535
8,916,094
Series
2024A
,
RB
,
5.00
%
,
07/01/34
.....
3,065
3,619,281
Series
2024A
,
RB
,
5.00
%
,
07/01/36
.....
4,200
4,902,760
Series
2024A
,
RB
,
5.00
%
,
07/01/38
.....
1,200
1,388,108
Series
2024A
,
RB
,
5.00
%
,
07/01/40
.....
4,000
4,549,085
Series
2024A
,
RB
,
5.00
%
,
07/01/42
.....
6,880
7,746,175
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
3,250
3,637,612
Series
2020
,
RB
,
4.00
%
,
07/01/50
......
9,000
8,749,493
State
of
Maryland
Series
2021A
,
GO
,
5.00
%
,
03/01/25
.....
4,630
4,682,638
Series
2017
,
GO
,
5.00
%
,
03/15/25
......
6,790
6,873,397
Series
2016
,
GO
,
4.00
%
,
06/01/25
......
4,255
4,256,962
Series
2015B
,
GO
,
4.00
%
,
08/01/25
.....
3,970
4,021,549
Series
2017B
,
GO
,
5.00
%
,
08/01/25
.....
1,495
1,527,785
Series
2018A
,
GO
,
5.00
%
,
03/15/26
.....
6,085
6,315,033
Series
2020C-1
,
GO
,
3.00
%
,
08/01/26
...
6,500
6,537,302
Series
2018-2B
,
GO
,
5.00
%
,
08/01/26
....
4,905
5,137,114
Series
2021A
,
GO
,
5.00
%
,
03/01/27
.....
10,040
10,656,321
Series
2019-1
,
GO
,
5.00
%
,
03/15/27
.....
4,295
4,562,749
Series
2018A
,
GO
,
5.00
%
,
03/15/27
.....
1,355
1,439,470
Series
2015
,
GO
,
4.00
%
,
08/01/27
......
2,000
2,000,494
Series
2020-2B
,
GO
,
5.00
%
,
08/01/27
....
9,060
9,709,183
Series
2022-2C
,
GO
,
4.00
%
,
03/01/28
...
5,000
5,254,487
Series
2021A
,
GO
,
5.00
%
,
03/01/28
.....
8,800
9,553,078
Series
2019-1
,
GO
,
5.00
%
,
03/15/28
.....
4,775
5,187,960
Series
2020A-1
,
GO
,
5.00
%
,
03/15/28
....
1,195
1,298,348
Series
2017A
,
GO
,
5.00
%
,
08/01/28
.....
5,000
5,332,775
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Series
2021A
,
GO
,
5.00
%
,
08/01/28
.....
USD
7,560
$
8,280,552
Series
2A
,
GO
,
5.00
%
,
08/01/28
.......
7,660
8,390,083
Series
2022-2C
,
GO
,
4.00
%
,
03/01/29
...
4,210
4,474,730
Series
2018A
,
GO
,
5.00
%
,
03/15/29
.....
2,025
2,195,753
Series
2017
,
GO
,
5.00
%
,
03/15/29
......
7,880
8,322,464
Series
2019-1
,
GO
,
5.00
%
,
03/15/29
.....
5,000
5,547,992
Series
2016
,
GO
,
4.00
%
,
06/01/29
......
6,130
6,131,313
Series
2022-2D
,
GO
,
4.00
%
,
08/01/29
...
4,500
4,807,246
Series
2015
,
GO
,
4.00
%
,
08/01/29
......
2,000
2,000,418
Series
2018-2
,
GO
,
5.00
%
,
08/01/29
.....
2,905
3,174,721
Series
2A
,
GO
,
5.00
%
,
08/01/29
.......
12,000
13,417,513
Series
2017
,
GO
,
4.00
%
,
03/15/30
......
5,000
5,129,325
Series
2020A-1
,
GO
,
5.00
%
,
03/15/30
....
1,185
1,338,321
Series
2022A
,
GO
,
5.00
%
,
06/01/30
.....
32,820
37,168,916
Series
2019-2A
,
GO
,
5.00
%
,
08/01/30
....
5,240
5,813,614
Series
2019-1
,
GO
,
5.00
%
,
03/15/31
.....
3,270
3,596,175
Series
2018A
,
GO
,
5.00
%
,
03/15/31
.....
3,000
3,220,527
Series
2019-2A
,
GO
,
5.00
%
,
08/01/31
....
5,570
6,162,493
Series
2018-2
,
GO
,
5.00
%
,
08/01/31
.....
1,500
1,620,036
Series
2021A
,
GO
,
5.00
%
,
08/01/31
.....
3,100
3,571,229
Series
2019-1
,
GO
,
5.00
%
,
03/15/32
.....
5,005
5,491,797
Series
2018-2
,
GO
,
4.00
%
,
08/01/32
.....
4,000
4,130,950
Series
2018A
,
GO
,
3.13
%
,
03/15/33
.....
4,800
4,739,592
Series
2019-1
,
GO
,
4.00
%
,
03/15/33
.....
1,200
1,250,743
Series
2023A
,
GO
,
5.00
%
,
03/15/33
.....
26,735
31,448,471
Series
2022A
,
GO
,
5.00
%
,
06/01/33
.....
6,065
7,032,736
Series
2020A
,
GO
,
5.00
%
,
08/01/34
.....
10,000
11,136,289
Series
2021A
,
GO
,
5.00
%
,
08/01/34
.....
7,000
7,978,266
Series
2022A
,
GO
,
5.00
%
,
06/01/35
.....
15,040
17,333,526
Series
2024-1A
,
GO
,
5.00
%
,
06/01/35
....
30,955
36,738,703
Series
2021A
,
GO
,
4.00
%
,
08/01/35
.....
5,000
5,295,699
Series
2020A
,
GO
,
5.00
%
,
08/01/35
.....
6,505
7,225,481
Series
2022A
,
GO
,
5.00
%
,
06/01/36
.....
8,965
10,282,617
Series
2021A
,
GO
,
4.00
%
,
08/01/36
.....
13,000
13,662,307
Series
2022A
,
GO
,
5.00
%
,
06/01/37
.....
1,880
2,149,434
Series
2023A
,
GO
,
5.00
%
,
03/15/38
.....
40,505
46,666,499
Series
2024-1A
,
GO
,
5.00
%
,
06/01/38
....
32,000
37,416,998
Series
2024-1A
,
GO
,
5.00
%
,
06/01/39
....
8,310
9,645,968
State
of
Maryland
Department
of
Transportation
Series
2017
,
RB
,
5.00
%
,
09/01/24
......
1,275
1,275,000
Series
2016
,
RB
,
5.00
%
,
11/01/24
......
4,505
4,518,614
Series
2016
,
RB
,
4.00
%
,
11/01/25
......
3,025
3,030,273
Series
2017
,
RB
,
5.00
%
,
09/01/26
......
10,960
11,491,102
Series
2021B
,
RB
,
5.00
%
,
12/01/26
.....
2,000
2,109,769
Series
2022B
,
RB
,
5.00
%
,
12/01/26
.....
1,570
1,656,169
Series
2017
,
RB
,
5.00
%
,
09/01/27
......
7,030
7,537,106
Series
2018
,
RB
,
5.00
%
,
10/01/27
......
5,030
5,278,251
Series
2021A
,
RB
,
5.00
%
,
10/01/27
.....
3,015
3,238,266
Series
2019
,
RB
,
5.00
%
,
10/01/27
......
1,175
1,262,011
Series
2020
,
RB
,
5.00
%
,
10/01/27
......
5,130
5,509,886
Series
2017
,
RB
,
5.00
%
,
09/01/28
......
3,060
3,267,235
Series
2019
,
RB
,
5.00
%
,
10/01/28
......
7,000
7,486,536
Series
2022B
,
RB
,
5.00
%
,
12/01/28
.....
1,125
1,238,315
Series
2018
,
RB
,
5.00
%
,
10/01/29
......
1,810
1,889,317
Series
2021A
,
RB
,
5.00
%
,
10/01/29
.....
10,000
11,178,580
Series
2017
,
RB
,
5.00
%
,
09/01/30
......
1,045
1,111,546
Series
2019
,
RB
,
3.00
%
,
10/01/34
......
4,180
3,990,865
Series
2020
,
RB
,
5.00
%
,
10/01/34
......
2,090
2,326,177
Washington
Suburban
Sanitary
Commission
Series
2021
,
RB
,
2.13
%
,
06/01/37
(
GTD
)
..
10,740
8,738,563
Series
2021
,
RB
,
2.13
%
,
06/01/38
(
GTD
)
..
10,970
8,750,768
Series
2024
,
RB
,
4.00
%
,
06/01/47
(
GTD
)
..
10,685
10,702,633
Series
2024
,
RB
,
4.00
%
,
06/01/48
(
GTD
)
..
3,200
3,200,915
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Series
2023
,
RB
,
4.00
%
,
06/01/49
(
GTD
)
..
USD
3,300
$
3,292,884
1,034,641,204
Massachusetts
—
4.9%
City
of
Boston
Series
2022A
,
GO
,
5.00
%
,
11/01/35
.....
4,565
5,367,962
Series
2023A
,
GO
,
5.00
%
,
11/01/35
.....
5,160
6,166,289
Series
2022A
,
GO
,
5.00
%
,
11/01/41
.....
13,170
14,997,349
Commonwealth
of
Massachusetts
Series
2021A
,
GO
,
5.00
%
,
09/01/24
.....
1,930
1,930,000
Series
2006B
,
GO
,
5.25
%
,
09/01/24
(
AGM
)
2,135
2,135,000
Series
2016H
,
GO
,
5.00
%
,
12/01/24
.....
1,245
1,251,515
Series
2019A
,
GO
,
5.00
%
,
01/01/25
.....
4,525
4,557,632
Series
2019C
,
GO
,
5.00
%
,
05/01/25
.....
2,500
2,538,485
Series
2017D
,
GO
,
5.00
%
,
07/01/25
.....
2,880
2,937,282
Series
2020B
,
GO
,
5.00
%
,
07/01/25
.....
2,500
2,549,724
Series
A
,
GO
,
5.00
%
,
07/01/25
........
1,380
1,407,448
Series
C
,
GO
,
5.00
%
,
08/01/25
........
1,425
1,456,770
Series
2006B
,
GO
,
5.25
%
,
09/01/25
(
AGM
)
1,080
1,109,699
Series
2016C
,
GO
,
5.00
%
,
10/01/25
.....
5,020
5,154,749
Series
E
,
GO
,
5.00
%
,
11/01/25
(
AMBAC
)
..
2,150
2,212,210
Series
2016C
,
GO
,
5.00
%
,
04/01/26
.....
5,230
5,435,968
Series
2019C
,
GO
,
5.00
%
,
05/01/26
.....
10,000
10,409,927
Series
2016A
,
GO
,
5.00
%
,
07/01/26
.....
1,070
1,118,363
Series
2017D
,
GO
,
5.00
%
,
07/01/26
.....
9,080
9,490,411
Series
A
,
GO
,
5.00
%
,
07/01/26
........
8,375
8,753,546
Series
C
,
GO
,
5.00
%
,
10/01/26
........
9,590
10,081,746
Series
2017E
,
GO
,
5.00
%
,
11/01/26
.....
2,180
2,296,250
Series
2016H
,
GO
,
5.00
%
,
12/01/26
.....
5,075
5,356,069
Series
2016B
,
GO
,
5.00
%
,
07/01/27
.....
1,105
1,181,855
Series
2017D
,
GO
,
5.00
%
,
07/01/27
.....
4,065
4,347,729
Series
2021A
,
GO
,
5.00
%
,
09/01/27
.....
5,000
5,368,488
Series
C
,
GO
,
5.00
%
,
10/01/27
........
1,250
1,344,573
Series
2017E
,
GO
,
5.00
%
,
11/01/27
.....
4,890
5,269,568
Series
2019E
,
GO
,
3.00
%
,
12/01/27
.....
1,905
1,920,065
Series
2024A
,
GO
,
5.00
%
,
01/01/28
.....
2,920
3,159,192
Series
2017D
,
GO
,
5.00
%
,
07/01/28
.....
2,600
2,843,617
Series
2016A
,
GO
,
5.00
%
,
07/01/28
.....
12,980
13,517,611
Series
2018B
,
GO
,
5.00
%
,
07/01/28
.....
5,000
5,468,493
Series
2021A
,
GO
,
5.00
%
,
09/01/28
.....
2,000
2,195,257
Series
2020A
,
GO
,
5.00
%
,
03/01/29
.....
5,005
5,546,669
Series
2023A
,
GO
,
5.00
%
,
05/01/29
.....
1,000
1,111,958
Series
2018B
,
GO
,
5.00
%
,
07/01/29
.....
3,500
3,904,964
Series
2020D
,
GO
,
5.00
%
,
07/01/30
.....
1,505
1,707,373
Series
2004A
,
GO
,
5.50
%
,
08/01/30
(
AMBAC
)
.....................
6,400
7,312,473
Series
2020E
,
GO
,
5.00
%
,
11/01/30
.....
1,600
1,824,328
Series
2020D
,
GO
,
5.00
%
,
07/01/31
.....
5,005
5,618,970
Series
2021C
,
GO
,
5.00
%
,
09/01/31
.....
5,000
5,752,557
Series
2022A
,
GO
,
5.00
%
,
10/01/31
.....
10,000
11,518,387
Series
2022D
,
GO
,
5.00
%
,
11/01/31
.....
13,370
15,417,769
Series
2020B
,
GO
,
4.00
%
,
03/01/32
.....
16,455
17,355,709
Series
2020B
,
GO
,
5.00
%
,
07/01/32
.....
8,280
9,266,625
Series
2020E
,
GO
,
5.00
%
,
11/01/32
.....
1,500
1,686,894
Series
2016B
,
GO
,
5.00
%
,
07/01/33
.....
2,080
2,151,643
Series
2019G
,
GO
,
5.00
%
,
09/01/33
.....
5,035
5,036,720
Series
2020E
,
GO
,
5.00
%
,
11/01/33
.....
2,000
2,245,228
Series
2024B
,
GO
,
5.00
%
,
11/01/33
.....
10,000
11,813,012
Series
2018A
,
GO
,
5.00
%
,
01/01/34
.....
2,500
2,655,198
Series
2024A
,
GO
,
5.00
%
,
01/01/34
.....
5,000
5,918,200
Series
2023B
,
GO
,
5.00
%
,
05/01/34
.....
5,000
5,854,872
Series
2023B
,
GO
,
5.00
%
,
05/01/35
.....
5,000
5,835,388
Series
2023B
,
GO
,
5.00
%
,
05/01/36
.....
1,025
1,189,320
Series
A
,
GO
,
5.00
%
,
07/01/36
........
2,500
2,534,984
Series
2016J
,
GO
,
5.00
%
,
12/01/36
.....
13,710
14,230,603
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Series
2024A
,
GO
,
5.00
%
,
01/01/37
.....
USD
3,060
$
3,572,680
Series
2020D
,
GO
,
5.00
%
,
07/01/37
.....
6,025
6,633,309
Series
2018E
,
GO
,
5.00
%
,
09/01/37
.....
4,000
4,265,011
Series
2016J
,
GO
,
5.00
%
,
12/01/37
.....
8,845
9,171,570
Series
2018A
,
GO
,
5.00
%
,
01/01/38
.....
1,000
1,056,538
Series
2019A
,
GO
,
5.00
%
,
01/01/38
.....
5,000
5,372,502
Series
2024A
,
GO
,
5.00
%
,
03/01/38
.....
2,500
2,908,927
Series
2023A
,
GO
,
5.00
%
,
05/01/38
.....
800
919,940
Series
2020D
,
GO
,
5.00
%
,
07/01/38
.....
2,000
2,197,534
Series
2018E
,
GO
,
5.00
%
,
09/01/38
.....
16,500
17,577,057
Series
2017F
,
GO
,
5.00
%
,
11/01/38
.....
4,870
5,115,366
Series
2024B
,
GO
,
5.00
%
,
11/01/38
.....
3,295
3,826,997
Series
2018A
,
GO
,
5.00
%
,
01/01/39
.....
8,710
9,153,464
Series
2023B
,
GO
,
5.00
%
,
05/01/39
.....
1,000
1,141,817
Series
2015E
,
GO
,
4.00
%
,
09/01/39
.....
5,500
5,504,328
Series
2017F
,
GO
,
5.00
%
,
11/01/39
.....
12,150
12,720,638
Series
2022B
,
GO
,
4.00
%
,
02/01/40
.....
5,000
5,120,189
Series
2024A
,
GO
,
5.00
%
,
03/01/40
.....
10,000
11,466,610
Series
2018D
,
GO
,
4.00
%
,
05/01/40
.....
5,000
5,025,721
Series
2023A
,
GO
,
5.00
%
,
05/01/40
.....
1,000
1,135,441
Series
2020D
,
GO
,
5.00
%
,
07/01/40
.....
1,500
1,630,243
Series
2024A
,
GO
,
5.00
%
,
01/01/41
.....
2,000
2,275,472
Series
2017D
,
GO
,
4.00
%
,
02/01/41
.....
3,000
3,009,229
Series
2023C
,
GO
,
5.00
%
,
08/01/41
.....
5,000
5,662,235
Series
2024B
,
GO
,
5.00
%
,
11/01/41
.....
3,000
3,425,791
Series
2018A
,
GO
,
5.00
%
,
01/01/42
.....
3,795
3,963,161
Series
2024A
,
GO
,
5.00
%
,
03/01/42
.....
18,570
21,021,322
Series
A
,
GO
,
5.25
%
,
04/01/42
........
6,590
6,875,982
Series
2024B
,
GO
,
5.00
%
,
05/01/42
.....
3,000
3,401,776
Series
2016G
,
GO
,
4.00
%
,
09/01/42
.....
5,000
4,984,583
Series
2022E
,
GO
,
5.00
%
,
11/01/42
.....
4,985
5,562,505
Series
2017F
,
GO
,
5.00
%
,
11/01/42
.....
2,500
2,601,736
Series
2018A
,
GO
,
5.00
%
,
01/01/43
.....
2,000
2,085,110
Series
2017F
,
GO
,
5.00
%
,
11/01/43
.....
8,665
9,003,161
Series
2019C
,
GO
,
5.00
%
,
05/01/44
.....
2,000
2,117,431
Series
2023B
,
GO
,
5.00
%
,
05/01/44
.....
3,000
3,331,545
Series
2022E
,
GO
,
5.00
%
,
11/01/44
.....
25,000
27,568,970
Series
2024B
,
GO
,
5.00
%
,
05/01/45
.....
5,000
5,578,700
Series
2017F
,
GO
,
5.00
%
,
11/01/45
.....
10,825
11,217,015
Series
2022E
,
GO
,
5.00
%
,
11/01/45
.....
8,000
8,790,154
Series
2020E
,
GO
,
5.00
%
,
11/01/45
.....
7,330
7,882,848
Series
2016E
,
GO
,
4.00
%
,
04/01/46
.....
8,415
8,257,172
Series
2024B
,
GO
,
5.00
%
,
05/01/46
.....
10,000
11,114,423
Series
2023C
,
GO
,
5.00
%
,
10/01/46
.....
14,850
16,396,506
Series
2020C
,
GO
,
3.00
%
,
03/01/47
.....
3,500
2,877,684
Series
B
,
GO
,
5.00
%
,
04/01/47
........
5,000
5,139,710
Series
A
,
GO
,
5.00
%
,
04/01/47
........
6,015
6,183,071
Series
2024B
,
GO
,
5.00
%
,
05/01/47
.....
5,200
5,758,176
Series
2022E
,
GO
,
5.00
%
,
11/01/47
.....
10,000
10,923,018
Series
2018A
,
GO
,
5.00
%
,
01/01/48
.....
3,090
3,201,134
Series
2023A
,
GO
,
5.00
%
,
05/01/48
.....
36,195
39,578,016
Series
2021D
,
GO
,
5.00
%
,
09/01/48
.....
2,500
2,688,035
Series
2024A
,
GO
,
5.00
%
,
01/01/49
.....
26,295
28,851,132
Series
2019A
,
GO
,
5.00
%
,
01/01/49
.....
2,500
2,617,088
Series
2024B
,
GO
,
5.00
%
,
05/01/49
.....
9,800
10,780,990
Series
2023C
,
GO
,
5.00
%
,
10/01/49
.....
8,025
8,781,240
Series
2020C
,
GO
,
2.75
%
,
03/01/50
.....
3,500
2,664,967
Series
2020E
,
GO
,
5.00
%
,
11/01/50
.....
9,765
10,383,458
Series
2021D
,
GO
,
5.00
%
,
09/01/51
.....
30,000
32,088,579
Series
2022C
,
GO
,
5.00
%
,
10/01/52
.....
29,280
31,607,019
Series
2022E
,
GO
,
5.00
%
,
11/01/52
.....
65,020
70,231,574
Series
2023A
,
GO
,
5.00
%
,
05/01/53
.....
18,000
19,517,857
Series
2024B
,
GO
,
5.00
%
,
05/01/54
.....
46,705
50,943,722
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Commonwealth
of
Massachusetts
Federal
Highway
Grant
Anticipation
Note,
Series
2014A,
RB,
5.00%, 06/15/27
.........
USD
2,025
$
2,028,043
Commonwealth
of
Massachusetts
Transportation
Fund
Series
2015A
,
RB
,
5.00
%
,
06/01/40
.....
10,840
10,946,163
Series
2016A
,
RB
,
5.00
%
,
06/01/41
.....
9,135
9,343,588
Series
2017A
,
RB
,
5.00
%
,
06/01/42
.....
5,600
5,806,656
Series
2017A
,
RB
,
5.00
%
,
06/01/43
.....
11,730
12,217,309
Series
2014A
,
RB
,
5.00
%
,
06/01/44
.....
2,000
2,001,004
Series
2015A
,
RB
,
4.00
%
,
06/01/45
.....
2,500
2,433,707
Series
2017A
,
RB
,
5.00
%
,
06/01/47
.....
3,850
3,969,139
Series
2023B
,
RB
,
5.00
%
,
06/01/47
.....
6,250
6,886,452
Series
2023B
,
RB
,
5.00
%
,
06/01/48
.....
5,000
5,494,604
Series
2023B
,
RB
,
5.00
%
,
06/01/49
.....
19,050
20,893,059
Series
2023B
,
RB
,
5.00
%
,
06/01/50
.....
35,620
39,008,570
Series
2021A
,
RB
,
5.00
%
,
06/01/51
.....
5,000
5,316,061
Series
2023A
,
RB
,
5.00
%
,
06/01/53
.....
16,205
17,657,848
Massachusetts
Bay
Transportation
Authority,
Series
2000A,
Sub-Series
A-1,
RB,
VRDN
(TD
Bank
NA
LIQ),
2.80%, 09/04/24
(b)
.......
2,560
2,560,000
Massachusetts
Bay
Transportation
Authority
Assessment
Series
2022A-1
,
RB
,
5.00
%
,
07/01/36
....
1,885
2,155,089
Series
2022A-1
,
RB
,
5.00
%
,
07/01/38
....
4,485
5,079,115
Series
2022A-2
,
RB
,
5.00
%
,
07/01/52
....
5,320
5,735,182
Massachusetts
Bay
Transportation
Authority
Sales
Tax
Series
2005A
,
RB
,
5.00
%
,
07/01/25
.....
1,550
1,581,214
Series
2021A-1
,
RB
,
4.00
%
,
07/01/37
....
1,500
1,567,160
Series
2024A
,
RB
,
5.00
%
,
07/01/38
.....
7,000
8,130,741
Series
2024A
,
RB
,
5.00
%
,
07/01/43
.....
2,500
2,809,620
Series
2020B-1
,
RB
,
5.00
%
,
07/01/45
....
2,360
2,470,828
Series
2024A
,
RB
,
5.00
%
,
07/01/46
.....
3,500
3,883,430
Series
2024A
,
RB
,
5.00
%
,
07/01/48
.....
10,000
11,013,319
Series
2020B-1
,
RB
,
5.00
%
,
07/01/50
....
2,500
2,598,120
Series
2024A
,
RB
,
5.25
%
,
07/01/52
.....
30,395
33,991,431
Series
2024B
,
RB
,
5.25
%
,
07/01/54
.....
10,000
11,131,883
Massachusetts
Clean
Water
Trust
(The)
Series
2014
,
RB
,
5.00
%
,
08/01/26
......
2,050
2,147,794
Series
25B
,
RB
,
5.00
%
,
02/01/41
.......
600
680,783
Massachusetts
Department
of
Transportation,
Series
1997A,
RB,
0.00%, 01/01/28
(NPFGC)
(a)
....................
1,265
1,149,485
Massachusetts
Development
Finance
Agency
Series
2020A
,
RB
,
5.00
%
,
10/15/26
.....
5,195
5,470,059
Series
2016A
,
RB
,
5.00
%
,
07/15/28
.....
7,090
7,397,197
Series
2020A
,
RB
,
5.00
%
,
10/15/29
.....
5,005
5,615,112
Series
2020A
,
RB
,
5.00
%
,
10/15/30
.....
6,020
6,875,428
Series
2022B
,
RB
,
5.00
%
,
11/15/32
.....
8,500
10,023,374
Series
2024B
,
RB
,
5.00
%
,
02/15/34
.....
25,905
31,095,448
Series
2016A
,
RB
,
4.00
%
,
07/15/36
.....
1,290
1,306,356
Series
2016A
,
RB
,
5.00
%
,
07/15/36
.....
1,490
1,829,591
Series
2016A
,
RB
,
5.00
%
,
07/15/40
.....
8,000
9,708,505
Series
2015
,
RB
,
5.00
%
,
01/01/41
......
1,000
1,002,094
Series
2008U-6E-R
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(b)
...........
18,000
18,000,000
Series
BB-1
,
RB
,
5.00
%
,
10/01/46
......
1,750
1,808,156
Series
2016A
,
RB
,
5.00
%
,
01/01/47
.....
1,500
1,513,646
Series
2020P
,
RB
,
5.00
%
,
07/01/50
.....
10,000
12,049,646
Massachusetts
Health
&
Educational
Facilities
Authority
Series
2001J-2
,
RB
,
VRDN
3.15
%
,
09/03/24
(b)
30,000
30,000,000
Series
2002K
,
RB
,
5.50
%
,
07/01/32
.....
1,715
2,061,457
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Massachusetts
School
Building
Authority
Series
2015C
,
RB
,
4.00
%
,
08/15/32
.....
USD
26,555
$
26,685,736
Series
2016C
,
RB
,
4.00
%
,
11/15/35
.....
5,500
5,554,433
Series
2015C
,
RB
,
4.00
%
,
08/15/36
.....
1,000
1,000,286
Series
2015C
,
RB
,
5.00
%
,
08/15/37
.....
13,200
13,393,397
Series
D
,
RB
,
5.00
%
,
08/15/37
.........
18,000
18,263,723
Series
2016B
,
RB
,
5.00
%
,
11/15/39
.....
3,000
3,095,086
Series
2018A
,
RB
,
4.00
%
,
02/15/43
.....
4,000
3,984,799
Series
2015B
,
RB
,
4.00
%
,
01/15/45
.....
2,000
1,955,648
Series
2016B
,
RB
,
5.00
%
,
11/15/46
.....
17,385
17,790,084
Series
2018A
,
RB
,
5.25
%
,
02/15/48
.....
19,360
20,376,574
Series
2019A
,
RB
,
5.00
%
,
02/15/49
.....
14,340
14,864,972
Series
2020A
,
RB
,
5.00
%
,
08/15/50
.....
10,870
11,543,678
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Series
2019A
,
RB
,
5.00
%
,
01/01/26
.....
8,565
8,848,999
Series
2018A
,
RB
,
5.00
%
,
01/01/29
.....
3,985
4,402,805
Series
2019A
,
RB
,
5.00
%
,
01/01/31
.....
1,530
1,673,409
Series
2019A
,
RB
,
5.00
%
,
01/01/34
.....
4,500
4,876,677
Series
2022A-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.90
%
,
09/05/24
(b)
..........
25,800
25,800,000
Massachusetts
Water
Resources
Authority
Series
2020B
,
RB
,
5.00
%
,
08/01/25
.....
1,960
2,003,519
Series
B
,
RB
,
5.25
%
,
08/01/28
(
AGM
)
....
1,000
1,106,118
Series
B
,
RB
,
5.25
%
,
08/01/30
(
AGM
)
....
3,325
3,832,159
Series
B
,
RB
,
5.25
%
,
08/01/31
(
AGM
)
....
800
937,447
Series
2016C
,
RB
,
5.00
%
,
08/01/32
.....
11,485
12,027,284
Series
2016C
,
RB
,
5.00
%
,
08/01/34
.....
13,630
14,273,564
Series
2016C
,
RB
,
5.00
%
,
08/01/35
.....
15,375
16,100,957
Series
B
,
RB
,
5.25
%
,
08/01/36
(
AGM
)
....
5,000
6,208,171
Series
2018B
,
RB
,
5.00
%
,
08/01/43
.....
3,785
3,980,935
University
of
Massachusetts
Building
Authority
Series
1
,
RB
,
5.00
%
,
11/01/39
.........
6,750
6,763,174
Series
2015-1
,
RB
,
5.00
%
,
11/01/40
.....
25,110
25,494,796
Series
2017-1
,
RB
,
4.00
%
,
11/01/44
.....
2,145
2,145,515
Series
1
,
RB
,
5.00
%
,
11/01/44
.........
2,770
2,778,573
Series
2015-1
,
RB
,
4.00
%
,
11/01/45
.....
2,500
2,484,385
Series
2024-1
,
RB
,
5.00
%
,
11/01/50
.....
7,735
8,503,380
Series
2024-1
,
RB
,
5.00
%
,
11/01/51
.....
8,130
8,923,929
Series
2024-1
,
RB
,
5.00
%
,
11/01/54
.....
25,185
27,516,768
1,656,914,311
Michigan
—
0.7%
Great
Lakes
Water
Authority
Sewage
Disposal
System
Series
2018B
,
RB
,
5.00
%
,
07/01/28
.....
2,000
2,173,928
Series
B
,
RB
,
5.00
%
,
07/01/34
.........
2,000
2,064,233
Series
2023A
,
RB
,
5.00
%
,
07/01/37
.....
1,000
1,146,851
Series
2023A
,
RB
,
5.00
%
,
07/01/38
.....
1,000
1,141,710
Great
Lakes
Water
Authority
Water
Supply
System
Series
D
,
RB
,
5.00
%
,
07/01/30
.........
2,500
2,583,524
Series
2024A
,
RB
,
5.00
%
,
07/01/34
.....
5,500
6,433,767
Series
D
,
RB
,
5.00
%
,
07/01/36
.........
9,500
9,746,344
Series
A
,
RB
,
5.00
%
,
07/01/46
.........
3,000
3,062,872
Series
2022A
,
RB
,
5.25
%
,
07/01/47
.....
18,090
20,060,947
Series
2022A
,
RB
,
5.25
%
,
07/01/52
.....
5,000
5,421,124
Lansing
Board
of
Water
&
Light
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
1,500
1,584,313
Series
2019A
,
RB
,
5.00
%
,
07/01/48
.....
16,300
17,140,320
Series
2024A
,
RB
,
5.00
%
,
07/01/54
.....
35,000
37,877,959
Michigan
Finance
Authority
Series
2016B
,
RB
,
5.00
%
,
10/01/27
.....
5,020
5,248,077
Series
2016B
,
RB
,
5.00
%
,
10/01/28
.....
7,995
8,368,154
Series
2015C
,
RB
,
5.00
%
,
07/01/34
.....
2,600
2,636,896
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Michigan
(continued)
Series
2018
,
RB
,
4.00
%
,
11/01/48
......
USD
2,000
$
1,911,708
Michigan
State
Building
Authority
Series
2015I
,
RB
,
5.00
%
,
04/15/28
......
3,000
3,066,208
Series
2023II
,
RB
,
5.00
%
,
10/15/29
.....
5,000
5,568,794
Series
2016I
,
RB
,
5.00
%
,
10/15/30
......
3,000
3,124,101
Series
2015I
,
RB
,
5.00
%
,
04/15/31
......
11,570
11,788,063
Series
2015I
,
RB
,
5.00
%
,
04/15/38
......
3,000
3,043,362
Series
2016I
,
RB
,
5.00
%
,
04/15/41
......
1,000
1,026,714
Series
2020I
,
RB
,
3.00
%
,
10/15/45
......
3,000
2,469,076
Series
2021I
,
RB
,
4.00
%
,
10/15/46
......
5,000
4,905,515
Series
2022I
,
RB
,
5.00
%
,
10/15/47
......
3,500
3,768,098
Series
2019I
,
RB
,
4.00
%
,
10/15/49
......
18,210
17,644,274
Series
2015I
,
RB
,
5.00
%
,
10/15/50
......
7,250
7,311,470
Series
2021I
,
RB
,
3.00
%
,
10/15/51
......
4,455
3,483,609
Series
2016I
,
RB
,
5.00
%
,
10/15/51
......
2,500
2,547,583
Series
2022I
,
RB
,
4.00
%
,
10/15/52
......
4,000
3,842,411
Series
2019I
,
RB
,
4.00
%
,
04/15/54
......
10,880
10,429,719
Series
2024II
,
RB
,
5.25
%
,
10/15/54
.....
7,500
8,306,213
Michigan
State
University
Series
2023A
,
RB
,
5.00
%
,
02/15/32
.....
6,750
7,786,855
Series
2019C
,
RB
,
4.00
%
,
02/15/44
.....
7,320
7,217,475
Series
2019B
,
RB
,
5.00
%
,
02/15/44
.....
6,005
6,320,028
Series
2019B
,
RB
,
5.00
%
,
02/15/48
.....
6,660
6,971,502
Series
2024A
,
RB
,
5.00
%
,
08/15/49
.....
9,975
10,904,616
Series
2024A
,
RB
,
5.25
%
,
08/15/54
.....
28,830
31,855,737
State
of
Michigan
Series
2016
,
RB
,
5.00
%
,
03/15/25
......
2,265
2,290,048
Series
2016
,
RB
,
5.00
%
,
03/15/26
......
6,320
6,542,466
Series
2016
,
RB
,
5.00
%
,
03/15/27
......
470
497,900
Series
2020A
,
GO
,
5.00
%
,
05/15/30
.....
1,105
1,245,723
Series
2020A
,
GO
,
5.00
%
,
05/15/33
.....
2,105
2,353,812
State
of
Michigan
Trunk
Line
Series
2021A
,
RB
,
5.00
%
,
11/15/25
.....
1,975
2,030,295
Series
2020B
,
RB
,
5.00
%
,
11/15/27
.....
1,245
1,341,720
Series
2020B
,
RB
,
5.00
%
,
11/15/28
.....
2,010
2,210,104
Series
2021A
,
RB
,
5.00
%
,
11/15/32
.....
1,000
1,141,508
Series
2023
,
RB
,
5.00
%
,
11/15/34
......
1,500
1,758,637
Series
2023
,
RB
,
5.00
%
,
11/15/36
......
1,000
1,161,053
Series
2020B
,
RB
,
4.00
%
,
11/15/37
.....
2,000
2,059,800
Series
2021A
,
RB
,
4.00
%
,
11/15/38
.....
2,000
2,053,265
Series
2023
,
RB
,
5.00
%
,
11/15/38
......
1,320
1,518,682
Series
2020B
,
RB
,
4.00
%
,
11/15/39
.....
2,000
2,035,397
Series
2021A
,
RB
,
4.00
%
,
11/15/39
.....
6,905
7,040,119
Series
2021A
,
RB
,
4.00
%
,
11/15/40
.....
10,000
10,128,911
Series
2023
,
RB
,
5.00
%
,
11/15/41
......
3,000
3,396,699
Series
2023
,
RB
,
5.00
%
,
11/15/43
......
3,000
3,357,478
Series
2021A
,
RB
,
4.00
%
,
11/15/44
.....
2,000
1,975,471
Series
2023
,
RB
,
5.50
%
,
11/15/44
......
3,000
3,459,556
Series
2020B
,
RB
,
4.00
%
,
11/15/45
.....
25,200
24,725,255
Series
2020B
,
RB
,
5.00
%
,
11/15/45
.....
22,820
24,558,891
Series
2023
,
RB
,
5.00
%
,
11/15/46
......
8,000
8,858,625
Series
2023
,
RB
,
5.25
%
,
11/15/49
......
1,050
1,174,151
University
of
Michigan
Series
2012-A
,
RB
,
VRDN
2.84
%
,
09/05/24
(b)
18,985
18,985,000
Series
2012B
,
RB
,
VRDN
3.65
%
,
09/03/24
(b)
6,500
6,500,000
Series
2017A
,
RB
,
5.00
%
,
04/01/42
.....
2,500
2,651,125
Series
2015
,
RB
,
5.00
%
,
04/01/46
......
9,320
9,662,716
Series
2017A
,
RB
,
5.00
%
,
04/01/47
.....
4,695
4,978,813
Series
2020A
,
RB
,
5.00
%
,
04/01/50
.....
4,675
4,984,744
Wayne
County
Airport
Authority,
Series
2021A,
RB,
5.00%, 12/01/46
..............
3,750
4,046,722
462,708,836
Security
Par
(000)
Par
(000)
Value
Minnesota
—
1.4%
County
of
Hennepin
Series
2016C
,
GO
,
5.00
%
,
12/01/25
.....
USD
5,100
$
5,248,502
Series
2023A
,
GO
,
5.00
%
,
12/01/28
.....
1,285
1,416,554
Series
2023A
,
GO
,
5.00
%
,
12/01/30
.....
3,615
4,119,553
Series
2023A
,
GO
,
5.00
%
,
12/01/31
.....
3,995
4,611,264
Series
2023A
,
GO
,
5.00
%
,
12/01/32
.....
3,910
4,570,416
Series
2023A
,
GO
,
5.00
%
,
12/01/33
.....
4,500
5,323,925
Series
2023A
,
GO
,
5.00
%
,
12/01/34
.....
2,980
3,501,524
Series
2023A
,
GO
,
5.00
%
,
12/01/35
.....
5,225
6,112,220
Series
2023A
,
GO
,
5.00
%
,
12/01/36
.....
5,490
6,388,215
Metropolitan
Council
Series
2021C
,
GO
,
5.00
%
,
12/01/27
.....
12,500
13,481,340
Series
2021C
,
GO
,
5.00
%
,
12/01/28
.....
2,500
2,753,820
Series
2021C
,
GO
,
5.00
%
,
12/01/29
.....
10,000
11,223,419
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Series
A
,
RB
,
5.00
%
,
01/01/25
.........
1,300
1,308,813
Series
A
,
RB
,
5.00
%
,
01/01/26
.........
1,250
1,288,608
Series
2016C
,
RB
,
5.00
%
,
01/01/41
.....
1,500
1,546,622
Series
2016C
,
RB
,
5.00
%
,
01/01/46
.....
4,000
4,098,405
Series
2024A
,
RB
,
5.00
%
,
01/01/52
.....
7,500
8,033,087
Series
2024A
,
RB
,
4.00
%
,
01/01/54
.....
5,640
5,409,406
Minnesota
Public
Facilities
Authority
State
Revolving
Fund
Series
2023A
,
RB
,
5.00
%
,
03/01/28
.....
16,000
17,322,189
Series
2023B
,
RB
,
5.00
%
,
03/01/29
.....
10,000
11,049,432
Series
2016A
,
RB
,
5.00
%
,
03/01/34
.....
9,150
9,440,819
Series
2023A
,
RB
,
5.00
%
,
03/01/35
.....
13,575
15,788,738
State
of
Minnesota
Series
2017D
,
GO
,
5.00
%
,
10/01/24
.....
3,430
3,435,049
Series
2015D
,
GO
,
5.00
%
,
08/01/25
.....
1,140
1,164,792
Series
2016D
,
GO
,
5.00
%
,
08/01/25
.....
2,510
2,564,587
Series
2018A
,
GO
,
5.00
%
,
08/01/25
.....
3,000
3,065,234
Series
2021A
,
GO
,
5.00
%
,
09/01/25
.....
5,660
5,796,761
Series
2021B
,
GO
,
5.00
%
,
09/01/25
.....
3,000
3,072,488
Series
2022A
,
RB
,
5.00
%
,
03/01/26
.....
17,545
18,165,049
Series
2016D
,
GO
,
5.00
%
,
08/01/26
.....
4,385
4,589,991
Series
2017A
,
GO
,
5.00
%
,
10/01/26
.....
8,200
8,616,499
Series
2017D
,
GO
,
5.00
%
,
10/01/26
.....
3,080
3,236,441
Series
2016D
,
GO
,
5.00
%
,
08/01/27
.....
6,870
7,172,496
Series
2018A
,
GO
,
5.00
%
,
08/01/27
.....
6,360
6,813,049
Series
2023E
,
GO
,
5.00
%
,
08/01/27
.....
25,075
26,861,195
Series
2021A
,
GO
,
5.00
%
,
09/01/27
.....
5,655
6,069,506
Series
2019A
,
GO
,
5.00
%
,
08/01/28
.....
3,265
3,573,099
Series
2019A
,
GO
,
5.00
%
,
08/01/29
.....
10,000
11,169,377
Series
2021A
,
GO
,
5.00
%
,
09/01/29
.....
8,540
9,554,557
Series
2023D
,
GO
,
5.00
%
,
08/01/30
.....
22,560
25,608,657
Series
2019A
,
GO
,
5.00
%
,
08/01/30
.....
1,000
1,104,486
Series
2023E
,
GO
,
5.00
%
,
08/01/31
.....
9,420
10,836,360
Series
2021A
,
GO
,
5.00
%
,
09/01/31
.....
2,785
3,207,410
Series
2017A
,
GO
,
5.00
%
,
10/01/31
.....
5,000
5,325,566
Series
2023D
,
GO
,
5.00
%
,
08/01/32
.....
15,010
17,479,327
Series
2023E
,
GO
,
5.00
%
,
08/01/32
.....
6,955
8,099,182
Series
2021A
,
GO
,
4.00
%
,
09/01/34
.....
13,765
14,698,043
Series
2020A
,
GO
,
5.00
%
,
08/01/35
.....
6,000
6,725,654
Series
2019A
,
GO
,
5.00
%
,
08/01/35
.....
5,000
5,463,511
Series
2018A
,
GO
,
5.00
%
,
08/01/36
.....
4,430
4,751,832
Series
2021A
,
GO
,
4.00
%
,
09/01/36
.....
7,265
7,728,040
Series
2021A
,
GO
,
4.00
%
,
09/01/37
.....
10,540
11,151,282
Series
2020A
,
GO
,
5.00
%
,
08/01/38
.....
5,000
5,529,194
Series
2021A
,
GO
,
4.00
%
,
09/01/39
.....
2,000
2,089,137
Series
2023A
,
GO
,
5.00
%
,
08/01/40
.....
7,255
8,272,641
Series
2024A
,
GO
,
5.00
%
,
08/01/42
.....
12,755
14,555,181
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Minnesota
(continued)
Series
2023
,
COP
,
5.00
%
,
11/01/42
.....
USD
11,120
$
12,456,901
434,039,445
Mississippi
—
0.2%
State
of
Mississippi
Series
2015C
,
GO
,
5.00
%
,
10/01/26
.....
3,590
3,673,223
Series
2015C
,
GO
,
5.00
%
,
10/01/27
.....
3,440
3,525,833
Series
2017A
,
GO
,
5.00
%
,
10/01/27
.....
1,155
1,240,370
Series
2017A
,
GO
,
5.00
%
,
10/01/28
.....
1,650
1,764,444
Series
2015F
,
GO
,
5.00
%
,
11/01/28
.....
3,065
3,149,217
Series
2017A
,
GO
,
5.00
%
,
10/01/29
.....
6,500
6,929,131
Series
2017A
,
GO
,
5.00
%
,
10/01/31
.....
1,000
1,074,907
Series
2017A
,
GO
,
5.00
%
,
10/01/32
.....
1,355
1,456,499
Series
2015F
,
GO
,
5.00
%
,
11/01/32
.....
4,700
4,829,142
Series
2017A
,
GO
,
5.00
%
,
10/01/34
.....
14,060
15,113,194
Series
2016B
,
GO
,
5.00
%
,
12/01/34
.....
2,000
2,111,917
Series
2017A
,
GO
,
4.00
%
,
10/01/35
.....
5,000
5,079,048
Series
2021A
,
GO
,
4.00
%
,
06/01/36
.....
1,000
1,029,588
Series
2017A
,
GO
,
4.00
%
,
10/01/36
.....
4,145
4,198,752
Series
2021C
,
GO
,
5.00
%
,
10/01/36
.....
3,250
3,473,093
Series
2021A
,
GO
,
4.00
%
,
06/01/37
.....
4,160
4,272,372
Series
2019B
,
GO
,
4.00
%
,
10/01/39
.....
1,760
1,775,641
Series
2021C
,
GO
,
4.00
%
,
10/01/41
.....
2,205
2,208,929
West
Rankin
Utility
Authority,
Series
2018,
RB,
5.00%, 01/01/48
(AGM)
............
13,500
14,550,091
81,455,391
Missouri
—
0.6%
City
of
Kansas
City
Sanitary
Sewer
System,
Series
2018A,
RB,
4.00%, 01/01/42
.....
1,000
981,793
City
of
Springfield,
Series
2015,
RB,
4.00%, 08/01/31
.................
2,000
2,004,131
City
of
St.
Louis,
Series
2024A,
RB,
5.25%, 07/01/54
(AGM)
............
6,980
7,686,003
Metropolitan
St
Louis
Sewer
District
Series
2017A
,
RB
,
5.00
%
,
05/01/42
.....
2,000
2,057,811
Series
2015B
,
RB
,
5.00
%
,
05/01/45
.....
4,200
4,249,918
Series
2017A
,
RB
,
5.00
%
,
05/01/47
.....
3,775
3,869,437
Missouri
Highway
&
Transportation
Commission
Series
2023A
,
RB
,
5.00
%
,
05/01/25
.....
12,500
12,689,948
Series
2023A
,
RB
,
5.00
%
,
05/01/26
.....
12,505
13,011,377
Series
A
,
RB
,
5.00
%
,
05/01/26
.........
14,205
14,780,217
Series
2022A
,
RB
,
5.00
%
,
05/01/28
.....
15,000
16,300,565
Series
2022A
,
RB
,
5.00
%
,
05/01/29
.....
15,000
16,627,577
Series
2022A
,
RB
,
5.00
%
,
05/01/30
.....
15,025
16,930,609
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
2016A,
RB,
5.00%, 12/01/40
.................
9,460
9,660,612
Missouri
State
Board
of
Public
Buildings,
Series
2020B,
RB,
4.00%, 10/01/28
.........
5,000
5,264,041
126,114,039
Nebraska
—
0.5%
Nebraska
Public
Power
District
Series
2023A
,
RB
,
5.00
%
,
07/01/28
.....
3,270
3,522,070
Series
2021D
,
RB
,
4.00
%
,
01/01/44
.....
3,625
3,591,276
Omaha
Public
Power
District
Series
2019A
,
RB
,
5.00
%
,
02/01/30
.....
1,500
1,647,558
Series
2019A
,
RB
,
5.00
%
,
02/01/31
.....
3,650
3,992,693
Series
2023B
,
RB
,
5.00
%
,
02/01/34
.....
7,500
8,731,769
Series
2021A
,
RB
,
3.00
%
,
02/01/41
.....
1,000
884,501
Series
2017A
,
RB
,
5.00
%
,
02/01/42
.....
15,575
16,191,960
Series
2021B
,
RB
,
4.00
%
,
02/01/46
.....
3,000
2,989,588
Series
2021A
,
RB
,
5.00
%
,
02/01/46
.....
13,330
14,159,071
Series
2022A
,
RB
,
4.25
%
,
02/01/47
.....
2,500
2,522,531
Security
Par
(000)
Par
(000)
Value
Nebraska
(continued)
Series
2022A
,
RB
,
5.00
%
,
02/01/47
.....
USD
36,730
$
39,612,471
Series
2023B
,
RB
,
5.25
%
,
02/01/48
.....
13,560
15,006,129
Series
2021A
,
RB
,
4.00
%
,
02/01/51
.....
1,500
1,444,748
Series
2022A
,
RB
,
5.25
%
,
02/01/52
.....
21,635
23,598,190
Series
2023A
,
RB
,
5.25
%
,
02/01/53
.....
9,750
10,712,738
Series
2023B
,
RB
,
5.25
%
,
02/01/53
.....
5,000
5,493,712
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2,
Series
2016A,
RB,
5.00%, 02/01/49
.................
9,815
10,042,521
University
of
Nebraska
Facilities
Corp.
(The)
Series
2021B
,
RB
,
5.00
%
,
07/15/51
.....
3,000
3,189,412
Series
2021A
,
RB
,
4.00
%
,
07/15/59
.....
3,500
3,382,859
170,715,797
Nevada
—
0.7%
Clark
County
School
District
Series
2015C
,
GO
,
5.00
%
,
06/15/25
.....
3,050
3,101,928
Series
2015C
,
GO
,
5.00
%
,
06/15/26
.....
4,715
4,845,663
Series
2018B
,
GO
,
5.00
%
,
06/15/26
.....
5,250
5,465,791
Series
2015C
,
GO
,
5.00
%
,
06/15/27
.....
6,700
6,877,938
Series
2015D
,
GO
,
5.00
%
,
06/15/28
.....
1,000
1,025,793
Series
2024A
,
GO
,
4.00
%
,
06/15/43
.....
5,010
4,956,390
Series
2024A
,
GO
,
4.00
%
,
06/15/44
.....
11,900
11,722,997
County
of
Clark
Series
2019E
,
RB
,
5.00
%
,
07/01/26
.....
2,000
2,083,420
Series
2016B
,
GO
,
5.00
%
,
11/01/27
.....
2,000
2,101,223
Series
2016B
,
GO
,
5.00
%
,
11/01/28
.....
5,000
5,236,914
Series
2017
,
GO
,
4.00
%
,
06/01/31
......
17,000
17,338,647
Series
2019E
,
RB
,
5.00
%
,
07/01/33
.....
2,000
2,177,901
Series
2017
,
GO
,
4.00
%
,
06/01/38
......
12,705
12,753,524
Series
2018
,
GO
,
4.00
%
,
07/01/44
......
7,135
7,082,464
County
of
Clark
Department
of
Aviation
Series
2019D
,
RB
,
5.00
%
,
07/01/25
.....
2,500
2,544,945
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,205
1,255,261
Series
2019D
,
RB
,
5.00
%
,
07/01/26
.....
2,010
2,093,837
Series
2024A
,
RB
,
5.00
%
,
07/01/27
.....
10,000
10,655,972
Series
2024A
,
RB
,
5.00
%
,
07/01/28
.....
20,000
21,751,696
Series
2019D
,
RB
,
5.00
%
,
07/01/32
.....
2,500
2,726,473
Series
A-2
,
RB
,
5.00
%
,
07/01/40
.......
5,190
5,383,896
County
of
Washoe,
Series
2018,
RB,
5.00%, 02/01/42
.................
2,000
2,112,406
Las
Vegas
Valley
Water
District
Series
2021A
,
GO
,
5.00
%
,
06/01/26
.....
10,000
10,414,009
Series
2022C
,
GO
,
4.00
%
,
06/01/34
.....
5,085
5,385,636
Series
2016A
,
GO
,
5.00
%
,
06/01/34
.....
3,500
3,618,647
Series
2016A
,
GO
,
5.00
%
,
06/01/35
.....
2,000
2,066,073
Series
2015
,
GO
,
4.00
%
,
06/01/39
......
2,000
2,000,049
Series
2015
,
GO
,
5.00
%
,
06/01/39
......
5,775
5,793,934
Series
2016A
,
GO
,
5.00
%
,
06/01/41
.....
9,730
9,987,948
Series
2016A
,
GO
,
5.00
%
,
06/01/46
.....
4,000
4,088,987
Series
2023A
,
GO
,
5.00
%
,
06/01/49
.....
5,000
5,444,041
Series
2022A
,
GO
,
4.00
%
,
06/01/51
.....
10,000
9,657,713
State
of
Nevada
Series
2015D
,
GO
,
5.00
%
,
04/01/25
.....
3,270
3,312,454
Series
2015B
,
GO
,
5.00
%
,
11/01/26
.....
1,650
1,675,286
Series
2020A
,
GO
,
5.00
%
,
05/01/29
.....
3,055
3,390,218
Series
2023A
,
GO
,
5.00
%
,
05/01/41
.....
10,000
11,278,664
State
of
Nevada
Highway
Improvement
Series
2016
,
RB
,
5.00
%
,
12/01/25
......
1,450
1,493,744
Series
2016
,
RB
,
5.00
%
,
12/01/27
......
3,025
3,142,867
Series
2016
,
RB
,
5.00
%
,
12/01/28
......
6,800
7,063,777
Series
2024A
,
RB
,
5.00
%
,
12/01/40
.....
5,815
6,669,989
Series
2024A
,
RB
,
5.00
%
,
12/01/41
.....
2,110
2,407,515
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nevada
(continued)
Washoe
County
School
District,
Series
2017C,
GO,
4.00%, 10/01/47
..............
USD
52,635
$
50,763,363
284,949,993
New
Hampshire
—
0.0%
State
of
New
Hampshire,
Series
2020D,
GO,
5.00%, 12/01/24
.................
1,055
1,060,260
New
Jersey
—
5.1%
County
of
Monmouth
Series
2021A
,
GO
,
5.00
%
,
01/15/31
.....
6,430
7,328,378
Series
2021A
,
GO
,
5.00
%
,
01/15/32
.....
5,160
5,900,780
Series
2021A
,
GO
,
5.00
%
,
01/15/34
.....
6,250
7,119,254
Series
2022ACDE
,
GO
,
5.00
%
,
01/15/35
..
3,265
3,798,870
Series
2022ACDE
,
GO
,
5.00
%
,
01/15/36
..
3,980
4,605,500
Garden
State
Preservation
Trust,
Series
2005A,
RB,
5.75%, 11/01/28
(AGM)
..........
1,500
1,585,851
New
Jersey
Economic
Development
Authority
Series
2005N-1
,
RB
,
5.50
%
,
09/01/24
(
AMBAC
)
.....................
1,455
1,455,000
Series
2023RRR
,
RB
,
5.00
%
,
03/01/25
...
4,425
4,473,452
Series
XX
,
RB
,
5.00
%
,
06/15/25
........
5,000
5,085,817
Series
2023RRR
,
RB
,
5.00
%
,
03/01/26
...
7,060
7,297,565
Series
XX
,
RB
,
5.00
%
,
06/15/26
........
15,000
15,285,695
Series
2005N-1
,
RB
,
5.50
%
,
09/01/26
(
AMBAC
)
.....................
1,000
1,054,127
Series
B
,
RB
,
5.00
%
,
11/01/26
.........
9,500
9,950,340
Series
2018FFF
,
RB
,
5.00
%
,
06/15/27
....
1,000
1,060,760
Series
A
,
RB
,
4.00
%
,
11/01/27
.........
1,255
1,303,526
Series
2023RRR
,
RB
,
5.00
%
,
03/01/28
...
4,000
4,314,545
Series
BBB
,
RB
,
5.50
%
,
06/15/30
.......
8,845
9,433,729
Series
WW
,
RB
,
5.25
%
,
06/15/31
.......
2,500
2,552,429
Series
2019MMM
,
RB
,
5.00
%
,
06/15/33
..
6,460
7,020,663
Series
2019MMM
,
RB
,
5.00
%
,
06/15/34
..
2,500
2,709,420
Series
2017A
,
RB
,
4.00
%
,
07/01/34
.....
3,540
3,465,858
Series
2020A
,
RB
,
5.00
%
,
11/01/34
.....
1,000
1,080,902
Series
2019MMM
,
RB
,
4.00
%
,
06/15/35
..
2,000
2,038,985
Series
2024SSS
,
RB
,
5.00
%
,
06/15/35
...
4,230
4,864,763
Series
AAA
,
RB
,
5.00
%
,
06/15/36
.......
1,000
1,055,532
Series
2018EEE
,
RB
,
5.00
%
,
06/15/36
...
2,640
2,911,378
Series
2022A
,
RB
,
5.00
%
,
11/01/36
.....
10,000
11,213,768
Series
2020A
,
RB
,
4.00
%
,
11/01/37
.....
2,000
2,024,465
Series
WW
,
RB
,
5.25
%
,
06/15/40
.......
1,000
1,020,971
Series
2020A
,
RB
,
5.00
%
,
11/01/40
.....
1,000
1,058,846
Series
AAA
,
RB
,
5.00
%
,
06/15/41
.......
1,515
1,599,130
Series
2018A
,
RB
,
5.00
%
,
06/15/42
.....
4,665
4,806,311
Series
2022A
,
RB
,
5.25
%
,
11/01/42
.....
2,700
2,986,053
Series
2017B
,
RB
,
5.00
%
,
06/15/43
.....
1,000
1,039,845
Series
2018EEE
,
RB
,
5.00
%
,
06/15/43
...
4,590
4,877,594
Series
2019LLL
,
RB
,
4.00
%
,
06/15/44
....
2,000
1,961,017
Series
2020A
,
RB
,
4.00
%
,
11/01/44
.....
750
732,965
Series
2020A
,
RB
,
5.00
%
,
11/01/44
.....
5,000
5,226,711
Series
2021QQQ
,
RB
,
4.00
%
,
06/15/46
...
12,175
11,865,044
Series
2018C
,
RB
,
5.00
%
,
06/15/47
.....
6,110
6,247,068
Series
2022A
,
RB
,
5.25
%
,
11/01/47
.....
10,000
10,861,033
Series
2018EEE
,
RB
,
4.63
%
,
06/15/48
...
10,000
10,135,576
Series
2018EEE
,
RB
,
5.00
%
,
06/15/48
...
6,000
6,175,639
Series
2019LLL
,
RB
,
5.00
%
,
06/15/49
....
5,000
5,187,442
Series
2021QQQ
,
RB
,
4.00
%
,
06/15/50
...
2,250
2,161,287
New
Jersey
Educational
Facilities
Authority
Series
2021C
,
RB
,
5.00
%
,
03/01/27
.....
7,025
7,463,742
Series
2022A
,
RB
,
5.00
%
,
03/01/27
.....
11,330
12,037,608
Series
2016A
,
RB
,
5.00
%
,
07/01/28
.....
5,115
5,334,028
Series
2017B
,
RB
,
5.00
%
,
07/01/29
.....
5,000
5,327,006
Series
2017I
,
RB
,
5.00
%
,
07/01/31
......
3,235
3,431,364
Security
Par
(000)
Par
(000)
Value
New
Jersey
(continued)
Series
2022A
,
RB
,
5.00
%
,
03/01/32
.....
USD
5,000
$
5,834,226
Series
2017B
,
RB
,
5.00
%
,
07/01/33
.....
9,400
9,941,626
Series
2024A-1
,
RB
,
5.00
%
,
03/01/36
....
15,000
17,711,264
Series
2024A-2
,
RB
,
5.00
%
,
03/01/41
....
4,455
5,110,427
Series
2024A-2
,
RB
,
5.00
%
,
03/01/43
....
57,985
65,928,771
Series
2024B
,
RB
,
5.25
%
,
03/01/54
.....
44,255
49,919,870
New
Jersey
Institute
of
Technology,
Series
2015A,
RB,
5.00%, 07/01/45
.........
2,500
2,526,176
New
Jersey
Transportation
Trust
Fund
Authority
Series
2006C
,
RB
,
0.00
%
,
12/15/24
(
AMBAC
)
(a)
....................
1,790
1,773,020
Series
2010D
,
RB
,
5.00
%
,
12/15/24
.....
2,830
2,845,768
Series
2018A
,
RB
,
5.00
%
,
12/15/24
.....
1,040
1,045,472
Series
2014AA
,
RB
,
5.00
%
,
06/15/25
....
1,000
1,001,190
Series
2004A
,
RB
,
5.75
%
,
06/15/25
(
NPFGC
)
12,600
12,882,972
Series
2006C
,
RB
,
0.00
%
,
12/15/25
(
AMBAC
)
(a)
....................
10,170
9,775,895
Series
2010A
,
RB
,
0.00
%
,
12/15/25
(a)
....
2,255
2,167,615
Series
2019A
,
RB
,
5.00
%
,
12/15/25
.....
5,725
5,887,769
Series
2023AA
,
RB
,
5.00
%
,
06/15/26
....
3,335
3,467,740
Series
2022AA
,
RB
,
5.00
%
,
06/15/26
....
8,650
8,993,709
Series
2019A
,
RB
,
5.00
%
,
12/15/26
.....
2,885
3,029,745
Series
2016A-1
,
RB
,
5.00
%
,
06/15/27
....
3,425
3,548,551
Series
2023AA
,
RB
,
5.00
%
,
06/15/27
....
2,965
3,145,024
Series
2006C
,
RB
,
0.00
%
,
12/15/27
(
NPFGC
)
(a)
....................
6,050
5,453,177
Series
2018A
,
RB
,
5.00
%
,
12/15/27
.....
10,230
10,955,272
Series
2019A
,
RB
,
5.00
%
,
12/15/27
.....
1,380
1,477,837
Series
2016A-1
,
RB
,
5.00
%
,
06/15/28
....
13,900
14,389,583
Series
2018A
,
RB
,
5.00
%
,
06/15/28
.....
1,000
1,035,045
Series
2010A
,
RB
,
0.00
%
,
12/15/28
(a)
....
3,655
3,187,831
Series
2006C
,
RB
,
0.00
%
,
12/15/28
(
AMBAC
)
(a)
....................
4,615
4,025,127
Series
2018A
,
RB
,
5.00
%
,
12/15/28
.....
6,050
6,595,461
Series
2019A
,
RB
,
5.00
%
,
12/15/28
.....
1,000
1,090,159
Series
2014BB-1
,
RB
,
5.00
%
,
06/15/29
...
7,000
7,624,027
Series
2016A-1
,
RB
,
5.00
%
,
06/15/29
....
1,870
1,932,837
Series
2018A
,
RB
,
5.00
%
,
06/15/29
.....
6,700
6,925,139
Series
2023AA
,
RB
,
5.00
%
,
06/15/29
....
6,510
7,155,108
Series
2010A
,
RB
,
0.00
%
,
12/15/29
(a)
....
3,290
2,771,571
Series
2016A-1
,
RB
,
5.00
%
,
06/15/30
....
1,000
1,031,048
Series
2018A
,
RB
,
5.00
%
,
06/15/30
.....
6,500
6,704,097
Series
2022AA
,
RB
,
5.00
%
,
06/15/30
....
7,000
7,799,980
Series
2014BB-1
,
RB
,
5.00
%
,
06/15/30
...
5,000
5,421,485
Series
2006C
,
RB
,
0.00
%
,
12/15/30
(
NPFGC
)
(a)
....................
7,330
5,952,051
Series
2010A
,
RB
,
0.00
%
,
12/15/30
(a)
....
3,000
2,436,037
Series
2018A
,
RB
,
5.00
%
,
12/15/30
.....
2,500
2,701,661
Series
2018A
,
RB
,
5.00
%
,
06/15/31
.....
5,830
6,000,274
Series
2010A
,
RB
,
0.00
%
,
12/15/31
(a)
....
8,225
6,420,085
Series
2006C
,
RB
,
0.00
%
,
12/15/31
(
NPFGC
)
(a)
....................
21,320
16,641,484
Series
2018A
,
RB
,
4.00
%
,
12/15/31
.....
9,660
9,925,084
Series
2021A
,
RB
,
5.00
%
,
06/15/32
.....
4,250
4,768,808
Series
2022AA
,
RB
,
5.00
%
,
06/15/32
....
6,960
7,921,040
Series
2022BB
,
RB
,
5.00
%
,
06/15/32
....
2,500
2,825,340
Series
2009D
,
RB
,
5.00
%
,
06/15/32
.....
18,390
18,468,203
Series
2014BB-1
,
RB
,
5.00
%
,
06/15/32
...
2,880
3,090,945
Series
2009A
,
RB
,
0.00
%
,
12/15/32
(a)
....
3,540
2,654,647
Series
2006C
,
RB
,
0.00
%
,
12/15/32
(
AGM
)
(a)
55,000
41,581,733
Series
2018A
,
RB
,
5.00
%
,
12/15/32
.....
8,275
8,861,325
Series
2019A
,
RB
,
5.00
%
,
12/15/32
.....
7,340
8,031,410
Series
2023BB
,
RB
,
5.00
%
,
06/15/33
....
2,500
2,868,160
Series
2021A
,
RB
,
5.00
%
,
06/15/33
.....
2,600
2,901,618
Series
2019BB
,
RB
,
5.00
%
,
06/15/33
....
4,000
4,274,234
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
Jersey
(continued)
Series
2022AA
,
RB
,
5.00
%
,
06/15/33
....
USD
11,430
$
12,929,205
Series
2022CC
,
RB
,
5.00
%
,
06/15/33
....
2,000
2,280,277
Series
2006C
,
RB
,
0.00
%
,
12/15/33
(
AGM
)
(a)
30,540
22,253,536
Series
2010A
,
RB
,
0.00
%
,
12/15/33
(a)
....
930
671,507
Series
2018A
,
RB
,
5.00
%
,
12/15/33
.....
12,045
12,855,207
Series
2021A
,
RB
,
4.00
%
,
06/15/34
.....
9,025
9,355,678
Series
2022CC
,
RB
,
5.00
%
,
06/15/34
....
1,875
2,128,992
Series
2022AA
,
RB
,
5.00
%
,
06/15/34
....
10,175
11,479,778
Series
2023BB
,
RB
,
5.00
%
,
06/15/34
....
4,000
4,598,521
Series
2014BB-2
,
RB
,
5.00
%
,
06/15/34
...
7,320
8,140,890
Series
2014BB-1
,
RB
,
5.00
%
,
06/15/34
...
2,500
2,665,243
Series
2010A
,
RB
,
0.00
%
,
12/15/34
(a)
....
15,000
10,382,493
Series
2009A
,
RB
,
0.00
%
,
12/15/34
(a)
....
1,055
730,235
Series
2018A
,
RB
,
5.00
%
,
12/15/34
.....
8,000
8,519,006
Series
2020AA
,
RB
,
4.00
%
,
06/15/35
....
2,655
2,733,605
Series
2023A
,
RB
,
5.00
%
,
06/15/35
.....
3,020
3,433,041
Series
2019BB
,
RB
,
5.00
%
,
06/15/35
....
8,960
9,529,912
Series
2022AA
,
RB
,
5.00
%
,
06/15/35
....
3,000
3,369,140
Series
2008A
,
RB
,
0.00
%
,
12/15/35
(a)
....
11,710
7,725,736
Series
2006C
,
RB
,
0.00
%
,
12/15/35
(
AMBAC
)
(a)
....................
3,990
2,632,424
Series
2018A
,
RB
,
5.00
%
,
12/15/35
.....
4,000
4,244,107
Series
2020AA
,
RB
,
4.00
%
,
06/15/36
....
1,750
1,788,147
Series
2021A
,
RB
,
4.00
%
,
06/15/36
.....
1,165
1,192,185
Series
2019BB
,
RB
,
4.00
%
,
06/15/36
....
6,200
6,322,461
Series
2020AA
,
RB
,
5.00
%
,
06/15/36
....
1,000
1,097,593
Series
2023A
,
RB
,
5.00
%
,
06/15/36
.....
3,500
3,959,333
Series
2010A
,
RB
,
0.00
%
,
12/15/36
(a)
....
25,555
16,019,356
Series
2008A
,
RB
,
0.00
%
,
12/15/36
(a)
....
3,750
2,350,718
Series
2018A
,
RB
,
5.00
%
,
12/15/36
.....
13,685
14,473,214
Series
2020AA
,
RB
,
4.00
%
,
06/15/37
....
2,490
2,533,738
Series
2019BB
,
RB
,
4.00
%
,
06/15/37
....
2,000
2,018,461
Series
2022AA
,
RB
,
5.00
%
,
06/15/37
....
3,000
3,344,471
Series
2023AA
,
RB
,
5.00
%
,
06/15/37
....
4,000
4,510,260
Series
2019AA
,
RB
,
5.00
%
,
06/15/37
....
1,250
1,320,173
Series
2023A
,
RB
,
5.00
%
,
06/15/37
.....
5,000
5,637,825
Series
2008A
,
RB
,
0.00
%
,
12/15/37
(a)
....
7,000
4,180,885
Series
2010A
,
RB
,
0.00
%
,
12/15/37
(a)
....
700
418,089
Series
2018A
,
RB
,
4.00
%
,
12/15/37
(
BAM
)
13,770
13,945,114
Series
2019BB
,
RB
,
4.00
%
,
06/15/38
....
15,340
15,440,489
Series
2020AA
,
RB
,
4.00
%
,
06/15/38
....
3,000
3,037,891
Series
2014AA
,
RB
,
5.00
%
,
06/15/38
....
3,100
3,102,629
Series
2020AA
,
RB
,
5.00
%
,
06/15/38
....
2,000
2,175,851
Series
2023AA
,
RB
,
5.00
%
,
06/15/38
....
3,700
4,151,598
Series
2023A
,
RB
,
5.00
%
,
06/15/38
.....
4,110
4,611,639
Series
2019AA
,
RB
,
5.00
%
,
06/15/38
....
3,025
3,185,228
Series
2009A
,
RB
,
0.00
%
,
12/15/38
(a)
....
3,620
2,058,102
Series
2008A
,
RB
,
0.00
%
,
12/15/38
(a)
....
865
490,409
Series
2018A
,
RB
,
4.25
%
,
12/15/38
.....
1,000
1,018,670
Series
2020AA
,
RB
,
4.00
%
,
06/15/39
....
7,750
7,806,466
Series
2023AA
,
RB
,
5.00
%
,
06/15/39
....
6,000
6,690,841
Series
2023BB
,
RB
,
5.00
%
,
06/15/39
....
4,000
4,482,870
Series
2009A
,
RB
,
0.00
%
,
12/15/39
(a)
....
33,700
18,272,669
Series
2019A
,
RB
,
4.00
%
,
12/15/39
.....
500
502,076
Series
2019A
,
RB
,
5.00
%
,
12/15/39
.....
1,000
1,068,683
Series
2020AA
,
RB
,
4.00
%
,
06/15/40
....
500
501,242
Series
2023A
,
RB
,
4.25
%
,
06/15/40
.....
10,000
10,292,142
Series
2020AA
,
RB
,
5.00
%
,
06/15/40
....
1,250
1,347,991
Series
2010A
,
RB
,
0.00
%
,
12/15/40
(a)
....
5,500
2,806,693
Series
2022BB
,
RB
,
4.00
%
,
06/15/41
....
5,500
5,478,386
Series
2022A
,
RB
,
4.00
%
,
06/15/41
.....
5,000
4,980,351
Series
2023BB
,
RB
,
5.00
%
,
06/15/41
....
14,700
16,270,735
Series
2015AA
,
RB
,
5.25
%
,
06/15/41
....
3,500
3,533,673
Series
2023BB
,
RB
,
5.00
%
,
06/15/42
....
5,000
5,505,146
Series
2022CC
,
RB
,
5.00
%
,
06/15/42
....
9,195
10,037,702
Security
Par
(000)
Par
(000)
Value
New
Jersey
(continued)
Series
2023A
,
RB
,
5.25
%
,
06/15/42
.....
USD
3,000
$
3,356,745
Series
2023BB
,
RB
,
5.00
%
,
06/15/43
....
4,500
4,926,850
Series
2019BB
,
RB
,
4.00
%
,
06/15/44
....
2,000
1,950,458
Series
2023AA
,
RB
,
4.25
%
,
06/15/44
....
4,295
4,330,851
Series
2022CC
,
RB
,
5.00
%
,
06/15/44
....
10,500
11,350,685
Series
2019BB
,
RB
,
5.00
%
,
06/15/44
....
11,275
11,684,939
Series
2014AA
,
RB
,
5.00
%
,
06/15/44
....
350
350,152
Series
2020AA
,
RB
,
4.00
%
,
06/15/45
....
10,000
9,725,086
Series
2015AA
,
RB
,
5.00
%
,
06/15/45
....
2,500
2,515,110
Series
2020AA
,
RB
,
5.00
%
,
06/15/45
....
9,315
9,854,407
Series
2019AA
,
RB
,
5.00
%
,
06/15/46
....
12,000
12,386,826
Series
2020AA
,
RB
,
3.00
%
,
06/15/50
....
9,000
7,041,438
Series
2020AA
,
RB
,
4.00
%
,
06/15/50
....
18,810
18,068,356
Series
2019BB
,
RB
,
4.00
%
,
06/15/50
....
7,640
7,338,768
Series
2019BB
,
RB
,
5.00
%
,
06/15/50
....
7,185
7,381,387
Series
2020AA
,
RB
,
5.00
%
,
06/15/50
....
4,100
4,308,314
Series
2023BB
,
RB
,
5.25
%
,
06/15/50
....
2,500
2,735,542
Series
2022CC
,
RB
,
5.50
%
,
06/15/50
....
3,250
3,585,121
New
Jersey
Turnpike
Authority
Series
2014C
,
RB
,
5.00
%
,
01/01/25
.....
5,125
5,160,100
Series
2017B
,
RB
,
5.00
%
,
01/01/28
.....
1,750
1,884,504
Series
2017B
,
RB
,
5.00
%
,
01/01/29
.....
1,290
1,384,018
Series
2017A
,
RB
,
5.00
%
,
01/01/29
.....
2,000
2,102,522
Series
2017B
,
RB
,
5.00
%
,
01/01/31
.....
4,500
4,797,993
Series
2017E
,
RB
,
5.00
%
,
01/01/31
.....
3,400
3,625,150
Series
2017A
,
RB
,
5.00
%
,
01/01/31
.....
3,700
3,872,084
Series
2017B
,
RB
,
5.00
%
,
01/01/32
.....
16,690
17,745,250
Series
2017E
,
RB
,
5.00
%
,
01/01/32
.....
10,255
10,903,388
Series
2017A
,
RB
,
5.00
%
,
01/01/33
.....
2,000
2,084,089
Series
2017B
,
RB
,
4.00
%
,
01/01/34
.....
1,000
1,023,784
Series
2017G
,
RB
,
4.00
%
,
01/01/34
.....
3,500
3,583,245
Series
2015E
,
RB
,
5.00
%
,
01/01/34
.....
2,000
2,010,041
Series
2017G
,
RB
,
5.00
%
,
01/01/35
.....
3,565
3,771,959
Series
2017G
,
RB
,
5.00
%
,
01/01/36
.....
2,380
2,511,646
Series
2017B
,
RB
,
5.00
%
,
01/01/40
.....
4,500
4,702,953
Series
2021A
,
RB
,
4.00
%
,
01/01/42
.....
19,530
19,649,233
Series
2017G
,
RB
,
4.00
%
,
01/01/43
.....
22,100
22,111,806
Series
2024C
,
RB
,
5.00
%
,
01/01/44
(c)
....
24,500
27,174,535
Series
2015E
,
RB
,
5.00
%
,
01/01/45
.....
17,345
17,432,077
Series
2024C
,
RB
,
5.00
%
,
01/01/45
(c)
....
23,675
26,213,265
Series
2022B
,
RB
,
5.00
%
,
01/01/46
.....
14,470
15,885,849
Series
2019A
,
RB
,
4.00
%
,
01/01/48
.....
27,300
26,821,914
Series
2022B
,
RB
,
4.50
%
,
01/01/48
.....
13,500
13,947,117
Series
2019A
,
RB
,
5.00
%
,
01/01/48
.....
18,085
18,952,020
Series
2022B
,
RB
,
5.25
%
,
01/01/52
.....
21,720
24,101,281
State
of
New
Jersey
Series
2020A
,
GO
,
5.00
%
,
06/01/25
.....
27,220
27,707,899
Series
2020A
,
GO
,
5.00
%
,
06/01/26
.....
14,785
15,414,337
GO
,
5.00
%
,
06/01/27
...............
2,885
2,933,371
Series
2020A
,
GO
,
5.00
%
,
06/01/27
.....
19,340
20,606,374
Series
2020A
,
GO
,
5.00
%
,
06/01/28
.....
46,740
50,847,502
Series
2020A
,
GO
,
5.00
%
,
06/01/29
.....
20,380
22,600,332
Series
2020A
,
GO
,
4.00
%
,
06/01/30
.....
25,185
26,940,208
Series
2020A
,
GO
,
4.00
%
,
06/01/31
.....
32,000
34,349,133
Series
2020A
,
GO
,
3.00
%
,
06/01/32
.....
5,050
4,974,216
Series
2020A
,
GO
,
4.00
%
,
06/01/32
.....
10,500
11,303,161
GO
,
5.00
%
,
06/01/32
...............
1,500
1,525,149
1,706,128,653
New
Mexico
—
0.3%
New
Mexico
Finance
Authority
Series
2021A
,
RB
,
5.00
%
,
06/15/25
.....
620
631,171
Series
2018A
,
RB
,
5.00
%
,
06/15/28
.....
5,005
5,450,201
Series
2021A
,
RB
,
5.00
%
,
06/15/28
.....
1,510
1,644,316
Series
2021A
,
RB
,
5.00
%
,
06/15/30
.....
1,500
1,691,233
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
Mexico
(continued)
State
of
New
Mexico
Series
2019
,
GO
,
5.00
%
,
03/01/25
......
USD
3,055
$
3,088,375
Series
2021
,
GO
,
5.00
%
,
03/01/26
......
1,500
1,554,578
Series
2021
,
GO
,
5.00
%
,
03/01/27
......
2,785
2,953,259
Series
2023
,
GO
,
5.00
%
,
03/01/27
......
20,090
21,303,763
Series
2021
,
GO
,
5.00
%
,
03/01/29
......
5,000
5,530,375
State
of
New
Mexico
Severance
Tax
Permanent
Fund
Series
2021A
,
RB
,
5.00
%
,
07/01/26
.....
2,500
2,611,627
Series
2022B
,
RB
,
5.00
%
,
07/01/30
.....
13,445
15,176,743
Series
2022A
,
RB
,
5.00
%
,
07/01/31
.....
13,540
15,489,913
77,125,554
New
York
—
21.7%
Battery
Park
City
Authority
Series
2023B
,
RB
,
5.00
%
,
11/01/29
.....
4,420
4,991,379
Series
2023B
,
RB
,
5.00
%
,
11/01/33
.....
3,500
4,194,123
Series
2019D-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(b)
..........
4,050
4,050,000
Series
2023B
,
RB
,
5.00
%
,
11/01/38
.....
2,480
2,899,142
Series
2019B
,
RB
,
5.00
%
,
11/01/39
.....
840
916,872
Series
2019B
,
RB
,
5.00
%
,
11/01/40
.....
3,700
4,025,986
Series
2023A
,
RB
,
5.00
%
,
11/01/41
.....
2,000
2,289,986
Series
2023A
,
RB
,
5.00
%
,
11/01/43
.....
4,000
4,527,156
Series
2019A
,
RB
,
4.00
%
,
11/01/44
.....
5,915
5,878,756
Series
2023A
,
RB
,
5.00
%
,
11/01/44
.....
6,955
7,830,997
Series
2023A
,
RB
,
5.00
%
,
11/01/48
.....
1,350
1,495,569
Series
2019A
,
RB
,
5.00
%
,
11/01/49
.....
3,960
4,233,362
Series
2023A
,
RB
,
5.00
%
,
11/01/53
.....
66,000
72,475,847
City
of
New
York
Series
2018-1
,
GO
,
5.00
%
,
08/01/25
.....
6,480
6,620,731
Series
C
,
GO
,
5.00
%
,
08/01/25
........
4,055
4,143,065
Series
A
,
GO
,
5.00
%
,
08/01/25
........
1,680
1,716,486
Series
2019E
,
GO
,
5.00
%
,
08/01/25
.....
3,220
3,289,931
Series
2021A-1
,
GO
,
5.00
%
,
08/01/25
....
2,330
2,380,602
Series
2014J
,
GO
,
5.00
%
,
08/01/25
.....
2,170
2,173,459
Series
2023F-1
,
GO
,
5.00
%
,
08/01/25
....
1,080
1,103,455
Series
2023A-1
,
GO
,
5.00
%
,
09/01/25
....
3,210
3,287,457
Series
2011F-3
,
GO
,
5.00
%
,
12/01/25
....
2,280
2,348,974
Series
2021F-1
,
GO
,
5.00
%
,
03/01/26
....
1,870
1,938,228
Series
2018A
,
GO
,
5.00
%
,
08/01/26
.....
5,325
5,574,617
Series
2018C
,
GO
,
5.00
%
,
08/01/26
.....
1,035
1,083,517
Series
2022B-1
,
GO
,
5.00
%
,
08/01/26
....
24,055
25,182,612
Series
A
,
GO
,
5.00
%
,
08/01/26
........
1,850
1,888,797
Series
2008J-11
,
GO
,
5.00
%
,
08/01/26
...
1,075
1,125,392
Series
2008J-10
,
GO
,
5.00
%
,
08/01/26
...
4,470
4,679,538
Series
2021C
,
GO
,
5.00
%
,
08/01/26
.....
1,925
2,015,237
Series
A
,
GO
,
5.00
%
,
08/01/27
........
1,060
1,079,955
Series
2008J-5
,
GO
,
5.00
%
,
08/01/27
....
2,500
2,671,214
Series
2018C
,
GO
,
5.00
%
,
08/01/27
.....
1,740
1,859,165
Series
2015C
,
GO
,
5.00
%
,
08/01/27
.....
4,500
4,538,366
Series
2022B-1
,
GO
,
5.00
%
,
08/01/27
....
10,990
11,742,657
Series
2020C-1
,
GO
,
5.00
%
,
08/01/27
...
10,950
11,699,917
Series
2023F-1
,
GO
,
5.00
%
,
08/01/27
....
5,675
6,063,656
Series
2008C-4
,
GO
,
5.00
%
,
10/01/27
(
AGM
)
4,035
4,331,863
Series
2021A-1
,
GO
,
5.00
%
,
08/01/28
....
7,230
7,874,255
Series
2018A
,
GO
,
5.00
%
,
08/01/28
.....
2,000
2,127,660
Series
2020C-1
,
GO
,
5.00
%
,
08/01/28
...
3,000
3,267,326
Series
E
,
GO
,
5.00
%
,
08/01/28
........
1,900
1,970,094
Series
2023F-1
,
GO
,
5.00
%
,
08/01/28
....
1,875
2,042,079
Series
2014J
,
GO
,
5.00
%
,
08/01/28
.....
2,000
2,002,480
Series
A
,
GO
,
5.00
%
,
08/01/28
........
3,260
3,318,416
Series
C
,
GO
,
5.00
%
,
08/01/28
........
4,095
4,286,073
Series
2015C
,
GO
,
5.00
%
,
08/01/28
.....
5,165
5,206,911
Series
2023A-1
,
GO
,
5.00
%
,
09/01/28
....
5,550
6,054,705
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2021A-1
,
GO
,
5.00
%
,
08/01/29
....
USD
1,925
$
2,132,734
Series
C
,
GO
,
5.00
%
,
08/01/29
........
7,260
7,449,540
Series
2023F-1
,
GO
,
5.00
%
,
08/01/29
....
4,390
4,863,742
Series
2020C-1
,
GO
,
5.00
%
,
08/01/29
...
2,000
2,215,828
Series
2022B-1
,
GO
,
5.00
%
,
08/01/29
....
32,630
36,151,227
Series
2018C
,
GO
,
5.00
%
,
08/01/29
.....
4,005
4,292,714
Series
2023A-1
,
GO
,
5.00
%
,
09/01/29
....
5,940
6,591,182
Series
2021B-1
,
GO
,
5.00
%
,
11/01/29
....
5,015
5,578,643
Series
2017B-1
,
GO
,
5.00
%
,
12/01/29
....
1,005
1,045,919
Series
2014I-1
,
GO
,
5.00
%
,
03/01/30
....
1,000
1,000,628
Series
2020C-1
,
GO
,
5.00
%
,
08/01/30
...
6,750
7,616,790
Series
2022C
,
GO
,
5.00
%
,
08/01/30
.....
1,485
1,675,694
Series
2021A-1
,
GO
,
5.00
%
,
08/01/30
....
18,890
21,315,729
Series
2017A
,
GO
,
5.00
%
,
08/01/30
.....
1,660
1,716,546
Series
2021B-1
,
GO
,
5.00
%
,
11/01/30
....
9,950
11,267,418
Series
2008L-6
,
GO
,
5.00
%
,
04/01/31
....
2,170
2,367,200
Series
2021A-1
,
GO
,
5.00
%
,
08/01/31
....
11,150
12,459,526
Series
2015A
,
GO
,
5.00
%
,
08/01/31
.....
2,500
2,508,910
Series
2023G
,
GO
,
5.00
%
,
08/01/31
.....
2,975
3,401,127
Series
2023-1
,
GO
,
5.00
%
,
08/01/31
.....
5,030
5,750,478
Series
2020C-1
,
GO
,
5.00
%
,
08/01/31
...
1,500
1,676,169
Series
2023F-1
,
GO
,
5.00
%
,
08/01/31
....
4,000
4,572,944
Series
2020B-1
,
GO
,
5.00
%
,
10/01/31
....
1,175
1,290,859
Series
2008L-6
,
GO
,
5.00
%
,
04/01/32
....
5,250
5,709,504
Series
2021C
,
GO
,
5.00
%
,
08/01/32
.....
6,550
7,296,537
Series
2023G
,
GO
,
5.00
%
,
08/01/32
.....
2,975
3,433,527
Series
2022B-1
,
GO
,
5.00
%
,
08/01/32
....
3,725
4,299,122
Series
2023-1
,
GO
,
5.00
%
,
08/01/32
.....
5,000
5,770,633
Series
2023F-1
,
GO
,
5.00
%
,
08/01/32
....
8,000
9,233,013
Series
2022A-1
,
GO
,
5.00
%
,
08/01/32
....
5,000
5,657,107
Series
2021A-1
,
GO
,
5.00
%
,
08/01/32
....
1,000
1,113,975
Series
2014J
,
GO
,
5.00
%
,
08/01/32
.....
10,000
10,012,093
Series
2015A
,
GO
,
5.00
%
,
08/01/32
.....
1,000
1,003,564
Series
2019E
,
GO
,
5.00
%
,
08/01/32
.....
1,000
1,083,830
Series
2018C
,
GO
,
5.00
%
,
08/01/32
.....
2,435
2,588,614
Series
2020B-1
,
GO
,
5.00
%
,
10/01/32
....
1,000
1,095,253
Series
2018B-1
,
GO
,
5.25
%
,
10/01/32
....
10,440
11,095,384
Series
2023-1
,
GO
,
5.00
%
,
08/01/33
.....
5,000
5,820,675
Series
2020C-1
,
GO
,
5.00
%
,
08/01/33
...
15,635
17,378,032
Series
2023G
,
GO
,
5.00
%
,
08/01/33
.....
1,445
1,682,175
Series
2025A
,
GO
,
5.00
%
,
08/01/33
.....
5,000
5,820,675
Series
2021C
,
GO
,
5.00
%
,
08/01/33
.....
3,000
3,334,448
Series
2020B-1
,
GO
,
5.00
%
,
10/01/33
....
6,310
6,891,615
Series
2017B-1
,
GO
,
5.00
%
,
12/01/33
....
1,800
1,869,319
Series
2024C
,
GO
,
5.00
%
,
03/01/34
.....
5,000
5,853,400
Series
2008L-5
,
GO
,
5.00
%
,
04/01/34
....
2,000
2,243,978
Series
2018F-1
,
GO
,
5.00
%
,
04/01/34
....
1,000
1,063,295
Series
2006E-3
,
GO
,
VRDN
(
Bank
of
America
NA
LOC
),
2.87
%
,
09/05/24
(b)
........
4,470
4,470,000
Series
2022A-1
,
GO
,
4.00
%
,
08/01/34
....
9,845
10,268,593
Series
2018C
,
GO
,
4.00
%
,
08/01/34
.....
1,005
1,033,113
Series
2021A-1
,
GO
,
4.00
%
,
08/01/34
....
1,775
1,841,355
Series
2023F-1
,
GO
,
5.00
%
,
08/01/34
....
7,000
8,112,169
Series
2023-1
,
GO
,
5.00
%
,
08/01/34
.....
10,000
11,588,813
Series
2019E
,
GO
,
5.00
%
,
08/01/34
.....
1,000
1,079,530
Series
2023G
,
GO
,
5.00
%
,
08/01/34
.....
2,975
3,447,672
Series
2020B-1
,
GO
,
5.00
%
,
10/01/34
....
2,500
2,725,735
Series
2019D-1
,
GO
,
5.00
%
,
12/01/34
...
5,000
5,365,765
Series
2012A-3
,
GO
,
4.00
%
,
08/01/35
....
2,500
2,573,125
Series
C
,
GO
,
4.00
%
,
08/01/35
........
4,870
4,882,574
Series
2025A
,
GO
,
5.00
%
,
08/01/35
.....
6,135
7,181,048
Series
2023G
,
GO
,
5.00
%
,
08/01/35
.....
2,975
3,437,581
Series
2023-1
,
GO
,
5.00
%
,
08/01/35
.....
3,500
4,044,213
Series
2020B-1
,
GO
,
4.00
%
,
10/01/35
....
1,015
1,039,378
Series
2017B-1
,
GO
,
5.00
%
,
12/01/35
....
7,815
8,107,360
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2020D-1
,
GO
,
4.00
%
,
03/01/36
...
USD
2,700
$
2,761,089
Series
2006I-A
,
GO
,
4.00
%
,
04/01/36
....
4,950
5,070,725
Series
2006I-5
,
GO
,
5.00
%
,
04/01/36
....
3,840
4,440,548
Series
2015FF-1
,
GO
,
5.00
%
,
06/01/36
...
1,100
1,114,815
Series
2021C
,
GO
,
4.00
%
,
08/01/36
.....
1,000
1,022,337
Series
2017A
,
GO
,
4.00
%
,
08/01/36
.....
5,390
5,391,131
Series
2020C-1
,
GO
,
5.00
%
,
08/01/36
...
2,815
3,097,483
Series
2025A
,
GO
,
5.00
%
,
08/01/36
.....
5,000
5,792,746
Series
2023F-1
,
GO
,
5.00
%
,
08/01/36
....
2,500
2,861,673
Series
2020B-1
,
GO
,
5.00
%
,
10/01/36
....
14,240
15,434,417
Series
2020D-1
,
GO
,
5.00
%
,
03/01/37
...
2,500
2,731,303
Series
2018E-1
,
GO
,
5.00
%
,
03/01/37
....
2,500
2,643,181
Series
2018F-1
,
GO
,
5.00
%
,
04/01/37
....
17,890
18,935,230
Series
2020A-1
,
GO
,
4.00
%
,
08/01/37
....
2,500
2,537,958
Series
2023F-1
,
GO
,
5.00
%
,
08/01/37
....
1,500
1,711,753
Series
2025A
,
GO
,
5.00
%
,
08/01/37
.....
4,000
4,618,736
Series
2020B-1
,
GO
,
4.00
%
,
10/01/37
....
1,880
1,908,598
Series
2018B-1
,
GO
,
5.00
%
,
10/01/37
....
3,000
3,148,163
Series
2018E-1
,
GO
,
5.00
%
,
03/01/38
....
2,500
2,639,203
Series
2022A-1
,
GO
,
4.00
%
,
08/01/38
....
2,930
2,984,681
Series
2020A-1
,
GO
,
4.00
%
,
08/01/38
....
5,005
5,071,475
Series
2021C
,
GO
,
5.00
%
,
08/01/38
.....
8,670
9,474,332
Series
2023F-1
,
GO
,
5.00
%
,
08/01/38
....
1,250
1,416,878
Series
2017A
,
GO
,
5.00
%
,
08/01/38
.....
3,000
3,088,120
Series
2018B-1
,
GO
,
5.00
%
,
10/01/38
....
6,455
6,761,225
Series
2017B-1
,
GO
,
5.00
%
,
12/01/38
....
1,500
1,551,177
Series
2018E-1
,
GO
,
5.00
%
,
03/01/39
....
2,000
2,104,506
Series
2021F-1
,
GO
,
5.00
%
,
03/01/39
....
7,500
8,225,457
Series
2023E-1
,
GO
,
5.00
%
,
04/01/39
....
7,500
8,426,899
Series
2021C
,
GO
,
4.00
%
,
08/01/39
.....
1,525
1,544,089
Series
2022A-1
,
GO
,
4.00
%
,
08/01/39
....
8,000
8,115,038
Series
2023A-1
,
GO
,
5.00
%
,
09/01/39
....
2,000
2,232,539
Series
2018B-1
,
GO
,
5.00
%
,
10/01/39
....
5,680
5,934,615
Series
2014I-2
,
GO
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
...
32,050
32,050,000
Series
2020D-1
,
GO
,
5.00
%
,
03/01/40
...
3,000
3,229,427
Series
2022D-1
,
GO
,
4.25
%
,
05/01/40
...
2,500
2,567,424
Series
2022D-1
,
GO
,
5.25
%
,
05/01/40
...
3,500
3,925,895
Series
2022A-1
,
GO
,
4.00
%
,
08/01/40
....
2,000
2,015,623
Series
2021C
,
GO
,
4.00
%
,
08/01/40
.....
1,000
1,006,802
Series
2019D-1
,
GO
,
5.00
%
,
12/01/40
...
4,815
5,103,246
Series
2021F-1
,
GO
,
3.00
%
,
03/01/41
....
1,000
859,416
Series
2024C
,
GO
,
4.00
%
,
03/01/41
.....
5,700
5,714,854
Series
2020D-1
,
GO
,
4.00
%
,
03/01/41
...
2,000
2,003,248
Series
2018E-1
,
GO
,
4.00
%
,
03/01/41
....
2,600
2,591,666
Series
2022D-1
,
GO
,
5.25
%
,
05/01/41
...
9,300
10,393,719
Series
2021C
,
GO
,
4.00
%
,
08/01/41
.....
6,400
6,410,927
Series
2023A-1
,
GO
,
5.00
%
,
09/01/41
....
1,470
1,620,800
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/41
(c)
...............
3,000
3,371,613
Series
2023A-1
,
GO
,
5.25
%
,
09/01/41
....
8,000
8,976,774
Series
2020B-1
,
GO
,
3.00
%
,
10/01/41
....
2,000
1,710,550
Series
2018B-1
,
GO
,
4.00
%
,
10/01/41
....
1,000
994,247
Series
2019D-1
,
GO
,
4.00
%
,
12/01/41
...
3,000
2,989,937
Series
2017B-1
,
GO
,
5.00
%
,
12/01/41
....
3,000
3,092,516
Series
2022D-1
,
GO
,
5.25
%
,
05/01/42
...
8,000
8,900,854
Series
2021C
,
GO
,
5.00
%
,
08/01/42
.....
3,225
3,463,895
Series
2023A-1
,
GO
,
5.25
%
,
09/01/42
....
2,000
2,233,798
Series
2019D-1
,
GO
,
4.00
%
,
12/01/42
...
5,000
4,956,843
Series
2019D-1
,
GO
,
5.00
%
,
12/01/42
...
4,020
4,243,189
Series
2024C
,
GO
,
5.00
%
,
03/01/43
.....
7,000
7,757,198
Series
2024D
,
GO
,
5.00
%
,
04/01/43
.....
5,000
5,544,694
Series
2022D-1
,
GO
,
5.25
%
,
05/01/43
...
8,500
9,418,073
Series
2023A-1
,
GO
,
5.25
%
,
09/01/43
....
5,500
6,116,648
Series
2018E-1
,
GO
,
5.00
%
,
03/01/44
....
41,965
43,777,779
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2024D
,
GO
,
5.00
%
,
04/01/44
.....
USD
3,000
$
3,309,113
Series
2015F-6
,
GO
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
33,775
33,775,000
Series
2016A-5
,
GO
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
20,000
20,000,000
Series
2020A-1
,
GO
,
4.00
%
,
08/01/44
....
9,000
8,864,249
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/44
(c)
...............
4,000
4,426,388
Series
2019D-1
,
GO
,
5.00
%
,
12/01/44
...
13,695
14,403,311
Series
2024C
,
GO
,
5.00
%
,
03/01/45
.....
9,000
9,887,975
Series
2018F-1
,
GO
,
5.00
%
,
04/01/45
....
16,500
17,203,760
Series
2018F-1
,
GO
,
3.50
%
,
04/01/46
....
4,000
3,564,476
Series
2024D
,
GO
,
5.50
%
,
04/01/46
.....
5,000
5,713,739
Series
2022D-1
,
GO
,
5.50
%
,
05/01/46
...
5,300
5,925,576
Series
2018B-4
,
GO
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(b)
.......
31,215
31,215,000
Series
2024A
,
GO
,
5.00
%
,
08/01/47
.....
3,615
3,925,287
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/47
(c)
...............
6,000
6,565,750
Series
2024C
,
GO
,
5.25
%
,
03/01/48
.....
8,295
9,197,717
Series
2024C
,
GO
,
5.25
%
,
03/01/49
.....
10,000
11,065,068
Series
2022D-1
,
GO
,
4.50
%
,
05/01/49
...
3,625
3,720,022
Series
2023A,
Sub-Series
A-4
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(b)
15,495
15,495,000
Series
2021F-1
,
GO
,
5.00
%
,
03/01/50
....
18,575
19,695,972
Series
2022A-1
,
GO
,
3.00
%
,
08/01/50
....
1,650
1,278,630
Series
2022A-1
,
GO
,
4.00
%
,
08/01/50
....
3,315
3,232,416
Series
2025,
Sub-Series
C-1
,
GO
,
4.00
%
,
09/01/52
(c)
...............
2,500
2,426,839
Series
2024C
,
GO
,
5.25
%
,
03/01/53
.....
13,635
15,040,646
Series
2024D
,
GO
,
5.25
%
,
04/01/54
.....
35,180
38,804,054
County
of
Nassau,
Series
2023A,
GO,
4.00%, 04/01/53
.................
11,000
10,695,692
County
of
Westchester,
Series
2023A,
GO,
4.00%, 12/01/38
.................
8,460
8,946,613
Dutchess
County
Local
Development
Corp.,
Series
2017,
RB,
5.00%, 07/01/42
......
750
774,105
Hudson
Yards
Infrastructure
Corp.
Series
2017A
,
RB
,
5.00
%
,
02/15/26
.....
800
828,080
Series
2017A
,
RB
,
5.00
%
,
02/15/28
.....
1,035
1,095,555
Series
2017A
,
RB
,
5.00
%
,
02/15/31
.....
1,150
1,205,416
Series
2017A
,
RB
,
5.00
%
,
02/15/33
.....
5,000
5,229,167
Series
2017A
,
RB
,
5.00
%
,
02/15/34
.....
14,000
14,629,964
Series
2022A
,
RB
,
5.00
%
,
02/15/34
.....
5,000
5,752,001
Series
2017A
,
RB
,
5.00
%
,
02/15/35
.....
1,600
1,669,164
Series
2017A
,
RB
,
5.00
%
,
02/15/37
.....
2,350
2,446,719
Series
2017A
,
RB
,
5.00
%
,
02/15/38
.....
3,000
3,118,044
Series
2022A
,
RB
,
4.00
%
,
02/15/41
.....
7,905
8,036,476
Series
2017A
,
RB
,
5.00
%
,
02/15/42
.....
7,360
7,600,439
Series
2017A
,
RB
,
5.00
%
,
02/15/42
(
BAM-
TCRS
)
.......................
11,000
11,372,412
Series
2017A
,
RB
,
4.00
%
,
02/15/44
.....
17,640
17,457,414
Series
2017A
,
RB
,
4.00
%
,
02/15/47
(
AGM
)
23,030
22,545,161
Long
Island
Power
Authority
Series
2021
,
RB
,
1.00
%
,
09/01/25
......
7,000
6,760,975
Series
2023F
,
RB
,
5.00
%
,
09/01/29
.....
4,180
4,667,046
Series
2021A
,
RB
,
5.00
%
,
09/01/30
.....
9,000
10,204,551
Series
2021A
,
RB
,
4.00
%
,
09/01/32
.....
8,000
8,606,882
Series
2016B
,
RB
,
5.00
%
,
09/01/32
.....
3,000
3,115,975
Series
2023F
,
RB
,
5.00
%
,
09/01/33
.....
3,000
3,534,540
Series
2018
,
RB
,
5.00
%
,
09/01/33
......
1,000
1,075,524
Series
2019A
,
RB
,
4.00
%
,
09/01/34
.....
5,000
5,200,759
Series
2014A
,
RB
,
5.00
%
,
09/01/34
.....
4,610
4,627,854
Series
2016B
,
RB
,
5.00
%
,
09/01/36
.....
5,630
5,827,732
Series
2018
,
RB
,
5.00
%
,
09/01/38
......
15,750
16,712,012
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2014A
,
RB
,
4.00
%
,
09/01/39
(
AGM
)
USD
2,000
$
2,003,589
Series
2021A
,
RB
,
3.00
%
,
09/01/40
.....
3,150
2,764,628
Series
2021A
,
RB
,
4.00
%
,
09/01/41
.....
500
512,483
Series
2016B
,
RB
,
5.00
%
,
09/01/41
.....
500
514,922
Series
2017
,
RB
,
5.00
%
,
09/01/42
......
2,755
2,875,235
Series
2024A
,
RB
,
5.00
%
,
09/01/42
.....
5,530
6,287,759
Series
2014A
,
RB
,
5.00
%
,
09/01/44
.....
20,040
20,117,611
Series
2024A
,
RB
,
5.00
%
,
09/01/44
.....
4,000
4,495,968
Series
2015B
,
RB
,
5.00
%
,
09/01/45
.....
6,000
6,074,355
Series
2016B
,
RB
,
5.00
%
,
09/01/46
.....
6,640
6,814,931
Series
2017
,
RB
,
5.00
%
,
09/01/47
......
4,000
4,153,149
Series
2017
,
RB
,
5.00
%
,
09/01/47
(
BAM-
TCRS
)
.......................
23,350
24,277,635
Series
2024A
,
RB
,
5.00
%
,
09/01/49
.....
11,445
12,584,703
Series
2020B
,
RB
,
VRDN
0.85
%
,
09/01/25
(b)
2,500
2,432,219
Series
2021B
,
RB
,
VRDN
1.50
%
,
09/01/26
(b)
780
746,849
Series
2023E
,
RB
,
5.00
%
,
09/01/53
.....
1,175
1,277,420
Series
2024A
,
RB
,
5.00
%
,
09/01/54
.....
13,500
14,761,655
Metropolitan
Transportation
Authority
Series
2017C-1
,
RB
,
5.00
%
,
11/15/25
....
10,320
10,591,175
Series
2017B
,
RB
,
5.00
%
,
11/15/25
.....
2,000
2,052,553
Series
A-2
,
RB
,
5.00
%
,
11/15/25
.......
5,495
5,639,390
Series
2017B
,
RB
,
5.00
%
,
11/15/26
.....
3,000
3,142,860
Series
2017C-1
,
RB
,
5.00
%
,
11/15/26
....
12,250
12,833,344
Series
2015F
,
RB
,
5.00
%
,
11/15/26
......
1,150
1,177,798
Series
2017C-1
,
RB
,
5.00
%
,
11/15/27
....
6,265
6,688,195
Series
2016B
,
RB
,
5.00
%
,
11/15/27
.....
2,380
2,485,550
Series
A-2
,
RB
,
5.00
%
,
11/15/27
.......
3,000
3,133,046
Series
C-1
,
RB
,
5.00
%
,
11/15/27
.......
5,000
5,123,679
Series
2017B
,
RB
,
5.00
%
,
11/15/28
.....
3,310
3,595,485
Series
2017C-1
,
RB
,
5.00
%
,
11/15/28
....
3,215
3,461,134
Series
2018B
,
RB
,
5.00
%
,
11/15/28
.....
2,500
2,715,623
Series
2017C-2
,
RB
,
0.00
%
,
11/15/29
(a)
...
1,295
1,091,988
Series
2017C-1
,
RB
,
5.00
%
,
11/15/29
....
4,995
5,372,559
Series
2016D
,
RB
,
5.00
%
,
11/15/29
.....
1,075
1,122,601
Series
D-1
,
RB
,
5.00
%
,
11/15/29
.......
7,000
7,158,308
Series
2016A
,
RB
,
5.25
%
,
11/15/29
.....
4,940
5,188,254
Series
2012A
,
RB
,
0.00
%
,
11/15/30
(a)
....
9,645
7,884,792
Series
2017C-1
,
RB
,
5.00
%
,
11/15/30
....
4,885
5,239,299
Series
2016D
,
RB
,
5.00
%
,
11/15/30
.....
1,500
1,559,086
Series
2017C-1
,
RB
,
5.00
%
,
11/15/31
....
5,370
5,745,524
Series
2017C-1
,
RB
,
4.00
%
,
11/15/32
....
16,000
16,356,923
Series
2017D
,
RB
,
5.00
%
,
11/15/32
.....
3,000
3,204,074
Series
2017C-2
,
RB
,
0.00
%
,
11/15/33
(a)
...
1,040
741,853
Series
2017D
,
RB
,
5.00
%
,
11/15/33
.....
1,500
1,600,262
Series
B-2
,
RB
,
5.00
%
,
11/15/33
.......
6,940
7,321,149
Series
A-1
,
RB
,
5.00
%
,
11/15/33
.......
3,105
3,136,311
Series
2017C-1
,
RB
,
5.00
%
,
11/15/34
....
4,000
4,260,661
Series
2019D-1
,
RB
,
VRDN
5.00
%
,
11/15/24
(b)
...............
4,000
4,012,344
Series
2017C-1
,
RB
,
4.00
%
,
11/15/35
....
2,500
2,538,134
Series
B-1
,
RB
,
5.00
%
,
11/15/35
.......
1,000
1,053,051
Series
C-1
,
RB
,
5.00
%
,
11/15/35
.......
480
488,873
Series
2017D
,
RB
,
5.00
%
,
11/15/35
.....
535
569,040
Series
2016B
,
RB
,
4.00
%
,
11/15/36
.....
3,065
3,088,233
Series
2024A
,
RB
,
5.00
%
,
11/15/36
.....
9,800
11,121,613
Series
B-1
,
RB
,
5.00
%
,
11/15/36
.......
15,000
15,531,883
Series
2017C-1
,
RB
,
4.00
%
,
11/15/37
....
7,500
7,569,870
Series
2024A
,
RB
,
5.00
%
,
11/15/37
.....
8,010
9,038,401
Series
B-2
,
RB
,
5.00
%
,
11/15/37
.......
12,700
13,136,498
Series
2016B
,
RB
,
5.00
%
,
11/15/37
.....
2,180
2,245,263
Series
2017C-1
,
RB
,
4.00
%
,
11/15/38
....
6,495
6,536,889
Series
B-2
,
RB
,
5.00
%
,
11/15/38
.......
2,745
2,836,396
Series
2014D-1
,
RB
,
5.00
%
,
11/15/39
....
5,100
5,111,411
Series
2022A
,
RB
,
4.00
%
,
11/15/40
.....
5,000
5,049,056
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
A-1
,
RB
,
5.00
%
,
11/15/40
.......
USD
3,975
$
4,006,857
Series
2019C
,
RB
,
5.00
%
,
11/15/40
.....
4,500
4,773,060
Series
2015B
,
RB
,
5.00
%
,
11/15/40
.....
10,050
10,130,545
Series
2017D
,
RB
,
4.00
%
,
11/15/42
.....
2,000
1,971,534
Series
2020A-1
,
RB
,
4.00
%
,
11/15/42
(
AGM
)
2,500
2,500,297
Series
2021A-2
,
RB
,
4.00
%
,
11/15/42
....
10,000
9,895,598
Series
2017A
,
RB
,
5.00
%
,
11/15/42
.....
5,000
5,165,207
Series
2020D-1
,
RB
,
5.00
%
,
11/15/43
....
16,750
17,807,806
Series
2019C
,
RB
,
5.00
%
,
11/15/43
(
BAM
)
1,000
1,057,954
Series
2021A-1
,
RB
,
4.00
%
,
11/15/44
....
3,500
3,421,811
Series
2020D-1
,
RB
,
5.00
%
,
11/15/44
....
17,000
18,019,810
Series
2024A
,
RB
,
5.00
%
,
11/15/44
.....
12,320
13,404,769
Series
2014D-1
,
RB
,
5.25
%
,
11/15/44
....
3,030
3,038,270
Series
2015B
,
RB
,
4.00
%
,
11/15/45
.....
1,960
1,892,291
Series
2019C
,
RB
,
4.00
%
,
11/15/45
(
AGM
)
1,280
1,256,281
Series
2020E
,
RB
,
4.00
%
,
11/15/45
.....
10,905
10,600,755
Series
2020C-1
,
RB
,
4.75
%
,
11/15/45
....
8,500
8,713,704
Series
2024A
,
RB
,
5.00
%
,
11/15/45
.....
10,815
11,720,903
Series
2020D-1
,
RB
,
5.00
%
,
11/15/45
....
3,500
3,699,894
Series
2020B
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
),
3.95
%
,
09/03/24
(b)
.....
11,050
11,050,000
Series
2020A-1
,
RB
,
4.00
%
,
11/15/46
....
9,650
9,349,336
Series
2019C
,
RB
,
4.00
%
,
11/15/46
(
AGM
)
3,500
3,441,520
Series
2017D
,
RB
,
4.00
%
,
11/15/46
.....
7,000
6,762,297
Series
2022A
,
RB
,
5.00
%
,
11/15/46
.....
4,000
4,344,359
Series
B-1
,
RB
,
5.00
%
,
11/15/46
.......
1,895
1,940,751
Series
2019C
,
RB
,
4.00
%
,
11/15/47
(
AGM
)
3,500
3,425,679
Series
2021A-1
,
RB
,
4.00
%
,
11/15/47
....
5,000
4,827,223
Series
2024A
,
RB
,
5.00
%
,
11/15/47
.....
10,000
10,766,989
Series
2017A
,
RB
,
5.00
%
,
11/15/47
.....
4,770
4,902,961
Series
2019A-1
,
RB
,
VRDN
5.00
%
,
11/15/24
(b)
...............
8,500
8,526,256
Series
2024A
,
5.00
%
,
11/15/49
........
6,785
7,442,684
Series
2015E-3
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.90
%
,
09/03/24
(b)
........
5,900
5,900,000
Series
2020D-3
,
RB
,
4.00
%
,
11/15/50
....
9,000
8,602,824
Series
2020C-1
,
RB
,
5.00
%
,
11/15/50
....
28,880
30,139,881
Series
A-1
,
RB
,
5.00
%
,
11/15/51
.......
1,500
1,538,649
Series
2020A-1
,
RB
,
4.00
%
,
11/15/52
....
1,035
983,893
Series
2019B
,
RB
,
5.00
%
,
11/15/52
.....
4,090
4,217,484
Series
2020C-1
,
RB
,
5.25
%
,
11/15/55
....
12,310
12,938,192
Series
C-1
,
RB
,
5.00
%
,
11/15/56
.......
4,370
4,428,061
Series
A-1
,
RB
,
5.25
%
,
11/15/56
.......
4,525
4,590,218
Series
B-1
,
RB
,
5.25
%
,
11/15/57
.......
1,000
1,039,382
Series
A-1
,
RB
,
5.25
%
,
11/15/57
.......
2,070
2,138,834
Monroe
County
Industrial
Development
Corp.
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
3,000
3,544,050
Series
2020A
,
RB
,
4.00
%
,
07/01/50
.....
32,280
31,407,643
Series
2023A
,
RB
,
5.00
%
,
07/01/53
.....
6,750
7,355,684
MTA
Hudson
Rail
Yards
Trust
Obligations
Series
2016A
,
RB
,
5.00
%
,
11/15/51
.....
4,000
4,005,414
Series
2016A
,
RB
,
5.00
%
,
11/15/56
.....
10,000
10,012,472
Nassau
County
Interim
Finance
Authority
Series
2021A
,
RB
,
5.00
%
,
11/15/30
.....
2,500
2,866,048
Series
2021A
,
RB
,
5.00
%
,
11/15/31
.....
10,000
11,578,255
Series
2021A
,
RB
,
5.00
%
,
11/15/32
.....
5,015
5,783,073
Series
2021A
,
RB
,
5.00
%
,
11/15/33
.....
5,000
5,756,160
Series
2021A
,
RB
,
4.00
%
,
11/15/34
.....
2,210
2,403,145
Series
2021A
,
RB
,
5.00
%
,
11/15/34
.....
5,020
5,765,847
Series
2021A
,
RB
,
4.00
%
,
11/15/35
.....
945
1,018,811
Series
2021A
,
RB
,
5.00
%
,
11/15/35
.....
5,180
5,927,211
New
York
City
Industrial
Development
Agency,
Series
2020A,
RB,
4.00%, 03/01/45
(AGM)
1,600
1,562,922
New
York
City
Municipal
Water
Finance
Authority
Series
2020CC-2
,
RB
,
5.00
%
,
06/15/25
...
1,375
1,400,313
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2022CC-2
,
RB
,
5.00
%
,
06/15/26
...
USD
2,750
$
2,768,548
Series
2020DD-2
,
RB
,
5.00
%
,
06/15/27
...
5,375
5,528,888
Series
2015FF
,
RB
,
5.00
%
,
06/15/27
....
1,335
1,359,067
Series
2022EE
,
RB
,
5.00
%
,
06/15/28
....
3,520
3,850,146
Series
2020GG-2
,
RB
,
5.00
%
,
06/15/29
..
13,500
14,475,956
Series
2020DD-1
,
RB
,
5.00
%
,
06/15/30
...
2,000
2,266,217
Series
2020EE
,
RB
,
5.00
%
,
06/15/30
....
3,500
3,965,880
Series
2021DD
,
RB
,
5.00
%
,
06/15/31
....
4,280
4,918,603
Series
2015GG
,
RB
,
5.00
%
,
06/15/31
....
2,505
2,544,977
Series
2018EE
,
RB
,
5.00
%
,
06/15/32
....
7,880
8,079,451
Series
2016
,
RB
,
4.00
%
,
06/15/33
......
1,400
1,423,233
Series
2017EE
,
RB
,
5.00
%
,
06/15/33
....
3,945
4,154,598
Series
2019FF-2
,
RB
,
5.00
%
,
06/15/35
...
26,665
28,987,919
Series
2019FF-2
,
RB
,
4.00
%
,
06/15/36
...
6,315
6,472,968
Series
2024BB-2
,
RB
,
5.00
%
,
06/15/36
...
5,000
6,033,829
Series
2017EE
,
RB
,
5.00
%
,
06/15/36
....
2,000
2,098,107
Series
2017EE
,
RB
,
5.25
%
,
06/15/36
....
2,000
2,114,066
Series
2016
,
RB
,
4.00
%
,
06/15/37
......
11,855
11,994,244
Series
2019FF-2
,
RB
,
4.00
%
,
06/15/37
...
9,245
9,433,185
Series
2019DD-1
,
RB
,
5.00
%
,
06/15/37
...
2,720
2,904,346
Series
2015GG
,
RB
,
5.00
%
,
06/15/37
....
1,815
1,840,288
Series
2015HH
,
RB
,
5.00
%
,
06/15/37
....
9,860
9,997,378
Series
2018FF
,
RB
,
5.00
%
,
06/15/38
....
1,000
1,064,546
Series
2022EE
,
RB
,
4.00
%
,
06/15/39
....
2,000
2,049,317
Series
2015FF
,
RB
,
5.00
%
,
06/15/39
....
14,135
14,312,169
Series
2019EE-1
,
RB
,
5.00
%
,
06/15/39
...
5,000
5,375,564
Series
2015GG
,
RB
,
5.00
%
,
06/15/39
....
5,780
5,852,447
Series
2018FF
,
RB
,
5.00
%
,
06/15/39
....
5,750
6,097,036
Series
2022EE
,
RB
,
5.00
%
,
06/15/39
....
6,250
7,029,031
Series
2021AA-2
,
RB
,
3.00
%
,
06/15/40
...
8,470
7,623,912
Series
2019EE-2
,
RB
,
4.00
%
,
06/15/40
...
6,500
6,519,786
Series
2020AA
,
RB
,
4.00
%
,
06/15/40
....
7,295
7,319,330
Series
2018DD-2
,
RB
,
5.00
%
,
06/15/40
...
2,500
2,621,820
Series
2018FF
,
RB
,
5.00
%
,
06/15/40
....
7,935
8,382,202
Series
2019EE-2
,
RB
,
5.00
%
,
06/15/40
...
2,010
2,156,418
Series
2020AA
,
RB
,
5.00
%
,
06/15/40
....
2,480
2,676,915
Series
2018EE
,
RB
,
5.00
%
,
06/15/40
....
6,650
6,974,040
Series
2020FF
,
RB
,
4.00
%
,
06/15/41
....
1,000
1,004,671
Series
2020DD-3
,
RB
,
4.00
%
,
06/15/41
...
6,955
6,987,484
Series
2019FF-2
,
RB
,
4.00
%
,
06/15/41
...
4,590
4,594,125
Series
2020FF
,
RB
,
5.00
%
,
06/15/41
....
1,000
1,085,833
Series
2021BB-2
,
RB
,
4.00
%
,
06/15/42
...
12,505
12,525,234
Series
2021AA-2
,
RB
,
4.00
%
,
06/15/42
...
3,420
3,425,534
Series
2020CC-2
,
RB
,
4.00
%
,
06/15/42
...
11,000
10,996,920
Series
2020EE
,
RB
,
4.00
%
,
06/15/42
....
5,000
5,009,538
Series
2020DD-3
,
RB
,
4.00
%
,
06/15/42
...
4,500
4,508,584
Series
DD-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(b)
...............
15,000
15,000,000
Series
2021AA-2
,
RB
,
4.00
%
,
06/15/43
...
10,000
10,012,808
Series
2022BB-1
,
RB
,
3.00
%
,
06/15/44
...
10,695
9,078,138
Series
2011FF-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
42,000
42,000,000
Series
2022BB-1
,
RB
,
4.00
%
,
06/15/45
...
5,450
5,450,673
Series
2022EE
,
RB
,
4.00
%
,
06/15/45
....
5,000
5,000,667
Series
2022EE
,
RB
,
5.00
%
,
06/15/45
....
28,895
31,042,597
Series
2013AA-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
2.93
%
,
09/05/24
(b)
.......
20,500
20,500,000
Series
2017AA
,
RB
,
4.00
%
,
06/15/46
....
3,275
3,271,085
Series
BB-1
,
RB
,
4.00
%
,
06/15/46
......
5,000
4,979,621
Series
2023DD
,
RB
,
4.13
%
,
06/15/46
....
3,500
3,480,479
Series
CC-1
,
RB
,
5.00
%
,
06/15/46
......
14,800
15,190,992
Series
2023DD
,
RB
,
5.25
%
,
06/15/46
....
5,000
5,583,524
Series
2013BB
,
RB
,
4.00
%
,
06/15/47
....
18,165
17,661,410
Series
2023DD
,
RB
,
4.13
%
,
06/15/47
....
5,000
4,965,440
Series
2023AA-3
,
RB
,
5.00
%
,
06/15/47
...
2,595
2,824,051
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2017DD
,
RB
,
5.00
%
,
06/15/47
....
USD
19,590
$
20,234,184
Series
2024BB-2
,
RB
,
5.25
%
,
06/15/47
...
43,315
48,475,831
Series
2017DD
,
RB
,
5.25
%
,
06/15/47
....
7,735
8,048,695
Series
2016AA-1
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.90
%
,
09/03/24
(b)
.
8,025
8,025,000
Series
DD-1
,
RB
,
4.00
%
,
06/15/48
......
8,830
8,626,356
Series
DD-1
,
RB
,
5.00
%
,
06/15/48
......
40,855
42,407,988
Series
2018CC-1
,
RB
,
5.00
%
,
06/15/48
...
28,230
29,140,237
Series
2020GG-1
,
RB
,
5.00
%
,
06/15/48
..
18,695
19,852,181
Series
2022AA-1
,
RB
,
5.00
%
,
06/15/48
...
9,040
9,683,304
Series
2014AA-3
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(b)
..........
30,000
30,000,000
Series
2020CC-1
,
RB
,
4.00
%
,
06/15/49
...
7,930
7,745,612
Series
2019DD-1
,
RB
,
4.00
%
,
06/15/49
...
3,860
3,764,406
Series
2019FF-1
,
RB
,
4.00
%
,
06/15/49
...
10,000
9,767,480
Series
2020BB-1
,
RB
,
4.00
%
,
06/15/49
...
12,000
11,720,976
Series
2020CC-1
,
RB
,
5.00
%
,
06/15/49
...
1,500
1,588,702
Series
2020BB-1
,
RB
,
5.00
%
,
06/15/49
...
31,975
33,865,842
Series
2019FF-1
,
RB
,
5.00
%
,
06/15/49
...
3,500
3,694,342
Series
2021BB-1
,
RB
,
3.00
%
,
06/15/50
...
8,780
6,942,537
Series
2015BB-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(b)
.......
6,070
6,070,000
Series
AA-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
...
4,630
4,630,000
Series
2020GG-1
,
RB
,
4.00
%
,
06/15/50
..
11,500
11,276,346
Series
2021AA-1
,
RB
,
4.00
%
,
06/15/50
...
15,500
15,198,553
Series
2020GG-1
,
RB
,
5.00
%
,
06/15/50
..
8,445
8,950,463
Series
BB
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.91
%
,
09/05/24
(b)
...............
19,225
19,225,000
Series
2021CC-1
,
RB
,
4.00
%
,
06/15/51
...
1,750
1,712,459
Series
2022AA-1
,
RB
,
4.00
%
,
06/15/51
...
8,250
8,073,023
Series
2021CC-1
,
RB
,
5.00
%
,
06/15/51
...
5,530
5,909,298
Series
2023CC
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(b)
.......
51,770
51,770,000
Series
2024CC-1
,
RB
,
5.25
%
,
06/15/54
...
21,275
23,710,715
Series
2024BB-1
,
RB
,
5.25
%
,
06/15/54
...
21,290
23,623,539
New
York
City
Transitional
Finance
Authority
Series
2013A-6
,
RB
,
5.00
%
,
08/01/27
....
2,420
2,592,619
Series
2024D-1
,
RB
,
5.00
%
,
11/01/29
....
8,075
9,039,591
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/31
................
20,000
22,852,856
Series
2024D-1
,
RB
,
5.00
%
,
11/01/33
....
8,000
9,344,534
Series
2024D-1
,
RB
,
5.00
%
,
11/01/34
....
10,000
11,724,026
Series
2024B
,
RB
,
5.00
%
,
05/01/35
.....
5,000
5,785,869
Series
2024D-1
,
RB
,
5.00
%
,
11/01/35
....
10,000
11,617,860
Series
2025B,
Sub-Series
B-1
,
RB
,
5.00
%
,
11/01/36
................
4,920
5,721,383
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/36
................
2,600
3,023,495
Series
2024D-1
,
RB
,
5.00
%
,
11/01/36
....
5,200
6,011,234
Series
2024D-1
,
RB
,
5.00
%
,
11/01/37
....
7,500
8,633,073
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/38
................
11,000
12,667,652
Series
2025B,
Sub-Series
B-1
,
RB
,
5.00
%
,
11/01/38
................
10,105
11,636,965
Series
2024B
,
RB
,
5.00
%
,
05/01/39
.....
1,500
1,700,336
Series
2024D-1
,
RB
,
5.00
%
,
11/01/39
....
5,850
6,667,595
Series
F-1
,
RB
,
4.00
%
,
02/01/40
.......
16,730
16,602,491
Series
2024B
,
RB
,
5.00
%
,
05/01/40
.....
2,500
2,825,775
Series
2024G-1
,
RB
,
5.00
%
,
05/01/43
....
4,000
4,463,998
Series
2024B
,
RB
,
5.00
%
,
05/01/43
.....
3,000
3,332,750
Series
2024B
,
RB
,
5.50
%
,
05/01/44
.....
2,000
2,297,804
Series
2024F-1
,
RB
,
5.00
%
,
02/01/45
....
8,045
8,881,489
Series
2024G-1
,
RB
,
5.00
%
,
05/01/45
....
11,000
12,168,913
Series
2024F-1
,
RB
,
5.00
%
,
02/01/47
....
30,090
32,899,425
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2024G-1
,
RB
,
5.00
%
,
05/01/47
....
USD
12,250
$
13,418,737
Series
2024B
,
RB
,
5.50
%
,
05/01/47
.....
2,500
2,836,492
Series
2024F-1
,
RB
,
5.00
%
,
02/01/48
....
9,575
10,447,604
Series
2024C
,
RB
,
5.25
%
,
05/01/48
.....
6,855
7,613,818
Series
2024G,
Sub-Series
G-1
,
RB
,
5.25
%
,
05/01/49
................
2,405
2,679,636
Series
2024G-1
,
RB
,
5.00
%
,
05/01/52
....
3,400
3,696,885
Series
2024B
,
RB
,
4.38
%
,
05/01/53
.....
25,000
25,381,678
New
York
City
Transitional
Finance
Authority
Building
Aid
Series
2019S-2A
,
RB
,
5.00
%
,
07/15/25
(
SAW
)
.......................
2,465
2,512,503
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/25
(
SAW
)
.......................
1,850
1,888,866
Series
S-1
,
RB
,
5.00
%
,
07/15/29
(
SAW
)
..
3,000
3,175,903
Series
2015S-1
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
11,050
11,134,687
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
.......................
8,295
8,924,508
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
.......................
2,500
2,689,725
Series
S-2
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
..
2,025
2,133,551
Series
2016S-1
,
RB
,
5.00
%
,
07/15/32
(
SAW
)
5,000
5,123,109
Series
2022S-1A
,
RB
,
5.00
%
,
07/15/32
(
SAW
)
.......................
1,500
1,705,629
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/32
(
SAW
)
.......................
2,750
2,950,019
Series
2022S-1A
,
RB
,
5.00
%
,
07/15/33
(
SAW
)
.......................
6,250
7,088,311
Series
2015S-2
,
RB
,
5.00
%
,
07/15/33
(
SAW
)
2,000
2,034,608
Series
2022S-1A
,
RB
,
4.00
%
,
07/15/34
(
SAW
)
.......................
1,000
1,052,722
Series
2015S-2
,
RB
,
5.00
%
,
07/15/34
(
SAW
)
7,500
7,627,842
Series
2019S-2A
,
RB
,
5.00
%
,
07/15/34
(
SAW
)
.......................
3,000
3,206,944
Series
2022S-1A
,
RB
,
4.00
%
,
07/15/35
(
SAW
)
.......................
16,175
16,904,973
Series
2015S-2
,
RB
,
5.00
%
,
07/15/35
(
SAW
)
1,500
1,524,922
Series
2015S-1
,
RB
,
5.00
%
,
07/15/35
(
SAW
)
1,500
1,510,558
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/35
(
SAW
)
.......................
5,000
5,335,382
Series
2019S-2A
,
RB
,
5.00
%
,
07/15/35
(
SAW
)
.......................
3,000
3,201,229
Series
S-1
,
RB
,
5.00
%
,
07/15/35
(
SAW
)
..
8,425
8,833,833
Series
2019S-2A
,
RB
,
4.00
%
,
07/15/36
(
SAW
)
.......................
2,000
2,033,146
Series
2015S-1
,
RB
,
5.00
%
,
07/15/36
(
SAW
)
10,000
10,068,550
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/36
(
SAW
)
.......................
5,000
5,319,241
Series
2015S-2
,
RB
,
5.00
%
,
07/15/36
(
SAW
)
1,500
1,524,276
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/37
(
SAW
)
.......................
5,200
5,519,857
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/37
(
SAW
)
.......................
1,000
1,061,511
Series
2022S-1A
,
RB
,
3.00
%
,
07/15/38
(
SAW
)
.......................
9,000
8,292,482
Series
2019S-3A
,
RB
,
4.00
%
,
07/15/38
(
SAW
)
.......................
2,500
2,528,395
Series
2015S-2
,
RB
,
5.00
%
,
07/15/40
(
SAW
)
6,240
6,330,796
Series
2015S-1
,
RB
,
5.00
%
,
07/15/40
(
SAW
)
1,730
1,740,652
Series
2015S-1
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
2,170
2,182,167
Series
2018S-3
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
6,250
6,555,478
Series
2016S-1
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
9,900
10,071,869
Series
2019S-1
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
10,710
11,233,466
Series
2020S-1
,
RB
,
3.00
%
,
07/15/49
(
SAW
)
1,375
1,081,678
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Series
2021F-1
,
RB
,
5.00
%
,
11/01/25
....
USD
17,475
$
17,950,194
Series
2023E-1
,
RB
,
5.00
%
,
11/01/25
....
14,775
15,176,774
Series
C
,
RB
,
5.00
%
,
11/01/25
.........
2,075
2,131,425
Series
2022A-1
,
RB
,
5.00
%
,
11/01/26
....
2,240
2,356,060
Series
C
,
RB
,
5.00
%
,
11/01/26
.........
4,355
4,580,643
Series
2014C
,
RB
,
5.00
%
,
11/01/26
.....
1,050
1,053,022
Series
2021F-1
,
RB
,
5.00
%
,
11/01/26
....
1,210
1,272,693
Series
2020B-1
,
RB
,
5.00
%
,
11/01/26
....
1,245
1,309,507
Series
2022B-1
,
RB
,
5.00
%
,
08/01/27
....
2,960
3,171,138
Series
2015B-1
,
RB
,
5.00
%
,
08/01/27
....
1,070
1,073,080
Series
2022A-1
,
RB
,
5.00
%
,
11/01/27
....
4,620
4,977,148
Series
2022D-1
,
RB
,
5.00
%
,
11/01/27
....
5,000
5,386,524
Series
2021A
,
RB
,
5.00
%
,
11/01/27
.....
3,920
4,223,035
Series
2015C
,
RB
,
5.00
%
,
11/01/27
.....
4,005
4,060,086
Series
2015B-1
,
RB
,
5.00
%
,
08/01/28
....
3,415
3,424,829
Series
2016A-1
,
RB
,
5.00
%
,
08/01/28
....
2,400
2,445,398
Series
2021A
,
RB
,
5.00
%
,
11/01/28
.....
3,000
3,304,340
Series
2023E-1
,
RB
,
5.00
%
,
11/01/28
....
12,010
13,228,376
Series
2021F-1
,
RB
,
5.00
%
,
11/01/28
....
19,530
21,511,256
Series
2018-1
,
RB
,
5.00
%
,
11/01/28
.....
6,000
6,384,924
Series
C
,
RB
,
5.00
%
,
11/01/28
.........
1,000
1,023,976
Series
2016A-1
,
RB
,
5.00
%
,
08/01/29
....
5,000
5,094,580
Series
2013A-6
,
RB
,
5.00
%
,
08/01/29
....
5,560
6,197,405
Series
2015A-1
,
RB
,
5.00
%
,
08/01/29
....
3,040
3,048,749
Series
2023E-1
,
RB
,
5.00
%
,
11/01/29
....
9,700
10,858,704
Series
2021A
,
RB
,
5.00
%
,
11/01/29
.....
7,715
8,636,588
Series
2022D-1
,
RB
,
5.00
%
,
11/01/29
....
6,860
7,679,454
Series
C
,
RB
,
5.00
%
,
11/01/29
.........
7,270
7,660,543
Series
2016E-1
,
RB
,
5.00
%
,
02/01/30
....
1,440
1,479,925
Series
2018B-1
,
RB
,
5.00
%
,
08/01/30
....
1,000
1,057,301
Series
2023B-1
,
RB
,
5.00
%
,
11/01/30
....
4,000
4,516,976
Series
2016E-1
,
RB
,
5.00
%
,
02/01/31
....
1,000
1,026,887
Series
2015E-1
,
RB
,
5.00
%
,
02/01/31
....
2,250
2,267,980
Series
2017F-1
,
RB
,
5.00
%
,
05/01/31
....
5,000
5,253,856
Series
2021C-1
,
RB
,
5.00
%
,
05/01/31
....
3,500
3,958,408
Series
2016A-1
,
RB
,
5.00
%
,
08/01/31
....
1,300
1,322,941
Series
B
,
RB
,
5.00
%
,
08/01/31
.........
3,500
3,625,872
Series
2017E-1
,
RB
,
5.00
%
,
02/01/32
....
3,100
3,238,640
Series
2017F-1
,
RB
,
5.00
%
,
05/01/32
....
3,250
3,410,439
Series
2017A-1
,
RB
,
5.00
%
,
05/01/32
....
3,380
3,483,496
Series
B
,
RB
,
5.00
%
,
08/01/32
.........
1,760
1,821,637
Series
2022D-1
,
RB
,
5.00
%
,
11/01/32
....
5,025
5,797,425
Series
2021A
,
RB
,
5.00
%
,
11/01/32
.....
3,035
3,416,809
Series
2015E-1
,
RB
,
5.00
%
,
02/01/33
....
1,710
1,723,383
Series
2017E-1
,
RB
,
5.00
%
,
02/01/33
....
1,000
1,043,733
Series
2018C-2
,
RB
,
5.00
%
,
05/01/33
....
13,990
14,922,485
Series
2018B-1
,
RB
,
5.00
%
,
08/01/33
....
1,000
1,053,368
Series
2018A-2
,
RB
,
5.00
%
,
08/01/33
....
3,570
3,760,525
Series
2021F-1
,
RB
,
5.00
%
,
11/01/33
....
2,500
2,824,042
Series
2022A-1
,
RB
,
5.00
%
,
11/01/33
....
3,000
3,415,196
Series
2021A
,
RB
,
5.00
%
,
11/01/33
.....
3,055
3,424,080
Series
2017E-1
,
RB
,
5.00
%
,
02/01/34
....
4,595
4,793,287
Series
2016E-1
,
RB
,
5.00
%
,
02/01/34
....
5,430
5,564,630
Series
2015E-1
,
RB
,
5.00
%
,
02/01/34
....
1,000
1,007,703
Series
2024A-1
,
RB
,
5.00
%
,
05/01/34
....
6,000
6,955,702
Series
2017A-1
,
RB
,
5.00
%
,
05/01/34
....
3,010
3,097,233
Series
2019A-1
,
RB
,
5.00
%
,
08/01/34
....
2,030
2,169,094
Series
2015B-1
,
RB
,
5.00
%
,
08/01/34
....
4,795
4,808,800
Series
2015A-1
,
RB
,
5.00
%
,
08/01/34
....
1,000
1,002,878
Series
B-1
,
RB
,
5.00
%
,
08/01/34
.......
1,000
1,068,519
Series
2019C-1
,
RB
,
5.00
%
,
11/01/34
....
4,000
4,322,157
Series
2022A-1
,
RB
,
5.00
%
,
11/01/34
....
5,335
6,044,023
Series
2020B-1
,
RB
,
5.00
%
,
11/01/34
....
1,000
1,089,591
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2015E-1
,
RB
,
5.00
%
,
02/01/35
....
USD
2,630
$
2,649,719
Series
2020A-2
,
RB
,
5.00
%
,
05/01/35
....
1,235
1,331,654
Series
2018B-1
,
RB
,
4.00
%
,
08/01/35
....
1,605
1,634,917
Series
2015B-1
,
RB
,
5.00
%
,
08/01/35
....
7,000
7,020,147
Series
2016A-1
,
RB
,
5.00
%
,
08/01/35
....
1,670
1,697,659
Series
B-1
,
RB
,
5.00
%
,
08/01/35
.......
3,000
3,197,583
Series
2018A-2
,
RB
,
5.00
%
,
08/01/35
....
2,165
2,275,194
Series
B-1
,
RB
,
5.00
%
,
11/01/35
.......
2,475
2,526,924
Series
2020B-1
,
RB
,
5.00
%
,
11/01/35
....
8,500
9,220,899
Series
2020C-1
,
RB
,
4.00
%
,
05/01/36
....
5,000
5,189,659
Series
2021C-1
,
RB
,
4.00
%
,
05/01/36
....
5,000
5,189,660
Series
2020A-2
,
RB
,
5.00
%
,
05/01/36
....
5,000
5,375,346
Series
2017F-1
,
RB
,
5.00
%
,
05/01/36
....
3,210
3,354,998
Series
B
,
RB
,
5.00
%
,
08/01/36
.........
9,000
9,281,354
Series
2013C-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
4,170
4,170,000
Series
2022A-1
,
RB
,
4.00
%
,
11/01/36
....
5,005
5,213,566
Series
2014B-1
,
RB
,
5.00
%
,
11/01/36
....
210
210,604
Series
2021A
,
RB
,
5.00
%
,
11/01/36
.....
16,345
18,057,582
Series
2016E-1
,
RB
,
5.00
%
,
02/01/37
....
5,135
5,251,599
Series
2017E-1
,
RB
,
5.00
%
,
02/01/37
....
2,685
2,791,365
Series
2017F-1
,
RB
,
4.00
%
,
05/01/37
....
6,935
7,015,733
Series
2020C-1
,
RB
,
4.00
%
,
05/01/37
....
4,750
4,904,494
Series
2021C-1
,
RB
,
5.00
%
,
05/01/37
....
11,385
12,558,256
Series
2020A-2
,
RB
,
5.00
%
,
05/01/37
....
2,500
2,684,031
Series
B
,
RB
,
4.00
%
,
08/01/37
.........
1,080
1,085,417
Series
2019A-1
,
RB
,
5.00
%
,
08/01/37
....
1,560
1,657,401
Series
2016A-1
,
RB
,
5.00
%
,
08/01/37
....
2,500
2,538,245
Series
B-1
,
RB
,
5.25
%
,
08/01/37
.......
3,000
3,220,322
Series
2021A
,
RB
,
3.00
%
,
11/01/37
.....
2,000
1,872,065
Series
2019C-1
,
RB
,
4.00
%
,
11/01/37
....
11,000
11,249,255
Series
2023D-1
,
RB
,
5.25
%
,
11/01/37
....
3,375
3,878,360
Series
2023B-1
,
RB
,
5.25
%
,
11/01/37
....
2,000
2,298,287
Series
2020C-1
,
RB
,
4.00
%
,
05/01/38
....
9,000
9,230,700
Series
2024A-1
,
RB
,
5.00
%
,
05/01/38
....
1,000
1,135,238
Series
2023A-1
,
RB
,
4.00
%
,
08/01/38
....
1,500
1,546,529
Series
2015A-1
,
RB
,
5.00
%
,
08/01/38
....
750
752,159
Series
B
,
RB
,
5.00
%
,
08/01/38
.........
9,000
9,267,864
Series
2021D-1
,
RB
,
4.00
%
,
11/01/38
....
11,875
12,153,495
Series
2019C-1
,
RB
,
4.00
%
,
11/01/38
....
1,000
1,016,905
Series
2023B-1
,
RB
,
5.25
%
,
11/01/38
....
1,000
1,144,878
Series
2021E-1
,
RB
,
4.00
%
,
02/01/39
....
3,000
3,054,683
Series
2022C-1
,
RB
,
4.00
%
,
02/01/39
....
2,960
3,021,300
Series
2020C-1
,
RB
,
4.00
%
,
05/01/39
....
3,285
3,341,648
Series
2024A-1
,
RB
,
5.00
%
,
05/01/39
....
2,005
2,260,140
Series
2020A-2
,
RB
,
5.00
%
,
05/01/39
....
3,385
3,611,906
Series
2017F-1
,
RB
,
5.00
%
,
05/01/39
....
11,400
11,863,265
Series
C-3
,
RB
,
5.00
%
,
05/01/39
.......
7,015
7,387,999
Series
2022B-1
,
RB
,
4.00
%
,
08/01/39
....
6,500
6,621,791
Series
2015B-1
,
RB
,
5.00
%
,
08/01/39
....
3,300
3,309,498
Series
2021A
,
RB
,
3.00
%
,
11/01/39
.....
2,000
1,817,995
Series
2019C-1
,
RB
,
4.00
%
,
11/01/39
....
10,135
10,257,123
Series
2021D-1
,
RB
,
4.00
%
,
11/01/39
....
4,000
4,067,950
Series
2023E-1
,
RB
,
5.00
%
,
11/01/39
....
16,135
18,188,213
Series
2021E-1
,
RB
,
4.00
%
,
02/01/40
....
2,500
2,529,901
Series
2022F-1
,
RB
,
5.00
%
,
02/01/40
....
1,350
1,495,931
Series
2017E-1
,
RB
,
5.00
%
,
02/01/40
....
7,500
7,761,806
Series
2016E-1
,
RB
,
5.00
%
,
02/01/40
....
4,150
4,239,048
Series
2021C-1
,
RB
,
4.00
%
,
05/01/40
....
5,000
5,054,976
Series
2020C-1
,
RB
,
4.00
%
,
05/01/40
....
1,000
1,010,995
Series
2024A-1
,
RB
,
5.00
%
,
05/01/40
....
2,000
2,248,337
Series
C-3
,
RB
,
5.00
%
,
05/01/40
.......
6,260
6,578,138
Series
2017A-1
,
RB
,
5.00
%
,
05/01/40
....
3,200
3,280,196
Series
2018A-3
,
RB
,
5.00
%
,
08/01/40
....
5,000
5,211,798
Series
2019C-1
,
RB
,
4.00
%
,
11/01/40
....
18,370
18,485,896
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2014B-1
,
RB
,
5.00
%
,
11/01/40
....
USD
40,140
$
40,255,527
Series
2022F-1
,
RB
,
5.00
%
,
02/01/41
....
3,665
4,040,965
Series
2015E-1
,
RB
,
5.00
%
,
02/01/41
....
15,650
15,741,673
Series
2020A-3
,
RB
,
4.00
%
,
05/01/41
....
25,880
25,979,009
Series
2021C-1
,
RB
,
4.00
%
,
05/01/41
....
2,000
2,013,120
Series
C-3
,
RB
,
5.00
%
,
05/01/41
.......
2,000
2,095,956
Series
2016
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.90
%
,
09/03/24
(b)
..........
1,600
1,600,000
Series
2019A-1
,
RB
,
4.00
%
,
08/01/41
....
2,000
2,004,419
Series
2018A-3
,
RB
,
5.00
%
,
08/01/41
....
5,000
5,200,945
Series
2020B-1
,
RB
,
4.00
%
,
11/01/41
....
1,000
1,004,321
Series
2022C-1
,
RB
,
4.00
%
,
02/01/42
....
4,230
4,247,138
Series
2021E-1
,
RB
,
4.00
%
,
02/01/42
....
5,000
5,017,837
Series
2020A-3
,
RB
,
4.00
%
,
05/01/42
....
10,795
10,803,189
Series
C-3
,
RB
,
4.00
%
,
05/01/42
.......
5,780
5,785,414
Series
2021C-1
,
RB
,
4.00
%
,
05/01/42
....
7,770
7,794,500
Series
2018B-1
,
RB
,
4.00
%
,
08/01/42
....
4,155
4,129,349
Series
2018A-3
,
RB
,
4.00
%
,
08/01/42
....
4,750
4,720,675
Series
2022B-1
,
RB
,
4.00
%
,
08/01/42
....
7,710
7,734,683
Series
2019A-1
,
RB
,
5.00
%
,
08/01/42
....
3,040
3,188,388
Series
2023A-1
,
RB
,
5.25
%
,
08/01/42
....
6,425
7,208,083
Series
2019C-1
,
RB
,
4.00
%
,
11/01/42
....
9,540
9,546,204
Series
2020B-1
,
RB
,
4.00
%
,
11/01/42
....
5,750
5,754,125
Series
2021E-1
,
RB
,
4.00
%
,
02/01/43
....
4,000
4,001,211
Series
2017E-1
,
RB
,
5.00
%
,
02/01/43
....
2,820
2,907,724
Series
2022F-1
,
RB
,
5.00
%
,
02/01/43
....
1,000
1,092,551
Series
2021C-1
,
RB
,
4.00
%
,
05/01/43
....
5,000
5,000,368
Series
C-3
,
RB
,
4.00
%
,
05/01/43
.......
5,000
4,986,050
Series
2020A-3
,
RB
,
4.00
%
,
05/01/43
....
2,955
2,935,245
Series
2021D-1
,
RB
,
4.00
%
,
11/01/43
....
13,000
13,002,191
Series
2017E-1
,
RB
,
4.00
%
,
02/01/44
....
2,195
2,161,194
Series
2017F-1
,
RB
,
4.00
%
,
05/01/44
....
1,000
982,266
Series
2020A-3
,
RB
,
4.00
%
,
05/01/44
....
11,000
10,863,293
Series
2015E-4
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.90
%
,
09/03/24
(b)
.......
35,410
35,410,000
Series
2015E-3
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
41,770
41,770,000
Series
2023F-1
,
RB
,
5.00
%
,
02/01/45
....
20,000
21,890,850
Series
2020C-1
,
RB
,
4.00
%
,
05/01/45
....
5,250
5,207,676
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(b)
53,285
53,285,000
Series
2022B-1
,
RB
,
4.00
%
,
08/01/45
....
18,165
17,996,020
Series
2022B-1
,
RB
,
5.00
%
,
08/01/45
....
16,000
17,279,304
Series
2018B-1
,
RB
,
5.00
%
,
08/01/45
....
3,500
3,622,191
Series
2023A-1
,
RB
,
5.00
%
,
08/01/45
....
3,140
3,421,642
Series
2020B-1
,
RB
,
4.00
%
,
11/01/45
....
31,680
31,061,847
Series
2023D-1
,
RB
,
5.50
%
,
11/01/45
....
7,650
8,656,705
Series
2021E-1
,
RB
,
4.00
%
,
02/01/46
....
30,580
30,261,677
Series
2022C-1
,
RB
,
4.00
%
,
02/01/47
....
26,305
26,005,412
Series
2020B-1
,
RB
,
4.00
%
,
11/01/47
....
4,000
3,920,266
Series
2021D-1
,
RB
,
4.00
%
,
11/01/47
....
8,725
8,625,874
Series
2023A-1
,
RB
,
4.00
%
,
08/01/48
....
14,595
14,409,149
Series
2022B-1
,
RB
,
4.00
%
,
08/01/48
....
1,750
1,727,716
Series
2023D-1
,
RB
,
5.25
%
,
11/01/48
....
17,985
19,790,359
Series
2021E-1
,
RB
,
4.00
%
,
02/01/49
....
1,000
981,860
Series
2021D-1
,
RB
,
3.00
%
,
11/01/50
....
3,675
2,876,385
Series
2021E-1
,
RB
,
3.00
%
,
02/01/51
....
2,000
1,556,356
Series
2022F-1
,
RB
,
4.00
%
,
02/01/51
....
5,425
5,292,139
Series
2023F-1
,
RB
,
4.00
%
,
02/01/51
....
7,245
7,067,566
Series
2022C-1
,
RB
,
5.00
%
,
02/01/51
....
10,000
10,706,143
Series
2024A-1
,
RB
,
4.00
%
,
05/01/53
....
3,000
2,914,003
New
York
Convention
Center
Development
Corp.
Series
2015
,
RB
,
5.00
%
,
11/15/40
......
1,500
1,516,651
Series
2015
,
RB
,
5.00
%
,
11/15/45
......
1,000
1,008,207
Series
A
,
RB
,
0.00
%
,
11/15/47
(a)
........
2,500
843,576
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
A
,
RB
,
0.00
%
,
11/15/55
(a)
........
USD
2,500
$
565,161
New
York
Power
Authority
Series
2022A
,
RB
,
5.00
%
,
11/15/28
(
AGM
)
1,000
1,102,383
Series
2022A
,
RB
,
5.00
%
,
11/15/32
(
AGM
)
1,000
1,152,583
Series
2022A
,
RB
,
4.00
%
,
11/15/37
(
AGM
)
500
524,465
Series
2022A
,
RB
,
4.00
%
,
11/15/41
(
AGM
)
2,000
2,042,891
Series
2020A
,
RB
,
4.00
%
,
11/15/45
.....
10,555
10,500,080
Series
2020A
,
RB
,
4.00
%
,
11/15/50
.....
32,950
32,281,362
Series
2022A
,
RB
,
4.00
%
,
11/15/52
(
AGM
)
12,825
12,580,337
Series
2020A
,
RB
,
4.00
%
,
11/15/55
.....
9,090
8,938,600
Series
2020A
,
RB
,
3.25
%
,
11/15/60
.....
1,000
773,976
Series
2020A
,
RB
,
4.00
%
,
11/15/60
.....
18,210
17,683,902
Series
2022A
,
RB
,
4.00
%
,
11/15/61
(
AGM
)
5,000
4,827,121
New
York
State
Dormitory
Authority
Series
2016D
,
RB
,
5.00
%
,
02/15/25
.....
1,525
1,539,855
Series
2017A
,
RB
,
5.00
%
,
02/15/25
.....
1,640
1,655,975
Series
2017B-1
,
RB
,
5.00
%
,
02/15/25
....
2,525
2,549,596
Series
2019D
,
RB
,
5.00
%
,
02/15/25
.....
1,245
1,257,128
Series
2015B
,
RB
,
5.00
%
,
02/15/25
.....
1,190
1,201,592
Series
2019A
,
RB
,
5.00
%
,
03/15/25
.....
1,000
1,011,794
Series
2015A
,
RB
,
5.00
%
,
03/15/25
.....
7,005
7,089,713
Series
2019D
,
RB
,
5.00
%
,
02/15/26
.....
5,020
5,197,089
Series
2016D
,
RB
,
5.00
%
,
02/15/26
.....
5,000
5,173,119
Series
2015A
,
RB
,
5.00
%
,
03/15/26
.....
4,030
4,077,531
Series
2005B
,
RB
,
5.50
%
,
03/15/26
(
AMBAC
)
1,105
1,154,524
Series
2015A
,
RB
,
5.00
%
,
03/15/27
.....
1,365
1,381,099
Series
2005B
,
RB
,
5.50
%
,
03/15/27
(
AMBAC
)
2,335
2,509,005
Series
1998A
,
RB
,
5.75
%
,
07/01/27
(
NPFGC
)
235
247,092
Series
2015B
,
RB
,
5.00
%
,
03/15/28
.....
2,000
2,041,678
Series
2015A
,
RB
,
5.00
%
,
03/15/28
.....
3,500
3,541,280
Series
2018A
,
RB
,
5.00
%
,
03/15/28
.....
5
5,423
Series
2005B
,
RB
,
5.50
%
,
03/15/28
(
AMBAC
)
6,505
7,169,853
Series
2024A
,
RB
,
5.00
%
,
07/01/28
.....
25,000
26,998,545
Series
2017B-2
,
RB
,
5.00
%
,
02/15/29
....
11,700
12,371,836
Series
2019D
,
RB
,
5.00
%
,
02/15/29
.....
9,705
10,728,171
Series
2019A
,
RB
,
5.00
%
,
03/15/29
.....
2,510
2,779,287
Series
2022A
,
RB
,
5.00
%
,
03/15/29
.....
5,000
5,536,428
Series
2020A
,
RB
,
5.00
%
,
03/15/29
.....
7,950
8,802,920
Series
2018E
,
RB
,
5.00
%
,
03/15/29
.....
5,200
5,631,507
Series
2017A
,
RB
,
5.00
%
,
02/15/30
.....
4,000
4,182,912
Series
2016A
,
RB
,
5.00
%
,
03/15/30
.....
5,910
6,148,540
Series
2022A
,
RB
,
5.00
%
,
03/15/30
.....
5,000
5,608,165
Series
2023A
,
RB
,
5.00
%
,
03/15/30
.....
17,535
19,667,833
Series
2020A
,
RB
,
5.00
%
,
03/15/30
.....
5,000
5,608,165
Series
2015A
,
RB
,
5.00
%
,
03/15/30
.....
2,700
2,729,638
Series
2021E
,
RB
,
5.00
%
,
03/15/30
.....
19,205
21,540,960
Series
2021A
,
RB
,
5.00
%
,
03/15/30
.....
9,965
11,177,072
Series
2019A
,
RB
,
5.00
%
,
10/01/30
(
SAW
)
1,000
1,057,380
Series
2017B-2
,
RB
,
5.00
%
,
02/15/31
....
2,000
2,107,106
Series
2015B
,
RB
,
5.00
%
,
02/15/31
.....
8,935
9,015,707
Series
2017A
,
RB
,
5.00
%
,
02/15/31
.....
5,000
5,221,646
Series
2023A
,
RB
,
5.00
%
,
03/15/31
.....
31,125
35,383,893
Series
2018A
,
RB
,
5.00
%
,
03/15/31
.....
3,265
3,490,029
Series
2024A
,
RB
,
5.00
%
,
03/15/31
.....
2,570
2,921,658
Series
2022A
,
RB
,
5.00
%
,
03/15/31
.....
10,000
11,368,319
Series
2019A
,
RB
,
5.00
%
,
03/15/31
.....
1,200
1,310,475
Series
2015B
,
RB
,
5.00
%
,
03/15/31
.....
1,800
1,833,959
Series
2015E
,
RB
,
5.00
%
,
03/15/31
.....
24,195
24,693,620
Series
2017A
,
RB
,
5.00
%
,
02/15/32
.....
7,050
7,354,647
Series
2017B-2
,
RB
,
5.00
%
,
02/15/32
....
1,200
1,262,654
Series
2015A
,
RB
,
4.00
%
,
03/15/32
.....
10,000
10,059,674
Series
2015B
,
RB
,
5.00
%
,
03/15/32
.....
3,130
3,188,410
Series
2020A
,
RB
,
5.00
%
,
03/15/32
.....
6,205
6,966,479
Series
2018A
,
RB
,
5.00
%
,
03/15/32
.....
4,815
5,173,943
Series
2015E
,
RB
,
5.00
%
,
03/15/32
.....
300
306,029
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2024A
,
RB
,
5.00
%
,
03/15/32
.....
USD
5,565
$
6,404,908
Series
2015B
,
RB
,
5.00
%
,
02/15/33
.....
5,000
5,043,590
Series
2017B-2
,
RB
,
5.00
%
,
02/15/33
....
2,000
2,102,055
Series
2019D
,
RB
,
5.00
%
,
02/15/33
.....
2,205
2,445,797
Series
2020A
,
RB
,
5.00
%
,
03/15/33
.....
12,500
13,997,365
Series
2021E
,
RB
,
5.00
%
,
03/15/33
.....
7,050
8,083,219
Series
2018C
,
RB
,
5.00
%
,
03/15/33
.....
10,950
11,653,821
Series
2015A
,
RB
,
5.00
%
,
03/15/33
.....
2,140
2,162,127
Series
2015B
,
RB
,
5.00
%
,
03/15/33
.....
4,840
4,929,330
Series
2023A
,
RB
,
5.00
%
,
03/15/33
.....
5,000
5,823,043
Series
2018A
,
RB
,
5.00
%
,
03/15/33
.....
6,715
6,984,682
Series
2017A
,
RB
,
5.00
%
,
03/15/33
.....
2,000
2,088,087
Series
2015E
,
RB
,
5.25
%
,
03/15/33
.....
2,305
2,356,665
Series
2023A-2
,
RB
,
5.00
%
,
09/15/33
....
14,690
17,136,477
Series
2014E
,
RB
,
4.00
%
,
02/15/34
.....
1,445
1,448,299
Series
2017B-2
,
RB
,
5.00
%
,
02/15/34
....
5,000
5,251,580
Series
2015B
,
RB
,
5.00
%
,
02/15/34
.....
6,120
6,172,536
Series
2019D
,
RB
,
5.00
%
,
02/15/34
.....
21,700
24,018,079
Series
2020A
,
RB
,
4.00
%
,
03/15/34
.....
15,620
16,289,145
Series
2015E
,
RB
,
5.00
%
,
03/15/34
.....
5,000
5,097,915
Series
2019A
,
RB
,
5.00
%
,
03/15/34
.....
2,040
2,211,101
Series
2017A
,
RB
,
5.00
%
,
03/15/34
.....
2,000
2,084,367
Series
2015B
,
RB
,
5.00
%
,
03/15/34
.....
4,635
4,719,598
Series
2023A
,
RB
,
5.00
%
,
03/15/34
.....
7,515
8,718,006
Series
2017A
,
RB
,
5.00
%
,
07/01/34
.....
3,000
3,153,707
Series
2015E
,
RB
,
3.25
%
,
03/15/35
.....
25,000
24,504,915
Series
2020A
,
RB
,
4.00
%
,
03/15/35
.....
5,000
5,190,632
Series
2021A
,
RB
,
5.00
%
,
03/15/35
.....
10,210
11,415,784
Series
2021E
,
RB
,
5.00
%
,
03/15/35
.....
14,000
15,919,750
Series
2015A
,
RB
,
5.00
%
,
03/15/35
.....
1,000
1,009,915
Series
2017A
,
RB
,
5.00
%
,
03/15/35
.....
5,000
5,204,152
Series
2018E
,
RB
,
5.00
%
,
03/15/35
.....
10,190
10,912,233
Series
2023A-1
,
RB
,
5.00
%
,
03/15/35
....
16,170
18,725,770
Series
2022A
,
RB
,
5.00
%
,
10/01/35
(
BAM
)
6,060
6,754,896
Series
2017B-2
,
RB
,
5.00
%
,
02/15/36
....
2,020
2,115,343
Series
2017A
,
RB
,
5.00
%
,
02/15/36
.....
1,500
1,574,588
Series
2018A
,
RB
,
5.00
%
,
03/15/36
.....
5,005
5,312,469
Series
2016A
,
RB
,
5.00
%
,
03/15/36
.....
10,500
10,869,099
Series
2021A
,
RB
,
5.00
%
,
03/15/36
.....
10,000
11,113,676
Series
2019A
,
RB
,
5.00
%
,
03/15/36
.....
7,000
7,543,381
Series
2017A
,
RB
,
4.00
%
,
07/01/36
.....
5,000
5,035,410
Series
2016A
,
RB
,
5.00
%
,
07/01/36
.....
1,275
1,323,040
Series
2019D
,
RB
,
4.00
%
,
02/15/37
.....
2,500
2,560,643
Series
2017B-2
,
RB
,
5.00
%
,
02/15/37
....
6,215
6,500,969
Series
2015B
,
RB
,
5.00
%
,
02/15/37
.....
2,855
2,877,594
Series
2020A
,
RB
,
4.00
%
,
03/15/37
.....
9,750
10,006,016
Series
2021E
,
RB
,
4.00
%
,
03/15/37
.....
11,000
11,399,372
Series
2019A
,
RB
,
5.00
%
,
03/15/37
.....
1,505
1,616,998
Series
2018A
,
RB
,
4.00
%
,
07/01/37
.....
14,710
14,899,115
Series
2024A
,
RB
,
5.00
%
,
10/01/37
(
AGM,
SAW
)
.......................
650
739,361
Series
2019D
,
RB
,
4.00
%
,
02/15/38
.....
2,000
2,041,448
Series
2017B
,
RB
,
5.00
%
,
02/15/38
.....
1,960
2,047,629
Series
2015B
,
RB
,
5.00
%
,
02/15/38
.....
1,000
1,007,687
Series
2018E
,
RB
,
5.00
%
,
03/15/38
.....
10,000
10,652,277
Series
2019A
,
RB
,
5.00
%
,
03/15/38
.....
12,500
13,392,895
Series
2024A
,
RB
,
5.00
%
,
10/01/38
(
AGM,
SAW
)
.......................
1,000
1,127,168
Series
2018B
,
RB
,
5.00
%
,
10/01/38
.....
10,700
11,393,879
Series
2019D
,
RB
,
4.00
%
,
02/15/39
.....
4,415
4,483,589
Series
2017B
,
RB
,
5.00
%
,
02/15/39
.....
3,000
3,155,422
Series
2021E
,
RB
,
4.00
%
,
03/15/39
.....
11,230
11,470,712
Series
2018C
,
RB
,
5.00
%
,
03/15/39
.....
1,500
1,580,517
Series
2019A
,
RB
,
5.00
%
,
03/15/39
.....
4,250
4,532,440
Series
2023A
,
RB
,
5.00
%
,
03/15/39
.....
1,115
1,253,613
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2023A-1
,
RB
,
5.00
%
,
03/15/39
....
USD
10,000
$
11,282,791
Series
2018A
,
RB
,
5.25
%
,
03/15/39
.....
6,100
6,544,444
Series
2016A
,
RB
,
4.00
%
,
07/01/39
.....
5,170
5,180,213
Series
2021A
,
RB
,
4.00
%
,
07/01/39
.....
4,750
4,824,199
Series
2017A
,
RB
,
5.00
%
,
07/01/39
.....
5,200
5,419,656
Series
2009A
,
RB
,
VRDN
3.20
%
,
09/04/24
(b)
50,465
50,465,000
Series
2024A
,
RB
,
5.00
%
,
10/01/39
(
AGM,
SAW
)
.......................
850
952,455
Series
2016A
,
RB
,
5.00
%
,
02/15/40
.....
3,000
3,097,320
Series
2022A
,
RB
,
4.00
%
,
03/15/40
.....
6,155
6,220,053
Series
2018E
,
RB
,
5.00
%
,
03/15/40
.....
4,000
4,233,580
Series
2021A
,
RB
,
4.00
%
,
07/01/40
.....
13,530
13,667,354
Series
2001-1
,
RB
,
5.50
%
,
07/01/40
(
AMBAC
)
.....................
530
629,345
Series
2016A
,
RB
,
5.00
%
,
02/15/41
.....
2,320
2,393,929
Series
2015B
,
RB
,
5.00
%
,
02/15/41
.....
3,040
3,060,509
Series
2020A
,
RB
,
3.00
%
,
03/15/41
.....
5,000
4,334,327
Series
2021E
,
RB
,
3.00
%
,
03/15/41
.....
10,250
8,966,952
Series
2021A
,
RB
,
4.00
%
,
03/15/41
.....
3,995
4,015,612
Series
2018E
,
RB
,
5.00
%
,
03/15/41
.....
5,000
5,279,024
Series
2022A
,
RB
,
5.00
%
,
03/15/41
.....
1,000
1,101,771
Series
2018A
,
RB
,
5.00
%
,
03/15/41
.....
3,500
3,673,723
Series
2024A
,
RB
,
5.00
%
,
03/15/41
.....
5,500
6,185,658
Series
2018A
,
RB
,
4.00
%
,
07/01/41
.....
1,000
1,005,557
Series
2016A
,
RB
,
4.00
%
,
07/01/41
.....
1,000
1,000,168
Series
2017B
,
RB
,
5.00
%
,
02/15/42
.....
1,000
1,038,144
Series
2015B
,
RB
,
5.00
%
,
02/15/42
.....
170
171,132
Series
2020A
,
RB
,
3.00
%
,
03/15/42
.....
4,900
4,203,833
Series
2021E
,
RB
,
4.00
%
,
03/15/42
.....
5,605
5,611,405
Series
2021A
,
RB
,
4.00
%
,
03/15/42
.....
13,515
13,528,629
Series
2018A
,
RB
,
5.00
%
,
03/15/42
.....
4,210
4,409,911
Series
2017A
,
RB
,
5.00
%
,
03/15/42
.....
1,500
1,546,934
Series
2019A
,
RB
,
5.00
%
,
07/01/42
.....
18,785
20,033,445
Series
2018A
,
RB
,
4.00
%
,
03/15/43
.....
5,000
4,961,976
Series
2021A
,
RB
,
4.00
%
,
03/15/43
.....
10,000
9,948,634
Series
2020A
,
RB
,
4.00
%
,
03/15/43
.....
5,000
4,968,051
Series
2017A
,
RB
,
5.00
%
,
03/15/43
.....
1,000
1,030,190
Series
2019A
,
RB
,
5.00
%
,
03/15/43
.....
2,525
2,659,289
Series
2024A
,
RB
,
5.00
%
,
03/15/43
.....
5,050
5,625,136
Series
2017B
,
RB
,
4.00
%
,
02/15/44
.....
1,425
1,406,480
Series
2021E
,
RB
,
4.00
%
,
03/15/44
.....
17,500
17,321,701
Series
2020A
,
RB
,
4.00
%
,
03/15/44
.....
5,000
4,952,669
Series
2018E
,
RB
,
5.00
%
,
03/15/44
.....
9,800
10,297,130
Series
2024A
,
RB
,
5.00
%
,
03/15/44
.....
2,520
2,798,535
Series
2018A
,
RB
,
5.00
%
,
03/15/44
.....
9,000
9,399,661
Series
2017A
,
RB
,
5.00
%
,
03/15/44
.....
10,000
10,289,863
Series
2021A
,
RB
,
5.00
%
,
03/15/44
.....
10,115
10,921,410
Series
2021E
,
RB
,
4.00
%
,
03/15/45
.....
5,000
4,943,888
Series
2024A
,
RB
,
5.00
%
,
03/15/45
.....
7,250
8,018,298
Series
2018A
,
RB
,
5.00
%
,
03/15/45
.....
6,300
6,570,425
Series
2019A
,
RB
,
5.00
%
,
03/15/45
.....
9,695
10,172,459
Series
2019A
,
RB
,
4.00
%
,
07/01/45
.....
10,000
9,904,270
Series
2015B
,
RB
,
5.00
%
,
07/01/45
.....
8,325
8,479,179
Series
2015A
,
RB
,
5.00
%
,
10/01/45
.....
3,500
4,264,872
Series
2020A
,
RB
,
4.00
%
,
03/15/46
.....
4,905
4,847,004
Series
2021E
,
RB
,
4.00
%
,
03/15/46
.....
11,000
10,877,040
Series
2019A
,
RB
,
5.00
%
,
03/15/46
.....
1,300
1,362,566
Series
2024A
,
RB
,
5.00
%
,
03/15/46
.....
13,510
14,896,241
Series
2021A
,
RB
,
4.00
%
,
07/01/46
.....
3,000
2,945,338
Series
A-2
,
RB
,
5.00
%
,
10/01/46
.......
3,000
3,461,230
Series
2019D
,
RB
,
4.00
%
,
02/15/47
.....
63,585
62,520,333
Series
2018A
,
RB
,
4.00
%
,
03/15/47
.....
6,500
6,379,532
Series
2024A
,
RB
,
4.00
%
,
03/15/47
.....
6,490
6,383,352
Series
2019A
,
RB
,
5.00
%
,
03/15/47
.....
4,780
5,002,052
Series
2022A
,
RB
,
4.00
%
,
07/01/47
.....
940
913,186
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
A
,
RB
,
5.00
%
,
10/01/47
.........
USD
2,500
$
3,045,548
Series
2018A
,
RB
,
4.00
%
,
03/15/48
.....
950
931,661
Series
2021E
,
RB
,
4.00
%
,
03/15/48
.....
7,570
7,446,273
Series
2018E
,
RB
,
5.00
%
,
03/15/48
.....
2,800
2,930,196
Series
2015A
,
RB
,
5.00
%
,
07/01/48
.....
8,990
9,089,922
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
1,250
1,323,561
Series
2018A
,
RB
,
5.00
%
,
10/01/48
.....
5,500
6,695,904
Series
2019D
,
RB
,
3.00
%
,
02/15/49
.....
5,250
4,151,334
Series
2019D
,
RB
,
4.00
%
,
02/15/49
.....
3,550
3,482,318
Series
2020A
,
RB
,
3.00
%
,
03/15/49
.....
14,820
11,694,913
Series
2022A
,
RB
,
4.00
%
,
03/15/49
.....
6,280
6,177,301
Series
2024A
,
RB
,
5.00
%
,
03/15/49
.....
18,970
20,747,368
Series
2021A
,
RB
,
5.00
%
,
03/15/49
.....
5,645
6,025,368
Series
2019C
,
RB
,
4.00
%
,
07/01/49
.....
11,000
10,759,475
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
27,825
29,434,823
Series
2024A
,
RB
,
5.00
%
,
03/15/50
.....
10,000
10,927,654
Series
2020A
,
RB
,
4.00
%
,
07/01/50
.....
1,500
1,509,763
Series
2020
,
RB
,
4.00
%
,
07/01/50
......
5,000
4,825,252
Series
2019B
,
RB
,
5.00
%
,
07/01/50
.....
17,920
18,833,859
Series
2020A
,
RB
,
5.00
%
,
07/01/50
.....
6,500
6,919,693
Series
2020A
,
RB
,
5.00
%
,
10/01/50
.....
1,000
1,221,015
Series
2021E
,
RB
,
3.00
%
,
03/15/51
.....
27,350
21,405,836
Series
2024A
,
RB
,
5.00
%
,
03/15/51
.....
22,000
24,022,064
Series
2021A
,
RB
,
5.00
%
,
07/01/51
.....
5,000
5,326,135
Series
2024A
,
RB
,
5.25
%
,
03/15/52
.....
9,485
10,523,636
Series
2020A
,
RB
,
5.00
%
,
07/01/53
.....
3,500
3,710,897
Series
2024A
,
RB
,
5.50
%
,
07/01/54
.....
37,525
42,930,146
Series
2024A
,
RB
,
5.00
%
,
03/15/55
.....
7,000
7,613,124
New
York
State
Environmental
Facilities
Corp.
Series
2016A
,
RB
,
5.00
%
,
06/15/31
.....
3,055
3,164,259
Series
2016A
,
RB
,
5.00
%
,
06/15/35
.....
4,945
5,113,997
Series
2024A
,
RB
,
5.00
%
,
06/15/38
.....
2,000
2,337,113
Series
2024A
,
RB
,
5.00
%
,
06/15/39
.....
2,000
2,316,957
Series
2015A
,
RB
,
5.00
%
,
06/15/40
.....
1,000
1,014,867
Series
2016A
,
RB
,
5.00
%
,
06/15/41
.....
2,050
2,109,969
Series
2024A
,
RB
,
5.00
%
,
06/15/42
.....
3,000
3,408,739
Series
2017A
,
RB
,
5.00
%
,
06/15/42
.....
2,140
2,225,802
Series
2017E
,
RB
,
5.00
%
,
06/15/42
.....
5,000
5,200,473
Series
2018B
,
RB
,
5.00
%
,
06/15/43
.....
10,000
10,484,043
Series
2016A
,
RB
,
4.00
%
,
06/15/46
.....
1,545
1,526,355
Series
2017A
,
RB
,
5.00
%
,
06/15/46
.....
16,825
17,405,629
Series
2022A
,
RB
,
4.00
%
,
06/15/47
.....
15,000
15,057,167
Series
2017E
,
RB
,
5.00
%
,
06/15/47
.....
19,095
19,729,590
Series
2024A
,
RB
,
5.00
%
,
06/15/47
.....
5,645
6,286,765
Series
2022B
,
RB
,
5.00
%
,
09/15/47
.....
5,000
5,480,963
Series
2018B
,
RB
,
5.00
%
,
06/15/48
.....
11,310
11,765,957
Series
2019B
,
RB
,
4.00
%
,
06/15/49
.....
2,500
2,484,808
Series
2024A
,
RB
,
5.00
%
,
06/15/49
.....
2,115
2,345,377
Series
2020B
,
RB
,
3.00
%
,
10/15/50
.....
8,725
6,975,520
New
York
State
Thruway
Authority
Series
2022A
,
RB
,
5.00
%
,
03/15/25
.....
12,490
12,639,970
Series
2021A-1
,
RB
,
5.00
%
,
03/15/26
....
5,000
5,186,717
Series
2021A-1
,
RB
,
5.00
%
,
03/15/27
....
39,000
41,380,763
Series
K
,
RB
,
5.00
%
,
01/01/28
.........
3,445
3,467,998
Series
2022A
,
RB
,
5.00
%
,
03/15/28
.....
5,005
5,407,672
Series
2022A
,
RB
,
5.00
%
,
03/15/30
.....
10,000
11,194,458
Series
K
,
RB
,
5.00
%
,
01/01/31
.........
4,000
4,023,146
Series
2022A
,
RB
,
5.00
%
,
03/15/31
.....
20,000
22,685,384
Series
K
,
RB
,
5.00
%
,
01/01/32
.........
5,365
5,395,869
Series
O
,
RB
,
5.00
%
,
01/01/33
........
6,315
7,215,528
Series
L
,
RB
,
5.00
%
,
01/01/33
.........
1,000
1,068,901
Series
L
,
RB
,
4.00
%
,
01/01/36
.........
1,000
1,023,787
Series
2019B
,
RB
,
5.00
%
,
01/01/36
.....
2,000
2,198,039
Series
2021A-1
,
RB
,
4.00
%
,
03/15/36
....
2,260
2,341,546
Series
2019B
,
RB
,
4.00
%
,
01/01/37
.....
1,750
1,792,488
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2019B
,
RB
,
4.00
%
,
01/01/38
.....
USD
5,500
$
5,604,698
Series
2019B
,
RB
,
4.00
%
,
01/01/39
.....
3,685
3,725,748
Series
2019B
,
RB
,
4.00
%
,
01/01/40
(
AGM
)
2,000
2,008,812
Series
2019B
,
RB
,
4.00
%
,
01/01/41
.....
2,000
1,997,112
Series
2016A
,
RB
,
5.00
%
,
01/01/41
.....
1,005
1,024,534
Series
2021A-1
,
RB
,
4.00
%
,
03/15/41
....
7,190
7,206,515
Series
N
,
RB
,
4.00
%
,
01/01/43
.........
5,660
5,586,031
Series
2022A
,
RB
,
4.00
%
,
03/15/44
.....
40,000
39,539,340
Series
N
,
RB
,
4.00
%
,
01/01/45
.........
4,060
3,990,308
Series
2019B
,
RB
,
4.00
%
,
01/01/45
.....
29,555
28,848,751
Series
2021A-1
,
RB
,
4.00
%
,
03/15/45
....
17,080
16,841,556
Series
2019B
,
RB
,
3.00
%
,
01/01/46
.....
2,500
2,013,490
Series
2016A
,
RB
,
5.00
%
,
01/01/46
.....
5,000
5,081,552
Series
2021A-1
,
RB
,
4.00
%
,
03/15/46
....
5,315
5,233,109
Series
N
,
RB
,
4.00
%
,
01/01/47
.........
4,000
3,920,417
Series
O
,
RB
,
4.00
%
,
01/01/48
........
5,845
5,733,472
Series
2022A
,
RB
,
5.00
%
,
03/15/48
.....
66,125
71,446,304
Series
N
,
RB
,
3.00
%
,
01/01/49
.........
3,000
2,347,484
Series
P
,
RB
,
5.00
%
,
01/01/49
.........
1,500
1,656,504
Series
2022A
,
RB
,
4.00
%
,
03/15/49
.....
6,570
6,422,776
Series
2019B
,
RB
,
4.00
%
,
01/01/50
(
AGM
)
2,500
2,457,977
Series
2019B
,
RB
,
4.00
%
,
01/01/50
.....
13,500
13,093,700
Series
2016A
,
RB
,
5.00
%
,
01/01/51
.....
5,000
5,070,521
Series
2022A
,
RB
,
4.00
%
,
03/15/51
.....
21,695
21,104,761
Series
2019B
,
RB
,
4.00
%
,
01/01/53
.....
8,250
7,940,750
Series
2022C
,
RB
,
5.00
%
,
03/15/53
.....
25,000
26,888,988
Series
P
,
RB
,
5.25
%
,
01/01/54
.........
2,450
2,748,992
Series
2022C
,
RB
,
5.00
%
,
03/15/54
.....
5,000
5,374,430
Series
2016A
,
RB
,
4.00
%
,
01/01/56
.....
1,000
947,949
Series
2016A
,
RB
,
5.25
%
,
01/01/56
.....
2,480
2,524,531
Series
2022C
,
RB
,
4.13
%
,
03/15/56
.....
8,000
7,847,862
New
York
State
Urban
Development
Corp.
Series
2020E
,
RB
,
5.00
%
,
03/15/25
.....
5,025
5,085,336
Series
2016A
,
RB
,
5.00
%
,
03/15/25
.....
1,550
1,568,611
Series
2016A
,
RB
,
5.00
%
,
03/15/26
.....
4,305
4,466,418
Series
2017A
,
RB
,
5.00
%
,
03/15/26
.....
4,510
4,678,418
Series
2020C
,
RB
,
5.00
%
,
03/15/27
.....
1,115
1,182,501
Series
2021A
,
RB
,
5.00
%
,
03/15/27
.....
10,000
10,628,189
Series
2022A
,
RB
,
5.00
%
,
09/15/27
.....
1,705
1,828,598
Series
2020E
,
RB
,
5.00
%
,
03/15/28
.....
3,000
3,250,865
Series
2022A
,
RB
,
5.00
%
,
09/15/28
.....
9,005
9,859,508
Series
2020C
,
RB
,
5.00
%
,
03/15/29
.....
8,000
8,840,205
Series
2017A
,
RB
,
5.00
%
,
03/15/30
.....
1,500
1,574,746
Series
2020C
,
RB
,
5.00
%
,
03/15/30
.....
14,980
16,826,682
Series
2017A
,
RB
,
5.00
%
,
03/15/31
.....
10,005
10,486,748
Series
2021A
,
RB
,
5.00
%
,
03/15/31
.....
1,750
1,992,827
Series
2016A
,
RB
,
5.00
%
,
03/15/31
.....
2,010
2,069,047
Series
2023B
,
RB
,
5.00
%
,
03/15/31
.....
1,000
1,138,758
Series
2020C
,
RB
,
5.00
%
,
03/15/32
.....
2,500
2,815,676
Series
2015A
,
RB
,
5.00
%
,
03/15/32
.....
3,175
3,237,176
Series
2017A
,
RB
,
5.00
%
,
03/15/33
.....
1,500
1,569,419
Series
2020C
,
RB
,
5.00
%
,
03/15/33
.....
8,000
8,986,627
Series
2020E
,
RB
,
4.00
%
,
03/15/34
.....
5,000
5,223,774
Series
2020C
,
RB
,
4.00
%
,
03/15/34
.....
2,500
2,621,088
Series
2017A-G
,
RB
,
5.00
%
,
03/15/34
...
15,000
15,684,846
Series
2023B
,
RB
,
5.00
%
,
03/15/34
.....
31,690
37,188,887
Series
2020E
,
RB
,
4.00
%
,
03/15/35
.....
2,510
2,612,649
Series
2019A
,
RB
,
5.00
%
,
03/15/35
.....
10,000
10,761,317
Series
2015A
,
RB
,
5.00
%
,
03/15/35
.....
6,525
6,649,436
Series
2017A-G
,
RB
,
5.00
%
,
03/15/35
...
2,400
2,506,315
Series
2023B
,
RB
,
5.00
%
,
03/15/35
.....
6,895
8,058,653
Series
2020E
,
RB
,
4.00
%
,
03/15/36
.....
3,500
3,623,007
Series
2020C
,
RB
,
5.00
%
,
03/15/36
.....
31,000
34,591,245
Series
2019A
,
RB
,
5.00
%
,
03/15/36
.....
3,465
3,719,992
Series
2021A
,
RB
,
4.00
%
,
03/15/37
.....
7,500
7,751,574
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2020C
,
RB
,
4.00
%
,
03/15/37
.....
USD
11,000
$
11,355,329
Series
2020A
,
RB
,
5.00
%
,
03/15/37
.....
13,385
14,851,197
Series
2020C
,
RB
,
4.00
%
,
03/15/39
.....
2,000
2,031,000
Series
2021A
,
RB
,
4.00
%
,
03/15/39
.....
3,435
3,495,803
Series
2020A
,
RB
,
4.00
%
,
03/15/39
.....
5,440
5,524,320
Series
2019A
,
RB
,
5.00
%
,
03/15/39
.....
2,000
2,160,481
Series
2020C
,
RB
,
3.00
%
,
03/15/40
.....
26,835
23,984,227
Series
2020E
,
RB
,
3.00
%
,
03/15/40
.....
4,500
4,021,950
Series
2020A
,
RB
,
4.00
%
,
03/15/40
.....
2,910
2,933,880
Series
2023A
,
RB
,
5.00
%
,
03/15/40
.....
10,000
11,337,874
Series
2019A
,
RB
,
5.00
%
,
03/15/40
.....
2,500
2,692,364
Series
2020E
,
RB
,
4.00
%
,
03/15/41
.....
19,500
19,597,256
Series
2019A
,
RB
,
5.00
%
,
03/15/41
.....
3,660
3,847,339
Series
2017C
,
RB
,
5.00
%
,
03/15/41
.....
2,640
2,755,784
Series
2019A
,
RB
,
4.00
%
,
03/15/42
.....
14,540
14,542,008
Series
2020C
,
RB
,
4.00
%
,
03/15/42
.....
8,025
8,047,680
Series
2017C
,
RB
,
5.00
%
,
03/15/42
.....
1,500
1,563,576
Series
2019A
,
RB
,
4.00
%
,
03/15/43
.....
1,000
994,975
Series
2019A
,
RB
,
4.00
%
,
03/15/44
.....
5,000
4,965,996
Series
2021A
,
RB
,
4.00
%
,
03/15/44
.....
25,475
25,317,294
Series
2020C
,
RB
,
5.00
%
,
03/15/44
.....
1,000
1,075,382
Series
2022A
,
RB
,
5.00
%
,
03/15/44
.....
13,750
15,083,782
Series
2021A
,
RB
,
4.00
%
,
03/15/45
.....
2,250
2,224,749
Series
2019A
,
RB
,
5.00
%
,
03/15/45
.....
2,300
2,400,828
Series
2019A
,
RB
,
4.00
%
,
03/15/46
.....
2,500
2,456,368
Series
2021A
,
RB
,
4.00
%
,
03/15/47
.....
16,500
16,194,196
Series
2017C
,
RB
,
4.00
%
,
03/15/47
.....
2,000
1,965,816
Series
2020C
,
RB
,
5.00
%
,
03/15/47
.....
16,850
17,968,554
Series
2020C
,
RB
,
3.00
%
,
03/15/48
.....
3,000
2,415,591
Series
2022A
,
RB
,
5.00
%
,
03/15/48
.....
13,260
14,346,137
Series
2020A
,
RB
,
4.00
%
,
03/15/49
.....
42,995
42,161,447
Series
2020C
,
RB
,
4.00
%
,
03/15/49
.....
6,900
6,755,794
Series
2022A
,
RB
,
5.00
%
,
03/15/49
.....
5,440
5,874,769
Series
2021A
,
RB
,
3.00
%
,
03/15/50
.....
7,730
6,168,425
Series
2020E
,
RB
,
3.00
%
,
03/15/50
.....
14,975
11,848,129
Series
2020C
,
RB
,
5.00
%
,
03/15/50
.....
10,950
11,625,051
Series
2022A
,
RB
,
5.00
%
,
03/15/50
.....
15,000
16,187,334
Series
2023A
,
RB
,
5.00
%
,
03/15/51
.....
4,000
4,349,745
Series
2023A
,
RB
,
5.00
%
,
03/15/52
.....
11,640
12,647,833
Series
2023A
,
RB
,
5.00
%
,
03/15/63
.....
10,620
11,431,086
Onondaga
County
Trust
for
Cultural
Resources
Series
2019
,
RB
,
5.00
%
,
12/01/43
......
1,000
1,064,865
Series
2019
,
RB
,
5.00
%
,
12/01/45
......
1,500
1,589,492
Series
2019
,
RB
,
4.00
%
,
12/01/49
......
2,500
2,443,307
Port
Authority
of
New
York
&
New
Jersey
Series
194
,
RB
,
5.00
%
,
10/15/24
.......
570
571,296
Series
189
,
RB
,
5.00
%
,
05/01/27
.......
1,205
1,222,290
Series
85
,
RB
,
5.38
%
,
03/01/28
........
1,330
1,396,909
Series
194
,
RB
,
5.00
%
,
10/15/28
.......
2,000
2,048,426
Series
243
,
RB
,
5.00
%
,
12/01/28
.......
1,165
1,286,901
Series
209
,
RB
,
5.00
%
,
07/15/29
.......
4,000
4,326,300
Series
243
,
RB
,
5.00
%
,
12/01/29
.......
3,000
3,376,949
Series
230
,
RB
,
4.00
%
,
12/01/30
.......
1,500
1,620,015
Series
243
,
RB
,
5.00
%
,
12/01/30
.......
5,135
5,862,253
Series
213
,
RB
,
5.00
%
,
09/01/31
.......
10,295
11,338,752
Series
230
,
RB
,
3.00
%
,
12/01/31
.......
5,000
5,041,353
Series
243
,
RB
,
5.00
%
,
12/01/31
.......
4,465
5,170,712
Series
209
,
RB
,
5.00
%
,
07/15/32
.......
3,080
3,301,693
Series
222
,
RB
,
5.00
%
,
07/15/32
.......
1,000
1,126,126
Series
194
,
RB
,
5.00
%
,
10/15/32
.......
1,400
1,431,721
Series
230
,
RB
,
3.00
%
,
12/01/32
.......
3,000
3,022,367
Series
213
,
RB
,
5.00
%
,
09/01/33
.......
1,505
1,648,668
Series
194
,
RB
,
5.00
%
,
10/15/33
.......
3,000
3,067,307
Series
213
,
RB
,
5.00
%
,
09/01/34
.......
5,000
5,463,440
Series
194
,
RB
,
5.00
%
,
10/15/34
.......
4,500
4,599,962
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
209
,
RB
,
5.00
%
,
07/15/35
.......
USD
1,000
$
1,066,701
Series
194
,
RB
,
5.00
%
,
10/15/35
.......
10,675
10,907,396
Series
243
,
RB
,
5.00
%
,
12/01/35
.......
1,500
1,765,760
Series
184
,
RB
,
5.00
%
,
09/01/36
.......
4,770
4,776,551
Series
213
,
RB
,
5.00
%
,
09/01/36
.......
3,100
3,366,030
Series
243
,
RB
,
5.00
%
,
12/01/36
.......
5,500
6,440,134
Series
243
,
RB
,
5.00
%
,
12/01/37
.......
2,875
3,354,294
Series
222
,
RB
,
4.00
%
,
07/15/38
.......
9,430
9,547,236
Series
243
,
RB
,
5.00
%
,
12/01/38
.......
4,250
4,893,452
Series
212
,
RB
,
4.00
%
,
09/01/39
.......
2,000
2,000,123
Series
184
,
RB
,
5.00
%
,
09/01/39
.......
1,915
1,917,586
Series
217
,
RB
,
4.00
%
,
11/01/39
.......
2,000
2,000,521
Series
243
,
RB
,
5.00
%
,
12/01/39
.......
1,950
2,227,482
Series
189
,
RB
,
5.00
%
,
05/01/40
.......
5,000
5,055,285
Series
224
,
RB
,
4.00
%
,
07/15/40
.......
3,850
3,879,020
Series
244
,
RB
,
5.00
%
,
07/15/40
.......
4,590
5,256,217
Series
224
,
RB
,
4.00
%
,
07/15/41
.......
8,270
8,298,338
Series
194
,
RB
,
5.00
%
,
10/15/41
.......
24,960
25,409,557
Series
198
,
RB
,
5.00
%
,
11/15/41
.......
9,475
9,765,932
Series
183
,
RB
,
4.00
%
,
12/15/41
.......
1,000
999,961
Series
205
,
RB
,
5.00
%
,
11/15/42
.......
2,655
2,772,455
Series
241
,
RB
,
5.00
%
,
07/15/43
.......
9,000
10,072,601
Series
217
,
RB
,
5.00
%
,
11/01/44
.......
3,500
3,725,593
Series
189
,
RB
,
5.00
%
,
05/01/45
.......
2,000
2,018,836
Series
194
,
RB
,
4.00
%
,
10/15/45
.......
1,000
1,000,455
Series
198
,
RB
,
5.00
%
,
11/15/46
.......
8,190
8,397,787
Series
200
,
RB
,
5.00
%
,
10/15/47
.......
2,365
2,435,571
Series
241
,
RB
,
5.00
%
,
07/15/48
.......
5,000
5,484,657
Series
211
,
RB
,
5.00
%
,
09/01/48
.......
8,835
9,208,923
Series
244
,
RB
,
5.00
%
,
07/15/49
.......
17,000
18,746,549
Series
216
,
RB
,
4.00
%
,
09/01/49
.......
14,060
14,050,169
Series
217
,
RB
,
4.00
%
,
11/01/49
.......
16,565
16,548,054
Series
224
,
RB
,
4.00
%
,
07/15/51
.......
7,670
7,590,293
Series
237
,
RB
,
5.00
%
,
01/15/52
.......
4,000
4,342,401
Series
230
,
RB
,
5.25
%
,
12/01/52
.......
2,500
2,757,046
Series
240
,
RB
,
5.00
%
,
07/15/53
.......
10,000
10,891,517
Series
244
,
RB
,
5.00
%
,
07/15/54
.......
28,900
31,693,257
Series
194
,
RB
,
5.25
%
,
10/15/55
.......
1,000
1,019,623
Series
198
,
RB
,
5.25
%
,
11/15/56
.......
9,500
9,778,528
Series
200
,
RB
,
5.00
%
,
04/15/57
.......
3,000
3,081,604
Series
205
,
RB
,
5.00
%
,
05/15/57
.......
2,000
2,068,833
Series
224
,
RB
,
4.00
%
,
07/15/61
.......
2,500
2,441,072
Series
93
,
RB
,
6.13
%
,
06/01/94
........
500
500,624
Sales
Tax
Asset
Receivable
Corp.
Series
2015A
,
RB
,
5.00
%
,
10/15/25
.....
2,000
2,004,150
Series
2015A
,
RB
,
5.00
%
,
10/15/26
.....
4,600
4,609,545
Series
2015A
,
RB
,
5.00
%
,
10/15/27
.....
5,030
5,040,438
Series
2015A
,
RB
,
5.00
%
,
10/15/28
.....
7,860
7,876,310
Series
2015A
,
RB
,
5.00
%
,
10/15/29
.....
5,685
5,696,797
Series
2015A
,
RB
,
5.00
%
,
10/15/30
.....
7,030
7,044,588
Suffolk
County
Water
Authority
Series
2015
,
RB
,
4.00
%
,
06/01/31
......
1,035
1,042,663
Series
2018A
,
RB
,
4.00
%
,
06/01/41
.....
3,000
3,015,946
Triborough
Bridge
&
Tunnel
Authority
Series
2022E-1
,
RB
,
5.00
%
,
11/15/27
....
5,190
5,560,872
Series
2022E-2B
,
RB
,
5.00
%
,
11/15/27
...
5,965
6,391,252
Series
2022B
,
RB
,
5.00
%
,
05/15/28
.....
20,335
22,119,150
Series
2023B
,
RB
,
5.00
%
,
11/15/28
.....
5,000
5,455,882
Series
2022B
,
RB
,
5.00
%
,
05/15/30
.....
9,055
10,175,627
Series
2013A
,
RB
,
0.00
%
,
11/15/30
(a)
....
10,800
8,802,121
Series
2018B
,
RB
,
5.00
%
,
11/15/30
.....
1,000
1,135,941
Series
2023B
,
RB
,
5.00
%
,
11/15/30
.....
5,000
5,639,785
Series
2013A
,
RB
,
0.00
%
,
11/15/31
(a)
....
2,000
1,567,102
Series
2023A
,
RB
,
5.00
%
,
11/15/31
.....
5,000
5,730,020
Series
2018B
,
RB
,
5.00
%
,
11/15/31
.....
1,000
1,146,004
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
B
,
RB
,
5.00
%
,
11/15/31
.........
USD
1,055
$
1,107,039
Series
2005B-4A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(b)
...........
23,275
23,275,000
Series
2012B
,
RB
,
0.00
%
,
11/15/32
(a)
....
4,745
3,572,245
Series
2013A
,
RB
,
0.00
%
,
11/15/32
(a)
....
1,800
1,355,119
Series
2022E-2B
,
RB
,
5.00
%
,
11/15/32
...
3,000
3,454,616
Series
2023A
,
RB
,
5.00
%
,
11/15/32
.....
3,000
3,476,653
Series
2003B-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(b)
...........
3,000
3,000,000
Series
2021C-2
,
RB
,
3.00
%
,
05/15/33
....
1,000
1,005,502
Series
2023B
,
RB
,
5.00
%
,
11/15/33
.....
2,250
2,631,863
Series
2023C
,
RB
,
5.00
%
,
11/15/33
.....
5,000
5,851,560
Series
2023A
,
RB
,
5.00
%
,
11/15/34
.....
3,825
4,445,262
Series
2005B-3
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.90
%
,
09/03/24
(b)
........
18,500
18,500,000
Series
2023A
,
RB
,
5.00
%
,
11/15/35
.....
3,445
3,984,278
Series
2023C
,
RB
,
5.00
%
,
11/15/35
.....
5,000
5,817,543
Series
B
,
RB
,
5.00
%
,
11/15/35
.........
2,000
2,086,703
Series
2018C
,
RB
,
5.00
%
,
11/15/35
.....
3,000
3,209,456
Series
2024C
,
RB
,
5.00
%
,
11/15/36
.....
30,000
35,126,556
Series
B
,
RB
,
5.00
%
,
11/15/36
.........
2,175
2,266,314
Series
B
,
RB
,
5.00
%
,
11/15/37
.........
2,010
2,091,945
Series
2024C
,
RB
,
5.00
%
,
11/15/37
.....
15,000
17,482,718
Series
B
,
RB
,
5.00
%
,
11/15/38
.........
1,360
1,413,838
Series
2021C-1A
,
RB
,
5.00
%
,
05/15/39
...
2,000
2,223,213
Series
2019C
,
RB
,
4.00
%
,
11/15/40
.....
6,000
6,010,038
Series
2023C
,
RB
,
5.25
%
,
11/15/40
.....
5,000
5,765,051
Series
2022A
,
RB
,
4.00
%
,
05/15/41
.....
1,000
1,002,208
Series
2005A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
2.93
%
,
09/05/24
(b)
...........
11,550
11,550,000
Series
2023C
,
RB
,
5.00
%
,
11/15/41
.....
5,000
5,621,375
Series
2012A
,
RB
,
4.00
%
,
11/15/42
.....
3,065
3,043,603
Series
A
,
RB
,
5.00
%
,
11/15/42
.........
1,000
1,034,510
Series
2017C-2
,
RB
,
5.00
%
,
11/15/42
....
3,715
3,866,779
Series
2023C
,
RB
,
5.25
%
,
11/15/42
.....
7,750
8,825,392
Series
2023C
,
RB
,
5.00
%
,
11/15/43
.....
4,000
4,448,559
Series
2018A
,
RB
,
5.00
%
,
11/15/44
.....
13,420
13,995,743
Series
2021A-2
,
RB
,
VRDN
2.00
%
,
05/15/26
(b)
...............
7,050
6,732,409
Series
2024B-1
,
RB
,
5.00
%
,
05/15/45
....
2,500
2,768,693
Series
2019C
,
RB
,
3.00
%
,
11/15/45
.....
17,745
14,427,279
Series
2018A
,
RB
,
5.00
%
,
11/15/45
.....
4,100
4,274,375
Series
2021A-1
,
RB
,
4.00
%
,
05/15/46
....
4,935
4,882,927
Series
2021C-1A
,
RB
,
4.00
%
,
05/15/46
...
8,305
8,217,368
Series
2016A
,
RB
,
5.00
%
,
11/15/46
.....
7,900
8,078,314
Series
2022D-2
,
RB
,
4.50
%
,
05/15/47
....
7,000
7,178,837
Series
2024A
,
RB
,
5.00
%
,
05/15/47
.....
16,645
18,309,165
Series
2018A
,
RB
,
4.00
%
,
11/15/47
.....
3,000
2,949,357
Series
A
,
RB
,
5.00
%
,
11/15/47
.........
9,185
9,443,473
Series
2018A
,
RB
,
4.00
%
,
11/15/48
.....
6,000
5,898,715
Series
2024A
,
RB
,
5.00
%
,
05/15/49
.....
11,010
12,031,442
Series
2020A
,
RB
,
5.00
%
,
11/15/49
.....
7,500
7,960,909
Series
2019A
,
RB
,
5.00
%
,
11/15/49
.....
28,080
29,345,605
Series
2021B-2
,
RB
,
VRDN
5.00
%
,
05/15/26
(b)
...............
2,000
2,064,095
Series
2021C-3
,
RB
,
3.00
%
,
05/15/51
....
2,000
1,566,662
Series
2022A
,
RB
,
4.00
%
,
05/15/51
.....
6,800
6,676,883
Series
2024A
,
RB
,
5.00
%
,
05/15/51
.....
40,030
43,640,514
Series
2021C-1A
,
RB
,
5.00
%
,
05/15/51
...
420
449,031
Series
2021A-1
,
RB
,
5.00
%
,
05/15/51
....
45,800
48,772,965
Series
2021C-1B
,
RB
,
VRDN
5.00
%
,
05/15/26
(b)
...............
2,500
2,580,118
Series
2022C
,
RB
,
4.13
%
,
05/15/52
.....
5,000
4,939,017
Series
2022D-2
,
RB
,
4.50
%
,
05/15/52
....
7,465
7,613,601
Series
2022A
,
RB
,
5.00
%
,
05/15/52
.....
32,725
39,252,541
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2022C
,
RB
,
5.25
%
,
05/15/52
.....
USD
4,000
$
4,356,881
Series
2022D-2
,
RB
,
5.50
%
,
05/15/52
....
33,750
37,592,789
Series
2022A
,
RB
,
4.00
%
,
11/15/52
.....
3,000
2,913,052
Series
2024A
,
RB
,
5.00
%
,
05/15/54
.....
2,000
2,173,667
Series
2024B-1
,
RB
,
5.25
%
,
05/15/54
....
21,770
24,133,160
Series
2020A
,
RB
,
4.00
%
,
11/15/54
.....
2,805
2,716,475
Series
2020A
,
RB
,
5.00
%
,
11/15/54
.....
4,000
4,234,436
Series
2022A
,
RB
,
5.50
%
,
11/15/57
.....
3,000
3,332,864
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
Series
2023A
,
RB
,
5.00
%
,
05/15/42
.....
1,335
1,490,990
Series
2023A
,
RB
,
4.00
%
,
05/15/48
.....
4,000
3,932,513
Series
2023A
,
RB
,
5.00
%
,
05/15/48
.....
1,750
1,908,747
Series
2022A
,
RB
,
5.25
%
,
05/15/52
.....
3,000
3,298,162
Series
2023A
,
RB
,
4.13
%
,
05/15/53
.....
5,000
4,957,822
Series
2023A
,
RB
,
5.00
%
,
05/15/53
.....
4,175
4,521,948
Series
2024A-1
,
RB
,
4.00
%
,
05/15/54
....
5,500
5,376,161
Series
2024A-1
,
RB
,
5.00
%
,
05/15/54
....
9,535
10,395,121
Series
2023A
,
RB
,
4.25
%
,
05/15/58
.....
5,000
5,001,623
Series
2023A
,
RB
,
4.50
%
,
05/15/63
.....
10,000
10,168,929
Series
2023A
,
RB
,
5.50
%
,
05/15/63
.....
2,000
2,223,948
Utility
Debt
Securitization
Authority
Series
2016A
,
RB
,
5.00
%
,
06/15/28
.....
2,085
2,175,113
Series
2016A
,
RB
,
5.00
%
,
12/15/28
.....
8,515
8,883,017
Series
2023TE-1
,
RB
,
5.00
%
,
06/15/29
...
2,000
2,118,946
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/29
...
3,000
3,202,470
Series
2023TE-1
,
RB
,
5.00
%
,
06/15/30
...
3,000
3,260,210
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/30
...
1,500
1,643,617
Series
2023TE-1
,
RB
,
5.00
%
,
06/15/31
...
3,000
3,324,208
Series
2015
,
RB
,
5.00
%
,
12/15/32
......
1,830
1,875,785
Series
2016B
,
RB
,
5.00
%
,
12/15/33
.....
450
465,538
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/33
...
5,500
6,364,573
Series
2015
,
RB
,
5.00
%
,
12/15/33
......
4,440
4,549,389
Series
2016A
,
RB
,
5.00
%
,
12/15/34
.....
12,940
13,382,230
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/34
...
3,000
3,520,332
Series
2016A
,
RB
,
5.00
%
,
12/15/35
.....
9,460
9,774,963
Series
2015
,
RB
,
5.00
%
,
12/15/36
......
18,390
18,808,018
Series
2015
,
RB
,
5.00
%
,
12/15/37
......
5,380
5,498,879
Series
2017
,
RB
,
5.00
%
,
12/15/39
......
8,660
9,100,810
Series
2017
,
RB
,
5.00
%
,
12/15/40
......
10,155
10,656,275
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/40
...
5,000
5,811,426
Series
2017
,
RB
,
5.00
%
,
12/15/41
......
8,000
8,380,407
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/41
...
3,200
3,693,817
Series
2022TE-2
,
RB
,
5.00
%
,
12/15/49
...
16,245
17,806,466
Series
2023TE-2
,
RB
,
5.00
%
,
12/15/50
...
1,000
1,109,736
Series
2022TE-2
,
RB
,
5.00
%
,
09/15/52
...
15,000
16,384,380
8,883,250,057
North
Carolina
—
1.6%
City
of
Charlotte,
Series
2023A,
RB,
5.00%, 07/01/48
.................
2,000
2,182,113
City
of
Charlotte
Water
&
Sewer
System
Series
2022A
,
RB
,
5.00
%
,
07/01/28
.....
3,005
3,284,140
Series
2020
,
RB
,
5.00
%
,
07/01/31
......
6,875
7,757,480
Series
2024
,
RB
,
5.00
%
,
07/01/39
......
2,500
2,911,332
Series
2015
,
RB
,
5.00
%
,
07/01/40
......
1,000
1,011,286
Series
2024
,
RB
,
5.00
%
,
07/01/40
......
1,650
1,908,062
Series
2024
,
RB
,
5.00
%
,
07/01/41
......
1,500
1,725,409
Series
2024
,
RB
,
5.00
%
,
07/01/49
......
13,000
14,477,202
Series
2024
,
RB
,
5.00
%
,
07/01/54
......
36,840
40,640,160
City
of
Durham,
Series
2022,
GO,
5.00%, 07/01/25
.................
2,325
2,370,238
City
of
Fayetteville
Series
2024
,
RB
,
5.00
%
,
03/01/29
......
1,080
1,192,422
Series
2023
,
RB
,
4.00
%
,
03/01/51
......
12,070
11,711,309
Series
2023
,
RB
,
5.00
%
,
03/01/53
......
20,115
21,781,815
Security
Par
(000)
Par
(000)
Value
North
Carolina
(continued)
City
of
Greensboro
Series
2018B
,
GO
,
5.00
%
,
10/01/29
.....
USD
5,000
$
5,483,332
Series
2022B
,
GO
,
5.00
%
,
04/01/41
.....
3,850
4,306,121
Series
2022B
,
GO
,
5.00
%
,
04/01/42
.....
3,920
4,367,597
Series
2022B
,
GO
,
5.00
%
,
04/01/43
.....
2,595
2,881,191
City
of
Greensboro
Combined
Water
&
Sewer
System,
Series
2024B,
RB,
5.00%, 06/01/54
25,100
27,649,204
City
of
Raleigh
Combined
Enterprise
System,
Series
2015A,
RB,
4.00%, 12/01/35
.....
8,515
8,541,406
City
of
Winston-Salem
Water
&
Sewer
System,
Series
2022,
RB,
2.38%, 06/01/41
......
2,345
1,821,133
County
of
Durham
Series
2023
,
GO
,
5.00
%
,
06/01/25
......
1,205
1,225,681
Series
2023
,
GO
,
5.00
%
,
06/01/26
......
1,005
1,047,916
Series
2023
,
GO
,
5.00
%
,
06/01/27
......
1,555
1,659,902
Series
2023
,
GO
,
5.00
%
,
06/01/32
......
1,695
1,978,889
Series
2023
,
GO
,
5.00
%
,
06/01/34
......
2,300
2,701,635
County
of
Guilford,
Series
2017,
GO,
5.00%, 03/01/25
.................
3,745
3,785,688
County
of
Mecklenburg
Series
2022
,
GO
,
5.00
%
,
09/01/24
......
7,175
7,175,000
Series
2022
,
GO
,
5.00
%
,
09/01/27
......
9,830
10,554,123
Series
2013A
,
GO
,
5.00
%
,
12/01/27
.....
1,670
1,802,853
Series
2022
,
GO
,
5.00
%
,
09/01/33
......
5,000
5,824,927
Series
2022
,
GO
,
5.00
%
,
09/01/34
......
1,685
1,955,503
County
of
Union
Series
2023
,
GO
,
5.00
%
,
09/01/35
......
6,060
7,086,982
Series
2023
,
GO
,
5.00
%
,
09/01/36
......
6,720
7,812,003
Series
2023
,
GO
,
5.00
%
,
09/01/37
......
5,360
6,213,274
Series
2023
,
GO
,
5.00
%
,
09/01/38
......
6,280
7,239,413
County
of
Wake
Series
2010C
,
GO
,
5.00
%
,
03/01/25
.....
6,695
6,770,051
Series
2023A
,
GO
,
5.00
%
,
05/01/34
.....
16,710
19,635,893
Series
2023A
,
GO
,
5.00
%
,
05/01/36
.....
16,705
19,465,109
North
Carolina
Capital
Facilities
Finance
Agency
Series
2015B
,
RB
,
5.00
%
,
10/01/41
.....
11,025
11,317,906
Series
2016B
,
RB
,
5.00
%
,
07/01/42
.....
2,000
2,073,804
North
Carolina
Municipal
Power
Agency
No.
1
Series
A
,
RB
,
5.00
%
,
01/01/25
.........
7,550
7,598,970
Series
A
,
RB
,
5.00
%
,
01/01/27
.........
2,500
2,568,567
North
Carolina
Turnpike
Authority
Series
2018A
,
RB
,
4.00
%
,
01/01/38
.....
12,680
12,799,454
Series
2018
,
RB
,
5.00
%
,
01/01/40
......
2,000
2,098,552
Series
2018
,
RB
,
4.00
%
,
01/01/41
(
AGM
)
.
2,000
1,970,227
Series
2019
,
RB
,
0.00
%
,
01/01/44
(a)
.....
2,340
1,011,614
Series
2019
,
RB
,
5.00
%
,
01/01/44
......
2,000
2,097,327
Series
2019
,
RB
,
0.00
%
,
01/01/49
(a)
.....
2,500
850,262
Series
2019
,
RB
,
5.00
%
,
01/01/49
......
3,800
3,950,417
Series
2019
,
RB
,
5.00
%
,
01/01/49
(
AGM
)
.
2,415
2,521,915
Series
A
,
RB
,
5.00
%
,
01/01/54
(
AGM
)
....
3,500
3,735,486
Series
2019
,
RB
,
4.00
%
,
01/01/55
......
2,000
1,846,802
Series
2019
,
RB
,
4.00
%
,
01/01/55
(
AGM
)
.
2,000
1,916,252
Series
A
,
RB
,
5.00
%
,
01/01/58
(
AGM
)
....
3,000
3,192,280
State
of
North
Carolina
Series
2019
,
RB
,
5.00
%
,
03/01/25
......
3,515
3,553,748
Series
2013C
,
GO
,
5.00
%
,
05/01/25
.....
14,290
14,509,037
Series
2017B
,
RB
,
5.00
%
,
05/01/25
.....
5,095
5,171,412
Series
2020A
,
GO
,
5.00
%
,
06/01/25
.....
7,500
7,631,080
Series
2016A
,
GO
,
5.00
%
,
06/01/25
.....
4,045
4,115,696
Series
2020B
,
RB
,
5.00
%
,
05/01/26
.....
1,550
1,613,023
Series
2014B
,
RB
,
5.00
%
,
06/01/26
.....
1,065
1,110,519
Series
2019B
,
GO
,
5.00
%
,
06/01/26
.....
12,925
13,488,708
Series
2018A
,
GO
,
5.00
%
,
06/01/26
.....
2,015
2,102,882
Series
2016A
,
GO
,
5.00
%
,
06/01/26
.....
9,500
9,914,331
Series
2019
,
RB
,
5.00
%
,
03/01/27
......
5,125
5,425,138
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
North
Carolina
(continued)
Series
2020B
,
RB
,
5.00
%
,
05/01/27
.....
USD
2,000
$
2,128,690
Series
2014C
,
RB
,
5.00
%
,
05/01/27
.....
1,500
1,501,961
Series
2020A
,
GO
,
5.00
%
,
06/01/27
.....
5,530
5,903,728
Series
2019B
,
GO
,
5.00
%
,
06/01/27
.....
1,500
1,601,373
Series
2016A
,
GO
,
5.00
%
,
06/01/27
.....
11,075
11,506,174
Series
2019
,
RB
,
5.00
%
,
03/01/28
......
19,000
20,537,704
Series
2017B
,
RB
,
5.00
%
,
05/01/28
.....
6,500
6,892,767
Series
2020A
,
GO
,
5.00
%
,
06/01/28
.....
1,930
2,106,563
Series
2019B
,
GO
,
5.00
%
,
06/01/28
.....
11,990
13,086,887
Series
2016A
,
GO
,
5.00
%
,
06/01/28
.....
5,000
5,188,549
Series
2020B
,
RB
,
5.00
%
,
05/01/29
.....
1,500
1,663,674
Series
2017B
,
RB
,
5.00
%
,
05/01/29
.....
1,000
1,059,319
Series
2019B
,
GO
,
5.00
%
,
06/01/29
.....
1,025
1,142,315
Series
2015
,
RB
,
5.00
%
,
03/01/30
......
2,010
2,027,276
Series
2020B
,
RB
,
5.00
%
,
05/01/30
.....
10,915
12,313,538
Series
2019B
,
GO
,
5.00
%
,
06/01/30
.....
3,950
4,374,903
Series
2019
,
RB
,
5.00
%
,
03/01/31
......
2,500
2,733,994
Series
2020B
,
RB
,
5.00
%
,
05/01/31
.....
1,545
1,737,229
Series
2021
,
RB
,
5.00
%
,
03/01/32
......
1,000
1,132,558
Series
2020B
,
RB
,
3.00
%
,
05/01/32
.....
2,000
1,971,107
Series
2021A
,
RB
,
5.00
%
,
05/01/32
.....
7,855
9,059,995
Series
2019
,
RB
,
5.00
%
,
03/01/33
......
3,000
3,264,079
Series
2019A
,
RB
,
4.00
%
,
05/01/33
.....
1,000
1,038,684
Series
2020B
,
RB
,
5.00
%
,
05/01/33
.....
3,110
3,477,624
Series
2021
,
RB
,
4.00
%
,
03/01/34
......
2,000
2,103,719
Series
2019A
,
RB
,
4.00
%
,
05/01/34
.....
4,960
5,144,104
Series
2020B
,
RB
,
5.00
%
,
05/01/34
.....
2,500
2,787,797
Series
2018A
,
GO
,
3.00
%
,
06/01/35
.....
5,000
4,828,212
Series
2020A
,
GO
,
1.88
%
,
06/01/39
.....
20,000
14,646,546
Town
of
Cary
Series
2021
,
GO
,
4.00
%
,
09/01/32
......
5,710
6,161,266
Series
2021
,
GO
,
4.00
%
,
09/01/33
......
3,535
3,806,868
569,052,406
Ohio
—
0.8%
American
Municipal
Power,
Inc.
Series
2019B
,
RB
,
5.00
%
,
02/15/25
.....
2,250
2,271,795
Series
2019C
,
RB
,
5.00
%
,
02/15/33
.....
2,000
2,184,030
Series
2019B
,
RB
,
5.00
%
,
02/15/35
.....
12,000
13,005,184
Series
2021A
,
RB
,
4.00
%
,
02/15/36
.....
4,360
4,458,238
Series
2017A
,
RB
,
4.00
%
,
02/15/42
.....
5,000
4,839,211
Series
2016A
,
RB
,
5.00
%
,
02/15/46
.....
845
860,663
Cincinnati
City
School
District
Series
2006
,
GO
,
5.25
%
,
12/01/25
(
NPFGC
)
20
20,624
Series
2006
,
GO
,
5.25
%
,
12/01/30
(
NPFGC
)
1,000
1,137,019
City
of
Columbus
Series
2018A
,
GO
,
5.00
%
,
04/01/25
.....
3,000
3,038,564
Series
2016-1
,
GO
,
5.00
%
,
07/01/25
.....
1,935
1,972,329
Series
2018A
,
GO
,
5.00
%
,
04/01/26
.....
4,625
4,802,601
Series
2016-1
,
GO
,
5.00
%
,
07/01/26
.....
1,645
1,718,384
Series
2016-3
,
GO
,
5.00
%
,
02/15/27
.....
1,015
1,075,965
Series
2014A
,
GO
,
4.00
%
,
02/15/28
.....
2,600
2,600,056
Series
2014
,
RB
,
5.00
%
,
06/01/28
......
2,150
2,159,045
Series
2018A
,
GO
,
5.00
%
,
04/01/30
.....
3,000
3,264,077
Series
2015
,
RB
,
5.00
%
,
06/01/30
......
1,565
1,621,028
Series
2015
,
RB
,
5.00
%
,
06/01/32
......
2,525
2,614,959
Series
2023A
,
GO
,
5.00
%
,
08/15/34
.....
1,250
1,466,052
Series
2024A
,
GO
,
5.00
%
,
08/15/35
.....
5,000
5,923,927
Series
2024A
,
GO
,
5.00
%
,
08/15/36
.....
5,000
5,886,136
Series
2024A
,
GO
,
5.00
%
,
08/15/37
.....
7,700
9,035,387
Series
2024A
,
GO
,
5.00
%
,
08/15/38
.....
4,500
5,249,297
Series
2024A
,
GO
,
5.00
%
,
08/15/39
.....
3,250
3,767,825
Series
2024A
,
GO
,
5.00
%
,
08/15/40
.....
2,195
2,528,877
County
of
Franklin,
Series
2018,
RB,
5.00%, 06/01/48
.................
7,480
7,795,972
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
County
of
Hamilton
Series
2016A
,
RB
,
5.00
%
,
12/01/30
.....
USD
1,000
$
1,045,761
Series
2016A
,
RB
,
4.00
%
,
12/01/32
.....
1,000
1,016,259
Miami
University,
Series
2020A,
RB,
4.00%, 09/01/45
.................
1,500
1,485,144
Northeast
Ohio
Regional
Sewer
District
Series
2019
,
RB
,
3.00
%
,
11/15/39
......
2,475
2,202,634
Series
2014
,
RB
,
4.00
%
,
11/15/49
......
8,605
8,621,169
Series
2014
,
RB
,
5.00
%
,
11/15/49
......
5,795
5,817,305
Ohio
State
University
(The)
Series
2021A
,
RB
,
5.00
%
,
12/01/32
.....
1,270
1,458,623
Series
2023B
,
RB
,
5.00
%
,
12/01/33
.....
2,075
2,439,574
Series
2021A
,
RB
,
4.00
%
,
12/01/39
.....
1,000
1,028,937
Series
2021A
,
RB
,
4.00
%
,
12/01/43
.....
7,750
7,788,700
Series
2021A
,
RB
,
4.00
%
,
12/01/48
.....
27,085
26,427,872
Ohio
Turnpike
&
Infrastructure
Commission
Series
2018A
,
RB
,
5.00
%
,
02/15/33
.....
2,000
2,128,492
Series
2013A-4
,
RB
,
5.70
%
,
02/15/34
....
2,145
2,504,326
Series
2013A-2
,
RB
,
0.00
%
,
02/15/37
(a)
...
6,880
4,276,868
Series
2013A-2
,
RB
,
0.00
%
,
02/15/40
(a)
...
2,500
1,316,468
Series
2013A-2
,
RB
,
0.00
%
,
02/15/41
(a)
...
7,095
3,528,579
Series
2018A
,
RB
,
4.00
%
,
02/15/46
.....
32,545
32,235,175
Series
2021A
,
RB
,
5.00
%
,
02/15/46
.....
5,000
5,368,044
Series
2021A
,
RB
,
5.00
%
,
02/15/51
.....
5,000
5,310,979
Ohio
University,
Series
2017A,
RB,
5.00%, 12/01/44
.................
2,000
2,076,328
Ohio
Water
Development
Authority
Series
2019
,
RB
,
5.00
%
,
12/01/27
......
1,915
2,063,819
Series
2018
,
RB
,
5.00
%
,
06/01/28
......
2,005
2,163,164
Series
2019A
,
RB
,
5.00
%
,
12/01/28
.....
1,005
1,105,981
Series
2019
,
RB
,
5.00
%
,
12/01/29
......
10,220
11,364,860
Series
2023A
,
RB
,
5.00
%
,
12/01/33
.....
25,000
29,397,168
Series
2021A
,
RB
,
5.00
%
,
12/01/35
.....
2,000
2,258,667
Series
2021A
,
RB
,
5.00
%
,
12/01/36
.....
1,505
1,693,727
Series
2021A
,
RB
,
5.00
%
,
12/01/38
.....
1,000
1,113,565
Series
2024A
,
RB
,
5.00
%
,
12/01/42
.....
2,830
3,195,268
Series
2024A
,
RB
,
5.00
%
,
12/01/43
.....
1,250
1,405,271
Series
2019
,
RB
,
5.00
%
,
06/01/44
......
5,000
5,326,722
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Series
2017A
,
RB
,
5.00
%
,
06/01/29
.....
10,000
10,602,233
Series
2020A
,
RB
,
5.00
%
,
06/01/32
.....
7,480
8,362,785
Series
2020A
,
RB
,
5.00
%
,
12/01/33
.....
1,275
1,422,175
Series
2019B
,
RB
,
3.00
%
,
12/01/34
.....
1,500
1,444,343
Series
2019B
,
RB
,
5.00
%
,
12/01/35
.....
2,680
2,946,598
Series
2019B
,
RB
,
5.00
%
,
12/01/36
.....
3,000
3,284,644
Series
2019B
,
RB
,
5.00
%
,
12/01/37
.....
1,500
1,634,891
Series
2023B
,
RB
,
5.00
%
,
12/01/40
.....
7,320
8,286,422
Series
2023B
,
RB
,
5.00
%
,
12/01/41
.....
5,870
6,613,028
Series
2019B
,
RB
,
5.00
%
,
12/01/44
.....
12,815
13,648,689
Series
2021A
,
RB
,
5.00
%
,
12/01/46
.....
1,580
1,714,944
Series
2024A
,
RB
,
5.00
%
,
12/01/47
.....
10,000
11,050,509
Series
2020A
,
RB
,
5.00
%
,
12/01/50
.....
8,780
9,294,038
Series
2024C
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
),
3.80
%
,
09/03/24
(b)
...............
15,250
15,250,000
State
of
Ohio
Series
2015A
,
GO
,
5.00
%
,
09/15/24
.....
2,335
2,336,493
Series
2020B
,
GO
,
5.00
%
,
09/15/24
.....
1,650
1,651,055
Series
S
,
GO
,
5.00
%
,
05/01/25
........
2,045
2,076,211
Series
2017B
,
GO
,
5.00
%
,
09/15/25
.....
5,525
5,666,034
Series
2021C
,
GO
,
5.00
%
,
03/15/26
.....
4,475
4,645,543
Series
2017C
,
GO
,
5.00
%
,
08/01/26
.....
2,445
2,561,638
Series
2017B
,
GO
,
5.00
%
,
09/15/26
.....
5,105
5,364,451
Series
2017C
,
GO
,
5.00
%
,
08/01/27
.....
1,460
1,563,011
Series
2017B
,
GO
,
5.00
%
,
09/15/27
.....
1,535
1,647,828
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Series
2017C
,
GO
,
5.00
%
,
08/01/28
.....
USD
4,505
$
4,922,574
Series
2017B
,
GO
,
5.00
%
,
09/01/28
.....
3,520
3,857,141
Series
2018-1
,
RB
,
5.00
%
,
12/15/28
.....
7,510
7,816,626
Series
2021B
,
GO
,
5.00
%
,
09/15/29
.....
7,670
8,581,573
Series
2018-1
,
RB
,
5.00
%
,
12/15/29
.....
1,000
1,038,875
Series
2021B
,
GO
,
5.00
%
,
09/15/31
.....
2,000
2,301,374
Series
2017A
,
GO
,
5.00
%
,
05/01/33
.....
5,050
5,115,061
Series
2017A
,
GO
,
5.00
%
,
05/01/34
.....
5,000
5,064,087
Series
2017A
,
GO
,
5.00
%
,
05/01/35
.....
4,950
5,012,469
Series
2019A
,
GO
,
5.00
%
,
06/15/35
.....
2,150
2,351,725
Series
2021A
,
GO
,
5.00
%
,
06/15/36
.....
2,500
2,811,273
Series
2018A
,
GO
,
5.00
%
,
02/01/37
.....
5,000
5,126,896
University
of
Cincinnati,
Series
2024A,
RB,
5.25%, 06/01/54
.................
2,630
2,866,297
Upper
Arlington
City
School
District,
Series
2018A,
GO,
5.00%, 12/01/48
.........
1,000
1,079,446
455,475,674
Oklahoma
—
0.4%
Grand
River
Dam
Authority
Series
2016A
,
RB
,
5.00
%
,
06/01/27
.....
2,695
2,820,056
Series
2016A
,
RB
,
5.00
%
,
06/01/28
.....
1,585
1,659,606
Series
2016A
,
RB
,
5.00
%
,
06/01/29
.....
5,365
5,616,338
Series
2016A
,
RB
,
5.00
%
,
06/01/30
.....
1,000
1,045,514
Series
2014A
,
RB
,
5.00
%
,
06/01/39
.....
2,000
2,004,127
Series
2024A
,
RB
,
5.00
%
,
06/01/40
.....
2,250
2,552,625
Series
2024A
,
RB
,
5.00
%
,
06/01/41
.....
3,000
3,385,648
Series
2024A
,
RB
,
5.00
%
,
06/01/42
.....
4,700
5,275,075
Oklahoma
City
Water
Utilities
Trust
Series
2024
,
RB
,
5.00
%
,
07/01/49
......
2,500
2,766,436
Series
2024
,
RB
,
5.00
%
,
07/01/54
......
7,045
7,722,559
Series
2024
,
RB
,
5.25
%
,
07/01/59
......
2,500
2,786,913
Series
2024
,
RB
,
5.25
%
,
07/01/64
......
18,365
20,204,051
Oklahoma
Municipal
Power
Authority,
Series
2021A,
RB,
4.00%, 01/01/47
(AGM)
.....
9,000
8,877,709
Oklahoma
Turnpike
Authority
Series
2017D
,
RB
,
5.00
%
,
01/01/25
.....
2,365
2,381,197
Series
2017A
,
RB
,
4.00
%
,
01/01/36
.....
5,105
5,137,498
Series
2017C
,
RB
,
4.00
%
,
01/01/42
.....
2,000
2,005,673
Series
2017A
,
RB
,
5.00
%
,
01/01/42
.....
6,015
6,133,494
Series
2018A
,
RB
,
5.00
%
,
01/01/43
.....
2,355
2,438,109
Series
2017A
,
RB
,
4.00
%
,
01/01/47
.....
2,000
1,941,440
Series
2017C
,
RB
,
5.00
%
,
01/01/47
.....
3,715
3,825,223
Series
2018A
,
RB
,
4.00
%
,
01/01/48
.....
3,500
3,501,342
Series
2023
,
RB
,
5.50
%
,
01/01/53
......
18,000
19,842,566
Oklahoma
Water
Resources
Board
Series
2021
,
RB
,
4.00
%
,
04/01/47
(
OK
CERF
)
.......................
18,250
18,206,735
Series
2023A
,
RB
,
4.00
%
,
04/01/48
(
OK
CERF
)
.......................
3,000
2,975,838
Series
2021
,
RB
,
5.00
%
,
04/01/51
(
OK
CERF
)
.......................
10,015
10,721,314
Series
2022B
,
RB
,
5.00
%
,
10/01/51
.....
15,250
16,535,967
University
of
Oklahoma
(The),
Series
2015C,
RB,
4.00%, 07/01/45
..............
2,000
1,942,519
164,305,572
Oregon
—
0.7%
City
of
Portland
Sewer
System
Series
2023A
,
RB
,
5.00
%
,
12/01/29
.....
15,240
17,092,741
Series
2019A
,
RB
,
5.00
%
,
03/01/31
.....
2,625
2,897,477
Series
2019A
,
RB
,
5.00
%
,
03/01/34
.....
7,525
8,230,332
Series
2023A
,
RB
,
5.00
%
,
12/01/34
.....
14,725
17,081,356
City
of
Portland
Water
System,
Series
2019A,
RB,
5.00%, 05/01/44
..............
1,015
1,077,202
Security
Par
(000)
Par
(000)
Value
Oregon
(continued)
Clackamas
&
Washington
Counties
School
District
No.
3,
Series
2015,
GO,
5.00%, 06/15/32
(GTD)
.............
USD
1,000
$
1,018,106
Clackamas
County
School
District
No.
12
North
Clackamas
Series
B
,
GO
,
5.00
%
,
06/15/33
(
GTD
)
....
1,710
1,807,303
Series
B
,
GO
,
5.00
%
,
06/15/37
(
GTD
)
....
1,480
1,558,125
Clackamas
County
School
District
No.
7J
Lake
Oswego,
Series
2017,
GO,
4.00%, 06/01/39
(GTD)
.......................
6,000
6,033,118
County
of
Multnomah
Series
2021A
,
GO
,
5.00
%
,
06/15/27
.....
5,200
5,554,195
Series
2021A
,
GO
,
5.00
%
,
06/15/28
.....
24,990
27,284,499
Series
2021A
,
GO
,
5.00
%
,
06/15/29
.....
10,000
11,122,138
Hillsboro
School
District
No.
1J,
Series
2017,
GO,
5.00%, 06/15/38
(GTD)
..........
2,250
2,368,772
Multnomah
County
School
District
No.
1
Portland
Series
2020
,
GO
,
5.00
%
,
06/15/27
(
GTD
)
.
2,540
2,711,596
Series
2020
,
GO
,
5.00
%
,
06/15/29
(
GTD
)
.
5,000
5,561,069
Multnomah
County
School
District
No.
40,
Series
A,
GO,
0.00%, 06/15/51
(GTD)
(a)
.......
15,270
4,027,592
Oregon
Health
&
Science
University,
Series
2016B,
RB,
4.00%, 07/01/46
.........
2,000
1,932,814
Oregon
State
Lottery
Series
2015D
,
RB
,
5.00
%
,
04/01/27
(
MO
)
.
3,015
3,054,409
Series
2015D
,
RB
,
5.00
%
,
04/01/29
(
MO
)
.
2,000
2,025,565
Portland
Community
College
District,
Series
2016,
GO,
5.00%, 06/15/29
..........
2,400
2,500,125
Salem-Keizer
School
District
No.
24J
Series
2018
,
GO
,
5.00
%
,
06/15/36
(
GTD
)
.
1,250
1,332,101
Series
2018
,
GO
,
5.00
%
,
06/15/37
(
GTD
)
.
5,000
5,316,431
Series
2018
,
GO
,
5.00
%
,
06/15/38
(
GTD
)
.
1,000
1,062,270
Series
2018
,
GO
,
5.00
%
,
06/15/39
(
GTD
)
.
1,000
1,058,819
State
of
Oregon
Series
2021K
,
GO
,
5.00
%
,
11/01/24
.....
1,395
1,399,444
Series
2023A
,
GO
,
5.00
%
,
05/01/29
.....
2,755
3,056,761
Series
2023A
,
GO
,
5.00
%
,
05/01/30
.....
3,000
3,385,900
Series
F
,
GO
,
5.00
%
,
05/01/33
.........
7,000
7,262,159
Series
2023A
,
GO
,
5.00
%
,
05/01/35
.....
2,500
2,913,093
Series
2021A
,
GO
,
4.00
%
,
05/01/39
.....
3,000
3,077,687
Series
2023A
,
GO
,
5.00
%
,
05/01/39
.....
2,250
2,565,056
Series
2021E
,
GO
,
5.00
%
,
06/01/40
.....
2,815
3,109,429
Series
2021A
,
GO
,
4.00
%
,
05/01/41
.....
4,845
4,903,146
Series
2017A
,
GO
,
5.00
%
,
05/01/42
.....
1,150
1,199,781
Series
2023A
,
GO
,
5.00
%
,
05/01/42
.....
5,045
5,639,500
Series
L
,
GO
,
5.00
%
,
08/01/42
........
1,500
1,569,419
Series
2023A
,
GO
,
5.00
%
,
05/01/43
.....
5,710
6,357,941
Series
2019G
,
GO
,
5.00
%
,
08/01/44
.....
5,370
5,708,839
Series
2023A
,
GO
,
5.00
%
,
05/01/48
.....
3,000
3,298,630
State
of
Oregon
Department
of
Transportation
Series
2014A
,
RB
,
5.00
%
,
11/15/24
.....
3,130
3,142,287
Series
2014A
,
RB
,
5.00
%
,
11/15/27
.....
2,020
2,027,571
Series
2015A
,
RB
,
5.00
%
,
11/15/27
.....
2,300
2,309,039
Series
2015A
,
RB
,
5.00
%
,
11/15/28
.....
3,630
3,644,266
Series
2015A
,
RB
,
5.00
%
,
11/15/29
.....
2,000
2,007,860
Series
2015A
,
RB
,
5.00
%
,
11/15/31
.....
19,765
19,842,678
Series
2024A
,
RB
,
5.00
%
,
11/15/33
.....
30,000
35,353,686
Series
2019A
,
RB
,
5.00
%
,
11/15/35
.....
1,030
1,134,679
Series
2019A
,
RB
,
5.00
%
,
11/15/36
.....
3,600
3,952,341
Series
2019A
,
RB
,
5.00
%
,
11/15/37
.....
2,025
2,218,460
Series
2024
,
RB
,
5.00
%
,
05/15/38
......
1,550
1,794,407
Series
2024
,
RB
,
5.00
%
,
05/15/39
......
1,700
1,953,316
Series
2019A
,
RB
,
4.00
%
,
11/15/42
.....
14,000
14,159,622
Tri-County
Metropolitan
Transportation
District
of
Oregon,
Series
2018A,
RB,
5.00%, 09/01/48
1,000
1,071,770
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oregon
(continued)
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
Series
D
,
GO
,
5.00
%
,
06/15/35
(
GTD
)
....
USD
2,500
$
2,641,569
Series
D
,
GO
,
5.00
%
,
06/15/36
(
GTD
)
....
2,500
2,630,600
289,039,091
Pennsylvania
—
3.0%
Allegheny
County
Sanitary
Authority,
Series
2018,
RB,
5.00%, 06/01/43
..........
7,785
8,133,059
City
of
Philadelphia
Series
2017A
,
GO
,
5.00
%
,
08/01/26
.....
1,500
1,565,766
Series
2017
,
GO
,
5.00
%
,
08/01/30
(
AGM
)
.
8,885
9,363,016
Series
2017B
,
RB
,
5.00
%
,
11/01/30
.....
14,700
15,580,892
Series
2019B
,
GO
,
5.00
%
,
02/01/34
.....
2,025
2,196,264
Series
2021A
,
GO
,
5.00
%
,
05/01/35
.....
3,565
3,892,173
Series
2019B
,
GO
,
5.00
%
,
02/01/36
.....
3,370
3,598,559
Series
2021A
,
GO
,
5.00
%
,
05/01/36
.....
6,560
7,120,908
Series
2019B
,
GO
,
5.00
%
,
02/01/37
.....
2,915
3,103,925
Series
2021A
,
GO
,
4.00
%
,
05/01/37
.....
6,000
6,180,506
Series
2017A
,
RB
,
5.00
%
,
10/01/42
.....
26,470
27,397,789
Series
2019B
,
RB
,
5.00
%
,
11/01/44
.....
3,000
3,179,063
Series
2020A
,
RB
,
5.00
%
,
11/01/45
.....
5,395
5,768,782
Series
2017A
,
RB
,
5.00
%
,
07/01/47
.....
1,000
1,025,095
Series
2017A
,
RB
,
5.00
%
,
10/01/47
.....
18,475
19,018,087
Series
2023B
,
RB
,
4.50
%
,
09/01/48
(
AGM
)
4,755
4,850,403
Series
2018A
,
RB
,
5.00
%
,
10/01/48
.....
4,000
4,165,669
Series
2019B
,
RB
,
5.00
%
,
11/01/49
.....
4,000
4,209,633
Series
2020A
,
RB
,
5.00
%
,
11/01/50
.....
15,680
16,563,482
Series
2021C
,
RB
,
4.00
%
,
10/01/51
.....
10,000
9,357,589
Series
2017A
,
RB
,
5.00
%
,
10/01/52
.....
1,000
1,026,350
Series
2019B
,
RB
,
5.00
%
,
11/01/54
.....
2,755
2,882,513
Commonwealth
of
Pennsylvania
Series
2016
,
GO
,
5.00
%
,
09/15/24
......
6,565
6,568,705
Series
2016-2
,
GO
,
5.00
%
,
01/15/25
.....
1,365
1,376,100
Series
2019
,
GO
,
5.00
%
,
07/15/25
......
9,660
9,865,459
Series
2015
,
GO
,
5.00
%
,
08/15/25
......
9,000
9,213,548
Series
2016
,
GO
,
5.00
%
,
09/15/25
......
3,195
3,277,549
Series
2020-1
,
GO
,
5.00
%
,
05/01/26
.....
1,000
1,040,494
Series
2017
,
GO
,
5.00
%
,
01/01/27
......
3,570
3,767,342
Series
2016-2
,
GO
,
5.00
%
,
01/15/27
.....
4,705
4,969,469
Series
2019
,
GO
,
5.00
%
,
07/15/27
......
14,985
16,005,937
Series
2016
,
GO
,
5.00
%
,
09/15/27
......
5,475
5,721,988
Series
2017
,
GO
,
5.00
%
,
01/01/28
......
12,000
12,649,194
Series
2021-1
,
GO
,
5.00
%
,
05/15/28
.....
9,255
10,062,519
Series
2019
,
GO
,
5.00
%
,
07/15/28
......
2,000
2,182,028
Series
2015
,
GO
,
4.00
%
,
08/15/28
(
AGM
)
.
10,010
10,096,279
Series
2023-1
,
GO
,
5.00
%
,
09/01/28
.....
26,220
28,682,336
Series
2016
,
GO
,
5.00
%
,
09/15/28
......
2,410
2,511,910
Series
2019
,
GO
,
5.00
%
,
07/15/29
......
7,400
8,229,225
Series
2016
,
GO
,
5.00
%
,
09/15/29
......
4,000
4,165,922
Series
2017
,
GO
,
4.00
%
,
01/01/30
......
3,000
3,057,908
Series
2021-1
,
GO
,
5.00
%
,
05/15/30
.....
4,500
5,068,796
Series
2016
,
GO
,
4.00
%
,
09/15/30
......
5,000
5,089,394
Series
1
,
GO
,
5.00
%
,
03/15/31
........
8,400
8,491,566
Series
2021-1
,
GO
,
5.00
%
,
05/15/31
.....
5,020
5,728,149
Series
2022-1
,
GO
,
5.00
%
,
10/01/31
.....
5,320
6,100,723
Series
2018-1
,
GO
,
5.00
%
,
03/01/32
.....
4,110
4,390,944
Series
1
,
GO
,
4.00
%
,
06/15/33
........
1,000
1,000,347
Series
2015
,
GO
,
4.00
%
,
08/15/33
......
3,000
3,018,551
Series
2022-1
,
GO
,
5.00
%
,
10/01/33
.....
5,000
5,798,698
Series
1
,
GO
,
4.00
%
,
03/15/34
........
2,000
2,007,371
Series
2021-1
,
GO
,
3.00
%
,
05/15/34
.....
4,500
4,291,864
Series
2022-1
,
GO
,
5.00
%
,
10/01/34
.....
2,800
3,223,791
Series
2018-1
,
GO
,
4.00
%
,
03/01/36
.....
8,090
8,270,554
Series
2018-1
,
GO
,
4.00
%
,
03/01/37
.....
3,000
3,055,570
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Series
2023-1
,
GO
,
5.00
%
,
09/01/37
.....
USD
20,000
$
23,163,300
Series
2018-1
,
GO
,
4.00
%
,
03/01/38
.....
4,515
4,564,200
Series
2021-1
,
GO
,
2.00
%
,
05/15/38
.....
10,000
7,595,873
Series
2022-1
,
GO
,
5.00
%
,
10/01/38
.....
2,075
2,339,700
Series
2021-1
,
GO
,
2.00
%
,
05/15/39
.....
10,000
7,269,708
Series
2023-1
,
GO
,
4.00
%
,
09/01/40
.....
40,000
41,065,420
Series
2022-1
,
GO
,
5.00
%
,
10/01/40
.....
34,375
38,394,489
Series
2023-1
,
GO
,
4.00
%
,
09/01/41
.....
15,000
15,310,499
Series
2022-1
,
GO
,
4.13
%
,
10/01/41
.....
10,150
10,460,266
Series
2022-1
,
GO
,
5.00
%
,
10/01/42
.....
33,700
37,322,538
County
of
Allegheny
Series
C-75
,
GO
,
5.00
%
,
11/01/27
......
2,185
2,287,959
Series
C-76
,
GO
,
5.00
%
,
11/01/41
......
1,500
1,541,083
Series
C-78
,
GO
,
4.00
%
,
11/01/49
......
1,160
1,098,404
Series
C-80
,
GO
,
5.00
%
,
12/01/49
(c)
.....
13,600
14,707,319
Series
C-80
,
GO
,
5.00
%
,
12/01/54
......
2,955
3,180,382
Delaware
River
Joint
Toll
Bridge
Commission
Series
2017
,
RB
,
5.00
%
,
07/01/42
......
1,565
1,622,954
Series
2017
,
RB
,
5.00
%
,
07/01/47
......
4,250
4,369,643
Delaware
River
Port
Authority
Series
2018B
,
RB
,
5.00
%
,
01/01/26
.....
1,870
1,927,730
Series
2018A
,
RB
,
5.00
%
,
01/01/39
.....
875
939,658
Series
2013
,
RB
,
5.00
%
,
01/01/40
......
1,515
1,516,709
Delaware
Valley
Regional
Finance
Authority,
Series
1998A,
RB,
5.50%, 08/01/28
(AMBAC)
2,235
2,439,321
Lower
Merion
School
District,
Series
2020,
GO,
5.00%, 11/15/26
(SAW)
............
5,980
6,298,934
Northampton
County
General
Purpose
Authority,
Series
2024A,
RB,
5.00%, 11/15/34
.....
5,165
6,088,635
Pennsylvania
Economic
Development
Financing
Authority,
Series
2024,
RB,
5.00%, 08/01/49
5,000
5,529,497
Pennsylvania
Higher
Educational
Facilities
Authority
Series
2016A
,
RB
,
4.00
%
,
08/15/32
.....
3,045
3,079,593
Series
2017A
,
RB
,
4.00
%
,
08/15/41
.....
3,555
3,568,109
Series
2018A
,
RB
,
4.00
%
,
02/15/43
.....
8,980
8,976,613
Series
2018A
,
RB
,
5.00
%
,
02/15/48
.....
14,040
14,576,985
Pennsylvania
State
University
(The)
Series
A
,
RB
,
5.00
%
,
09/01/42
.........
15,750
16,328,916
Series
2022A
,
RB
,
5.00
%
,
09/01/47
.....
2,000
2,186,026
Series
A
,
RB
,
5.00
%
,
09/01/47
.........
4,650
4,814,778
Series
2023
,
RB
,
5.25
%
,
09/01/48
......
4,000
4,456,108
Series
2019A
,
RB
,
5.00
%
,
09/01/49
.....
2,095
2,212,993
Series
2022A
,
RB
,
5.25
%
,
09/01/52
.....
26,350
28,974,449
Series
2023
,
RB
,
5.25
%
,
09/01/53
......
21,945
24,326,026
Series
2024
,
RB
,
5.25
%
,
09/01/54
......
5,000
5,595,862
Pennsylvania
Turnpike
Commission
Series
2019
,
RB
,
5.00
%
,
12/01/25
......
6,240
6,424,366
Series
A-1
,
RB
,
5.00
%
,
12/01/26
.......
1,060
1,074,927
Series
B-2
,
RB
,
5.00
%
,
06/01/28
.......
2,500
2,632,551
Series
2016A-3
,
RB
,
5.00
%
,
12/01/30
....
3,840
4,005,436
Series
2009E
,
RB
,
6.00
%
,
12/01/30
.....
710
778,433
Series
2017
,
RB
,
5.00
%
,
12/01/31
......
1,500
1,584,734
Series
B-2
,
RB
,
5.00
%
,
06/01/32
.......
2,500
2,616,366
Series
2022A
,
RB
,
5.00
%
,
12/01/32
.....
5,000
5,796,444
Series
2023-1
,
RB
,
5.00
%
,
12/01/32
.....
1,750
2,017,628
Series
2023-1
,
RB
,
5.00
%
,
12/01/33
.....
21,080
24,320,517
Series
2023-1
,
RB
,
5.00
%
,
12/01/34
.....
2,750
3,136,258
Series
2014
,
RB
,
5.00
%
,
12/01/34
......
3,000
3,010,034
Series
2023-1
,
RB
,
5.00
%
,
12/01/35
.....
1,500
1,687,646
Series
2017-2
,
RB
,
5.00
%
,
12/01/35
.....
4,500
4,705,374
Series
B-1
,
RB
,
5.00
%
,
06/01/36
.......
7,750
8,063,957
Series
2017-2
,
RB
,
5.00
%
,
12/01/36
.....
1,130
1,179,271
Series
2023-1
,
RB
,
5.00
%
,
12/01/36
.....
1,000
1,130,951
Series
B-2
,
RB
,
0.00
%
,
12/01/37
(a)
......
2,500
2,473,800
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Series
A
,
RB
,
4.75
%
,
12/01/37
.........
USD
2,000
$
2,051,084
Series
2019A
,
RB
,
5.00
%
,
12/01/37
.....
1,500
1,605,871
Series
2019-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.98
%
,
09/05/24
(b)
...........
10,615
10,615,000
Series
A-1
,
RB
,
5.00
%
,
12/01/38
.......
1,500
1,504,097
Series
2023-1
,
RB
,
5.00
%
,
12/01/38
.....
1,500
1,681,842
Series
2009E
,
RB
,
6.37
%
,
12/01/38
.....
11,265
12,268,918
Series
2014C
,
RB
,
5.00
%
,
12/01/39
.....
3,040
3,049,478
Series
2019A
,
RB
,
5.00
%
,
12/01/39
.....
10,000
10,701,929
Series
2023-1
,
RB
,
5.00
%
,
12/01/39
.....
875
979,294
Series
A-1
,
RB
,
5.00
%
,
12/01/40
.......
7,000
7,056,228
Series
2015B
,
RB
,
5.00
%
,
12/01/40
.....
2,000
2,026,678
Series
2023-1
,
RB
,
5.00
%
,
12/01/40
.....
1,000
1,116,366
Series
2023-1
,
RB
,
5.00
%
,
12/01/41
.....
1,250
1,388,935
Series
B-1
,
RB
,
5.00
%
,
06/01/42
.......
2,000
2,062,683
Series
A-1
,
RB
,
5.00
%
,
12/01/42
.......
2,500
2,595,185
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.98
%
,
09/05/24
(b)
...........
35,875
35,875,000
Series
2021A
,
RB
,
4.00
%
,
12/01/43
.....
2,000
1,961,811
Series
2018A-2
,
RB
,
5.00
%
,
12/01/43
....
9,000
9,464,357
Series
2023-1
,
RB
,
5.00
%
,
12/01/43
.....
1,345
1,485,690
Series
2021A
,
RB
,
4.00
%
,
12/01/44
.....
10,725
10,437,315
Series
2014A
,
RB
,
5.00
%
,
12/01/44
.....
6,495
6,511,433
Series
2014C
,
RB
,
5.00
%
,
12/01/44
.....
3,000
3,007,590
Series
2019A
,
RB
,
5.00
%
,
12/01/44
.....
21,940
23,073,249
Series
2021A
,
RB
,
4.00
%
,
12/01/45
.....
14,595
14,112,041
Series
2015B
,
RB
,
5.00
%
,
12/01/45
.....
8,690
8,793,074
Series
2021A
,
RB
,
4.00
%
,
12/01/46
.....
3,300
3,163,901
Series
2021B
,
RB
,
4.00
%
,
12/01/46
.....
1,000
958,758
Series
2021B
,
RB
,
5.00
%
,
12/01/46
.....
11,400
12,208,789
Series
2016A-1
,
RB
,
5.00
%
,
12/01/46
....
29,975
30,506,718
Series
2022B
,
RB
,
5.00
%
,
12/01/47
.....
3,900
4,213,531
Series
2023A
,
RB
,
5.00
%
,
12/01/48
.....
17,845
19,312,887
Series
2018A-2
,
RB
,
5.00
%
,
12/01/48
....
8,340
8,690,580
Series
2019A
,
RB
,
4.00
%
,
12/01/49
.....
7,430
7,003,851
Series
2019A
,
RB
,
4.00
%
,
12/01/49
(
AGM
)
3,500
3,391,619
Series
2021A
,
RB
,
4.00
%
,
12/01/50
.....
13,545
12,730,492
Series
2020B
,
RB
,
5.00
%
,
12/01/50
.....
2,000
2,120,454
Series
2021B
,
RB
,
4.00
%
,
12/01/51
.....
4,700
4,395,713
Series
2021B
,
RB
,
5.00
%
,
12/01/51
.....
15,160
16,125,501
Series
2022B
,
RB
,
5.25
%
,
12/01/52
.....
1,500
1,630,400
Series
2024C
,
RB
,
5.25
%
,
12/01/54
.....
8,665
9,592,533
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
2018A,
RB,
5.00%, 12/01/48
.................
1,000
1,043,229
Philadelphia
Gas
Works
Co.,
Series
15,
RB,
5.00%, 08/01/47
.................
1,500
1,530,471
Pittsburgh
Water
&
Sewer
Authority
Series
2023B
,
RB
,
5.00
%
,
09/01/35
(
AGM
)
16,000
18,502,594
Series
2023B
,
RB
,
5.00
%
,
09/01/36
(
AGM
)
5,000
5,756,158
Series
2023B
,
RB
,
5.00
%
,
09/01/37
(
AGM
)
4,255
4,884,578
Series
2023B
,
RB
,
5.00
%
,
09/01/38
(
AGM
)
4,000
4,559,746
Series
2019A
,
RB
,
5.00
%
,
09/01/44
(
AGM
)
1,000
1,055,446
School
District
of
Philadelphia
(The),
Series
2019A,
GO,
5.00%, 09/01/44
(SAW)
.....
6,555
6,866,756
State
Public
School
Building
Authority
Series
2003
,
RB
,
5.50
%
,
06/01/28
(
AGM,
SAW
)
.......................
470
512,963
Series
2016A
,
RB
,
5.00
%
,
06/01/31
(
AGM,
SAW
)
.......................
2,000
2,074,187
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education,
Series
2021,
RB,
4.00%, 04/15/26
.................
19,435
19,839,660
Upper
Merion
Area
School
District,
Series
2021A,
GO,
4.00%, 01/15/51
(SAW)
.....
7,870
7,577,335
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Washington
County
Authority,
Series
2004,
RB,
VRDN,
2.80%, 09/05/24
(b)
...........
USD
20,000
$
20,000,000
1,211,603,123
Rhode
Island
—
0.2%
Rhode
Island
Commerce
Corp.
Series
2016B
,
RB
,
5.00
%
,
06/15/26
.....
2,540
2,639,745
Series
2016B
,
RB
,
5.00
%
,
06/15/27
.....
11,855
12,314,227
Series
2016B
,
RB
,
5.00
%
,
06/15/31
.....
2,500
2,583,145
Series
2024A
,
RB
,
5.00
%
,
05/15/39
(c)
....
13,260
15,068,075
Rhode
Island
Health
&
Educational
Building
Corp.
Series
2017A
,
RB
,
5.00
%
,
09/01/29
.....
3,490
3,724,490
Series
2017A
,
RB
,
4.00
%
,
09/01/37
.....
4,500
4,567,776
40,897,458
South
Carolina
—
0.3%
City
of
Columbia
Waterworks
&
Sewer
System,
Series
2019A,
RB,
5.00%, 02/01/49
.....
2,500
2,759,820
County
of
Charleston
Series
2017C
,
GO
,
4.00
%
,
11/01/28
(
SAW
)
11,800
12,264,152
Series
2017A
,
GO
,
4.00
%
,
11/01/33
(
SAW
)
6,255
6,400,589
Greenville
County
School
District,
Series
2023,
RB,
5.00%, 12/01/28
..............
2,500
2,739,129
Horry
County
School
District,
Series
2024,
GO,
5.00%, 03/01/29
(SCSDE)
...........
20,235
22,405,807
South
Carolina
Public
Service
Authority
Series
2014C
,
RB
,
5.00
%
,
12/01/28
.....
1,090
1,091,960
Series
2014C
,
RB
,
5.00
%
,
12/01/30
.....
1,400
1,402,207
Series
2022A
,
RB
,
5.00
%
,
12/01/31
.....
3,000
3,376,974
Series
2016A
,
RB
,
5.00
%
,
12/01/31
.....
2,000
2,044,348
Series
2021A
,
RB
,
4.00
%
,
12/01/34
.....
2,000
2,055,453
Series
2021A
,
RB
,
4.00
%
,
12/01/35
.....
1,750
1,791,906
Series
2016A
,
RB
,
5.00
%
,
12/01/36
.....
3,000
3,047,830
Series
2016A
,
RB
,
5.00
%
,
12/01/37
.....
1,365
1,385,668
Series
2022A
,
RB
,
4.00
%
,
12/01/38
.....
1,000
1,005,719
Series
2013B
,
RB
,
5.00
%
,
12/01/38
.....
3,020
3,027,427
Series
2020A
,
RB
,
4.00
%
,
12/01/40
.....
3,000
2,952,109
Series
2021B
,
RB
,
4.00
%
,
12/01/41
.....
2,200
2,158,834
Series
2022A
,
RB
,
4.00
%
,
12/01/41
.....
2,000
1,964,995
Series
2024B
,
RB
,
5.00
%
,
12/01/41
.....
2,000
2,203,295
Series
2021B
,
RB
,
4.00
%
,
12/01/42
.....
1,000
981,776
Series
2024B
,
RB
,
5.00
%
,
12/01/43
.....
4,000
4,365,627
Series
2014C
,
RB
,
4.00
%
,
12/01/45
.....
1,500
1,451,685
Series
2014C
,
RB
,
5.00
%
,
12/01/46
.....
1,500
1,500,904
Series
B
,
RB
,
5.00
%
,
12/01/46
.........
2,000
2,024,362
Series
2021B
,
RB
,
4.00
%
,
12/01/47
.....
2,000
1,918,404
Series
2022A
,
RB
,
4.00
%
,
12/01/47
.....
7,000
6,714,414
Series
2013E
,
RB
,
5.00
%
,
12/01/48
.....
6,350
6,365,617
Series
A
,
RB
,
5.00
%
,
12/01/49
.........
2,000
2,004,919
Series
A
,
RB
,
5.00
%
,
12/01/50
.........
6,500
6,513,926
Series
2021B
,
RB
,
5.00
%
,
12/01/51
.....
2,195
2,293,301
Series
2022A
,
RB
,
4.00
%
,
12/01/52
.....
10,000
9,365,020
Series
2024B
,
RB
,
5.25
%
,
12/01/54
.....
6,615
7,163,096
Series
2024A
,
RB
,
5.50
%
,
12/01/54
.....
4,000
4,441,901
Series
A
,
RB
,
5.50
%
,
12/01/54
.........
4,000
4,012,572
Series
2015E
,
RB
,
5.25
%
,
12/01/55
.....
4,000
4,019,578
Series
B
,
RB
,
5.00
%
,
12/01/56
.........
5,690
5,728,747
South
Carolina
Transportation
Infrastructure
Bank
Series
2015A
,
RB
,
5.00
%
,
10/01/24
.....
1,000
1,001,512
Series
2021B
,
RB
,
5.00
%
,
10/01/26
.....
6,925
7,275,458
Series
2021B
,
RB
,
5.00
%
,
10/01/30
.....
10,000
11,296,311
Series
2012B
,
RB
,
3.38
%
,
10/01/32
.....
1,000
999,995
Series
2012B
,
RB
,
3.63
%
,
10/01/33
.....
715
712,167
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Carolina
(continued)
Series
2017A
,
RB
,
5.00
%
,
10/01/40
.....
USD
9,470
$
9,878,363
State
of
South
Carolina,
Series
2021A,
GO,
5.00%, 04/01/25
.................
3,500
3,545,036
181,652,913
South
Dakota
—
0.1%
South
Dakota
Conservancy
District,
Series
2024A,
RB,
5.00%, 08/01/54
(c)
........
20,000
21,798,534
Tennessee
—
0.6%
City
of
Clarksville,
Series
2021A,
RB,
5.00%, 02/01/45
.................
1,500
1,617,974
City
of
Memphis
Series
2015A
,
GO
,
5.00
%
,
04/01/26
.....
2,085
2,111,620
Series
2022A
,
GO
,
5.00
%
,
10/01/47
.....
1,655
1,781,285
City
of
Memphis
Electric
System
(c)
Series
2024
,
RB
,
5.00
%
,
12/01/47
......
3,500
3,855,408
Series
2024
,
RB
,
5.00
%
,
12/01/54
......
3,890
4,228,250
County
of
Hamilton,
Series
2018A,
GO,
5.00%, 04/01/31
.................
7,095
7,646,589
County
of
Montgomery,
Series
2020B,
GO,
4.00%, 06/01/39
.................
1,980
2,013,442
County
of
Shelby
Series
2020B
,
GO
,
5.00
%
,
04/01/29
.....
4,445
4,923,979
Series
2019B
,
GO
,
4.00
%
,
04/01/32
.....
5,705
5,957,223
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Series
2024
,
RB
,
5.00
%
,
10/01/35
......
13,000
15,329,193
Series
2024
,
RB
,
4.00
%
,
10/01/54
......
7,500
7,266,075
Series
2024
,
RB
,
5.00
%
,
10/01/54
......
5,000
5,505,781
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2016
,
GO
,
5.00
%
,
01/01/25
......
2,190
2,205,039
Series
2017
,
GO
,
5.00
%
,
07/01/25
......
1,000
1,019,356
Series
2018
,
GO
,
5.00
%
,
07/01/25
......
1,510
1,539,228
Series
2021C
,
GO
,
5.00
%
,
01/01/27
.....
18,240
19,257,217
Series
2018
,
GO
,
5.00
%
,
07/01/27
......
10,140
10,827,419
Series
2021C
,
GO
,
5.00
%
,
01/01/29
.....
21,335
23,468,521
Series
2021C
,
GO
,
5.00
%
,
01/01/30
.....
2,000
2,237,208
Series
2018
,
GO
,
5.00
%
,
07/01/30
......
5,805
6,263,712
Series
2021C
,
GO
,
4.00
%
,
01/01/32
.....
8,900
9,489,292
Series
2018
,
GO
,
5.00
%
,
07/01/32
......
5,085
5,455,097
Series
2018
,
GO
,
4.00
%
,
07/01/34
......
5,180
5,319,677
Series
2022B
,
GO
,
5.00
%
,
01/01/36
.....
8,930
10,141,555
Series
2018
,
GO
,
4.00
%
,
07/01/36
......
10,000
10,152,481
Series
2017A
,
RB
,
5.00
%
,
05/15/42
.....
2,000
2,072,570
Series
2017B
,
RB
,
5.00
%
,
07/01/42
.....
11,645
12,086,618
Series
2021A
,
RB
,
5.00
%
,
05/15/46
.....
3,485
3,748,530
Series
2017B
,
RB
,
5.00
%
,
07/01/46
.....
1,290
1,329,187
Metropolitan
Nashville
Airport
Authority
(The)
Series
2019A
,
RB
,
5.00
%
,
07/01/44
.....
2,000
2,128,756
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
2,000
2,104,599
State
of
Tennessee
Series
2021A
,
GO
,
5.00
%
,
11/01/26
.....
1,470
1,547,858
Series
A
,
GO
,
5.00
%
,
08/01/28
........
1,595
1,628,011
Series
2021A
,
GO
,
5.00
%
,
11/01/34
.....
4,585
5,250,012
Tennessee
State
School
Bond
Authority
Series
B
,
RB
,
5.00
%
,
11/01/25
(
ST
INTERCEPT
)
..................
4,510
4,635,723
Series
2022A
,
RB
,
5.00
%
,
11/01/26
(
ST
INTERCEPT
)
..................
5,670
5,953,219
Series
B
,
RB
,
5.00
%
,
11/01/27
(
ST
INTERCEPT
)
..................
1,505
1,614,876
Series
2015B
,
RB
,
5.00
%
,
11/01/40
(
ST
INTERCEPT
)
..................
4,025
4,135,595
Security
Par
(000)
Par
(000)
Value
Tennessee
(continued)
Series
2022A
,
RB
,
5.00
%
,
11/01/47
(
ST
INTERCEPT
)
..................
USD
20,000
$
21,765,764
Series
A
,
RB
,
5.00
%
,
11/01/47
(
HERBIP
)
..
5,000
5,146,694
Series
2022A
,
RB
,
5.00
%
,
11/01/52
(
ST
INTERCEPT
)
..................
5,000
5,386,263
250,146,896
Texas
—
9.0%
Aldine
Independent
School
District
Series
2017A
,
GO
,
5.00
%
,
02/15/45
(
PSF
)
4,000
4,101,933
Series
2018
,
GO
,
4.00
%
,
02/15/48
(
PSF
)
..
2,000
1,950,373
Aledo
Independent
School
District,
Series
2020,
GO,
4.00%, 02/15/45
(PSF)
..........
1,000
998,821
Austin
Community
College
District
Series
2015
,
GO
,
4.00
%
,
08/01/40
......
1,500
1,480,285
Series
2018
,
GO
,
4.00
%
,
08/01/48
......
3,500
3,401,541
Austin
Independent
School
District
Series
2020
,
GO
,
5.00
%
,
08/01/26
(
PSF
)
..
1,350
1,411,903
Series
2021
,
GO
,
5.00
%
,
08/01/27
(
PSF
)
..
2,000
2,135,943
Series
2022B
,
GO
,
5.00
%
,
08/01/30
(
PSF
)
5,690
6,408,280
Series
2022B
,
GO
,
4.00
%
,
08/01/32
(
PSF
)
10,355
11,018,132
Series
2020
,
GO
,
2.00
%
,
08/01/39
(
PSF
)
..
8,920
6,442,763
Series
2021
,
GO
,
2.00
%
,
08/01/39
(
PSF
)
..
16,580
11,975,450
Series
2020
,
GO
,
2.00
%
,
08/01/40
(
PSF
)
..
6,000
4,220,731
Series
2021
,
GO
,
2.00
%
,
08/01/40
(
PSF
)
..
16,885
11,867,440
Series
2023
,
GO
,
5.00
%
,
08/01/41
......
13,890
15,465,015
Series
2024
,
GO
,
5.00
%
,
08/01/49
(
PSF
)
..
24,500
26,804,752
Board
of
Regents
of
the
University
of
Texas
System
Series
2017C
,
RB
,
5.00
%
,
08/15/25
.....
2,815
2,879,089
Series
2014B
,
RB
,
5.00
%
,
08/15/25
.....
4,910
5,021,786
Series
2016J
,
RB
,
5.00
%
,
08/15/25
.....
1,700
1,738,704
Series
2016B
,
RB
,
5.00
%
,
08/15/26
.....
2,215
2,317,659
Series
2016E
,
RB
,
5.00
%
,
08/15/26
.....
8,590
8,991,467
Series
2016J
,
RB
,
5.00
%
,
08/15/26
.....
3,995
4,181,712
Series
2017B
,
RB
,
5.00
%
,
08/15/27
.....
10,125
10,825,323
Series
2021A
,
RB
,
5.00
%
,
08/15/28
.....
6,005
6,557,328
Series
2020A
,
RB
,
5.00
%
,
08/15/30
.....
17,935
20,261,367
Series
2021A
,
RB
,
5.00
%
,
08/15/31
.....
5,000
5,722,969
Series
2023A
,
RB
,
5.00
%
,
08/15/31
.....
5,000
5,722,969
Series
2008B
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
),
3.00
%
,
09/05/24
(b)
15,020
15,020,000
Series
2019A
,
RB
,
5.00
%
,
08/15/33
.....
10,100
11,038,758
Series
2019A
,
RB
,
5.00
%
,
08/15/34
.....
1,900
2,071,441
Series
2021A
,
RB
,
4.00
%
,
08/15/35
.....
14,650
15,352,737
Series
2023A
,
RB
,
5.00
%
,
08/15/43
.....
4,720
5,216,285
Series
2016F
,
RB
,
5.00
%
,
08/15/47
.....
2,000
2,383,129
Series
2019B
,
RB
,
5.00
%
,
08/15/49
.....
10,950
13,030,730
Carrollton-Farmers
Branch
Independent
School
District,
Series
2023,
GO,
5.00%, 02/15/48
(PSF)
.......................
30,020
32,712,566
Cedar
Hill
Independent
School
District
Series
2024
,
GO
,
5.00
%
,
02/15/45
(
PSF
)
..
5,650
6,242,184
Series
2024
,
GO
,
4.00
%
,
02/15/50
(
PSF
)
..
11,000
10,718,577
Central
Texas
Regional
Mobility
Authority
Series
A
,
RB
,
5.00
%
,
01/01/40
.........
6,060
6,171,730
Series
2020E
,
RB
,
5.00
%
,
01/01/45
.....
2,500
2,622,358
Series
A
,
RB
,
5.00
%
,
01/01/45
.........
2,500
2,546,093
Series
2021B
,
RB
,
5.00
%
,
01/01/46
.....
1,000
1,058,786
Series
2020E
,
RB
,
4.00
%
,
01/01/50
.....
4,530
4,339,299
Series
2021B
,
RB
,
4.00
%
,
01/01/51
.....
1,000
953,979
Central
Texas
Turnpike
System
Series
C
,
RB
,
5.00
%
,
08/15/33
.........
2,000
2,005,997
Series
2024C
,
RB
,
5.00
%
,
08/15/34
.....
12,000
13,742,398
Series
C
,
RB
,
5.00
%
,
08/15/34
.........
1,500
1,504,498
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2024A
,
RB
,
5.00
%
,
08/15/35
.....
USD
7,500
$
8,602,304
Series
B
,
RB
,
0.00
%
,
08/15/37
(a)
.......
1,000
571,538
Series
2024A
,
RB
,
5.00
%
,
08/15/37
.....
19,075
21,566,758
Series
B
,
RB
,
5.00
%
,
08/15/37
.........
2,500
2,507,496
Series
2024A
,
RB
,
5.00
%
,
08/15/38
.....
10,000
11,240,134
Series
2024C
,
RB
,
5.00
%
,
08/15/38
.....
15,000
16,726,752
Series
2020A
,
RB
,
5.00
%
,
08/15/39
.....
25,175
27,065,597
Series
2024C
,
RB
,
5.00
%
,
08/15/40
.....
3,250
3,579,689
Series
2024B
,
RB
,
VRDN
5.00
%
,
05/15/30
(b)
5,050
5,469,267
Series
2024C
,
RB
,
5.00
%
,
08/15/42
.....
2,750
2,998,577
City
of
Austin
Series
2021
,
GO
,
5.00
%
,
09/01/28
......
13,635
14,878,078
Series
2015
,
GO
,
4.00
%
,
09/01/31
......
8,275
8,301,233
Series
2019B
,
RB
,
5.00
%
,
11/15/44
.....
3,120
3,296,974
Series
2020A
,
RB
,
5.00
%
,
11/15/45
.....
3,905
4,152,254
Series
2019B
,
RB
,
5.00
%
,
11/15/49
.....
3,000
3,150,960
City
of
Austin
Electric
Utility,
Series
2015A,
RB,
5.00%, 11/15/45
.................
16,000
16,231,510
City
of
Austin
Water
&
Wastewater
System
Series
2023
,
RB
,
5.00
%
,
11/15/28
......
6,000
6,581,056
Series
2023
,
RB
,
5.00
%
,
11/15/29
......
7,750
8,640,621
Series
2023
,
RB
,
5.00
%
,
11/15/30
......
2,795
3,157,697
Series
2023
,
RB
,
5.00
%
,
11/15/31
......
5,880
6,729,808
Series
2023
,
RB
,
5.00
%
,
11/15/32
......
6,185
7,167,185
Series
2023
,
RB
,
5.00
%
,
11/15/34
......
3,415
3,957,094
Series
2024
,
RB
,
5.00
%
,
11/15/34
......
9,245
10,930,293
Series
2023
,
RB
,
5.00
%
,
11/15/35
......
3,590
4,139,766
Series
2014
,
RB
,
5.00
%
,
11/15/39
......
2,400
2,401,138
Series
2021
,
RB
,
5.00
%
,
11/15/39
......
2,000
2,204,623
Series
2016
,
RB
,
5.00
%
,
11/15/41
......
1,000
1,023,727
Series
2020C
,
RB
,
5.00
%
,
11/15/45
.....
2,000
2,130,041
Series
2020C
,
RB
,
5.00
%
,
11/15/50
.....
2,000
2,115,480
City
of
Corpus
Christi
Utility
System
Series
A
,
RB
,
5.00
%
,
07/15/45
.........
2,000
2,015,900
Series
2024
,
RB
,
5.00
%
,
07/15/49
......
9,265
10,056,826
City
of
Dallas
Series
2024B
,
GO
,
5.00
%
,
02/15/31
.....
7,350
8,303,476
Series
2024B
,
GO
,
5.00
%
,
02/15/32
.....
13,020
14,854,254
Series
2024B
,
GO
,
5.00
%
,
02/15/34
.....
20,395
23,728,714
City
of
Dallas
Waterworks
&
Sewer
System
Series
2015A
,
RB
,
5.00
%
,
10/01/24
.....
3,075
3,079,120
Series
2015A
,
RB
,
5.00
%
,
10/01/26
.....
1,400
1,432,889
Series
2016A
,
RB
,
5.00
%
,
10/01/29
.....
1,375
1,434,477
Series
2016A
,
RB
,
5.00
%
,
10/01/30
.....
3,590
3,734,958
Series
2016A
,
RB
,
5.00
%
,
10/01/31
.....
1,610
1,672,698
Series
2016A
,
RB
,
5.00
%
,
10/01/32
.....
5,510
5,718,936
Series
2016A
,
RB
,
5.00
%
,
10/01/41
.....
5,000
5,123,643
Series
2020C
,
RB
,
5.00
%
,
10/01/45
.....
2,000
2,142,934
Series
2021C
,
RB
,
3.00
%
,
10/01/46
.....
5,000
4,077,673
Series
2017
,
RB
,
5.00
%
,
10/01/46
......
2,500
2,576,977
Series
2020C
,
RB
,
4.00
%
,
10/01/49
.....
7,900
7,625,059
City
of
Garland
Electric
Utility
System
Series
2019
,
RB
,
5.00
%
,
03/01/44
......
2,000
2,092,411
Series
2019
,
RB
,
4.00
%
,
03/01/49
......
1,000
953,165
City
of
Greenville
Electric
System,
Series
2024,
RB,
5.25%, 02/15/49
(BAM)
(c)
.........
5,000
5,411,819
City
of
Houston
Series
2016A
,
GO
,
5.00
%
,
03/01/25
.....
2,480
2,507,010
Series
2017A
,
GO
,
5.00
%
,
03/01/25
.....
1,235
1,248,451
Series
2014A
,
GO
,
5.00
%
,
03/01/26
.....
1,540
1,543,086
Series
2016A
,
GO
,
5.00
%
,
03/01/28
.....
10,000
10,333,791
Series
2017A
,
GO
,
5.00
%
,
03/01/28
.....
1,700
1,785,146
Series
2024A
,
GO
,
5.25
%
,
03/01/49
.....
6,500
7,165,658
Series
2024A
,
GO
,
4.13
%
,
03/01/51
.....
7,945
7,675,379
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
City
of
Houston
Airport
System
Series
2018B
,
RB
,
5.00
%
,
07/01/29
.....
USD
3,680
$
3,986,566
Series
2018B
,
RB
,
5.00
%
,
07/01/30
.....
8,570
9,241,417
Series
2018D
,
RB
,
5.00
%
,
07/01/37
.....
1,500
1,579,188
Series
2018D
,
RB
,
5.00
%
,
07/01/39
.....
1,495
1,565,420
City
of
Houston
Combined
Utility
System
Series
2024A
,
RB
,
5.00
%
,
11/15/31
.....
5,425
6,197,636
Series
2020A
,
RB
,
5.00
%
,
11/15/33
.....
9,835
10,991,682
Series
2024A
,
RB
,
5.00
%
,
11/15/36
.....
30,000
34,825,401
Series
2016B
,
RB
,
4.00
%
,
11/15/37
.....
2,000
1,994,976
Series
2017B
,
RB
,
5.00
%
,
11/15/42
.....
4,000
4,139,856
Series
2002C
,
RB
,
4.00
%
,
11/15/43
.....
1,500
1,481,968
Series
2014D
,
RB
,
5.00
%
,
11/15/44
.....
2,000
2,006,200
Series
2002C
,
RB
,
5.00
%
,
11/15/45
.....
1,000
1,067,297
Series
2002C
,
RB
,
3.00
%
,
11/15/47
.....
1,000
789,603
Series
2019B
,
RB
,
5.00
%
,
11/15/49
.....
2,000
2,107,374
Series
2024A
,
RB
,
5.25
%
,
11/15/49
.....
5,000
5,563,885
Series
2024A
,
RB
,
5.25
%
,
11/15/54
.....
7,210
7,992,100
City
of
San
Antonio
Series
2016
,
GO
,
5.00
%
,
02/01/25
......
6,560
6,620,424
Series
2024
,
GO
,
5.00
%
,
02/01/26
(c)
.....
2,500
2,577,880
Series
2019
,
GO
,
5.00
%
,
08/01/28
......
4,755
5,174,238
City
of
San
Antonio
Electric
&
Gas
Systems
Series
2016
,
RB
,
5.00
%
,
02/01/25
......
1,265
1,275,357
Series
2012
,
RB
,
5.25
%
,
02/01/25
......
1,895
1,914,064
Series
2018A
,
RB
,
5.00
%
,
02/01/26
.....
1,755
1,815,028
Series
2018
,
RB
,
5.00
%
,
02/01/27
......
3,100
3,269,523
Series
2018
,
RB
,
5.00
%
,
02/01/28
......
2,000
2,154,116
Series
2015
,
RB
,
5.00
%
,
02/01/31
......
8,000
8,211,607
Series
2015
,
RB
,
5.00
%
,
02/01/32
......
3,925
4,024,189
Series
2019
,
RB
,
5.00
%
,
02/01/35
......
2,000
2,188,879
Series
2019
,
RB
,
5.00
%
,
02/01/36
......
4,000
4,363,622
Series
2024A
,
RB
,
5.00
%
,
02/01/37
.....
6,500
7,458,520
Series
2024A
,
RB
,
5.00
%
,
02/01/38
.....
4,000
4,562,942
Series
2024A
,
RB
,
5.00
%
,
02/01/39
.....
4,000
4,542,012
Series
2024D
,
RB
,
5.00
%
,
02/01/40
(c)
....
3,000
3,397,393
Series
2024A
,
RB
,
5.00
%
,
02/01/40
.....
3,000
3,382,683
Series
2024A
,
RB
,
5.00
%
,
02/01/41
.....
2,250
2,519,547
Series
2024A
,
RB
,
5.00
%
,
02/01/42
.....
4,750
5,281,148
Series
2024B
,
RB
,
5.00
%
,
02/01/44
.....
7,750
8,545,801
Series
2024D
,
RB
,
5.00
%
,
02/01/44
(c)
....
4,000
4,426,276
Series
2017
,
RB
,
4.00
%
,
02/01/47
......
3,970
3,813,731
Series
2017
,
RB
,
5.00
%
,
02/01/47
......
10,000
10,229,085
Series
2020
,
RB
,
5.00
%
,
02/01/49
......
2,000
2,103,828
Series
2024A
,
RB
,
5.25
%
,
02/01/49
.....
15,000
16,617,978
Series
2024B
,
RB
,
5.25
%
,
02/01/49
.....
20,785
23,026,978
Series
2024B
,
RB
,
5.00
%
,
02/01/54
.....
8,500
9,178,276
Series
2024C
,
RB
,
5.00
%
,
02/01/54
.....
15,750
17,006,806
City
of
Waco
Series
2024A
,
GO
,
5.00
%
,
02/01/49
.....
8,250
8,961,435
Series
2024A
,
GO
,
5.25
%
,
02/01/54
.....
11,770
12,956,135
Collin
County
Community
College
District
Series
2018
,
GO
,
5.00
%
,
08/15/29
......
11,990
12,722,896
Series
2020A
,
GO
,
4.00
%
,
08/15/38
.....
2,015
2,054,739
Comal
Independent
School
District,
Series
2022,
GO,
4.00%, 02/01/36
(PSF)
..........
3,250
3,417,184
Conroe
Independent
School
District
Series
2020A
,
GO
,
5.00
%
,
02/15/29
(
PSF
)
7,685
8,455,968
Series
2024
,
GO
,
5.00
%
,
02/15/49
(
PSF
)
..
16,500
18,102,074
County
of
Bexar
Series
2019
,
GO
,
4.00
%
,
06/15/39
......
3,905
3,926,777
Series
2019
,
GO
,
4.00
%
,
06/15/40
......
2,125
2,128,723
Series
2017
,
GO
,
4.00
%
,
06/15/41
......
2,035
2,032,442
Series
A
,
GO
,
5.00
%
,
06/15/41
........
3,000
3,114,190
Series
2017
,
GO
,
5.00
%
,
06/15/43
......
1,250
1,299,797
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2023
,
GO
,
4.00
%
,
06/15/46
......
USD
5,000
$
4,984,240
County
of
Harris
Series
2014A
,
GO
,
5.00
%
,
10/01/25
.....
4,225
4,237,878
Series
2015A
,
GO
,
5.00
%
,
10/01/27
.....
1,725
1,763,858
Series
2016A
,
RB
,
5.00
%
,
08/15/31
.....
2,000
2,071,784
Series
2018A
,
RB
,
5.00
%
,
08/15/31
.....
2,000
2,134,366
Series
2018A
,
RB
,
5.00
%
,
08/15/32
.....
3,000
3,194,389
Series
2024A
,
GO
,
5.00
%
,
09/15/33
.....
10,000
11,697,326
Series
2024A
,
GO
,
5.00
%
,
09/15/34
.....
5,935
7,000,458
Series
2016A
,
RB
,
5.00
%
,
08/15/41
.....
3,505
3,597,319
Series
2018A
,
RB
,
5.00
%
,
08/15/43
.....
4,125
4,287,894
Series
2021
,
RB
,
4.00
%
,
08/15/45
......
2,090
2,048,617
Series
2024A
,
RB
,
5.25
%
,
08/15/49
.....
1,900
2,118,894
Series
2024
,
GO
,
4.00
%
,
09/15/49
......
5,000
4,788,603
Series
2024A
,
RB
,
5.25
%
,
08/15/54
.....
26,900
29,857,292
Series
2024
,
GO
,
5.00
%
,
09/15/54
......
15,000
16,311,501
County
of
Hays,
Series
2017,
GO,
4.00%, 02/15/42
.................
2,000
2,001,424
County
of
Williamson
Series
2023
,
GO
,
5.00
%
,
02/15/25
......
5,130
5,180,279
Series
2021
,
GO
,
4.00
%
,
02/15/26
......
7,000
7,148,208
Series
2021
,
GO
,
4.00
%
,
02/15/27
......
22,320
23,007,123
Series
2020
,
GO
,
5.00
%
,
02/15/29
......
1,005
1,108,631
Series
2020
,
GO
,
4.00
%
,
02/15/33
......
11,240
11,669,176
Crowley
Independent
School
District,
Series
2024,
GO,
5.00%, 02/01/49
(PSF)
......
8,790
9,553,273
Cypress-Fairbanks
Independent
School
District
Series
2016
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
..
5,030
5,209,134
Series
2020A
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
4,000
4,142,452
Series
2016
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
..
1,800
1,858,221
Series
2015
,
GO
,
5.00
%
,
02/15/30
(
PSF
)
..
45,000
45,418,536
Series
2015
,
GO
,
4.00
%
,
02/15/31
(
PSF
)
..
1,000
1,002,674
Series
2023
,
GO
,
5.00
%
,
02/15/31
(
PSF
)
..
10,105
11,477,710
Series
2015
,
GO
,
4.00
%
,
02/15/33
(
PSF
)
..
6,000
6,013,925
Series
2015
,
GO
,
4.00
%
,
02/15/34
(
PSF
)
..
15,000
15,028,140
Series
2019
,
GO
,
4.00
%
,
02/15/38
(
PSF
)
..
2,915
2,959,212
Series
2018
,
GO
,
4.00
%
,
02/15/43
(
PSF
)
..
5,000
5,016,787
Dallas
Area
Rapid
Transit
Series
2014A
,
RB
,
5.00
%
,
12/01/24
.....
2,315
2,325,360
Series
2014A
,
RB
,
5.00
%
,
12/01/25
.....
3,025
3,040,340
Series
2007
,
RB
,
5.25
%
,
12/01/28
(
AMBAC
)
250
276,420
Series
2007
,
RB
,
5.25
%
,
12/01/29
(
AMBAC
)
1,050
1,181,502
Series
2019
,
RB
,
5.00
%
,
12/01/31
......
7,510
8,293,622
Series
2019
,
RB
,
5.00
%
,
12/01/32
......
5,000
5,517,225
Series
2019
,
RB
,
5.00
%
,
12/01/33
......
2,825
3,115,316
Series
2016B
,
RB
,
4.00
%
,
12/01/35
.....
8,000
8,078,209
Series
2021B
,
RB
,
4.00
%
,
12/01/51
.....
14,405
13,801,579
Dallas
Fort
Worth
International
Airport
Series
2021B
,
RB
,
5.00
%
,
11/01/25
.....
2,720
2,793,930
Series
2022B
,
RB
,
5.00
%
,
11/01/26
.....
2,010
2,112,408
Series
2020A
,
RB
,
5.00
%
,
11/01/27
.....
1,000
1,074,146
Series
2022B
,
RB
,
5.00
%
,
11/01/27
.....
2,000
2,147,032
Series
2023B
,
RB
,
5.00
%
,
11/01/29
.....
5,000
5,561,421
Series
2022B
,
RB
,
5.00
%
,
11/01/29
.....
2,000
2,224,569
Series
2020A
,
RB
,
5.00
%
,
11/01/30
.....
1,000
1,126,221
Series
2020A
,
RB
,
5.00
%
,
11/01/32
.....
1,000
1,112,025
Series
2020A
,
RB
,
4.00
%
,
11/01/34
.....
250
259,013
Series
2020B
,
RB
,
4.00
%
,
11/01/34
.....
9,500
9,842,496
Series
2020B
,
RB
,
4.00
%
,
11/01/35
.....
2,000
2,064,649
Series
2020A
,
RB
,
4.00
%
,
11/01/35
.....
5,160
5,326,794
Series
2023B
,
RB
,
5.00
%
,
11/01/36
.....
1,000
1,134,522
Series
2023B
,
RB
,
5.00
%
,
11/01/39
.....
2,750
3,089,520
Series
2024
,
RB
,
5.00
%
,
11/01/39
(c)
.....
3,250
3,680,465
Series
2022B
,
RB
,
5.00
%
,
11/01/40
.....
5,000
5,529,407
Series
2021B
,
RB
,
5.00
%
,
11/01/43
.....
18,380
19,654,190
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2024
,
RB
,
5.00
%
,
11/01/44
(c)
.....
USD
1,000
$
1,099,210
Series
2022B
,
RB
,
4.00
%
,
11/01/45
.....
11,120
10,852,020
Series
2021B
,
RB
,
4.00
%
,
11/01/45
.....
7,400
7,221,668
Series
2021A
,
RB
,
4.00
%
,
11/01/46
.....
2,600
2,524,625
Series
2023B
,
RB
,
5.00
%
,
11/01/47
.....
1,750
1,897,049
Series
2024
,
RB
,
5.25
%
,
11/01/48
(c)
.....
10,250
11,382,036
Series
2024
,
RB
,
4.00
%
,
11/01/49
(c)
.....
8,515
8,207,855
Series
2022B
,
RB
,
5.00
%
,
11/01/50
.....
5,000
5,350,328
Dallas
Independent
School
District
Series
2021A
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
3,045
3,074,433
Series
2021A
,
GO
,
4.00
%
,
02/15/26
(
PSF
)
4,410
4,500,206
Series
2021A
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
1,460
1,577,547
Series
2015
,
GO
,
4.00
%
,
02/15/31
(
PSF
)
..
1,000
1,005,124
Series
2019B
,
GO
,
4.00
%
,
02/15/33
(
PSF
)
3,000
3,104,055
Series
2020
,
GO
,
5.00
%
,
02/15/34
(
PSF
)
..
5,000
5,437,916
Series
2024
,
GO
,
4.00
%
,
02/15/54
(
PSF
)
..
10,390
9,999,368
Denton
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
08/15/38
(
PSF
)
..
1,000
1,143,609
Series
2023
,
GO
,
5.00
%
,
08/15/39
(
PSF
)
..
3,015
3,421,017
Series
2015A
,
GO
,
5.00
%
,
08/15/40
(
PSF
)
2,000
2,043,158
Series
2015A
,
GO
,
5.00
%
,
08/15/45
(
PSF
)
5,000
5,107,895
Series
2018
,
GO
,
4.00
%
,
08/15/48
(
PSF
)
..
1,500
1,463,773
Series
2018
,
GO
,
5.00
%
,
08/15/48
(
PSF
)
..
3,500
3,628,907
Series
2023
,
GO
,
5.00
%
,
08/15/53
(
PSF
)
..
11,890
12,860,721
Elgin
Independent
School
District,
Series
2024,
GO,
5.00%, 08/01/54
(PSF)
..........
4,745
5,178,963
Fort
Bend
Independent
School
District,
Series
2018,
GO,
5.00%, 08/15/30
(PSF)
......
3,360
3,540,684
Fort
Worth
Independent
School
District
Series
2015
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
..
3,500
3,532,342
Series
2018
,
GO
,
5.00
%
,
02/15/43
(
PSF
)
..
5,000
5,149,096
Series
2024
,
GO
,
5.00
%
,
02/15/49
(
PSF
)
..
6,000
6,532,777
Frisco
Independent
School
District,
Series
2019,
GO,
4.00%, 08/15/49
(PSF)
..........
2,285
2,225,841
Garland
Independent
School
District
Series
2023A
,
GO
,
5.00
%
,
02/15/41
(
PSF
)
5,920
6,583,544
Series
2023A
,
GO
,
5.00
%
,
02/15/42
(
PSF
)
8,705
9,626,738
Series
2023A
,
GO
,
5.00
%
,
02/15/48
(
PSF
)
13,515
14,605,296
Georgetown
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/54
(PSF)
......
7,750
8,406,008
Grand
Parkway
Transportation
Corp.
Series
2018A
,
RB
,
5.00
%
,
10/01/35
.....
7,860
8,373,330
Series
2018A
,
RB
,
5.00
%
,
10/01/36
.....
8,000
8,489,504
Series
2018A
,
RB
,
5.00
%
,
10/01/38
.....
8,000
8,434,932
Series
2018A
,
RB
,
5.00
%
,
10/01/43
.....
11,180
11,638,017
Series
2020C
,
RB
,
4.00
%
,
10/01/45
.....
28,400
27,633,291
Series
2013B
,
RB
,
5.80
%
,
10/01/45
.....
2,000
2,162,680
Series
2018A
,
RB
,
5.00
%
,
10/01/48
.....
21,010
21,838,842
Series
2020C
,
RB
,
4.00
%
,
10/01/49
.....
25,995
24,784,065
Series
2020C
,
RB
,
4.00
%
,
10/01/49
(
AGM-
CR
)
.........................
9,900
9,555,454
Series
2020C
,
RB
,
3.00
%
,
10/01/50
.....
2,000
1,528,789
Grand
Prairie
Independent
School
District,
Series
2016B,
GO,
4.00%, 02/15/31
.....
10,505
10,683,197
Harris
County
Flood
Control
District,
RB,
5.00%, 10/01/26
.................
3,470
3,475,741
Harris
County-Houston
Sports
Authority
Series
A
,
RB
,
5.00
%
,
11/15/28
.........
1,390
1,394,157
Series
A
,
RB
,
0.00
%
,
11/15/42
(
AGM
)
(a)
...
1,250
544,939
Series
A
,
RB
,
0.00
%
,
11/15/50
(
AGM
)
(a)
...
2,000
568,979
Houston
Higher
Education
Finance
Corp.,
Series
2024,
RB,
5.00%, 05/15/34
..........
32,540
38,387,767
Houston
Independent
School
District
Series
2016
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
..
2,385
2,408,054
Series
2017
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
..
2,680
2,705,905
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2017
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
..
USD
1,175
$
1,215,994
Series
2016
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
..
2,255
2,326,636
Series
2016
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
..
1,000
1,029,762
Series
2017
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
..
1,000
1,052,079
Series
2016
,
GO
,
5.00
%
,
02/15/30
(
PSF
)
..
5,000
5,145,934
Series
2017
,
GO
,
4.00
%
,
02/15/42
(
PSF
)
..
1,300
1,299,741
Hutto
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
08/01/48
(
PSF
)
..
2,700
2,927,759
Series
2024
,
GO
,
5.00
%
,
08/01/54
(
PSF
)
..
2,990
3,230,219
Irving
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
02/15/40
(
PSF
)
..
1,100
1,227,445
Series
2023
,
GO
,
5.00
%
,
02/15/41
(
PSF
)
..
6,440
7,158,075
Judson
Independent
School
District
Series
2024
,
GO
,
5.00
%
,
02/01/49
(
PSF
)
..
6,060
6,626,197
Series
2024
,
GO
,
5.00
%
,
02/01/53
(
PSF
)
..
3,000
3,250,435
Katy
Independent
School
District
Series
2022
,
GO
,
4.00
%
,
02/15/47
(
PSF
)
..
10,515
10,325,105
Series
2018
,
GO
,
4.00
%
,
02/15/48
(
PSF
)
..
3,650
3,548,772
Klein
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
08/01/44
(
PSF
)
..
7,230
7,976,203
Series
2023
,
GO
,
4.00
%
,
08/01/45
(
PSF
)
..
16,295
16,155,888
Lamar
Consolidated
Independent
School
District,
Series
2018,
GO,
4.00%, 02/15/50
(PSF)
..
3,000
2,923,248
Leander
Independent
School
District
Series
A
,
GO
,
5.00
%
,
08/15/38
(
PSF
)
....
1,075
1,092,862
Series
A
,
GO
,
5.00
%
,
08/15/40
(
PSF
)
....
1,500
1,522,401
Series
2023
,
GO
,
5.00
%
,
02/15/48
(
PSF
)
..
12,000
13,058,180
Series
2022
,
GO
,
5.00
%
,
08/15/52
(
PSF
)
..
11,200
11,929,948
Lewisville
Independent
School
District
Series
2016B
,
GO
,
5.00
%
,
08/15/25
.....
2,600
2,654,370
Series
2016A
,
GO
,
4.00
%
,
08/15/27
(
PSF
)
4,965
5,009,870
Series
2016B
,
GO
,
5.00
%
,
08/15/28
.....
6,090
6,204,363
Series
2023
,
GO
,
5.00
%
,
08/15/30
(
PSF
)
..
11,190
12,642,189
Series
2024
,
GO
,
5.00
%
,
08/15/40
(
PSF
)
..
6,000
6,719,833
Series
2024
,
GO
,
5.00
%
,
08/15/44
(
PSF
)
..
9,220
10,138,245
Lower
Colorado
River
Authority
Series
2021
,
RB
,
5.00
%
,
05/15/25
......
1,000
1,015,510
Series
2021
,
RB
,
5.00
%
,
05/15/28
......
1,000
1,083,277
Series
2024
,
RB
,
5.00
%
,
05/15/35
......
5,905
6,742,182
Series
2024
,
RB
,
5.00
%
,
05/15/36
......
2,000
2,266,875
Series
2024
,
RB
,
5.00
%
,
05/15/37
......
3,000
3,380,709
Series
2024
,
RB
,
5.00
%
,
05/15/38
......
2,125
2,378,537
Series
2021
,
RB
,
5.00
%
,
05/15/39
......
2,000
2,147,218
Series
2024
,
RB
,
5.00
%
,
05/15/39
......
2,750
3,050,563
Series
2015
,
RB
,
5.00
%
,
05/15/40
......
5,760
5,811,410
Series
2021
,
RB
,
5.00
%
,
05/15/41
......
3,500
3,724,628
Series
2018
,
RB
,
5.00
%
,
05/15/43
......
1,000
1,035,611
Series
2015
,
RB
,
5.00
%
,
05/15/45
......
3,130
3,152,101
Series
2024A
,
RB
,
5.00
%
,
05/15/49
(
AGC
)
10,000
10,901,598
Series
2022A
,
RB
,
6.00
%
,
05/15/52
.....
10,000
11,280,671
Series
2024A
,
RB
,
5.00
%
,
05/15/54
(
AGC
)
10,000
10,850,762
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
Series
2014,
RB,
5.00%, 11/01/28
.................
2,000
2,005,209
Midland
County
Fresh
Water
Supply
District
No.
1,
Series
2012A,
RB,
0.00%, 09/15/34
(a)
..
1,250
816,440
Midland
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/35
(PSF)
......
6,150
7,048,613
North
East
Independent
School
District,
Series
2007,
GO,
5.25%, 02/01/27
(PSF)
......
530
562,385
North
Texas
Municipal
Water
District
Upper
East
Fork
Wastewater
Interceptor
System,
Series
2024,
RB,
4.00%, 06/01/51
(c)
.........
20,860
19,948,627
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
North
Texas
Municipal
Water
District
Water
System
Series
2021A
,
RB
,
5.00
%
,
09/01/26
.....
USD
15,200
$
15,889,148
Series
2021A
,
RB
,
5.00
%
,
09/01/27
.....
6,000
6,399,005
Series
2021A
,
RB
,
5.00
%
,
09/01/28
.....
3,500
3,806,748
Series
2016
,
RB
,
4.00
%
,
09/01/46
......
6,000
5,751,389
North
Texas
Tollway
Authority
Series
A
,
RB
,
5.00
%
,
01/01/25
.........
1,000
1,003,371
Series
2016A
,
RB
,
5.00
%
,
01/01/25
.....
1,550
1,555,225
Series
B
,
RB
,
5.00
%
,
01/01/26
.........
10
10,013
Series
A
,
RB
,
5.00
%
,
01/01/26
.........
250
250,851
Series
2022B
,
RB
,
5.00
%
,
01/01/26
.....
4,000
4,124,834
Series
2019B
,
RB
,
5.00
%
,
01/01/26
.....
1,250
1,289,011
Series
2019B
,
RB
,
5.00
%
,
01/01/27
.....
2,505
2,633,803
Series
2019B
,
RB
,
5.00
%
,
01/01/28
.....
3,855
4,131,041
Series
2016A
,
RB
,
5.00
%
,
01/01/28
.....
1,500
1,542,475
Series
A
,
RB
,
5.00
%
,
01/01/29
.........
5,000
5,138,708
Series
2019B
,
RB
,
5.00
%
,
01/01/29
.....
1,700
1,853,317
Series
2015B
,
RB
,
5.00
%
,
01/01/29
.....
150
150,940
Series
A
,
RB
,
5.00
%
,
01/01/30
.........
3,385
3,476,078
Series
2016A
,
RB
,
5.00
%
,
01/01/30
.....
5,000
5,134,532
Series
2008D
,
RB
,
0.00
%
,
01/01/31
(
AGC
)
(a)
965
784,745
Series
2023B
,
RB
,
5.00
%
,
01/01/31
.....
8,500
9,525,262
Series
B
,
RB
,
5.00
%
,
01/01/31
.........
900
919,100
Series
2015A
,
RB
,
5.00
%
,
01/01/32
.....
16,910
16,998,668
Series
2008D
,
RB
,
0.00
%
,
01/01/33
(
AGC
)
(a)
38,450
29,046,253
Series
2021B
,
RB
,
4.00
%
,
01/01/33
.....
2,000
2,076,891
Series
2015A
,
RB
,
5.00
%
,
01/01/33
.....
2,000
2,010,047
Series
2008D
,
RB
,
0.00
%
,
01/01/34
(
AGC
)
(a)
2,900
2,111,566
Series
2015B
,
RB
,
5.00
%
,
01/01/34
.....
4,750
4,773,173
Series
A
,
RB
,
5.00
%
,
01/01/34
.........
11,500
13,319,125
Series
2008D
,
RB
,
0.00
%
,
01/01/35
(
AGC
)
(a)
14,800
10,350,778
Series
A
,
RB
,
5.00
%
,
01/01/35
.........
2,900
3,157,763
Series
2008D
,
RB
,
0.00
%
,
01/01/36
(
AGC
)
(a)
44,800
29,960,228
Series
2019A
,
RB
,
4.00
%
,
01/01/36
.....
11,300
11,507,470
Series
2020A
,
RB
,
4.00
%
,
01/01/36
.....
2,000
2,036,720
Series
A
,
RB
,
5.00
%
,
01/01/36
.........
1,000
1,038,787
Series
2008D
,
RB
,
0.00
%
,
01/01/37
(
AGC
)
(a)
3,250
2,073,193
Series
2019A
,
RB
,
4.00
%
,
01/01/37
.....
5,000
5,073,716
Series
A
,
RB
,
4.00
%
,
01/01/37
.........
11,240
11,285,540
Series
2020A
,
RB
,
4.00
%
,
01/01/37
.....
2,000
2,029,486
Series
2011B
,
RB
,
0.00
%
,
09/01/37
(a)
....
1,620
830,191
Series
2008D
,
RB
,
0.00
%
,
01/01/38
(
AGC
)
(a)
3,000
1,825,767
Series
2019A
,
RB
,
5.00
%
,
01/01/38
.....
21,820
23,475,139
Series
2015A
,
RB
,
5.00
%
,
01/01/38
.....
13,455
13,506,198
Series
2021B
,
RB
,
4.00
%
,
01/01/39
.....
2,500
2,489,968
Series
2016A
,
RB
,
5.00
%
,
01/01/39
.....
8,170
8,301,691
Series
A
,
RB
,
5.00
%
,
01/01/39
.........
2,500
2,620,985
Series
2021B
,
RB
,
4.00
%
,
01/01/40
.....
4,000
3,916,613
Series
2021B
,
RB
,
4.00
%
,
01/01/41
.....
1,150
1,111,911
Series
A
,
RB
,
4.00
%
,
01/01/43
.........
15,615
15,100,764
Series
A
,
RB
,
5.00
%
,
01/01/43
.........
5,490
5,686,243
Series
B
,
RB
,
5.00
%
,
01/01/43
.........
1,750
1,783,091
Series
2011B
,
RB
,
0.00
%
,
09/01/43
(a)
....
2,500
816,544
Series
2011C
,
RB
,
7.00
%
,
09/01/43
.....
500
618,433
Series
2019A
,
RB
,
4.00
%
,
01/01/44
.....
2,030
1,949,625
Series
2011C
,
RB
,
6.75
%
,
09/01/45
.....
500
621,281
Series
2021B
,
RB
,
3.00
%
,
01/01/46
.....
2,000
1,582,298
Series
A
,
RB
,
5.00
%
,
01/01/48
.........
6,100
6,294,436
Series
2018
,
RB
,
5.00
%
,
01/01/48
......
1,000
1,030,196
Series
B
,
RB
,
5.00
%
,
01/01/48
.........
1,750
1,781,039
Series
2018
,
RB
,
4.25
%
,
01/01/49
......
1,500
1,453,401
Northwest
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
02/15/48
(
PSF
)
..
71,000
76,094,562
Series
2024A
,
GO
,
5.00
%
,
02/15/49
(
PSF
)
5,750
6,197,669
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Pasadena
Independent
School
District,
Series
2018,
GO,
4.00%, 02/15/44
(PSF)
......
USD
1,250
$
1,254,104
Permanent
University
Fund
-
Texas
A&M
University
System,
Series
2023,
RB,
5.00%, 07/01/41
.................
17,245
19,173,907
Permanent
University
Fund
-
University
of
Texas
System
Series
2014B
,
RB
,
5.00
%
,
07/01/25
.....
2,700
2,704,650
Series
2022A
,
RB
,
5.00
%
,
07/01/27
.....
1,000
1,067,117
Series
2022A
,
RB
,
5.00
%
,
07/01/29
.....
3,070
3,413,904
Series
2024B
,
RB
,
5.00
%
,
07/01/36
.....
5,000
6,009,216
Series
2024B
,
RB
,
5.00
%
,
07/01/38
.....
5,000
5,795,317
Series
2016B
,
RB
,
4.00
%
,
07/01/41
.....
2,515
2,487,868
Series
2024A
,
RB
,
4.00
%
,
07/01/53
.....
3,500
3,382,304
Pflugerville
Independent
School
District,
Series
2023A,
GO,
5.00%, 02/15/35
.........
4,090
4,613,787
Plano
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
02/15/25
......
17,050
17,214,040
Series
2016A
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
2,475
2,562,424
Port
Authority
of
Houston
of
Harris
County
Texas
Series
2023
,
RB
,
5.00
%
,
10/01/48
......
8,620
9,340,423
Series
2023
,
RB
,
5.00
%
,
10/01/53
......
24,000
25,894,190
Richardson
Independent
School
District
Series
2019
,
GO
,
5.00
%
,
02/15/30
(
PSF
)
..
1,905
2,054,085
Series
2017
,
GO
,
5.00
%
,
02/15/42
(
PSF
)
..
6,930
7,062,151
Series
2021
,
GO
,
4.00
%
,
02/15/46
(
PSF
)
..
2,000
1,950,629
Round
Rock
Independent
School
District
Series
2017
,
GO
,
5.00
%
,
08/01/27
......
3,185
3,400,871
Series
2019A
,
GO
,
5.00
%
,
08/01/31
(
PSF
)
4,000
4,372,539
Series
2019A
,
GO
,
3.00
%
,
08/01/33
(
PSF
)
1,950
1,886,149
San
Antonio
Independent
School
District
Series
2018
,
GO
,
5.00
%
,
08/15/48
(
PSF
)
..
6,000
6,062,718
Series
2022
,
GO
,
5.00
%
,
08/15/52
(
PSF
)
..
3,000
3,225,934
San
Antonio
Public
Facilities
Corp.,
Series
2012,
RB,
4.00%, 09/15/42
..............
6,600
6,381,271
San
Antonio
Water
System
Series
2016C
,
RB
,
5.00
%
,
05/15/33
.....
10,500
10,900,765
Series
2016C
,
RB
,
5.00
%
,
05/15/34
.....
3,245
3,361,249
Series
2016C
,
RB
,
5.00
%
,
05/15/35
.....
1,800
1,861,661
Series
2015B
,
RB
,
4.00
%
,
05/15/40
.....
14,785
14,467,328
Series
2016C
,
RB
,
5.00
%
,
05/15/46
.....
1,660
1,695,111
Series
2018A
,
RB
,
5.00
%
,
05/15/48
.....
6,720
6,962,012
Series
2020C
,
RB
,
4.00
%
,
05/15/50
.....
1,000
982,146
Series
2020A
,
RB
,
5.00
%
,
05/15/50
.....
6,000
6,321,533
Series
2021A
,
RB
,
4.00
%
,
05/15/51
.....
3,790
3,655,284
San
Jacinto
Community
College
District,
Series
2019A,
GO,
5.00%, 02/15/44
.........
3,660
3,816,260
San
Marcos
Consolidated
Independent
School
District,
Series
2023,
GO,
5.25%, 08/15/47
(PSF)
.......................
10,000
11,144,039
State
of
Texas
Series
2014
,
GO
,
5.00
%
,
10/01/24
......
4,160
4,165,363
Series
2015A
,
GO
,
5.00
%
,
10/01/24
.....
6,490
6,498,678
Series
A
,
GO
,
5.00
%
,
10/01/24
........
3,040
3,044,065
Series
2014
,
GO
,
5.00
%
,
10/01/25
......
4,240
4,247,217
Series
2015A
,
GO
,
5.00
%
,
10/01/25
.....
16,300
16,721,715
Series
2015A
,
GO
,
5.00
%
,
10/01/26
.....
7,000
7,164,444
Series
A
,
GO
,
5.00
%
,
10/01/26
........
3,305
3,309,970
Series
2016A
,
GO
,
5.00
%
,
04/01/27
.....
5,890
6,094,013
Series
2014
,
GO
,
5.00
%
,
10/01/27
......
3,250
3,253,930
Series
2015A
,
GO
,
5.00
%
,
10/01/27
.....
2,445
2,502,963
Series
A
,
GO
,
5.00
%
,
10/01/28
........
5,000
5,007,361
Series
2015A
,
GO
,
5.00
%
,
10/01/28
.....
5,105
5,225,475
Series
A
,
GO
,
5.00
%
,
10/01/30
........
12,000
12,137,415
Series
A
,
GO
,
4.00
%
,
10/01/31
........
2,000
2,000,916
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2014
,
GO
,
4.00
%
,
10/01/31
......
USD
12,790
$
12,795,644
Series
2015A
,
GO
,
5.00
%
,
10/01/31
.....
1,000
1,022,205
Series
2016
,
GO
,
5.00
%
,
04/01/32
......
2,300
2,370,302
Series
B
,
GO
,
5.00
%
,
10/01/32
........
5,825
6,154,242
Series
A
,
GO
,
5.00
%
,
10/01/33
........
34,100
35,983,633
Series
2016
,
GO
,
5.00
%
,
04/01/34
......
16,500
16,986,311
Series
A
,
GO
,
5.00
%
,
10/01/34
........
32,000
33,730,832
Series
2015A
,
GO
,
5.00
%
,
10/01/36
.....
10,150
10,349,319
Series
2022B
,
GO
,
5.00
%
,
08/01/39
.....
7,240
7,344,231
Series
2022B
,
GO
,
5.00
%
,
08/01/40
.....
3,000
3,040,220
Series
2016
,
GO
,
5.00
%
,
04/01/43
......
3,000
3,060,518
Series
2016A
,
GO
,
5.00
%
,
04/01/44
.....
2,045
2,084,678
Series
A
,
GO
,
4.00
%
,
10/01/44
........
2,000
1,904,871
Series
A
,
GO
,
5.00
%
,
10/01/44
........
15,000
15,021,182
Series
2015D
,
GO
,
4.00
%
,
05/15/45
.....
2,000
1,966,324
Series
2016
,
GO
,
5.00
%
,
04/01/46
......
3,780
3,848,691
Tarrant
County
College
District,
Series
2022,
GO,
5.00%, 08/15/26
..............
3,060
3,198,506
Tarrant
Regional
Water
District
Water
Supply
System,
Series
2024,
RB,
4.00%, 03/01/54
6,335
6,064,326
Texas
A&M
University
Series
2024A
,
RB
,
5.00
%
,
05/15/33
.....
6,500
7,625,277
Series
2017E
,
RB
,
5.00
%
,
05/15/34
.....
5,640
5,925,499
Series
2024A
,
RB
,
5.00
%
,
05/15/34
.....
7,000
8,290,537
Series
2024A
,
RB
,
5.00
%
,
05/15/41
.....
7,500
8,529,566
Series
2024A
,
RB
,
5.00
%
,
05/15/42
.....
10,000
11,319,311
Texas
Department
of
Transportation
State
Highway
Fund
Series
2016A
,
RB
,
5.00
%
,
10/01/24
.....
6,780
6,789,066
Series
2016A
,
RB
,
5.00
%
,
10/01/25
.....
4,050
4,152,601
Series
2015
,
RB
,
5.00
%
,
10/01/26
......
4,810
5,050,536
Series
2016A
,
RB
,
5.00
%
,
10/01/26
.....
1,260
1,323,009
Series
2016A
,
RB
,
5.00
%
,
10/01/30
.....
5,000
5,222,463
Series
2024
,
RB
,
5.00
%
,
10/01/33
......
4,000
4,681,625
Texas
State
University
System
Series
2017A
,
RB
,
5.00
%
,
03/15/28
.....
6,670
7,048,327
Series
2017A
,
RB
,
5.00
%
,
03/15/31
.....
1,900
1,990,671
Series
2024
,
RB
,
5.00
%
,
03/15/31
......
15,000
16,998,356
Series
2024
,
RB
,
5.25
%
,
03/15/54
......
10,050
11,026,580
Texas
Transportation
Commission
Series
2024
,
GO
,
5.00
%
,
04/01/33
......
10,000
11,650,713
Series
2024
,
GO
,
5.00
%
,
04/01/35
......
5,000
5,832,532
Series
2024
,
GO
,
5.00
%
,
04/01/36
......
5,000
5,802,809
Series
2014B
,
GO
,
VRDN
0.65
%
,
04/01/26
(b)
5,000
4,751,008
Series
2024
,
GO
,
5.00
%
,
04/01/42
......
6,000
6,706,421
Series
2024
,
GO
,
5.00
%
,
04/01/43
......
4,000
4,452,820
Texas
Transportation
Commission
State
Highway
249
System,
Series
2019A,
RB,
5.00%, 08/01/57
.................
1,750
1,787,179
Texas
Water
Development
Board
Series
2018B
,
RB
,
5.00
%
,
04/15/25
.....
5,520
5,598,383
Series
2020
,
RB
,
5.00
%
,
04/15/26
......
1,380
1,435,261
Series
2020
,
RB
,
5.00
%
,
10/15/26
......
3,310
3,481,412
Series
2021
,
RB
,
5.00
%
,
08/01/27
......
1,500
1,605,637
Series
2021
,
RB
,
5.00
%
,
08/01/28
......
1,110
1,212,233
Series
2017A
,
RB
,
5.00
%
,
04/15/29
.....
1,000
1,063,869
Series
2018B
,
RB
,
5.00
%
,
04/15/30
.....
1,860
2,011,718
Series
2021
,
RB
,
5.00
%
,
08/01/30
......
1,310
1,476,452
Series
A
,
RB
,
5.00
%
,
10/15/30
.........
1,000
1,021,313
Series
2018A
,
RB
,
5.00
%
,
10/15/30
.....
7,940
8,503,117
Series
2016
,
RB
,
5.00
%
,
10/15/31
......
5,070
5,281,493
Series
2018A
,
RB
,
5.00
%
,
10/15/31
.....
6,605
7,052,677
Series
2017A
,
RB
,
5.00
%
,
10/15/31
.....
1,000
1,057,306
Series
A
,
RB
,
5.00
%
,
10/15/31
.........
1,000
1,021,091
Series
2017A
,
RB
,
4.00
%
,
10/15/32
.....
3,475
3,553,968
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2018B
,
RB
,
5.00
%
,
10/15/32
.....
USD
5,820
$
6,257,097
Series
2019A
,
RB
,
3.00
%
,
10/15/33
.....
2,000
1,926,401
Series
2017A
,
RB
,
4.00
%
,
10/15/33
.....
2,000
2,043,348
Series
2020
,
RB
,
4.00
%
,
10/15/33
......
3,080
3,224,851
Series
2020
,
RB
,
4.00
%
,
08/01/34
......
5,000
5,215,665
Series
2019A
,
RB
,
3.00
%
,
10/15/34
.....
2,000
1,905,657
Series
A
,
RB
,
4.00
%
,
10/15/34
.........
3,000
3,015,924
Series
2018B
,
RB
,
4.00
%
,
10/15/34
.....
3,000
3,082,369
Series
2017A
,
RB
,
4.00
%
,
10/15/34
.....
1,000
1,019,924
Series
2021
,
RB
,
4.00
%
,
10/15/35
......
4,740
4,948,587
Series
2017A
,
RB
,
4.00
%
,
10/15/35
.....
2,500
2,543,412
Series
2019A
,
RB
,
4.00
%
,
10/15/36
.....
5,775
5,898,130
Series
2018A
,
RB
,
4.00
%
,
10/15/36
.....
3,000
3,050,442
Series
2018B
,
RB
,
4.00
%
,
10/15/36
.....
10,000
10,189,809
Series
2022
,
RB
,
4.45
%
,
10/15/36
......
1,000
1,088,044
Series
2018A
,
RB
,
4.00
%
,
10/15/38
.....
9,160
9,255,524
Series
2019A
,
RB
,
4.00
%
,
10/15/38
.....
1,490
1,507,260
Series
2018B
,
RB
,
5.00
%
,
10/15/38
.....
2,130
2,261,846
Series
2019A
,
RB
,
3.00
%
,
10/15/39
.....
2,585
2,311,526
Series
2020
,
RB
,
3.00
%
,
10/15/40
......
3,500
3,120,235
Series
2023A
,
RB
,
4.65
%
,
10/15/40
.....
1,995
2,161,704
Series
A
,
RB
,
5.00
%
,
10/15/40
.........
890
904,841
Series
2022
,
RB
,
5.00
%
,
08/01/41
......
28,505
31,415,321
Series
2023
,
RB
,
5.00
%
,
08/01/42
......
11,275
12,491,352
Series
2017A
,
RB
,
5.00
%
,
10/15/42
.....
2,000
2,073,279
Series
2018B
,
RB
,
4.00
%
,
10/15/43
.....
12,000
11,878,578
Series
2018A
,
RB
,
5.00
%
,
10/15/43
.....
11,750
12,275,252
Series
2019A
,
RB
,
4.00
%
,
10/15/44
.....
5,000
4,895,586
Series
A
,
RB
,
4.00
%
,
10/15/45
.........
4,865
4,710,790
Series
2016
,
RB
,
5.25
%
,
10/15/46
......
2,000
2,074,419
Series
2017A
,
RB
,
5.00
%
,
10/15/47
.....
2,500
2,580,403
Series
2022
,
RB
,
5.00
%
,
10/15/47
......
22,500
24,410,144
Series
2023A
,
RB
,
4.88
%
,
10/15/48
.....
9,000
9,640,604
Series
2018B
,
RB
,
5.00
%
,
04/15/49
.....
35,020
36,612,892
Series
2019A
,
RB
,
4.00
%
,
10/15/49
.....
20,445
19,700,634
Series
2020
,
RB
,
4.00
%
,
04/15/51
......
6,000
5,745,066
Series
2022
,
RB
,
4.80
%
,
10/15/52
......
1,500
1,581,717
Series
2019A
,
RB
,
4.00
%
,
10/15/54
.....
1,000
947,036
Series
2021
,
RB
,
4.00
%
,
10/15/56
......
7,420
6,990,144
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2017,
RB,
5.00%, 08/01/28
.................
2,005
2,131,457
Tyler
Independent
School
District,
Series
2017,
GO,
4.00%, 02/15/47
(PSF)
..........
1,600
1,567,577
Via
Metropolitan
Transit
Advanced
Transportation
District
Sales
Tax,
Series
2024,
RB,
5.00%, 08/01/49
..............
7,150
7,775,649
Waco
Educational
Finance
Corp.,
Series
2021,
RB,
4.00%, 03/01/51
..............
2,000
1,871,620
Wylie
Independent
School
District
Series
2020A
,
GO
,
5.00
%
,
08/15/30
(
PSF
)
14,960
16,866,308
Series
2024
,
GO
,
5.25
%
,
08/15/49
(
PSF
)
..
23,305
25,887,422
Ysleta
Independent
School
District,
Series
2017,
GO,
5.00%, 08/15/47
(PSF)
..........
2,940
3,008,116
3,380,050,465
Utah
—
0.7%
Central
Valley
Water
Reclamation
Facility,
Series
2021C,
RB,
4.00%, 03/01/47
.........
2,000
1,957,054
City
of
Salt
Lake
City
Series
2017B
,
RB
,
5.00
%
,
07/01/47
.....
3,645
3,736,471
Series
2018B
,
RB
,
5.00
%
,
07/01/48
.....
2,000
2,071,896
Series
2022
,
RB
,
5.00
%
,
02/01/52
......
30,000
32,054,703
Intermountain
Power
Agency
Series
2022A
,
RB
,
5.00
%
,
07/01/26
.....
3,445
3,597,764
Security
Par
(000)
Par
(000)
Value
Utah
(continued)
Series
2022A
,
RB
,
5.00
%
,
07/01/29
.....
USD
1,250
$
1,391,743
Series
2022A
,
RB
,
5.00
%
,
07/01/30
.....
2,000
2,262,225
Series
2023A
,
RB
,
5.00
%
,
07/01/31
.....
13,170
15,075,469
Series
2022A
,
RB
,
5.00
%
,
07/01/32
.....
1,000
1,137,060
Series
2022A
,
RB
,
5.00
%
,
07/01/33
.....
1,250
1,417,599
Series
2022A
,
RB
,
5.00
%
,
07/01/34
.....
1,250
1,409,631
Series
2022A
,
RB
,
4.00
%
,
07/01/36
.....
2,500
2,611,676
Series
2023A
,
RB
,
5.00
%
,
07/01/37
.....
5,000
5,651,389
Series
2022A
,
RB
,
5.00
%
,
07/01/38
.....
2,500
2,773,573
Series
2022A
,
RB
,
5.00
%
,
07/01/40
.....
2,500
2,745,665
Series
2023A
,
RB
,
5.00
%
,
07/01/41
.....
2,000
2,213,410
Series
2022A
,
RB
,
5.00
%
,
07/01/42
.....
2,500
2,715,658
Series
2022A
,
RB
,
5.00
%
,
07/01/43
.....
23,585
25,551,293
State
of
Utah
Series
2020B
,
GO
,
5.00
%
,
07/01/25
.....
6,010
6,126,053
Series
2018
,
GO
,
5.00
%
,
07/01/26
......
5,225
5,458,300
Series
2020B
,
GO
,
5.00
%
,
07/01/26
.....
11,925
12,457,460
Series
2017
,
GO
,
5.00
%
,
07/01/27
......
1,140
1,203,839
Series
2020B
,
GO
,
5.00
%
,
07/01/28
.....
1,470
1,606,492
Series
2020
,
GO
,
5.00
%
,
07/01/29
......
4,030
4,437,037
Series
2020B
,
GO
,
5.00
%
,
07/01/29
.....
1,600
1,761,603
Series
2020
,
GO
,
5.00
%
,
07/01/30
......
5,600
6,148,034
Series
2020
,
GO
,
5.00
%
,
07/01/31
......
13,500
14,754,868
Series
2020
,
GO
,
3.00
%
,
07/01/34
......
4,120
4,031,784
University
of
Utah
(The)
Series
2022B
,
RB
,
5.00
%
,
08/01/27
.....
1,330
1,421,923
Series
2022B
,
RB
,
5.00
%
,
08/01/41
.....
1,885
2,098,785
Series
2022B
,
RB
,
5.00
%
,
08/01/42
.....
2,490
2,761,291
Series
2022A
,
RB
,
4.00
%
,
08/01/51
.....
12,000
11,591,628
Series
2023B
,
RB
,
5.25
%
,
08/01/53
.....
5,610
6,209,285
Utah
Transit
Authority
Series
2015A
,
RB
,
5.00
%
,
06/15/25
.....
1,630
1,659,497
Series
2015A
,
RB
,
5.00
%
,
06/15/26
.....
3,465
3,528,279
Series
2015A
,
RB
,
5.00
%
,
06/15/28
.....
5,005
5,096,403
Series
2015A
,
RB
,
5.00
%
,
06/15/29
.....
3,010
3,064,970
Series
2024
,
RB
,
5.00
%
,
06/15/33
......
4,000
4,669,837
Series
2015A
,
RB
,
5.00
%
,
06/15/37
.....
4,815
4,902,933
Series
2015A
,
RB
,
5.00
%
,
06/15/38
.....
5,500
5,600,443
Series
2024
,
RB
,
5.00
%
,
06/15/39
......
10,000
11,437,742
Series
2024
,
RB
,
5.00
%
,
06/15/40
......
9,000
10,230,674
242,633,439
Vermont
—
0.0%
University
of
Vermont
&
State
Agricultural
College,
Series
2015,
RB,
5.00%, 10/01/40
1,000
1,018,165
Virginia
—
1.8%
Chesapeake
Bay
Bridge
&
Tunnel
District
Series
2016
,
RB
,
5.00
%
,
07/01/41
(
AGM
)
.
3,000
3,065,412
Series
2016
,
RB
,
5.00
%
,
07/01/46
......
21,350
21,537,592
Series
2016
,
RB
,
5.00
%
,
07/01/51
......
1,500
1,509,440
City
of
Alexandria
Series
2023
,
GO
,
5.00
%
,
12/15/30
(
SAW
)
.
10,235
11,670,785
Series
2023
,
GO
,
5.00
%
,
12/15/34
(
SAW
)
.
5,330
6,308,722
Series
2023
,
GO
,
5.00
%
,
12/15/35
(
SAW
)
.
10,755
12,672,069
Series
2023
,
GO
,
5.00
%
,
12/15/36
(
SAW
)
.
10,855
12,704,220
Series
2023
,
GO
,
5.00
%
,
12/15/37
(
SAW
)
.
10,960
12,779,264
Series
2023
,
GO
,
5.00
%
,
12/15/38
(
SAW
)
.
5,500
6,376,617
Series
2023
,
GO
,
4.00
%
,
12/15/43
(
SAW
)
.
12,750
13,030,183
Series
2019A
,
GO
,
3.00
%
,
07/15/46
(
SAW
)
1,000
826,329
City
of
Norfolk,
Series
2019,
GO,
5.00%, 08/01/46
(SAW)
............
2,755
3,010,554
City
of
Richmond
Series
2016A
,
RB
,
5.00
%
,
01/15/29
.....
2,000
2,067,540
Series
2016A
,
RB
,
5.00
%
,
01/15/30
.....
1,000
1,033,770
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Series
2016A
,
RB
,
5.00
%
,
01/15/32
.....
USD
2,020
$
2,088,215
Commonwealth
of
Virginia
Series
2015B
,
GO
,
5.00
%
,
06/01/26
(
SAW
)
3,025
3,077,741
Series
2015B
,
GO
,
5.00
%
,
06/01/27
(
SAW
)
2,090
2,127,444
County
of
Arlington
Series
2023
,
GO
,
5.00
%
,
06/15/32
......
8,715
10,172,511
Series
2019
,
GO
,
4.00
%
,
06/15/34
......
2,085
2,186,255
County
of
Fairfax
Series
2023A
,
GO
,
4.00
%
,
10/01/24
(
SAW
)
10,140
10,146,661
Series
2021A
,
GO
,
4.00
%
,
10/01/24
(
SAW
)
2,165
2,166,422
Series
2014B
,
GO
,
5.00
%
,
10/01/24
(
SAW
)
3,670
3,675,221
Series
2015B
,
GO
,
5.00
%
,
10/01/25
(
SAW
)
5,035
5,157,722
Series
2016A
,
GO
,
4.00
%
,
10/01/27
(
SAW
)
7,625
7,778,998
Series
2023A
,
GO
,
4.00
%
,
10/01/28
(
SAW
)
4,000
4,229,040
Series
2020A
,
GO
,
5.00
%
,
10/01/28
(
SAW
)
5,000
5,493,176
Series
2017A
,
GO
,
5.00
%
,
10/01/28
(
SAW
)
1,800
1,906,724
Series
2023A
,
GO
,
4.00
%
,
10/01/30
(
SAW
)
7,600
8,192,485
Series
2024A
,
GO
,
5.00
%
,
10/01/30
(
SAW
)
11,000
12,525,181
Series
2019A
,
GO
,
5.00
%
,
10/01/31
(
SAW
)
5,280
5,798,050
Series
2024A
,
GO
,
5.00
%
,
10/01/31
(
SAW
)
7,085
8,184,476
Series
2017A
,
GO
,
4.00
%
,
10/01/32
(
SAW
)
9,900
10,132,332
Series
2024A
,
GO
,
5.00
%
,
10/01/32
(
SAW
)
6,715
7,858,804
Series
2019A
,
GO
,
5.00
%
,
10/01/36
(
SAW
)
7,305
7,929,773
Series
2022A
,
GO
,
2.00
%
,
10/01/38
(
SAW
)
13,630
10,333,011
Series
2023A
,
GO
,
4.00
%
,
10/01/40
(
SAW
)
3,000
3,142,199
Series
2021A
,
RB
,
5.00
%
,
07/15/46
.....
7,415
8,055,898
Series
2024A
,
RB
,
5.00
%
,
07/15/49
.....
6,320
6,990,299
Series
2021A
,
RB
,
4.00
%
,
07/15/51
.....
5,000
4,923,451
County
of
Henrico,
Series
2020A,
GO,
5.00%, 08/01/28
(SAW)
............
1,260
1,379,443
County
of
Loudoun,
Series
2021A,
GO,
4.00%, 12/01/31
(SAW)
............
3,330
3,564,855
Hampton
Roads
Sanitation
District
Series
2016A
,
RB
,
5.00
%
,
08/01/30
.....
2,020
2,113,833
Series
2016A
,
RB
,
5.00
%
,
08/01/37
.....
8,570
8,968,094
Hampton
Roads
Transportation
Accountability
Commission
Series
2018A
,
RB
,
5.00
%
,
07/01/42
.....
8,110
8,459,335
Series
2020A
,
RB
,
4.00
%
,
07/01/45
.....
2,000
1,999,892
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
21,035
21,963,149
Series
2018A
,
RB
,
5.00
%
,
07/01/52
.....
10,000
10,794,451
Series
2018A
,
RB
,
5.50
%
,
07/01/57
.....
11,380
12,464,666
Series
2020A
,
RB
,
4.00
%
,
07/01/60
.....
5,005
4,841,308
Series
2020A
,
RB
,
5.00
%
,
07/01/60
.....
2,000
2,112,892
Northern
Virginia
Transportation
Commission,
Series
2022,
RB,
5.00%, 06/01/47
......
5,500
5,985,181
University
of
Virginia
Series
2017A
,
RB
,
5.00
%
,
04/01/38
.....
1,000
1,045,543
Series
2015A-2
,
RB
,
5.00
%
,
04/01/45
....
8,000
8,069,763
Virginia
College
Building
Authority
Series
2017E
,
RB
,
5.00
%
,
02/01/26
.....
4,405
4,557,267
Series
2015D
,
RB
,
3.00
%
,
02/01/27
(
ST
INTERCEPT
)
..................
2,685
2,671,975
Series
2022A
,
RB
,
5.00
%
,
02/01/27
.....
4,000
4,235,576
Series
2017E
,
RB
,
5.00
%
,
02/01/27
.....
10,160
10,758,363
Series
2016A
,
RB
,
5.00
%
,
09/01/27
(
ST
INTERCEPT
)
..................
4,700
4,905,943
Series
2021A
,
RB
,
5.00
%
,
02/01/28
.....
21,120
22,836,779
Series
2019C
,
RB
,
5.00
%
,
02/01/28
.....
575
621,740
Series
2017E
,
RB
,
5.00
%
,
02/01/28
.....
1,000
1,081,287
Series
2017E
,
RB
,
5.00
%
,
02/01/29
.....
5,015
5,396,595
Series
2017E
,
RB
,
5.00
%
,
02/01/30
.....
1,815
1,947,340
Series
2019C
,
RB
,
5.00
%
,
02/01/30
.....
2,775
3,041,658
Series
2022A
,
RB
,
5.00
%
,
02/01/30
.....
12,260
13,754,980
Series
2017C
,
RB
,
5.00
%
,
02/01/30
.....
3,800
4,001,878
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Series
2021A
,
RB
,
5.00
%
,
02/01/30
.....
USD
6,340
$
7,113,097
Series
A
,
RB
,
4.00
%
,
02/01/31
.........
4,300
4,325,417
Series
2017C
,
RB
,
5.00
%
,
02/01/31
.....
1,830
1,922,287
Series
2017E
,
RB
,
5.00
%
,
02/01/31
.....
1,025
1,095,158
Series
2015A
,
RB
,
4.00
%
,
02/01/32
.....
3,000
3,002,027
Series
2022A
,
RB
,
5.00
%
,
02/01/32
.....
3,015
3,474,193
Series
2022A
,
RB
,
3.50
%
,
02/01/34
.....
2,000
2,020,209
Series
2023B
,
RB
,
5.00
%
,
02/01/34
.....
3,500
4,062,636
Series
2019A
,
RB
,
3.00
%
,
02/01/36
.....
5,000
4,677,581
Series
2024A
,
RB
,
5.00
%
,
02/01/36
.....
18,575
21,633,626
Series
2022A
,
RB
,
5.00
%
,
02/01/38
.....
1,790
2,012,151
Series
2023A
,
RB
,
5.00
%
,
02/01/38
.....
3,375
3,857,948
Series
2022A
,
RB
,
5.00
%
,
02/01/39
.....
2,000
2,230,127
Series
2021A
,
RB
,
3.00
%
,
02/01/40
.....
2,485
2,216,680
Series
2022A
,
RB
,
5.00
%
,
02/01/40
.....
6,955
7,712,762
Series
2022A
,
RB
,
5.25
%
,
02/01/41
.....
5,000
5,598,974
Series
2021C
,
RB
,
3.00
%
,
09/01/51
(
ST
INTERCEPT
)
..................
7,110
5,736,004
Virginia
Commonwealth
Transportation
Board
Series
2017A
,
RB
,
5.00
%
,
05/15/26
.....
4,375
4,558,624
Series
2017
,
RB
,
5.00
%
,
09/15/26
......
3,115
3,268,878
Series
2017A
,
RB
,
5.00
%
,
05/15/27
.....
2,465
2,625,193
Series
2024
,
RB
,
5.00
%
,
05/15/27
......
8,400
8,945,892
Series
2017
,
RB
,
5.00
%
,
09/15/27
......
1,110
1,191,064
Series
2017A
,
RB
,
5.00
%
,
05/15/30
.....
21,035
22,457,751
Series
2024
,
RB
,
5.00
%
,
05/15/32
......
7,560
8,745,984
Series
2022
,
RB
,
4.00
%
,
05/15/33
......
12,360
13,245,782
Series
2017A
,
RB
,
5.00
%
,
05/15/33
.....
2,275
2,409,115
Series
2017A
,
RB
,
4.00
%
,
05/15/35
.....
1,000
1,016,033
Series
2022
,
RB
,
4.00
%
,
05/15/35
......
8,000
8,494,749
Series
2017A
,
RB
,
4.00
%
,
05/15/36
.....
4,985
5,053,560
Series
2018
,
RB
,
4.00
%
,
05/15/41
......
16,050
16,179,289
Series
2017
,
RB
,
4.00
%
,
05/15/42
......
14,260
14,281,544
Virginia
Public
Building
Authority
Series
C
,
RB
,
4.00
%
,
08/01/25
.........
255
255,033
Series
B
,
RB
,
5.00
%
,
08/01/25
.........
1,975
2,018,492
Series
C
,
RB
,
4.00
%
,
08/01/26
.........
3,660
3,660,471
Series
2022A
,
RB
,
5.00
%
,
08/01/26
.....
4,000
4,183,936
Series
2017A
,
RB
,
5.00
%
,
08/01/27
.....
3,015
3,228,111
Series
2017A
,
RB
,
5.00
%
,
08/01/28
.....
1,175
1,252,469
Series
2022A
,
RB
,
5.00
%
,
08/01/28
.....
6,000
6,559,394
Series
2021A-2
,
RB
,
4.00
%
,
08/01/34
....
2,000
2,106,720
Series
2022A
,
RB
,
5.00
%
,
08/01/38
.....
1,010
1,138,456
Series
2024A
,
RB
,
5.00
%
,
08/01/43
.....
17,125
19,442,670
Series
2024A
,
RB
,
5.00
%
,
08/01/44
.....
7,340
8,300,785
Virginia
Public
School
Authority
Series
2015A
,
RB
,
5.00
%
,
08/01/26
(
ST
INTERCEPT
)
..................
1,515
1,547,782
Series
2015A
,
RB
,
5.00
%
,
08/01/27
(
ST
INTERCEPT
)
..................
5,000
5,105,432
Series
2015A
,
RB
,
5.00
%
,
08/01/28
(
ST
INTERCEPT
)
..................
1,940
1,980,907
Series
2022B
,
RB
,
5.00
%
,
08/01/29
(
SAW
)
2,685
2,989,908
Series
2022B
,
RB
,
5.00
%
,
08/01/47
(
SAW
)
3,410
3,716,984
Virginia
Resources
Authority,
Series
2024A,
RB,
5.00%, 11/01/54
.................
7,485
8,311,543
Virginia
Resources
Authority
Clean
Water
Revolving
Fund,
Series
2014B,
RB,
5.00%, 10/01/26
.................
26,155
26,198,046
733,599,846
Washington
—
4.5%
Central
Puget
Sound
Regional
Transit
Authority
Series
2021S-1
,
RB
,
5.00
%
,
11/01/27
....
1,630
1,753,544
Series
2021S-1
,
RB
,
5.00
%
,
11/01/28
....
1,505
1,653,425
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Series
2015S-1
,
RB
,
5.00
%
,
11/01/29
....
USD
3,500
$
3,596,170
Series
2015S-1
,
RB
,
5.00
%
,
11/01/31
....
1,250
1,284,346
Series
2015S-1
,
RB
,
4.00
%
,
11/01/34
....
10,040
10,201,817
Series
2015S-1
,
RB
,
5.00
%
,
11/01/36
....
4,500
4,623,647
Series
2021S-1
,
RB
,
5.00
%
,
11/01/36
....
3,000
3,375,934
Series
2015S-1
,
RB
,
5.00
%
,
11/01/45
....
19,870
20,415,970
Series
2016S-1
,
RB
,
5.00
%
,
11/01/46
....
3,170
3,755,345
City
of
Seattle
Series
2019B
,
RB
,
5.00
%
,
02/01/25
.....
4,570
4,611,718
Series
2023A
,
RB
,
5.00
%
,
03/01/32
.....
11,735
13,510,065
Series
2021A
,
RB
,
4.00
%
,
07/01/39
.....
3,735
3,795,147
Series
2012A
,
RB
,
4.00
%
,
06/01/41
.....
23,985
23,908,908
Series
2021A
,
RB
,
4.00
%
,
07/01/41
.....
22,145
22,289,013
Series
2022
,
RB
,
5.00
%
,
07/01/43
......
2,360
2,581,759
Series
2014
,
RB
,
4.00
%
,
09/01/44
......
4,500
4,493,487
Series
2018A
,
RB
,
4.00
%
,
01/01/45
.....
13,125
12,948,268
Series
2015A
,
RB
,
4.00
%
,
05/01/45
.....
1,765
1,739,028
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.90
%
,
09/03/24
(b)
...........
64,040
64,040,000
Series
2022
,
RB
,
5.00
%
,
07/01/47
......
10,000
10,859,254
Series
2017C
,
RB
,
4.00
%
,
09/01/47
.....
3,135
3,078,728
Series
2021A
,
RB
,
4.00
%
,
07/01/51
.....
4,865
4,690,019
City
of
Tacoma,
Series
2022,
RB,
4.00%, 12/01/51
.................
19,440
18,836,376
City
of
Tacoma
Electric
System
Series
2013A
,
RB
,
4.00
%
,
01/01/42
.....
1,000
978,386
Series
2024A
,
RB
,
5.00
%
,
01/01/54
.....
2,500
2,697,642
County
of
King
Series
2021A
,
GO
,
4.00
%
,
01/01/25
.....
4,010
4,025,206
Series
2016B
,
RB
,
5.00
%
,
07/01/25
.....
5,720
5,832,972
Series
2016B
,
RB
,
5.00
%
,
07/01/27
.....
1,780
1,854,762
Series
2021A
,
GO
,
5.00
%
,
01/01/28
.....
3,270
3,529,384
Series
2023
,
RB
,
5.00
%
,
01/01/28
......
5,000
5,389,968
Series
2023A
,
GO
,
5.00
%
,
12/01/28
.....
2,515
2,766,638
Series
2021A
,
GO
,
5.00
%
,
01/01/31
.....
7,000
7,958,387
Series
2024A
,
RB
,
5.00
%
,
01/01/36
.....
5,000
5,864,718
Series
2024A
,
RB
,
5.00
%
,
01/01/37
.....
5,000
5,824,495
Series
2024A
,
RB
,
5.00
%
,
01/01/38
.....
2,000
2,320,423
Series
2024A
,
RB
,
5.00
%
,
01/01/39
.....
3,000
3,446,599
Series
2015A
,
RB
,
5.00
%
,
07/01/40
.....
2,220
2,235,237
Series
2024
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.80
%
,
09/03/24
(b)
..........
61,625
61,625,000
Series
2023
,
RB
,
4.00
%
,
01/01/45
......
14,885
14,912,207
Series
2019B
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
),
3.40
%
,
09/04/24
(b)
..........
4,935
4,935,000
Series
2019A
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
),
3.90
%
,
09/03/24
(b)
..........
54,645
54,645,000
Series
2016B
,
RB
,
5.00
%
,
07/01/46
.....
3,000
3,083,730
Series
2020A
,
RB
,
4.00
%
,
01/01/47
.....
3,385
3,368,453
Series
2020A
,
RB
,
4.00
%
,
01/01/52
.....
27,000
26,585,161
Series
2024A
,
RB
,
5.25
%
,
01/01/55
.....
24,585
27,300,150
Energy
Northwest
Series
2018C
,
RB
,
5.00
%
,
07/01/25
.....
3,805
3,878,789
Series
2015C
,
RB
,
5.00
%
,
07/01/25
.....
1,030
1,049,974
Series
2022A
,
RB
,
5.00
%
,
07/01/26
.....
3,340
3,486,081
Series
2015A
,
RB
,
5.00
%
,
07/01/26
.....
2,170
2,213,303
Series
2021A
,
RB
,
5.00
%
,
07/01/26
.....
3,575
3,731,359
Series
2017A
,
RB
,
5.00
%
,
07/01/26
.....
3,100
3,235,584
Series
2020A
,
RB
,
5.00
%
,
07/01/27
.....
1,000
1,066,505
Series
2018C
,
RB
,
5.00
%
,
07/01/27
.....
1,000
1,066,505
Series
2018C
,
RB
,
5.00
%
,
07/01/28
.....
3,575
3,893,853
Series
2022A
,
RB
,
5.00
%
,
07/01/28
.....
1,555
1,693,690
Series
2017A
,
RB
,
5.00
%
,
07/01/28
.....
8,110
8,633,362
Series
2018C
,
RB
,
5.00
%
,
07/01/30
.....
5,525
5,974,451
Series
2018C
,
RB
,
5.00
%
,
07/01/31
.....
1,050
1,132,527
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Series
2022A
,
RB
,
5.00
%
,
07/01/32
.....
USD
5,405
$
6,248,245
Series
2015A
,
RB
,
5.00
%
,
07/01/33
.....
2,500
2,539,838
Series
2015A
,
RB
,
5.00
%
,
07/01/34
.....
2,000
2,031,377
Series
2022A
,
RB
,
5.00
%
,
07/01/36
.....
13,105
14,921,785
Series
2020A
,
RB
,
5.00
%
,
07/01/36
.....
1,000
1,102,370
Series
2019A
,
RB
,
5.00
%
,
07/01/37
.....
33,235
36,027,242
Series
2015A
,
RB
,
4.00
%
,
07/01/38
.....
2,000
1,996,265
Series
2015A
,
RB
,
5.00
%
,
07/01/38
.....
10,585
10,719,777
Series
2024A
,
RB
,
5.00
%
,
07/01/39
.....
11,000
12,637,528
Series
2023A
,
RB
,
5.00
%
,
07/01/39
.....
13,000
14,764,884
Series
2024A
,
RB
,
5.00
%
,
07/01/40
.....
8,000
9,134,170
Series
2021A
,
RB
,
5.00
%
,
07/01/41
.....
12,090
13,233,701
Series
2021A
,
RB
,
4.00
%
,
07/01/42
.....
10,360
10,443,543
Grant
County
Public
Utility
District
No.
2
Priest
Rapids
Hydroelectric
Project
(c)
Series
2024B
,
RB
,
5.00
%
,
01/01/39
.....
2,000
2,297,660
Series
2024B
,
RB
,
5.00
%
,
01/01/40
.....
3,000
3,425,210
King
&
Snohomish
Counties
School
District
No.
417
Northshore
Series
2018
,
GO
,
5.00
%
,
12/01/35
(
GTD
)
.
1,000
1,069,398
Series
2018
,
GO
,
5.00
%
,
12/01/36
(
GTD
)
.
3,015
3,216,493
King
County
School
District
No.
210
Federal
Way,
Series
2018,
GO,
3.60%, 12/01/37
(GTD)
.......................
21,945
21,967,463
King
County
School
District
No.
414
Lake
Washington,
Series
2020,
GO,
4.00%, 12/01/28
(GTD)
.............
5,540
5,851,945
Kitsap
County
School
District
No.
100-C
Bremerton,
Series
2024,
GO,
5.25%, 12/01/47
(GTD)
.......................
7,150
7,997,641
Pierce
County
School
District
No.
10
Tacoma,
Series
2015,
GO,
5.00%, 12/01/39
(GTD)
.
2,000
2,061,445
Pierce
County
School
District
No.
3
Puyallup,
Series
2017,
GO,
5.00%, 12/01/34
(GTD)
.
5,900
6,220,070
Pierce
County
School
District
No.
403
Bethel
Series
2024
,
GO
,
5.00
%
,
12/01/42
(
GTD
)
.
10,290
11,549,046
Series
2024
,
GO
,
5.00
%
,
12/01/43
(
GTD
)
.
3,500
3,911,383
Port
of
Seattle
Series
2022A
,
RB
,
5.00
%
,
08/01/30
.....
3,075
3,447,286
Series
2022A
,
RB
,
5.00
%
,
08/01/31
.....
2,500
2,838,477
Series
2024A
,
RB
,
5.00
%
,
03/01/33
.....
3,000
3,459,357
Series
2024A
,
RB
,
5.00
%
,
03/01/34
.....
2,250
2,622,656
Series
2024A
,
RB
,
5.00
%
,
03/01/35
.....
3,500
4,050,183
Series
2017
,
GO
,
5.00
%
,
01/01/42
......
5,280
5,472,467
Snohomish
County
Public
Utility
District
No.
1
Electric
System,
Series
2015,
RB,
5.00%, 12/01/40
.................
1,000
1,019,731
Spokane
County
School
District
No.
81
Spokane,
Series
2021,
GO,
4.00%, 12/01/39
(GTD)
.......................
2,000
2,066,767
State
of
Washington
Series
R-2022E
,
RB
,
5.00
%
,
09/01/24
....
4,500
4,500,000
Series
R-2015B
,
GO
,
5.00
%
,
07/01/25
...
1,500
1,503,054
Series
R-2022D
,
GO
,
5.00
%
,
07/01/25
...
5,230
5,330,991
Series
R-2020C
,
GO
,
5.00
%
,
07/01/25
...
2,520
2,568,661
Series
R-2020D
,
GO
,
5.00
%
,
07/01/25
...
1,550
1,579,930
Series
R-2023A
,
GO
,
5.00
%
,
08/01/25
...
26,145
26,704,072
Series
2022C
,
GO
,
5.00
%
,
02/01/26
.....
10,000
10,343,002
Series
R-2015B
,
GO
,
5.00
%
,
07/01/26
...
1,050
1,052,208
Series
R-2018C
,
GO
,
5.00
%
,
08/01/26
...
5,680
5,945,530
Series
R-2022D
,
GO
,
4.00
%
,
07/01/27
...
36,300
37,725,595
Series
R-2016B
,
GO
,
5.00
%
,
07/01/27
...
1,000
1,030,589
Series
R-2018D
,
GO
,
5.00
%
,
08/01/27
...
1,060
1,133,999
Series
2022C
,
GO
,
5.00
%
,
02/01/28
.....
2,000
2,162,881
Series
R-2022D
,
GO
,
4.00
%
,
07/01/28
...
9,020
9,479,253
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Series
R-2022C
,
GO
,
4.00
%
,
07/01/28
...
USD
4,295
$
4,513,680
Series
R-2015C
,
GO
,
5.00
%
,
07/01/28
...
1,500
1,510,102
Series
R-2015E
,
GO
,
5.00
%
,
07/01/28
...
1,535
1,545,337
Series
R-2016B
,
GO
,
5.00
%
,
07/01/28
...
10,500
10,815,624
Series
R-2018C
,
GO
,
5.00
%
,
08/01/28
...
1,705
1,815,617
Series
R-2018D
,
GO
,
5.00
%
,
08/01/28
...
1,495
1,591,993
Series
2023B
,
GO
,
5.00
%
,
02/01/29
.....
16,135
17,813,368
Series
2022C
,
GO
,
5.00
%
,
02/01/29
.....
2,210
2,439,885
Series
R-2022C
,
GO
,
4.00
%
,
07/01/29
...
53,230
56,599,177
Series
R-2015C
,
GO
,
5.00
%
,
07/01/29
...
6,455
6,496,131
Series
R-2016B
,
GO
,
5.00
%
,
07/01/29
...
3,210
3,304,366
Series
R-2023A
,
GO
,
5.00
%
,
08/01/29
...
8,725
9,728,620
Series
R-2018C
,
GO
,
5.00
%
,
08/01/29
...
6,475
6,889,471
Series
2022C
,
GO
,
5.00
%
,
02/01/30
.....
1,840
2,067,757
Series
R-2022C
,
GO
,
4.00
%
,
07/01/30
...
12,785
13,670,200
Series
R-2015C
,
GO
,
5.00
%
,
07/01/30
...
3,140
3,159,698
Series
2022C
,
GO
,
5.00
%
,
02/01/31
.....
2,600
2,963,696
Series
R-2015E
,
GO
,
5.00
%
,
07/01/31
...
3,000
3,018,424
Series
R-2015D
,
GO
,
5.00
%
,
07/01/31
...
2,240
2,253,757
Series
R-2016B
,
GO
,
5.00
%
,
07/01/31
...
1,745
1,793,300
Series
R-2024C
,
GO
,
5.00
%
,
08/01/31
...
11,650
13,370,740
Series
R-2015D
,
GO
,
5.00
%
,
07/01/32
...
2,000
2,012,085
Series
R-2015C
,
GO
,
5.00
%
,
07/01/32
...
2,220
2,233,415
Series
2016A-1
,
GO
,
5.00
%
,
08/01/32
....
2,500
2,542,033
Series
R-2018D
,
GO
,
5.00
%
,
08/01/32
...
3,000
3,176,477
Series
R-2022C
,
GO
,
4.00
%
,
07/01/33
...
10,000
10,739,951
Series
R-2015E
,
GO
,
5.00
%
,
07/01/33
...
4,395
4,421,268
Series
R-2016B
,
GO
,
5.00
%
,
07/01/33
...
3,000
3,079,477
Series
R-2017A
,
GO
,
5.00
%
,
08/01/33
...
3,915
4,063,027
Series
R-2018D
,
GO
,
5.00
%
,
08/01/33
...
5,410
5,718,934
Series
2019C
,
GO
,
5.00
%
,
02/01/34
.....
1,460
1,584,610
Series
2020C
,
GO
,
5.00
%
,
02/01/34
.....
4,560
5,040,350
Series
R-2018D
,
GO
,
5.00
%
,
08/01/34
...
7,000
7,397,723
Series
R-2017A
,
GO
,
5.00
%
,
08/01/34
...
3,000
3,111,730
Series
R-2023A
,
GO
,
5.00
%
,
08/01/34
...
27,595
32,240,682
Series
2021F
,
GO
,
5.00
%
,
06/01/35
.....
2,325
2,616,539
Series
R-2018D
,
GO
,
5.00
%
,
08/01/35
...
3,000
3,167,875
Series
2023A
,
GO
,
5.00
%
,
08/01/36
.....
5,820
6,622,800
Series
R-2022A
,
GO
,
4.00
%
,
02/01/37
...
11,550
12,057,993
Series
R-2024A
,
GO
,
5.00
%
,
02/01/37
...
8,695
10,066,197
Series
2019A
,
GO
,
5.00
%
,
08/01/37
.....
2,300
2,457,371
Series
2017A
,
GO
,
5.00
%
,
08/01/37
.....
1,345
1,390,781
Series
R-2022B
,
GO
,
4.00
%
,
02/01/38
...
1,000
1,039,598
Series
2019C
,
GO
,
5.00
%
,
02/01/38
.....
3,000
3,223,407
Series
R-2024A
,
GO
,
5.00
%
,
02/01/38
...
5,000
5,764,667
Series
R-2023B
,
GO
,
5.00
%
,
07/01/38
...
1,185
1,354,338
Series
2020A
,
GO
,
5.00
%
,
08/01/38
.....
1,500
1,620,396
Series
2018C
,
GO
,
5.00
%
,
02/01/39
.....
1,000
1,052,694
Series
2020C
,
GO
,
5.00
%
,
02/01/39
.....
6,565
7,116,650
Series
2020A
,
GO
,
5.00
%
,
08/01/39
.....
2,000
2,153,537
Series
2025A
,
GO
,
5.00
%
,
08/01/39
.....
10,000
11,490,401
Series
R-2021A
,
GO
,
5.00
%
,
06/01/40
...
2,205
2,387,982
Series
R-2023B
,
GO
,
5.00
%
,
07/01/40
...
10,000
11,293,344
Series
2021A
,
GO
,
5.00
%
,
08/01/40
.....
3,000
3,254,742
Series
2024A
,
GO
,
5.00
%
,
08/01/40
.....
5,265
5,947,232
Series
2017D
,
GO
,
5.00
%
,
02/01/41
.....
2,530
2,622,379
Series
2018C
,
GO
,
5.00
%
,
02/01/41
.....
2,240
2,344,072
Series
2021C
,
GO
,
5.00
%
,
02/01/42
.....
1,500
1,630,760
Series
2017D
,
GO
,
5.00
%
,
02/01/42
.....
1,700
1,759,680
Series
2018C
,
GO
,
5.00
%
,
02/01/42
.....
14,685
15,341,196
Series
2024B
,
GO
,
5.00
%
,
06/01/42
.....
18,330
20,493,044
Series
2023A
,
GO
,
5.00
%
,
08/01/42
.....
1,745
1,928,110
Series
2018A
,
GO
,
5.00
%
,
08/01/42
.....
3,260
3,395,227
Series
2024B
,
GO
,
5.00
%
,
06/01/43
.....
9,315
10,336,169
Series
2025A
,
GO
,
5.00
%
,
08/01/43
.....
15,000
16,815,243
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Series
2023B
,
GO
,
5.00
%
,
02/01/44
.....
USD
1,120
$
1,234,436
Series
2021C
,
GO
,
5.00
%
,
02/01/45
.....
16,400
17,675,951
Series
2023B
,
GO
,
5.00
%
,
02/01/45
.....
32,110
35,301,557
Series
2024B
,
GO
,
5.00
%
,
06/01/45
.....
3,685
4,061,890
Series
2024A
,
GO
,
5.00
%
,
08/01/45
.....
25,000
27,598,885
Series
2023A
,
GO
,
5.00
%
,
08/01/45
.....
10,140
11,094,484
Series
2022C
,
GO
,
5.00
%
,
02/01/46
.....
8,385
9,079,597
Series
2023A
,
GO
,
5.00
%
,
08/01/46
.....
10,145
11,034,374
Series
2023A
,
GO
,
5.00
%
,
08/01/47
.....
13,795
14,967,083
Series
2024C
,
GO
,
5.00
%
,
02/01/48
.....
15,000
16,426,829
Series
2024A
,
GO
,
5.00
%
,
08/01/48
.....
5,000
5,454,335
Series
2024C
,
GO
,
5.00
%
,
02/01/49
.....
1,400
1,529,959
Series
2024D
,
GO
,
5.00
%
,
06/01/49
.....
17,925
19,637,282
University
of
Washington,
Series
2024B,
RB,
5.00%, 07/01/41
.................
9,785
11,042,408
Washington
State
University,
Series
2015,
RB,
5.00%, 04/01/40
.................
2,055
2,071,392
1,491,360,228
West
Virginia
—
0.0%
State
of
West
Virginia
Series
2021A
,
GO
,
5.00
%
,
06/01/32
.....
2,600
2,956,658
Series
2019A
,
GO
,
5.00
%
,
06/01/41
.....
2,545
2,701,920
Series
2018B
,
GO
,
5.00
%
,
12/01/41
.....
2,000
2,086,742
Series
2018B
,
GO
,
4.00
%
,
06/01/42
.....
4,895
4,857,121
Series
2018B
,
GO
,
4.00
%
,
12/01/42
.....
3,000
2,977,761
Series
2019A
,
GO
,
5.00
%
,
12/01/43
.....
4,920
5,194,906
West
Virginia
Commissioner
of
Highways,
Series
2017A,
RB,
5.00%, 09/01/26
.........
1,465
1,528,359
West
Virginia
Parkways
Authority
Series
2018
,
RB
,
5.00
%
,
06/01/43
......
3,500
3,642,927
Series
2021
,
RB
,
5.00
%
,
06/01/47
......
3,500
3,728,384
Series
2021
,
RB
,
4.00
%
,
06/01/51
......
1,755
1,686,754
31,361,532
Wisconsin
—
0.6%
State
of
Wisconsin
Series
2014-4
,
GO
,
5.00
%
,
05/01/25
.....
4,170
4,182,224
Series
2017A
,
GO
,
5.00
%
,
05/01/25
.....
1,500
1,523,885
Series
2021-2
,
GO
,
5.00
%
,
05/01/25
.....
4,240
4,309,762
Series
2017-2
,
GO
,
5.00
%
,
11/01/25
.....
1,655
1,702,118
Series
2014-4
,
GO
,
5.00
%
,
05/01/26
.....
6,350
6,368,614
Series
2017-2
,
GO
,
5.00
%
,
11/01/26
.....
3,080
3,242,471
Series
2015-1
,
GO
,
5.00
%
,
05/01/27
.....
1,750
1,774,333
Series
2021-1
,
GO
,
5.00
%
,
05/01/27
.....
5,420
5,772,285
Series
2014-4
,
GO
,
5.00
%
,
05/01/27
.....
2,500
2,507,394
Series
2017-2
,
GO
,
5.00
%
,
11/01/27
.....
3,925
4,173,592
Series
2017-3
,
GO
,
5.00
%
,
11/01/27
.....
1,000
1,063,070
Series
2019A
,
RB
,
5.00
%
,
05/01/28
.....
2,000
2,127,451
Series
2021-2
,
GO
,
5.00
%
,
05/01/28
.....
1,000
1,088,823
Series
2017-1
,
GO
,
5.00
%
,
11/01/28
.....
6,460
6,846,856
Series
2021-1
,
GO
,
5.00
%
,
05/01/29
.....
4,000
4,446,658
Series
2016-2
,
GO
,
5.00
%
,
11/01/29
.....
2,000
2,074,830
Series
2022-4
,
GO
,
5.00
%
,
05/01/31
.....
5,855
6,691,694
Series
2023-2
,
GO
,
5.00
%
,
05/01/32
.....
10,000
11,582,475
Series
2024-1
,
GO
,
5.00
%
,
05/01/32
.....
5,000
5,791,238
Series
2023-2
,
GO
,
5.00
%
,
05/01/33
.....
10,000
11,734,580
Series
2023-2
,
GO
,
5.00
%
,
05/01/34
.....
19,650
22,966,680
Series
2017-3
,
GO
,
4.00
%
,
11/01/34
.....
2,020
2,060,853
Series
2022A
,
GO
,
5.00
%
,
05/01/35
.....
5,265
5,944,247
Series
2023-2
,
GO
,
5.00
%
,
05/01/35
.....
3,310
3,855,818
Series
2022A
,
GO
,
5.00
%
,
05/01/36
.....
2,755
3,099,553
Series
2023A
,
GO
,
5.00
%
,
05/01/36
.....
4,575
5,230,699
Series
2021A
,
GO
,
4.00
%
,
05/01/39
.....
9,635
9,749,260
Series
2021B
,
GO
,
4.00
%
,
05/01/41
.....
5,000
5,058,325
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
66
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Wisconsin
(continued)
Series
2021B
,
GO
,
4.00
%
,
05/01/42
.....
USD
3,225
$
3,257,681
Series
2023B
,
GO
,
5.00
%
,
05/01/42
.....
11,790
13,097,163
Series
2023B
,
GO
,
5.00
%
,
05/01/43
.....
1,545
1,710,048
Series
2023B
,
GO
,
5.00
%
,
05/01/44
.....
12,475
13,762,334
State
of
Wisconsin
Environmental
Improvement
Fund
Series
2024A
,
RB
,
5.00
%
,
06/01/33
.....
21,790
25,500,844
Series
2021A
,
RB
,
4.00
%
,
06/01/35
.....
3,465
3,627,267
Wisconsin
Department
of
Transportation
Series
2017-2
,
RB
,
5.00
%
,
07/01/26
.....
1,060
1,107,717
Series
2017-1
,
RB
,
5.00
%
,
07/01/27
.....
1,000
1,069,082
Series
2017-1
,
RB
,
5.00
%
,
07/01/28
.....
2,000
2,126,362
Series
2017-2
,
RB
,
5.00
%
,
07/01/28
.....
5,700
6,068,148
Series
2019A
,
RB
,
5.00
%
,
07/01/36
.....
3,025
3,241,942
Series
2023A
,
RB
,
5.00
%
,
07/01/42
.....
4,585
5,173,789
Wisconsin
Health
&
Educational
Facilities
Authority,
Series
2016,
RB,
5.00%, 12/01/41
3,075
3,159,927
229,872,092
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
38,859,824,326
)
............................
38,662,189,434
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.77
%
(d)
(e)
.........
56,128
56,133
Total
Short-Term
Securities
—
0
.0
%
(Cost:
$
56,133
)
.................................
56,133
Total
Investments
—
99
.9
%
(Cost:
$
38,859,880,459
)
............................
38,662,245,567
Other
Assets
Less
Liabilities
—
0.1
%
....................
40,945,954
Net
Assets
—
100.0%
...............................
$
38,703,191,521
(a)
Zero-coupon
bond.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
When-issued
security.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
3,570,998
$
—
$
(
3,514,865
)
(a)
$
—
$
—
$
56,133
56,128
$
142,064
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
National
Muni
Bond
ETF
Schedule
of
Investments
67
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
38,662,189,434
$
—
$
38,662,189,434
Short-Term
Securities
Money
Market
Funds
......................................
56,133
—
—
56,133
$
56,133
$
38,662,189,434
$
—
$
38,662,245,567
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
New
York
—
99.9%
Battery
Park
City
Authority
Series
2023B
,
RB
,
5.00
%
,
11/01/25
.....
USD
2,035
$
2,095,488
Series
2023B
,
RB
,
5.00
%
,
11/01/31
.....
1,000
1,165,934
Series
2023B
,
RB
,
5.00
%
,
11/01/32
.....
1,000
1,182,313
Series
2019D-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
3,130
3,130,000
Series
2019B
,
RB
,
5.00
%
,
11/01/38
.....
1,000
1,094,592
Series
2019B
,
RB
,
5.00
%
,
11/01/39
.....
715
780,433
Series
2019B
,
RB
,
5.00
%
,
11/01/40
.....
1,000
1,088,104
Series
2023A
,
RB
,
5.00
%
,
11/01/42
.....
1,230
1,399,917
Series
2019A
,
RB
,
4.00
%
,
11/01/44
.....
2,485
2,469,773
Series
2023A
,
RB
,
5.00
%
,
11/01/44
.....
1,000
1,125,952
Series
2023A
,
RB
,
5.00
%
,
11/01/48
.....
1,300
1,440,178
Series
2019A
,
RB
,
5.00
%
,
11/01/49
.....
1,000
1,069,031
Series
2023A
,
RB
,
5.00
%
,
11/01/53
.....
1,335
1,465,989
Buffalo
&
Fort
Erie
Public
Bridge
Authority,
Series
2017,
RB,
5.00%, 01/01/47
......
2,000
2,045,318
Buffalo
Municipal
Water
Finance
Authority
Series
2019A
,
RB
,
5.00
%
,
07/01/48
(
AGM
)
1,750
1,799,538
Series
2021A
,
RB
,
4.00
%
,
07/01/51
(
AGM
)
1,675
1,625,940
City
of
Albany,
Series
2022,
GO,
4.00%, 03/15/31
.................
1,940
2,055,551
City
of
New
York
Series
2018A
,
GO
,
5.00
%
,
08/01/25
.....
200
204,344
Series
2018C
,
GO
,
5.00
%
,
08/01/25
.....
390
398,470
Series
C
,
GO
,
5.00
%
,
08/01/25
........
275
280,972
Series
A
,
GO
,
5.00
%
,
08/01/26
........
250
255,243
Series
2022C
,
GO
,
5.00
%
,
08/01/26
.....
2,000
2,093,753
Series
2023F-1
,
GO
,
5.00
%
,
08/01/27
....
2,945
3,146,690
Series
2024D
,
GO
,
5.00
%
,
04/01/28
.....
1,500
1,622,762
Series
C
,
GO
,
5.00
%
,
08/01/28
........
1,145
1,192,304
Series
2023F-1
,
GO
,
5.00
%
,
08/01/28
....
825
898,515
Series
2018A
,
GO
,
5.00
%
,
08/01/28
.....
1,775
1,888,298
Series
2023F-1
,
GO
,
5.00
%
,
08/01/29
....
2,000
2,215,828
Series
2021A-1
,
GO
,
5.00
%
,
08/01/29
....
1,500
1,661,871
Series
2023-1
,
GO
,
5.00
%
,
08/01/29
.....
2,000
2,215,828
Series
2020B-1
,
GO
,
5.00
%
,
10/01/30
....
1,340
1,477,569
Series
2022D-1
,
GO
,
5.00
%
,
05/01/31
...
1,450
1,652,306
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/31
(b)
...............
1,000
1,144,101
Series
2023B-1
,
GO
,
5.00
%
,
10/01/31
....
1,000
1,145,730
Series
2024C
,
GO
,
5.00
%
,
03/01/33
.....
750
868,872
Series
2024D
,
GO
,
5.00
%
,
04/01/33
.....
2,255
2,614,948
Series
2015C
,
GO
,
5.00
%
,
08/01/33
.....
250
251,926
Series
2017A
,
GO
,
5.00
%
,
08/01/33
.....
500
516,562
Series
2017B-1
,
GO
,
5.00
%
,
12/01/33
....
565
586,758
Series
2021A-1
,
GO
,
4.00
%
,
08/01/34
....
2,000
2,074,766
Series
2025A
,
GO
,
5.00
%
,
08/01/34
.....
1,000
1,175,670
Series
2024A
,
GO
,
5.00
%
,
08/01/34
.....
3,500
4,056,085
Series
2023-1
,
GO
,
5.00
%
,
08/01/34
.....
2,500
2,897,203
Series
2023F-1
,
GO
,
5.00
%
,
08/01/34
....
1,500
1,738,322
Series
2015FF-1
,
GO
,
5.00
%
,
06/01/35
...
500
506,919
Series
2023B-1
,
GO
,
5.00
%
,
10/01/35
....
2,905
3,316,866
Series
2019D-1
,
GO
,
5.00
%
,
12/01/35
...
500
535,576
Series
2017A
,
GO
,
5.00
%
,
08/01/37
.....
500
515,155
Series
2021F-1
,
GO
,
4.00
%
,
03/01/38
....
1,000
1,019,506
Series
2024D
,
GO
,
5.00
%
,
04/01/39
.....
1,440
1,635,621
Series
2019D-1
,
GO
,
5.00
%
,
12/01/39
...
1,320
1,402,681
Series
2020D-1
,
GO
,
5.00
%
,
03/01/40
...
1,120
1,205,653
Series
2022A-1
,
GO
,
4.00
%
,
08/01/40
....
900
907,030
Series
2018E-1
,
GO
,
4.00
%
,
03/01/41
....
400
398,718
Series
2020A-1
,
GO
,
5.00
%
,
08/01/41
....
800
852,696
Series
2023A-1
,
GO
,
5.25
%
,
09/01/41
....
3,000
3,366,290
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2019D-1
,
GO
,
4.00
%
,
12/01/41
...
USD
1,000
$
996,646
Series
2017B-1
,
GO
,
5.00
%
,
12/01/41
....
250
257,710
Series
2023A-1
,
GO
,
5.00
%
,
09/01/42
....
1,000
1,096,719
Series
2024C
,
GO
,
5.00
%
,
03/01/43
.....
3,000
3,324,513
Series
2024A
,
GO
,
5.00
%
,
08/01/43
.....
3,410
3,759,557
Series
2018F-1
,
GO
,
5.00
%
,
04/01/45
....
500
521,326
Series
2022D-1
,
GO
,
5.50
%
,
05/01/46
...
450
503,115
Series
2024D
,
GO
,
5.25
%
,
04/01/47
.....
2,000
2,227,139
Series
2023A,
Sub-Series
A-4
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
4,600
4,600,000
Series
2022A-1
,
GO
,
3.00
%
,
08/01/50
....
750
581,196
Series
2025,
Sub-Series
C-1
,
GO
,
5.25
%
,
09/01/50
................
2,000
2,219,980
Series
2024C
,
GO
,
5.25
%
,
03/01/53
.....
1,365
1,505,719
Series
2024D
,
GO
,
5.25
%
,
04/01/54
.....
2,000
2,206,029
City
of
Rochester,
Series
2022II,
GO,
5.00%, 08/01/31
.................
1,000
1,130,936
City
of
Yonkers,
Series
2019A,
GO,
5.00%, 05/01/33
(BAM)
............
280
308,107
County
of
Albany,
Series
2018,
GO,
4.00%, 04/01/29
.................
125
127,326
County
of
Monroe
Series
2016B
,
GO
,
5.00
%
,
06/01/26
(
AGM
)
250
261,726
Series
2021
,
GO
,
4.00
%
,
06/01/30
......
2,145
2,265,607
County
of
Nassau
Series
2016B
,
GO
,
5.00
%
,
10/01/24
.....
1,000
1,001,589
Series
2016B
,
GO
,
5.00
%
,
10/01/25
.....
830
852,707
Series
2017C
,
GO
,
5.00
%
,
10/01/27
.....
975
1,049,335
Series
2017C
,
GO
,
5.00
%
,
10/01/31
.....
1,065
1,127,628
Series
2018B
,
GO
,
5.00
%
,
07/01/33
(
AGM
)
1,000
1,073,451
Series
2022A
,
GO
,
5.00
%
,
04/01/37
.....
2,000
2,271,358
Series
2022A
,
GO
,
4.00
%
,
04/01/39
.....
2,515
2,556,430
Series
2019B
,
GO
,
5.00
%
,
04/01/49
(
AGM
)
1,000
1,065,192
Series
2023A
,
GO
,
4.00
%
,
04/01/53
.....
2,000
1,944,671
County
of
Onondaga,
Series
2021,
GO,
3.00%, 08/15/33
.................
100
95,917
County
of
Suffolk
Series
A
,
GO
,
5.00
%
,
02/01/25
(
AGM
)
...
1,000
1,008,818
Series
2015C
,
GO
,
5.00
%
,
05/01/25
.....
2,575
2,578,529
Series
2021A
,
GO
,
5.00
%
,
06/15/25
(
BAM
)
1,115
1,135,158
Series
A
,
GO
,
5.00
%
,
02/01/26
(
AGM
)
...
1,000
1,034,269
Series
2017D
,
GO
,
4.00
%
,
10/15/28
(
BAM
)
1,000
1,041,284
County
of
Westchester
Series
2015B
,
GO
,
5.00
%
,
11/15/24
.....
125
125,521
Series
2018A
,
GO
,
5.00
%
,
12/01/24
.....
1,000
1,005,153
Series
2023A
,
GO
,
5.00
%
,
12/01/26
.....
2,000
2,116,569
Series
2022A
,
GO
,
5.00
%
,
12/15/26
.....
1,000
1,059,299
Series
2020A
,
GO
,
5.00
%
,
10/15/28
.....
1,000
1,103,688
Series
2021A
,
GO
,
5.00
%
,
10/15/28
.....
2,000
2,207,376
Series
2023A
,
GO
,
4.00
%
,
12/01/34
.....
2,000
2,170,353
Series
2022A
,
GO
,
4.00
%
,
12/15/35
.....
1,000
1,070,278
Dutchess
County
Local
Development
Corp.
Series
2017
,
RB
,
5.00
%
,
07/01/42
......
750
774,105
Series
2022
,
RB
,
5.00
%
,
07/01/52
......
1,000
1,044,720
Erie
County
Fiscal
Stability
Authority
Series
2017D
,
RB
,
5.00
%
,
09/01/37
.....
445
468,100
Series
2017D
,
RB
,
5.00
%
,
09/01/38
.....
130
136,463
Series
2017D
,
RB
,
5.00
%
,
09/01/39
.....
1,360
1,421,520
Erie
County
Industrial
Development
Agency
(The)
Series
2022A
,
RB
,
5.00
%
,
05/01/26
(
SAW
)
350
364,567
Series
2021A
,
RB
,
5.00
%
,
05/01/27
(
SAW
)
500
531,257
Series
2021A
,
RB
,
5.00
%
,
05/01/29
(
SAW
)
1,000
1,105,917
Hudson
Yards
Infrastructure
Corp.
Series
2017A
,
RB
,
5.00
%
,
02/15/25
.....
550
555,352
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
Schedule
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2017A
,
RB
,
5.00
%
,
02/15/26
.....
USD
1,750
$
1,811,425
Series
2017A
,
RB
,
5.00
%
,
02/15/29
.....
400
420,957
Series
2017A
,
RB
,
5.00
%
,
02/15/30
.....
1,100
1,154,818
Series
2017A
,
RB
,
5.00
%
,
02/15/31
.....
555
581,744
Series
2017A
,
RB
,
5.00
%
,
02/15/33
.....
500
522,917
Series
2022A
,
RB
,
5.00
%
,
02/15/34
.....
1,500
1,725,600
Series
2017A
,
RB
,
5.00
%
,
02/15/35
.....
1,400
1,460,519
Series
2017A
,
RB
,
4.00
%
,
02/15/36
.....
1,930
1,962,641
Series
2017A
,
RB
,
5.00
%
,
02/15/36
.....
2,250
2,344,837
Series
2017A
,
RB
,
5.00
%
,
02/15/38
.....
500
519,674
Series
2017A
,
RB
,
5.00
%
,
02/15/39
.....
200
207,609
Series
2022A
,
RB
,
4.00
%
,
02/15/41
.....
1,745
1,774,023
Series
2017A
,
RB
,
5.00
%
,
02/15/42
.....
200
206,534
Series
2017A
,
RB
,
5.00
%
,
02/15/45
.....
650
669,110
Series
2017A
,
RB
,
4.00
%
,
02/15/47
(
AGM
)
1,200
1,174,737
Long
Island
Power
Authority
Series
2017
,
RB
,
5.00
%
,
09/01/24
......
910
910,000
Series
2019A
,
RB
,
5.00
%
,
09/01/24
.....
400
400,000
Series
2017
,
RB
,
5.00
%
,
09/01/25
......
425
435,035
Series
2019A
,
RB
,
5.00
%
,
09/01/25
.....
700
717,525
Series
2023E
,
RB
,
5.00
%
,
09/01/26
.....
100
104,961
Series
2016B
,
RB
,
5.00
%
,
09/01/30
.....
965
1,004,208
Series
2021A
,
RB
,
5.00
%
,
09/01/30
.....
530
600,935
Series
2018
,
RB
,
5.00
%
,
09/01/33
......
1,465
1,575,643
Series
2017
,
RB
,
5.00
%
,
09/01/33
......
2,650
2,798,340
Series
2021A
,
RB
,
5.00
%
,
09/01/35
.....
1,115
1,263,883
Series
2014A
,
RB
,
5.00
%
,
09/01/35
.....
250
250,968
Series
2017
,
RB
,
5.00
%
,
09/01/35
......
1,550
1,632,298
Series
2019A
,
RB
,
3.00
%
,
09/01/36
.....
1,950
1,832,170
Series
2017
,
RB
,
5.00
%
,
09/01/36
......
1,000
1,050,731
Series
2021A
,
RB
,
4.00
%
,
09/01/38
.....
1,000
1,042,549
Series
2018
,
RB
,
5.00
%
,
09/01/38
......
2,370
2,514,760
Series
2016B
,
RB
,
5.00
%
,
09/01/41
.....
500
514,922
Series
2017
,
RB
,
5.00
%
,
09/01/42
......
4,465
4,659,864
Series
2024A
,
RB
,
5.00
%
,
09/01/42
.....
480
545,773
Series
2014A
,
RB
,
5.00
%
,
09/01/44
.....
1,490
1,495,770
Series
2015B
,
RB
,
5.00
%
,
09/01/45
.....
750
759,294
Series
2023E
,
RB
,
5.00
%
,
09/01/48
.....
2,000
2,188,444
Series
2019B
,
RB
,
VRDN
1.65
%
,
09/01/24
(a)
600
600,000
Series
2021B
,
RB
,
VRDN
1.50
%
,
09/01/26
(a)
80
76,600
Metropolitan
Transportation
Authority
Series
2017B
,
RB
,
5.00
%
,
11/15/24
.....
500
501,888
Series
2018B
,
RB
,
5.00
%
,
11/15/25
.....
250
256,569
Series
2017C-1
,
RB
,
5.00
%
,
11/15/25
....
200
205,255
Series
2017B
,
RB
,
5.00
%
,
11/15/26
.....
750
785,715
Series
2006B
,
RB
,
5.25
%
,
11/15/26
(
AGM
)
1,000
1,059,275
Series
2017C-2
,
RB
,
0.00
%
,
11/15/27
(c)
...
1,000
903,727
Series
A-2
,
RB
,
5.00
%
,
11/15/27
.......
1,255
1,323,514
Series
2017B
,
RB
,
5.00
%
,
11/15/28
.....
1,005
1,091,680
Series
2017C-2
,
RB
,
0.00
%
,
11/15/29
(c)
...
1,000
843,234
Series
C-1
,
RB
,
5.00
%
,
11/15/29
.......
1,085
1,109,520
Series
2012A
,
RB
,
0.00
%
,
11/15/30
(c)
....
1,035
846,113
Series
2016D
,
RB
,
5.00
%
,
11/15/30
.....
500
519,695
Series
2024A
,
RB
,
5.00
%
,
11/15/34
.....
1,500
1,722,821
Series
C-1
,
RB
,
5.00
%
,
11/15/34
.......
350
356,635
Series
2017C-1
,
RB
,
5.00
%
,
11/15/34
....
1,200
1,278,198
Series
2017C-1
,
RB
,
4.00
%
,
11/15/35
....
2,000
2,030,507
Series
B-1
,
RB
,
5.00
%
,
11/15/35
.......
1,000
1,053,051
Series
2016B
,
RB
,
4.00
%
,
11/15/36
.....
350
352,653
Series
2017C-1
,
RB
,
4.00
%
,
11/15/38
....
510
513,289
Series
2017C-2
,
RB
,
0.00
%
,
11/15/39
(c)
...
245
130,148
Series
2014D-1
,
RB
,
5.00
%
,
11/15/39
....
900
902,014
Series
2019C
,
RB
,
5.00
%
,
11/15/40
.....
500
530,340
Series
2015B
,
RB
,
5.00
%
,
11/15/40
.....
2,685
2,706,519
Series
2017D
,
RB
,
4.00
%
,
11/15/42
.....
1,250
1,232,209
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2020A-1
,
RB
,
4.00
%
,
11/15/43
(
AGM
)
USD
1,085
$
1,079,129
Series
2021A-1
,
RB
,
4.00
%
,
11/15/44
....
1,500
1,466,490
Series
2020A-1
,
RB
,
4.00
%
,
11/15/46
....
350
339,095
Series
2022A
,
RB
,
5.00
%
,
11/15/46
.....
1,000
1,086,090
Series
B-1
,
RB
,
5.00
%
,
11/15/46
.......
630
645,210
Series
2021A-1
,
RB
,
4.00
%
,
11/15/48
....
1,500
1,443,034
Series
2020D-3
,
RB
,
4.00
%
,
11/15/50
....
1,000
955,869
Series
A-1
,
RB
,
5.00
%
,
11/15/51
.......
1,000
1,025,766
Series
2020A-1
,
RB
,
4.00
%
,
11/15/52
....
1,000
950,621
Series
2019B
,
RB
,
5.00
%
,
11/15/52
.....
1,000
1,031,170
Series
2020C-1
,
RB
,
5.25
%
,
11/15/55
....
1,000
1,051,031
Series
A-1
,
RB
,
5.25
%
,
11/15/56
.......
200
202,883
Monroe
County
Industrial
Development
Corp.
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
195
198,715
Series
2017C
,
RB
,
5.00
%
,
07/01/28
.....
110
117,073
Series
2017
,
RB
,
5.00
%
,
05/01/30
(
SAW
)
.
485
513,531
Series
A
,
RB
,
5.00
%
,
07/01/32
.........
280
295,239
Series
2018
,
RB
,
5.00
%
,
05/01/34
(
SAW
)
.
4,350
4,634,927
Series
2023A
,
RB
,
5.00
%
,
07/01/34
.....
2,000
2,362,700
Series
2017C
,
RB
,
4.00
%
,
07/01/36
.....
1,000
1,014,145
Series
2017D
,
RB
,
4.00
%
,
07/01/36
.....
900
912,730
Series
2017C
,
RB
,
4.00
%
,
07/01/43
.....
1,550
1,552,417
Series
2020A
,
RB
,
4.00
%
,
07/01/50
.....
1,000
972,975
Series
2023A
,
RB
,
5.00
%
,
07/01/53
.....
1,000
1,089,731
MTA
Hudson
Rail
Yards
Trust
Obligations,
Series
2016A,
RB,
5.00%, 11/15/56
.........
1,000
1,001,247
Nassau
County
Interim
Finance
Authority
Series
2021A
,
RB
,
5.00
%
,
11/15/29
.....
500
564,491
Series
2024A
,
RB
,
5.00
%
,
11/15/29
.....
1,500
1,693,472
Series
2021A
,
RB
,
5.00
%
,
11/15/31
.....
790
914,682
Series
2021A
,
RB
,
4.00
%
,
11/15/32
.....
1,000
1,088,102
Series
2021A
,
RB
,
4.00
%
,
11/15/33
.....
2,070
2,253,569
Series
2021A
,
RB
,
5.00
%
,
11/15/33
.....
305
351,126
Series
2021A
,
RB
,
5.00
%
,
11/15/34
.....
540
620,231
Series
2021A
,
RB
,
4.00
%
,
11/15/35
.....
245
264,136
Nassau
County
Sewer
&
Storm
Water
Finance
Authority,
Series
A,
RB,
5.00%, 10/01/24
..
100
100,152
New
York
City
Municipal
Water
Finance
Authority
Series
2018FF
,
RB
,
5.00
%
,
06/15/25
....
230
234,234
Series
2020CC-2
,
RB
,
5.00
%
,
06/15/25
...
810
824,912
Series
2020BB-2
,
RB
,
5.00
%
,
06/15/26
...
1,125
1,132,588
Series
2020DD-2
,
RB
,
5.00
%
,
06/15/27
...
505
519,458
Series
2022AA-2
,
RB
,
5.00
%
,
06/15/28
...
3,700
3,899,120
Series
2020DD-1
,
RB
,
5.00
%
,
06/15/30
...
1,310
1,484,372
Series
2020EE
,
RB
,
5.00
%
,
06/15/31
....
690
792,952
Series
BB-2
,
RB
,
5.00
%
,
06/15/32
......
500
527,327
Series
2016
,
RB
,
4.00
%
,
06/15/33
......
250
254,149
Series
2017EE
,
RB
,
5.00
%
,
06/15/36
....
500
524,527
Series
2019FF-2
,
RB
,
4.00
%
,
06/15/37
...
3,000
3,061,066
Series
2015GG
,
RB
,
5.00
%
,
06/15/37
....
500
506,966
Series
2022EE
,
RB
,
4.00
%
,
06/15/39
....
1,305
1,337,179
Series
2018EE
,
RB
,
5.00
%
,
06/15/40
....
300
314,618
Series
2020DD-3
,
RB
,
4.00
%
,
06/15/42
...
500
500,954
Series
2021AA-2
,
RB
,
4.00
%
,
06/15/42
...
1,500
1,502,427
Series
DD-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
...............
2,000
2,000,000
Series
2022BB-1
,
RB
,
3.00
%
,
06/15/44
...
3,400
2,885,991
Series
2024BB-2
,
RB
,
5.00
%
,
06/15/44
...
500
555,273
Series
2023DD
,
RB
,
4.13
%
,
06/15/46
....
1,500
1,491,634
Series
BB-1
,
RB
,
5.00
%
,
06/15/46
......
1,125
1,150,978
Series
2023DD
,
RB
,
5.25
%
,
06/15/46
....
2,915
3,255,194
Series
2017DD
,
RB
,
5.00
%
,
06/15/47
....
1,500
1,549,325
Series
2024BB-2
,
RB
,
5.25
%
,
06/15/47
...
2,995
3,351,844
Series
2018CC-1
,
RB
,
5.00
%
,
06/15/48
...
750
774,183
Series
2019FF-1
,
RB
,
5.00
%
,
06/15/49
...
1,070
1,129,413
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2020GG-1
,
RB
,
4.00
%
,
06/15/50
..
USD
1,000
$
980,552
Series
2020DD-1
,
RB
,
4.00
%
,
06/15/50
...
500
490,276
Series
2021CC-1
,
RB
,
4.00
%
,
06/15/51
...
3,000
2,935,645
Series
2023CC
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(a)
.......
1,000
1,000,000
Series
2024CC-1
,
RB
,
5.25
%
,
06/15/54
...
2,000
2,228,974
New
York
City
Transitional
Finance
Authority
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/31
................
2,000
2,285,286
Series
2024D-1
,
RB
,
5.00
%
,
11/01/33
....
2,000
2,336,134
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/33
................
1,400
1,635,294
Series
2024G-1
,
RB
,
5.00
%
,
05/01/36
....
2,500
2,897,547
Series
2024D-1
,
RB
,
5.00
%
,
11/01/36
....
1,300
1,502,809
Series
2024B
,
RB
,
5.00
%
,
05/01/38
.....
1,000
1,141,970
Series
2024G-1
,
RB
,
5.00
%
,
05/01/43
....
4,570
5,100,117
Series
2024B
,
RB
,
5.00
%
,
05/01/45
.....
2,000
2,203,267
Series
2024G-1
,
RB
,
5.00
%
,
05/01/45
....
2,500
2,765,662
Series
2024F-1
,
RB
,
5.00
%
,
02/01/46
....
2,500
2,749,549
Series
2018C-7
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
2,550
2,550,000
Series
2024G-1
,
RB
,
5.00
%
,
05/01/47
....
1,500
1,643,111
New
York
City
Transitional
Finance
Authority
Building
Aid
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
.......................
115
122,978
Series
2022S-1A
,
RB
,
5.00
%
,
07/15/30
(
SAW
)
.......................
195
220,329
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
.......................
500
537,945
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/31
(
SAW
)
.......................
500
537,945
Series
2019S-3A
,
RB
,
4.00
%
,
07/15/38
(
SAW
)
.......................
500
505,679
Series
2015S-2
,
RB
,
5.00
%
,
07/15/40
(
SAW
)
500
507,275
Series
2015S-1
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
685
688,841
Series
2016S-1
,
RB
,
5.00
%
,
07/15/43
(
SAW
)
560
569,722
Series
2018S-3
,
RB
,
4.00
%
,
07/15/46
(
SAW
)
380
374,016
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Series
2023B-1
,
RB
,
5.00
%
,
11/01/25
....
500
513,596
Series
2021A
,
RB
,
5.00
%
,
11/01/26
.....
700
736,269
Series
2023E-1
,
RB
,
5.00
%
,
11/01/26
....
1,060
1,114,921
Series
C
,
RB
,
5.00
%
,
11/01/26
.........
115
120,958
Series
C
,
RB
,
5.00
%
,
11/01/27
.........
500
511,988
Series
2018-1
,
RB
,
5.00
%
,
11/01/27
.....
340
366,284
Series
2019A-1
,
RB
,
5.00
%
,
08/01/28
....
2,220
2,432,369
Series
2021G-1
,
RB
,
5.00
%
,
11/01/28
....
140
154,203
Series
B-1
,
RB
,
5.00
%
,
11/01/28
.......
500
511,988
Series
2016E-1
,
RB
,
5.00
%
,
02/01/29
....
750
771,424
Series
2015B-1
,
RB
,
5.00
%
,
08/01/29
....
500
501,439
Series
B-1
,
RB
,
5.00
%
,
11/01/29
.......
200
204,795
Series
C
,
RB
,
5.00
%
,
11/01/29
.........
1,000
1,053,720
Series
2021-2
,
RB
,
5.00
%
,
08/01/30
.....
2,720
3,061,025
Series
2015A-1
,
RB
,
5.00
%
,
08/01/31
....
340
340,979
Series
2023B-1
,
RB
,
5.00
%
,
11/01/31
....
1,290
1,474,009
Series
2017A-1
,
RB
,
5.00
%
,
05/01/32
....
500
515,310
Series
2015B-1
,
RB
,
5.00
%
,
08/01/32
....
885
887,547
Series
2015A-1
,
RB
,
5.00
%
,
08/01/33
....
325
325,935
Series
2018B-1
,
RB
,
5.00
%
,
08/01/33
....
1,000
1,053,368
Series
2015B-1
,
RB
,
5.00
%
,
08/01/33
....
1,150
1,153,310
Series
2018A-2
,
RB
,
5.00
%
,
08/01/33
....
1,000
1,053,368
Series
2016E-1
,
RB
,
5.00
%
,
02/01/34
....
500
512,397
Series
2017E-1
,
RB
,
5.00
%
,
02/01/34
....
1,500
1,564,729
Series
2015E-1
,
RB
,
5.00
%
,
02/01/35
....
940
947,048
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
B-1
,
RB
,
5.00
%
,
08/01/35
.......
USD
1,120
$
1,193,764
Series
B-1
,
RB
,
5.00
%
,
11/01/35
.......
1,015
1,036,294
Series
2020B-1
,
RB
,
5.00
%
,
11/01/35
....
1,535
1,665,186
Series
2017F-1
,
RB
,
5.00
%
,
05/01/36
....
1,000
1,045,171
Series
2018A-2
,
RB
,
5.00
%
,
08/01/36
....
1,000
1,049,516
Series
2016A-1
,
RB
,
5.00
%
,
08/01/36
....
1,000
1,015,749
Series
2019A-1
,
RB
,
5.00
%
,
08/01/36
....
1,000
1,063,643
Series
2022A-1
,
RB
,
4.00
%
,
11/01/36
....
1,875
1,953,134
Series
2021A
,
RB
,
5.00
%
,
11/01/36
.....
1,000
1,104,777
Series
2023B-1
,
RB
,
5.25
%
,
11/01/36
....
1,500
1,731,265
Series
2017E-1
,
RB
,
5.00
%
,
02/01/37
....
200
207,923
Series
2021C-1
,
RB
,
5.00
%
,
05/01/37
....
1,000
1,103,053
Series
2014B-1
,
RB
,
5.00
%
,
11/01/37
....
1,500
1,504,317
Series
2023D-1
,
RB
,
5.25
%
,
11/01/37
....
375
430,929
Series
2019C-1
,
RB
,
4.00
%
,
11/01/38
....
1,000
1,016,905
Series
2021G-1
,
RB
,
5.00
%
,
11/01/38
....
1,250
1,381,062
Series
2016E-1
,
RB
,
5.00
%
,
02/01/39
....
500
511,076
Series
2011A-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(a)
.......
2,450
2,450,000
Series
2022F-1
,
RB
,
5.00
%
,
02/01/41
....
3,500
3,859,039
Series
2015E-1
,
RB
,
5.00
%
,
02/01/41
....
1,400
1,408,201
Series
2021C-1
,
RB
,
4.00
%
,
05/01/41
....
1,410
1,419,249
Series
2023A-1
,
RB
,
5.25
%
,
08/01/42
....
5,000
5,609,403
Series
2019C-1
,
RB
,
4.00
%
,
11/01/42
....
2,590
2,591,684
Series
2018A-3
,
RB
,
4.00
%
,
08/01/43
....
3,400
3,362,162
Series
2020C-1
,
RB
,
4.00
%
,
05/01/45
....
200
198,388
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(a)
1,000
1,000,000
Series
2018B-1
,
RB
,
5.00
%
,
08/01/45
....
1,000
1,034,912
Series
2023D-1
,
RB
,
5.50
%
,
11/01/45
....
850
961,856
Series
2023F-1
,
RB
,
4.00
%
,
02/01/51
....
2,000
1,951,019
New
York
Convention
Center
Development
Corp.
Series
2015
,
RB
,
5.00
%
,
11/15/40
......
250
252,775
Series
A
,
RB
,
0.00
%
,
11/15/48
(c)
........
500
160,730
New
York
Power
Authority
Series
2022A
,
RB
,
5.00
%
,
11/15/26
(
AGM
)
505
532,761
Series
2022A
,
RB
,
5.00
%
,
11/15/27
(
AGM
)
505
545,004
Series
2022A
,
RB
,
5.00
%
,
11/15/31
(
AGM
)
1,125
1,303,669
Series
2020A
,
RB
,
4.00
%
,
11/15/50
.....
2,500
2,449,269
Series
2023A
,
RB
,
5.00
%
,
11/15/53
(
AGM
)
1,240
1,368,886
Series
2020A
,
RB
,
4.00
%
,
11/15/55
.....
1,000
983,344
Series
2020A
,
RB
,
4.00
%
,
11/15/60
.....
800
776,888
New
York
State
Dormitory
Authority
Series
B
,
RB
,
5.00
%
,
10/01/24
.........
190
190,292
Series
2018A
,
RB
,
5.00
%
,
07/01/25
.....
660
672,739
Series
B
,
RB
,
5.00
%
,
10/01/25
.........
2,100
2,156,344
Series
2017B-1
,
RB
,
5.00
%
,
02/15/26
....
670
693,168
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
125
130,102
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
5,000
5,230,575
Series
2015A
,
RB
,
5.00
%
,
07/01/26
.....
300
305,812
Series
2017A
,
RB
,
5.00
%
,
07/01/26
.....
1,000
1,040,820
Series
B
,
RB
,
4.00
%
,
10/01/26
.........
100
103,217
Series
F
,
RB
,
5.00
%
,
10/01/26
(
AGM,
SAW
)
25
25,033
Series
A-1
,
RB
,
5.00
%
,
10/01/26
.......
305
321,084
Series
2017B-1
,
RB
,
5.00
%
,
02/15/27
....
420
444,733
Series
2015E
,
RB
,
4.00
%
,
03/15/27
.....
400
405,754
Series
B
,
RB
,
5.00
%
,
10/01/27
.........
510
530,800
Series
A
,
RB
,
5.00
%
,
10/01/27
.........
510
549,845
Series
2019D
,
RB
,
5.00
%
,
02/15/28
.....
1,000
1,083,448
Series
2016D
,
RB
,
5.00
%
,
02/15/28
.....
200
209,360
Series
2015A
,
RB
,
5.00
%
,
03/15/28
.....
340
344,010
Series
2021B
,
RB
,
5.00
%
,
07/01/28
.....
1,000
1,088,347
Series
2017A
,
RB
,
5.00
%
,
07/01/28
.....
1,330
1,412,276
Series
2018A
,
RB
,
5.00
%
,
10/01/28
.....
505
556,712
Series
2017A
,
RB
,
5.00
%
,
02/15/29
.....
920
963,523
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
Schedule
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2015E
,
RB
,
5.00
%
,
03/15/29
.....
USD
315
$
321,848
Series
2024A
,
RB
,
5.00
%
,
10/01/29
(
AGM,
SAW
)
.......................
1,000
1,116,953
Series
2015A
,
RB
,
5.00
%
,
03/15/30
.....
400
404,391
Series
2018A
,
RB
,
5.00
%
,
07/01/30
.....
2,190
2,377,461
Series
2022A
,
RB
,
5.00
%
,
07/01/30
.....
1,000
1,100,978
Series
2015B
,
RB
,
5.00
%
,
02/15/31
.....
1,000
1,009,032
Series
2017A
,
RB
,
5.00
%
,
02/15/31
.....
2,025
2,114,767
Series
2017B-2
,
RB
,
5.00
%
,
02/15/31
....
750
790,165
Series
2015E
,
RB
,
5.00
%
,
03/15/31
.....
1,000
1,020,608
Series
2015A
,
RB
,
5.00
%
,
03/15/31
.....
1,000
1,010,712
Series
2021A
,
RB
,
5.00
%
,
03/15/31
.....
1,560
1,773,458
Series
2021E
,
RB
,
5.00
%
,
03/15/32
.....
420
483,389
Series
2002A-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
2.91
%
,
09/05/24
(a)
500
500,000
Series
2016A
,
RB
,
5.00
%
,
02/15/33
.....
1,500
1,557,881
Series
2020A
,
RB
,
5.00
%
,
03/15/33
.....
1,000
1,119,789
Series
2018A
,
RB
,
5.00
%
,
03/15/33
.....
800
839,721
Series
2017
,
RB
,
4.00
%
,
07/01/33
......
465
473,995
Series
2017A
,
RB
,
5.00
%
,
07/01/33
.....
840
884,584
Series
2018A
,
RB
,
5.00
%
,
07/01/33
.....
650
700,945
Series
2023A
,
RB
,
5.00
%
,
10/01/33
.....
1,475
1,766,906
Series
2015B
,
RB
,
5.00
%
,
02/15/34
.....
500
504,292
Series
2017B-2
,
RB
,
5.00
%
,
02/15/34
....
1,000
1,050,316
Series
2018A
,
RB
,
5.00
%
,
03/15/34
.....
1,000
1,063,570
Series
2019A
,
RB
,
5.00
%
,
03/15/34
.....
1,000
1,083,873
Series
2016A
,
RB
,
5.00
%
,
03/15/34
.....
1,900
1,970,589
Series
2017A
,
RB
,
5.00
%
,
07/01/34
.....
3,000
3,153,707
Series
2024A
,
RB
,
5.00
%
,
10/01/34
(
AGM,
SAW
)
.......................
1,800
2,075,664
Series
2020A
,
RB
,
4.00
%
,
03/15/35
.....
1,000
1,038,126
Series
2015A
,
RB
,
5.00
%
,
03/15/35
.....
500
504,958
Series
2019A
,
RB
,
5.00
%
,
07/01/35
.....
2,335
2,557,903
Series
2024D
,
RB
,
5.00
%
,
10/01/35
(
SAW
)
2,585
2,956,086
Series
2017A
,
RB
,
5.00
%
,
02/15/36
.....
500
524,849
Series
2021A
,
RB
,
5.00
%
,
03/15/36
.....
1,000
1,111,368
Series
2021E
,
RB
,
5.00
%
,
03/15/36
.....
1,975
2,229,128
Series
2018C
,
RB
,
5.00
%
,
03/15/36
.....
1,000
1,061,275
Series
2017B-2
,
RB
,
5.00
%
,
02/15/37
....
500
523,006
Series
2019A
,
RB
,
5.00
%
,
03/15/37
.....
1,000
1,074,417
Series
2018A
,
RB
,
4.00
%
,
07/01/37
.....
2,500
2,532,141
Series
2015B
,
RB
,
5.00
%
,
02/15/38
.....
500
503,843
Series
2018C
,
RB
,
5.00
%
,
03/15/38
.....
500
528,812
Series
2015A
,
RB
,
4.00
%
,
07/01/38
.....
720
720,635
Series
2018B
,
RB
,
5.00
%
,
10/01/38
.....
1,000
1,064,849
Series
2023A
,
RB
,
5.00
%
,
03/15/39
.....
280
314,809
Series
2018A
,
RB
,
5.25
%
,
03/15/39
.....
725
777,823
Series
2009A
,
RB
,
VRDN
3.20
%
,
09/04/24
(a)
3,000
3,000,000
Series
2016A
,
RB
,
5.00
%
,
02/15/40
.....
500
516,220
Series
2019A
,
RB
,
5.00
%
,
03/15/40
.....
1,000
1,062,533
Series
2001-1
,
RB
,
5.50
%
,
07/01/40
(
AMBAC
)
.....................
400
474,978
Series
2021E
,
RB
,
3.00
%
,
03/15/41
.....
2,000
1,749,649
Series
2017A
,
RB
,
5.00
%
,
03/15/41
.....
350
361,468
Series
2021A
,
RB
,
3.00
%
,
07/01/41
.....
1,750
1,541,069
Series
2016A
,
RB
,
4.00
%
,
07/01/41
.....
500
500,084
Series
2018A
,
RB
,
4.00
%
,
07/01/41
.....
4,000
4,022,230
Series
2016A
,
RB
,
5.00
%
,
07/01/41
.....
250
255,271
Series
2021E
,
RB
,
4.00
%
,
03/15/42
.....
825
825,943
Series
2022A
,
RB
,
4.00
%
,
07/01/42
.....
1,165
1,172,532
Series
2017B
,
RB
,
5.00
%
,
02/15/43
.....
1,000
1,044,728
Series
2016A
,
RB
,
4.00
%
,
07/01/43
.....
1,265
1,248,420
Series
2017A
,
RB
,
5.00
%
,
03/15/44
.....
105
108,044
Series
2023A-1
,
RB
,
5.00
%
,
03/15/45
....
1,000
1,093,435
Series
2021B
,
RB
,
3.00
%
,
07/01/45
.....
750
603,724
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2019A
,
RB
,
4.00
%
,
07/01/45
.....
USD
4,145
$
4,105,320
Series
2015A
,
RB
,
5.00
%
,
07/01/45
.....
100
100,561
Series
2021E
,
RB
,
4.00
%
,
03/15/46
.....
1,000
988,822
Series
2020
,
RB
,
4.00
%
,
07/01/46
......
1,000
977,332
Series
2016A
,
RB
,
5.00
%
,
07/01/46
.....
250
254,005
Series
A-2
,
RB
,
5.00
%
,
10/01/46
.......
945
1,011,583
Series
2021E
,
RB
,
4.00
%
,
03/15/47
.....
2,000
1,965,816
Series
2018A
,
RB
,
4.00
%
,
03/15/47
.....
500
490,733
Series
2022A
,
RB
,
4.00
%
,
07/01/47
.....
310
301,157
Series
A
,
RB
,
5.00
%
,
10/01/47
.........
300
365,466
Series
2020A
,
RB
,
4.00
%
,
03/15/48
.....
2,000
1,967,311
Series
2018A
,
RB
,
5.00
%
,
07/01/48
.....
500
529,481
Series
2018A
,
RB
,
5.00
%
,
10/01/48
.....
500
608,719
Series
2019D
,
RB
,
4.00
%
,
02/15/49
.....
1,545
1,515,544
Series
2019C
,
RB
,
4.00
%
,
07/01/49
.....
500
489,067
Series
2019A
,
RB
,
5.00
%
,
07/01/49
.....
500
521,731
Series
2020A
,
RB
,
4.00
%
,
07/01/50
.....
2,030
2,043,213
Series
2019B
,
RB
,
5.00
%
,
07/01/50
.....
500
525,498
Series
2020A
,
RB
,
5.00
%
,
07/01/50
.....
2,500
2,661,420
Series
2020A
,
RB
,
5.00
%
,
10/01/50
.....
310
378,515
Series
2021A
,
RB
,
3.00
%
,
03/15/51
.....
1,780
1,393,140
Series
2024A
,
RB
,
5.00
%
,
03/15/51
.....
2,000
2,183,824
Series
2020A
,
RB
,
5.00
%
,
07/01/53
.....
1,500
1,590,384
Series
2024A
,
RB
,
5.50
%
,
07/01/54
.....
4,305
4,925,097
New
York
State
Environmental
Facilities
Corp.
Series
2019B
,
RB
,
5.00
%
,
06/15/28
.....
500
546,706
Series
2021B
,
RB
,
5.00
%
,
08/15/29
.....
165
184,791
Series
2022B
,
RB
,
5.00
%
,
09/15/29
.....
500
560,841
Series
2024A
,
RB
,
5.00
%
,
06/15/30
.....
1,000
1,133,684
Series
2023B
,
RB
,
5.00
%
,
06/15/31
.....
125
143,735
Series
2021B
,
RB
,
5.00
%
,
08/15/31
.....
300
345,766
Series
2023B
,
RB
,
5.00
%
,
06/15/32
.....
500
582,552
Series
2022B
,
RB
,
5.00
%
,
09/15/32
.....
500
584,495
Series
2024B
,
RB
,
5.00
%
,
05/15/33
(b)
....
1,500
1,767,572
Series
2024A
,
RB
,
5.00
%
,
06/15/34
.....
1,000
1,193,644
Series
2022B
,
RB
,
5.00
%
,
09/15/34
.....
500
579,787
Series
2017A
,
RB
,
5.00
%
,
06/15/35
.....
200
210,328
Series
2018A
,
RB
,
5.00
%
,
06/15/35
.....
365
390,547
Series
2022B
,
RB
,
5.00
%
,
09/15/37
.....
500
570,059
Series
2016A
,
RB
,
5.00
%
,
06/15/41
.....
1,000
1,029,253
Series
2022A
,
RB
,
4.00
%
,
06/15/42
.....
1,000
1,026,652
Series
2018B
,
RB
,
5.00
%
,
06/15/43
.....
1,000
1,048,404
Series
2019A
,
RB
,
5.00
%
,
08/15/44
.....
500
533,137
Series
2020A
,
RB
,
4.00
%
,
06/15/45
.....
1,095
1,095,646
Series
2017A
,
RB
,
5.00
%
,
06/15/46
.....
835
863,816
Series
2024A
,
RB
,
5.00
%
,
06/15/47
.....
4,000
4,454,750
Series
2017E
,
RB
,
5.00
%
,
06/15/47
.....
3,500
3,616,317
Series
2022B
,
RB
,
5.00
%
,
09/15/47
.....
3,185
3,491,373
Series
2019A
,
RB
,
5.00
%
,
02/15/49
.....
1,200
1,266,370
Series
2019B
,
RB
,
4.00
%
,
06/15/49
.....
500
496,962
Series
2023B
,
RB
,
5.00
%
,
06/15/53
.....
2,500
2,734,756
New
York
State
Thruway
Authority
Series
L
,
RB
,
5.00
%
,
01/01/25
.........
200
201,343
Series
K
,
RB
,
5.00
%
,
01/01/30
.........
465
467,844
Series
2016A
,
RB
,
5.00
%
,
01/01/31
.....
100
102,415
Series
K
,
RB
,
5.00
%
,
01/01/31
.........
250
251,447
Series
K
,
RB
,
5.00
%
,
01/01/32
.........
340
341,956
Series
L
,
RB
,
5.00
%
,
01/01/35
.........
810
862,732
Series
L
,
RB
,
4.00
%
,
01/01/36
.........
500
511,893
Series
2021A-1
,
RB
,
4.00
%
,
03/15/36
....
1,500
1,554,123
Series
2019B
,
RB
,
4.00
%
,
01/01/38
.....
1,500
1,528,554
Series
2021A-1
,
RB
,
4.00
%
,
03/15/40
....
1,500
1,508,824
Series
2019B
,
RB
,
4.00
%
,
01/01/41
.....
950
948,628
Series
2016A
,
RB
,
5.00
%
,
01/01/46
.....
500
508,155
Series
N
,
RB
,
3.00
%
,
01/01/49
.........
500
391,247
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2019B
,
RB
,
4.00
%
,
01/01/50
.....
USD
2,500
$
2,424,759
Series
2016A
,
RB
,
4.00
%
,
01/01/51
.....
585
560,369
Series
2016A
,
RB
,
5.00
%
,
01/01/51
.....
600
608,462
Series
2021A-1
,
RB
,
4.00
%
,
03/15/52
....
775
751,542
Series
2022C
,
RB
,
5.00
%
,
03/15/54
.....
500
537,443
Series
2016A
,
RB
,
5.25
%
,
01/01/56
.....
2,765
2,814,648
Series
2021A-1
,
RB
,
4.00
%
,
03/15/56
....
3,000
2,893,206
Series
2022C
,
RB
,
4.13
%
,
03/15/56
.....
2,000
1,961,965
Series
2021A-1
,
RB
,
4.00
%
,
03/15/59
....
1,000
961,102
New
York
State
Urban
Development
Corp.
Series
2021A
,
RB
,
5.00
%
,
03/15/25
.....
500
505,605
Series
2016A
,
RB
,
5.00
%
,
03/15/27
.....
155
160,912
Series
2020C
,
RB
,
5.00
%
,
03/15/27
.....
1,000
1,060,539
Series
2017C
,
RB
,
5.00
%
,
03/15/27
.....
285
302,254
Series
2015A
,
RB
,
5.00
%
,
03/15/29
.....
750
765,379
Series
2017A
,
RB
,
5.00
%
,
03/15/29
.....
5,530
5,813,996
Series
2020C
,
RB
,
5.00
%
,
03/15/31
.....
575
649,840
Series
2023B
,
RB
,
5.00
%
,
03/15/31
.....
1,285
1,463,304
Series
2016A
,
RB
,
5.00
%
,
03/15/31
.....
400
411,751
Series
2017A
,
RB
,
5.00
%
,
03/15/32
.....
500
523,758
Series
2023A
,
RB
,
5.00
%
,
03/15/34
.....
1,500
1,756,366
Series
2016A
,
RB
,
5.00
%
,
03/15/35
.....
200
205,603
Series
2015A
,
RB
,
5.00
%
,
03/15/35
.....
350
356,675
Series
2020E
,
RB
,
4.00
%
,
03/15/36
.....
1,000
1,035,145
Series
2020C
,
RB
,
5.00
%
,
03/15/38
.....
2,000
2,208,802
Series
2020A
,
RB
,
4.00
%
,
03/15/39
.....
1,000
1,015,500
Series
2017C
,
RB
,
5.00
%
,
03/15/39
.....
500
523,332
Series
2020E
,
RB
,
3.00
%
,
03/15/40
.....
500
446,883
Series
2020A
,
RB
,
4.00
%
,
03/15/40
.....
1,000
1,008,206
Series
2020C
,
RB
,
4.00
%
,
03/15/45
.....
2,500
2,475,375
Series
2020C
,
RB
,
5.00
%
,
03/15/47
.....
1,000
1,066,383
Series
2023A
,
RB
,
5.00
%
,
03/15/51
.....
1,500
1,631,154
Series
2023A
,
RB
,
5.00
%
,
03/15/55
.....
2,500
2,706,712
Series
2023A
,
RB
,
5.00
%
,
03/15/63
.....
2,000
2,152,747
Onondaga
County
Trust
for
Cultural
Resources
Series
2019
,
RB
,
5.00
%
,
12/01/39
......
1,000
1,080,310
Series
2019
,
RB
,
5.00
%
,
12/01/40
......
500
537,945
Series
2019
,
RB
,
5.00
%
,
12/01/43
......
500
532,433
Series
2019
,
RB
,
4.00
%
,
12/01/47
......
1,000
987,671
Series
2019
,
RB
,
4.00
%
,
12/01/49
......
500
488,661
Onondaga
County
Water
Authority,
Series
2019A,
RB,
3.00%, 09/15/44
.........
1,000
832,513
Port
Authority
of
New
York
&
New
Jersey
Series
209
,
RB
,
5.00
%
,
07/15/25
.......
750
765,294
Series
205
,
RB
,
5.00
%
,
11/15/25
.......
1,000
1,029,411
Series
85
,
RB
,
5.38
%
,
03/01/28
........
315
330,847
Series
189
,
RB
,
5.00
%
,
05/01/28
.......
330
334,757
Series
194
,
RB
,
5.00
%
,
10/15/28
.......
525
537,712
Series
230
,
RB
,
4.00
%
,
12/01/28
.......
250
265,712
Series
222
,
RB
,
5.00
%
,
07/15/29
.......
520
581,382
Series
194
,
RB
,
5.00
%
,
10/15/29
.......
1,000
1,024,324
Series
230
,
RB
,
4.00
%
,
12/01/30
.......
1,500
1,620,015
Series
212
,
RB
,
5.00
%
,
09/01/32
.......
1,000
1,098,005
Series
222
,
RB
,
5.00
%
,
07/15/33
.......
500
562,074
Series
244
,
RB
,
5.00
%
,
07/15/33
.......
1,400
1,652,691
Series
213
,
RB
,
5.00
%
,
09/01/33
.......
1,000
1,095,461
Series
184
,
RB
,
5.00
%
,
09/01/34
.......
250
250,347
Series
194
,
RB
,
5.00
%
,
10/15/34
.......
1,000
1,022,214
Series
209
,
RB
,
5.00
%
,
07/15/35
.......
500
533,350
Series
184
,
RB
,
5.00
%
,
09/01/36
.......
400
400,549
Series
217
,
RB
,
4.00
%
,
11/01/39
.......
1,750
1,750,456
Series
243
,
RB
,
5.00
%
,
12/01/39
.......
1,300
1,484,988
Series
183
,
RB
,
4.00
%
,
12/15/40
.......
400
399,984
Series
244
,
RB
,
5.00
%
,
07/15/41
.......
1,860
2,123,710
Series
194
,
RB
,
5.00
%
,
10/15/41
.......
500
509,006
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
211
,
RB
,
4.00
%
,
09/01/43
.......
USD
750
$
743,162
Series
183
,
RB
,
4.00
%
,
06/15/44
.......
250
249,989
Series
216
,
RB
,
4.00
%
,
09/01/45
.......
1,000
992,651
Series
198
,
RB
,
5.00
%
,
11/15/46
.......
1,000
1,025,371
Series
217
,
RB
,
4.00
%
,
11/01/49
.......
555
554,432
Series
224
,
RB
,
4.00
%
,
07/15/51
.......
1,500
1,484,412
Series
240
,
RB
,
5.00
%
,
07/15/53
.......
1,145
1,247,079
Series
198
,
RB
,
5.25
%
,
11/15/56
.......
500
514,659
Series
200
,
RB
,
5.00
%
,
04/15/57
.......
500
513,601
Series
224
,
RB
,
4.00
%
,
07/15/61
.......
1,500
1,464,643
Sales
Tax
Asset
Receivable
Corp.
Series
2015A
,
RB
,
5.00
%
,
10/15/28
.....
3,250
3,256,744
Series
2015A
,
RB
,
5.00
%
,
10/15/29
.....
1,570
1,573,258
Series
2015A
,
RB
,
5.00
%
,
10/15/30
.....
1,440
1,442,988
Saratoga
County
Water
Authority,
Series
2016,
RB,
4.00%, 09/01/48
..............
4,600
4,450,407
State
of
New
York
Series
2018A
,
GO
,
5.00
%
,
02/15/25
.....
1,000
1,010,642
Series
2021A
,
GO
,
5.00
%
,
03/15/27
.....
500
532,284
Series
2023A
,
GO
,
5.00
%
,
03/15/30
.....
500
569,348
Series
2021A
,
GO
,
5.00
%
,
03/15/31
.....
500
578,755
Series
2023A
,
GO
,
5.00
%
,
03/15/32
.....
1,000
1,174,611
Series
2023A
,
GO
,
5.00
%
,
03/15/33
.....
500
595,631
Series
2023A
,
GO
,
5.00
%
,
03/15/35
.....
500
591,846
Series
2023A
,
GO
,
5.00
%
,
03/15/36
.....
500
588,606
Series
2023A
,
GO
,
5.00
%
,
03/15/38
.....
500
582,944
Series
2023A
,
GO
,
5.00
%
,
03/15/39
.....
750
865,888
Series
2023A
,
GO
,
5.00
%
,
03/15/41
.....
500
570,149
Suffolk
County
Water
Authority
Series
2014A
,
RB
,
5.00
%
,
06/01/25
.....
15
15,023
Series
2015
,
RB
,
4.00
%
,
06/01/31
......
1,915
1,929,178
Series
2015A
,
RB
,
4.00
%
,
06/01/39
.....
500
500,458
Series
2018A
,
RB
,
4.00
%
,
06/01/41
.....
3,485
3,503,524
Series
2020B
,
RB
,
3.00
%
,
06/01/44
.....
610
522,327
Syracuse
Industrial
Development
Agency
Series
2019A
,
RB
,
5.00
%
,
05/01/31
(
SAW
)
500
528,408
Series
2019A
,
RB
,
5.00
%
,
05/01/32
(
SAW
)
130
137,065
Series
2019A
,
RB
,
4.00
%
,
05/01/33
(
SAW
)
505
516,111
Town
of
Brookhaven
Series
2015
,
GO
,
5.00
%
,
05/01/27
......
600
609,879
Series
2016
,
GO
,
4.00
%
,
03/15/28
......
250
250,606
Town
of
Hempstead
Series
2018A
,
GO
,
5.00
%
,
06/15/27
.....
125
130,867
Series
2021
,
GO
,
5.00
%
,
06/15/28
......
1,000
1,099,460
Town
of
Oyster
Bay
Series
2020
,
GO
,
4.00
%
,
11/01/24
(
BAM
)
.
200
200,352
Series
2018B
,
GO
,
3.00
%
,
02/01/25
(
AGM
)
1,370
1,369,656
Series
2021
,
GO
,
4.00
%
,
03/01/26
(
AGM
)
.
1,195
1,222,790
Series
2021A
,
GO
,
2.00
%
,
03/01/33
(
AGM
)
2,000
1,650,571
Triborough
Bridge
&
Tunnel
Authority
Series
2018B
,
RB
,
5.00
%
,
11/15/24
.....
250
251,002
Series
2022E-1
,
RB
,
5.00
%
,
11/15/27
....
180
192,863
Series
2022B
,
RB
,
5.00
%
,
05/15/28
.....
1,000
1,087,738
Series
B
,
RB
,
5.00
%
,
11/15/28
.........
235
258,359
Series
2023A
,
RB
,
5.00
%
,
11/15/29
.....
1,000
1,120,655
Series
2023C
,
RB
,
5.00
%
,
11/15/30
.....
1,000
1,131,660
Series
2024B-2
,
RB
,
5.00
%
,
05/15/31
....
1,000
1,135,198
Series
2023A
,
RB
,
4.00
%
,
11/15/31
.....
625
671,877
Series
B
,
RB
,
5.00
%
,
11/15/31
.........
1,000
1,049,326
Series
2005B-4A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(a)
...........
1,250
1,250,000
Series
2001C
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
),
3.90
%
,
09/03/24
(a)
...........
1,000
1,000,000
Series
2012B
,
RB
,
0.00
%
,
11/15/32
(c)
....
700
526,991
Series
2013A
,
RB
,
0.00
%
,
11/15/32
(c)
....
200
150,569
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
Schedule
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2024A,
Sub-Series
A-2
,
RB
,
5.00
%
,
11/15/32
................
USD
1,000
$
1,158,091
Series
2023C
,
RB
,
5.00
%
,
11/15/32
.....
1,000
1,157,299
Series
2024C
,
RB
,
5.00
%
,
11/15/34
.....
1,510
1,783,948
Series
2005B-3
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.90
%
,
09/03/24
(a)
........
1,100
1,100,000
Series
B
,
RB
,
5.00
%
,
11/15/35
.........
325
339,089
Series
2024C
,
RB
,
5.00
%
,
11/15/35
.....
3,000
3,536,307
Series
B
,
RB
,
5.00
%
,
11/15/37
.........
1,685
1,753,695
Series
2023C
,
RB
,
5.00
%
,
11/15/38
.....
1,000
1,144,151
Series
2024C
,
RB
,
5.00
%
,
11/15/38
.....
1,000
1,157,449
Series
B
,
RB
,
5.00
%
,
11/15/38
.........
4,250
4,418,245
Series
2015A
,
RB
,
5.00
%
,
11/15/40
.....
250
252,508
Series
2023C
,
RB
,
5.25
%
,
11/15/42
.....
1,000
1,138,760
Series
2018A
,
RB
,
5.00
%
,
11/15/43
.....
500
522,087
Series
2019A
,
RB
,
5.00
%
,
11/15/43
.....
665
701,662
Series
2021A-2
,
RB
,
VRDN
2.00
%
,
05/15/26
(a)
...............
1,025
972,609
Series
2016A
,
RB
,
5.00
%
,
11/15/46
.....
1,375
1,406,036
Series
2020A
,
RB
,
5.00
%
,
11/15/49
.....
2,500
2,653,636
Series
2022A
,
RB
,
4.00
%
,
05/15/51
.....
1,000
981,894
Series
2022A
,
RB
,
5.00
%
,
05/15/52
.....
250
299,867
Series
2024A
,
RB
,
5.00
%
,
05/15/54
.....
3,000
3,260,501
Series
2024B-1
,
RB
,
5.25
%
,
05/15/54
....
1,780
1,973,221
Series
2020A
,
RB
,
4.00
%
,
11/15/54
.....
1,245
1,205,708
Series
2021A
,
RB
,
5.00
%
,
11/15/56
.....
500
530,771
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
Series
2024A-1
,
RB
,
5.00
%
,
05/15/49
....
2,770
3,036,388
Series
2024A-1
,
RB
,
5.25
%
,
05/15/64
....
1,500
1,648,829
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
Series
2018A
,
RB
,
5.00
%
,
01/01/34
.....
1,000
1,088,744
Series
2018A
,
RB
,
5.00
%
,
01/01/37
.....
500
540,915
Series
2018A
,
RB
,
5.00
%
,
01/01/38
.....
500
539,841
United
Nations
Development
Corp.,
Series
2019A,
RB,
5.00%, 07/01/26
.........
125
130,508
Utility
Debt
Securitization
Authority
Series
2015
,
RB
,
5.00
%
,
06/15/27
......
745
758,112
Series
2016A
,
RB
,
5.00
%
,
06/15/27
.....
1,000
1,017,600
Series
2023TE-1
,
RB
,
5.00
%
,
06/15/28
...
1,000
1,043,220
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/29
...
180
192,474
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/31
...
1,000
1,120,646
Series
2015
,
RB
,
5.00
%
,
12/15/32
......
2,025
2,075,663
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2015
,
RB
,
5.00
%
,
12/15/33
......
USD
400
$
409,855
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/33
...
1,500
1,735,792
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/34
...
1,000
1,173,444
Series
2016B
,
RB
,
4.00
%
,
12/15/35
.....
1,455
1,473,832
Series
2016A
,
RB
,
5.00
%
,
12/15/35
.....
1,195
1,234,787
Series
2015
,
RB
,
5.00
%
,
12/15/35
......
600
614,019
Series
2015
,
RB
,
5.00
%
,
12/15/36
......
150
153,410
Series
2015
,
RB
,
5.00
%
,
12/15/37
......
750
766,572
Series
2017
,
RB
,
5.00
%
,
12/15/39
......
1,200
1,261,082
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/41
...
6,000
6,925,907
Series
2023TE-2
,
RB
,
5.00
%
,
12/15/45
...
1,000
1,128,412
Series
2023TE-2
,
RB
,
5.00
%
,
06/15/53
...
1,000
1,105,380
Western
Nassau
County
Water
Authority
Series
2021A
,
RB
,
4.00
%
,
04/01/46
.....
1,145
1,103,688
Series
2021A
,
RB
,
4.00
%
,
04/01/51
.....
1,255
1,191,080
748,260,811
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
753,564,666
)
..............................
748,260,811
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.77
%
(d)
(e)
.........
28,644
28,647
Total
Short-Term
Securities
—
0
.0
%
(Cost:
$
28,647
)
.................................
28,647
Total
Investments
—
99
.9
%
(Cost:
$
753,593,313
)
..............................
748,289,458
Other
Assets
Less
Liabilities
—
0.1
%
....................
960,599
Net
Assets
—
100.0%
...............................
$
749,250,057
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
When-issued
security.
(c)
Zero-coupon
bond.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
731,756
$
—
$
(
703,109
)
(a)
$
—
$
—
$
28,647
28,644
$
8,052
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
New
York
Muni
Bond
ETF
74
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
748,260,811
$
—
$
748,260,811
Short-Term
Securities
Money
Market
Funds
......................................
28,647
—
—
28,647
$
28,647
$
748,260,811
$
—
$
748,289,458
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
Alabama
—
1.5%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
B
,
RB
,
5.00
%
,
09/01/24
.........
USD
650
$
650,000
Series
B
,
RB
,
5.00
%
,
09/01/25
.........
1,055
1,079,282
Series
2015
,
RB
,
3.10
%
,
09/01/29
......
1,750
1,750,000
Series
2015
,
RB
,
5.00
%
,
09/01/30
......
6,015
6,015,000
Series
2015
,
RB
,
4.00
%
,
09/01/31
......
20,000
20,000,000
Series
A
,
RB
,
5.00
%
,
09/01/33
.........
1,250
1,337,844
Series
A
,
RB
,
5.00
%
,
09/01/34
.........
1,250
1,337,844
Series
2016A
,
RB
,
5.00
%
,
09/01/36
.....
15,040
15,728,257
Series
A
,
RB
,
5.00
%
,
09/01/36
.........
6,840
7,320,684
Alabama
Public
School
&
College
Authority
Series
2020A
,
RB
,
5.00
%
,
11/01/24
.....
5,365
5,382,091
Series
2014B
,
RB
,
5.00
%
,
01/01/25
.....
4,005
4,009,987
Series
2020A
,
RB
,
5.00
%
,
11/01/25
.....
5,760
5,926,666
Series
2014B
,
RB
,
5.00
%
,
01/01/26
.....
2,475
2,482,638
Series
2020A
,
RB
,
5.00
%
,
11/01/26
.....
1,195
1,257,404
Series
2014B
,
RB
,
5.00
%
,
01/01/27
.....
440
441,357
Series
2020A
,
RB
,
5.00
%
,
11/01/27
.....
12,025
12,942,764
Auburn
Water
Works
Board,
Series
2015,
RB,
5.00%, 09/01/40
.................
2,500
2,556,300
Tuscaloosa
County
Board
of
Education,
Series
2017,
4.00%, 02/01/47
.............
5,015
5,187,931
Water
Works
Board
of
the
City
of
Birmingham
(The)
Series
2016B
,
RB
,
5.00
%
,
01/01/30
.....
4,020
4,243,984
Series
2016B
,
RB
,
5.00
%
,
01/01/32
.....
6,945
7,331,957
Series
2016B
,
RB
,
5.00
%
,
01/01/43
.....
9,815
10,361,865
117,343,855
Alaska
—
0.0%
State
of
Alaska
Series
2024B
,
GO
,
5.00
%
,
08/01/27
.....
1,000
1,069,229
Series
2024B
,
GO
,
5.00
%
,
08/01/28
.....
1,500
1,633,418
Series
2024B
,
GO
,
5.00
%
,
08/01/29
.....
1,000
1,110,143
3,812,790
Arizona
—
0.8%
Arizona
Department
of
Transportation
State
Highway
Fund,
Series
2016,
RB,
5.00%, 07/01/27
.................
1,480
1,544,592
Arizona
Transportation
Board
Series
2018
,
RB
,
5.00
%
,
07/01/25
......
885
901,870
Series
2016
,
RB
,
5.00
%
,
07/01/26
......
180
187,938
Arizona
Water
Infrastructure
Finance
Authority,
Series
2014A,
RB,
5.00%, 10/01/24
.....
575
575,792
City
of
Phoenix,
Series
2016,
GO,
5.00%, 07/01/27
.................
335
349,743
City
of
Phoenix
Civic
Improvement
Corp.
Series
2014B
,
RB
,
5.00
%
,
07/01/25
.....
4,615
4,621,973
Series
2021B
,
RB
,
5.00
%
,
07/01/25
.....
4,850
4,944,584
Series
2023
,
RB
,
5.00
%
,
07/01/28
......
2,285
2,491,415
Series
2024
,
RB
,
5.00
%
,
07/01/29
......
5,625
6,268,263
Maricopa
County
Unified
School
District
No.
48
Scottsdale,
Series
2017,
GO,
5.00%, 07/01/27
180
191,971
Salt
River
Project
Agricultural
Improvement
&
Power
District
Series
2016A
,
RB
,
5.00
%
,
01/01/25
.....
3,380
3,402,404
Series
2017A
,
RB
,
5.00
%
,
01/01/25
.....
480
483,182
Series
2019A
,
RB
,
5.00
%
,
01/01/25
.....
275
276,823
Series
2021A
,
RB
,
5.00
%
,
01/01/25
.....
2,840
2,858,825
Series
2017A
,
RB
,
5.00
%
,
01/01/26
.....
490
505,357
Series
2020A
,
RB
,
5.00
%
,
01/01/26
.....
2,700
2,784,621
Series
2021A
,
RB
,
5.00
%
,
01/01/26
.....
8,645
8,915,943
Security
Par
(000)
Par
(000)
Value
Arizona
(continued)
Series
2016A
,
RB
,
5.00
%
,
01/01/27
.....
USD
145
$
153,169
Series
2021A
,
RB
,
5.00
%
,
01/01/27
.....
13,995
14,783,425
Series
2017A
,
RB
,
5.00
%
,
01/01/28
.....
2,070
2,236,262
Series
2016A
,
RB
,
5.00
%
,
01/01/29
.....
4,620
4,870,836
Series
2021A
,
RB
,
5.00
%
,
01/01/29
.....
5,560
6,129,009
Scottsdale
Municipal
Property
Corp.,
Series
2017,
RB,
5.00%, 07/01/36
..........
2,000
2,135,461
University
of
Arizona
(The)
Series
2016
,
RB
,
5.00
%
,
06/01/26
......
15
15,630
Series
A
,
RB
,
5.00
%
,
06/01/26
.........
975
991,448
Series
2016
,
RB
,
5.00
%
,
06/01/27
......
155
161,636
72,782,172
Arkansas
—
0.0%
State
of
Arkansas,
Series
2014,
GO,
5.00%, 04/01/26
.................
360
360,660
University
of
Arkansas
Series
A
,
RB
,
5.00
%
,
11/01/39
.........
1,135
1,138,513
Series
A
,
RB
,
5.00
%
,
11/01/41
.........
825
827,553
2,326,726
California
—
12.3%
Bay
Area
Toll
Authority
Series
2024S-11
,
RB
,
5.00
%
,
04/01/28
...
2,000
2,184,069
Series
2018A
,
RB
,
VRDN
2.63
%
,
04/01/26
(a)
860
853,276
Series
2017F-1
,
RB
,
5.00
%
,
04/01/56
....
10,260
10,954,391
California
Educational
Facilities
Authority,
Series
2009C,
RB,
5.25%, 10/01/24
.........
8,195
8,208,987
California
Infrastructure
&
Economic
Development
Bank
Series
2017
,
RB
,
5.00
%
,
10/01/24
......
1,600
1,602,659
Series
2023
,
RB
,
5.00
%
,
10/01/26
......
5,005
5,281,348
California
State
Public
Works
Board
Series
2014A
,
RB
,
5.00
%
,
09/01/24
.....
295
295,000
Series
B
,
RB
,
5.00
%
,
10/01/24
.........
1,210
1,211,847
Series
F
,
RB
,
5.00
%
,
05/01/25
.........
325
329,936
Series
2018A
,
RB
,
5.00
%
,
05/01/25
.....
1,060
1,076,100
Series
2022A
,
RB
,
5.00
%
,
08/01/25
.....
3,000
3,066,033
Series
2014A
,
RB
,
5.00
%
,
09/01/25
.....
1,265
1,268,020
Series
B
,
RB
,
5.00
%
,
10/01/25
.........
340
349,024
Series
2021B
,
RB
,
5.00
%
,
05/01/26
.....
1,040
1,082,786
Series
F
,
RB
,
5.00
%
,
05/01/26
.........
290
294,858
Series
2014B
,
RB
,
5.00
%
,
10/01/26
.....
600
601,091
Series
B
,
RB
,
5.00
%
,
10/01/26
.........
145
152,336
Series
2023D
,
RB
,
5.00
%
,
11/01/26
.....
670
705,196
Series
2021A
,
RB
,
5.00
%
,
02/01/27
.....
15,800
16,707,468
Series
2022D
,
RB
,
5.00
%
,
05/01/27
.....
7,845
8,342,361
Series
2022A
,
RB
,
5.00
%
,
08/01/27
.....
2,450
2,620,004
Series
2014C
,
RB
,
5.25
%
,
10/01/27
.....
1,050
1,052,194
Series
2021A
,
RB
,
5.00
%
,
02/01/28
.....
4,300
4,646,570
Series
2022B
,
RB
,
5.00
%
,
06/01/28
.....
9,590
10,435,024
California
State
University
Series
2016A
,
RB
,
5.00
%
,
11/01/24
.....
2,115
2,121,734
Series
2021A
,
RB
,
5.00
%
,
11/01/24
.....
2,300
2,307,323
Series
2015A
,
RB
,
5.00
%
,
11/01/25
.....
3,195
3,285,178
Series
2016A
,
RB
,
5.00
%
,
11/01/25
.....
2,055
2,113,002
Series
2016A
,
RB
,
5.00
%
,
11/01/26
.....
345
360,296
Series
2014A
,
RB
,
5.00
%
,
11/01/28
.....
7,010
7,032,612
Series
2024A
,
RB
,
5.00
%
,
11/01/28
.....
2,000
2,213,496
Series
2014A
,
RB
,
5.00
%
,
11/01/29
.....
1,820
1,825,871
Series
2024A
,
RB
,
5.00
%
,
11/01/29
.....
1,125
1,271,415
Chino
Basin
Regional
Financing
Authority,
Series
2020B,
RB,
4.00%, 11/01/25
.........
9,065
9,199,642
City
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/26/25
.................
17,600
17,936,632
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
City
of
Los
Angeles
Wastewater
System
Series
2018B
,
RB
,
5.00
%
,
06/01/25
.....
USD
640
$
652,108
Series
D
,
RB
,
5.00
%
,
06/01/25
.........
90
91,703
Series
2018B
,
RB
,
5.00
%
,
06/01/26
.....
690
722,428
Series
A
,
RB
,
5.00
%
,
06/01/27
.........
170
173,029
Series
D
,
RB
,
5.00
%
,
06/01/27
.........
50
50,891
City
of
San
Francisco
Series
A
,
RB
,
5.00
%
,
11/01/24
.........
4,915
4,932,291
Series
2015A
,
RB
,
5.00
%
,
11/01/25
.....
1,685
1,714,058
Series
A
,
RB
,
5.00
%
,
11/01/25
.........
4,890
5,036,796
Series
D
,
RB
,
5.00
%
,
11/01/25
.........
325
334,756
Series
A
,
RB
,
5.00
%
,
11/01/26
.........
4,655
4,920,055
Series
2023C
,
RB
,
5.00
%
,
11/01/28
.....
2,025
2,244,563
Coast
Community
College
District,
Series
2015,
GO,
0.00%, 08/01/33
(b)
.............
500
346,493
Contra
Costa
Transportation
Authority
Sales
Tax,
Series
2018B,
RB,
5.00%, 03/01/26
.....
3,290
3,419,713
Corona-Norco
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/40
..............
795
812,177
County
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/30/25
.................
18,040
18,392,588
County
of
Riverside,
Series
2024,
RB,
5.00%, 06/30/25
.................
13,000
13,248,686
East
Bay
Municipal
Utility
District
Water
System,
Series
2014B,
RB,
5.00%, 06/01/25
.....
510
519,458
East
Side
Union
High
School
District,
Series
2024A,
GO,
5.00%, 08/01/29
(AGM)
.....
2,860
3,209,925
Eastern
Municipal
Water
District,
Series
2018A,
RB,
VRDN
(Bank
of
America
NA
SBPA),
3.75%, 09/03/24
(a)
................
10,400
10,400,000
El
Camino
Community
College
District
Fountation
(The)
(b)
Series
2012C
,
GO
,
0.00
%
,
08/01/26
.....
4,875
4,637,492
Series
2012C
,
GO
,
0.00
%
,
08/01/27
.....
5,700
5,280,782
Foothill-De
Anza
Community
College
District
(b)
Series
2003B
,
GO
,
0.00
%
,
08/01/26
(
NPFGC
)
.....................
1,220
1,163,412
Series
2000A
,
GO
,
0.00
%
,
08/01/27
(
NPFGC
)
.....................
1,250
1,162,401
Series
2003B
,
GO
,
0.00
%
,
08/01/27
(
NPFGC
)
.....................
4,000
3,719,684
Las
Virgenes
Unified
School
District,
Series
2002D,
GO,
0.00%, 09/01/27
(NPFGC)
(b)
..
13,870
12,813,768
Long
Beach
Unified
School
District
Series
A
,
GO
,
5.00
%
,
08/01/25
........
32,000
32,723,114
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
40
41,966
Los
Angeles
Community
College
District
Series
C-1
,
GO
,
5.00
%
,
08/01/25
.......
10,780
11,034,423
Series
D
,
GO
,
5.00
%
,
08/01/27
........
10,005
10,788,572
Series
D
,
GO
,
5.00
%
,
08/01/28
........
11,375
12,561,157
Series
2024
,
GO
,
5.00
%
,
08/01/29
......
3,660
4,133,571
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Series
2016A
,
RB
,
5.00
%
,
06/01/25
.....
20
20,359
Series
2020A
,
RB
,
5.00
%
,
06/01/25
.....
1,065
1,084,750
Series
2016A
,
RB
,
5.00
%
,
07/01/25
.....
820
836,671
Series
2021A
,
RB
,
5.00
%
,
06/01/26
.....
1,190
1,243,216
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,275
1,334,806
Series
2016A
,
RB
,
5.00
%
,
06/01/27
.....
65
67,698
Series
2021A
,
RB
,
5.00
%
,
06/01/27
.....
80
85,904
Series
2016A
,
RB
,
5.00
%
,
07/01/27
.....
10
10,434
Series
2019A
,
RB
,
5.00
%
,
07/01/27
.....
100
107,606
Series
2023A
,
RB
,
5.00
%
,
07/01/28
.....
2,470
2,722,265
Los
Angeles
Department
of
Water
&
Power
Series
2014C
,
RB
,
5.00
%
,
07/01/25
.....
375
375,399
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2018B
,
RB
,
5.00
%
,
07/01/25
.....
USD
980
$
998,514
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
9,335
9,530,978
Series
2021C
,
RB
,
4.00
%
,
07/01/26
.....
2,605
2,681,087
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
205
214,917
Series
2021C
,
RB
,
5.00
%
,
07/01/26
.....
4,920
5,147,343
Series
2016B
,
RB
,
5.00
%
,
07/01/27
.....
75
77,360
Series
2020A
,
RB
,
5.00
%
,
07/01/27
.....
160
171,977
Series
2022A
,
RB
,
5.00
%
,
07/01/27
.....
105
112,860
Series
2022E
,
RB
,
5.00
%
,
07/01/27
.....
3,500
3,761,989
Series
2023F,
Sub-Series
F-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.75
%
,
09/03/24
(a)
...............
1,900
1,900,000
Series
2023F-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.60
%
,
09/03/24
(a)
1,800
1,800,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Series
2018A
,
RB
,
5.00
%
,
07/01/25
.....
20
20,420
Series
2020B
,
RB
,
4.00
%
,
07/01/26
.....
1,235
1,272,765
Series
2016B
,
RB
,
5.00
%
,
07/01/26
.....
590
610,846
Series
2020B
,
RB
,
4.00
%
,
07/01/27
.....
180
187,966
Series
2016B
,
RB
,
5.00
%
,
07/01/27
.....
75
77,380
Series
2022B
,
RB
,
5.00
%
,
07/01/27
.....
160
172,068
Series
2023A
,
RB
,
5.00
%
,
07/01/28
.....
9,710
10,682,144
Los
Angeles
Unified
School
District
Series
2016A
,
GO
,
5.00
%
,
07/01/25
.....
455
464,703
Series
2017A
,
GO
,
5.00
%
,
07/01/25
.....
4,285
4,376,381
Series
2019A
,
GO
,
5.00
%
,
07/01/25
.....
1,380
1,409,430
Series
2020A
,
GO
,
5.00
%
,
07/01/25
.....
135
137,879
Series
2020C
,
GO
,
5.00
%
,
07/01/25
.....
5,055
5,162,802
Series
2017A
,
GO
,
5.00
%
,
07/01/26
.....
3,880
4,070,548
Series
2018B-1
,
GO
,
5.00
%
,
07/01/26
....
105
110,157
Series
2020A
,
GO
,
5.00
%
,
07/01/26
.....
250
262,278
Series
2020C
,
GO
,
5.00
%
,
07/01/26
.....
2,910
3,052,911
Series
2020RYQ
,
GO
,
5.00
%
,
07/01/26
...
400
419,644
Series
2016B
,
GO
,
5.00
%
,
07/01/27
.....
1,095
1,144,338
Series
2019A
,
GO
,
5.00
%
,
07/01/27
.....
140
150,360
Series
2022QRR
,
GO
,
5.00
%
,
07/01/27
...
2,405
2,582,970
Series
2024A
,
GO
,
5.00
%
,
07/01/28
.....
3,695
4,062,083
Series
2024A
,
GO
,
5.00
%
,
07/01/29
.....
6,820
7,664,280
Los
Rios
Community
College
District,
Series
E,
GO,
3.00%, 08/01/25
..............
2,300
2,312,045
Marin
Community
College
District,
Series
A,
GO,
5.00%, 08/01/41
.................
7,500
7,875,681
Metropolitan
Water
District
of
Southern
California
Series
2022A
,
RB
,
5.00
%
,
10/01/24
.....
1,920
1,923,182
Series
2017A
,
RB
,
2.50
%
,
07/01/25
.....
595
593,034
Series
2015A
,
RB
,
5.00
%
,
07/01/25
.....
2,545
2,597,163
Series
2019A
,
RB
,
5.00
%
,
07/01/25
.....
550
561,136
Series
2022A
,
RB
,
5.00
%
,
10/01/25
.....
1,445
1,484,929
Series
2019A
,
RB
,
5.00
%
,
07/01/26
.....
1,180
1,235,134
Series
2022B
,
RB
,
3.00
%
,
07/01/27
.....
250
252,912
Series
2022A
,
RB
,
5.00
%
,
10/01/27
.....
1,075
1,163,945
Moreno
Valley
Unified
School
District,
Series
A,
GO,
5.00%, 08/01/44
(AGM)
.........
5,000
5,112,589
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2016B,
RB,
5.00%, 11/01/26
.....
1,000
1,056,505
Oakland
Unified
School
District,
Series
2015A,
GO,
5.00%, 08/01/40
..............
4,000
4,092,262
Orange
County
Sanitation
District,
Series
2017A,
RB,
5.00%, 02/01/27
..............
3,225
3,430,928
Orange
County
Water
District,
Series
2021A,
COP,
4.00%, 02/15/25
.............
8,125
8,164,782
Palomar
Community
College
District,
Series
C,
GO,
5.00%, 08/01/44
..............
25,175
25,751,074
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
Poway
Unified
School
District,
Series
A,
GO,
0.00%, 08/01/27
(b)
................
USD
5,000
$
4,616,329
Riverside
Community
College
District
(b)
Series
E
,
GO
,
0.00
%
,
08/01/35
........
3,000
1,781,016
Series
E
,
GO
,
0.00
%
,
08/01/38
........
5,500
2,782,386
Series
E
,
GO
,
0.00
%
,
08/01/39
........
2,420
1,160,098
Sacramento
Municipal
Utility
District
Series
2022J
,
RB
,
5.00
%
,
08/15/25
.....
1,950
1,997,441
Series
2022J
,
RB
,
5.00
%
,
08/15/26
.....
650
682,590
Series
2022J
,
RB
,
5.00
%
,
08/15/27
.....
1,310
1,411,950
San
Diego
Association
of
Governments,
Series
2019A,
RB,
5.00%, 11/15/25
.........
330
331,290
San
Diego
Community
College
District
Series
2016
,
GO
,
4.00
%
,
08/01/32
......
6,860
7,065,709
Series
2016
,
GO
,
4.00
%
,
08/01/41
......
13,060
13,451,628
Series
2016
,
GO
,
5.00
%
,
08/01/41
......
13,000
13,631,237
San
Diego
County
Regional
Transportation
Commission
Series
2016A
,
RB
,
5.00
%
,
04/01/25
.....
2,135
2,165,472
Series
2023A
,
RB
,
5.00
%
,
04/01/28
.....
555
607,321
San
Diego
Public
Facilities
Financing
Authority,
Series
2015,
RB,
5.00%, 05/15/25
......
450
457,673
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2015D
,
GO
,
5.00
%
,
08/01/25
.....
275
281,214
Series
2019F-1
,
GO
,
5.00
%
,
08/01/25
....
100
102,260
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport,
Series
2016D,
RB,
5.00%, 05/01/25
..............
2,320
2,356,465
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
Series
2016A
,
RB
,
5.00
%
,
10/01/26
.....
4,865
4,987,845
Series
2022B
,
RB
,
5.00
%
,
10/01/26
.....
3,000
3,164,252
Series
2022B
,
RB
,
5.00
%
,
10/01/27
.....
3,850
4,162,312
Series
2023A
,
RB
,
5.00
%
,
10/01/27
.....
3,000
3,243,360
San
Jose
Evergreen
Community
College
District,
Series
C,
GO,
4.00%, 09/01/40
........
12,155
12,155,000
San
Jose
Unified
School
District,
Series
C,
GO,
0.00%, 08/01/27
(NPFGC)
(b)
..........
3,000
2,771,387
San
Mateo
County
Community
College
District
(b)
Series
2006B
,
GO
,
0.00
%
,
09/01/27
(
NPFGC
)
.....................
1,000
923,848
Series
2006B
,
GO
,
0.00
%
,
09/01/29
(
NPFGC
)
.....................
800
699,790
San
Mateo
Foster
City
Public
Financing
Authority,
Series
2021B,
RB,
5.00%, 08/01/25
27,420
28,037,441
Santa
Clara
County
Financing
Authority,
Series
2008M,
RB,
VRDN
(Bank
of
America
NA
LOC),
2.19%, 09/04/24
(a)
............
5,110
5,110,000
Santa
Clara
Valley
Water
District
Safe
Clean
Water,
Series
2022B,
COP,
5.00%, 12/01/26
1,200
1,265,659
Santa
Monica
Community
College
District
(b)
Series
2009C
,
GO
,
0.00
%
,
08/01/25
.....
1,930
1,881,041
Series
2010E
,
GO
,
0.00
%
,
08/01/26
.....
500
473,939
Series
2009C
,
GO
,
0.00
%
,
08/01/28
.....
1,000
896,012
Southern
California
Public
Power
Authority,
Series
2020-3,
RB,
VRDN
(Bank
of
America
NA
SBPA),
3.95%, 09/03/24
(a)
.........
17,600
17,600,000
Southwestern
Community
College
District,
Series
D,
GO,
5.00%, 08/01/44
........
1,000
1,022,062
State
of
California
Series
B
,
GO
,
5.00
%
,
09/01/24
........
850
850,000
GO
,
5.00
%
,
09/01/24
...............
14,870
14,870,000
GO
,
4.00
%
,
10/01/24
...............
1,865
1,866,683
GO
,
5.00
%
,
10/01/24
...............
32,165
32,218,700
GO
,
4.00
%
,
11/01/24
...............
220
220,430
Security
Par
(000)
Par
(000)
Value
California
(continued)
Series
2017
,
GO
,
5.00
%
,
11/01/24
......
USD
5,050
$
5,067,896
GO
,
5.00
%
,
11/01/24
...............
675
677,392
Series
2003
,
GO
,
5.50
%
,
02/01/25
......
1,025
1,037,052
GO
,
3.00
%
,
03/01/25
...............
7,000
7,000,643
GO
,
5.00
%
,
03/01/25
...............
5,415
5,479,743
Series
A
,
GO
,
4.00
%
,
04/01/25
........
3,890
3,922,815
GO
,
5.00
%
,
04/01/25
...............
275
278,886
Series
2016
,
GO
,
5.00
%
,
08/01/25
......
895
914,292
GO
,
5.00
%
,
08/01/25
...............
7,660
7,825,116
Series
C
,
GO
,
5.00
%
,
08/01/25
........
940
960,262
GO
,
5.00
%
,
09/01/25
...............
1,305
1,335,703
Series
B
,
GO
,
5.00
%
,
09/01/25
........
240
245,749
GO
,
5.00
%
,
10/01/25
...............
36,145
37,047,153
Series
2017
,
GO
,
5.00
%
,
11/01/25
......
3,500
3,597,974
GO
,
5.00
%
,
11/01/25
...............
14,330
14,731,133
GO
,
5.00
%
,
12/01/25
...............
9,715
10,006,741
GO
,
3.00
%
,
03/01/26
...............
800
802,497
GO
,
5.00
%
,
03/01/26
...............
8,905
9,004,673
GO
,
5.00
%
,
04/01/26
...............
15,705
16,286,068
GO
,
4.00
%
,
08/01/26
...............
285
292,547
GO
,
5.00
%
,
08/01/26
...............
10,125
10,555,990
Series
C
,
GO
,
5.00
%
,
08/01/26
........
160
167,201
Series
2016
,
GO
,
5.00
%
,
08/01/26
......
355
370,978
GO
,
4.00
%
,
09/01/26
...............
240
246,653
GO
,
5.00
%
,
09/01/26
...............
11,685
12,234,688
Series
C
,
GO
,
5.00
%
,
09/01/26
........
285
291,148
GO
,
4.00
%
,
10/01/26
...............
7,525
7,756,778
GO
,
5.00
%
,
10/01/26
...............
2,060
2,161,245
GO
,
4.00
%
,
11/01/26
...............
9,755
10,067,660
Series
2017
,
GO
,
5.00
%
,
11/01/26
......
2,885
3,037,802
GO
,
5.00
%
,
11/01/26
...............
3,395
3,574,814
GO
,
5.00
%
,
12/01/26
...............
4,660
4,916,337
GO
,
5.00
%
,
04/01/27
...............
6,870
7,295,493
Series
C
,
GO
,
5.00
%
,
08/01/27
........
175
187,245
GO
,
5.00
%
,
08/01/27
...............
9,170
9,791,743
Series
2016
,
GO
,
5.00
%
,
08/01/27
......
7,505
7,854,584
GO
,
4.00
%
,
09/01/27
...............
5,580
5,818,423
Series
C
,
GO
,
5.00
%
,
09/01/27
........
215
219,844
GO
,
5.00
%
,
09/01/27
...............
3,530
3,730,421
GO
,
4.00
%
,
10/01/27
...............
1,225
1,278,730
GO
,
5.00
%
,
10/01/27
...............
2,465
2,639,087
GO
,
5.00
%
,
11/01/27
...............
32,920
35,416,271
GO
,
5.00
%
,
04/01/28
...............
11,505
12,483,942
GO
,
5.00
%
,
08/01/28
...............
3,095
3,306,990
Series
B
,
GO
,
5.00
%
,
08/01/28
........
4,700
5,021,923
GO
,
5.00
%
,
10/01/28
...............
14,310
15,689,548
GO
,
5.00
%
,
11/01/28
...............
16,250
17,846,558
GO
,
5.00
%
,
12/01/28
...............
6,505
7,156,146
GO
,
5.00
%
,
04/01/29
...............
7,265
8,042,614
GO
,
5.00
%
,
08/01/29
(c)
..............
15,000
16,712,748
GO
,
5.00
%
,
09/01/29
...............
2,565
2,678,458
State
of
California
Department
of
Water
Resources
Series
AS
,
RB
,
5.00
%
,
12/01/24
........
5,620
5,651,339
Series
AW
,
RB
,
5.00
%
,
12/01/24
.......
15
15,084
Series
AX
,
RB
,
5.00
%
,
12/01/24
........
170
170,948
Series
BB
,
RB
,
5.00
%
,
12/01/24
........
5,330
5,359,722
Series
2016
,
RB
,
5.00
%
,
12/01/25
......
55
56,837
Series
AS
,
RB
,
5.00
%
,
12/01/25
........
350
352,155
Series
AX
,
RB
,
5.00
%
,
12/01/25
........
3,115
3,219,038
Series
BA
,
RB
,
5.00
%
,
12/01/25
........
1,645
1,699,941
Series
BB
,
RB
,
5.00
%
,
12/01/25
........
225
232,515
Series
AX
,
RB
,
5.00
%
,
12/01/26
........
70
74,191
Series
BA
,
RB
,
5.00
%
,
12/01/26
........
40
42,395
Series
BB
,
RB
,
5.00
%
,
12/01/26
........
295
312,660
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
University
of
California
Series
2018O
,
RB
,
4.00
%
,
05/15/25
.....
USD
10
$
10,103
Series
2015I
,
RB
,
5.00
%
,
05/15/25
......
445
452,668
Series
2015AO
,
RB
,
5.00
%
,
05/15/25
....
1,550
1,576,817
Series
2015AO
,
RB
,
5.00
%
,
05/15/26
....
375
381,760
Series
2015I
,
RB
,
5.00
%
,
05/15/26
......
1,060
1,079,108
Series
2017AV
,
RB
,
5.00
%
,
05/15/26
....
205
214,194
Series
2017AY
,
RB
,
5.00
%
,
05/15/26
....
680
710,499
Series
2017AY
,
RB
,
5.00
%
,
05/15/27
....
930
996,709
Series
2023BN
,
RB
,
5.00
%
,
05/15/27
....
10,025
10,744,097
Series
2015AO
,
RB
,
5.00
%
,
05/15/28
....
4,265
4,329,037
Series
2015I
,
RB
,
5.00
%
,
05/15/28
......
2,250
2,283,469
Series
2023BN
,
RB
,
5.00
%
,
05/15/28
....
5,015
5,500,966
Series
2024BS
,
RB
,
5.00
%
,
05/15/28
....
3,000
3,290,708
Series
2024BS
,
RB
,
5.00
%
,
05/15/29
....
10,000
11,216,557
Series
2024BX
,
RB
,
5.00
%
,
05/15/29
....
4,165
4,671,696
Series
2013AL-3
,
RB
,
VRDN
3.65
%
,
09/03/24
(a)
...............
4,830
4,830,000
1,062,101,076
Colorado
—
1.1%
City
&
County
of
Denver
Series
2019B
,
GO
,
5.00
%
,
08/01/25
.....
1,325
1,353,613
Series
2019A
,
GO
,
5.00
%
,
08/01/26
.....
1,500
1,571,649
Series
2020B
,
GO
,
5.00
%
,
08/01/26
.....
14,055
14,723,660
Series
2020B
,
GO
,
5.00
%
,
08/01/27
.....
7,980
8,542,755
Series
2022A
,
GO
,
5.00
%
,
08/01/27
.....
10
10,699
City
&
County
of
Denver
Airport
System
Series
2016A
,
RB
,
5.00
%
,
11/15/24
.....
5,445
5,465,920
Series
2022C
,
RB
,
5.00
%
,
11/15/25
.....
1,125
1,156,617
Series
2019C
,
RB
,
5.00
%
,
11/15/27
.....
3,505
3,766,830
Series
2023A
,
RB
,
5.00
%
,
11/15/28
.....
2,950
3,222,279
City
of
Aurora,
Series
2016,
RB,
5.00%, 08/01/41
.................
9,460
9,910,289
City
of
Colorado
Springs
Utilities
System
Series
2020A
,
RB
,
5.00
%
,
11/15/25
.....
905
931,349
Series
2020B
,
RB
,
5.00
%
,
11/15/25
.....
1,010
1,039,407
Series
2020B
,
RB
,
5.00
%
,
11/15/26
.....
550
579,279
Series
2024B
,
RB
,
5.00
%
,
11/15/26
.....
1,805
1,901,088
Series
2020B
,
RB
,
5.00
%
,
11/15/28
.....
1,000
1,099,487
Series
2022A
,
RB
,
5.00
%
,
11/15/28
.....
1,000
1,099,487
Denver
City
&
County
School
District
No.
1
Series
2017
,
GO
,
5.00
%
,
12/01/24
(
SAW
)
.
890
894,356
Series
2016
,
GO
,
5.00
%
,
12/01/25
(
SAW
)
.
335
344,995
Series
2021B
,
GO
,
4.00
%
,
12/01/26
(
SAW
)
9,460
9,764,407
E-470
Public
Highway
Authority
(b)
Series
B
,
RB
,
0.00
%
,
09/01/26
(
NPFGC
)
..
4,540
4,272,260
Series
2004A
,
RB
,
0.00
%
,
09/01/28
(
NPFGC
)
4,500
3,966,023
Regional
Transportation
District
Sales
Tax,
Series
2023A,
RB,
5.00%, 11/01/27
.....
5,000
5,371,079
State
of
Colorado,
Series
2019O,
COP,
5.00%, 03/15/25
.................
225
227,608
University
of
Colorado
Series
2016A
,
RB
,
5.00
%
,
06/01/47
.....
4,195
4,369,503
Series
2021C-3A
,
RB
,
VRDN
2.00
%
,
10/15/25
(a)
...............
250
246,237
Series
2021C-3B
,
RB
,
VRDN
2.00
%
,
10/15/26
(a)
...............
250
242,988
Series
2019C
,
RB
,
VRDN
2.00
%
,
10/15/24
(a)
2,500
2,493,129
88,566,993
Connecticut
—
2.4%
Connecticut
State
Health
&
Educational
Facilities
Authority
(a)
Series
2017C-1
,
RB
,
VRDN
5.00
%
,
02/01/28
1,035
1,119,996
Security
Par
(000)
Par
(000)
Value
Connecticut
(continued)
Series
2017C-2
,
RB
,
VRDN
2.80
%
,
02/03/26
USD
4,000
$
3,996,890
Series
2024C-1
,
RB
,
VRDN
2.90
%
,
09/04/24
27,980
27,980,000
Hartford
County
Metropolitan
District
Clean
Water
Project,
Series
2014A,
RB,
5.00%, 11/01/34
.................
1,000
1,003,013
State
of
Connecticut
Series
2018F
,
GO
,
5.00
%
,
09/15/24
.....
4,045
4,047,586
Series
2022D
,
GO
,
5.00
%
,
09/15/24
.....
1,000
1,000,639
Series
2018E
,
GO
,
5.00
%
,
09/15/24
.....
1,765
1,766,129
Series
E
,
GO
,
5.00
%
,
10/15/24
........
185
185,421
Series
2022A
,
GO
,
4.00
%
,
01/15/25
.....
12,335
12,386,169
Series
2020A
,
GO
,
5.00
%
,
01/15/25
.....
6,065
6,112,085
Series
2019B
,
GO
,
5.00
%
,
02/15/25
.....
7,670
7,745,063
Series
2024C
,
GO
,
5.00
%
,
03/01/25
.....
14,405
14,561,662
Series
A
,
GO
,
5.00
%
,
04/15/25
........
560
567,745
Series
2018B
,
GO
,
5.00
%
,
04/15/25
.....
635
643,782
Series
2019A
,
GO
,
5.00
%
,
04/15/25
.....
4,615
4,678,825
Series
2016B
,
GO
,
5.00
%
,
05/15/25
.....
2,635
2,676,917
Series
2021B
,
GO
,
3.00
%
,
06/01/25
.....
1,535
1,537,559
Series
2018F
,
GO
,
5.00
%
,
09/15/25
.....
2,140
2,193,300
Series
H
,
GO
,
5.00
%
,
11/15/25
........
30
30,872
Series
F
,
GO
,
5.00
%
,
11/15/25
.........
565
581,429
Series
2022A
,
GO
,
4.00
%
,
01/15/26
.....
1,815
1,851,024
Series
2021A
,
GO
,
4.00
%
,
01/15/26
.....
2,285
2,330,353
Series
2020A
,
GO
,
5.00
%
,
01/15/26
.....
1,300
1,343,153
Series
2024A
,
GO
,
5.00
%
,
01/15/26
.....
9,380
9,691,364
Series
2019B
,
GO
,
5.00
%
,
02/15/26
.....
3,075
3,183,476
Series
B
,
GO
,
5.00
%
,
04/15/26
........
45
46,773
Series
2018C
,
GO
,
5.00
%
,
06/15/26
.....
1,055
1,100,935
Series
2022D
,
GO
,
5.00
%
,
09/15/26
.....
845
886,227
Series
E
,
GO
,
5.00
%
,
10/15/26
........
1,525
1,602,395
Series
2021A
,
GO
,
4.00
%
,
01/15/27
.....
4,575
4,724,896
Series
2022A
,
GO
,
4.00
%
,
01/15/27
.....
4,595
4,745,551
Series
B
,
GO
,
5.00
%
,
04/15/27
........
75
79,669
Series
2019A
,
GO
,
5.00
%
,
04/15/27
.....
105
111,537
Series
2016B
,
GO
,
5.00
%
,
05/15/27
.....
1,605
1,667,637
Series
2021B
,
GO
,
4.00
%
,
06/01/27
.....
8,665
8,995,466
Series
2020C
,
GO
,
4.00
%
,
06/01/27
.....
1,020
1,058,901
Series
2022C
,
GO
,
5.00
%
,
06/15/27
.....
1,115
1,188,844
Series
2021D
,
GO
,
5.00
%
,
07/15/27
.....
320
341,832
Series
2022D
,
GO
,
5.00
%
,
09/15/27
.....
1,365
1,463,537
Series
F
,
GO
,
5.00
%
,
11/15/27
.........
8,825
9,054,155
Series
2022A
,
GO
,
4.00
%
,
01/15/28
.....
1,905
1,991,526
Series
2019A
,
GO
,
5.00
%
,
04/15/28
.....
2,705
2,936,257
Series
2018B
,
GO
,
5.00
%
,
04/15/28
.....
1,490
1,617,384
Series
2015B
,
GO
,
5.00
%
,
06/15/28
.....
1,300
1,321,717
Series
2023B
,
GO
,
5.00
%
,
08/01/28
.....
3,340
3,647,758
Series
2022D
,
GO
,
5.00
%
,
09/15/28
.....
1,195
1,308,397
Series
2022E
,
GO
,
5.00
%
,
11/15/28
.....
1,670
1,834,597
Series
2024A
,
GO
,
5.00
%
,
01/15/29
.....
5,000
5,511,233
Series
2024C
,
GO
,
5.00
%
,
03/01/29
.....
3,500
3,867,795
Series
2015A
,
GO
,
5.00
%
,
03/15/29
.....
6,340
6,409,551
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
2015A
,
RB
,
5.00
%
,
03/01/25
.....
10
10,109
Series
A
,
RB
,
5.00
%
,
05/01/25
.........
295
299,405
Series
B
,
RB
,
5.00
%
,
06/01/26
.........
480
500,851
State
of
Connecticut
Special
Tax
Series
A
,
RB
,
5.00
%
,
09/01/24
.........
2,630
2,630,000
Series
2018B
,
RB
,
5.00
%
,
10/01/24
.....
445
445,655
Series
2018C
,
RB
,
5.00
%
,
10/01/24
.....
615
615,905
Series
2021D
,
RB
,
5.00
%
,
11/01/24
.....
510
511,541
Series
2018A
,
RB
,
5.00
%
,
01/01/25
.....
895
901,100
Series
2020A
,
RB
,
5.00
%
,
05/01/25
.....
260
263,865
Series
2021A
,
RB
,
5.00
%
,
05/01/25
.....
2,395
2,430,602
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Connecticut
(continued)
Series
A
,
RB
,
5.00
%
,
08/01/25
.........
USD
200
$
204,313
Series
A
,
RB
,
5.00
%
,
09/01/25
.........
4,490
4,563,685
Series
2018B
,
RB
,
5.00
%
,
10/01/25
.....
540
554,029
Series
2018A
,
RB
,
5.00
%
,
01/01/26
.....
325
335,431
Series
2021C
,
RB
,
5.00
%
,
01/01/26
.....
1,750
1,806,166
Series
2021A
,
RB
,
5.00
%
,
05/01/26
.....
310
322,502
Series
2020A
,
RB
,
5.00
%
,
05/01/26
.....
2,105
2,189,890
Series
A
,
RB
,
5.00
%
,
08/01/26
.........
710
724,846
Series
A
,
RB
,
5.00
%
,
09/01/26
.........
125
130,983
Series
2018C
,
RB
,
5.00
%
,
10/01/26
.....
10,100
10,603,209
Series
2018B
,
RB
,
5.00
%
,
10/01/26
.....
145
152,224
Series
2021D
,
RB
,
5.00
%
,
11/01/26
.....
2,010
2,114,143
Series
2018A
,
RB
,
5.00
%
,
01/01/27
.....
2,085
2,200,414
Series
2021A
,
RB
,
5.00
%
,
05/01/27
.....
270
287,094
Series
2020A
,
RB
,
5.00
%
,
05/01/27
.....
145
154,180
Series
2022B
,
RB
,
5.00
%
,
07/01/27
.....
1,780
1,899,776
Series
B
,
RB
,
5.00
%
,
08/01/27
.........
20
20,394
Series
A
,
RB
,
5.00
%
,
09/01/27
.........
240
250,967
Series
2023B
,
RB
,
5.00
%
,
07/01/28
.....
3,125
3,407,046
Series
2018A
,
RB
,
5.00
%
,
01/01/29
.....
9,380
10,095,298
University
of
Connecticut
Series
2020A
,
RB
,
5.00
%
,
02/15/25
.....
1,035
1,045,124
Series
2022A
,
RB
,
5.00
%
,
05/01/26
.....
1,075
1,118,511
Series
2022A
,
RB
,
5.00
%
,
05/01/29
.....
860
950,434
234,468,714
Delaware
—
1.4%
County
of
New
Castle
Series
2015
,
GO
,
5.00
%
,
10/01/27
......
10,235
10,490,380
Series
2015
,
GO
,
5.00
%
,
10/01/33
......
5,000
5,124,758
Series
2015
,
GO
,
5.00
%
,
10/01/35
......
3,000
3,074,855
Delaware
Transportation
Authority
Series
2020
,
RB
,
5.00
%
,
09/01/24
......
585
585,000
Series
2019
,
RB
,
5.00
%
,
07/01/25
......
500
509,655
Series
2020
,
RB
,
5.00
%
,
07/01/25
......
10
10,193
Series
2020
,
RB
,
5.00
%
,
07/01/26
......
2,495
2,605,491
Series
2020
,
RB
,
5.00
%
,
09/01/26
......
195
204,053
Series
2020
,
RB
,
5.00
%
,
09/01/28
......
4,545
4,955,940
State
of
Delaware
Series
2018A
,
GO
,
5.00
%
,
02/01/25
.....
4,325
4,368,170
Series
2022
,
GO
,
5.00
%
,
03/01/25
......
13,395
13,553,904
Series
2017A
,
GO
,
5.00
%
,
01/01/26
.....
4,355
4,495,930
Series
2020A
,
GO
,
5.00
%
,
01/01/26
.....
6,460
6,669,049
Series
2021
,
GO
,
5.00
%
,
02/01/26
......
5,015
5,187,723
Series
2022
,
GO
,
5.00
%
,
03/01/26
......
40
41,461
Series
2017A
,
GO
,
5.00
%
,
01/01/27
.....
1,625
1,719,071
Series
2020A
,
GO
,
5.00
%
,
01/01/27
.....
5,530
5,850,132
Series
2018A
,
GO
,
5.00
%
,
02/01/27
.....
3,025
3,206,443
Series
2019
,
GO
,
5.00
%
,
02/01/27
......
3,625
3,842,431
Series
2021
,
GO
,
5.00
%
,
02/01/27
......
2,605
2,761,251
Series
2016D
,
GO
,
5.00
%
,
07/01/27
.....
1,200
1,252,018
Series
2017A
,
GO
,
5.00
%
,
01/01/28
.....
1,985
2,148,856
Series
2019
,
GO
,
5.00
%
,
02/01/28
......
1,500
1,626,822
Series
2023A
,
GO
,
5.00
%
,
05/01/28
.....
17,295
18,859,886
Series
2019
,
GO
,
5.00
%
,
02/01/29
......
2,010
2,225,378
University
of
Delaware,
Series
2005,
RB,
VRDN
(TD
Bank
NA
SBPA),
3.80%, 09/04/24
(a)
..
4,410
4,410,000
109,778,850
District
of
Columbia
—
1.8%
District
of
Columbia
Series
2019A
,
GO
,
5.00
%
,
10/15/24
.....
90
90,231
Series
2021E
,
GO
,
5.00
%
,
02/01/25
.....
185
186,822
Series
2016A
,
GO
,
5.00
%
,
06/01/25
.....
2,095
2,130,645
Series
2017D
,
GO
,
5.00
%
,
06/01/25
.....
70
71,191
Security
Par
(000)
Par
(000)
Value
District
of
Columbia
(continued)
Series
2018B
,
GO
,
5.00
%
,
06/01/25
.....
USD
325
$
330,530
Series
2019A
,
GO
,
5.00
%
,
10/15/25
.....
9,195
9,443,371
Series
2020
,
RB
,
5.00
%
,
12/01/25
......
1,000
1,028,897
Series
2021D
,
GO
,
4.00
%
,
02/01/26
.....
4,270
4,357,512
Series
2021E
,
GO
,
5.00
%
,
02/01/26
.....
125
129,284
Series
2015A
,
GO
,
5.00
%
,
06/01/26
.....
945
962,342
Series
2018B
,
GO
,
5.00
%
,
06/01/26
.....
465
484,775
Series
2017D
,
GO
,
5.00
%
,
06/01/26
.....
155
161,592
Series
2015B
,
GO
,
5.00
%
,
06/01/26
.....
1,180
1,201,655
Series
D
,
GO
,
5.00
%
,
06/01/26
........
20
20,851
Series
2020
,
RB
,
5.00
%
,
12/01/26
......
2,880
3,025,880
Series
2021D
,
GO
,
4.00
%
,
02/01/27
.....
160
165,454
Series
2021E
,
GO
,
5.00
%
,
02/01/27
.....
7,885
8,340,835
Series
2018B
,
GO
,
5.00
%
,
06/01/27
.....
3,715
3,959,499
Series
2019A
,
GO
,
5.00
%
,
10/15/27
.....
3,005
3,229,382
Series
2023A
,
GO
,
5.00
%
,
01/01/28
.....
2,355
2,541,557
Series
2021D
,
GO
,
5.00
%
,
02/01/28
.....
1,225
1,324,391
Series
2023B
,
GO
,
5.00
%
,
06/01/28
.....
6,750
7,348,762
Series
2020
,
RB
,
5.00
%
,
12/01/28
......
1,000
1,091,909
District
of
Columbia
Income
Tax
Series
2020B
,
RB
,
5.00
%
,
10/01/24
.....
14,480
14,499,106
Series
2014A
,
RB
,
5.00
%
,
12/01/24
.....
130
130,725
Series
2019A
,
RB
,
5.00
%
,
03/01/25
.....
830
840,042
Series
2019C
,
RB
,
5.00
%
,
10/01/25
.....
5,745
5,894,737
Series
2020B
,
RB
,
5.00
%
,
10/01/25
.....
195
200,082
Series
2020A
,
RB
,
5.00
%
,
03/01/26
.....
150
155,453
Series
2020C
,
RB
,
5.00
%
,
05/01/26
.....
915
952,019
Series
2019C
,
RB
,
5.00
%
,
10/01/26
.....
8,135
8,546,880
Series
2020B
,
RB
,
5.00
%
,
10/01/26
.....
17,460
18,344,010
Series
2020A
,
RB
,
5.00
%
,
03/01/27
.....
2,460
2,607,196
Series
2019C
,
RB
,
5.00
%
,
10/01/27
.....
1,005
1,079,147
Series
2022C
,
RB
,
5.00
%
,
12/01/27
.....
10,435
11,244,814
Series
2020B
,
RB
,
5.00
%
,
10/01/28
.....
15,490
16,980,658
District
of
Columbia
Water
&
Sewer
Authority
Series
A
,
RB
,
5.00
%
,
10/01/24
.........
50
50,075
Series
2014C
,
RB
,
5.00
%
,
10/01/25
.....
770
772,204
Series
B
,
RB
,
5.00
%
,
10/01/25
.........
195
200,082
Series
2014C
,
RB
,
5.00
%
,
10/01/27
.....
135
135,386
Series
2024A
,
RB
,
5.00
%
,
10/01/28
.....
5,000
5,487,275
Series
2024B,
Sub-Series
B-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.90
%
,
09/03/24
(a)
6,000
6,000,000
Washington
Metropolitan
Area
Transit
Authority
Series
2021A
,
RB
,
5.00
%
,
07/15/25
.....
6,850
6,989,160
Series
2021A
,
RB
,
5.00
%
,
07/15/26
.....
680
710,267
Series
2021A
,
RB
,
5.00
%
,
07/15/27
.....
5,735
6,127,732
Series
2023A
,
RB
,
5.00
%
,
07/15/27
.....
1,000
1,068,480
Series
2018
,
RB
,
5.00
%
,
07/01/28
......
1,060
1,122,373
Series
2021A
,
RB
,
5.00
%
,
07/15/28
.....
1,000
1,089,938
162,855,208
Florida
—
1.8%
Central
Florida
Expressway
Authority
Series
2019B
,
RB
,
5.00
%
,
07/01/26
.....
1,320
1,375,272
Series
2021
,
RB
,
5.00
%
,
07/01/26
(
AGM
)
.
5,185
5,407,781
Series
2024B
,
RB
,
5.00
%
,
07/01/29
(
AGC
)
2,000
2,214,962
City
of
Jacksonville
Series
2024
,
RB
,
5.00
%
,
10/01/28
......
1,160
1,266,921
Series
2024
,
RB
,
5.00
%
,
10/01/29
......
1,600
1,780,585
County
of
Miami-Dade
Series
2016A
,
GO
,
5.00
%
,
07/01/25
.....
2,515
2,561,438
Series
B
,
RB
,
5.00
%
,
10/01/26
.........
5,105
5,222,067
Series
2016A
,
GO
,
5.00
%
,
07/01/29
.....
10,905
12,071,859
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2015,
RB,
5.00%, 10/01/24
......
2,440
2,443,452
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
County
of
Orange
Water
Utility
System,
Series
2020,
RB,
5.00%, 10/01/27
..........
USD
225
$
241,116
Florida
Department
of
Environmental
Protection,
Series
2015A,
RB,
5.00%, 07/01/26
.....
305
310,985
JEA
Water
&
Sewer
System,
Series
2008B-1,
RB,
VRDN
(Bank
of
America
NA
SBPA),
2.96%, 09/04/24
(a)
................
5,385
5,385,000
Orlando
Utilities
Commission
Series
2020A
,
RB
,
5.00
%
,
10/01/26
.....
10,610
11,131,772
Series
2015B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.09
%
,
09/04/24
(a)
..........
15,000
15,000,000
Palm
Beach
County
School
District,
Series
2015D,
COP,
5.00%, 08/01/27
........
1,415
1,440,583
School
Board
of
Miami-Dade
County
(The)
Series
2015B
,
COP
,
5.00
%
,
05/01/26
....
2,240
2,271,138
Series
2015A
,
COP
,
5.00
%
,
05/01/27
(
AGM
)
1,330
1,348,537
Series
2014D
,
COP
,
5.00
%
,
11/01/27
....
3,300
3,310,092
School
District
of
Broward
County
Series
2015B
,
COP
,
5.00
%
,
07/01/25
....
915
931,517
Series
2019A
,
COP
,
5.00
%
,
07/01/27
....
700
745,305
State
of
Florida
Series
2016C
,
GO
,
5.00
%
,
06/01/25
.....
4,740
4,820,725
Series
2016G
,
GO
,
5.00
%
,
06/01/25
.....
1,000
1,017,030
Series
2019C
,
GO
,
5.00
%
,
06/01/25
.....
2,870
2,918,878
Series
2020B
,
GO
,
5.00
%
,
06/01/25
.....
4,000
4,068,122
Series
2015F
,
GO
,
5.00
%
,
06/01/26
.....
4,035
4,104,905
Series
2017A
,
GO
,
5.00
%
,
06/01/26
(
GTD
)
3,765
3,925,261
Series
2020A
,
GO
,
5.00
%
,
06/01/26
.....
175
182,449
Series
2021B
,
GO
,
5.00
%
,
06/01/26
.....
715
745,435
Series
2016A
,
GO
,
5.00
%
,
07/01/26
.....
3,185
3,323,139
Series
2016C
,
GO
,
5.00
%
,
06/01/27
.....
380
394,740
Series
2022A
,
GO
,
5.00
%
,
06/01/27
.....
10,505
11,205,023
Series
2021A
,
GO
,
5.00
%
,
07/01/27
.....
6,045
6,465,254
Series
2020A
,
GO
,
5.00
%
,
06/01/28
.....
1,560
1,700,715
Series
2022B
,
GO
,
5.00
%
,
06/01/28
.....
3,985
4,342,963
Series
2021B
,
GO
,
5.00
%
,
07/01/28
.....
875
956,280
Series
2017C
,
GO
,
5.00
%
,
06/01/29
.....
4,965
5,262,589
State
of
Florida
Department
of
Transportation,
Series
2020,
RB,
5.00%, 07/01/29
......
5,315
5,914,324
State
of
Florida
Department
of
Transportation
Turnpike
System
Series
2018A
,
RB
,
5.00
%
,
07/01/25
.....
825
840,794
Series
2021C
,
RB
,
5.00
%
,
07/01/25
.....
5,425
5,528,858
Series
2021C
,
RB
,
5.00
%
,
07/01/26
.....
5,630
5,879,325
Series
2020A
,
RB
,
5.00
%
,
07/01/29
.....
2,685
2,978,732
153,035,923
Georgia
—
2.8%
City
of
Atlanta
Series
2018B
,
RB
,
5.00
%
,
11/01/25
.....
1,025
1,052,490
Series
2004
,
RB
,
5.75
%
,
11/01/26
(
AGM
)
.
2,305
2,458,437
Series
2015
,
RB
,
5.00
%
,
11/01/27
......
2,645
2,682,491
Series
2015
,
GO
,
5.00
%
,
12/01/27
......
4,750
4,772,328
Series
2022A-1
,
GO
,
5.00
%
,
12/01/27
....
990
1,066,830
Series
2015
,
GO
,
5.00
%
,
12/01/32
......
5,000
5,023,503
City
of
Atlanta
Department
of
Aviation
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
6,355
6,472,400
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
1,000
1,043,169
Series
2020A
,
RB
,
5.00
%
,
07/01/28
.....
6,500
7,079,211
Columbia
County
School
District,
Series
2020,
GO,
5.00%, 10/01/26
(SAW)
.........
145
152,221
County
of
DeKalb,
Series
2022,
RB,
5.00%, 10/01/28
.................
4,600
5,044,350
County
of
Forsyth,
Series
2019,
GO,
5.00%, 09/01/25
.................
10,110
10,353,060
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Forsyth
County
Water
&
Sewerage
Authority,
Series
2015,
RB,
5.00%, 04/01/41
......
USD
7,750
$
7,851,714
Georgia
Ports
Authority
Series
2021
,
RB
,
5.00
%
,
07/01/25
......
500
509,489
Series
2022
,
RB
,
5.00
%
,
07/01/25
......
2,050
2,088,907
Series
2021
,
RB
,
5.00
%
,
07/01/26
......
620
647,117
Series
2022
,
RB
,
5.00
%
,
07/01/26
......
1,615
1,685,635
Series
2022
,
RB
,
5.00
%
,
07/01/27
......
2,095
2,238,868
Georgia
State
Road
&
Tollway
Authority
Series
2020
,
RB
,
5.00
%
,
06/01/25
......
4,990
5,072,383
Series
2020
,
RB
,
5.00
%
,
06/01/29
......
2,630
2,921,632
Gwinnett
County
School
District
Series
2010
,
GO
,
5.00
%
,
02/01/25
......
4,065
4,100,008
Series
2022B
,
GO
,
5.00
%
,
08/01/25
.....
260
265,507
Series
2010
,
GO
,
5.00
%
,
02/01/26
......
2,505
2,529,737
Series
2022B
,
GO
,
5.00
%
,
08/01/26
.....
7,125
7,450,976
Series
2010
,
GO
,
5.00
%
,
02/01/27
......
1,000
1,009,043
Series
2022B
,
GO
,
5.00
%
,
08/01/27
.....
890
953,196
Gwinnett
County
Water
&
Sewerage
Authority
Series
2021
,
RB
,
4.00
%
,
08/01/25
......
1,110
1,124,190
Series
2020
,
RB
,
5.00
%
,
08/01/27
......
2,600
2,785,375
Series
2019
,
RB
,
5.00
%
,
08/01/27
......
565
605,283
Henry
County
School
District,
Series
2016,
GO,
5.00%, 08/01/26
(SAW)
............
180
188,235
Metropolitan
Atlanta
Rapid
Transit
Authority
Series
2018A
,
RB
,
4.00
%
,
07/01/25
.....
1,910
1,931,636
Series
2007A
,
RB
,
5.25
%
,
07/01/27
(
NPFGC
)
1,470
1,575,371
Municipal
Electric
Authority
of
Georgia,
Series
A,
RB,
5.00%, 01/01/26
..............
250
251,466
Private
Colleges
&
Universities
Authority
Series
2020B
,
RB
,
5.00
%
,
09/01/25
.....
16,015
16,370,005
Series
2022A
,
RB
,
5.00
%
,
09/01/29
.....
4,200
4,681,548
State
of
Georgia
Series
2016E
,
GO
,
5.00
%
,
12/01/24
.....
25
25,130
Series
2014A-2
,
GO
,
5.00
%
,
02/01/25
....
325
325,557
Series
2017A-1
,
GO
,
5.00
%
,
02/01/25
....
320
322,956
Series
2016A
,
GO
,
5.00
%
,
02/01/25
.....
140
141,293
Series
2022C
,
GO
,
4.00
%
,
07/01/25
.....
80
80,960
Series
2016C-1
,
GO
,
4.00
%
,
07/01/25
...
3,325
3,364,913
Series
2018A
,
GO
,
5.00
%
,
07/01/25
.....
4,960
5,059,885
Series
2016E
,
GO
,
5.00
%
,
12/01/25
.....
16,290
16,801,739
Series
2016F
,
GO
,
5.00
%
,
01/01/26
.....
750
774,470
Series
2017A-1
,
GO
,
5.00
%
,
02/01/26
....
530
548,404
Series
2016F
,
GO
,
5.00
%
,
07/01/26
.....
5
5,226
Series
2019A
,
GO
,
5.00
%
,
07/01/26
.....
3,160
3,302,830
Series
2020A
,
GO
,
5.00
%
,
08/01/26
.....
13,990
14,652,035
Series
2016E
,
GO
,
5.00
%
,
12/01/26
.....
5,405
5,703,532
Series
2017A-1
,
GO
,
5.00
%
,
02/01/27
....
14,895
15,779,212
Series
2022A
,
GO
,
5.00
%
,
07/01/27
.....
21,185
22,660,440
Series
2023A
,
GO
,
5.00
%
,
07/01/27
.....
17,215
18,413,947
Series
2016F
,
GO
,
5.00
%
,
01/01/28
.....
3,805
4,010,826
Series
2021A
,
GO
,
5.00
%
,
07/01/28
.....
6,110
6,680,895
234,692,061
Hawaii
—
0.7%
City
&
County
Honolulu
Wastewater
System
Series
2019A
,
RB
,
4.00
%
,
07/01/26
.....
1,100
1,128,656
Series
A
,
RB
,
4.00
%
,
07/01/27
.........
5,335
5,377,863
City
&
County
of
Honolulu
Series
2020B
,
GO
,
5.00
%
,
03/01/25
.....
5,035
5,088,597
Series
2021E
,
GO
,
5.00
%
,
03/01/26
.....
450
466,059
Series
2020C
,
GO
,
4.00
%
,
07/01/26
.....
850
872,143
Series
2020D
,
GO
,
5.00
%
,
07/01/26
.....
1,870
1,951,897
Series
2023D
,
GO
,
5.00
%
,
03/01/28
.....
4,280
4,632,977
Series
2020B
,
GO
,
5.00
%
,
03/01/29
.....
875
964,682
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hawaii
(continued)
County
of
Maui,
Series
2018,
GO,
5.00%, 09/01/26
.................
USD
1,300
$
1,362,301
State
of
Hawaii
Series
EY
,
GO
,
5.00
%
,
10/01/24
........
6,120
6,128,668
Series
FE
,
GO
,
5.00
%
,
10/01/24
.......
435
435,616
Series
FH
,
GO
,
5.00
%
,
10/01/24
.......
1,415
1,417,004
Series
2018FT
,
GO
,
5.00
%
,
01/01/25
....
585
589,006
Series
FK
,
GO
,
5.00
%
,
05/01/25
.......
200
202,986
Series
EO
,
GO
,
5.00
%
,
08/01/25
.......
2,550
2,554,130
Series
EZ
,
GO
,
5.00
%
,
10/01/25
.......
3,605
3,699,046
Series
FH
,
GO
,
5.00
%
,
10/01/25
.......
280
287,335
Series
FN
,
GO
,
5.00
%
,
10/01/25
.......
45
46,174
Series
2018FT
,
GO
,
5.00
%
,
01/01/26
....
5,475
5,651,447
Series
EY
,
GO
,
5.00
%
,
10/01/26
........
715
732,094
Series
2018FT
,
GO
,
5.00
%
,
01/01/27
....
2,145
2,264,623
Series
2019FW
,
GO
,
5.00
%
,
01/01/27
....
1,175
1,240,528
Series
FE
,
GO
,
5.00
%
,
10/01/27
.......
4,695
4,917,175
State
of
Hawaii
State
Highway
Fund,
Series
B,
RB,
5.00%, 01/01/25
..............
450
453,082
52,464,089
Illinois
—
3.7%
Chicago
Midway
International
Airport
Series
2023B
,
RB
,
5.00
%
,
01/01/28
(
BAM
)
2,770
2,974,843
Series
2023B
,
RB
,
5.00
%
,
01/01/29
(
BAM
)
3,500
3,832,268
Chicago
O'Hare
International
Airport
Series
2022D
,
RB
,
5.00
%
,
01/01/26
.....
3,510
3,616,549
Series
B
,
RB
,
5.00
%
,
01/01/26
.........
900
904,981
Series
E
,
RB
,
5.00
%
,
01/01/26
.........
510
525,482
City
of
Chicago,
Series
2020A,
GO,
5.00%, 01/01/28
.................
8,500
8,957,743
County
of
Cook
Series
2024
,
RB
,
5.00
%
,
11/15/27
......
750
803,957
Series
2024
,
RB
,
5.00
%
,
11/15/28
......
1,000
1,092,036
Series
2024
,
RB
,
5.00
%
,
11/15/29
......
1,135
1,261,043
Illinois
Finance
Authority
Series
2020
,
RB
,
5.00
%
,
01/01/25
......
275
276,883
Series
2016
,
RB
,
4.00
%
,
07/01/25
......
3,110
3,144,774
Series
2016
,
RB
,
5.00
%
,
01/01/26
......
1,240
1,279,962
Series
2019
,
RB
,
5.00
%
,
01/01/26
......
825
851,588
Series
2017
,
RB
,
5.00
%
,
07/01/27
......
290
303,957
Series
2016
,
RB
,
5.00
%
,
01/01/28
......
2,630
2,701,679
Series
2019
,
RB
,
5.00
%
,
07/01/28
......
625
681,497
Series
2020
,
RB
,
5.00
%
,
01/01/29
......
1,330
1,462,188
Series
2024B
,
RB
,
5.00
%
,
04/01/29
.....
3,500
3,853,991
Series
2020
,
RB
,
5.00
%
,
07/01/29
......
1,155
1,282,171
Illinois
State
Toll
Highway
Authority
Series
2018A
,
RB
,
5.00
%
,
01/01/25
.....
1,585
1,595,490
Series
2019B
,
RB
,
5.00
%
,
01/01/25
.....
3,050
3,070,185
Series
2019C
,
RB
,
5.00
%
,
01/01/25
.....
8,210
8,264,334
Series
2019B
,
RB
,
5.00
%
,
01/01/26
.....
1,600
1,651,777
Series
2019C
,
RB
,
5.00
%
,
01/01/26
.....
10,000
10,323,606
Series
2016B
,
RB
,
5.00
%
,
01/01/27
.....
10
10,409
Series
2019B
,
RB
,
5.00
%
,
01/01/27
.....
215
226,918
Series
2019C
,
RB
,
5.00
%
,
01/01/27
.....
3,495
3,688,740
Series
2018A
,
RB
,
5.00
%
,
01/01/28
.....
2,120
2,285,459
Series
2019B
,
RB
,
5.00
%
,
01/01/28
.....
3,385
3,649,188
Series
2019C
,
RB
,
5.00
%
,
01/01/28
.....
1,655
1,784,167
Series
2017A
,
RB
,
5.00
%
,
01/01/29
.....
1,835
1,964,252
Series
2018A
,
RB
,
5.00
%
,
01/01/29
.....
5,190
5,685,755
Series
2019B
,
RB
,
5.00
%
,
01/01/29
.....
1,755
1,922,640
Series
2019C
,
RB
,
5.00
%
,
01/01/29
.....
3,460
3,790,503
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
A
,
GO
,
5.00
%
,
12/01/25
........
715
735,592
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Series
2014A
,
GO
,
5.00
%
,
12/01/44
.....
USD
27,450
$
27,575,641
Sales
Tax
Securitization
Corp.
Series
2020A
,
RB
,
5.00
%
,
01/01/25
.....
515
518,440
Series
2021A
,
RB
,
5.00
%
,
01/01/27
.....
2,405
2,524,517
Series
2020A
,
RB
,
5.00
%
,
01/01/28
.....
3,225
3,449,185
State
of
Illinois
Series
2019B
,
GO
,
5.00
%
,
09/01/24
.....
8,085
8,085,000
Series
2019A
,
GO
,
5.00
%
,
11/01/24
.....
6,045
6,061,626
Series
2017D
,
GO
,
5.00
%
,
11/01/24
.....
23,580
23,641,765
Series
2017A
,
GO
,
5.00
%
,
12/01/24
.....
2,370
2,379,941
Series
2016
,
GO
,
5.00
%
,
02/01/25
......
2,055
2,070,478
Series
2022B
,
GO
,
5.00
%
,
03/01/25
.....
3,260
3,290,464
Series
2021A
,
GO
,
5.00
%
,
03/01/25
.....
1,910
1,927,848
Series
2021B
,
GO
,
5.00
%
,
03/01/25
.....
2,000
2,018,689
Series
2020
,
GO
,
5.50
%
,
05/01/25
......
2,850
2,895,597
Series
2018A
,
GO
,
6.00
%
,
05/01/25
.....
4,000
4,078,298
Series
2017D
,
GO
,
5.00
%
,
11/01/25
.....
13,035
13,332,816
Series
2016
,
GO
,
5.00
%
,
02/01/26
......
6,000
6,165,736
Series
2022B
,
GO
,
5.00
%
,
03/01/26
.....
6,630
6,823,609
Series
2021B
,
GO
,
5.00
%
,
03/01/26
.....
1,075
1,106,392
Series
2021A
,
GO
,
5.00
%
,
03/01/26
.....
950
977,601
Series
2017D
,
GO
,
5.00
%
,
11/01/26
.....
13,000
13,556,560
Series
2016
,
GO
,
5.00
%
,
02/01/27
......
570
596,957
Series
2022B
,
GO
,
5.00
%
,
03/01/27
.....
4,245
4,452,815
Series
2019B
,
GO
,
5.00
%
,
09/01/27
.....
3,100
3,284,046
Series
2018A
,
GO
,
5.00
%
,
10/01/27
.....
1,600
1,697,500
Series
2017D
,
GO
,
5.00
%
,
11/01/27
.....
12,170
12,931,899
Series
2016
,
GO
,
5.00
%
,
02/01/28
......
14,800
15,510,191
Series
2021A
,
GO
,
5.00
%
,
03/01/28
.....
1,000
1,068,867
Series
2024B
,
GO
,
5.00
%
,
05/01/28
.....
2,940
3,151,747
Series
2023B
,
GO
,
5.00
%
,
05/01/28
.....
5,300
5,681,430
Series
2023D
,
GO
,
5.00
%
,
07/01/28
.....
12,380
13,309,634
Series
2018A
,
GO
,
5.00
%
,
10/01/28
.....
4,700
5,074,383
Series
2017D
,
GO
,
5.00
%
,
11/01/28
.....
3,825
4,063,913
Series
2016
,
GO
,
5.00
%
,
02/01/29
......
1,405
1,471,752
Series
2021A
,
GO
,
5.00
%
,
03/01/29
.....
400
434,706
Series
2024B
,
GO
,
5.00
%
,
05/01/29
.....
2,915
3,177,052
State
of
Illinois
Sales
Tax
Series
2021C
,
RB
,
5.00
%
,
06/15/26
.....
435
450,301
Series
2024A
,
RB
,
5.00
%
,
06/15/29
.....
5,000
5,393,221
304,687,224
Indiana
—
0.8%
Indiana
Finance
Authority
Series
2016C
,
RB
,
5.00
%
,
12/01/24
.....
1,875
1,884,070
Series
2015B
,
RB
,
5.00
%
,
02/01/25
.....
2,320
2,341,148
Series
2019E
,
RB
,
5.00
%
,
02/01/25
.....
1,060
1,069,662
Series
2014A
,
RB
,
5.00
%
,
10/01/25
.....
1,140
1,141,823
Series
2021-1
,
RB
,
5.00
%
,
10/01/25
.....
3,680
3,771,248
Series
2016C
,
RB
,
5.00
%
,
12/01/25
.....
1,220
1,256,046
Series
2021B
,
RB
,
5.00
%
,
02/01/26
.....
1,000
1,034,300
Series
E
,
RB
,
5.00
%
,
02/01/26
.........
710
734,353
Series
2019A
,
RB
,
5.00
%
,
02/01/26
.....
10,095
10,441,261
Series
2019C
,
RB
,
5.00
%
,
02/01/26
.....
185
191,346
Series
2017C
,
RB
,
5.00
%
,
02/01/26
.....
460
475,778
Series
2019A
,
RB
,
5.00
%
,
02/01/27
.....
280
296,172
Series
2019E
,
RB
,
5.00
%
,
02/01/27
.....
470
497,146
Series
2015A
,
RB
,
5.00
%
,
02/01/27
.....
1,070
1,080,254
Series
2021B
,
RB
,
5.00
%
,
02/01/27
.....
1,710
1,808,765
Series
B
,
RB
,
5.00
%
,
02/01/27
.........
150
154,741
Series
2017C
,
RB
,
5.00
%
,
02/01/27
.....
195
206,263
Series
E
,
RB
,
5.00
%
,
02/01/27
.........
210
218,891
Series
2016C
,
RB
,
5.00
%
,
06/01/27
.....
2,090
2,197,702
Series
2021-1
,
RB
,
5.00
%
,
10/01/27
.....
1,275
1,367,414
Series
A
,
RB
,
5.00
%
,
02/01/29
.........
3,500
3,617,311
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indiana
(continued)
Series
2016C
,
RB
,
5.00
%
,
06/01/29
.....
USD
5,430
$
6,039,557
Series
A
,
RB
,
5.00
%
,
02/01/30
.........
3,930
4,061,723
Series
2015A
,
RB
,
5.00
%
,
02/01/31
.....
5,000
5,040,935
Series
A
,
RB
,
5.00
%
,
02/01/31
.........
3,645
3,767,171
Series
D
,
RB
,
5.00
%
,
08/01/35
.........
9,310
9,726,474
Indiana
Municipal
Power
Agency,
Series
2014A,
RB,
5.00%, 01/01/26
..............
3,145
3,166,146
Purdue
University,
Series
EE,
RB,
5.00%, 07/01/26
.................
235
245,016
67,832,716
Iowa
—
0.1%
City
of
Des
Moines,
Series
2019A,
GO,
5.00%, 06/01/26
.................
5,870
6,118,387
Iowa
Finance
Authority
Series
2015
,
RB
,
5.00
%
,
08/01/25
......
3,170
3,236,343
Series
2016
,
RB
,
5.00
%
,
08/01/26
......
1,305
1,366,256
Series
2017
,
RB
,
5.00
%
,
08/01/27
......
350
374,819
11,095,805
Kansas
—
0.7%
Johnson
County
Unified
School
District
No.
512
Shawnee
Mission
Series
2015A
,
GO
,
5.00
%
,
10/01/30
.....
2,000
2,050,980
Series
2015A
,
GO
,
5.00
%
,
10/01/31
.....
6,280
6,440,076
Series
2015A
,
GO
,
5.00
%
,
10/01/32
.....
4,605
4,722,381
Series
2015A
,
GO
,
5.00
%
,
10/01/34
.....
4,000
4,101,959
Series
2015A
,
GO
,
4.00
%
,
10/01/35
.....
4,000
4,059,728
State
of
Kansas
Department
of
Transportation
Series
2015A
,
RB
,
5.00
%
,
09/01/24
.....
180
180,000
Series
2014A
,
RB
,
5.00
%
,
09/01/25
.....
365
365,000
Series
2015B
,
RB
,
5.00
%
,
09/01/25
.....
815
834,045
Series
2018A
,
RB
,
5.00
%
,
09/01/25
.....
285
291,660
Series
2015B
,
RB
,
5.00
%
,
09/01/26
.....
1,220
1,247,177
Series
2015B
,
RB
,
5.00
%
,
09/01/27
.....
6,095
6,230,906
Series
2024A
,
RB
,
5.00
%
,
09/01/28
.....
3,775
4,128,167
Series
2017A
,
RB
,
5.00
%
,
09/01/29
.....
2,025
2,143,930
Series
2024A
,
RB
,
5.00
%
,
09/01/29
.....
4,000
4,459,478
41,255,487
Kentucky
—
0.3%
Kentucky
Asset
Liability
Commission,
Series
A,
RB,
5.00%, 09/01/26
..............
2,240
2,240,000
Kentucky
State
Property
&
Building
Commission,
Series
B,
RB,
5.00%, 11/01/26
(SAP)
....
5,290
5,538,777
Kentucky
Turnpike
Authority
Series
2016A
,
RB
,
5.00
%
,
07/01/26
.....
2,005
2,090,497
Series
2024A
,
RB
,
5.00
%
,
07/01/29
.....
2,500
2,776,967
Louisville
&
Jefferson
County
Metropolitan
Government,
Series
2022A,
GO,
5.00%, 04/01/27
.................
4,850
5,140,964
Louisville
&
Jefferson
County
Metropolitan
Sewer
District,
Series
2017B,
RB,
5.00%, 05/15/25
5,000
5,080,084
22,867,289
Louisiana
—
0.4%
City
of
New
Orleans,
Series
2021A,
GO,
5.00%, 12/01/29
.................
5,015
5,553,094
East
Baton
Rouge
Sewerage
Commission,
Series
2014B,
RB,
5.00%, 02/01/39
.....
3,365
3,393,934
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
Series
2014,
RB,
5.00%, 10/01/33
5,735
5,742,871
State
of
Louisiana
Series
2019A
,
RB
,
5.00
%
,
09/01/24
.....
325
325,000
Security
Par
(000)
Par
(000)
Value
Louisiana
(continued)
Series
2021
,
RB
,
5.00
%
,
09/01/24
......
USD
1,350
$
1,350,000
Series
2020A
,
GO
,
5.00
%
,
03/01/25
.....
1,700
1,719,327
Series
2017A
,
GO
,
5.00
%
,
04/01/25
.....
375
380,042
Series
2016B
,
GO
,
5.00
%
,
08/01/25
.....
4,235
4,328,646
Series
2021
,
RB
,
5.00
%
,
09/01/25
......
750
768,420
Series
2020A
,
GO
,
5.00
%
,
03/01/26
.....
1,935
2,004,250
Series
2016B
,
GO
,
5.00
%
,
08/01/26
.....
1,890
1,975,467
Series
2021
,
RB
,
5.00
%
,
09/01/26
......
1,035
1,083,917
Series
2016A
,
GO
,
5.00
%
,
09/01/26
.....
95
99,490
Series
2021A
,
GO
,
5.00
%
,
03/01/27
.....
65
68,853
Series
2016B
,
GO
,
5.00
%
,
08/01/27
.....
2,000
2,082,748
Series
2019A
,
RB
,
5.00
%
,
09/01/27
.....
250
267,130
Series
2023A
,
GO
,
5.00
%
,
02/01/28
.....
2,500
2,695,859
Series
2016A
,
GO
,
5.00
%
,
09/01/28
.....
3,000
3,128,221
Series
2023
,
RB
,
5.00
%
,
09/01/28
......
1,150
1,252,514
Series
2024E
,
GO
,
5.00
%
,
09/01/29
(c)
....
2,815
3,128,271
State
of
Louisiana
Gasoline
&
Fuels
Tax
Series
B
,
RB
,
5.00
%
,
05/01/25
.........
775
787,084
Series
A
,
RB
,
4.00
%
,
05/01/41
.........
5,070
5,110,892
47,246,030
Maine
—
0.4%
Maine
Turnpike
Authority,
Series
2022,
RB,
5.00%, 07/01/26
.................
1,000
1,043,554
State
of
Maine
Series
2019B
,
GO
,
5.00
%
,
06/01/25
.....
2,465
2,507,347
Series
2022B
,
GO
,
5.00
%
,
06/01/25
.....
100
101,718
Series
2017B
,
GO
,
5.00
%
,
06/01/26
.....
100
104,169
Series
2020B
,
GO
,
5.00
%
,
06/01/26
.....
45
46,876
Series
2017B
,
GO
,
5.00
%
,
06/01/27
.....
80
85,243
Series
2018D
,
GO
,
5.00
%
,
06/01/27
.....
4,150
4,421,990
Series
2019B
,
GO
,
5.00
%
,
06/01/27
.....
4,115
4,384,696
Series
2020B
,
GO
,
5.00
%
,
06/01/27
.....
95
101,226
Series
2021B
,
GO
,
5.00
%
,
06/01/27
.....
3,305
3,521,609
Series
2019B
,
GO
,
5.00
%
,
06/01/28
.....
3,410
3,709,937
Series
2020B
,
GO
,
5.00
%
,
06/01/28
.....
2,935
3,193,157
Series
2021B
,
GO
,
5.00
%
,
06/01/28
.....
1,895
2,061,681
25,283,203
Maryland
—
4.4%
County
of
Anne
Arundel
Series
2022
,
GO
,
5.00
%
,
10/01/24
......
4,620
4,626,792
Series
2020
,
GO
,
5.00
%
,
10/01/25
......
1,135
1,164,583
Series
2022
,
GO
,
5.00
%
,
10/01/25
......
4,620
4,740,415
Series
2021
,
GO
,
5.00
%
,
04/01/26
......
8,300
8,618,722
Series
2018
,
GO
,
5.00
%
,
10/01/26
......
5,635
5,922,903
Series
2019
,
GO
,
5.00
%
,
10/01/26
......
635
667,443
Series
2021
,
GO
,
5.00
%
,
04/01/27
......
1,760
1,871,174
Series
2018
,
GO
,
5.00
%
,
10/01/27
......
75
80,654
Series
2019
,
GO
,
5.00
%
,
10/01/27
......
65
69,900
Series
2021
,
GO
,
5.00
%
,
10/01/27
......
5,625
6,049,038
County
of
Baltimore
GO
,
5.00
%
,
03/01/26
...............
180
187,082
Series
2018
,
GO
,
5.00
%
,
03/01/27
......
2,025
2,149,308
County
of
Frederick
Series
2021A
,
GO
,
5.00
%
,
10/01/24
.....
1,160
1,161,733
Series
2021A
,
GO
,
5.00
%
,
10/01/25
.....
5,395
5,535,615
Series
2021A
,
GO
,
5.00
%
,
10/01/26
.....
3,100
3,258,385
County
of
Howard
Series
2017B
,
GO
,
5.00
%
,
02/15/25
.....
1,145
1,156,452
Series
2017D
,
GO
,
5.00
%
,
02/15/26
.....
290
300,263
Series
2020A
,
GO
,
5.00
%
,
08/15/26
.....
505
529,280
Series
2017E
,
GO
,
5.00
%
,
02/15/27
.....
1,205
1,277,640
County
of
Montgomery
Series
2017C
,
GO
,
5.00
%
,
10/01/24
.....
10,000
10,015,179
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Series
2020B
,
GO
,
4.00
%
,
11/01/24
.....
USD
8,000
$
8,013,148
Series
2014A
,
GO
,
5.00
%
,
11/01/24
.....
1,100
1,103,554
Series
2014B
,
GO
,
5.00
%
,
11/01/24
.....
2,805
2,814,063
Series
2017A
,
GO
,
5.00
%
,
11/01/24
.....
3,750
3,762,117
Series
2021A
,
GO
,
5.00
%
,
08/01/25
.....
2,335
2,386,160
Series
2017C
,
GO
,
5.00
%
,
10/01/25
.....
1,515
1,554,977
Series
2014A
,
GO
,
5.00
%
,
11/01/25
.....
235
235,766
Series
2014B
,
GO
,
5.00
%
,
11/01/25
.....
825
827,583
Series
2017A
,
GO
,
5.00
%
,
11/01/25
.....
4,085
4,201,195
Series
2019A
,
GO
,
5.00
%
,
11/01/25
.....
9,025
9,281,711
Series
2020B
,
GO
,
4.00
%
,
11/01/26
.....
10
10,320
Series
2017A
,
GO
,
5.00
%
,
11/01/26
.....
1,340
1,411,198
Series
2019A
,
GO
,
5.00
%
,
11/01/26
.....
755
795,115
Series
2023A
,
GO
,
5.00
%
,
08/01/27
.....
9,380
10,052,112
Series
2020B
,
GO
,
4.00
%
,
11/01/27
.....
305
319,366
Series
2019A
,
GO
,
5.00
%
,
11/01/27
.....
705
759,748
Series
2014A
,
GO
,
4.00
%
,
11/01/31
.....
8,840
8,854,769
Series
2014A
,
GO
,
4.00
%
,
11/01/32
.....
4,575
4,582,643
County
of
Prince
George's
Series
2017A
,
GO
,
5.00
%
,
09/15/24
.....
1,195
1,195,771
Series
2017B
,
GO
,
5.00
%
,
07/15/25
.....
175
178,597
Series
2019A
,
GO
,
5.00
%
,
07/15/25
.....
3,455
3,526,022
Series
2014A
,
GO
,
4.00
%
,
09/01/25
.....
65
65,000
Series
2017A
,
GO
,
5.00
%
,
09/15/25
.....
540
553,605
Series
2019A
,
GO
,
5.00
%
,
07/15/26
.....
11,715
12,249,069
Series
2020A
,
GO
,
5.00
%
,
07/15/26
.....
2,510
2,624,427
Series
2020A
,
GO
,
5.00
%
,
07/15/27
.....
8,500
9,099,672
Series
2020B
,
GO
,
5.00
%
,
09/15/27
.....
110
118,211
Series
2022A
,
GO
,
5.00
%
,
07/01/28
.....
4,495
4,914,633
Series
2024A
,
GO
,
5.00
%
,
08/01/28
.....
6,105
6,686,874
Series
2020B
,
GO
,
5.00
%
,
09/15/28
.....
1,120
1,229,938
Series
2021A
,
GO
,
5.00
%
,
07/01/29
.....
1,000
1,115,755
Maryland
Stadium
Authority,
Series
2016,
RB,
5.00%, 05/01/46
(ST
INTERCEPT)
.....
10,000
10,402,364
Maryland
State
Transportation
Authority,
Series
2024A,
RB,
5.00%, 07/01/28
.........
2,000
2,181,877
State
of
Maryland
Series
2020A-1
,
GO
,
5.00
%
,
03/15/25
....
7,970
8,067,891
Series
2017
,
GO
,
5.00
%
,
03/15/25
......
3,260
3,300,041
Series
2016
,
GO
,
4.00
%
,
06/01/25
......
1,180
1,180,544
Series
2015B
,
GO
,
4.00
%
,
08/01/25
.....
160
162,078
Series
2018-2B
,
GO
,
5.00
%
,
08/01/25
....
3,360
3,433,685
Series
2017A
,
GO
,
5.00
%
,
08/01/25
.....
590
602,939
Series
2017B
,
GO
,
5.00
%
,
08/01/25
.....
2,820
2,881,843
Series
2019-1
,
GO
,
5.00
%
,
03/15/26
.....
2,010
2,085,985
Series
2016
,
GO
,
5.00
%
,
06/01/26
......
475
475,481
Series
2020C-1
,
GO
,
3.00
%
,
08/01/26
...
19,185
19,295,099
Series
2017B
,
GO
,
5.00
%
,
08/01/26
.....
1,775
1,860,016
Series
2018-2B
,
GO
,
5.00
%
,
08/01/26
....
3,205
3,356,667
Series
2A
,
GO
,
5.00
%
,
08/01/26
.......
245
256,594
Series
2020A-2
,
GO
,
5.00
%
,
08/01/26
....
1,485
1,555,273
Series
2021A
,
GO
,
5.00
%
,
03/01/27
.....
1,000
1,061,387
Series
2017
,
GO
,
5.00
%
,
03/15/27
......
180
191,221
Series
2019-1
,
GO
,
5.00
%
,
03/15/27
.....
245
260,273
Series
2016
,
GO
,
4.00
%
,
06/01/27
......
45
45,011
Series
2022-2D
,
GO
,
3.00
%
,
08/01/27
...
1,300
1,307,395
Series
2020A-2
,
GO
,
5.00
%
,
08/01/27
....
7,545
8,085,627
Series
2020-2B
,
GO
,
5.00
%
,
08/01/27
....
2,385
2,555,894
Series
2A
,
GO
,
5.00
%
,
08/01/27
.......
1,245
1,334,209
Series
2018-2B
,
GO
,
5.00
%
,
08/01/27
....
185
198,256
Series
2017A
,
GO
,
5.00
%
,
08/01/27
.....
3,805
4,077,642
Series
2021A
,
GO
,
5.00
%
,
03/01/28
.....
11,800
12,809,810
Series
2023A
,
GO
,
5.00
%
,
03/15/28
.....
10,800
11,734,024
Series
2017
,
GO
,
5.00
%
,
03/15/28
......
4,280
4,529,078
Series
2020A-1
,
GO
,
5.00
%
,
03/15/28
....
1,565
1,700,347
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Series
2020-2B
,
GO
,
5.00
%
,
08/01/28
....
USD
1,000
$
1,095,311
Series
2020A-2
,
GO
,
5.00
%
,
08/01/28
....
2,535
2,776,614
Series
2A
,
GO
,
5.00
%
,
08/01/28
.......
6,695
7,333,108
Series
2023A
,
GO
,
5.00
%
,
03/15/29
.....
3,250
3,606,195
Series
2022-1A
,
GO
,
5.00
%
,
06/01/29
....
10,000
11,143,536
State
of
Maryland
Department
of
Transportation
Series
2017
,
RB
,
5.00
%
,
09/01/24
......
470
470,000
Series
2018
,
RB
,
5.00
%
,
10/01/24
......
1,880
1,882,514
Series
2019
,
RB
,
5.00
%
,
10/01/24
......
5,000
5,006,685
Series
2021B
,
RB
,
5.00
%
,
12/01/24
.....
5,725
5,752,695
Series
2016
,
RB
,
4.00
%
,
09/01/25
......
3,370
3,418,206
Series
2017
,
RB
,
5.00
%
,
09/01/25
......
4,755
4,869,421
Series
2018
,
RB
,
5.00
%
,
10/01/25
......
625
641,305
Series
2019
,
RB
,
5.00
%
,
10/01/25
......
6,105
6,264,265
Series
2016
,
RB
,
4.00
%
,
11/01/25
......
1,010
1,011,761
Series
2022B
,
RB
,
5.00
%
,
12/01/25
.....
2,690
2,771,487
Series
2016
,
RB
,
4.00
%
,
09/01/26
......
2,610
2,681,893
Series
2018
,
RB
,
5.00
%
,
10/01/26
......
515
541,170
Series
2019
,
RB
,
5.00
%
,
10/01/26
......
445
467,613
Series
2021A
,
RB
,
5.00
%
,
10/01/26
.....
9,545
10,026,068
Series
2018
,
RB
,
5.00
%
,
10/01/27
......
10,570
11,091,673
Series
2015-3
,
RB
,
4.00
%
,
12/15/27
.....
250
250,056
Series
2022B
,
RB
,
5.00
%
,
12/01/28
.....
1,725
1,898,749
Washington
Suburban
Sanitary
Commission
Series
2020
,
RB
,
5.00
%
,
12/01/24
(
GTD
)
..
5,255
5,281,042
Series
2021
,
RB
,
5.00
%
,
06/01/25
(
GTD
)
..
1,515
1,540,776
Series
2017
,
RB
,
5.00
%
,
06/15/25
(
GTD
)
..
2,500
2,544,806
Series
2020
,
RB
,
5.00
%
,
12/01/25
(
GTD
)
..
2,060
2,118,504
Series
2018
,
RB
,
5.00
%
,
06/01/26
(
GTD
)
..
630
656,792
Series
2020
,
RB
,
5.00
%
,
06/01/26
(
GTD
)
..
8,980
9,361,898
Series
2021
,
RB
,
5.00
%
,
06/01/26
(
GTD
)
..
6,475
6,750,366
Series
2020
,
RB
,
5.00
%
,
06/01/27
(
GTD
)
..
3,545
3,784,364
Series
2020
,
RB
,
5.00
%
,
12/01/27
(
GTD
)
..
120
129,555
Series
2016
,
RB
,
5.00
%
,
06/01/28
(
GTD
)
..
1,445
1,502,450
393,565,109
Massachusetts
—
5.6%
Boston
Water
&
Sewer
Commission
Series
2014A
,
RB
,
3.50
%
,
11/01/30
.....
4,750
4,753,779
Series
2014A
,
RB
,
3.50
%
,
11/01/31
.....
4,000
4,003,182
Series
2014A
,
RB
,
3.50
%
,
11/01/32
.....
5,000
5,003,978
Series
2014A
,
RB
,
3.75
%
,
11/01/33
.....
5,000
5,005,962
Series
2014A
,
RB
,
3.75
%
,
11/01/34
.....
5,000
5,005,962
Series
2014A
,
RB
,
3.75
%
,
11/01/35
.....
5,000
5,005,962
City
of
Boston
Series
2022A
,
GO
,
5.00
%
,
11/01/24
.....
5,000
5,016,809
Series
2020D
,
GO
,
5.00
%
,
03/01/25
.....
25
25,285
Series
2022A
,
GO
,
5.00
%
,
11/01/25
.....
14,320
14,742,313
Series
2020D
,
GO
,
5.00
%
,
03/01/26
.....
200
207,869
Series
2015A
,
GO
,
5.00
%
,
04/01/26
.....
4,000
4,058,054
Series
2017A
,
GO
,
5.00
%
,
04/01/26
.....
20
20,863
Series
2022A
,
GO
,
5.00
%
,
11/01/26
.....
13,645
14,425,562
Series
2020A
,
GO
,
5.00
%
,
11/01/27
.....
1,000
1,083,620
Commonwealth
of
Massachusetts
Series
2018C
,
GO
,
5.00
%
,
09/01/24
.....
35
35,000
Series
2006B
,
GO
,
5.25
%
,
09/01/24
(
AGM
)
9,520
9,520,000
Series
2016C
,
GO
,
5.00
%
,
10/01/24
.....
270
270,427
Series
2017E
,
GO
,
5.00
%
,
11/01/24
.....
1,075
1,078,618
Series
2016H
,
GO
,
5.00
%
,
12/01/24
.....
2,295
2,307,010
Series
2016A
,
GO
,
5.00
%
,
03/01/25
.....
9,105
9,207,166
Series
2016D
,
GO
,
5.00
%
,
04/01/25
.....
2,015
2,041,742
Series
A
,
GO
,
5.00
%
,
07/01/25
........
15
15,298
Series
2020B
,
GO
,
5.00
%
,
07/01/25
.....
2,675
2,728,204
Series
C
,
GO
,
5.00
%
,
08/01/25
........
9,405
9,614,681
Series
2018E
,
GO
,
5.00
%
,
09/01/25
.....
1,000
1,024,759
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Series
2019G
,
GO
,
5.00
%
,
09/01/25
.....
USD
50
$
51,238
Series
2006B
,
GO
,
5.25
%
,
09/01/25
(
AGM
)
5,110
5,250,521
Series
C
,
GO
,
5.00
%
,
10/01/25
........
1,820
1,868,853
Series
2016C
,
GO
,
5.00
%
,
10/01/25
.....
420
431,274
Series
2021B
,
GO
,
5.00
%
,
11/01/25
.....
2,055
2,114,461
Series
2020E
,
GO
,
5.00
%
,
11/01/25
.....
1,865
1,918,964
Series
E
,
GO
,
5.00
%
,
11/01/25
(
AMBAC
)
..
7,430
7,644,987
Series
2019E
,
GO
,
3.00
%
,
12/01/25
.....
385
386,492
Series
2019A
,
GO
,
5.00
%
,
01/01/26
.....
1,040
1,074,484
Series
2016A
,
GO
,
5.00
%
,
03/01/26
.....
3,060
3,175,914
Series
2019C
,
GO
,
5.00
%
,
05/01/26
.....
3,830
3,987,002
Series
2016B
,
GO
,
4.00
%
,
07/01/26
.....
205
210,625
Series
2016B
,
GO
,
5.00
%
,
07/01/26
.....
2,945
3,078,112
Series
2015D
,
GO
,
5.00
%
,
09/01/26
.....
4,455
4,556,008
Series
2020E
,
GO
,
5.00
%
,
11/01/26
.....
2,120
2,233,050
Series
2017E
,
GO
,
5.00
%
,
11/01/26
.....
440
463,463
Series
2019E
,
GO
,
3.00
%
,
12/01/26
.....
500
502,503
Series
2016H
,
GO
,
5.00
%
,
12/01/26
.....
1,195
1,261,183
Series
2019C
,
GO
,
5.00
%
,
05/01/27
.....
1,965
2,093,588
Series
2020D
,
GO
,
5.00
%
,
07/01/27
.....
1,910
2,042,844
Series
2016B
,
GO
,
5.00
%
,
07/01/27
.....
3,865
4,133,818
Series
2018B
,
GO
,
5.00
%
,
07/01/27
.....
2,915
3,117,744
Series
A
,
GO
,
5.00
%
,
07/01/27
........
3,610
3,861,083
Series
2017D
,
GO
,
5.00
%
,
07/01/27
.....
2,475
2,647,141
Series
2021A
,
GO
,
5.00
%
,
09/01/27
.....
2,420
2,598,348
Series
2018C
,
GO
,
5.00
%
,
09/01/27
.....
10
10,737
Series
C
,
GO
,
5.00
%
,
10/01/27
........
150
161,349
Series
2024A
,
GO
,
5.00
%
,
03/01/28
.....
2,310
2,508,406
Series
2023A
,
GO
,
5.00
%
,
05/01/28
.....
3,275
3,569,052
Series
2024A
,
GO
,
5.00
%
,
03/01/29
.....
11,215
12,428,749
Series
2024B
,
GO
,
5.00
%
,
05/01/29
.....
3,030
3,369,233
Commonwealth
of
Massachusetts
Transportation
Fund,
Series
2016A,
RB,
5.00%, 06/01/25
.
4,225
4,296,640
Massachusetts
Bay
Transportation
Authority
Assessment,
Series
2016A,
RB,
5.00%, 07/01/25
.................
3,515
3,585,785
Massachusetts
Bay
Transportation
Authority
Sales
Tax
Series
2005A
,
RB
,
5.00
%
,
07/01/26
.....
6,070
6,341,030
Series
B
,
RB
,
5.00
%
,
07/01/27
.........
1,285
1,309,223
Series
2006A
,
RB
,
5.25
%
,
07/01/28
.....
9,000
9,918,123
Series
2024A
,
RB
,
5.00
%
,
07/01/29
.....
5,000
5,578,520
Series
2022A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.80
%
,
09/04/24
(a)
..........
13,400
13,400,000
Massachusetts
Clean
Water
Trust
(The)
Series
2014
,
RB
,
5.00
%
,
08/01/25
......
14,335
14,649,367
Series
21
,
RB
,
5.00
%
,
08/01/25
........
525
536,944
Series
2022
,
RB
,
5.00
%
,
02/01/27
......
1,000
1,061,700
Series
23A
,
RB
,
5.00
%
,
02/01/27
.......
2,115
2,245,495
Series
23B
,
RB
,
5.00
%
,
02/01/27
.......
3,800
4,034,459
Series
24B
,
RB
,
5.00
%
,
02/01/27
.......
1,250
1,327,125
Series
23B
,
RB
,
5.00
%
,
02/01/28
.......
205
222,831
Series
24A
,
RB
,
5.00
%
,
02/01/28
.......
1,125
1,222,853
Series
24B
,
RB
,
5.00
%
,
02/01/28
.......
1,775
1,929,390
Massachusetts
Development
Finance
Agency
Series
2020U
,
RB
,
5.00
%
,
07/01/25
.....
1,435
1,464,004
Series
2020A
,
RB
,
5.00
%
,
10/15/25
.....
11,440
11,759,381
Series
2020A
,
RB
,
5.00
%
,
10/15/26
.....
12,965
13,651,455
Series
2016A
,
RB
,
5.00
%
,
07/15/27
.....
280
292,654
Massachusetts
Health
&
Educational
Facilities
Authority,
Series
2001J-2,
RB,
VRDN,
3.15%, 09/03/24
(a)
................
12,120
12,120,000
Massachusetts
School
Building
Authority
Series
2016B
,
RB
,
5.00
%
,
11/15/24
.....
2,005
2,013,033
Series
2015C
,
RB
,
5.00
%
,
08/15/25
.....
265
271,036
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Series
D
,
RB
,
4.75
%
,
08/15/32
.........
USD
2,285
$
2,330,068
Series
2016A
,
RB
,
5.00
%
,
11/15/41
.....
4,750
4,884,810
Series
2016A
,
RB
,
5.00
%
,
11/15/45
.....
12,960
13,327,818
Series
2019A
,
RB
,
5.00
%
,
02/15/49
.....
15,360
15,922,313
Massachusetts
State
College
Building
Authority
Series
2016A
,
RB
,
5.00
%
,
05/01/38
(
HERBIP
)
.....................
5,000
5,072,824
Series
2016A
,
RB
,
5.00
%
,
05/01/41
(
HERBIP
)
.....................
2,960
3,003,112
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Series
2018A
,
RB
,
5.00
%
,
01/01/27
.....
4,975
5,259,652
Series
2019A
,
RB
,
5.00
%
,
01/01/27
.....
9,900
10,452,108
Series
2022A-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.90
%
,
09/05/24
(a)
..........
22,400
22,400,000
Massachusetts
Water
Resources
Authority
Series
2018C
,
RB
,
5.00
%
,
08/01/25
.....
1,160
1,185,756
Series
B
,
RB
,
5.25
%
,
08/01/25
(
AGM
)
....
825
845,163
Series
2018C
,
RB
,
5.00
%
,
08/01/26
.....
1,000
1,046,105
Series
B
,
RB
,
5.25
%
,
08/01/28
(
AGM
)
....
11,010
12,178,359
Series
2016C
,
RB
,
5.00
%
,
08/01/34
.....
10,000
10,472,167
Series
2016D
,
RB
,
5.00
%
,
08/01/37
.....
1,250
1,308,065
Series
2016B
,
RB
,
5.00
%
,
08/01/40
.....
5,080
5,319,861
Series
2016C
,
RB
,
5.00
%
,
08/01/40
.....
16,155
16,917,786
University
of
Massachusetts
Building
Authority
Series
2021-1
,
RB
,
5.00
%
,
11/01/24
.....
175
175,583
Series
2021-1
,
RB
,
5.00
%
,
11/01/27
.....
11,010
11,848,544
Series
2021-1
,
RB
,
5.00
%
,
11/01/28
.....
825
906,750
Series
1
,
RB
,
5.00
%
,
11/01/44
.........
2,000
2,006,190
449,047,413
Michigan
—
1.4%
Chippewa
Valley
Schools,
Series
2015A,
GO,
5.00%, 05/01/25
(Q-SBLF)
..........
395
400,495
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2018B,
RB,
5.00%, 07/01/29
8,045
8,926,936
Great
Lakes
Water
Authority
Water
Supply
System
Series
C
,
RB
,
5.00
%
,
07/01/26
.........
640
666,656
Series
2024A
,
RB
,
5.00
%
,
07/01/29
.....
4,000
4,438,501
Michigan
Finance
Authority,
Series
2016B,
RB,
5.00%, 10/01/27
.................
10,225
10,689,559
Michigan
State
Building
Authority
Series
2016I
,
RB
,
5.00
%
,
04/15/25
......
1,010
1,023,346
Series
2016I
,
RB
,
5.00
%
,
04/15/26
......
1,395
1,443,661
Series
2020I
,
RB
,
5.00
%
,
10/15/27
......
785
841,041
Series
2023II
,
RB
,
5.00
%
,
10/15/28
.....
5,700
6,231,170
Michigan
State
University
Series
2020A
,
RB
,
5.00
%
,
08/15/26
.....
2,455
2,568,782
Series
2023A
,
RB
,
5.00
%
,
02/15/28
.....
2,400
2,593,941
Series
2023A
,
RB
,
5.00
%
,
08/15/28
.....
3,750
4,094,918
State
of
Michigan
Series
2016
,
RB
,
5.00
%
,
03/15/25
......
1,565
1,582,307
Series
2016
,
RB
,
5.00
%
,
03/15/26
......
8,810
9,120,115
Series
2016
,
RB
,
5.00
%
,
03/15/27
......
7,580
8,029,957
State
of
Michigan
Trunk
Line
Series
2020A
,
RB
,
5.00
%
,
11/15/24
.....
1,120
1,124,147
Series
2020B
,
RB
,
5.00
%
,
11/15/28
.....
11,165
12,276,523
Series
2023
,
RB
,
5.00
%
,
11/15/28
......
1,500
1,649,331
University
of
Michigan
Series
2017A
,
RB
,
5.00
%
,
04/01/25
.....
3,555
3,601,748
Series
2017A
,
RB
,
5.00
%
,
04/01/26
.....
1,410
1,465,282
Series
2020A
,
RB
,
5.00
%
,
04/01/26
.....
3,880
4,032,122
Series
2012-A
,
RB
,
VRDN
2.84
%
,
09/05/24
(a)
15,000
15,000,000
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Michigan
(continued)
Series
2017A
,
RB
,
5.00
%
,
04/01/42
.....
USD
5,110
$
5,418,900
107,219,438
Minnesota
—
3.5%
City
of
Minneapolis
Series
2020
,
GO
,
3.00
%
,
12/01/24
......
45
44,970
Series
2019
,
GO
,
4.00
%
,
12/01/24
......
1,665
1,669,231
Series
2021
,
GO
,
4.00
%
,
12/01/26
......
2,235
2,306,646
Series
2017
,
GO
,
3.00
%
,
12/01/27
......
25
24,945
County
of
Hennepin
Series
2020B
,
GO
,
5.00
%
,
12/01/25
.....
3,930
4,044,434
Series
2019B
,
GO
,
5.00
%
,
12/15/26
.....
1,660
1,752,653
Series
2020C
,
GO
,
5.00
%
,
12/15/26
.....
5,365
5,664,447
Series
2019B
,
GO
,
5.00
%
,
12/15/27
.....
85
91,806
Series
2016C
,
GO
,
5.00
%
,
12/01/28
.....
1,500
1,653,565
Metropolitan
Council
Series
2021B
,
GO
,
5.00
%
,
12/01/24
.....
25,070
25,196,581
Series
2020B
,
GO
,
5.00
%
,
03/01/25
.....
1,000
1,011,051
Series
2021D
,
GO
,
5.00
%
,
03/01/25
.....
815
824,007
Series
2021B
,
GO
,
5.00
%
,
12/01/25
.....
5,215
5,374,639
Series
2016C
,
GO
,
5.00
%
,
03/01/26
.....
200
207,383
Series
2021C
,
GO
,
5.00
%
,
12/01/26
.....
2,780
2,931,886
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Series
A
,
RB
,
5.00
%
,
01/01/28
.........
3,170
3,333,897
Series
2023A
,
RB
,
5.00
%
,
01/01/29
.....
1,330
1,456,262
Minnesota
Public
Facilities
Authority
State
Revolving
Fund
Series
2016A
,
RB
,
5.00
%
,
03/01/26
.....
1,910
1,976,361
Series
2023B
,
RB
,
5.00
%
,
03/01/28
.....
24,110
26,102,373
Series
2023A
,
RB
,
5.00
%
,
03/01/29
.....
18,500
20,441,449
State
of
Minnesota
Series
2021B
,
GO
,
5.00
%
,
09/01/24
.....
5,000
5,000,000
Series
2017D
,
GO
,
5.00
%
,
10/01/24
.....
1,630
1,632,399
Series
2022A
,
RB
,
5.00
%
,
03/01/25
.....
25,000
25,264,493
Series
2019A
,
GO
,
5.00
%
,
08/01/25
.....
1,495
1,527,513
Series
2020A
,
GO
,
5.00
%
,
08/01/25
.....
455
464,895
Series
2015B
,
GO
,
5.00
%
,
08/01/25
.....
1,725
1,762,515
Series
2016B
,
GO
,
5.00
%
,
08/01/25
.....
115
117,501
Series
2015D
,
GO
,
5.00
%
,
08/01/25
.....
4,260
4,352,646
Series
2016D
,
GO
,
5.00
%
,
08/01/25
.....
160
163,480
Series
2021A
,
GO
,
5.00
%
,
09/01/25
.....
10,000
10,241,627
Series
2017A
,
GO
,
5.00
%
,
10/01/25
.....
330
338,644
Series
2022A
,
RB
,
5.00
%
,
03/01/26
.....
20,000
20,706,810
Series
2016D
,
GO
,
5.00
%
,
08/01/26
.....
4,715
4,935,418
Series
2023D
,
GO
,
5.00
%
,
08/01/26
.....
4,000
4,186,993
Series
2016A
,
GO
,
5.00
%
,
08/01/26
.....
30
31,402
Series
2018B
,
GO
,
5.00
%
,
08/01/26
.....
185
193,648
Series
2019A
,
GO
,
5.00
%
,
08/01/26
.....
230
240,752
Series
2019B
,
GO
,
5.00
%
,
08/01/26
.....
765
800,762
Series
2020A
,
GO
,
5.00
%
,
08/01/26
.....
3,205
3,354,828
Series
2021A
,
GO
,
5.00
%
,
09/01/26
.....
14,215
14,909,502
Series
2017D
,
GO
,
5.00
%
,
10/01/26
.....
235
246,936
Series
2016B
,
GO
,
4.00
%
,
08/01/27
.....
3,910
4,007,531
Series
2022A
,
GO
,
5.00
%
,
08/01/27
.....
7,525
8,061,037
Series
2019A
,
GO
,
5.00
%
,
08/01/27
.....
225
241,028
Series
2018A
,
GO
,
5.00
%
,
08/01/27
.....
45
48,206
Series
2016D
,
GO
,
5.00
%
,
08/01/27
.....
180
187,926
Series
2021B
,
GO
,
5.00
%
,
09/01/27
.....
315
338,089
Series
2017A
,
GO
,
5.00
%
,
10/01/27
.....
2,105
2,263,399
Series
2023E
,
GO
,
5.00
%
,
08/01/28
.....
17,460
19,107,597
Series
2018A
,
GO
,
5.00
%
,
08/01/28
.....
4,225
4,623,688
Series
2023D
,
GO
,
5.00
%
,
08/01/28
.....
23,480
25,695,669
Series
2019A
,
GO
,
5.00
%
,
08/01/28
.....
400
437,746
Series
2021B
,
GO
,
5.00
%
,
09/01/28
.....
2,900
3,179,281
Security
Par
(000)
Par
(000)
Value
Minnesota
(continued)
Series
2023
,
COP
,
5.00
%
,
11/01/28
.....
USD
3,550
$
3,900,807
Series
2024A
,
GO
,
5.00
%
,
08/01/29
.....
15,000
16,754,066
University
of
Minnesota
Series
2015A
,
RB
,
5.00
%
,
08/01/25
.....
55
56,171
Series
2017B
,
RB
,
5.00
%
,
12/01/25
.....
6,375
6,564,061
Series
2019B
,
RB
,
5.00
%
,
10/01/27
.....
20
21,491
302,069,143
Mississippi
—
0.3%
State
of
Mississippi
Series
2015C
,
GO
,
5.00
%
,
10/01/24
.....
725
726,056
Series
2015C
,
GO
,
5.00
%
,
10/01/26
.....
205
209,752
Series
2017A
,
GO
,
5.00
%
,
10/01/26
.....
2,645
2,776,962
Series
2017A
,
GO
,
5.00
%
,
10/01/27
.....
305
327,544
Series
2017A
,
GO
,
5.00
%
,
10/01/32
.....
6,645
7,142,758
Series
2015F
,
GO
,
5.00
%
,
11/01/32
.....
7,535
7,742,040
Series
2018A
,
GO
,
5.00
%
,
11/01/32
.....
3,185
3,355,228
Series
2017A
,
GO
,
5.00
%
,
10/01/33
.....
4,005
4,305,003
Series
2017A
,
GO
,
5.00
%
,
10/01/34
.....
3,040
3,267,718
Series
2016B
,
GO
,
5.00
%
,
12/01/35
.....
1,015
1,071,798
Series
2018A
,
GO
,
5.00
%
,
11/01/36
.....
2,105
2,217,506
33,142,365
Missouri
—
1.8%
City
of
Springfield,
Series
2015,
RB,
5.00%, 08/01/25
.................
10,000
10,202,520
Metropolitan
St
Louis
Sewer
District
Series
2017A
,
RB
,
5.00
%
,
05/01/25
.....
550
557,869
Series
2017A
,
RB
,
5.00
%
,
05/01/26
.....
3,810
3,958,311
Series
2015B
,
RB
,
5.00
%
,
05/01/29
.....
1,300
1,318,934
Missouri
Highway
&
Transportation
Commission
Series
2019A
,
RB
,
5.00
%
,
05/01/25
.....
1,465
1,487,359
Series
2022A
,
RB
,
5.00
%
,
05/01/25
.....
15,255
15,487,820
Series
2023A
,
RB
,
5.00
%
,
05/01/25
.....
12,500
12,689,948
Series
2021A
,
RB
,
5.00
%
,
11/01/25
.....
4,775
4,909,280
Series
2023A
,
RB
,
5.00
%
,
05/01/26
.....
12,500
13,006,175
Series
A
,
RB
,
5.00
%
,
05/01/26
.........
14,465
14,989,498
Series
2019B
,
RB
,
5.00
%
,
11/01/26
.....
5,230
5,500,483
Series
2022A
,
RB
,
5.00
%
,
05/01/27
.....
15,000
15,951,894
Missouri
State
Board
of
Public
Buildings
Series
2020B
,
RB
,
5.00
%
,
10/01/24
.....
15,000
15,022,080
Series
2020B
,
RB
,
5.00
%
,
10/01/27
.....
4,160
4,456,277
Park
Hill
School
District
of
Platte
County,
Series
2017,
GO,
3.38%, 03/01/37
(ST
AID
DIR
DEP)
11,400
11,530,405
131,068,853
Nebraska
—
0.2%
Douglas
County
School
District
No.
17
Series
A
,
GO
,
4.00
%
,
06/15/32
........
1,965
1,983,472
Series
A
,
GO
,
4.00
%
,
06/15/33
........
2,010
2,028,895
Series
A
,
GO
,
4.00
%
,
06/15/34
........
2,050
2,069,271
Series
A
,
GO
,
4.00
%
,
06/15/35
........
7,000
7,065,804
Nebraska
Public
Power
District
Series
B
,
RB
,
5.00
%
,
01/01/27
.........
785
828,373
Series
2023A
,
RB
,
5.00
%
,
07/01/28
.....
8,795
9,472,969
Omaha
Public
Power
District,
Series
2016A,
RB,
5.00%, 02/01/27
.................
1,300
1,340,799
24,789,583
Nevada
—
1.4%
Clark
County
School
District
Series
2022A
,
GO
,
5.00
%
,
06/15/25
.....
6,875
6,992,051
Series
2021B
,
GO
,
5.00
%
,
06/15/26
.....
7,835
8,157,043
Series
2020B
,
GO
,
5.00
%
,
06/15/27
(
BAM
)
5,245
5,594,144
Series
2015C
,
GO
,
5.00
%
,
06/15/28
.....
3,000
3,078,526
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nevada
(continued)
County
of
Clark
Series
2016A
,
GO
,
5.00
%
,
11/01/24
.....
USD
1,065
$
1,068,311
Series
2017
,
RB
,
5.00
%
,
07/01/26
......
1,470
1,533,037
Series
2016B
,
GO
,
5.00
%
,
11/01/27
.....
15,030
15,790,688
County
of
Clark
Department
of
Aviation
Series
2019D
,
RB
,
5.00
%
,
07/01/26
.....
2,065
2,151,132
Series
2024A
,
RB
,
5.00
%
,
07/01/28
.....
5,000
5,437,924
Series
2024A
,
RB
,
5.00
%
,
07/01/29
.....
10,515
11,645,688
County
of
Washoe
Series
2021
,
GO
,
5.00
%
,
07/01/26
......
5,045
5,261,343
Series
2021
,
GO
,
5.00
%
,
07/01/27
......
1,535
1,636,895
Las
Vegas
Valley
Water
District
Series
2020A
,
GO
,
5.00
%
,
06/01/25
.....
7,720
7,852,809
Series
2022A
,
GO
,
5.00
%
,
06/01/25
.....
5,550
5,645,478
Series
2021A
,
GO
,
5.00
%
,
06/01/26
.....
4,000
4,165,604
Series
2022A
,
GO
,
5.00
%
,
06/01/26
.....
5,825
6,066,160
State
of
Nevada
Series
2015D
,
GO
,
5.00
%
,
04/01/25
.....
135
136,753
Series
2015A
,
GO
,
5.00
%
,
08/01/25
.....
5,030
5,138,933
Series
2015B
,
GO
,
5.00
%
,
11/01/25
.....
50
50,785
Series
2019A
,
GO
,
5.00
%
,
05/01/26
.....
120
124,859
Series
2015B
,
GO
,
5.00
%
,
11/01/26
.....
520
527,969
Series
2015D
,
GO
,
5.00
%
,
04/01/27
.....
155
157,071
State
of
Nevada
Highway
Improvement
Series
2016
,
RB
,
5.00
%
,
12/01/24
......
3,830
3,849,096
Series
2016
,
RB
,
5.00
%
,
12/01/25
......
270
278,145
102,340,444
New
Hampshire
—
0.1%
New
Hampshire
Municipal
Bond
Bank,
Series
2017B,
RB,
5.00%, 08/15/28
(ST
INTERCEPT)
...................
1,620
1,730,588
State
of
New
Hampshire
Series
2020D
,
GO
,
5.00
%
,
12/01/24
.....
10,000
10,049,858
Series
2020C
,
GO
,
5.00
%
,
12/01/25
.....
2,810
2,895,122
Series
2023A
,
GO
,
5.00
%
,
02/15/27
.....
2,475
2,625,280
17,300,848
New
Jersey
—
4.5%
County
of
Monmouth
Series
2021A
,
GO
,
5.00
%
,
01/15/25
.....
7,275
7,331,688
Series
2021A
,
GO
,
5.00
%
,
01/15/26
.....
7,125
7,362,270
Series
2021B
,
GO
,
5.00
%
,
01/15/26
.....
4,000
4,133,204
Series
2022ACDE
,
GO
,
5.00
%
,
01/15/28
..
4,620
5,011,592
Monmouth
County
Improvement
Authority
(The),
Series
2019B,
RB,
5.00%, 12/01/24
(GTD)
.
1,500
1,507,989
New
Jersey
Economic
Development
Authority
Series
2005N-1
,
RB
,
5.50
%
,
09/01/24
(
AMBAC
)
.....................
5,850
5,850,000
Series
2017DDD
,
RB
,
5.00
%
,
06/15/25
...
1,000
1,017,163
Series
XX
,
RB
,
5.00
%
,
06/15/25
........
14,250
14,494,577
Series
2005N-1
,
RB
,
5.50
%
,
09/01/25
(
AGM
)
3,475
3,579,039
Series
B
,
RB
,
5.00
%
,
11/01/25
.........
5,700
5,846,108
Series
XX
,
RB
,
4.25
%
,
06/15/26
........
715
721,783
Series
2018FFF
,
RB
,
5.00
%
,
06/15/26
....
3,000
3,119,205
Series
2021QQQ
,
RB
,
5.00
%
,
06/15/26
...
875
909,768
Series
B
,
RB
,
5.00
%
,
11/01/26
.........
2,940
3,079,368
Series
XX
,
RB
,
5.25
%
,
06/15/27
........
2,300
2,342,461
Series
2022A
,
RB
,
5.00
%
,
11/01/27
.....
1,235
1,319,915
Series
2023RRR
,
RB
,
5.00
%
,
03/01/28
...
6,035
6,509,569
Series
2018FFF
,
RB
,
5.00
%
,
06/15/28
....
6,180
6,679,543
Series
2021QQQ
,
RB
,
5.00
%
,
06/15/28
...
750
810,624
Series
BBB
,
RB
,
5.50
%
,
06/15/30
.......
13,160
14,035,938
Series
2017DDD
,
RB
,
5.00
%
,
06/15/31
...
1,500
1,599,936
Series
WW
,
RB
,
5.25
%
,
06/15/31
.......
1,525
1,556,981
Security
Par
(000)
Par
(000)
Value
New
Jersey
(continued)
Series
2017DDD
,
RB
,
5.00
%
,
06/15/32
...
USD
1,000
$
1,066,624
Series
AAA
,
RB
,
5.50
%
,
06/15/32
.......
5,000
5,332,803
New
Jersey
Educational
Facilities
Authority
Series
2015A
,
RB
,
5.00
%
,
07/01/25
.....
1,640
1,673,555
Series
2016A
,
RB
,
5.00
%
,
07/01/25
.....
4,565
4,658,402
Series
2016B
,
RB
,
5.00
%
,
07/01/25
.....
2,290
2,336,855
Series
2021C
,
RB
,
5.00
%
,
03/01/26
.....
6,770
7,030,393
Series
2016A
,
RB
,
5.00
%
,
07/01/26
.....
2,045
2,141,513
Series
2016B
,
RB
,
5.00
%
,
07/01/26
.....
355
371,754
Series
2022A
,
RB
,
5.00
%
,
03/01/27
.....
19,560
20,781,608
Series
2021C
,
RB
,
5.00
%
,
03/01/29
.....
4,800
5,341,884
New
Jersey
Transportation
Trust
Fund
Authority
Series
2006C
,
RB
,
0.00
%
,
12/15/24
(
AMBAC
)
(b)
....................
1,175
1,163,854
Series
2010D
,
RB
,
5.00
%
,
12/15/24
.....
610
613,399
Series
2019A
,
RB
,
5.00
%
,
12/15/24
.....
17,940
18,039,956
Series
2018A
,
RB
,
5.00
%
,
12/15/24
.....
2,125
2,136,180
Series
2021A
,
RB
,
5.00
%
,
06/15/25
.....
4,125
4,192,871
Series
2006C
,
RB
,
0.00
%
,
12/15/25
(
AMBAC
)
(b)
....................
17,240
16,571,921
Series
2019A
,
RB
,
5.00
%
,
12/15/25
.....
6,130
6,304,284
Series
2021A
,
RB
,
5.00
%
,
06/15/26
.....
1,055
1,096,921
Series
2010A
,
RB
,
0.00
%
,
12/15/26
(b)
....
765
712,283
Series
2006C
,
RB
,
0.00
%
,
12/15/26
(
AMBAC
)
(b)
....................
975
908,219
Series
2018A
,
RB
,
5.00
%
,
12/15/26
.....
2,085
2,189,608
Series
2021A
,
RB
,
5.00
%
,
06/15/27
.....
5,755
6,104,673
Series
2016A-1
,
RB
,
5.00
%
,
06/15/27
....
1,325
1,372,797
Series
2006C
,
RB
,
0.00
%
,
12/15/27
(
BHAC-
CR,
MBIA
)
(b)
...................
15,925
14,447,150
Series
2018A
,
RB
,
5.00
%
,
12/15/27
.....
3,500
3,748,138
Series
2016A-1
,
RB
,
5.00
%
,
06/15/28
....
3,700
3,830,321
Series
2023AA
,
RB
,
5.00
%
,
06/15/28
....
4,920
5,318,619
Series
2018A
,
RB
,
5.00
%
,
12/15/28
.....
3,505
3,821,007
Series
2019A
,
RB
,
5.00
%
,
12/15/28
.....
12,375
13,490,716
Series
2019AA
,
RB
,
5.00
%
,
06/15/29
....
1,480
1,611,937
New
Jersey
Turnpike
Authority
Series
2014C
,
RB
,
5.00
%
,
01/01/25
.....
3,195
3,216,882
Series
2017E
,
RB
,
5.00
%
,
01/01/25
.....
4,525
4,555,990
Series
2004C-2
,
RB
,
5.50
%
,
01/01/25
(
AMBAC
)
.....................
3,540
3,569,964
Series
2017E
,
RB
,
5.00
%
,
01/01/27
.....
2,950
3,112,459
State
of
New
Jersey
GO
,
5.00
%
,
06/01/26
...............
420
427,042
Series
2020A
,
GO
,
5.00
%
,
06/01/26
.....
23,545
24,547,214
Series
2020A
,
GO
,
5.00
%
,
06/01/27
.....
11,940
12,721,825
GO
,
5.00
%
,
06/01/28
...............
5,000
5,316,753
Series
2020A
,
GO
,
5.00
%
,
06/01/28
.....
11,150
12,129,860
Series
2020A
,
GO
,
5.00
%
,
06/01/29
.....
905
1,003,597
GO
,
5.00
%
,
06/01/32
...............
2,355
2,394,485
330,225,037
New
Mexico
—
0.6%
New
Mexico
Finance
Authority
Series
2021A
,
RB
,
5.00
%
,
06/15/25
.....
2,485
2,529,774
Series
2018A
,
RB
,
5.00
%
,
06/15/26
.....
470
490,045
Series
2021A
,
RB
,
5.00
%
,
06/15/26
.....
2,365
2,465,864
Series
2021B
,
RB
,
5.00
%
,
06/15/26
.....
2,500
2,606,622
Series
B-1
,
RB
,
5.00
%
,
06/15/27
.......
5,245
5,251,161
State
of
New
Mexico
Series
2021
,
GO
,
5.00
%
,
03/01/26
......
700
725,470
Series
2023
,
GO
,
5.50
%
,
03/01/28
......
5,275
5,803,303
State
of
New
Mexico
Severance
Tax
Permanent
Fund
Series
2015A
,
RB
,
5.00
%
,
07/01/25
.....
295
300,696
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
Mexico
(continued)
Series
2022A
,
RB
,
5.00
%
,
07/01/25
.....
USD
4,470
$
4,556,315
Series
2021A
,
RB
,
5.00
%
,
07/01/26
.....
5,360
5,599,328
Series
2022A
,
RB
,
5.00
%
,
07/01/26
.....
15,000
15,669,761
45,998,339
New
York
—
13.8%
Battery
Park
City
Authority
Series
2023B
,
RB
,
5.00
%
,
11/01/28
.....
2,000
2,211,247
Series
2019D-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
2,770
2,770,000
City
of
New
York
Series
2021F-1
,
GO
,
4.00
%
,
03/01/25
....
7,200
7,243,427
Series
2015FF-1
,
GO
,
5.00
%
,
06/01/25
...
995
1,011,995
Series
C
,
GO
,
5.00
%
,
08/01/25
........
3,620
3,698,618
Series
2019E
,
GO
,
5.00
%
,
08/01/25
.....
3,850
3,933,613
Series
A
,
GO
,
5.00
%
,
08/01/25
........
375
383,144
Series
2021A-1
,
GO
,
5.00
%
,
08/01/25
....
2,360
2,411,254
Series
2018C
,
GO
,
5.00
%
,
08/01/25
.....
3,555
3,632,206
Series
2021C
,
GO
,
5.00
%
,
08/01/25
.....
535
546,619
Series
2018A
,
GO
,
5.00
%
,
08/01/25
.....
990
1,011,501
Series
2020C-1
,
GO
,
5.00
%
,
08/01/25
...
6,135
6,268,238
Series
2015A
,
GO
,
5.00
%
,
08/01/25
.....
1,670
1,675,952
Series
E
,
GO
,
5.00
%
,
08/01/25
........
3,700
3,780,355
Series
2022B-1
,
GO
,
5.00
%
,
08/01/25
....
15,420
15,754,887
Series
2018-1
,
GO
,
5.00
%
,
08/01/25
.....
895
914,437
Series
2020B-1
,
GO
,
5.00
%
,
10/01/25
....
675
692,658
Series
2021F-1
,
GO
,
5.00
%
,
03/01/26
....
4,025
4,171,854
Series
2008J-9
,
GO
,
3.00
%
,
08/01/26
....
90
90,611
Series
2020C-1
,
GO
,
5.00
%
,
08/01/26
...
11,445
11,981,500
Series
2021C
,
GO
,
5.00
%
,
08/01/26
.....
715
748,517
Series
E
,
GO
,
5.00
%
,
08/01/26
........
2,315
2,423,519
Series
2021A-1
,
GO
,
5.00
%
,
08/01/26
....
3,630
3,800,161
Series
2022B-1
,
GO
,
5.00
%
,
08/01/26
....
145
151,797
Series
2008J-10
,
GO
,
5.00
%
,
08/01/26
...
830
868,907
Series
2020-1
,
GO
,
5.00
%
,
08/01/26
.....
2,480
2,596,253
Series
2008J-11
,
GO
,
5.00
%
,
08/01/26
...
720
753,751
Series
2018A
,
GO
,
5.00
%
,
08/01/26
.....
840
879,376
Series
C
,
GO
,
5.00
%
,
08/01/26
........
2,365
2,475,863
Series
A
,
GO
,
5.00
%
,
08/01/26
........
700
732,813
Series
2019E
,
GO
,
5.00
%
,
08/01/26
.....
330
345,469
Series
2018C
,
GO
,
5.00
%
,
08/01/26
.....
280
293,125
Series
2022-1
,
GO
,
5.00
%
,
09/01/26
.....
1,245
1,304,009
Series
2021F-1
,
GO
,
5.00
%
,
03/01/27
....
2,710
2,869,004
Series
2021A-1
,
GO
,
5.00
%
,
08/01/27
....
12,680
13,548,397
Series
2018A
,
GO
,
5.00
%
,
08/01/27
.....
335
357,943
Series
2018C
,
GO
,
5.00
%
,
08/01/27
.....
1,085
1,159,307
Series
2021C
,
GO
,
5.00
%
,
08/01/27
.....
1,830
1,955,329
Series
2008J-11
,
GO
,
5.00
%
,
08/01/27
...
125
133,561
Series
2022B-1
,
GO
,
5.00
%
,
08/01/27
....
3,610
3,857,233
Series
2023F-1
,
GO
,
5.00
%
,
08/01/27
....
4,000
4,273,942
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/27
(c)
...............
3,000
3,210,078
Series
2021B-1
,
GO
,
5.00
%
,
11/01/27
....
16,000
17,187,451
Series
2024C
,
GO
,
5.00
%
,
03/01/28
.....
1,750
1,890,060
Series
2008L-6
,
GO
,
5.00
%
,
04/01/28
....
2,035
2,201,548
Series
2021A-1
,
GO
,
5.00
%
,
08/01/28
....
5,000
5,445,543
Series
2018-1
,
GO
,
5.00
%
,
08/01/28
.....
2,750
2,924,738
Series
2008J-5
,
GO
,
5.00
%
,
08/01/28
....
2,725
2,967,821
Series
2023F-1
,
GO
,
5.00
%
,
08/01/28
....
4,925
5,363,860
Series
2023B-1
,
GO
,
5.00
%
,
10/01/28
....
1,125
1,229,295
Series
2024C
,
GO
,
5.00
%
,
03/01/29
.....
2,750
3,023,273
Series
2024D
,
GO
,
5.00
%
,
04/01/29
.....
10,000
11,010,736
Series
2021-1
,
GO
,
5.00
%
,
04/01/29
.....
4,140
4,558,445
Series
2021A-1
,
GO
,
5.00
%
,
08/01/29
....
10,335
11,450,289
Series
2025A
,
GO
,
5.00
%
,
08/01/29
.....
7,500
8,309,354
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
C
,
GO
,
5.00
%
,
08/01/29
........
USD
12,665
$
12,995,650
Series
E
,
GO
,
5.00
%
,
08/01/29
........
445
460,577
Series
2025,
Sub-Series
C-1
,
GO
,
5.00
%
,
09/01/29
(c)
...............
2,500
2,773,053
Series
2014I-2
,
GO
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(a)
...
3,300
3,300,000
Series
2018E-5
,
GO
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(a)
...........
3,550
3,550,000
Hudson
Yards
Infrastructure
Corp.
Series
2017A
,
RB
,
5.00
%
,
02/15/25
.....
1,820
1,837,712
Series
2017A
,
RB
,
5.00
%
,
02/15/26
.....
520
538,252
Series
2017A
,
RB
,
5.00
%
,
02/15/27
.....
10,005
10,649,656
Long
Island
Power
Authority
Series
2021
,
RB
,
1.00
%
,
09/01/25
......
8,075
7,799,268
Series
2021A
,
RB
,
5.00
%
,
09/01/26
.....
810
850,185
Series
1998A
,
RB
,
0.00
%
,
12/01/26
(
AGM
)
(b)
1,500
1,392,129
Series
2019A
,
RB
,
5.00
%
,
09/01/27
.....
1,800
1,931,636
Series
2024A
,
RB
,
5.00
%
,
09/01/27
.....
700
751,192
Series
2023F
,
RB
,
5.00
%
,
09/01/28
.....
3,340
3,656,883
Series
2024A
,
RB
,
5.00
%
,
09/01/28
.....
1,000
1,094,875
Series
2024A
,
RB
,
5.00
%
,
09/01/29
.....
625
697,824
Series
2019B
,
RB
,
VRDN
1.65
%
,
09/01/24
(a)
1,425
1,425,000
Series
2020B
,
RB
,
VRDN
0.85
%
,
09/01/25
(a)
7,000
6,810,214
Series
2021B
,
RB
,
VRDN
1.50
%
,
09/01/26
(a)
390
373,425
Metropolitan
Transportation
Authority
Series
2015F
,
RB
,
5.00
%
,
11/15/24
......
1,000
1,003,777
Series
2017B
,
RB
,
5.00
%
,
11/15/24
.....
1,600
1,606,043
Series
2017C-1
,
RB
,
5.00
%
,
11/15/24
....
13,600
13,651,362
Series
A-1
,
RB
,
5.00
%
,
11/15/24
.......
2,000
2,007,553
Series
2014C
,
RB
,
5.00
%
,
11/15/25
.....
2,175
2,183,416
Series
2015F
,
RB
,
5.00
%
,
11/15/25
......
1,880
1,929,400
Series
A-2
,
RB
,
5.00
%
,
11/15/25
.......
4,850
4,977,442
Series
2017B
,
RB
,
5.00
%
,
11/15/25
.....
560
574,715
Series
2017C-1
,
RB
,
5.00
%
,
11/15/25
....
3,530
3,622,756
Series
2018B
,
RB
,
5.00
%
,
11/15/25
.....
1,715
1,760,064
Series
2017C-1
,
RB
,
5.00
%
,
11/15/26
....
9,430
9,879,056
Series
2016B
,
RB
,
5.00
%
,
11/15/26
.....
12,295
12,880,487
Series
A-2
,
RB
,
5.00
%
,
11/15/26
.......
500
523,810
Series
2016D
,
RB
,
5.00
%
,
11/15/27
.....
1,300
1,357,653
Series
2020E
,
RB
,
5.00
%
,
11/15/27
.....
5,000
5,337,745
Series
2020E
,
RB
,
5.00
%
,
11/15/28
.....
6,500
7,060,619
Series
A-2
,
RB
,
5.00
%
,
11/15/28
.......
9,110
9,632,692
Series
2018B
,
RB
,
5.00
%
,
11/15/28
.....
1,400
1,520,749
Series
2017C-1
,
RB
,
5.00
%
,
11/15/28
....
1,720
1,851,680
Series
2016D
,
RB
,
5.00
%
,
11/15/29
.....
1,865
1,947,581
Series
2012G-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.91
%
,
09/05/24
(a)
...........
8,540
8,540,000
Series
2019D-1
,
RB
,
VRDN
5.00
%
,
11/15/24
(a)
...............
5,000
5,015,430
Series
2020B
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
),
3.95
%
,
09/03/24
(a)
.....
15,000
15,000,000
Series
2019A-1
,
RB
,
VRDN
5.00
%
,
11/15/24
(a)
...............
4,000
4,012,356
New
York
City
Municipal
Water
Finance
Authority
Series
2020CC-2
,
RB
,
5.00
%
,
06/15/25
...
860
875,832
Series
2020FF
,
RB
,
5.00
%
,
06/15/25
....
705
717,979
Series
2021DD
,
RB
,
5.00
%
,
06/15/25
....
8,130
8,279,669
Series
2015FF
,
RB
,
5.00
%
,
06/15/26
....
55
55,992
Series
2020BB-2
,
RB
,
5.00
%
,
06/15/26
...
935
941,306
Series
2015HH
,
RB
,
5.00
%
,
06/15/27
....
10
10,176
Series
2022BB-2
,
RB
,
5.00
%
,
06/15/27
...
145
149,151
Series
2022CC-2
,
RB
,
5.00
%
,
06/15/27
...
4,300
4,423,111
Series
2022AA-2
,
RB
,
5.00
%
,
06/15/28
...
1,750
1,844,178
Series
2024BB-2
,
RB
,
5.00
%
,
06/15/28
...
5,670
6,201,797
Series
2024BB-2
,
RB
,
5.00
%
,
06/15/29
...
3,250
3,633,689
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
DD-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
...............
USD
5,365
$
5,365,000
Series
2014AA-3
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
4,900
4,900,000
Series
AA-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(a)
...
2,100
2,100,000
Series
BB
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.91
%
,
09/05/24
(a)
...............
16,650
16,650,000
New
York
City
Transitional
Finance
Authority
Series
B
,
RB
,
4.00
%
,
08/01/25
.........
550
556,224
Series
2019A-1
,
RB
,
5.00
%
,
08/01/25
....
1,185
1,209,258
Series
B-1
,
RB
,
5.00
%
,
08/01/25
.......
2,120
2,163,849
Series
2021A
,
RB
,
5.00
%
,
11/01/25
.....
1,510
1,550,860
Series
2022B-1
,
RB
,
5.00
%
,
08/01/26
....
780
813,764
Series
2019A-1
,
RB
,
5.00
%
,
08/01/27
....
3,020
3,231,437
Series
2024B
,
RB
,
5.00
%
,
05/01/28
.....
4,000
4,359,147
Series
2024D-1
,
RB
,
5.00
%
,
11/01/28
....
12,670
13,955,331
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/28
................
8,000
8,811,574
Series
2024G-1
,
RB
,
5.00
%
,
05/01/29
....
8,285
9,189,431
Series
2025A,
Sub-Series
A-1
,
RB
,
5.00
%
,
11/01/29
................
14,350
16,064,165
Series
2018C-7
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
19,850
19,850,000
New
York
City
Transitional
Finance
Authority
Building
Aid
Series
2015S-2
,
RB
,
5.00
%
,
07/15/25
(
SAW
)
125
127,626
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/25
(
SAW
)
.......................
1,285
1,311,996
Series
S-1
,
RB
,
5.00
%
,
07/15/25
(
SAW
)
..
135
137,793
Series
2019S-2A
,
RB
,
5.00
%
,
07/15/26
(
SAW
)
.......................
2,035
2,123,541
Series
2015S-2
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
170
173,191
Series
2018S-4A
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
.......................
150
160,406
Series
2019S-2A
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
.......................
125
133,671
Series
2019S-3A
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
.......................
205
219,221
Series
S-1
,
RB
,
5.00
%
,
07/15/27
(
SAW
)
..
280
299,424
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Series
C
,
RB
,
5.00
%
,
11/01/24
.........
350
351,069
Series
2021A
,
RB
,
5.00
%
,
11/01/24
.....
2,650
2,658,095
Series
2023B-1
,
RB
,
5.00
%
,
11/01/24
....
14,520
14,564,354
Series
2016E-1
,
RB
,
5.00
%
,
02/01/25
....
340
342,889
Series
2015C
,
RB
,
5.00
%
,
11/01/25
.....
995
1,009,701
Series
2021F-1
,
RB
,
5.00
%
,
11/01/25
....
8,540
8,772,227
Series
2023B-1
,
RB
,
5.00
%
,
11/01/25
....
1,210
1,242,903
Series
2022A-1
,
RB
,
5.00
%
,
11/01/25
....
3,180
3,266,473
Series
C
,
RB
,
5.00
%
,
11/01/25
.........
1,450
1,489,430
Series
2024A-1
,
RB
,
5.00
%
,
05/01/26
....
2,700
2,805,747
Series
B
,
RB
,
5.00
%
,
08/01/26
.........
350
366,058
Series
2014B-1
,
RB
,
5.00
%
,
11/01/26
....
6,800
6,819,571
Series
2023C-1
,
RB
,
5.00
%
,
11/01/26
....
2,000
2,103,625
Series
2023B-1
,
RB
,
5.00
%
,
11/01/26
....
8,980
9,445,276
Series
2022D-1
,
RB
,
5.00
%
,
11/01/26
....
3,715
3,907,483
Series
C
,
RB
,
5.00
%
,
11/01/26
.........
4,000
4,110,517
Series
2021F-1
,
RB
,
5.00
%
,
11/01/26
....
12,070
12,695,377
Series
2021A
,
RB
,
5.00
%
,
11/01/26
.....
6,045
6,358,207
Series
2015C
,
RB
,
5.00
%
,
11/01/26
.....
1,600
1,622,007
Series
2022A-1
,
RB
,
5.00
%
,
11/01/26
....
10,545
11,091,363
Series
2021G-1
,
RB
,
5.00
%
,
11/01/27
....
2,925
3,151,117
Series
2021A
,
RB
,
5.00
%
,
11/01/27
.....
1,075
1,158,103
Series
2023B-1
,
RB
,
5.00
%
,
11/01/27
....
12,525
13,493,243
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2023E-1
,
RB
,
5.00
%
,
11/01/27
....
USD
15,480
$
16,676,678
Series
2022A-1
,
RB
,
5.00
%
,
11/01/27
....
475
511,720
Series
2023E-1
,
RB
,
5.00
%
,
11/01/28
....
5,560
6,124,044
Series
B
,
RB
,
5.00
%
,
08/01/29
.........
1,275
1,323,743
Series
2019C-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
3.90
%
,
09/03/24
(a)
.......
2,410
2,410,000
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
4.00
%
,
09/03/24
(a)
3,785
3,785,000
New
York
Power
Authority
Series
2022A
,
RB
,
5.00
%
,
11/15/24
(
AGM
)
1,475
1,480,999
Series
2022A
,
RB
,
5.00
%
,
11/15/25
(
AGM
)
1,450
1,492,684
New
York
State
Dormitory
Authority
Series
2019A
,
RB
,
5.00
%
,
10/01/24
(
SAW
)
235
235,318
Series
2018A
,
RB
,
5.00
%
,
10/01/24
(
SAW
)
275
275,374
Series
2014E
,
RB
,
5.00
%
,
02/15/25
.....
2,850
2,877,762
Series
2019D
,
RB
,
5.00
%
,
02/15/25
.....
2,490
2,514,255
Series
2015B
,
RB
,
5.00
%
,
02/15/25
.....
280
282,728
Series
2017A
,
RB
,
5.00
%
,
02/15/25
.....
485
489,640
Series
2016D
,
RB
,
5.00
%
,
02/15/25
.....
4,550
4,594,322
Series
2022A
,
RB
,
5.00
%
,
03/15/25
.....
5,755
5,822,876
Series
2020A
,
RB
,
5.00
%
,
03/15/25
.....
5,015
5,074,148
Series
2019A
,
RB
,
5.00
%
,
03/15/25
.....
4,675
4,730,138
Series
2018E
,
RB
,
5.00
%
,
03/15/25
.....
120
121,403
Series
2017A
,
RB
,
5.00
%
,
03/15/25
.....
815
824,526
Series
2018C
,
RB
,
5.00
%
,
03/15/25
.....
2,295
2,321,824
Series
2016A
,
RB
,
5.00
%
,
03/15/25
.....
1,900
1,922,207
Series
2015A
,
RB
,
5.00
%
,
03/15/25
.....
960
971,783
Series
2015E
,
RB
,
5.00
%
,
03/15/25
.....
180
182,123
Series
2020A
,
RB
,
5.00
%
,
09/15/25
.....
1,135
1,163,386
Series
2015A
,
RB
,
5.00
%
,
10/01/25
.....
2,240
2,300,101
Series
2017A
,
RB
,
5.00
%
,
02/15/26
.....
3,335
3,450,319
Series
2019D
,
RB
,
5.00
%
,
02/15/26
.....
1,935
2,003,260
Series
2017B-1
,
RB
,
5.00
%
,
02/15/26
....
710
734,551
Series
2016D
,
RB
,
5.00
%
,
02/15/26
.....
1,185
1,226,035
Series
2019A
,
RB
,
5.00
%
,
03/15/26
.....
535
554,979
Series
2015A
,
RB
,
5.00
%
,
03/15/26
.....
2,045
2,070,099
Series
2015B
,
RB
,
5.00
%
,
03/15/26
.....
1,340
1,373,403
Series
2018E
,
RB
,
5.00
%
,
03/15/26
.....
670
694,939
Series
2015E
,
RB
,
5.00
%
,
03/15/26
.....
3,095
3,170,872
Series
2018C
,
RB
,
5.00
%
,
03/15/26
.....
525
544,541
Series
2018A
,
RB
,
5.00
%
,
03/15/26
.....
295
305,822
Series
2017A
,
RB
,
5.00
%
,
03/15/26
.....
775
803,847
Series
2016A
,
RB
,
5.00
%
,
03/15/26
.....
765
793,475
Series
2021A
,
RB
,
5.00
%
,
03/15/26
.....
3,705
3,843,357
Series
2021E
,
RB
,
5.00
%
,
03/15/26
.....
13,755
14,268,657
Series
2017A
,
RB
,
5.00
%
,
02/15/27
.....
320
338,844
Series
2019D
,
RB
,
5.00
%
,
02/15/27
.....
4,495
4,760,001
Series
2018C
,
RB
,
5.00
%
,
03/15/27
.....
4,625
4,911,351
Series
2018A
,
RB
,
5.00
%
,
03/15/27
.....
9,565
10,147,517
Series
2019A
,
RB
,
5.00
%
,
03/15/27
.....
5,735
6,095,266
Series
2022A
,
RB
,
5.00
%
,
03/15/28
.....
6,315
6,854,214
Series
2021E
,
RB
,
5.00
%
,
03/15/28
.....
18,130
19,678,052
Series
2016A
,
RB
,
5.00
%
,
03/15/28
.....
1,210
1,259,812
Series
2020A
,
RB
,
5.00
%
,
03/15/28
.....
7,750
8,411,743
Series
2021A
,
RB
,
5.00
%
,
03/15/28
.....
14,180
15,390,776
Series
2024A
,
RB
,
5.00
%
,
07/01/28
.....
15,000
16,199,127
Series
2024A
,
RB
,
5.00
%
,
10/01/28
(
AGM,
SAW
)
.......................
2,900
3,178,022
Series
2017A
,
RB
,
5.00
%
,
02/15/29
.....
10,000
10,473,081
Series
2023A
,
RB
,
5.00
%
,
03/15/29
.....
11,630
12,877,730
Series
2024A
,
RB
,
5.00
%
,
03/15/29
.....
2,000
2,214,571
New
York
State
Environmental
Facilities
Corp.
Series
2022A
,
RB
,
5.00
%
,
06/15/25
.....
2,090
2,129,787
Series
2015D
,
RB
,
5.00
%
,
09/15/25
.....
1,590
1,610,222
Series
2016A
,
RB
,
4.00
%
,
06/15/26
.....
25
25,708
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2017A
,
RB
,
5.00
%
,
06/15/27
.....
USD
3,775
$
4,035,520
Series
2018A
,
RB
,
5.00
%
,
06/15/27
.....
70
74,831
Series
2021A
,
RB
,
5.00
%
,
06/15/27
.....
650
694,858
Series
2022A
,
RB
,
5.00
%
,
06/15/27
.....
2,750
2,939,783
Series
2016A
,
RB
,
5.00
%
,
06/15/29
.....
4,345
4,505,773
Series
2024A
,
RB
,
5.00
%
,
06/15/29
.....
10,000
11,161,395
New
York
State
Thruway
Authority
Series
2021A-1
,
RB
,
5.00
%
,
03/15/25
....
4,935
4,994,256
Series
L
,
RB
,
5.00
%
,
01/01/26
.........
1,300
1,341,206
Series
2021A-1
,
RB
,
5.00
%
,
03/15/26
....
5,140
5,331,945
Series
2016A
,
RB
,
5.00
%
,
01/01/27
.....
500
513,194
Series
P
,
RB
,
5.00
%
,
01/01/29
.........
3,710
4,092,719
New
York
State
Urban
Development
Corp.
Series
2015A
,
RB
,
5.00
%
,
03/15/25
.....
680
688,165
Series
2016A
,
RB
,
5.00
%
,
03/15/25
.....
3,655
3,698,886
Series
2017A
,
RB
,
5.00
%
,
03/15/25
.....
260
263,122
Series
2020C
,
RB
,
5.00
%
,
03/15/25
.....
3,240
3,278,903
Series
2020E
,
RB
,
5.00
%
,
03/15/25
.....
5,175
5,237,137
Series
2016A
,
RB
,
5.00
%
,
03/15/26
.....
5,100
5,291,222
Series
2017C
,
RB
,
5.00
%
,
03/15/26
.....
1,100
1,141,078
Series
2020E
,
RB
,
5.00
%
,
03/15/26
.....
10,000
10,373,433
Series
2021A
,
RB
,
5.00
%
,
03/15/26
.....
25,155
26,094,371
Series
2017C
,
RB
,
5.00
%
,
03/15/27
.....
11,400
12,090,146
Series
2020C
,
RB
,
5.00
%
,
03/15/27
.....
4,020
4,263,367
Series
2022A
,
RB
,
5.00
%
,
09/15/27
.....
25,130
26,995,660
Series
2017A
,
RB
,
5.00
%
,
03/15/28
.....
2,615
2,780,884
Series
2022A
,
RB
,
5.00
%
,
09/15/28
.....
33,000
36,131,456
Series
2020A
,
RB
,
5.00
%
,
03/15/29
.....
190
209,955
Port
Authority
of
New
York
&
New
Jersey
Series
205
,
RB
,
5.00
%
,
11/15/24
.......
710
712,843
Series
194
,
RB
,
5.00
%
,
10/15/25
.......
1,050
1,078,375
Series
205
,
RB
,
5.00
%
,
11/15/25
.......
1,220
1,255,881
Series
230
,
RB
,
4.00
%
,
12/01/25
.......
355
361,346
Series
189
,
RB
,
5.00
%
,
05/01/26
.......
215
218,529
Series
194
,
RB
,
5.00
%
,
10/15/26
.......
270
276,477
Series
205
,
RB
,
5.00
%
,
11/15/26
.......
580
611,742
Series
230
,
RB
,
4.00
%
,
12/01/26
.......
415
428,701
Series
222
,
RB
,
5.00
%
,
07/15/27
.......
510
547,137
Series
194
,
RB
,
5.00
%
,
10/15/27
.......
345
353,315
Series
230
,
RB
,
4.00
%
,
12/01/27
.......
665
697,730
Series
230
,
RB
,
4.00
%
,
12/01/28
.......
1,500
1,594,270
Series
243
,
RB
,
5.00
%
,
12/01/28
.......
5,835
6,445,553
Sales
Tax
Asset
Receivable
Corp.
Series
2015A
,
RB
,
5.00
%
,
10/15/24
.....
1,320
1,322,739
Series
2015A
,
RB
,
5.00
%
,
10/15/25
.....
375
375,778
Triborough
Bridge
&
Tunnel
Authority
Series
2023A
,
RB
,
5.00
%
,
11/15/24
.....
200
200,878
Series
A
,
RB
,
5.00
%
,
11/15/24
.........
235
235,942
Series
2016A
,
RB
,
5.00
%
,
11/15/24
.....
440
441,763
Series
2021C-1A
,
RB
,
5.00
%
,
05/15/25
...
3,500
3,559,108
Series
2021A
,
RB
,
5.00
%
,
11/01/25
.....
2,480
2,549,741
Series
2017C-1
,
RB
,
5.00
%
,
11/15/25
....
5,530
5,690,796
Series
2018B
,
RB
,
5.00
%
,
11/15/25
.....
4,410
4,538,230
Series
2022B
,
RB
,
4.00
%
,
05/15/26
.....
5,000
5,136,416
Series
2017C-1
,
RB
,
5.00
%
,
11/15/26
....
4,950
5,216,539
Series
2022E-2B
,
RB
,
5.00
%
,
11/15/27
...
5,965
6,391,252
Series
2023A
,
RB
,
5.00
%
,
11/15/27
.....
9,000
9,689,565
Series
2022E-1
,
RB
,
5.00
%
,
11/15/27
....
5,635
6,037,671
Series
2022B
,
RB
,
5.00
%
,
05/15/28
.....
3,500
3,807,083
Series
2022D-1A
,
RB
,
5.00
%
,
11/15/28
...
990
1,087,990
Series
2023B
,
RB
,
5.00
%
,
11/15/28
.....
5,000
5,455,882
Series
2023A
,
RB
,
5.00
%
,
11/15/28
.....
485
533,209
Series
2024A,
Sub-Series
A-2
,
RB
,
5.00
%
,
11/15/29
................
1,040
1,164,943
Series
B
,
RB
,
5.00
%
,
11/15/29
.........
3,900
4,107,968
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Series
2003B-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.80
%
,
09/03/24
(a)
...........
USD
1,000
$
1,000,000
Series
2005B-3
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
),
3.90
%
,
09/03/24
(a)
........
3,500
3,500,000
Series
2021A-2
,
RB
,
VRDN
2.00
%
,
05/15/26
(a)
...............
1,950
1,893,368
Series
2021B-2
,
RB
,
VRDN
5.00
%
,
05/15/26
(a)
...............
2,000
2,064,095
Series
2021C-1B
,
RB
,
VRDN
5.00
%
,
05/15/26
(a)
...............
2,500
2,580,118
Utility
Debt
Securitization
Authority
Series
2016A
,
RB
,
5.00
%
,
12/15/26
.....
5,000
5,033,374
Series
2022TE-1
,
RB
,
5.00
%
,
12/15/27
...
3,500
3,600,075
Series
2016A
,
RB
,
5.00
%
,
06/15/28
.....
4,965
5,179,587
Series
2016A
,
RB
,
5.00
%
,
12/15/28
.....
1,565
1,632,639
Series
2023TE-1
,
RB
,
5.00
%
,
12/15/28
...
3,000
3,166,759
1,159,564,858
North
Carolina
—
2.0%
City
of
Charlotte
Series
2021B
,
COP
,
5.00
%
,
12/01/25
....
2,305
2,374,475
Series
2021A
,
GO
,
5.00
%
,
06/01/26
.....
1,455
1,516,370
City
of
Charlotte
Water
&
Sewer
System,
Series
2015,
RB,
5.00%, 07/01/27
..........
1,500
1,527,384
City
of
Greensboro
Series
2018B
,
GO
,
5.00
%
,
10/01/24
.....
560
560,726
Series
2018B
,
GO
,
5.00
%
,
10/01/28
.....
2,360
2,593,843
City
of
Raleigh
Series
2020A
,
RB
,
5.00
%
,
06/01/25
.....
125
127,173
Series
2016A
,
GO
,
5.00
%
,
09/01/25
.....
270
276,625
Series
2016A
,
GO
,
5.00
%
,
09/01/26
.....
3,095
3,246,694
City
of
Winston-Salem
Water
&
Sewer
System,
Series
2020A,
RB,
5.00%, 06/01/26
.....
5,045
5,259,552
County
of
Forsyth,
Series
2021B,
GO,
4.00%, 03/01/26
.................
130
132,696
County
of
Guilford
Series
2017
,
GO
,
5.00
%
,
03/01/25
......
5,030
5,084,649
Series
2017B
,
GO
,
5.00
%
,
05/01/26
.....
70
72,832
Series
2017
,
GO
,
5.00
%
,
03/01/27
......
1,000
1,061,082
Series
2017B
,
GO
,
5.00
%
,
05/01/27
.....
1,500
1,597,716
Series
2024
,
GO
,
5.00
%
,
03/01/28
......
5,000
5,425,770
County
of
Johnston,
Series
2015,
GO,
4.00%, 02/01/26
.................
20
20,390
County
of
Mecklenburg
Series
2013A
,
GO
,
5.00
%
,
12/01/24
.....
835
839,200
Series
2017A
,
GO
,
5.00
%
,
04/01/25
.....
40
40,521
Series
2019
,
GO
,
5.00
%
,
03/01/26
......
1,150
1,192,321
Series
2016B
,
GO
,
5.00
%
,
12/01/26
.....
1,780
1,878,138
Series
2017A
,
GO
,
5.00
%
,
04/01/27
.....
55
58,485
Series
2015A
,
GO
,
5.00
%
,
04/01/28
.....
5,000
5,059,826
County
of
Wake
Series
2010C
,
GO
,
5.00
%
,
03/01/25
.....
2,915
2,947,677
Series
2018A
,
GO
,
5.00
%
,
03/01/25
.....
360
363,787
Series
2016A
,
GO
,
5.00
%
,
03/01/26
.....
80
82,992
Series
2021
,
RB
,
5.00
%
,
03/01/26
......
1,675
1,735,890
Series
2021
,
GO
,
5.00
%
,
04/01/26
......
5,845
6,073,139
Series
2022A
,
GO
,
5.00
%
,
02/01/27
.....
10,725
11,360,529
Series
2019A
,
GO
,
5.00
%
,
03/01/27
.....
2,625
2,785,996
Series
2021
,
GO
,
5.00
%
,
04/01/27
......
1,245
1,323,893
Series
2023A
,
GO
,
5.00
%
,
05/01/27
.....
10,615
11,309,328
Series
2023A
,
GO
,
5.00
%
,
05/01/28
.....
2,515
2,738,873
North
Carolina
Capital
Facilities
Finance
Agency
Series
2015B
,
RB
,
5.00
%
,
10/01/41
.....
1,580
1,621,976
Series
2015B
,
RB
,
5.00
%
,
10/01/55
.....
15,200
15,603,824
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
North
Carolina
(continued)
North
Carolina
Municipal
Power
Agency
No.
1
Series
A
,
RB
,
5.00
%
,
01/01/26
.........
USD
625
$
644,396
Series
A
,
RB
,
5.00
%
,
01/01/27
.........
1,845
1,895,603
North
Carolina
Turnpike
Authority
Series
2017
,
RB
,
5.00
%
,
01/01/25
......
1,000
1,005,798
Series
2017
,
RB
,
5.00
%
,
01/01/28
(
AGM
)
.
1,500
1,574,014
State
of
North
Carolina
Series
2019
,
RB
,
5.00
%
,
03/01/25
......
3,380
3,417,259
Series
2021
,
RB
,
5.00
%
,
03/01/25
......
1,500
1,516,535
Series
2014C
,
RB
,
5.00
%
,
05/01/25
.....
5,000
5,008,430
Series
2020B
,
RB
,
5.00
%
,
05/01/25
.....
10,085
10,236,250
Series
2017B
,
RB
,
5.00
%
,
05/01/25
.....
520
527,799
Series
2019B
,
GO
,
5.00
%
,
06/01/25
.....
310
315,418
Series
2013B
,
GO
,
5.00
%
,
06/01/25
.....
1,350
1,373,594
Series
2016A
,
GO
,
5.00
%
,
06/01/25
.....
1,320
1,343,070
Series
2014B
,
RB
,
5.00
%
,
06/01/25
.....
3,535
3,595,466
Series
2021
,
RB
,
5.00
%
,
03/01/26
......
1,645
1,705,591
Series
2019
,
RB
,
5.00
%
,
03/01/26
......
170
176,262
Series
2017B
,
RB
,
5.00
%
,
05/01/26
.....
270
280,978
Series
2022A
,
RB
,
5.00
%
,
05/01/26
.....
70
72,846
Series
2019A
,
RB
,
5.00
%
,
05/01/26
.....
435
452,687
Series
2014C
,
RB
,
5.00
%
,
05/01/26
.....
535
535,859
Series
2018A
,
GO
,
5.00
%
,
06/01/26
.....
12,770
13,326,948
Series
2014C
,
RB
,
5.00
%
,
05/01/27
.....
120
120,157
Series
2019A
,
RB
,
5.00
%
,
05/01/27
.....
210
223,512
Series
2017B
,
RB
,
5.00
%
,
05/01/27
.....
875
931,302
Series
2019B
,
GO
,
5.00
%
,
06/01/27
.....
9,760
10,419,599
Series
2020A
,
GO
,
5.00
%
,
06/01/27
.....
2,235
2,386,046
Series
2017B
,
RB
,
5.00
%
,
05/01/28
.....
3,830
4,061,430
Series
2022A
,
RB
,
5.00
%
,
05/01/28
.....
2,650
2,882,979
Series
2020A
,
GO
,
5.00
%
,
06/01/28
.....
10,335
11,280,482
Series
2016B
,
GO
,
5.00
%
,
06/01/28
.....
8,565
8,887,984
Series
2020B
,
RB
,
5.00
%
,
05/01/29
.....
3,445
3,820,905
Town
of
Cary,
Series
2021,
GO,
5.00%, 09/01/26
4,590
4,814,967
University
of
North
Carolina
at
Charlotte
(The),
Series
2015,
RB,
5.00%, 04/01/28
......
1,375
1,392,887
198,121,425
North
Dakota
—
0.2%
North
Dakota
Public
Finance
Authority
Series
2024A
,
RB
,
5.00
%
,
10/01/28
.....
10,785
11,819,874
Series
2024A
,
RB
,
5.00
%
,
10/01/29
.....
6,315
7,057,420
18,877,294
Ohio
—
2.3%
American
Municipal
Power,
Inc.,
Series
2019B,
RB,
5.00%, 02/15/25
..............
2,315
2,337,425
Cincinnati
City
School
District,
Series
2014,
COP,
5.00%, 12/15/29
.............
1,550
1,558,018
City
of
Columbus
Series
2017A
,
GO
,
4.00
%
,
04/01/25
.....
265
266,899
Series
2019A
,
GO
,
5.00
%
,
04/01/25
.....
10
10,129
Series
2022A
,
GO
,
5.00
%
,
04/01/25
.....
4,750
4,811,060
Series
2021A
,
GO
,
5.00
%
,
04/01/25
.....
3,015
3,053,757
Series
2016-1
,
GO
,
5.00
%
,
07/01/25
.....
820
835,819
Series
2018A
,
GO
,
5.00
%
,
04/01/26
.....
3,070
3,187,889
Series
2019A
,
GO
,
5.00
%
,
04/01/26
.....
930
965,712
Series
2016-1
,
GO
,
5.00
%
,
07/01/26
.....
1,570
1,640,038
Series
2016-3
,
GO
,
5.00
%
,
02/15/27
.....
5,195
5,507,034
Series
2017-1
,
GO
,
4.00
%
,
04/01/27
.....
155
160,750
Series
2018A
,
GO
,
5.00
%
,
04/01/27
.....
395
419,962
Series
2021A
,
GO
,
5.00
%
,
04/01/27
.....
425
451,858
Series
2022A
,
GO
,
5.00
%
,
04/01/27
.....
3,000
3,189,586
Series
2016-1
,
GO
,
5.00
%
,
07/01/27
.....
815
849,255
Series
2022B
,
GO
,
5.00
%
,
04/01/28
.....
1,680
1,824,687
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Series
2023A
,
GO
,
5.00
%
,
08/15/28
.....
USD
7,040
$
7,706,592
Series
2024-1
,
GO
,
5.00
%
,
02/15/29
.....
6,765
7,481,853
County
of
Cuyahoga
Series
2020D
,
RB
,
5.00
%
,
12/01/25
.....
5,000
5,135,174
Series
2014
,
RB
,
5.00
%
,
12/01/32
......
3,390
3,406,688
County
of
Hamilton
Sewer
System,
Series
2020A,
RB,
5.00%, 12/01/25
.........
1,295
1,332,743
Northeast
Ohio
Regional
Sewer
District
Series
2014
,
RB
,
5.00
%
,
11/15/31
......
1,200
1,204,619
Series
2014
,
RB
,
5.00
%
,
11/15/32
......
2,640
2,650,161
Series
2014
,
RB
,
5.00
%
,
11/15/39
......
2,240
2,248,622
Series
2014
,
RB
,
4.00
%
,
11/15/49
......
4,525
4,533,503
Series
2014
,
RB
,
5.00
%
,
11/15/49
......
1,655
1,661,370
Ohio
State
University
(The)
Series
2021A
,
RB
,
5.00
%
,
12/01/25
.....
1,700
1,753,381
Series
2021A
,
RB
,
5.00
%
,
12/01/26
.....
905
955,400
Series
2023D2
,
RB
,
VRDN
3.45
%
,
09/04/24
(a)
4,150
4,150,000
Series
2023D-1
,
RB
,
VRDN
2.88
%
,
09/04/24
(a)
...............
6,105
6,105,000
Ohio
Turnpike
&
Infrastructure
Commission,
Series
2022A,
RB,
5.00%, 02/15/29
.....
1,460
1,606,401
Ohio
Water
Development
Authority
Series
2016B
,
RB
,
5.00
%
,
12/01/24
.....
1,020
1,024,808
Series
2019
,
RB
,
5.00
%
,
06/01/25
......
1,500
1,526,663
Series
2019A
,
RB
,
5.00
%
,
06/01/25
.....
1,650
1,679,329
Series
2016
,
RB
,
5.00
%
,
06/01/26
......
1,970
2,053,855
Series
2016B
,
RB
,
5.00
%
,
06/01/27
.....
150
157,574
Series
2018
,
RB
,
5.00
%
,
06/01/28
......
21,555
23,255,366
Series
2023A
,
RB
,
5.00
%
,
12/01/28
.....
2,000
2,200,957
Series
2019
,
RB
,
5.00
%
,
12/01/29
......
390
433,688
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Series
2015A
,
RB
,
5.00
%
,
12/01/24
.....
1,690
1,697,967
Series
2015A
,
RB
,
5.00
%
,
12/01/25
.....
2,605
2,683,588
Series
2020B
,
RB
,
5.00
%
,
06/01/27
.....
165
175,874
Series
2020A
,
RB
,
5.00
%
,
06/01/29
.....
1,090
1,211,599
Princeton
City
School
District
Series
2014
,
GO
,
4.00
%
,
12/01/31
......
3,255
3,262,063
Series
2014
,
GO
,
4.00
%
,
12/01/32
......
3,000
3,006,510
Series
2014
,
GO
,
4.00
%
,
12/01/33
......
4,125
4,133,951
Series
2014
,
GO
,
4.00
%
,
12/01/34
......
2,100
2,104,557
State
of
Ohio
Series
2015A
,
GO
,
5.00
%
,
09/01/24
.....
105
105,000
Series
2013A
,
GO
,
5.00
%
,
09/15/24
.....
340
340,217
Series
2020B
,
GO
,
5.00
%
,
09/15/24
.....
1,080
1,080,691
Series
2016A
,
GO
,
5.00
%
,
12/15/24
.....
6,705
6,744,106
Series
U
,
GO
,
5.00
%
,
05/01/25
........
2,665
2,705,673
Series
2021A
,
GO
,
5.00
%
,
05/01/25
.....
1,420
1,441,672
Series
2022A
,
GO
,
4.00
%
,
06/15/25
.....
3,375
3,411,419
Series
2017C
,
GO
,
5.00
%
,
08/01/25
.....
3,250
3,321,865
Series
2020B
,
GO
,
5.00
%
,
08/01/25
.....
7,470
7,635,160
Series
2015A
,
GO
,
5.00
%
,
09/15/25
.....
585
599,933
Series
2020B
,
GO
,
5.00
%
,
09/15/25
.....
3,370
3,456,025
Series
2017B
,
GO
,
5.00
%
,
09/15/25
.....
6,030
6,183,925
Series
2024-1
,
RB
,
5.00
%
,
12/15/25
.....
3,250
3,348,666
Series
2018-1
,
RB
,
5.00
%
,
12/15/25
.....
145
149,402
Series
2020C
,
GO
,
5.00
%
,
03/01/26
.....
45
46,671
Series
2021C
,
GO
,
5.00
%
,
03/15/26
.....
3,200
3,321,953
Series
2018A
,
RB
,
5.00
%
,
04/01/26
.....
225
233,435
Series
2019A
,
GO
,
5.00
%
,
05/01/26
.....
6,215
6,471,837
Series
2017A
,
GO
,
5.00
%
,
05/01/26
.....
8,755
8,887,143
Series
U
,
GO
,
5.00
%
,
05/01/26
........
9,260
9,642,672
Series
2022A
,
GO
,
4.00
%
,
06/15/26
.....
2,800
2,875,858
Series
2021A
,
GO
,
5.00
%
,
06/15/26
.....
280
292,441
Series
2017C
,
GO
,
5.00
%
,
08/01/26
.....
235
246,211
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Series
2015A
,
GO
,
5.00
%
,
08/01/26
.....
USD
5,685
$
5,953,427
Series
2017B
,
GO
,
5.00
%
,
09/15/26
.....
680
714,560
Series
2015C
,
GO
,
5.00
%
,
11/01/26
.....
5,000
5,077,781
Series
2021-1A
,
RB
,
5.00
%
,
12/15/26
....
75
79,061
Series
2024-1
,
RB
,
5.00
%
,
12/15/26
.....
2,500
2,635,355
Series
2021A
,
GO
,
5.00
%
,
03/01/27
.....
1,870
1,983,034
Series
2017A
,
GO
,
5.00
%
,
05/01/27
.....
9,815
9,963,142
Series
U
,
GO
,
5.00
%
,
05/01/27
........
255
271,439
Series
2019A
,
GO
,
5.00
%
,
06/15/27
.....
405
432,311
Series
2017C
,
GO
,
5.00
%
,
08/01/27
.....
35
37,469
Series
2024-1
,
RB
,
5.00
%
,
12/15/27
.....
1,500
1,616,007
Series
2022A
,
GO
,
5.00
%
,
03/01/28
.....
1,155
1,252,334
Series
2022B
,
GO
,
5.00
%
,
03/01/28
.....
1,000
1,084,272
Series
2021A
,
RB
,
5.00
%
,
10/01/28
.....
1,100
1,203,387
Series
2024-1
,
RB
,
5.00
%
,
12/15/28
.....
1,250
1,374,099
Series
2024-1
,
RB
,
5.00
%
,
12/15/29
.....
1,500
1,678,789
Series
2018A
,
GO
,
5.00
%
,
02/01/38
.....
8,020
8,297,861
Upper
Arlington
City
School
District,
Series
2018A,
GO,
5.00%, 12/01/48
.........
4,125
4,452,713
254,258,750
Oklahoma
—
0.3%
City
of
Oklahoma,
Series
2022,
GO,
4.00%, 03/01/28
.................
4,900
5,130,436
Grand
River
Dam
Authority,
Series
2016A,
RB,
5.00%, 06/01/27
.................
295
308,689
Oklahoma
Capitol
Improvement
Authority
Series
2020A
,
RB
,
5.00
%
,
07/01/25
.....
2,465
2,510,764
Series
2016
,
RB
,
5.00
%
,
07/01/28
......
2,890
3,010,273
Oklahoma
Industries
Authority,
Series
2024,
RB,
5.00%, 04/01/29
.................
3,000
3,295,857
Oklahoma
Municipal
Power
Authority,
Series
2021A,
RB,
5.00%, 01/01/26
(AGM)
.....
6,000
6,179,044
Oklahoma
Turnpike
Authority
Series
2017E
,
RB
,
5.00
%
,
01/01/26
.....
810
836,105
Series
2017D
,
RB
,
5.00
%
,
01/01/28
.....
5,060
5,440,530
Oklahoma
Water
Resources
Board
Series
2016
,
RB
,
5.00
%
,
04/01/25
(
OK
CERF
)
.......................
140
141,818
Series
2021
,
RB
,
5.00
%
,
04/01/26
(
OK
CERF
)
.......................
575
597,282
27,450,798
Oregon
—
1.5%
City
of
Portland,
Series
2021A,
GO,
5.00%, 06/01/26
.................
2,665
2,779,518
City
of
Portland
Sewer
System,
Series
2015A,
RB,
5.00%, 06/01/26
..............
5,350
5,440,425
City
of
Portland
Water
System
Series
2021B
,
RB
,
5.00
%
,
05/01/26
.....
600
624,528
Series
2024A
,
RB
,
5.00
%
,
05/01/28
.....
2,500
2,718,251
Series
2024A
,
RB
,
5.00
%
,
05/01/29
.....
1,950
2,163,969
Clackamas
&
Washington
Counties
School
District
No.
3,
Series
2015,
GO,
5.00%, 06/15/29
(GTD)
.............
1,550
1,578,064
Multnomah
County
School
District
No.
1
Portland,
Series
2023,
GO,
5.00%, 06/15/28
(GTD)
.......................
15,090
16,446,977
Multnomah
County
School
District
No.
7
Reynolds,
Series
B,
GO,
0.00%, 06/15/36
(GTD)
(b)
......................
8,500
5,123,657
Oregon
State
Lottery
Series
2015A
,
RB
,
5.00
%
,
04/01/26
(
MO
)
.
1,575
1,595,647
Series
2015D
,
RB
,
5.00
%
,
04/01/26
(
MO
)
.
5,595
5,668,345
Security
Par
(000)
Par
(000)
Value
Oregon
(continued)
Portland
Community
College
District
Series
2018
,
GO
,
5.00
%
,
06/15/25
......
USD
1,615
$
1,643,760
Series
2018
,
GO
,
5.00
%
,
06/15/27
......
175
182,519
State
of
Oregon
Series
F
,
GO
,
5.00
%
,
05/01/25
.........
845
857,617
Series
2021A
,
GO
,
5.00
%
,
05/01/25
.....
1,500
1,522,397
Series
2015A
,
GO
,
5.00
%
,
08/01/25
.....
25
25,541
Series
2023A
,
GO
,
5.00
%
,
05/01/26
.....
600
624,296
Series
F
,
GO
,
5.00
%
,
05/01/26
.........
3,025
3,147,494
Series
2019N
,
GO
,
5.00
%
,
05/01/26
.....
2,785
2,897,776
Series
2021A
,
GO
,
5.00
%
,
05/01/26
.....
525
546,259
Series
2019A
,
GO
,
5.00
%
,
05/01/26
.....
145
150,872
Series
2017A
,
GO
,
5.00
%
,
05/01/27
.....
25
26,595
Series
2021A
,
GO
,
5.00
%
,
05/01/27
.....
6,140
6,531,633
Series
2015H
,
GO
,
5.00
%
,
05/01/27
.....
4,395
4,460,609
Series
2015F
,
GO
,
5.00
%
,
05/01/27
.....
2,745
2,785,978
Series
2021E
,
GO
,
5.00
%
,
06/01/27
.....
3,080
3,282,614
Series
2021A
,
GO
,
5.00
%
,
05/01/28
.....
4,565
4,962,825
Series
2023A
,
GO
,
5.00
%
,
05/01/28
.....
4,710
5,120,461
Series
F
,
GO
,
5.00
%
,
05/01/28
.........
4,580
4,758,357
Series
2021E
,
GO
,
5.00
%
,
06/01/28
.....
3,630
3,953,216
Series
2015O
,
GO
,
5.00
%
,
08/01/40
.....
7,005
7,153,166
State
of
Oregon
Department
of
Transportation
Series
A
,
RB
,
5.00
%
,
11/15/24
.........
1,065
1,069,181
Series
2015A
,
RB
,
5.00
%
,
11/15/25
.....
835
838,716
Series
A
,
RB
,
5.00
%
,
11/15/25
.........
690
709,732
Series
A
,
RB
,
5.00
%
,
11/15/26
.........
1,080
1,138,206
Series
2024A
,
RB
,
5.00
%
,
11/15/28
.....
4,940
5,431,466
Series
B
,
RB
,
5.00
%
,
11/15/28
.........
6,385
6,780,730
Series
2024
,
RB
,
5.00
%
,
05/15/29
......
750
831,881
Series
2015A
,
RB
,
5.00
%
,
11/15/29
.....
1,705
1,711,701
Series
B
,
RB
,
5.00
%
,
11/15/29
.........
3,800
4,032,452
Series
2015A
,
RB
,
5.00
%
,
11/15/30
.....
2,340
2,349,196
Series
2015A
,
RB
,
5.00
%
,
11/15/31
.....
2,500
2,509,825
126,176,452
Pennsylvania
—
2.8%
City
of
Philadelphia
Series
2019A
,
GO
,
5.00
%
,
08/01/25
.....
2,165
2,208,889
Series
2019B
,
GO
,
5.00
%
,
02/01/28
.....
2,000
2,146,530
Series
2015B
,
RB
,
5.00
%
,
07/01/28
.....
2,640
2,682,674
Commonwealth
of
Pennsylvania
Series
2016
,
GO
,
5.00
%
,
09/15/24
......
2,855
2,856,611
Series
2016-2
,
GO
,
5.00
%
,
01/15/25
.....
3,545
3,573,827
Series
2016
,
GO
,
5.00
%
,
02/01/25
(
AGM
)
.
1,120
1,130,302
Series
2020-1
,
GO
,
5.00
%
,
05/01/25
.....
5,000
5,077,963
Series
2016
,
GO
,
5.00
%
,
09/15/25
......
3,645
3,739,175
Series
2017
,
GO
,
5.00
%
,
01/01/26
......
2,590
2,676,224
Series
2016
,
GO
,
5.00
%
,
02/01/26
......
1,170
1,211,453
Series
2019
,
GO
,
5.00
%
,
07/15/26
......
5,000
5,228,148
Series
2016
,
GO
,
5.00
%
,
09/15/26
......
2,985
3,133,669
Series
2017
,
GO
,
5.00
%
,
01/01/27
......
1,640
1,730,656
Series
2018-1
,
GO
,
5.00
%
,
03/01/27
.....
26,080
27,626,095
Series
2020-1
,
GO
,
5.00
%
,
05/01/27
.....
200
212,645
Series
2022-1
,
GO
,
5.00
%
,
10/01/27
.....
14,800
15,881,816
Series
2018-1
,
GO
,
5.00
%
,
03/01/28
.....
25,220
27,304,100
Series
2017
,
GO
,
4.00
%
,
01/01/29
......
7,950
8,109,431
Series
2018-1
,
GO
,
3.20
%
,
03/01/29
.....
5,000
5,028,633
Series
2023-1
,
GO
,
5.00
%
,
09/01/29
.....
11,390
12,697,768
County
of
Montgomery
Series
2022
,
GO
,
5.00
%
,
07/01/25
......
3,190
3,247,057
Series
2022
,
GO
,
5.00
%
,
07/01/26
......
2,260
2,360,407
Delaware
River
Port
Authority
Series
2018B
,
RB
,
5.00
%
,
01/01/25
.....
700
704,558
Series
2018B
,
RB
,
5.00
%
,
01/01/26
.....
1,085
1,118,496
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority,
Series
B,
RB,
5.00%, 10/01/26
..
USD
1,675
$
1,716,184
Pennsylvania
State
University
(The),
Series
2020E,
RB,
5.00%, 03/01/25
.........
770
778,218
Pennsylvania
Turnpike
Commission
Series
2019
,
RB
,
5.00
%
,
12/01/24
......
500
502,345
Series
1
,
RB
,
5.00
%
,
06/01/25
.........
1,005
1,020,771
Series
2016B
,
RB
,
5.00
%
,
06/01/25
.....
3,000
3,047,522
Series
2019
,
RB
,
5.00
%
,
12/01/25
......
245
252,239
Series
A-2
,
RB
,
5.00
%
,
12/01/25
.......
1,300
1,338,410
Series
2019A
,
RB
,
5.00
%
,
12/01/26
.....
750
788,959
Series
A-2
,
RB
,
5.00
%
,
12/01/26
.......
935
984,406
Series
2016B
,
RB
,
5.00
%
,
06/01/27
.....
19,700
20,412,539
Series
2016-2B
,
RB
,
5.00
%
,
06/01/29
....
7,925
8,210,986
Series
2019-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.98
%
,
09/05/24
(a)
...........
15,730
15,730,000
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.98
%
,
09/05/24
(a)
...........
37,500
37,500,001
Township
of
Lower
Merion,
Series
2020A,
GO,
5.00%, 01/15/25
.................
1,380
1,389,332
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education,
Series
2021,
RB,
4.00%, 04/15/26
.................
13,690
13,975,042
Washington
County
Authority,
Series
2004,
RB,
VRDN,
2.80%, 09/05/24
(a)
...........
11,435
11,435,000
260,769,081
Rhode
Island
—
0.2%
Rhode
Island
Commerce
Corp.,
Series
2020A,
RB,
5.00%, 05/15/28
..............
3,200
3,450,064
Rhode
Island
Health
&
Educational
Building
Corp.,
Series
2005A,
RB,
VRDN
(TD
Bank
NA
SBPA),
2.90%, 09/05/24
(a)
...........
9,835
9,835,000
13,285,064
South
Carolina
—
0.4%
Beaufort
County
School
District,
Series
2021A,
GO,
5.00%, 03/01/28
(SCSDE)
........
4,155
4,501,559
Charleston
Educational
Excellence
Finance
Corp.,
Series
2023,
RB,
5.00%, 12/01/28
..
1,545
1,693,433
City
of
Charleston
Waterworks
&
Sewer
System
Series
2015
,
RB
,
5.00
%
,
01/01/31
......
1,120
1,127,281
Series
2015
,
RB
,
5.00
%
,
01/01/32
......
2,000
2,013,002
Series
2015
,
RB
,
5.00
%
,
01/01/33
......
4,160
4,187,044
Series
2015
,
RB
,
5.00
%
,
01/01/34
......
2,510
2,526,318
City
of
Columbia
Waterworks
&
Sewer
System,
Series
2016B,
RB,
5.00%, 02/01/27
.....
70
74,097
County
of
Charleston,
Series
2021A,
GO,
5.00%, 11/01/26
.................
3,000
3,159,905
County
of
Richland,
Series
2021A,
GO,
5.00%, 03/01/27
(SAW)
............
290
307,786
Greenville
County
School
District,
Series
2023,
RB,
5.00%, 12/01/28
..............
2,500
2,739,129
South
Carolina
Public
Service
Authority
Series
2021B
,
RB
,
5.00
%
,
12/01/24
.....
1,000
1,003,626
Series
2021A
,
RB
,
5.00
%
,
12/01/26
.....
625
654,986
South
Carolina
Transportation
Infrastructure
Bank
Series
2019A
,
RB
,
5.00
%
,
10/01/24
.....
2,425
2,428,666
Series
2016A
,
RB
,
5.00
%
,
10/01/25
.....
1,645
1,688,269
Series
2021B
,
RB
,
5.00
%
,
10/01/25
.....
6,480
6,650,445
Series
2021B
,
RB
,
5.00
%
,
10/01/26
.....
8,620
9,056,238
43,811,784
Security
Par
(000)
Par
(000)
Value
Tennessee
—
0.9%
City
of
Memphis,
Series
2018,
GO,
5.00%, 06/01/25
.................
USD
6,260
$
6,361,750
City
of
Memphis
Electric
System
Series
2024
,
RB
,
5.00
%
,
12/01/27
(c)
.....
1,330
1,429,414
Series
2024
,
RB
,
5.00
%
,
12/01/28
(c)
.....
1,205
1,321,640
Series
2024
,
RB
,
5.00
%
,
12/01/29
(c)
.....
1,205
1,346,199
Series
2014
,
RB
,
5.00
%
,
12/01/34
......
1,000
1,004,454
County
of
Hamilton
Series
2021
,
GO
,
5.00
%
,
12/01/24
......
2,435
2,448,077
Series
2020A
,
GO
,
5.00
%
,
01/01/26
.....
6,960
7,183,898
Series
2024A
,
GO
,
5.00
%
,
08/01/27
(c)
....
3,000
3,205,184
Series
2024A
,
GO
,
5.00
%
,
08/01/28
(c)
....
3,000
3,273,448
County
of
Montgomery
Series
2017
,
GO
,
5.00
%
,
04/01/25
......
160
162,055
Series
2017
,
GO
,
5.00
%
,
04/01/27
......
215
228,341
Series
2021A
,
GO
,
5.00
%
,
06/01/27
.....
2,275
2,425,282
County
of
Shelby
Series
2015A
,
GO
,
5.00
%
,
04/01/25
.....
1,020
1,033,393
Series
2016A
,
GO
,
5.00
%
,
04/01/25
.....
565
572,419
Series
2019A
,
GO
,
5.00
%
,
04/01/25
.....
4,500
4,559,088
County
of
Williamson,
Series
2021B,
GO,
5.00%, 05/01/27
.................
2,765
2,945,859
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2020B
,
RB
,
5.00
%
,
07/01/25
.....
940
957,884
Series
2022A
,
GO
,
4.00
%
,
01/01/26
.....
7,725
7,874,324
Series
2021C
,
GO
,
5.00
%
,
01/01/26
.....
5,000
5,161,511
Series
2016
,
GO
,
5.00
%
,
01/01/26
......
520
536,797
Series
2018
,
GO
,
5.00
%
,
07/01/26
......
645
673,276
Series
2020B
,
RB
,
5.00
%
,
07/01/26
.....
1,575
1,643,759
Series
2021C
,
GO
,
5.00
%
,
01/01/27
.....
2,210
2,333,248
Series
2018
,
GO
,
5.00
%
,
07/01/27
......
2,075
2,215,670
Series
2024B
,
RB
,
5.00
%
,
05/15/29
.....
1,390
1,540,830
State
of
Tennessee
Series
2018A
,
GO
,
5.00
%
,
02/01/25
.....
1,000
1,008,951
Series
A
,
GO
,
5.00
%
,
08/01/25
........
120
122,632
Series
B
,
GO
,
5.00
%
,
08/01/25
........
1,705
1,742,391
Series
2019A
,
GO
,
5.00
%
,
09/01/25
.....
25
25,609
Series
A
,
GO
,
5.00
%
,
08/01/26
........
30
31,420
Series
B
,
GO
,
5.00
%
,
08/01/26
........
740
775,018
Series
2019A
,
GO
,
5.00
%
,
09/01/26
.....
2,420
2,538,234
Series
2021A
,
GO
,
5.00
%
,
11/01/26
.....
2,615
2,753,502
Series
A
,
GO
,
5.00
%
,
08/01/27
........
2,980
3,110,025
Series
B
,
GO
,
5.00
%
,
08/01/27
........
3,060
3,193,516
Series
2021A
,
GO
,
5.00
%
,
11/01/27
.....
3,080
3,318,420
Series
A
,
GO
,
5.00
%
,
08/01/28
........
2,230
2,276,153
Series
A
,
GO
,
5.00
%
,
08/01/29
........
3,000
3,062,090
Series
A
,
GO
,
5.00
%
,
08/01/30
........
1,365
1,393,251
Series
A
,
GO
,
5.00
%
,
08/01/31
........
3,010
3,072,296
Tennessee
State
School
Bond
Authority
Series
2022A
,
RB
,
5.00
%
,
11/01/24
(
ST
INTERCEPT
)
..................
3,440
3,450,840
Series
2022A
,
RB
,
5.00
%
,
11/01/25
(
ST
INTERCEPT
)
..................
3,845
3,952,185
Series
2022A
,
RB
,
5.00
%
,
11/01/27
(
ST
INTERCEPT
)
..................
6,255
6,711,662
Series
A
,
RB
,
5.00
%
,
11/01/27
(
HERBIP
)
..
100
107,301
Series
2015B
,
RB
,
5.00
%
,
11/01/29
(
ST
INTERCEPT
)
..................
5,500
5,651,124
110,734,420
Texas
—
8.7%
Alamo
Community
College
District
Series
2022
,
GO
,
5.00
%
,
02/15/27
......
3,110
3,291,135
Series
2022
,
GO
,
5.00
%
,
02/15/29
......
3,140
3,461,001
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Aldine
Independent
School
District,
Series
2017A,
GO,
5.00%, 02/15/25
(PSF)
.....
USD
2,425
$
2,448,440
Allen
Independent
School
District,
Series
2016,
GO,
5.00%, 02/15/25
(PSF)
..........
1,170
1,181,467
Arlington
Independent
School
District,
Series
2020,
GO,
5.00%, 02/15/27
(PSF)
......
685
724,841
Austin
Independent
School
District
Series
2020
,
GO
,
5.00
%
,
08/01/25
(
PSF
)
..
25
25,531
Series
2021
,
GO
,
5.00
%
,
08/01/25
(
PSF
)
..
1,510
1,542,058
Series
2019
,
GO
,
5.00
%
,
08/01/26
(
PSF
)
..
35
36,605
Series
2020
,
GO
,
5.00
%
,
08/01/26
(
PSF
)
..
815
852,371
Series
2021
,
GO
,
5.00
%
,
08/01/26
(
PSF
)
..
115
120,273
Series
2022B
,
GO
,
5.00
%
,
08/01/27
(
PSF
)
80
85,438
Series
2023
,
GO
,
5.00
%
,
08/01/27
......
1,350
1,444,637
Series
2021
,
GO
,
5.00
%
,
08/01/28
(
PSF
)
..
1,075
1,172,158
Series
2022B
,
GO
,
5.00
%
,
08/01/28
(
PSF
)
6,900
7,523,616
Board
of
Regents
of
the
University
of
Texas
System
Series
2014B
,
RB
,
5.00
%
,
08/15/25
.....
675
690,368
Series
2016J
,
RB
,
5.00
%
,
08/15/25
.....
385
393,765
Series
2017C
,
RB
,
5.00
%
,
08/15/25
.....
3,230
3,303,537
Series
2014B
,
RB
,
5.00
%
,
08/15/26
.....
1,885
1,973,098
Series
2016B
,
RB
,
5.00
%
,
08/15/26
.....
5,055
5,289,284
Series
2016D
,
RB
,
5.00
%
,
08/15/26
.....
675
706,021
Series
2016E
,
RB
,
5.00
%
,
08/15/26
.....
945
989,166
Series
2016J
,
RB
,
5.00
%
,
08/15/26
.....
4,370
4,574,239
Series
2017C
,
RB
,
5.00
%
,
08/15/26
.....
4,990
5,223,215
Series
2016E
,
RB
,
5.00
%
,
08/15/27
.....
135
144,338
Series
2016J
,
RB
,
5.00
%
,
08/15/27
.....
155
162,550
Series
2021A
,
RB
,
5.00
%
,
08/15/27
.....
100
106,917
Series
2020C
,
RB
,
5.00
%
,
08/15/28
.....
245
267,535
Series
2021A
,
RB
,
5.00
%
,
08/15/28
.....
5,060
5,525,409
Carrollton-Farmers
Branch
Independent
School
District,
Series
2023,
GO,
5.00%, 02/15/28
(PSF)
.......................
15,135
16,348,341
Central
Texas
Regional
Mobility
Authority
Series
A
,
RB
,
5.00
%
,
01/01/40
.........
5,330
5,428,271
Series
A
,
RB
,
5.00
%
,
01/01/45
.........
13,095
13,336,436
City
of
Austin
Series
2015
,
GO
,
5.00
%
,
09/01/24
......
8,750
8,750,000
Series
2020
,
GO
,
5.00
%
,
09/01/25
......
530
542,755
Series
2015
,
GO
,
5.00
%
,
09/01/26
......
2,300
2,348,575
Series
2020A
,
RB
,
5.00
%
,
11/15/26
.....
3,310
3,484,510
City
of
Austin
Water
&
Wastewater
System
Series
2021
,
RB
,
5.00
%
,
11/15/26
......
2,045
2,152,817
Series
2020C
,
RB
,
5.00
%
,
11/15/28
.....
1,870
2,051,096
Series
2017
,
RB
,
5.00
%
,
11/15/28
......
1,835
1,956,561
City
of
Dallas,
Series
2023A,
GO,
5.00%, 02/15/28
.................
4,515
4,869,694
City
of
Dallas
Waterworks
&
Sewer
System
Series
2015A
,
RB
,
5.00
%
,
10/01/25
.....
15,120
15,513,338
Series
2015A
,
RB
,
5.00
%
,
10/01/27
.....
2,000
2,046,125
Series
2016A
,
RB
,
5.00
%
,
10/01/29
.....
2,000
2,086,512
City
of
Denton,
Series
2023,
GO,
5.00%, 02/15/25
.................
1,005
1,014,895
City
of
Fort
Worth
Water
&
Sewer
System
Series
2020A
,
RB
,
5.00
%
,
02/15/26
.....
360
372,716
Series
2020A
,
RB
,
5.00
%
,
02/15/28
.....
1,760
1,900,140
City
of
Greenville
Electric
System,
Series
2024,
RB,
5.00%, 02/15/30
(BAM)
(c)
.........
1,500
1,654,731
City
of
Houston,
Series
2016A,
GO,
5.00%, 03/01/28
.................
19,700
20,357,568
City
of
Houston
Airport
System,
Series
2018D,
RB,
5.00%, 07/01/25
..............
875
889,864
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
City
of
Houston
Combined
Utility
System
Series
2002C
,
RB
,
5.00
%
,
11/15/24
.....
USD
1,095
$
1,099,394
Series
2014C
,
RB
,
5.00
%
,
05/15/25
.....
5,315
5,322,775
Series
2024A
,
RB
,
5.00
%
,
11/15/27
.....
4,000
4,294,841
Series
1998A
,
RB
,
0.00
%
,
12/01/27
(
AGM
)
(b)
2,000
1,814,748
Series
2012A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
),
2.90
%
,
09/05/24
(a)
..........
7,330
7,330,000
City
of
San
Antonio
Series
2024
,
GO
,
5.00
%
,
02/01/27
(c)
.....
2,000
2,109,358
Series
2019
,
GO
,
5.00
%
,
08/01/27
......
125
133,400
Series
2024
,
GO
,
5.00
%
,
02/01/29
(c)
.....
1,100
1,206,697
City
of
San
Antonio
Electric
&
Gas
Systems
Series
2016
,
RB
,
5.00
%
,
02/01/25
......
1,405
1,417,710
Series
2018
,
RB
,
5.00
%
,
02/01/28
......
2,855
3,075,000
Series
2024D
,
RB
,
5.00
%
,
02/01/29
(c)
....
1,430
1,571,252
Series
2024D
,
RB
,
5.00
%
,
02/01/30
(c)
....
1,000
1,114,962
Series
2015A
,
RB
,
VRDN
1.75
%
,
12/01/24
(a)
215
213,775
Clear
Creek
Independent
School
District,
Series
2018,
GO,
5.00%, 02/15/25
(PSF)
......
980
989,296
Conroe
Independent
School
District
Series
2022A
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
2,165
2,187,681
Series
2019
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
..
3,570
3,698,174
Series
2020A
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
5,975
6,319,596
Series
2020A
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
9,795
10,573,513
Coppell
Independent
School
District,
Series
2019,
GO,
5.00%, 08/15/25
(PSF)
......
5,995
6,126,044
County
of
Collin,
Series
2021,
GO,
5.00%, 02/15/26
.................
2,225
2,301,982
County
of
Dallas,
Series
2016,
GO,
5.00%, 08/15/25
.................
3,325
3,397,996
County
of
Harris
Series
2022A
,
GO
,
5.00
%
,
10/01/24
.....
8,280
8,291,749
Series
2021
,
RB
,
5.00
%
,
08/15/25
......
1,000
1,021,574
Series
2022A
,
RB
,
5.00
%
,
08/15/25
.....
2,760
2,819,546
Series
2015A
,
GO
,
5.00
%
,
10/01/25
.....
2,320
2,376,857
Series
2015B
,
RB
,
5.00
%
,
08/15/26
.....
2,330
2,379,430
Series
2022A
,
RB
,
5.00
%
,
08/15/29
.....
2,095
2,328,595
Series
2024A
,
GO
,
5.00
%
,
09/15/29
.....
1,000
1,114,048
County
of
Williamson
Series
2021
,
GO
,
4.00
%
,
02/15/26
......
10,000
10,211,726
Series
2020
,
GO
,
5.00
%
,
02/15/26
......
1,505
1,558,161
Series
2021
,
GO
,
4.00
%
,
02/15/27
......
5,000
5,153,926
Series
2021
,
GO
,
4.00
%
,
02/15/28
......
10,000
10,417,377
Series
2024
,
GO
,
5.00
%
,
02/15/29
......
5,000
5,515,578
Cypress-Fairbanks
Independent
School
District
Series
2021
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
..
2,480
2,505,981
Series
2016
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
..
5,180
5,364,476
Series
2020A
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
3,905
4,044,069
Series
2016
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
..
1,300
1,342,048
Series
2018
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
..
300
317,375
Series
2019A
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
185
195,715
Series
2020A
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
225
238,031
Series
2015
,
GO
,
5.00
%
,
02/15/29
(
PSF
)
..
4,955
5,001,085
Dallas
Area
Rapid
Transit
Series
2014A
,
RB
,
5.00
%
,
12/01/24
.....
350
351,566
Series
2019
,
RB
,
5.00
%
,
12/01/25
......
1,230
1,266,697
Series
2016A
,
RB
,
5.00
%
,
12/01/26
.....
1,340
1,377,834
Series
2019
,
RB
,
5.00
%
,
12/01/27
......
7,000
7,529,639
Series
2019
,
RB
,
5.00
%
,
12/01/28
......
445
487,585
Dallas
College
Series
2023
,
GO
,
5.00
%
,
02/15/27
......
3,000
3,165,938
Series
2023
,
GO
,
5.00
%
,
02/15/28
......
3,020
3,248,972
Dallas
Fort
Worth
International
Airport
Series
2020A
,
RB
,
5.00
%
,
11/01/24
.....
3,895
3,905,809
Series
2020B
,
RB
,
5.00
%
,
11/01/25
.....
2,525
2,593,629
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
2020A
,
RB
,
5.00
%
,
11/01/26
.....
USD
630
$
662,098
Series
2021B
,
RB
,
5.00
%
,
11/01/26
.....
1,590
1,671,009
Series
2020B
,
RB
,
5.00
%
,
11/01/28
.....
1,745
1,908,988
Series
2023B
,
RB
,
5.00
%
,
11/01/28
.....
5,915
6,470,866
Series
2024
,
RB
,
5.00
%
,
11/01/28
(c)
.....
2,635
2,880,135
Series
2024
,
RB
,
5.00
%
,
11/01/29
(c)
.....
2,470
2,745,127
Dallas
Independent
School
District
Series
2015
,
GO
,
5.00
%
,
02/15/26
(
PSF
)
..
810
817,963
Series
2021
,
GO
,
4.00
%
,
02/15/27
(
PSF
)
..
7,180
7,410,818
Series
2023
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
..
2,075
2,242,062
Del
Valle
Independent
School
District,
Series
2022,
GO,
5.00%, 06/15/29
(PSF)
......
860
952,282
Denton
Independent
School
District
Series
2023
,
GO
,
5.00
%
,
08/15/28
(
PSF
)
..
750
819,024
Series
2023
,
GO
,
5.00
%
,
08/15/29
(
PSF
)
..
3,000
3,341,263
Fort
Bend
Independent
School
District
Series
2019C
,
GO
,
5.00
%
,
08/15/25
(
PSF
)
375
383,233
Series
2020
,
GO
,
5.00
%
,
08/15/25
(
PSF
)
..
550
562,075
Series
2019B
,
GO
,
5.00
%
,
02/15/29
(
PSF
)
2,900
3,119,093
Series
2024A
,
GO
,
5.00
%
,
08/15/29
(
PSF
)
2,550
2,835,055
Fort
Worth
Independent
School
District
Series
2015
,
GO
,
5.00
%
,
02/15/25
(
PSF
)
..
1,045
1,054,772
Series
2023
,
GO
,
5.00
%
,
02/15/29
(
PSF
)
..
1,160
1,276,885
Garland
Independent
School
District,
Series
2023A,
GO,
5.00%, 02/15/29
(PSF)
.....
925
1,018,206
Grand
Parkway
Transportation
Corp.,
Series
2023,
RB,
VRDN,
5.00%, 04/01/28
(a)
.....
2,800
2,988,639
Houston
Independent
School
District,
Series
2017,
GO,
5.00%, 02/15/25
(PSF)
......
1,675
1,691,191
Irving
Independent
School
District,
Series
2015A,
GO,
5.00%, 02/15/25
(PSF)
.....
2,000
2,019,152
Katy
Independent
School
District
Series
2019B
,
GO
,
5.00
%
,
02/15/27
(
PSF
)
2,000
2,114,369
Series
D
,
GO
,
5.00
%
,
02/15/28
(
PSF
)
....
5,080
5,353,204
Keller
Independent
School
District,
Series
2015,
GO,
5.00%, 08/15/31
(PSF)
..........
1,040
1,049,570
Leander
Independent
School
District,
Series
2022,
GO,
5.00%, 08/15/25
(PSF)
......
1,200
1,226,458
Lewisville
Independent
School
District
Series
2016A
,
GO
,
5.00
%
,
08/15/25
(
PSF
)
3,145
3,214,939
Series
2016B
,
GO
,
5.00
%
,
08/15/25
.....
7,680
7,840,600
Series
2016B
,
GO
,
5.00
%
,
08/15/26
.....
115
117,157
Series
2020
,
GO
,
5.00
%
,
08/15/26
(
PSF
)
..
2,640
2,763,091
Series
2020
,
GO
,
5.00
%
,
08/15/27
(
PSF
)
..
430
460,383
Lower
Colorado
River
Authority
Series
2019
,
RB
,
5.00
%
,
05/15/28
......
5,110
5,535,546
Series
2019A
,
RB
,
5.00
%
,
05/15/28
.....
1,335
1,446,175
Series
2020
,
RB
,
5.00
%
,
05/15/28
......
1,800
1,949,899
Series
2020A
,
RB
,
5.00
%
,
05/15/28
.....
1,180
1,278,267
Series
2022
,
RB
,
5.00
%
,
05/15/28
......
1,875
2,031,145
Series
2024
,
RB
,
5.00
%
,
05/15/29
(
AGM
)
.
1,845
2,034,962
Series
2024A
,
RB
,
5.00
%
,
05/15/29
(
AGC
)
2,000
2,205,921
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
RB,
5.00%, 11/01/28
...
2,000
2,184,561
Midland
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/29
(PSF)
......
3,185
3,510,157
North
East
Independent
School
District
Series
2007
,
GO
,
5.25
%
,
02/01/25
(
PSF
)
..
5,000
5,047,620
Series
2015
,
GO
,
5.00
%
,
08/01/25
(
PSF
)
..
2,635
2,688,546
North
Texas
Municipal
Water
District
Water
System,
Series
2021A,
RB,
4.00%, 09/01/24
17,200
17,200,000
North
Texas
Tollway
Authority
Series
2016A
,
RB
,
5.00
%
,
01/01/25
.....
525
526,770
Series
2019A
,
RB
,
5.00
%
,
01/01/25
.....
2,070
2,083,653
Series
A
,
RB
,
5.00
%
,
01/01/25
.........
5,040
5,056,990
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
B
,
RB
,
5.00
%
,
01/01/25
.........
USD
5
$
5,007
Series
2015B
,
RB
,
5.00
%
,
01/01/26
.....
260
261,688
Series
2019B
,
RB
,
5.00
%
,
01/01/26
.....
2,410
2,485,212
Series
B
,
RB
,
5.00
%
,
01/01/26
.........
50
50,064
Series
2021B
,
RB
,
5.00
%
,
01/01/27
.....
2,465
2,591,747
Series
2008D
,
RB
,
0.00
%
,
01/01/28
(
AGC
)
(b)
10,000
9,030,410
Series
2019B
,
RB
,
5.00
%
,
01/01/28
.....
4,405
4,720,424
Series
2022B
,
RB
,
5.00
%
,
01/01/28
.....
2,860
3,064,793
Series
2016A
,
RB
,
5.00
%
,
01/01/29
.....
1,265
1,300,093
Series
I
,
RB
,
6.50
%
,
01/01/43
.........
13,000
13,141,882
Permanent
University
Fund
-
Texas
A&M
University
System
Series
2023
,
RB
,
5.00
%
,
07/01/27
......
1,085
1,157,209
Series
2023
,
RB
,
5.00
%
,
07/01/28
......
3,850
4,193,569
Permanent
University
Fund
-
University
of
Texas
System
Series
2014B
,
RB
,
5.00
%
,
07/01/25
.....
2,680
2,684,615
Series
2015B
,
RB
,
5.00
%
,
07/01/26
.....
5,000
5,093,517
Series
2016B
,
RB
,
5.00
%
,
07/01/27
.....
150
156,177
Series
2022A
,
RB
,
5.00
%
,
07/01/27
.....
9,750
10,404,387
Series
2022A
,
RB
,
5.00
%
,
07/01/28
.....
1,305
1,422,453
Series
2006B
,
RB
,
5.25
%
,
07/01/28
.....
1,600
1,758,510
Plano
Independent
School
District,
Series
2016A,
GO,
5.00%, 02/15/27
(PSF)
.....
3,540
3,655,012
Round
Rock
Independent
School
District
Series
2019A
,
GO
,
5.00
%
,
08/01/27
(
PSF
)
145
155,151
Series
2019A
,
GO
,
5.00
%
,
08/01/28
(
PSF
)
815
889,930
Series
2016
,
GO
,
5.00
%
,
08/01/31
(
PSF
)
..
3,255
3,320,887
Series
2016
,
GO
,
5.00
%
,
08/01/32
(
PSF
)
..
3,420
3,489,227
Series
2016
,
GO
,
5.00
%
,
08/01/33
(
PSF
)
..
3,590
3,662,668
Series
2016
,
GO
,
5.00
%
,
08/01/34
(
PSF
)
..
3,770
3,846,312
Series
2016
,
GO
,
5.00
%
,
08/01/35
(
PSF
)
..
3,355
3,422,912
San
Antonio
Water
System
Series
2020A
,
RB
,
5.00
%
,
05/15/28
.....
1,100
1,191,605
Series
2018A
,
RB
,
5.00
%
,
05/15/29
.....
2,365
2,551,258
Series
2020A
,
RB
,
5.00
%
,
05/15/29
.....
2,560
2,822,388
Series
2021A
,
RB
,
5.00
%
,
05/15/29
.....
1,955
2,155,378
Series
2022B
,
RB
,
5.00
%
,
05/15/29
.....
920
1,014,296
Series
2013F
,
RB
,
VRDN
1.00
%
,
11/01/26
(a)
2,000
1,870,117
Southwest
Higher
Education
Authority,
Inc.,
Series
2016A,
RB,
5.00%, 10/01/29
.....
1,470
1,534,805
Spring
Branch
Independent
School
District
Series
2019
,
GO
,
5.00
%
,
02/01/25
(
PSF
)
..
520
524,361
Series
2020
,
GO
,
5.00
%
,
02/01/28
(
PSF
)
..
3,150
3,398,698
Spring
Independent
School
District
Series
2015
,
GO
,
5.00
%
,
08/15/28
(
PSF
)
..
6,575
6,702,180
Series
2017A
,
GO
,
5.00
%
,
08/15/28
.....
1,940
2,007,274
State
of
Texas
Series
2014
,
GO
,
5.00
%
,
10/01/24
......
9,315
9,327,008
Series
A
,
GO
,
5.00
%
,
10/01/24
........
760
761,016
Series
2014A
,
GO
,
5.00
%
,
10/01/24
.....
265
265,354
Series
2015A
,
GO
,
5.00
%
,
10/01/24
.....
90
90,120
Series
2016
,
GO
,
5.00
%
,
10/01/24
......
720
720,963
Series
2016A
,
GO
,
5.00
%
,
04/01/25
.....
1,250
1,266,084
Series
2018A
,
GO
,
5.00
%
,
08/01/25
.....
1,430
1,460,709
Series
2016
,
GO
,
5.00
%
,
10/01/25
......
50
51,294
Series
A
,
GO
,
5.00
%
,
10/01/25
........
21,110
21,243,694
Series
2016A
,
GO
,
5.00
%
,
04/01/26
.....
4,270
4,432,770
Series
2016
,
GO
,
5.00
%
,
04/01/26
......
2,885
2,994,974
Series
2015A
,
GO
,
5.00
%
,
10/01/26
.....
2,845
2,911,835
Series
A
,
GO
,
5.00
%
,
10/01/26
........
2,000
2,098,861
Series
2015A
,
GO
,
5.00
%
,
10/01/27
.....
7,045
7,212,014
Series
2014
,
GO
,
5.00
%
,
10/01/27
......
505
505,611
Series
2024A
,
GO
,
5.00
%
,
04/01/28
.....
2,000
2,069,589
Series
2016
,
GO
,
5.00
%
,
04/01/29
......
14,570
15,070,090
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Series
A
,
GO
,
5.00
%
,
10/01/30
........
USD
19,700
$
19,727,818
Series
2013B
,
GO
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
),
2.85
%
,
09/04/24
(a)
..
4,995
4,995,000
Series
A
,
GO
,
5.00
%
,
10/01/44
........
1,415
1,416,998
Tarrant
County
College
District,
Series
2022,
GO,
5.00%, 08/15/25
..............
3,500
3,574,848
Tarrant
Regional
Water
District
Water
Supply
System
Series
2015
,
RB
,
5.00
%
,
03/01/27
......
1,390
1,403,206
Series
2024
,
RB
,
5.00
%
,
03/01/29
......
1,500
1,653,530
Texas
A&M
University
Series
2016E
,
RB
,
5.00
%
,
05/15/25
.....
1,660
1,686,975
Series
2017E
,
RB
,
5.00
%
,
05/15/25
.....
4,780
4,857,675
Series
2016C
,
RB
,
5.00
%
,
05/15/26
.....
255
265,568
Series
2017E
,
RB
,
5.00
%
,
05/15/26
.....
3,160
3,290,957
Series
2017C
,
RB
,
5.00
%
,
05/15/27
.....
1,620
1,722,923
Series
2017E
,
RB
,
5.00
%
,
05/15/27
.....
5,725
6,088,725
Series
2021A
,
RB
,
5.00
%
,
05/15/27
.....
1,460
1,552,758
Series
2024A
,
RB
,
5.00
%
,
05/15/28
.....
3,500
3,802,353
Series
2021A
,
RB
,
5.00
%
,
05/15/29
.....
1,005
1,113,850
Series
2024A
,
RB
,
5.00
%
,
05/15/29
.....
5,000
5,541,540
Texas
Department
of
Transportation
State
Highway
Fund
Series
2015
,
RB
,
5.00
%
,
10/01/24
......
6,250
6,258,357
Series
2016A
,
RB
,
5.00
%
,
10/01/24
.....
5,500
5,507,354
Series
2008
,
RB
,
5.25
%
,
04/01/25
......
175
177,430
Series
2015
,
RB
,
5.00
%
,
10/01/25
......
29,190
29,929,488
Series
2016A
,
RB
,
5.00
%
,
10/01/25
.....
1,605
1,645,660
Series
2015
,
RB
,
5.00
%
,
10/01/26
......
8,920
9,366,067
Texas
Public
Finance
Authority,
Series
2019,
RB,
5.00%, 02/01/27
.................
2,870
3,028,323
Texas
State
University
System
Series
A
,
RB
,
5.00
%
,
03/15/25
.........
4,925
4,982,577
Series
2017A
,
RB
,
5.00
%
,
03/15/26
.....
565
585,916
Series
2024
,
RB
,
5.00
%
,
03/15/28
......
5,000
5,409,899
Series
2017A
,
RB
,
5.00
%
,
03/15/29
.....
2,750
2,902,077
Series
2024
,
RB
,
5.00
%
,
03/15/29
......
4,325
4,762,395
Texas
Transportation
Commission
Series
2024
,
GO
,
5.00
%
,
04/01/29
......
7,000
7,741,187
Series
2014B
,
GO
,
VRDN
0.65
%
,
04/01/26
(a)
5,000
4,751,008
Texas
Water
Development
Board
Series
2020
,
RB
,
5.00
%
,
10/15/24
......
2,600
2,606,098
Series
2018B
,
RB
,
5.00
%
,
04/15/25
.....
1,060
1,075,052
Series
2018
,
RB
,
5.00
%
,
08/01/25
......
530
541,671
Series
2022
,
RB
,
5.00
%
,
08/01/25
......
1,090
1,114,003
Series
2017A
,
RB
,
5.00
%
,
04/15/26
.....
725
754,032
Series
2018B
,
RB
,
5.00
%
,
04/15/26
.....
335
348,415
Series
2020
,
RB
,
5.00
%
,
08/01/26
......
600
628,049
Series
2019A
,
RB
,
5.00
%
,
10/15/26
.....
805
846,688
Series
2018
,
RB
,
5.00
%
,
08/01/27
......
420
449,578
Series
2019A
,
RB
,
5.00
%
,
10/15/27
.....
1,860
2,000,044
Series
2023A
,
RB
,
5.00
%
,
04/15/28
.....
1,000
1,085,455
Trinity
River
Authority
Central
Regional
Wastewater
System
Series
2017
,
RB
,
5.00
%
,
08/01/28
......
3,370
3,582,549
Series
2021
,
RB
,
5.00
%
,
08/01/28
......
1,590
1,733,963
Series
2022
,
RB
,
5.00
%
,
08/01/28
......
1,180
1,286,841
802,590,189
Utah
—
1.1%
Alpine
School
District,
Series
2021A,
GO,
5.00%, 03/15/27
(GTD)
.............
6,000
6,367,456
Central
Utah
Water
Conservancy
District,
Series
2021A,
GO,
5.00%, 04/01/25
.........
9,525
9,643,343
Security
Par
(000)
Par
(000)
Value
Utah
(continued)
Intermountain
Power
Agency
Series
2023A
,
RB
,
5.00
%
,
07/01/26
.....
USD
1,000
$
1,044,161
Series
2022A
,
RB
,
5.00
%
,
07/01/27
.....
3,500
3,737,710
Series
2022A
,
RB
,
5.00
%
,
07/01/28
.....
2,000
2,182,198
Series
2023A
,
RB
,
5.00
%
,
07/01/29
.....
2,000
2,226,788
State
of
Utah
Series
2020
,
GO
,
3.00
%
,
07/01/25
......
210
210,299
Series
2017
,
GO
,
5.00
%
,
07/01/25
......
45
45,869
Series
2018
,
GO
,
5.00
%
,
07/01/25
......
1,685
1,717,537
Series
2020
,
GO
,
5.00
%
,
07/01/25
......
4,245
4,326,970
Series
2020B
,
GO
,
5.00
%
,
07/01/25
.....
7,150
7,288,066
Series
2018
,
GO
,
5.00
%
,
07/01/26
......
1,745
1,822,915
Series
2020
,
GO
,
5.00
%
,
07/01/26
......
5,090
5,317,272
Series
2020B
,
GO
,
5.00
%
,
07/01/26
.....
3,000
3,133,952
Series
2017
,
GO
,
5.00
%
,
07/01/27
......
25
26,400
Series
2020B
,
GO
,
5.00
%
,
07/01/27
.....
8,165
8,730,073
University
of
Utah
(The)
Series
2016A
,
RB
,
5.00
%
,
08/01/25
.....
1,075
1,098,172
Series
2017B-1
,
RB
,
5.00
%
,
08/01/26
(
SAP
)
1,500
1,565,226
Series
2022B
,
RB
,
5.00
%
,
08/01/27
.....
1,605
1,715,929
Utah
Transit
Authority
Series
2015A
,
RB
,
5.00
%
,
06/15/26
.....
5,035
5,126,951
Series
2015A
,
RB
,
5.00
%
,
06/15/30
.....
4,005
4,078,141
Series
2015A
,
RB
,
5.00
%
,
06/15/34
.....
5,000
5,091,312
Series
2015A
,
RB
,
5.00
%
,
06/15/37
.....
9,480
9,653,127
Series
2015A
,
RB
,
5.00
%
,
06/15/38
.....
2,385
2,428,556
88,578,423
Virginia
—
3.4%
City
of
Alexandria
Series
2021A
,
GO
,
5.00
%
,
12/15/25
(
SAW
)
2,775
2,861,304
Series
2022B
,
GO
,
5.00
%
,
12/15/25
.....
5,195
5,356,568
Series
2023
,
GO
,
5.00
%
,
12/15/27
(
SAW
)
.
8,115
8,757,073
City
of
Harrisonburg,
Series
2021A,
GO,
5.00%, 07/15/26
(SAW)
............
7,165
7,490,304
City
of
Norfolk,
Series
2017C,
GO,
5.00%, 09/01/31
(SAW)
............
1,600
1,698,798
Commonwealth
of
Virginia
Series
2024B
,
GO
,
5.00
%
,
06/01/25
.....
10,000
10,170,305
Series
2015B
,
GO
,
5.00
%
,
06/01/26
(
SAW
)
11,810
12,015,909
Series
2024B
,
GO
,
5.00
%
,
06/01/26
.....
10,000
10,427,405
County
of
Arlington
Series
B
,
GO
,
5.00
%
,
08/15/25
........
1,015
1,038,483
Series
2017
,
GO
,
5.00
%
,
08/15/26
......
260
272,399
Series
B
,
GO
,
5.00
%
,
08/15/26
........
1,450
1,519,150
Series
B
,
GO
,
5.00
%
,
08/15/27
........
75
78,431
Series
2019
,
GO
,
5.00
%
,
06/15/28
......
560
611,417
County
of
Chesterfield,
Series
2017B,
GO,
5.00%, 01/01/25
.................
1,790
1,802,423
County
of
Fairfax
Series
2020A
,
GO
,
4.00
%
,
10/01/24
(
SAW
)
4,645
4,648,051
Series
2021A
,
GO
,
4.00
%
,
10/01/24
(
SAW
)
8,400
8,405,518
Series
2014B
,
GO
,
5.00
%
,
10/01/24
(
SAW
)
5,545
5,552,888
Series
2021A
,
GO
,
4.00
%
,
10/01/25
(
SAW
)
2,235
2,269,647
Series
2022A
,
GO
,
4.00
%
,
10/01/25
(
SAW
)
5,825
5,915,298
Series
2014B
,
GO
,
5.00
%
,
10/01/25
(
SAW
)
3,525
3,531,525
Series
2016A
,
GO
,
4.00
%
,
10/01/26
(
SAW
)
235
240,004
Series
2019A
,
GO
,
4.00
%
,
10/01/26
(
SAW
)
1,415
1,456,392
Series
2024A
,
GO
,
5.00
%
,
10/01/26
(
SAW
)
5,875
6,173,541
Series
2021A
,
GO
,
4.00
%
,
10/01/27
(
SAW
)
150
156,554
Series
2022A
,
GO
,
4.00
%
,
10/01/27
(
SAW
)
3,750
3,913,855
Series
2023A
,
GO
,
4.00
%
,
10/01/28
(
SAW
)
3,000
3,171,780
Series
2020A
,
GO
,
5.00
%
,
10/01/28
(
SAW
)
460
505,372
Series
2024A
,
GO
,
5.00
%
,
10/01/28
(
SAW
)
5,775
6,344,619
Series
2015A
,
GO
,
4.00
%
,
10/01/33
(
SAW
)
5,030
5,033,450
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
County
of
Henrico,
Series
2020A,
GO,
5.00%, 08/01/25
(SAW)
............
USD
1,470
$
1,501,806
County
of
Loudoun
Series
2020B
,
GO
,
5.00
%
,
12/01/24
(
SAW
)
4,000
4,019,823
Series
2021A
,
GO
,
5.00
%
,
12/01/24
(
SAW
)
255
256,264
Series
2019A
,
GO
,
5.00
%
,
12/01/25
(
SAW
)
9,000
9,271,267
Series
2020B
,
GO
,
5.00
%
,
12/01/25
(
SAW
)
95
97,863
Series
2021A
,
GO
,
5.00
%
,
12/01/26
(
SAW
)
515
543,265
Hampton
Roads
Transportation
Accountability
Commission
Series
2018A
,
RB
,
5.00
%
,
07/01/52
.....
6,000
6,476,671
Series
2018A
,
RB
,
5.50
%
,
07/01/57
.....
7,650
8,379,148
Upper
Occoquan
Sewage
Authority,
Series
2014,
RB,
4.00%, 07/01/39
..............
1,000
1,011,383
Virginia
College
Building
Authority
Series
B
,
RB
,
5.00
%
,
09/01/24
(
ST
INTERCEPT
)
..................
125
125,000
Series
2015A
,
RB
,
5.00
%
,
02/01/25
.....
105
105,965
Series
2017E
,
RB
,
5.00
%
,
02/01/25
.....
2,280
2,300,961
Series
A
,
RB
,
5.00
%
,
02/01/25
.........
865
872,952
Series
2020A
,
RB
,
5.00
%
,
02/01/25
.....
1,570
1,584,433
Series
2020A
,
RB
,
5.00
%
,
02/01/26
.....
1,520
1,572,542
Series
2017E
,
RB
,
5.00
%
,
02/01/26
.....
465
481,074
Series
2022A
,
RB
,
5.00
%
,
02/01/26
.....
6,650
6,879,870
Series
2021A
,
RB
,
5.00
%
,
02/01/26
.....
11,010
11,390,582
Series
A
,
RB
,
5.00
%
,
02/01/27
.........
515
531,629
Series
2021A
,
RB
,
5.00
%
,
02/01/27
.....
9,130
9,667,702
Series
B
,
RB
,
5.00
%
,
02/01/27
.........
80
84,634
Series
2017E
,
RB
,
5.00
%
,
02/01/27
.....
18,410
19,494,239
Series
2020A
,
RB
,
5.00
%
,
02/01/27
.....
730
772,993
Series
2014A
,
RB
,
5.00
%
,
09/01/27
(
SAW
)
1,000
1,000,000
Series
2017C
,
RB
,
4.00
%
,
02/01/29
.....
10,000
10,306,446
Series
B
,
RB
,
4.00
%
,
02/01/29
.........
5,000
5,042,369
Series
2017E
,
RB
,
5.00
%
,
02/01/29
.....
1,050
1,129,895
Virginia
Commonwealth
Transportation
Board
Series
2017
,
RB
,
5.00
%
,
09/15/24
......
4,280
4,282,883
Series
2020
,
RB
,
5.00
%
,
09/15/24
......
1,390
1,390,936
Series
2017
,
RB
,
5.00
%
,
03/15/25
......
2,665
2,697,875
Series
2016
,
RB
,
5.00
%
,
05/15/25
......
20
20,332
Series
2017A
,
RB
,
5.00
%
,
05/15/25
.....
750
762,456
Series
2017
,
RB
,
5.00
%
,
09/15/25
......
825
845,889
Series
2017
,
RB
,
5.00
%
,
03/15/26
......
410
425,499
Series
2017A
,
RB
,
5.00
%
,
05/15/26
.....
655
682,491
Series
2017
,
RB
,
5.00
%
,
09/15/26
......
365
383,031
Series
2017A
,
RB
,
5.00
%
,
05/15/27
.....
5,505
5,862,755
Series
2017
,
RB
,
5.00
%
,
09/15/27
......
180
193,146
Series
2016
,
RB
,
5.00
%
,
03/15/28
......
500
523,196
Series
2018
,
RB
,
5.00
%
,
09/15/28
......
1,415
1,549,723
Virginia
Public
Building
Authority
Series
B
,
RB
,
5.00
%
,
08/01/25
.........
440
449,689
Series
2015B
,
RB
,
5.00
%
,
08/01/26
.....
3,050
3,117,665
Series
2020B
,
RB
,
5.00
%
,
08/01/26
.....
4,050
4,236,235
Series
2021A-1
,
RB
,
5.00
%
,
08/01/26
....
9,005
9,419,086
Series
2022A
,
RB
,
5.00
%
,
08/01/26
.....
5,500
5,752,912
Series
B
,
RB
,
5.00
%
,
08/01/26
.........
280
292,876
Series
2020A
,
RB
,
5.00
%
,
08/01/27
.....
50
53,534
Series
A
,
RB
,
5.00
%
,
08/01/27
.........
3,000
3,132,237
Series
2022A
,
RB
,
5.00
%
,
08/01/28
.....
4,370
4,777,426
Virginia
Public
School
Authority
Series
2016
,
RB
,
5.00
%
,
02/01/25
(
ST
INTERCEPT
)
..................
1,770
1,785,332
Series
2018
,
RB
,
5.00
%
,
03/01/25
(
SAW
)
.
125
126,421
Series
2015A
,
RB
,
5.00
%
,
08/01/25
(
ST
INTERCEPT
)
..................
2,415
2,466,421
Series
2016
,
RB
,
5.00
%
,
08/01/26
(
SAW
)
.
2,125
2,226,372
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Series
2017B
,
RB
,
5.00
%
,
08/01/26
(
ST
INTERCEPT
)
..................
USD
1,360
$
1,422,538
Series
2022
,
RB
,
5.00
%
,
01/15/27
(
SAW
)
.
5,550
5,871,301
Series
XI
,
RB
,
5.00
%
,
04/15/27
........
2,745
2,917,176
Series
2020B
,
RB
,
5.00
%
,
08/01/28
(
ST
INTERCEPT
)
..................
125
136,508
Virginia
Resources
Authority
Series
2016C
,
RB
,
5.00
%
,
11/01/28
.....
1,085
1,139,979
Series
2024B
,
RB
,
5.00
%
,
11/01/28
.....
4,265
4,681,335
299,944,494
Washington
—
4.4%
Central
Puget
Sound
Regional
Transit
Authority
Series
2021S-1
,
RB
,
5.00
%
,
11/01/24
....
1,535
1,539,973
Series
2021S-1
,
RB
,
5.00
%
,
11/01/25
....
2,000
2,057,014
Series
2015S-1
,
RB
,
5.00
%
,
11/01/26
....
2,670
2,743,364
Series
2016S-1
,
RB
,
5.00
%
,
11/01/26
....
1,260
1,325,344
Series
2021S-1
,
RB
,
5.00
%
,
11/01/26
....
3,885
4,086,476
Series
2015S-1
,
RB
,
5.00
%
,
11/01/30
....
4,190
4,305,129
Series
2015S-1
,
RB
,
5.00
%
,
11/01/31
....
6,065
6,231,649
Series
2015S-1
,
RB
,
5.00
%
,
11/01/32
....
2,235
2,296,411
Series
2015S-1
,
RB
,
5.00
%
,
11/01/35
....
1,990
2,044,679
Series
2015S-1
,
RB
,
5.00
%
,
11/01/45
....
7,100
7,295,087
Series
2015S-1
,
RB
,
5.00
%
,
11/01/50
....
15,050
15,463,530
City
of
Seattle
Series
2014
,
RB
,
5.00
%
,
09/01/24
......
365
365,000
Series
2022
,
RB
,
5.00
%
,
09/01/24
......
3,425
3,425,000
Series
2021A
,
GO
,
5.00
%
,
12/01/24
.....
100
100,499
Series
2015A
,
GO
,
5.00
%
,
06/01/25
.....
145
147,484
Series
2022
,
RB
,
5.00
%
,
09/01/25
......
8,095
8,287,638
Series
2016
,
RB
,
4.00
%
,
04/01/26
......
130
132,903
Series
2020A
,
RB
,
5.00
%
,
07/01/26
.....
1,015
1,061,680
Series
2022
,
RB
,
5.00
%
,
07/01/26
......
5,000
5,229,952
Series
2022A
,
GO
,
4.00
%
,
09/01/26
.....
2,000
2,059,153
Series
2017C
,
RB
,
5.00
%
,
09/01/26
.....
3,225
3,382,770
Series
2023A
,
GO
,
5.00
%
,
11/01/26
.....
1,380
1,453,058
Series
2021A
,
GO
,
5.00
%
,
12/01/26
.....
2,495
2,632,183
Series
2016
,
RB
,
5.00
%
,
04/01/27
......
1,555
1,611,639
Series
2022
,
RB
,
5.00
%
,
07/01/27
......
2,905
3,100,658
Series
2023A
,
RB
,
5.00
%
,
03/01/28
.....
13,645
14,775,078
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
3.90
%
,
09/03/24
(a)
...........
12,050
12,050,000
City
of
Seattle
Water
System,
Series
2022,
RB,
5.00%, 09/01/24
.................
5,910
5,910,000
County
of
King
Series
2021A
,
GO
,
4.00
%
,
01/01/27
.....
1,705
1,760,000
Series
2023
,
RB
,
5.00
%
,
01/01/28
......
9,310
10,036,120
Series
2021A
,
GO
,
5.00
%
,
01/01/29
.....
1,000
1,101,044
Series
2015A
,
GO
,
5.00
%
,
07/01/35
.....
860
865,591
Series
2015A
,
GO
,
5.00
%
,
07/01/36
.....
5,780
5,817,576
Series
2015A
,
RB
,
5.00
%
,
07/01/40
.....
5,010
5,044,387
Series
2024
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
),
3.80
%
,
09/03/24
(a)
..........
22,900
22,900,000
Series
2019A
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
),
3.90
%
,
09/03/24
(a)
..........
3,800
3,800,000
Series
2015A
,
RB
,
5.00
%
,
07/01/47
.....
9,050
9,112,116
County
of
Snohomish
Series
2022
,
GO
,
5.00
%
,
12/01/25
......
2,000
2,059,171
Series
2022
,
GO
,
5.00
%
,
12/01/26
......
1,500
1,579,634
Energy
Northwest
Series
2015A
,
RB
,
5.00
%
,
07/01/25
.....
9,360
9,541,516
Series
2015C
,
RB
,
5.00
%
,
07/01/25
.....
2,805
2,859,397
Series
2016A
,
RB
,
5.00
%
,
07/01/25
.....
1,845
1,880,780
Series
2018C
,
RB
,
5.00
%
,
07/01/25
.....
915
932,744
Series
2015C
,
RB
,
5.00
%
,
07/01/26
.....
20
20,399
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
Schedule
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Series
2016A
,
RB
,
5.00
%
,
07/01/26
.....
USD
180
$
187,873
Series
2021A
,
RB
,
5.00
%
,
07/01/26
.....
630
657,554
Series
2022A
,
RB
,
5.00
%
,
07/01/26
.....
1,735
1,810,884
Series
2015A
,
RB
,
5.00
%
,
07/01/27
.....
310
315,810
Series
2018C
,
RB
,
5.00
%
,
07/01/28
.....
510
555,487
Series
2020A
,
RB
,
5.00
%
,
07/01/28
.....
15,000
16,337,844
Grant
County
Public
Utility
District
No.
2
Priest
Rapids
Hydroelectric
Project
(c)
Series
2024B
,
RB
,
5.00
%
,
01/01/27
.....
2,000
2,110,478
Series
2024B
,
RB
,
5.00
%
,
01/01/28
.....
1,500
1,614,700
Series
2024B
,
RB
,
5.00
%
,
01/01/29
.....
1,500
1,649,910
King
County
School
District
No.
414
Lake
Washington,
Series
2020,
GO,
4.00%, 12/01/28
(GTD)
.............
4,000
4,225,231
Port
of
Seattle
Series
2022A
,
RB
,
5.00
%
,
08/01/25
.....
1,865
1,904,692
Series
2022A
,
RB
,
5.00
%
,
08/01/26
.....
1,175
1,228,334
Series
2022A
,
RB
,
5.00
%
,
08/01/27
.....
2,500
2,667,109
Series
2024A
,
RB
,
5.00
%
,
03/01/28
.....
2,200
2,371,775
Series
2024A
,
RB
,
5.00
%
,
03/01/29
.....
1,500
1,648,637
Port
of
Tacoma,
Series
2016A,
GO,
5.00%, 12/01/28
.................
790
828,613
State
of
Washington
Series
R-2022E
,
RB
,
5.00
%
,
09/01/24
....
3,765
3,765,000
Series
2021C
,
GO
,
5.00
%
,
02/01/25
.....
410
413,619
Series
2021E
,
GO
,
5.00
%
,
06/01/25
.....
1,000
1,017,031
Series
R-2015F
,
GO
,
5.00
%
,
07/01/25
....
2,000
2,013,989
Series
R-2022C
,
GO
,
5.00
%
,
07/01/25
...
7,635
7,782,431
Series
R-2020C
,
GO
,
5.00
%
,
07/01/25
...
4,515
4,602,184
Series
R-2020D
,
GO
,
5.00
%
,
07/01/25
...
4,535
4,622,570
Series
R-2018D
,
GO
,
5.00
%
,
08/01/25
...
975
996,115
Series
R-2018C
,
GO
,
5.00
%
,
08/01/25
...
700
715,160
Series
2017D
,
GO
,
5.00
%
,
02/01/26
.....
3,080
3,185,645
Series
2018C
,
GO
,
5.00
%
,
02/01/26
.....
175
181,003
Series
2021C
,
GO
,
5.00
%
,
02/01/26
.....
5,000
5,171,501
Series
R-2022C
,
GO
,
4.00
%
,
07/01/26
...
2,500
2,566,789
Series
R-2016B
,
GO
,
5.00
%
,
07/01/26
...
2,215
2,280,895
Series
R-2020D
,
GO
,
5.00
%
,
07/01/26
...
5,335
5,573,211
Series
R-2017B
,
GO
,
4.00
%
,
08/01/26
...
120
123,384
Series
2016A-1
,
GO
,
5.00
%
,
08/01/26
....
30
30,620
Series
R-2022B
,
GO
,
5.00
%
,
02/01/27
...
5,015
5,304,786
Series
2021C
,
GO
,
5.00
%
,
02/01/27
.....
165
174,534
Series
2017D
,
GO
,
5.00
%
,
02/01/27
.....
45
47,600
Series
2022C
,
GO
,
5.00
%
,
02/01/27
.....
19,030
20,129,628
Series
R-2022D
,
GO
,
4.00
%
,
07/01/27
...
5,000
5,196,363
Series
R-2020C
,
GO
,
5.00
%
,
07/01/27
...
95
101,440
Series
R-2015C
,
GO
,
5.00
%
,
07/01/27
...
410
412,856
Series
2020A
,
GO
,
5.00
%
,
08/01/27
.....
30
32,094
Series
2022C
,
GO
,
5.00
%
,
02/01/28
.....
840
908,410
Series
R-2024A
,
GO
,
5.00
%
,
02/01/28
...
6,270
6,780,632
Series
2024D
,
GO
,
5.00
%
,
06/01/28
.....
4,425
4,819,003
Series
2024B
,
GO
,
5.00
%
,
06/01/28
.....
9,575
10,427,560
Series
2021D
,
GO
,
5.00
%
,
06/01/28
.....
2,160
2,352,327
Series
2020E
,
GO
,
5.00
%
,
06/01/28
.....
2,000
2,178,080
Series
2024A
,
GO
,
5.00
%
,
08/01/28
.....
14,540
15,889,921
Series
R-2023A
,
GO
,
5.00
%
,
08/01/28
...
19,160
20,938,851
Series
2024C
,
GO
,
5.00
%
,
02/01/29
.....
16,885
18,641,383
Series
R-2023A
,
GO
,
5.00
%
,
08/01/29
...
4,000
4,460,112
University
of
Washington,
Series
2015B,
RB,
5.00%, 06/01/27
.................
5,175
5,258,555
403,634,039
West
Virginia
—
0.1%
State
of
West
Virginia
Series
2015A
,
GO
,
5.00
%
,
06/01/25
.....
530
539,026
Security
Par
(000)
Par
(000)
Value
West
Virginia
(continued)
Series
2015A
,
GO
,
3.00
%
,
11/01/25
.....
USD
425
$
425,838
Series
2018A
,
GO
,
5.00
%
,
06/01/28
.....
4,710
5,124,098
West
Virginia
Commissioner
of
Highways,
Series
2017A,
RB,
5.00%, 09/01/26
.........
1,045
1,090,195
West
Virginia
Parkways
Authority,
Series
2021,
RB,
5.00%, 06/01/29
..............
1,490
1,646,788
8,825,945
Wisconsin
—
1.7%
Germantown
School
District
Series
2017A
,
GO
,
4.00
%
,
04/01/34
.....
4,585
4,763,642
Series
2017A
,
GO
,
4.00
%
,
04/01/36
.....
6,795
7,059,748
Series
2017A
,
GO
,
4.00
%
,
04/01/37
.....
7,070
7,345,463
State
of
Wisconsin
Series
2016-1
,
GO
,
5.00
%
,
11/01/24
.....
1,530
1,534,924
Series
2017-2
,
GO
,
5.00
%
,
11/01/24
.....
11,985
12,023,571
Series
2014-4
,
GO
,
5.00
%
,
05/01/25
.....
6,230
6,248,262
Series
2021B
,
GO
,
5.00
%
,
05/01/25
.....
2,465
2,504,251
Series
2021-2
,
GO
,
5.00
%
,
05/01/25
.....
1,475
1,499,269
Series
2019A
,
RB
,
5.00
%
,
05/01/25
.....
265
268,996
Series
2016-2
,
GO
,
5.00
%
,
11/01/25
.....
2,715
2,792,296
Series
2017-2
,
GO
,
5.00
%
,
11/01/25
.....
2,240
2,303,773
Series
2016-1
,
GO
,
5.00
%
,
11/01/25
.....
3,320
3,366,164
Series
2021-1
,
GO
,
5.00
%
,
05/01/26
.....
1,000
1,040,494
Series
2014-4
,
GO
,
5.00
%
,
05/01/26
.....
400
401,173
Series
2021-2
,
GO
,
5.00
%
,
05/01/26
.....
1,835
1,909,306
Series
2016A
,
GO
,
5.00
%
,
05/01/26
.....
100
101,358
Series
2021B
,
GO
,
5.00
%
,
05/01/26
.....
5,725
5,956,828
Series
2022-1
,
GO
,
5.00
%
,
05/01/26
.....
8,185
8,516,443
Series
2017A
,
GO
,
5.00
%
,
05/01/26
.....
60
60,854
Series
2017-2
,
GO
,
5.00
%
,
11/01/26
.....
3,995
4,205,737
Series
2020B
,
GO
,
5.00
%
,
05/01/27
.....
1,775
1,890,370
Series
2021-2
,
GO
,
5.00
%
,
05/01/27
.....
3,055
3,253,567
Series
2017-3
,
GO
,
5.00
%
,
11/01/27
.....
440
467,751
Series
2017-2
,
GO
,
5.00
%
,
11/01/27
.....
485
515,718
Series
2017-1
,
GO
,
5.00
%
,
11/01/27
.....
765
813,452
Series
2023-1
,
GO
,
5.00
%
,
05/01/28
.....
12,885
14,029,483
Series
2021-1
,
GO
,
5.00
%
,
05/01/28
.....
4,500
4,899,703
Series
2021A
,
GO
,
5.00
%
,
05/01/28
.....
1,315
1,431,802
Series
2024-1
,
GO
,
5.00
%
,
05/01/28
.....
4,000
4,355,292
Series
2019A
,
RB
,
5.00
%
,
05/01/28
.....
15,180
16,147,353
Series
2024-2
,
GO
,
5.00
%
,
05/01/29
.....
1,880
2,089,929
Series
2024-1
,
GO
,
5.00
%
,
05/01/29
.....
4,000
4,446,658
Series
2017A
,
GO
,
5.00
%
,
05/01/32
.....
2,080
2,109,608
Series
2016A
,
GO
,
5.00
%
,
05/01/32
.....
15,700
15,913,129
State
of
Wisconsin
Environmental
Improvement
Fund
Series
2018A
,
RB
,
5.00
%
,
06/01/25
.....
2,340
2,380,200
Series
2021A
,
RB
,
5.00
%
,
06/01/26
.....
1,405
1,465,296
Wisconsin
Department
of
Transportation,
Series
2015-1,
RB,
5.00%, 07/01/25
.........
605
616,783
150,728,646
Total
Long-Term
Investments
—
100
.6
%
(Cost:
$
8,737,139,675
)
............................
8,718,614,445
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Short-Term
National
Muni
Bond
ETF
98
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
2.77
%
(d)
(e)
.........
11,652
$
11,653
Total
Short-Term
Securities
—
0
.0
%
(Cost:
$
11,653
)
..................................
11,653
Total
Investments
—
100
.6
%
(Cost:
$
8,737,151,328
)
............................
8,718,626,098
Liabilities
in
Excess
of
Other
Assets
—
(
0.6
)
%
.............
(
50,374,193
)
Net
Assets
—
100.0%
...............................
$
8,668,251,905
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Zero-coupon
bond.
(c)
When-issued
security.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
740,732
$
—
$
(
729,079
)
(a)
$
—
$
—
$
11,653
11,652
$
28,712
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
8,718,614,445
$
—
$
8,718,614,445
Short-Term
Securities
Money
Market
Funds
......................................
11,653
—
—
11,653
$
11,653
$
8,718,614,445
$
—
$
8,718,626,098
Statements
of
Assets
and
Liabilities
(unaudited)
August
31,
2024
99
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
California
Muni
Bond
ETF
iShares
National
Muni
Bond
ETF
iShares
New
York
Muni
Bond
ETF
iShares
Short-
Term
National
Muni
Bond
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
3,187,620,588
$
38,662,189,434
$
748,260,811
$
8,718,614,445
Investments,
at
value
—
affiliated
(b)
............................................
387,666
56,133
28,647
11,653
Cash
...............................................................
—
2,077,734
—
—
Receivables:
–
–
–
–
Investment
s
sold
......................................................
—
61,100,000
—
18,000,000
Dividends
—
affiliated
...................................................
463
58,922
98
1,151
Interest
—
unaffiliated
...................................................
34,817,775
425,418,537
8,838,486
104,593,096
Total
a
ssets
...........................................................
3,222,826,492
39,150,900,760
757,128,042
8,841,220,345
LIABILITIES
Payables:
–
–
–
–
Investments
purchased
..................................................
33,527,159
446,079,438
7,720,010
172,451,656
Investment
advisory
fees
.................................................
211,224
1,629,801
157,975
516,784
Total
li
abilities
..........................................................
33,738,383
447,709,239
7,877,985
172,968,440
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
3,189,088,109
$
38,703,191,521
$
749,250,057
$
8,668,251,905
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
3,215,662,772
$
39,226,218,390
$
760,179,608
$
8,716,367,279
Accumulated
loss
.......................................................
(
26,574,663
)
(
523,026,869
)
(
10,929,551
)
(
48,115,374
)
NET
ASSETS
..........................................................
$
3,189,088,109
$
38,703,191,521
$
749,250,057
$
8,668,251,905
NET
ASSET
VALUE
Shares
outstanding
......................................................
55,400,000
359,100,000
13,900,000
81,850,000
Net
asset
value
.........................................................
$
57.56
$
107.78
$
53.90
$
105.90
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.......................................
$
3,196,952,501
$
38,859,824,326
$
753,564,666
$
8,737,139,675
(b)
Investments,
at
cost
—
affiliated
.........................................
$
387,666
$
56,133
$
28,647
$
11,653
Statements
of
Operations
(unaudited)
Six
Months
Ended
August
31,
2024
2024
iShares
Semi-Annual
Financial
Statements
100
iShares
California
Muni
Bond
ETF
iShares
National
Muni
Bond
ETF
iShares
New
York
Muni
Bond
ETF
iShares
Short-
Term
National
Muni
Bond
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
4,978
$
142,064
$
8,052
$
28,712
Interest
—
unaffiliated
...................................................
41,217,834
566,205,131
10,708,688
93,106,728
Total
investment
income
...................................................
41,222,812
566,347,195
10,716,740
93,135,440
EXPENSES
Investment
advisory
....................................................
1,153,589
9,411,929
889,417
3,073,260
Interest
expense
......................................................
302
29,392
600
4,093
Total
expenses
.........................................................
1,153,891
9,441,321
890,017
3,077,353
Net
investment
income
....................................................
40,068,921
556,905,874
9,826,723
90,058,087
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
4,516,264
)
$
(
46,433,988
)
$
868,913
$
64,952,146
Net
realized
loss
from:
Investments
—
unaffiliated
.............................................
$
(
2,186,594
)
$
(
35,443,166
)
$
(
34,737
)
$
(
2,671,398
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
(
2,329,669
)
(
10,990,821
)
903,650
67,623,542
Net
realized
and
unrealized
gain
(loss)
.........................................
(4,516,263)
(46,433,987)
868,913
64,952,144
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
35,552,658
$
510,471,887
$
10,695,636
$
155,010,231
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
101
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
California
Muni
Bond
ETF
iShares
National
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
40,068,921
$
57,616,933
$
556,905,874
$
953,308,219
Net
realized
loss
................................................
(
2,186,594
)
(
8,246,844
)
(
35,443,166
)
(
120,728,936
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
2,329,669
)
80,457,629
(
10,990,821
)
1,004,193,931
Net
increase
in
net
assets
resulting
from
operations
...........................
35,552,658
129,827,718
510,471,887
1,836,773,214
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(39,228,387)
(b)
(54,946,206)
(551,725,514)
(b)
(934,736,208)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
436,010,286
753,549,855
1,953,288,012
4,477,425,754
NET
ASSETS
Total
increase
in
net
assets
...........................................
432,334,557
828,431,367
1,912,034,385
5,379,462,760
Beginning
of
period
................................................
2,756,753,552
1,928,322,185
36,791,157,136
31,411,694,376
End
of
period
....................................................
$
3,189,088,109
$
2,756,753,552
$
38,703,191,521
$
36,791,157,136
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2024
iShares
Semi-Annual
Financial
Statements
102
See
notes
to
financial
statements.
iShares
New
York
Muni
Bond
ETF
iShares
Short-Term
National
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
9,826,723
$
15,141,398
$
90,058,087
$
168,141,599
Net
realized
loss
................................................
(
34,737
)
(
6,994,789
)
(
2,671,398
)
(
29,160,372
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
903,650
24,732,826
67,623,542
161,067,653
Net
increase
in
net
assets
resulting
from
operations
...........................
10,695,636
32,879,435
155,010,231
300,048,880
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(9,623,305)
(b)
(14,731,768)
(90,141,892)
(b)
(168,778,991)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
85,342,597
99,564,714
(356,229,595)
(1,632,405,851)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
86,414,928
117,712,381
(
291,361,256
)
(
1,501,135,962
)
Beginning
of
period
................................................
662,835,129
545,122,748
8,959,613,161
10,460,749,123
End
of
period
....................................................
$
749,250,057
$
662,835,129
$
8,668,251,905
$
8,959,613,161
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
iShares
California
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
57.67
$
56.14
$
60.11
$
61.79
$
62.85
$
58.68
Net
investment
income
(a)
........................
0
.80
1
.40
1
.12
0
.98
1
.10
1
.25
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(0.12
)
1.47
(3.99
)
(1.68
)
(1.05
)
4.16
Net
increase
(decrease)
from
investment
operations
.......
0.68
2.87
(2.87
)
(0.70
)
0.05
5.41
Distributions
from
net
investment
income
(c)
...........
(0.79
)
(d)
(1.34
)
(1.10
)
(0.98
)
(1.11
)
(1.24
)
Net
asset
value,
end
of
period
.....................
$
57.56
$
57.67
$
56.14
$
60.11
$
61.79
$
62.85
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.21
%
(f)
5.20
%
(4.78
)%
(1.13
)%
0.06
%
9.30
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.08
%
(h)
0.23
%
0.25
%
0.25
%
0.25
%
0.25
%
Net
investment
income
...........................
2.78
%
(h)
2.48
%
1.98
%
1.59
%
1.77
%
2.05
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
3,189,088
$
2,756,754
$
1,928,322
$
1,839,302
$
1,708,487
$
1,580,727
Portfolio
turnover
rate
(i)
...........................
10
%
26
%
17
%
8
%
8
%
9
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
104
iShares
National
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
107.92
$
105.44
$
112.61
$
115.31
$
117.12
$
109.84
Net
investment
income
(a)
........................
1
.60
2
.96
2
.41
2
.07
2
.42
2
.75
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(0.15
)
2.42
(7.29
)
(2.69
)
(1.79
)
7.27
Net
increase
(decrease)
from
investment
operations
.......
1.45
5.38
(4.88
)
(0.62
)
0.63
10.02
Distributions
from
net
investment
income
(c)
...........
(1.59
)
(d)
(2.90
)
(2.29
)
(2.08
)
(2.44
)
(2.74
)
Net
asset
value,
end
of
period
.....................
$
107.78
$
107.92
$
105.44
$
112.61
$
115.31
$
117.12
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.37
%
(f)
5.20
%
(4.32
)%
(0.54
)%
0.55
%
9.21
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.05
%
(h)
0.07
%
0.07
%
0.07
%
0.07
%
0.07
%
Net
investment
income
...........................
2.96
%
(h)
2.79
%
2.27
%
1.78
%
2.10
%
2.42
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
38,703,192
$
36,791,157
$
31,411,694
$
24,188,200
$
20,814,111
$
16,548,522
Portfolio
turnover
rate
(i)
...........................
13
%
27
%
20
%
9
%
10
%
8
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
iShares
New
York
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
53.89
$
52.42
$
56.09
$
57.48
$
58.43
$
55.12
Net
investment
income
(a)
........................
0
.74
1
.33
1
.11
1
.06
1
.15
1
.24
Net
realized
and
unrealized
gain
(loss)
(b)
..............
0.00
(c)
1.43
(3.70
)
(1.39
)
(0.96
)
3.31
Net
increase
(decrease)
from
investment
operations
.......
0.74
2.76
(2.59
)
(0.33
)
0.19
4.55
Distributions
from
net
investment
income
(d)
...........
(0.73
)
(e)
(1.29
)
(1.08
)
(1.06
)
(1.14
)
(1.24
)
Net
asset
value,
end
of
period
.....................
$
53.90
$
53.89
$
52.42
$
56.09
$
57.48
$
58.43
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.41
%
(g)
5.36
%
(4.62
)%
(0.57
)%
0.34
%
8.33
%
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
................................
0.25
%
(i)
0.25
%
0.25
%
0.25
%
0.25
%
0.25
%
Net
investment
income
...........................
2.76
%
(i)
2.52
%
2.09
%
1.83
%
2.00
%
2.18
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
749,250
$
662,835
$
545,123
$
544,101
$
497,241
$
487,913
Portfolio
turnover
rate
(j)
...........................
8
%
31
%
12
%
8
%
5
%
7
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Rounds
to
less
than
$0.01.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
106
iShares
Short-Term
National
Muni
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
105.10
$
103.57
$
105.52
$
107.39
$
107.38
$
105.70
Net
investment
income
(a)
........................
1
.08
1
.85
1
.14
0
.70
1
.25
1
.69
Net
realized
and
unrealized
gain
(loss)
(b)
..............
0.80
1.54
(2.09
)
(1.84
)
0.05
1.67
Net
increase
(decrease)
from
investment
operations
.......
1.88
3.39
(0.95
)
(1.14
)
1.30
3.36
Distributions
from
net
investment
income
(c)
...........
(1.08
)
(d)
(1.86
)
(1.00
)
(0.73
)
(1.29
)
(1.68
)
Net
asset
value,
end
of
period
.....................
$
105.90
$
105.10
$
103.57
$
105.52
$
107.39
$
107.38
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
1.81
%
(f)
3.30
%
(0.90
)%
(1.03
)%
1.19
%
3.19
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.07
%
(h)
0.07
%
0.07
%
0.07
%
0.07
%
0.07
%
Net
investment
income
...........................
2.05
%
(h)
1.78
%
1.10
%
0.65
%
1.16
%
1.59
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
8,668,252
$
8,959,613
$
10,460,749
$
7,518,569
$
4,386,876
$
3,103,353
Portfolio
turnover
rate
(i)
...........................
16
%
28
%
26
%
16
%
18
%
19
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
107
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Bank
Overdraft:
The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Fixed-income
investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed
income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data,
credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless BFA
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
iShares
ETF
Diversification
Classification
California
Muni
Bond
..................................................................................................
Non-diversified
National
Muni
Bond
...................................................................................................
Diversified
New
York
Muni
Bond
..................................................................................................
Non-diversified
Short-Term
National
Muni
Bond
...........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
108
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
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.
4.
Securities
and
Other
Investments
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
, BFA
manages
the
investment
of
each
Fund’s
assets.
BFA
is a
California
corporation
indirectly
owned
by
BlackRock,
Inc.
(“BlackRock”).
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
the
iShares
National
Muni
Bond
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
June
30,
2026
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
the
Fund’s
investments
in
other
iShares
funds.
For
the
six
months
ended
August
31,
2024,
there
were
no
fees
waived
by
BFA
pursuant
to
this
arrangement.
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
iShares
ETF
Investment
Advisory
Fees
California
Muni
Bond
...............................................................................................
0.08
%
National
Muni
Bond
................................................................................................
0.05
New
York
Muni
Bond
...............................................................................................
0.25
Short-Term
National
Muni
Bond
........................................................................................
0.07
Notes
to
Financial
Statements
(unaudited)
(continued)
109
Notes
to
Financial
Statements
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to May
6,
2024,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended August
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
6.
Purchases
and
Sales
For
the six
months ended
August
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
August
31,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
August
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
As
of
February
29,
2024,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
California
Muni
Bond
...................................................................
$
51,933,282
$
84,489,708
$
—
National
Muni
Bond
....................................................................
579,905,634
251,216,560
—
New
York
Muni
Bond
...................................................................
20,946,317
18,944,334
—
Short-Term
National
Muni
Bond
............................................................
170,606,809
343,544,276
—
iShares
ETF
Purchases
Sales
California
Muni
Bond
...................................................................................
$
579,067,059
$
268,277,969
National
Muni
Bond
....................................................................................
7,428,058,646
4,839,494,044
New
York
Muni
Bond
...................................................................................
148,827,893
52,078,131
Short-Term
National
Muni
Bond
............................................................................
1,385,929,357
1,628,422,969
iShares
ETF
In-kind
Purchases
California
Muni
Bond
...................................................................................................
$
124,613,954
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
California
Muni
Bond
..................................................................................................
$
(22,434,768)
National
Muni
Bond
...................................................................................................
(374,742,492)
New
York
Muni
Bond
..................................................................................................
(7,332,102)
Short-Term
National
Muni
Bond
...........................................................................................
(42,321,909)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
110
As
of
August
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities.
Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
issuers
located
in
a
single
state
or
limited
number
of
states,
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Funds'
performance.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
California
Muni
Bond
...............................................
$
3,197,358,806
$
39,549,264
$
(48,899,816)
$
(9,350,552)
National
Muni
Bond
................................................
38,871,966,466
374,327,061
(584,047,960)
(209,720,899)
New
York
Muni
Bond
...............................................
753,593,415
7,500,731
(12,804,688)
(5,303,957)
Short-Term
National
Muni
Bond
........................................
8,737,183,434
36,427,274
(54,984,610)
(18,557,336)
Notes
to
Financial
Statements
(unaudited)
(continued)
111
Notes
to
Financial
Statements
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
08/31/24
Year
Ended
02/29/24
iShares
ETF
Shares
Amount
Shares
Amount
California
Muni
Bond
Shares
sold
7,800,000
$
447,365,936
15,700,000
$
876,965,299
Shares
redeemed
(200,000
)
(11,355,650
)
(2,250,000
)
(123,415,444
)
7,600,000
$
436,010,286
13,450,000
$
753,549,855
National
Muni
Bond
Shares
sold
44,600,000
$
4,775,290,677
93,500,000
$
9,874,060,822
Shares
redeemed
(26,400,000
)
(2,822,002,665
)
(50,500,000
)
(5,396,635,068
)
18,200,000
$
1,953,288,012
43,000,000
$
4,477,425,754
New
York
Muni
Bond
Shares
sold
1,600,000
$
85,342,597
4,600,000
$
241,822,270
Shares
redeemed
—
—
(2,700,000
)
(142,257,556
)
1,600,000
$
85,342,597
1,900,000
$
99,564,714
Short-Term
National
Muni
Bond
Shares
sold
650,000
$
68,093,081
3,050,000
$
317,876,978
Shares
redeemed
(4,050,000
)
(424,322,676
)
(18,800,000
)
(1,950,282,829
)
(3,400,000
)
$
(356,229,595
)
(15,750,000
)
$
(1,632,405,851
)
Board
Review
and
Approval
of
Investment
Advisory
Contract
113
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
California
Muni
Bond
ETF,
iShares
National
Muni
Bond
ETF,
iShares
New
York
Muni
Bond
ETF,
iShares
Short-Term
National
Muni
Bond
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
iShares
Semi-Annual
Financial
Statements
114
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Additional
Information
115
Additional
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available,
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2024
iShares
Semi-Annual
Financial
Statements
116
Portfolio
Abbreviation
AGC
Assured
Guaranty
Corp.
AGC-ICC
Assured
Guaranty
Corp.
–
Insured
Custody
Certificate
AGM
Assured
Guaranty
Municipal
Corp.
AGM-CR
AGM
Insured
Custodial
Receipt
AMBAC
Ambac
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BAM-TCRS
Build
America
Mutual
Assurance
Co.
-
Transferable
Custodial
Receipts
BHAC-CR
Berkshire Hathaway
Assurance
Corp.
Custodial
Receipt
COP
Certificates
of
Participation
FGIC
Financial
Guaranty
Insurance
Co.
GO
General
Obligation
Bonds
GTD
Guaranteed
HERBIP
Higher
Education
Revenue
Bond
Intercept
Program
MBIA
Municipal
Bond
Insurance
Association
MO
Moral
Obligation
NPFGC
National
Public
Finance
Guarantee
Corp.
NPFGC-IBC
National
Public
Finance
Guarantee
Corp.
—
Insured
Bond
Certificate
OK
CERF
Oklahoma
Credit
Enhancement
Reserve
Fund
PSF
Permanent
School
Fund
Q-SBLF
Qualified
School
Bond
Loan
Fund
RB
Revenue
Bonds
SAP
Subject
to
Appropriations
SAW
State
Aid
Withholding
SCSDE
South
Carolina
State
Department
of
Education
VRDN
Variable
Rate
Demand
Notes
Currency
Abbreviation
USD
United
States
Dollar
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report
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intended
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shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by ICE
Data
Indices,
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
AUGUST
31,
2024
2024
Semi-Annual
Financial
Statements
(Unaudited)
iShares
Trust
iShares
Agency
Bond
ETF
|
AGZ
|
NYSE
Arca
iShares
BBB
Rated
Corporate
Bond
ETF
|
LQDB
|
NYSE
Arca
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
|
ELQD
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
26
Statements
of
Operations
.................................................................................................
27
Statements
of
Changes
in
Net
Assets
..........................................................................................
28
Financial
Highlights
.....................................................................................................
30
Notes
to
Financial
Statements
...............................................................................................
33
Additional
Information
....................................................................................................
39
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
40
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
46
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
Agency
Bond
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Financial
Services
—
1.7%
Private
Export
Funding
Corp.
Series
PP
,
1.40%
,
07/15/28
...........
USD
9,850
$
8,936,915
Series
RR
,
4.30%
,
12/15/28
..........
2,750
2,784,463
11,721,378
Total
Corporate
Bonds
—
1
.7
%
(Cost:
$
12,638,532
)
...............................
11,721,378
Foreign
Government
Obligations
Israel
—
0.4%
State
of
Israel
,
5.50%
,
09/18/33
..........
2,368
2,576,716
Total
Foreign
Government
Obligations
—
0
.4
%
(Cost:
$
2,553,867
)
...............................
2,576,716
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
86.8%
Federal
Farm
Credit
Bank
Bonds
1.00
%
,
10/07/26
..................
3,500
3,270,877
1.10
%
,
03/03/27
..................
6,000
5,574,179
1.15
%
,
08/12/30
..................
10,100
8,528,594
1.32
%
,
09/09/30
..................
3,365
2,841,700
1.38
%
,
01/14/31
..................
3,000
2,509,174
1.55
%
,
07/26/30
..................
1,000
859,742
1.69
%
,
08/20/35
..................
1,000
742,803
1.88
%
,
06/16/31
..................
1,000
858,164
2.08
%
,
01/23/30
..................
1,700
1,545,269
2.47
%
,
07/18/35
..................
1,000
834,372
3.11
%
,
08/05/48
..................
1,000
751,191
3.19
%
,
01/16/29
..................
500
486,345
3.32
%
,
02/25/26
..................
1,000
986,862
3.33
%
,
07/12/32
..................
1,000
942,770
3.38
%
,
09/15/27
..................
1,500
1,477,620
3.80
%
,
04/05/32
..................
2,000
1,905,627
3.88
%
,
02/02/26
..................
500
497,479
4.25
%
,
03/20/28
-
02/28/29
...........
2,300
2,332,680
4.38
%
,
06/23/26
-
07/06/26
...........
8,125
8,172,084
4.50
%
,
03/13/26
-
09/22/28
...........
14,250
14,408,872
4.63
%
,
03/05/26
-
07/17/26
...........
2,000
2,013,466
4.75
%
,
03/09/26
-
04/30/29
...........
5,072
5,168,521
4.82
%
,
06/23/26
..................
500
498,489
4.88
%
,
07/28/25
-
10/27/32
...........
6,750
6,860,793
5.00
%
,
07/30/26
..................
255
259,316
5.13
%
,
10/10/25
..................
4,250
4,285,975
5.94
%
,
01/02/36
..................
1,500
1,499,970
Federal
Home
Loan
Bank
Bonds
0.38
%
,
09/04/25
..................
3,200
3,076,140
0.90
%
,
02/26/27
..................
20,575
18,958,267
0.96
%
,
03/05/26
..................
40,000
38,015,045
1.00
%
,
07/27/26
-
02/26/27
...........
14,765
13,764,925
1.10
%
,
08/20/26
..................
12,500
11,775,241
1.12
%
,
02/26/27
..................
3,000
2,784,522
1.20
%
,
12/23/24
..................
3,000
2,963,182
1.25
%
,
12/21/26
..................
205
193,160
1.88
%
,
09/11/26
..................
2,500
2,395,597
2.01
%
,
02/17/27
..................
4,500
4,275,976
2.13
%
,
09/14/29
-
12/14/29
...........
8,450
7,751,321
2.32
%
,
03/28/25
..................
15,000
14,763,276
2.50
%
,
06/12/26
..................
3,500
3,401,345
2.75
%
,
03/25/27
..................
3,000
2,910,250
3.13
%
,
06/13/25
..................
16,055
15,859,273
3.25
%
,
06/09/28
-
11/16/28
...........
15,515
15,183,133
4.00
%
,
06/09/28
-
06/30/28
...........
3,200
3,220,005
Security
Par
(000)
Par
(000)
Value
Agency
Obligations
(continued)
4.13
%
,
03/13/26
-
01/15/27
...........
USD
5,200
$
5,199,481
4.38
%
,
06/12/26
-
03/11/33
...........
3,000
3,031,048
4.44
%
,
05/26/32
..................
200
195,582
4.50
%
,
12/12/25
-
03/09/29
...........
10,240
10,303,093
4.63
%
,
09/11/26
-
11/17/26
(a)
..........
12,775
12,952,610
4.75
%
,
06/12/26
-
03/10/34
...........
10,000
10,236,172
4.88
%
,
09/12/25
-
09/11/26
...........
4,100
4,131,073
5.13
%
,
06/13/25
..................
2,000
2,006,633
5.50
%
,
07/15/36
..................
4,600
5,167,641
5.63
%
,
03/14/36
..................
1,060
1,184,677
Federal
Home
Loan
Banks
,
2.13
%
,
12/11/26
.
500
480,120
Federal
Home
Loan
Mortgage
Corp.
0.00
%
,
12/11/25
-
11/15/38
(a)
(b)
.........
43,164
36,697,272
0.38
%
,
09/23/25
..................
21,750
20,857,084
0.75
%
,
05/28/25
..................
7,500
7,281,968
4.05
%
,
08/28/25
..................
4,000
3,981,070
5.50
%
,
02/21/29
..................
3,000
2,998,022
6.25
%
,
07/15/32
..................
11,607
13,395,573
6.75
%
,
09/15/29
-
03/15/31
...........
11,500
13,274,708
Federal
National
Mortgage
Association
0.00
%
,
01/15/30
(b)
.................
910
731,527
0.50
%
,
11/07/25
(a)
.................
11,130
10,653,195
0.65
%
,
08/25/25
..................
1,000
961,112
0.75
%
,
10/08/27
..................
17,530
15,970,899
0.88
%
,
12/18/26
-
08/05/30
...........
26,842
24,237,769
1.63
%
,
08/24/35
..................
5,000
3,667,541
1.88
%
,
09/24/26
..................
9,625
9,230,367
2.13
%
,
04/24/26
..................
13,350
12,949,714
5.63
%
,
07/15/37
..................
3,600
4,093,263
6.21
%
,
08/06/38
..................
2,500
3,000,163
6.25
%
,
05/15/29
..................
16,200
17,913,923
6.63
%
,
11/15/30
..................
12,352
14,163,582
7.13
%
,
01/15/30
..................
5,419
6,273,703
7.25
%
,
05/15/30
..................
3,986
4,672,003
Resolution
Funding
Corp.
Interest
STRIPS
,
0.00
%
,
01/15/30
(b)
.................
2,100
1,687,860
Resolution
Funding
Corp.
Principal
STRIPS
,
0.00
%
,
01/15/30
(b)
.................
4,500
3,618,750
Tennessee
Valley
Authority
1.50
%
,
09/15/31
..................
50
42,121
2.88
%
,
02/01/27
..................
1,795
1,750,733
3.50
%
,
12/15/42
..................
165
141,177
3.88
%
,
03/15/28
..................
2,700
2,704,331
4.25
%
,
09/15/52
-
09/15/65
...........
5,948
5,371,620
4.38
%
,
08/01/34
..................
3,000
3,021,121
4.63
%
,
09/15/60
..................
2,600
2,511,015
4.65
%
,
06/15/35
..................
70
72,134
4.70
%
,
07/15/33
..................
2,662
2,761,124
4.88
%
,
01/15/48
..................
1,483
1,508,625
5.25
%
,
09/15/39
..................
7,505
8,019,398
5.38
%
,
04/01/56
(a)
.................
1,600
1,748,526
5.50
%
,
06/15/38
..................
282
312,024
5.88
%
,
04/01/36
..................
7,171
8,172,845
6.15
%
,
01/15/38
..................
2,000
2,342,479
6.75
%
,
11/01/25
..................
34,605
35,525,034
7.13
%
,
05/01/30
..................
4,047
4,685,998
Total
U.S.
Government
Sponsored
Agency
Securities
—
86
.8
%
(Cost:
$
616,463,141
)
..............................
609,293,095
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Agency
Bond
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
,
4.25
%
,
08/15/54
.....
USD
1,340
$
1,347,328
U.S.
Treasury
Notes
3.75
%
,
08/15/27
..................
6,000
5,992,969
3.63
%
,
08/31/29
..................
8,180
8,146,130
Total
U.S.
Treasury
Obligations
—
2
.2
%
(Cost:
$
15,489,825
)
...............................
15,486,427
Total
Long-Term
Investments
—
91.1%
(Cost:
$
647,145,365
)
..............................
639,077,616
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
3.4%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(c)
(d)
(e)
................
23,753,326
23,753,326
Total
Money
Market
Funds
—
3
.4
%
(Cost:
$
23,753,326
)
...............................
23,753,326
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
7.7%
U.S.
Treasury
Bills
(f)
5.22
%
,
10/22/24
..................
USD
8,000
$
7,944,320
5.20
%
,
10/31/24
..................
4,000
3,967,082
5.25
%
,
11/29/24
..................
29,000
28,651,409
4.77
%
,
12/26/24
..................
14,000
13,784,933
Total
U.S.
Treasury
Obligations
—
7
.7
%
(Cost:
$
54,334,323
)
...............................
54,347,744
Total
Short-Term
Securities
—
11.1%
(Cost:
$
78,087,649
)
...............................
78,101,070
Total
Investments
—
102
.2
%
(Cost:
$
725,233,014
)
..............................
717,178,686
Liabilities
in
Excess
of
Other
Assets
—
(
2.2
)
%
.............
(
15,372,350
)
Net
Assets
—
100.0%
...............................
$
701,806,337
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Zero-coupon
bond.
(c)
Affiliate
of
the
Fund.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
26,663,723
$
—
$
(
2,910,397
)
(a)
$
—
$
—
$
23,753,326
23,753,326
$
131,116
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
Agency
Bond
ETF
Schedule
of
Investments
5
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Corporate
Bonds
.........................................
$
—
$
11,721,378
$
—
$
11,721,378
Foreign
Government
Obligations
..............................
—
2,576,716
—
2,576,716
U.S.
Government
Sponsored
Agency
Securities
....................
—
609,293,095
—
609,293,095
U.S.
Treasury
Obligations
...................................
—
15,486,427
—
15,486,427
Short-Term
Securities
Money
Market
Funds
......................................
23,753,326
—
—
23,753,326
U.S.
Treasury
Obligations
...................................
—
54,347,744
—
54,347,744
$
23,753,326
$
693,425,360
$
—
$
717,178,686
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
4.1%
Boeing
Co.
(The)
4.88%
,
05/01/25
..................
USD
25
$
24,905
2.75%
,
02/01/26
..................
25
24,178
2.20%
,
02/04/26
..................
75
71,869
5.04%
,
05/01/27
..................
105
105,199
5.15%
,
05/01/30
..................
100
99,706
6.53%
,
05/01/34
(a)
.................
50
52,951
5.71%
,
05/01/40
..................
62
60,055
5.81%
,
05/01/50
..................
70
66,246
6.86%
,
05/01/54
(a)
.................
35
37,677
5.93%
,
05/01/60
..................
50
47,265
General
Electric
Co.,
6.75%,
03/15/32
.....
45
50,912
Howmet
Aerospace,
Inc.,
3.00%,
01/15/29
..
35
32,863
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
......................
25
24,843
L3Harris
Technologies,
Inc.
4.40%
,
06/15/28
..................
64
63,827
5.35%
,
06/01/34
..................
50
51,299
5.05%
,
04/27/45
..................
15
14,367
Leidos,
Inc.,
4.38%,
05/15/30
..........
26
25,360
Northrop
Grumman
Corp.
3.25%
,
01/15/28
..................
75
72,357
4.90%
,
06/01/34
..................
25
25,256
4.03%
,
10/15/47
..................
53
44,307
5.25%
,
05/01/50
(b)
.................
25
24,902
RTX
Corp.
4.13%
,
11/16/28
..................
115
113,453
5.15%
,
02/27/33
..................
30
30,736
6.10%
,
03/15/34
..................
50
54,519
4.50%
,
06/01/42
..................
70
63,389
4.15%
,
05/15/45
..................
35
29,569
4.63%
,
11/16/48
..................
35
31,499
2.82%
,
09/01/51
..................
45
29,064
6.40%
,
03/15/54
..................
30
34,396
Textron,
Inc.,
2.45%,
03/15/31
..........
25
21,685
1,428,654
Air
Freight
&
Logistics
—
0.5%
FedEx
Corp.
3.10%
,
08/05/29
..................
75
70,478
3.25%
,
05/15/41
..................
35
26,818
4.75%
,
11/15/45
..................
30
27,005
5.25%
,
05/15/50
(b)
.................
35
33,834
GXO
Logistics,
Inc.,
6.25%,
05/06/29
(b)
.....
25
26,111
184,246
Automobile
Components
—
0.3%
Aptiv
plc
3.25%
,
03/01/32
(b)
.................
20
17,837
3.10%
,
12/01/51
..................
30
19,090
4.15%
,
05/01/52
..................
16
12,263
BorgWarner,
Inc.
2.65%
,
07/01/27
(b)
.................
36
34,305
4.38%
,
03/15/45
..................
15
12,575
Lear
Corp.,
5.25%,
05/15/49
(b)
..........
7
6,433
102,503
Automobiles
—
0.5%
Ford
Motor
Co.,
4.75%,
01/15/43
(b)
.......
25
21,001
General
Motors
Co.
6.13%
,
10/01/25
..................
25
25,265
6.60%
,
04/01/36
..................
60
64,870
6.25%
,
10/02/43
..................
35
36,348
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
6.75%
,
04/01/46
(b)
.................
USD
30
$
32,837
180,321
Banks
—
3.6%
Citigroup,
Inc.
3.88%
,
03/26/25
..................
36
35,844
4.60%
,
03/09/26
..................
34
33,932
4.45%
,
09/29/27
..................
75
74,627
4.13%
,
07/25/28
..................
25
24,544
6.63%
,
06/15/32
..................
35
38,390
6.68%
,
09/13/43
..................
24
27,383
4.75%
,
05/18/46
..................
45
40,785
Citizens
Financial
Group,
Inc.
3.25%
,
04/30/30
..................
25
22,959
2.64%
,
09/30/32
(b)
.................
25
20,323
Comerica,
Inc.,
4.00%,
02/01/29
(b)
........
25
23,883
Fifth
Third
Bancorp
(SOFR
Index
+
2.19%),
6.36%
,
10/27/28
(c)
45
47,034
(SOFR
Index
+
2.13%),
4.77%
,
07/28/30
(c)
25
24,871
(1-day
SOFR
+
1.84%),
5.63%
,
01/29/32
(c)
25
25,680
8.25%
,
03/01/38
..................
10
12,366
HSBC
Holdings
plc,
6.50%,
05/02/36
......
110
119,455
Huntington
Bancshares,
Inc.,
(1-day
SOFR
+
2.02%),
6.21%,
08/21/29
(c)
...........
20
21,024
KeyCorp
2.55%
,
10/01/29
(b)
.................
25
22,353
(SOFR
Index
+
2.06%),
4.79%
,
06/01/33
(c)
53
51,028
Regions
Financial
Corp.
2.25%
,
05/18/25
..................
50
48,919
(1-day
SOFR
+
1.49%),
5.72%
,
06/06/30
(c)
50
51,329
Santander
Holdings
USA,
Inc.
3.45%
,
06/02/25
..................
75
73,957
(1-day
SOFR
+
2.33%),
5.81%
,
09/09/26
(c)
39
39,221
(1-day
SOFR
+
2.50%),
6.17%
,
01/09/30
(c)
60
62,146
Truist
Financial
Corp.,
3.88%,
03/19/29
(b)
...
25
24,168
Wells
Fargo
&
Co.
4.10%
,
06/03/26
..................
15
14,871
4.30%
,
07/22/27
..................
120
119,520
5.61%
,
01/15/44
..................
48
48,688
4.90%
,
11/17/45
..................
65
59,471
4.75%
,
12/07/46
..................
60
53,679
1,262,450
Beverages
—
0.8%
Constellation
Brands,
Inc.
3.70%
,
12/06/26
..................
38
37,288
3.15%
,
08/01/29
..................
25
23,424
4.75%
,
05/09/32
(b)
.................
33
32,817
3.75%
,
05/01/50
..................
27
20,929
Keurig
Dr
Pepper,
Inc.
4.60%
,
05/25/28
..................
30
30,149
Series
31*
,
2.25%
,
03/15/31
..........
58
49,991
3.35%
,
03/15/51
..................
45
32,402
Molson
Coors
Beverage
Co.
5.00%
,
05/01/42
..................
15
14,251
4.20%
,
07/15/46
..................
35
29,317
270,568
Biotechnology
—
3.0%
Amgen,
Inc.
2.60%
,
08/19/26
..................
25
24,130
2.20%
,
02/21/27
..................
135
127,980
2.45%
,
02/21/30
..................
25
22,577
2.30%
,
02/25/31
..................
155
134,917
5.25%
,
03/02/33
..................
35
35,868
2.80%
,
08/15/41
..................
80
58,969
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Biotechnology
(continued)
4.40%
,
05/01/45
..................
USD
60
$
52,196
4.66%
,
06/15/51
..................
85
75,676
2.77%
,
09/01/53
..................
94
59,485
5.75%
,
03/02/63
..................
45
46,126
Baxalta,
Inc.,
5.25%,
06/23/45
..........
37
36,151
Biogen,
Inc.
4.05%
,
09/15/25
..................
37
36,690
2.25%
,
05/01/30
..................
40
35,247
3.15%
,
05/01/50
..................
16
10,794
3.25%
,
02/15/51
..................
33
22,739
Gilead
Sciences,
Inc.
3.50%
,
02/01/25
..................
36
35,713
3.65%
,
03/01/26
..................
25
24,669
1.65%
,
10/01/30
..................
70
59,545
4.80%
,
04/01/44
..................
65
60,900
4.75%
,
03/01/46
..................
65
60,293
Regeneron
Pharmaceuticals,
Inc.
1.75%
,
09/15/30
..................
22
18,841
2.80%
,
09/15/50
..................
25
16,123
1,055,629
Broadline
Retail
—
0.2%
eBay,
Inc.
3.60%
,
06/05/27
..................
49
47,989
2.70%
,
03/11/30
..................
25
22,830
3.65%
,
05/10/51
..................
20
14,961
85,780
Building
Products
—
0.7%
Carlisle
Cos.,
Inc.,
3.75%,
12/01/27
.......
49
47,792
Carrier
Global
Corp.
2.49%
,
02/15/27
..................
61
58,408
5.90%
,
03/15/34
..................
24
25,893
3.58%
,
04/05/50
..................
33
25,195
Johnson
Controls
International
plc
2.00%
,
09/16/31
..................
29
24,296
4.50%
,
02/15/47
..................
15
13,114
Trane
Technologies
Financing
Ltd.,
3.80%,
03/21/29
......................
35
34,128
Trane
Technologies
Global
Holding
Co.
Ltd.,
5.75%,
06/15/43
.................
15
15,827
244,653
Capital
Markets
—
3.9%
Ares
Capital
Corp.
2.15%
,
07/15/26
..................
70
66,093
2.88%
,
06/15/28
..................
40
36,570
Blackstone
Private
Credit
Fund
4.70%
,
03/24/25
..................
37
36,924
3.25%
,
03/15/27
..................
50
47,364
Blackstone
Secured
Lending
Fund,
2.85%,
09/30/28
......................
33
29,892
Blue
Owl
Capital
Corp.,
3.40%,
07/15/26
...
43
41,413
CI
Financial
Corp.,
3.20%,
12/17/30
......
20
16,538
Deutsche
Bank
AG
(c)
(1-day
SOFR
+
3.19%),
6.12%
,
07/14/26
.
150
150,916
(1-day
SOFR
+
2.52%),
7.15%
,
07/13/27
.
155
160,835
FS
KKR
Capital
Corp.,
3.13%,
10/12/28
....
35
31,415
Goldman
Sachs
Group,
Inc.
(The)
4.25%
,
10/21/25
..................
37
36,714
6.45%
,
05/01/36
..................
25
27,589
6.75%
,
10/01/37
..................
100
113,566
5.15%
,
05/22/45
..................
50
49,657
Golub
Capital
BDC,
Inc.,
2.50%,
08/24/26
...
25
23,593
Jefferies
Financial
Group,
Inc.
5.88%
,
07/21/28
..................
30
31,014
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
2.63%
,
10/15/31
..................
USD
35
$
29,734
6.25%
,
01/15/36
..................
10
10,686
Moody's
Corp.
4.25%
,
08/08/32
(b)
.................
20
19,445
3.75%
,
02/25/52
..................
15
11,801
Morgan
Stanley
5.00%
,
11/24/25
..................
65
65,064
4.35%
,
09/08/26
..................
20
19,879
3.95%
,
04/23/27
..................
68
66,953
Nasdaq,
Inc.
1.65%
,
01/15/31
..................
35
29,156
3.25%
,
04/28/50
..................
25
17,734
5.95%
,
08/15/53
..................
20
21,423
Nomura
Holdings,
Inc.,
2.61%,
07/14/31
....
200
170,705
1,362,673
Chemicals
—
2.3%
Albemarle
Corp.,
4.65%,
06/01/27
........
41
40,881
Celanese
US
Holdings
LLC
6.17%
,
07/15/27
..................
25
25,794
6.33%
,
07/15/29
..................
37
39,086
6.70%
,
11/15/33
..................
30
32,440
CF
Industries,
Inc.
5.15%
,
03/15/34
..................
25
24,889
5.38%
,
03/15/44
..................
25
23,935
Dow
Chemical
Co.
(The)
2.10%
,
11/15/30
(b)
.................
78
68,186
4.38%
,
11/15/42
..................
45
38,805
3.60%
,
11/15/50
..................
45
32,901
DuPont
de
Nemours,
Inc.
4.73%
,
11/15/28
..................
50
50,718
5.32%
,
11/15/38
..................
18
19,411
5.42%
,
11/15/48
..................
35
38,030
Eastman
Chemical
Co.
4.50%
,
12/01/28
..................
34
33,920
4.65%
,
10/15/44
..................
25
22,025
FMC
Corp.
3.45%
,
10/01/29
..................
16
14,964
4.50%
,
10/01/49
..................
15
11,988
International
Flavors
&
Fragrances,
Inc.
4.38%
,
06/01/47
..................
10
8,168
5.00%
,
09/26/48
..................
5
4,472
LYB
International
Finance
III
LLC
2.25%
,
10/01/30
(b)
.................
25
21,886
3.38%
,
10/01/40
..................
15
11,553
4.20%
,
05/01/50
..................
40
31,844
3.80%
,
10/01/60
(b)
.................
30
21,578
Mosaic
Co.
(The),
4.05%,
11/15/27
.......
30
29,492
Nutrien
Ltd.
2.95%
,
05/13/30
..................
22
20,226
3.95%
,
05/13/50
..................
20
15,811
Sherwin-Williams
Co.
(The)
3.45%
,
06/01/27
..................
63
61,457
4.50%
,
06/01/47
..................
35
31,005
Westlake
Corp.
5.00%
,
08/15/46
..................
15
13,723
3.13%
,
08/15/51
..................
15
9,821
799,009
Commercial
Services
&
Supplies
—
0.7%
RELX
Capital,
Inc.,
4.00%,
03/18/29
......
52
51,112
Republic
Services,
Inc.
3.38%
,
11/15/27
..................
66
64,161
2.38%
,
03/15/33
(b)
.................
46
38,547
Veralto
Corp.,
5.45%,
09/18/33
(a)
........
25
25,807
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Waste
Connections,
Inc.
2.20%
,
01/15/32
..................
USD
18
$
15,260
3.20%
,
06/01/32
..................
19
17,159
2.95%
,
01/15/52
..................
25
16,929
228,975
Communications
Equipment
—
0.2%
Motorola
Solutions,
Inc.
4.60%
,
02/23/28
..................
22
22,050
2.75%
,
05/24/31
..................
25
22,078
5.60%
,
06/01/32
(b)
.................
21
21,919
66,047
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.
2.35%
,
01/15/32
..................
25
21,022
3.05%
,
10/01/41
..................
15
10,987
32,009
Construction
Materials
—
0.3%
Martin
Marietta
Materials,
Inc.
3.50%
,
12/15/27
..................
65
63,418
3.20%
,
07/15/51
..................
25
17,305
Vulcan
Materials
Co.
3.50%
,
06/01/30
..................
29
27,468
4.50%
,
06/15/47
..................
12
10,446
118,637
Consumer
Finance
—
4.4%
AerCap
Ireland
Capital
DAC
1.65%
,
10/29/24
..................
150
149,032
6.15%
,
09/30/30
..................
180
191,766
Ally
Financial,
Inc.
4.75%
,
06/09/27
(b)
.................
36
35,867
2.20%
,
11/02/28
..................
25
22,424
8.00%
,
11/01/31
..................
45
51,348
American
Express
Co.,
3.63%,
12/05/24
....
15
14,929
Capital
One
Financial
Corp.
3.75%
,
03/09/27
..................
100
97,920
3.65%
,
05/11/27
..................
80
77,901
Discover
Financial
Services,
4.10%,
02/09/27
90
88,543
Ford
Motor
Credit
Co.
LLC,
7.12%,
11/07/33
.
210
226,937
General
Motors
Financial
Co.,
Inc.
3.80%
,
04/07/25
..................
42
41,621
6.05%
,
10/10/25
..................
60
60,669
1.25%
,
01/08/26
..................
135
128,814
2.35%
,
02/26/27
(b)
.................
90
85,148
5.00%
,
04/09/27
..................
47
47,383
5.85%
,
04/06/30
(b)
.................
30
31,291
2.35%
,
01/08/31
..................
60
51,010
6.10%
,
01/07/34
..................
25
26,124
5.95%
,
04/04/34
..................
25
25,864
Synchrony
Financial
4.50%
,
07/23/25
..................
36
35,742
5.15%
,
03/19/29
..................
25
24,875
2.88%
,
10/28/31
..................
17
14,312
1,529,520
Consumer
Staples
Distribution
&
Retail
—
1.2%
Dollar
General
Corp.
3.88%
,
04/15/27
(b)
.................
35
34,185
3.50%
,
04/03/30
..................
32
29,551
5.45%
,
07/05/33
..................
10
10,009
4.13%
,
04/03/50
..................
15
11,636
Dollar
Tree,
Inc.
4.00%
,
05/15/25
..................
46
45,667
4.20%
,
05/15/28
..................
25
24,517
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Kroger
Co.
(The)
2.65%
,
10/15/26
..................
USD
35
$
33,689
2.20%
,
05/01/30
..................
25
21,930
4.90%
,
09/15/31
..................
50
49,866
4.45%
,
02/01/47
..................
18
15,406
3.95%
,
01/15/50
..................
29
22,856
Sysco
Corp.
3.30%
,
07/15/26
(b)
.................
30
29,341
5.95%
,
04/01/30
..................
30
32,026
6.60%
,
04/01/50
..................
30
34,494
3.15%
,
12/14/51
..................
20
13,640
408,813
Containers
&
Packaging
—
0.7%
Amcor
Flexibles
North
America,
Inc.,
2.69%,
05/25/31
......................
40
34,880
Avery
Dennison
Corp.,
2.25%,
02/15/32
....
15
12,584
Berry
Global,
Inc.,
5.65%,
01/15/34
(a)
......
25
25,442
International
Paper
Co.,
4.40%,
08/15/47
...
40
34,225
Packaging
Corp.
of
America,
3.05%,
10/01/51
20
13,717
Sonoco
Products
Co.
2.85%
,
02/01/32
(b)
.................
28
24,138
5.75%
,
11/01/40
..................
15
15,455
WRKCo,
Inc.
3.75%
,
03/15/25
..................
31
30,743
4.90%
,
03/15/29
..................
25
25,263
3.00%
,
06/15/33
..................
15
13,067
229,514
Distributors
—
0.1%
Genuine
Parts
Co.,
2.75%,
02/01/32
......
20
17,174
LKQ
Corp.,
6.25%,
06/15/33
(b)
..........
15
15,744
32,918
Diversified
REITs
—
0.7%
Digital
Realty
Trust
LP,
3.70%,
08/15/27
....
65
63,341
GLP
Capital
LP
5.75%
,
06/01/28
..................
31
31,673
5.30%
,
01/15/29
..................
25
25,166
VICI
Properties
LP
4.38%
,
05/15/25
..................
56
55,537
4.75%
,
02/15/28
..................
50
49,814
5.63%
,
05/15/52
..................
17
16,111
241,642
Diversified
Telecommunication
Services
—
6.4%
AT&T,
Inc.
1.70%
,
03/25/26
..................
30
28,671
4.25%
,
03/01/27
..................
25
24,910
2.30%
,
06/01/27
..................
150
141,869
2.75%
,
06/01/31
..................
125
110,897
2.55%
,
12/01/33
..................
35
28,914
5.40%
,
02/15/34
..................
25
25,815
4.50%
,
05/15/35
..................
95
90,683
3.50%
,
06/01/41
..................
35
27,866
4.50%
,
03/09/48
..................
45
38,863
3.65%
,
06/01/51
..................
30
22,241
3.50%
,
09/15/53
..................
174
123,830
3.55%
,
09/15/55
..................
30
21,106
3.80%
,
12/01/57
..................
85
62,245
3.65%
,
09/15/59
..................
145
102,177
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
5.20%
,
02/15/34
..................
25
25,424
4.46%
,
04/01/48
..................
35
30,672
Series
US-4
,
3.65%
,
03/17/51
.........
30
22,775
British
Telecommunications
plc,
9.63%,
12/15/30
(d)
.....................
50
62,799
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Deutsche
Telekom
International
Finance
BV,
8.75%,
06/15/30
(d)
(e)
...............
USD
67
$
80,520
Orange
SA
9.00%
,
03/01/31
(d)
.................
45
55,235
5.38%
,
01/13/42
..................
25
24,924
Sprint
Capital
Corp.,
6.88%,
11/15/28
......
102
110,509
Telefonica
Emisiones
SA,
7.05%,
06/20/36
..
25
28,333
TELUS
Corp.,
4.60%,
11/16/48
.........
25
21,476
Verizon
Communications,
Inc.
1.45%
,
03/20/26
..................
148
141,054
4.33%
,
09/21/28
..................
116
115,692
1.68%
,
10/30/30
..................
90
76,182
2.55%
,
03/21/31
..................
131
115,033
2.36%
,
03/15/32
..................
85
72,202
5.05%
,
05/09/33
..................
65
66,232
3.40%
,
03/22/41
..................
75
59,812
4.86%
,
08/21/46
..................
70
66,223
2.88%
,
11/20/50
(b)
.................
30
19,819
3.55%
,
03/22/51
..................
115
86,687
2.99%
,
10/30/56
..................
85
54,711
3.70%
,
03/22/61
..................
50
36,804
2,223,205
Electric
Utilities
—
4.8%
AEP
Texas,
Inc.
Series
I
,
2.10%
,
07/01/30
............
25
21,702
5.25%
,
05/15/52
..................
20
18,820
American
Electric
Power
Co.,
Inc.
5.95%
,
11/01/32
..................
20
21,272
5.63%
,
03/01/33
..................
25
26,124
Avangrid,
Inc.,
3.20%,
04/15/25
.........
12
11,824
Duke
Energy
Corp.
2.45%
,
06/01/30
..................
90
80,451
5.75%
,
09/15/33
(b)
.................
50
52,778
3.75%
,
09/01/46
..................
43
32,849
3.50%
,
06/15/51
..................
35
25,060
5.80%
,
06/15/54
..................
25
25,615
Edison
International,
6.95%,
11/15/29
.....
35
38,262
Emera
US
Finance
LP,
4.75%,
06/15/46
....
19
16,373
Entergy
Corp.
1.90%
,
06/15/28
..................
25
22,744
2.40%
,
06/15/31
..................
40
34,218
Evergy,
Inc.,
2.90%,
09/15/29
..........
25
22,973
Eversource
Energy
2.90%
,
03/01/27
..................
80
76,732
5.50%
,
01/01/34
..................
50
50,878
Exelon
Corp.
3.95%
,
06/15/25
..................
54
53,533
5.15%
,
03/15/28
..................
88
89,840
4.05%
,
04/15/30
..................
36
35,087
4.70%
,
04/15/50
..................
25
22,195
5.60%
,
03/15/53
..................
15
15,217
FirstEnergy
Corp.,
Series
C,
3.40%,
03/01/50
.
25
17,607
NextEra
Energy
Capital
Holdings,
Inc.
4.45%
,
06/20/25
..................
27
26,892
5.75%
,
09/01/25
..................
25
25,199
2.25%
,
06/01/30
..................
125
110,192
5.25%
,
02/28/53
..................
20
19,521
Pacific
Gas
&
Electric
Co.
3.50%
,
06/15/25
..................
25
24,665
3.45%
,
07/01/25
..................
25
24,640
3.15%
,
01/01/26
..................
25
24,394
4.55%
,
07/01/30
..................
60
58,689
3.25%
,
06/01/31
..................
55
49,201
6.40%
,
06/15/33
..................
30
32,085
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
5.80%
,
05/15/34
..................
USD
15
$
15,436
4.00%
,
12/01/46
..................
40
30,269
4.95%
,
07/01/50
..................
60
52,314
3.50%
,
08/01/50
..................
30
20,737
6.75%
,
01/15/53
..................
28
30,535
Southern
Co.
(The)
3.25%
,
07/01/26
..................
73
71,310
5.50%
,
03/15/29
..................
75
78,065
5.70%
,
10/15/32
..................
25
26,397
5.70%
,
03/15/34
..................
25
26,372
4.40%
,
07/01/46
..................
45
39,294
Southwestern
Electric
Power
Co.,
Series
N,
1.65%,
03/15/26
.................
35
33,487
Xcel
Energy,
Inc.,
2.60%,
12/01/29
.......
45
40,626
1,672,474
Electrical
Equipment
—
0.2%
Regal
Rexnord
Corp.
6.05%
,
04/15/28
..................
35
36,125
6.40%
,
04/15/33
..................
25
26,473
62,598
Electronic
Equipment,
Instruments
&
Components
—
0.8%
Amphenol
Corp.,
2.20%,
09/15/31
........
34
28,987
Arrow
Electronics,
Inc.,
2.95%,
02/15/32
(b)
...
19
16,500
CDW
LLC,
3.28%,
12/01/28
...........
54
50,599
Corning,
Inc.
4.38%
,
11/15/57
..................
25
20,501
5.45%
,
11/15/79
..................
12
11,656
Flex
Ltd.,
4.88%,
06/15/29
............
23
22,906
Jabil,
Inc.,
3.95%,
01/12/28
............
38
36,891
Keysight
Technologies,
Inc.,
3.00%,
10/30/29
.
11
10,200
TD
SYNNEX
Corp.
2.38%
,
08/09/28
..................
25
22,802
2.65%
,
08/09/31
..................
20
16,907
Teledyne
Technologies,
Inc.,
2.75%,
04/01/31
30
26,402
Trimble,
Inc.,
6.10%,
03/15/33
..........
20
21,377
Vontier
Corp.,
2.95%,
04/01/31
.........
10
8,620
294,348
Energy
Equipment
&
Services
—
0.4%
Halliburton
Co.
4.85%
,
11/15/35
..................
25
24,661
7.45%
,
09/15/39
..................
15
18,283
4.50%
,
11/15/41
..................
25
22,316
5.00%
,
11/15/45
..................
40
37,502
NOV,
Inc.
3.60%
,
12/01/29
..................
20
18,970
3.95%
,
12/01/42
..................
20
15,740
137,472
Entertainment
—
0.8%
Electronic
Arts,
Inc.,
2.95%,
02/15/51
......
25
17,191
Take-Two
Interactive
Software,
Inc.,
3.55%,
04/14/25
......................
18
17,814
Warnermedia
Holdings,
Inc.
3.64%
,
03/15/25
..................
50
49,522
4.28%
,
03/15/32
(b)
.................
80
69,919
5.05%
,
03/15/42
..................
20
16,018
5.14%
,
03/15/52
..................
125
95,087
5.39%
,
03/15/62
..................
15
11,328
276,879
Financial
Services
—
1.9%
Block
Financial
LLC,
2.50%,
07/15/28
.....
37
33,944
Corebridge
Financial,
Inc.
3.65%
,
04/05/27
..................
46
45,052
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
3.85%
,
04/05/29
..................
USD
40
$
38,590
4.40%
,
04/05/52
(b)
.................
20
16,634
Equitable
Holdings,
Inc.
4.35%
,
04/20/28
..................
31
30,635
5.59%
,
01/11/33
..................
10
10,343
5.00%
,
04/20/48
..................
17
15,832
Fidelity
National
Information
Services,
Inc.
1.15%
,
03/01/26
..................
62
58,814
5.10%
,
07/15/32
(b)
.................
20
20,446
3.10%
,
03/01/41
..................
20
14,986
Fiserv,
Inc.
3.20%
,
07/01/26
..................
49
47,850
3.50%
,
07/01/29
..................
75
71,732
5.63%
,
08/21/33
..................
40
41,853
4.40%
,
07/01/49
..................
30
25,732
Global
Payments,
Inc.
1.20%
,
03/01/26
..................
95
90,070
3.20%
,
08/15/29
..................
25
23,199
4.15%
,
08/15/49
..................
25
19,897
Jackson
Financial,
Inc.,
4.00%,
11/23/51
....
10
7,231
Western
Union
Co.
(The),
1.35%,
03/15/26
..
37
35,079
647,919
Food
Products
—
2.7%
Bunge
Ltd.
Finance
Corp.
3.75%
,
09/25/27
..................
35
34,264
2.75%
,
05/14/31
..................
18
15,929
Campbell
Soup
Co.
4.15%
,
03/15/28
..................
28
27,695
3.13%
,
04/24/50
..................
15
10,252
Conagra
Brands,
Inc.
1.38%
,
11/01/27
..................
67
60,754
5.40%
,
11/01/48
..................
25
24,074
General
Mills,
Inc.
4.00%
,
04/17/25
..................
37
36,746
3.20%
,
02/10/27
..................
55
53,423
2.25%
,
10/14/31
(b)
.................
50
42,669
3.00%
,
02/01/51
..................
17
11,356
J
M
Smucker
Co.
(The)
3.50%
,
03/15/25
..................
25
24,761
2.13%
,
03/15/32
..................
19
15,831
4.38%
,
03/15/45
..................
20
17,319
JBS
USA
Holding
Lux
SARL
3.00%
,
05/15/32
..................
100
85,366
6.50%
,
12/01/52
..................
35
36,770
Kellanova
3.40%
,
11/15/27
..................
38
36,890
4.50%
,
04/01/46
..................
12
10,651
Kraft
Heinz
Foods
Co.
3.00%
,
06/01/26
..................
25
24,343
5.00%
,
07/15/35
..................
65
65,804
6.50%
,
02/09/40
..................
23
25,487
4.38%
,
06/01/46
..................
110
94,013
McCormick
&
Co.,
Inc.
0.90%
,
02/15/26
..................
41
38,869
1.85%
,
02/15/31
..................
16
13,482
Mondelez
International,
Inc.
1.50%
,
05/04/25
..................
26
25,389
3.00%
,
03/17/32
..................
35
31,315
2.63%
,
09/04/50
..................
30
19,037
Tyson
Foods,
Inc.
4.35%
,
03/01/29
..................
50
49,424
5.10%
,
09/28/48
..................
30
27,784
959,697
Security
Par
(000)
Par
(000)
Value
Gas
Utilities
—
0.0%
National
Fuel
Gas
Co.,
2.95%,
03/01/31
....
USD
15
$
13,068
Ground
Transportation
—
0.6%
Canadian
Pacific
Railway
Co.
1.75%
,
12/02/26
(b)
.................
35
33,028
2.05%
,
03/05/30
..................
25
22,046
3.50%
,
05/01/50
..................
15
11,302
3.10%
,
12/02/51
..................
15
10,438
6.13%
,
09/15/2115
................
10
10,625
Norfolk
Southern
Corp.
4.45%
,
03/01/33
..................
30
29,567
3.05%
,
05/15/50
..................
65
44,551
5.35%
,
08/01/54
(b)
.................
10
10,044
3.16%
,
05/15/55
..................
30
20,004
Ryder
System,
Inc.,
5.25%,
06/01/28
......
30
30,618
222,223
Health
Care
Equipment
&
Supplies
—
2.0%
Baxter
International,
Inc.
1.92%
,
02/01/27
..................
46
43,206
3.95%
,
04/01/30
..................
25
24,176
2.54%
,
02/01/32
(b)
.................
40
34,143
3.13%
,
12/01/51
..................
20
13,386
Becton
Dickinson
&
Co.
4.69%
,
02/13/28
..................
46
46,242
1.96%
,
02/11/31
(b)
.................
44
37,339
4.67%
,
06/06/47
..................
35
31,535
3.79%
,
05/20/50
..................
15
11,858
Boston
Scientific
Corp.
1.90%
,
06/01/25
(b)
.................
10
9,819
2.65%
,
06/01/30
..................
22
20,065
4.70%
,
03/01/49
(b)
.................
20
18,627
GE
HealthCare
Technologies,
Inc.,
5.65%,
11/15/27
......................
115
118,747
Koninklijke
Philips
NV
6.88%
,
03/11/38
..................
20
22,762
5.00%
,
03/15/42
..................
15
14,047
Smith
&
Nephew
plc,
2.03%,
10/14/30
.....
26
22,309
Solventum
Corp.
(a)
5.45%
,
03/13/31
..................
50
51,138
5.90%
,
04/30/54
(b)
.................
25
25,308
Stryker
Corp.
1.15%
,
06/15/25
..................
15
14,566
3.50%
,
03/15/26
..................
55
54,096
4.63%
,
03/15/46
..................
30
27,441
Zimmer
Biomet
Holdings,
Inc.
3.05%
,
01/15/26
..................
35
34,237
2.60%
,
11/24/31
..................
13
11,263
686,310
Health
Care
Providers
&
Services
—
6.4%
Aetna,
Inc.
3.50%
,
11/15/24
..................
36
35,837
6.63%
,
06/15/36
..................
14
15,500
4.13%
,
11/15/42
..................
15
12,246
3.88%
,
08/15/47
..................
20
15,093
Cardinal
Health,
Inc.
3.41%
,
06/15/27
..................
30
29,185
4.37%
,
06/15/47
..................
15
12,629
Cencora,
Inc.
2.80%
,
05/15/30
..................
30
27,218
4.30%
,
12/15/47
..................
20
17,335
Centene
Corp.
4.63%
,
12/15/29
..................
100
97,230
2.63%
,
08/01/31
..................
60
50,824
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Cigna
Group
(The)
4.38%
,
10/15/28
..................
USD
113
$
112,191
5.40%
,
03/15/33
..................
55
56,916
5.25%
,
02/15/34
..................
35
35,678
4.80%
,
07/15/46
..................
50
45,304
3.40%
,
03/15/50
..................
25
17,823
3.40%
,
03/15/51
(b)
.................
68
48,224
CVS
Health
Corp.
3.88%
,
07/20/25
..................
65
64,346
5.00%
,
02/20/26
..................
36
36,128
1.30%
,
08/21/27
..................
30
27,384
4.30%
,
03/25/28
..................
60
59,289
5.13%
,
02/21/30
..................
65
65,977
2.13%
,
09/15/31
..................
35
29,066
5.25%
,
02/21/33
(b)
.................
48
48,226
4.78%
,
03/25/38
..................
85
78,182
5.05%
,
03/25/48
..................
110
97,563
4.25%
,
04/01/50
..................
25
19,651
5.63%
,
02/21/53
(b)
.................
74
70,752
Elevance
Health,
Inc.
3.35%
,
12/01/24
..................
10
9,944
2.38%
,
01/15/25
..................
36
35,624
1.50%
,
03/15/26
..................
75
71,572
2.55%
,
03/15/31
..................
47
41,416
4.38%
,
12/01/47
..................
35
30,289
3.13%
,
05/15/50
..................
25
17,362
3.60%
,
03/15/51
..................
85
63,262
HCA,
Inc.
5.38%
,
02/01/25
..................
65
64,905
5.25%
,
06/15/26
..................
35
35,133
3.13%
,
03/15/27
..................
80
77,154
4.13%
,
06/15/29
..................
60
58,520
3.50%
,
09/01/30
..................
65
60,628
5.60%
,
04/01/34
..................
50
51,410
5.50%
,
06/15/47
..................
30
28,949
5.25%
,
06/15/49
..................
40
37,144
3.50%
,
07/15/51
..................
54
37,929
Humana,
Inc.
3.85%
,
10/01/24
..................
37
36,981
3.70%
,
03/23/29
..................
60
57,923
5.95%
,
03/15/34
..................
35
37,002
3.95%
,
08/15/49
..................
40
31,109
Laboratory
Corp.
of
America
Holdings
1.55%
,
06/01/26
..................
36
34,116
4.70%
,
02/01/45
..................
20
18,073
Quest
Diagnostics,
Inc.,
4.20%,
06/30/29
...
41
40,386
Universal
Health
Services,
Inc.
2.65%
,
10/15/30
..................
30
26,511
2.65%
,
01/15/32
..................
5
4,270
2,233,409
Health
Care
REITs
—
1.2%
Alexandria
Real
Estate
Equities,
Inc.
2.00%
,
05/18/32
..................
68
55,196
4.00%
,
02/01/50
..................
15
11,562
5.15%
,
04/15/53
..................
25
23,015
Healthcare
Realty
Holdings
LP,
3.75%,
07/01/27
59
57,362
Healthpeak
OP
LLC
2.13%
,
12/01/28
..................
45
40,752
3.00%
,
01/15/30
..................
37
34,119
Omega
Healthcare
Investors,
Inc.,
3.25%,
04/15/33
......................
25
21,157
Sabra
Health
Care
LP,
3.20%,
12/01/31
....
35
30,399
Ventas
Realty
LP,
4.75%,
11/15/30
.......
39
38,950
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
(continued)
Welltower
OP
LLC
4.00%
,
06/01/25
..................
USD
10
$
9,912
2.05%
,
01/15/29
..................
35
31,530
2.80%
,
06/01/31
..................
30
26,602
2.75%
,
01/15/32
..................
25
21,762
4.95%
,
09/01/48
..................
16
15,120
417,438
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts
LP,
Series
H,
3.38%,
12/15/29
......................
25
23,034
Hotels,
Restaurants
&
Leisure
—
2.0%
Darden
Restaurants,
Inc.,
6.30%,
10/10/33
(b)
.
25
26,797
Expedia
Group,
Inc.
5.00%
,
02/15/26
..................
20
20,043
3.25%
,
02/15/30
..................
10
9,335
2.95%
,
03/15/31
..................
35
31,502
Marriott
International,
Inc.
Series
EE
,
5.75%
,
05/01/25
...........
23
23,110
5.00%
,
10/15/27
..................
93
94,389
Series
GG
,
3.50%
,
10/15/32
..........
35
31,532
McDonald's
Corp.
3.38%
,
05/26/25
..................
25
24,719
3.30%
,
07/01/25
..................
36
35,532
3.70%
,
01/30/26
..................
25
24,689
3.60%
,
07/01/30
..................
70
67,166
4.95%
,
08/14/33
(b)
.................
35
35,798
6.30%
,
03/01/38
..................
20
22,420
4.88%
,
12/09/45
..................
32
30,096
3.63%
,
09/01/49
..................
45
34,358
5.45%
,
08/14/53
..................
30
30,400
Starbucks
Corp.
4.75%
,
02/15/26
..................
68
68,226
2.55%
,
11/15/30
..................
45
40,257
3.00%
,
02/14/32
..................
15
13,492
4.45%
,
08/15/49
..................
21
18,207
3.50%
,
11/15/50
..................
36
26,621
708,689
Household
Durables
—
0.2%
DR
Horton,
Inc.,
1.40%,
10/15/27
(b)
.......
35
31,944
Lennar
Corp.,
4.75%,
11/29/27
..........
28
28,233
Whirlpool
Corp.,
4.60%,
05/15/50
(b)
.......
20
16,326
76,503
Household
Products
—
0.1%
Church
&
Dwight
Co.,
Inc.,
5.00%,
06/15/52
..
15
14,509
Clorox
Co.
(The),
1.80%,
05/15/30
.......
23
19,897
34,406
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
AES
Corp.
(The),
2.45%,
01/15/31
(b)
......
25
21,325
Constellation
Energy
Generation
LLC
5.60%
,
03/01/28
..................
35
36,272
5.80%
,
03/01/33
..................
15
15,741
6.25%
,
10/01/39
..................
20
21,716
5.60%
,
06/15/42
..................
20
19,970
5.75%
,
03/15/54
..................
10
10,048
125,072
Insurance
—
2.4%
Allstate
Corp.
(The)
1.45%
,
12/15/30
..................
25
20,704
5.25%
,
03/30/33
..................
55
56,821
American
International
Group,
Inc.
5.13%
,
03/27/33
..................
35
35,703
4.80%
,
07/10/45
..................
20
18,557
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
4.38%
,
06/30/50
..................
USD
30
$
25,935
Aon
Corp.
2.80%
,
05/15/30
..................
47
42,791
3.90%
,
02/28/52
..................
28
21,830
Aon
Global
Ltd.
3.88%
,
12/15/25
..................
70
69,415
4.75%
,
05/15/45
..................
21
19,096
Aon
North
America,
Inc.,
5.45%,
03/01/34
...
50
51,779
Arch
Capital
Group
Ltd.,
3.64%,
06/30/50
...
25
18,822
Arthur
J
Gallagher
&
Co.,
5.75%,
07/15/54
..
50
50,849
Athene
Holding
Ltd.
6.15%
,
04/03/30
..................
10
10,642
3.50%
,
01/15/31
..................
18
16,557
Brighthouse
Financial,
Inc.,
4.70%,
06/22/47
(b)
15
11,865
Brown
&
Brown,
Inc.
2.38%
,
03/15/31
..................
20
17,124
4.95%
,
03/17/52
..................
20
18,255
CNA
Financial
Corp.,
3.45%,
08/15/27
.....
60
58,279
CNO
Financial
Group,
Inc.,
6.45%,
06/15/34
.
15
15,645
Enstar
Group
Ltd.,
3.10%,
09/01/31
.......
25
21,237
Everest
Reinsurance
Holdings,
Inc.,
3.13%,
10/15/52
(b)
.....................
30
19,544
Fairfax
Financial
Holdings
Ltd.
3.38%
,
03/03/31
..................
25
22,482
6.10%
,
03/15/55
(a)
.................
25
25,297
Fidelity
National
Financial,
Inc.,
3.40%,
06/15/30
......................
15
13,816
Hartford
Financial
Services
Group,
Inc.
(The)
2.80%
,
08/19/29
(b)
.................
28
25,799
3.60%
,
08/19/49
..................
20
15,258
2.90%
,
09/15/51
..................
10
6,635
Lincoln
National
Corp.
3.05%
,
01/15/30
..................
22
20,249
7.00%
,
06/15/40
..................
7
7,954
Markel
Group,
Inc.
5.00%
,
04/05/46
..................
15
13,594
3.45%
,
05/07/52
..................
30
20,758
Old
Republic
International
Corp.,
3.85%,
06/11/51
......................
15
11,014
Willis
North
America,
Inc.
4.50%
,
09/15/28
..................
32
31,820
3.88%
,
09/15/49
..................
17
13,081
849,207
IT
Services
—
0.2%
Kyndryl
Holdings,
Inc.
2.05%
,
10/15/26
..................
18
16,905
2.70%
,
10/15/28
..................
25
22,839
4.10%
,
10/15/41
..................
10
7,907
VeriSign,
Inc.,
2.70%,
06/15/31
.........
42
36,548
84,199
Leisure
Products
—
0.1%
Hasbro,
Inc.,
3.55%,
11/19/26
..........
35
34,047
Life
Sciences
Tools
&
Services
—
0.2%
Agilent
Technologies,
Inc.,
2.30%,
03/12/31
..
24
20,803
Revvity,
Inc.,
1.90%,
09/15/28
..........
37
33,295
54,098
Machinery
—
1.1%
CNH
Industrial
Capital
LLC
3.95%
,
05/23/25
..................
31
30,758
1.88%
,
01/15/26
..................
15
14,437
Flowserve
Corp.,
2.80%,
01/15/32
.......
15
12,781
Fortive
Corp.,
4.30%,
06/15/46
..........
10
8,569
IDEX
Corp.,
2.63%,
06/15/31
...........
20
17,399
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Ingersoll
Rand,
Inc.,
5.70%,
08/14/33
......
USD
35
$
36,895
Otis
Worldwide
Corp.
2.57%
,
02/15/30
..................
39
35,197
3.11%
,
02/15/40
..................
25
19,384
Parker-Hannifin
Corp.
3.25%
,
03/01/27
..................
41
39,855
3.25%
,
06/14/29
..................
50
47,414
4.00%
,
06/14/49
..................
30
24,913
Stanley
Black
&
Decker,
Inc.
2.30%
,
02/24/25
..................
30
29,668
4.25%
,
11/15/28
..................
35
34,743
4.85%
,
11/15/48
..................
15
13,465
Westinghouse
Air
Brake
Technologies
Corp.,
4.70%,
09/15/28
(d)
................
33
33,137
398,615
Media
—
2.5%
Charter
Communications
Operating
LLC
4.91%
,
07/23/25
..................
29
28,905
2.80%
,
04/01/31
..................
65
55,050
4.40%
,
04/01/33
(b)
.................
60
54,602
6.48%
,
10/23/45
..................
60
57,536
5.38%
,
05/01/47
..................
35
29,221
5.75%
,
04/01/48
..................
67
58,219
3.70%
,
04/01/51
..................
35
22,188
3.90%
,
06/01/52
..................
45
29,471
3.85%
,
04/01/61
..................
50
30,380
3.95%
,
06/30/62
..................
35
21,601
Discovery
Communications
LLC
3.95%
,
03/20/28
..................
85
80,556
5.20%
,
09/20/47
..................
45
35,376
Fox
Corp.
4.71%
,
01/25/29
..................
50
50,340
6.50%
,
10/13/33
..................
10
10,840
5.48%
,
01/25/39
..................
25
24,914
5.58%
,
01/25/49
..................
10
9,668
Interpublic
Group
of
Cos.,
Inc.
(The)
2.40%
,
03/01/31
..................
18
15,506
5.40%
,
10/01/48
..................
10
9,645
Omnicom
Group,
Inc.
3.60%
,
04/15/26
..................
25
24,579
2.60%
,
08/01/31
..................
32
27,906
Paramount
Global
4.95%
,
01/15/31
(b)
.................
45
41,785
6.88%
,
04/30/36
..................
10
9,959
4.38%
,
03/15/43
..................
25
17,969
5.85%
,
09/01/43
..................
10
8,524
4.95%
,
05/19/50
..................
25
18,654
Time
Warner
Cable
LLC
6.55%
,
05/01/37
..................
20
19,763
7.30%
,
07/01/38
..................
25
26,147
6.75%
,
06/15/39
..................
35
34,752
5.50%
,
09/01/41
..................
35
30,090
884,146
Metals
&
Mining
—
0.7%
ArcelorMittal
SA
4.25%
,
07/16/29
..................
63
61,570
7.00%
,
10/15/39
(d)
.................
5
5,542
Barrick
North
America
Finance
LLC,
5.70%,
05/30/41
......................
35
36,001
Freeport-McMoRan,
Inc.
5.40%
,
11/14/34
..................
20
20,402
5.45%
,
03/15/43
..................
25
24,427
Newmont
Corp.
2.25%
,
10/01/30
..................
25
22,165
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
2.60%
,
07/15/32
..................
USD
46
$
40,081
4.88%
,
03/15/42
..................
35
33,717
243,905
Multi-Utilities
—
1.3%
Dominion
Energy,
Inc.
Series
C
,
3.38%
,
04/01/30
...........
80
74,762
Series
B
,
3.30%
,
04/15/41
............
24
18,078
DTE
Energy
Co.
Series
C
,
2.53%
,
10/01/24
(d)
..........
27
26,928
2.85%
,
10/01/26
..................
35
33,832
National
Grid
plc,
5.42%,
01/11/34
.......
25
25,524
NiSource,
Inc.
3.49%
,
05/15/27
..................
35
34,079
3.60%
,
05/01/30
..................
45
42,639
4.38%
,
05/15/47
..................
50
42,548
Public
Service
Enterprise
Group,
Inc.
5.85%
,
11/15/27
..................
41
42,598
2.45%
,
11/15/31
..................
17
14,587
Sempra
3.40%
,
02/01/28
..................
52
50,147
3.80%
,
02/01/38
..................
15
12,782
4.00%
,
02/01/48
..................
15
11,890
WEC
Energy
Group,
Inc.,
2.20%,
12/15/28
..
43
39,150
469,544
Office
REITs
—
0.3%
Boston
Properties
LP
3.65%
,
02/01/26
..................
25
24,458
2.75%
,
10/01/26
..................
20
19,040
2.90%
,
03/15/30
..................
45
39,737
3.25%
,
01/30/31
..................
40
35,202
118,437
Oil,
Gas
&
Consumable
Fuels
—
9.8%
6297782
LLC,
5.58%,
10/01/34
(a)
........
25
24,918
Apache
Corp.,
4.25%,
01/15/30
(b)
........
20
19,079
Boardwalk
Pipelines
LP
5.95%
,
06/01/26
..................
18
18,293
3.40%
,
02/15/31
..................
25
22,520
Canadian
Natural
Resources
Ltd.
3.85%
,
06/01/27
..................
35
34,342
6.25%
,
03/15/38
..................
25
26,637
4.95%
,
06/01/47
..................
15
13,397
Cenovus
Energy,
Inc.
6.75%
,
11/15/39
..................
8
8,949
3.75%
,
02/15/52
(b)
.................
25
18,408
Cheniere
Corpus
Christi
Holdings
LLC
5.13%
,
06/30/27
..................
45
45,429
2.74%
,
12/31/39
..................
19
15,378
Cheniere
Energy
Partners
LP
3.25%
,
01/31/32
..................
45
39,847
5.95%
,
06/30/33
..................
25
26,194
Cheniere
Energy,
Inc.,
5.65%,
04/15/34
(a)
...
35
36,029
Columbia
Pipeline
Group,
Inc.,
5.80%,
06/01/45
15
15,197
Continental
Resources,
Inc.,
4.90%,
06/01/44
25
21,250
Devon
Energy
Corp.
4.50%
,
01/15/30
..................
24
23,787
5.60%
,
07/15/41
..................
20
19,522
5.00%
,
06/15/45
..................
20
17,839
Diamondback
Energy,
Inc.
3.50%
,
12/01/29
..................
70
66,164
5.40%
,
04/18/34
..................
25
25,431
4.25%
,
03/15/52
..................
20
16,066
5.75%
,
04/18/54
..................
25
24,973
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Enbridge,
Inc.
5.70%
,
03/08/33
..................
USD
50
$
52,166
2.50%
,
08/01/33
..................
25
20,685
4.00%
,
11/15/49
..................
25
19,868
Energy
Transfer
LP
4.75%
,
01/15/26
..................
50
49,906
5.50%
,
06/01/27
..................
71
72,391
4.15%
,
09/15/29
..................
36
35,109
3.75%
,
05/15/30
..................
53
50,063
5.75%
,
02/15/33
..................
35
36,298
6.55%
,
12/01/33
..................
30
32,761
5.00%
,
05/15/44
(d)
.................
42
37,544
5.15%
,
03/15/45
..................
35
31,988
6.25%
,
04/15/49
..................
34
35,359
5.00%
,
05/15/50
..................
70
62,208
EQT
Corp.,
5.70%,
04/01/28
...........
43
44,085
Hess
Corp.
7.30%
,
08/15/31
..................
32
36,451
5.60%
,
02/15/41
(b)
.................
35
35,826
Kinder
Morgan
Energy
Partners
LP
6.95%
,
01/15/38
..................
45
50,504
5.50%
,
03/01/44
..................
39
37,592
Kinder
Morgan,
Inc.
4.30%
,
06/01/25
..................
87
86,323
1.75%
,
11/15/26
..................
36
33,911
7.75%
,
01/15/32
..................
25
28,892
5.20%
,
06/01/33
..................
25
25,030
5.55%
,
06/01/45
..................
40
38,781
3.60%
,
02/15/51
..................
45
31,967
Marathon
Oil
Corp.
4.40%
,
07/15/27
..................
28
27,862
6.60%
,
10/01/37
..................
10
11,199
5.20%
,
06/01/45
..................
15
14,338
Marathon
Petroleum
Corp.
4.70%
,
05/01/25
..................
75
74,840
6.50%
,
03/01/41
..................
30
32,312
MPLX
LP
1.75%
,
03/01/26
..................
57
54,496
2.65%
,
08/15/30
..................
60
53,552
4.50%
,
04/15/38
..................
40
36,455
5.50%
,
02/15/49
..................
45
43,148
5.65%
,
03/01/53
..................
35
34,176
Occidental
Petroleum
Corp.
5.55%
,
03/15/26
..................
35
35,293
8.88%
,
07/15/30
..................
30
35,337
7.50%
,
05/01/31
..................
60
67,906
6.45%
,
09/15/36
..................
25
27,058
6.60%
,
03/15/46
..................
35
37,827
ONEOK,
Inc.
5.85%
,
01/15/26
..................
20
20,253
4.00%
,
07/13/27
..................
39
38,466
6.35%
,
01/15/31
..................
10
10,708
6.10%
,
11/15/32
..................
35
37,135
6.05%
,
09/01/33
..................
25
26,396
4.25%
,
09/15/46
..................
25
20,176
5.20%
,
07/15/48
..................
40
36,719
3.95%
,
03/01/50
..................
30
22,671
6.63%
,
09/01/53
..................
25
27,563
Ovintiv,
Inc.,
6.50%,
08/15/34
..........
20
21,639
Phillips
66
4.65%
,
11/15/34
..................
35
33,862
4.88%
,
11/15/44
..................
35
32,047
Phillips
66
Co.
4.95%
,
12/01/27
(b)
.................
30
30,458
3.15%
,
12/15/29
..................
30
28,027
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Plains
All
American
Pipeline
LP,
3.55%,
12/15/29
......................
USD
45
$
42,351
Sabine
Pass
Liquefaction
LLC
5.63%
,
03/01/25
..................
20
20,008
4.50%
,
05/15/30
(b)
.................
60
59,384
Spectra
Energy
Partners
LP,
4.50%,
03/15/45
25
21,323
Suncor
Energy,
Inc.
6.80%
,
05/15/38
..................
35
39,124
3.75%
,
03/04/51
(b)
.................
35
25,856
Targa
Resources
Corp.
4.20%
,
02/01/33
..................
40
37,228
6.13%
,
03/15/33
..................
25
26,597
6.25%
,
07/01/52
..................
25
26,231
Targa
Resources
Partners
LP,
6.88%,
01/15/29
60
61,662
TransCanada
PipeLines
Ltd.
4.25%
,
05/15/28
..................
25
24,730
2.50%
,
10/12/31
..................
42
36,565
6.20%
,
10/15/37
..................
35
37,490
7.63%
,
01/15/39
..................
26
31,631
5.10%
,
03/15/49
..................
35
33,400
Transcontinental
Gas
Pipe
Line
Co.
LLC,
7.85%,
02/01/26
.................
24
24,818
Valero
Energy
Corp.
4.35%
,
06/01/28
..................
35
34,726
6.63%
,
06/15/37
..................
25
27,579
3.65%
,
12/01/51
(b)
.................
20
14,293
Western
Midstream
Operating
LP
(d)
4.05%
,
02/01/30
..................
40
38,220
5.25%
,
02/01/50
..................
35
31,275
Williams
Cos.,
Inc.
(The)
5.40%
,
03/02/26
..................
25
25,233
3.75%
,
06/15/27
..................
30
29,367
2.60%
,
03/15/31
..................
65
56,803
6.30%
,
04/15/40
..................
30
32,078
5.10%
,
09/15/45
..................
35
32,566
3.50%
,
10/15/51
..................
25
17,968
3,425,782
Passenger
Airlines
—
0.2%
Southwest
Airlines
Co.,
5.25%,
05/04/25
....
68
67,981
Pharmaceuticals
—
1.0%
Mylan,
Inc.,
5.20%,
04/15/48
...........
35
29,908
Royalty
Pharma
plc
1.20%
,
09/02/25
..................
37
35,660
1.75%
,
09/02/27
..................
53
48,906
3.30%
,
09/02/40
..................
25
18,966
3.55%
,
09/02/50
(b)
.................
20
14,161
Utah
Acquisition
Sub,
Inc.,
3.95%,
06/15/26
..
25
24,644
Viatris,
Inc.
2.70%
,
06/22/30
(b)
.................
45
39,585
4.00%
,
06/22/50
..................
30
21,288
Zoetis,
Inc.
5.40%
,
11/14/25
..................
30
30,214
2.00%
,
05/15/30
..................
52
45,386
4.70%
,
02/01/43
..................
30
27,795
336,513
Professional
Services
—
0.3%
Broadridge
Financial
Solutions,
Inc.,
2.60%,
05/01/31
......................
29
25,199
Equifax,
Inc.
3.10%
,
05/15/30
..................
25
23,137
2.35%
,
09/15/31
..................
43
36,796
Thomson
Reuters
Corp.,
5.85%,
04/15/40
...
5
5,213
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Verisk
Analytics,
Inc.,
3.63%,
05/15/50
.....
USD
10
$
7,517
97,862
Real
Estate
Management
&
Development
—
0.2%
CBRE
Services,
Inc.,
2.50%,
04/01/31
.....
65
55,917
Residential
REITs
—
0.2%
American
Homes
4
Rent
LP,
3.63%,
04/15/32
10
9,084
Essex
Portfolio
LP,
2.65%,
03/15/32
......
30
25,697
Invitation
Homes
Operating
Partnership
LP,
2.30%,
11/15/28
.................
46
41,758
76,539
Retail
REITs
—
0.3%
Brixmor
Operating
Partnership
LP
4.13%
,
06/15/26
..................
26
25,689
2.50%
,
08/16/31
(b)
.................
30
25,520
Kimco
Realty
OP
LLC
3.30%
,
02/01/25
..................
10
9,923
2.70%
,
10/01/30
..................
30
26,946
6.40%
,
03/01/34
..................
20
21,987
110,065
Semiconductors
&
Semiconductor
Equipment
—
3.4%
Broadcom
Corp.,
3.88%,
01/15/27
.......
75
73,964
Broadcom,
Inc.
(a)
4.00%
,
04/15/29
..................
60
58,479
2.45%
,
02/15/31
..................
105
91,591
3.42%
,
04/15/33
..................
105
93,580
3.47%
,
04/15/34
..................
20
17,668
3.14%
,
11/15/35
..................
60
50,112
4.93%
,
05/15/37
..................
20
19,550
3.50%
,
02/15/41
..................
50
39,996
3.75%
,
02/15/51
..................
15
11,654
Intel
Corp.
1.60%
,
08/12/28
..................
75
66,226
2.00%
,
08/12/31
..................
75
61,689
5.15%
,
02/21/34
..................
50
49,403
3.73%
,
12/08/47
..................
100
71,289
3.05%
,
08/12/51
..................
100
62,197
3.20%
,
08/12/61
..................
100
58,681
Marvell
Technology,
Inc.
2.45%
,
04/15/28
..................
35
32,339
2.95%
,
04/15/31
..................
32
28,574
Microchip
Technology,
Inc.,
4.25%,
09/01/25
.
31
30,752
Micron
Technology,
Inc.
4.19%
,
02/15/27
..................
35
34,643
6.75%
,
11/01/29
..................
41
44,614
4.66%
,
02/15/30
..................
64
63,877
3.48%
,
11/01/51
(b)
.................
15
10,682
NXP
BV
3.88%
,
06/18/26
..................
21
20,700
4.30%
,
06/18/29
..................
41
40,401
2.65%
,
02/15/32
..................
10
8,587
5.00%
,
01/15/33
(b)
.................
25
25,019
3.25%
,
05/11/41
..................
15
11,406
3.13%
,
02/15/42
..................
15
11,013
3.25%
,
11/30/51
..................
5
3,431
1,192,117
Software
—
3.3%
Autodesk,
Inc.,
2.40%,
12/15/31
.........
26
22,417
Oracle
Corp.
2.50%
,
04/01/25
..................
79
77,789
2.95%
,
05/15/25
..................
50
49,232
1.65%
,
03/25/26
..................
41
39,166
2.65%
,
07/15/26
..................
25
24,141
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
4.50%
,
05/06/28
..................
USD
75
$
75,374
2.95%
,
04/01/30
..................
35
32,107
2.88%
,
03/25/31
..................
155
138,743
4.30%
,
07/08/34
..................
35
33,070
6.50%
,
04/15/38
..................
65
72,272
3.60%
,
04/01/40
..................
95
76,469
3.65%
,
03/25/41
..................
80
63,942
4.00%
,
07/15/46
..................
10
7,971
3.60%
,
04/01/50
..................
15
10,964
3.95%
,
03/25/51
..................
65
50,333
5.55%
,
02/06/53
..................
15
14,850
3.85%
,
04/01/60
..................
100
72,162
4.10%
,
03/25/61
..................
35
26,450
Roper
Technologies,
Inc.
1.00%
,
09/15/25
..................
56
53,954
1.40%
,
09/15/27
..................
41
37,529
1.75%
,
02/15/31
..................
23
19,200
VMware
LLC,
3.90%,
08/21/27
..........
110
108,128
Workday,
Inc.,
3.50%,
04/01/27
.........
37
36,211
1,142,474
Specialized
REITs
—
2.0%
American
Tower
Corp.
2.40%
,
03/15/25
..................
25
24,592
3.38%
,
10/15/26
..................
72
70,116
3.80%
,
08/15/29
..................
120
114,999
3.10%
,
06/15/50
..................
70
47,713
Crown
Castle,
Inc.
3.80%
,
02/15/28
..................
150
145,809
2.50%
,
07/15/31
..................
50
42,830
2.90%
,
04/01/41
..................
34
24,635
3.25%
,
01/15/51
(b)
.................
15
10,446
CubeSmart
LP,
2.25%,
12/15/28
.........
20
18,176
Equinix,
Inc.
1.45%
,
05/15/26
..................
31
29,380
2.15%
,
07/15/30
..................
70
61,019
2.95%
,
09/15/51
..................
17
11,029
Extra
Space
Storage
LP,
2.40%,
10/15/31
...
25
21,238
Weyerhaeuser
Co.
4.00%
,
11/15/29
..................
25
24,283
7.38%
,
03/15/32
..................
30
34,420
680,685
Specialty
Retail
—
1.6%
AutoNation,
Inc.,
3.85%,
03/01/32
(b)
.......
10
9,137
AutoZone,
Inc.
1.65%
,
01/15/31
..................
25
20,796
4.75%
,
08/01/32
..................
33
32,842
4.75%
,
02/01/33
..................
25
24,709
Best
Buy
Co.,
Inc.,
1.95%,
10/01/30
......
24
20,745
Dick's
Sporting
Goods,
Inc.,
4.10%,
01/15/52
.
10
7,458
Lowe's
Cos.,
Inc.
4.80%
,
04/01/26
..................
50
50,158
2.50%
,
04/15/26
..................
65
62,979
1.70%
,
10/15/30
..................
61
51,778
5.00%
,
04/15/33
..................
40
40,672
3.70%
,
04/15/46
..................
45
34,482
4.25%
,
04/01/52
..................
40
32,844
5.80%
,
09/15/62
..................
30
30,521
5.85%
,
04/01/63
..................
30
30,716
O'Reilly
Automotive,
Inc.,
3.90%,
06/01/29
...
60
58,448
Tractor
Supply
Co.,
5.25%,
05/15/33
......
35
35,826
544,111
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
Dell
International
LLC
6.02%
,
06/15/26
..................
USD
34
$
34,729
5.25%
,
02/01/28
..................
70
71,689
8.10%
,
07/15/36
..................
25
30,687
3.45%
,
12/15/51
..................
16
11,393
Hewlett
Packard
Enterprise
Co.
(d)
4.90%
,
10/15/25
..................
58
57,923
6.35%
,
10/15/45
..................
20
21,498
HP,
Inc.
2.20%
,
06/17/25
..................
30
29,419
4.75%
,
01/15/28
..................
70
70,771
2.65%
,
06/17/31
..................
35
30,494
6.00%
,
09/15/41
(b)
.................
20
21,095
NetApp,
Inc.,
1.88%,
06/22/25
..........
55
53,769
Western
Digital
Corp.,
3.10%,
02/01/32
....
15
12,576
446,043
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Tapestry,
Inc.
7.00%
,
11/27/26
..................
25
25,785
7.85%
,
11/27/33
..................
25
26,706
VF
Corp.
2.40%
,
04/23/25
..................
10
9,800
2.95%
,
04/23/30
(b)
.................
20
17,248
79,539
Tobacco
—
1.9%
Altria
Group,
Inc.
4.40%
,
02/14/26
..................
41
40,797
4.80%
,
02/14/29
..................
84
84,470
5.80%
,
02/14/39
..................
40
41,303
4.50%
,
05/02/43
..................
35
30,100
5.95%
,
02/14/49
(b)
.................
60
61,683
3.70%
,
02/04/51
..................
35
25,190
BAT
Capital
Corp.
3.56%
,
08/15/27
..................
44
42,876
6.34%
,
08/02/30
..................
70
75,193
2.73%
,
03/25/31
..................
40
35,166
4.74%
,
03/16/32
..................
25
24,554
4.39%
,
08/15/37
..................
50
44,548
4.54%
,
08/15/47
..................
50
40,894
5.65%
,
03/16/52
..................
30
28,349
Reynolds
American,
Inc.
4.45%
,
06/12/25
..................
51
50,759
5.85%
,
08/15/45
..................
30
29,398
655,280
Trading
Companies
&
Distributors
—
0.6%
Air
Lease
Corp.
2.88%
,
01/15/26
(b)
.................
37
35,983
2.20%
,
01/15/27
..................
30
28,375
2.10%
,
09/01/28
..................
85
76,871
Aircastle
Ltd.,
4.25%,
06/15/26
..........
25
24,686
GATX
Corp.
4.00%
,
06/30/30
..................
35
33,739
3.10%
,
06/01/51
..................
10
6,651
206,305
Water
Utilities
—
0.1%
Essential
Utilities,
Inc.
3.35%
,
04/15/50
..................
10
7,031
5.30%
,
05/01/52
..................
15
14,362
21,393
Wireless
Telecommunication
Services
—
3.3%
Rogers
Communications,
Inc.
3.63%
,
12/15/25
..................
30
29,537
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
3.20%
,
03/15/27
..................
USD
71
$
68,700
5.30%
,
02/15/34
..................
25
25,213
5.00%
,
03/15/44
..................
50
46,460
3.70%
,
11/15/49
..................
60
44,570
Telefonica
Europe
BV,
8.25%,
09/15/30
....
60
70,031
T-Mobile
USA,
Inc.
3.50%
,
04/15/25
..................
25
24,728
1.50%
,
02/15/26
..................
57
54,485
3.75%
,
04/15/27
..................
85
83,409
4.95%
,
03/15/28
..................
35
35,569
3.88%
,
04/15/30
..................
145
139,496
2.55%
,
02/15/31
..................
85
74,665
3.50%
,
04/15/31
..................
35
32,462
5.05%
,
07/15/33
..................
40
40,463
3.00%
,
02/15/41
..................
55
41,078
4.50%
,
04/15/50
..................
65
56,491
3.30%
,
02/15/51
..................
60
42,351
3.40%
,
10/15/52
..................
15
10,685
5.65%
,
01/15/53
..................
30
30,820
3.60%
,
11/15/60
..................
45
32,030
Vodafone
Group
plc
4.38%
,
05/30/28
..................
42
42,334
6.15%
,
02/27/37
..................
33
35,876
5.25%
,
05/30/48
..................
45
42,908
4.25%
,
09/17/50
..................
15
12,263
5.75%
,
02/10/63
..................
33
32,746
1,149,370
Total
Long-Term
Investments
—
97
.8
%
(Cost:
$
35,564,227
)
...............................
34,103,479
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.5%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(h)
..................
1,927,173
$
1,928,523
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
...................
356,914
356,914
Total
Short-Term
Securities
—
6
.5
%
(Cost:
$
2,284,116
)
...............................
2,285,437
Total
Investments
—
104
.3
%
(Cost:
$
37,848,343
)
...............................
36,388,916
Liabilities
in
Excess
of
Other
Assets
—
(
4.3
)
%
.............
(
1,508,899
)
Net
Assets
—
100.0%
...............................
$
34,880,017
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
2,751,987
$
—
$
(
823,921
)
(a)
$
(
94
)
$
551
$
1,928,523
1,927,173
$
2,475
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
630,000
—
(
273,086
)
(a)
—
—
356,914
356,914
20,151
—
$
(
94
)
$
551
$
2,285,437
$
22,626
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
BBB
Rated
Corporate
Bond
ETF
Schedule
of
Investments
17
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Corporate
Bonds
.........................................
$
—
$
34,103,479
$
—
$
34,103,479
Short-Term
Securities
Money
Market
Funds
......................................
2,285,437
—
—
2,285,437
$
2,285,437
$
34,103,479
$
—
$
36,388,916
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Air
Freight
&
Logistics
—
0.7%
FedEx
Corp.
2.40%
,
05/15/31
(a)
.................
USD
11
$
9,666
4.55%
,
04/01/46
..................
37
32,234
United
Parcel
Service,
Inc.
6.20%
,
01/15/38
..................
15
16,785
3.75%
,
11/15/47
..................
27
21,587
5.50%
,
05/22/54
..................
7
7,273
87,545
Automobile
Components
—
0.1%
Aptiv
plc
3.25%
,
03/01/32
..................
10
8,918
4.15%
,
05/01/52
..................
10
7,665
16,583
Automobiles
—
0.7%
General
Motors
Co.
6.80%
,
10/01/27
..................
25
26,422
5.60%
,
10/15/32
..................
15
15,506
5.15%
,
04/01/38
..................
25
23,943
6.25%
,
10/02/43
..................
10
10,385
5.20%
,
04/01/45
..................
10
9,156
85,412
Banks
—
21.2%
Banco
Santander
SA
5.59%
,
08/08/28
..................
25
25,892
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.45%),
5.54%
,
03/14/30
(b)
....................
25
25,679
6.35%
,
03/14/34
..................
25
26,185
Bank
of
America
Corp.
(b)
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%
,
12/20/28
.....................
65
62,677
(1-day
SOFR
+
1.63%),
5.20%
,
04/25/29
.
25
25,535
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
.....................
10
9,727
(1-day
SOFR
+
2.15%),
2.59%
,
04/29/31
.
25
22,410
(1-day
SOFR
+
1.32%),
2.69%
,
04/22/32
.
50
43,901
(1-day
SOFR
+
1.22%),
2.30%
,
07/21/32
.
60
51,006
(1-day
SOFR
+
1.33%),
2.97%
,
02/04/33
.
20
17,614
(1-day
SOFR
+
2.16%),
5.02%
,
07/22/33
.
5
5,051
(1-day
SOFR
+
1.84%),
5.87%
,
09/15/34
.
15
15,941
(1-day
SOFR
+
1.65%),
5.47%
,
01/23/35
.
15
15,511
(3-mo.
CME
Term
SOFR
+
1.58%),
4.08%
,
04/23/40
.....................
45
40,207
(1-day
SOFR
+
1.93%),
2.68%
,
06/19/41
.
10
7,306
(1-day
SOFR
+
1.58%),
3.31%
,
04/22/42
.
15
11,860
(3-mo.
CME
Term
SOFR
+
3.41%),
4.08%
,
03/20/51
.....................
5
4,206
(1-day
SOFR
+
1.88%),
2.83%
,
10/24/51
.
10
6,678
(1-day
SOFR
+
1.56%),
2.97%
,
07/21/52
.
52
36,086
Bank
of
Montreal,
5.72%,
09/25/28
.......
10
10,439
Bank
of
Nova
Scotia
(The),
2.45%,
02/02/32
.
25
21,511
Barclays
plc
(b)
(1-day
SOFR
+
1.74%),
5.69%
,
03/12/30
.
25
25,761
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
5.75%
,
08/09/33
.....................
25
25,889
(1-day
SOFR
+
2.98%),
6.22%
,
05/09/34
.
20
21,249
(1-day
SOFR
+
2.62%),
6.69%
,
09/13/34
.
15
16,439
Canadian
Imperial
Bank
of
Commerce
3.60%
,
04/07/32
..................
10
9,218
6.09%
,
10/03/33
..................
6
6,458
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Citigroup,
Inc.
4.45%
,
09/29/27
..................
USD
20
$
19,900
4.13%
,
07/25/28
..................
15
14,726
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%
,
03/20/30
(b)
....................
15
14,554
(1-day
SOFR
+
1.42%),
2.98%
,
11/05/30
(b)
10
9,204
(1-day
SOFR
+
3.91%),
4.41%
,
03/31/31
(b)
95
93,411
(1-day
SOFR
+
1.17%),
2.56%
,
05/01/32
(b)
10
8,653
6.63%
,
06/15/32
..................
15
16,453
(1-day
SOFR
+
1.35%),
3.06%
,
01/25/33
(b)
10
8,788
(1-day
SOFR
+
1.94%),
3.79%
,
03/17/33
(b)
5
4,615
(1-day
SOFR
+
2.09%),
4.91%
,
05/24/33
(b)
10
9,951
(1-day
SOFR
+
1.45%),
5.45%
,
06/11/35
(b)
15
15,417
(1-day
SOFR
+
1.38%),
2.90%
,
11/03/42
(a)
(b)
30
21,914
4.75%
,
05/18/46
..................
55
49,849
4.65%
,
07/23/48
..................
25
22,729
Citizens
Financial
Group,
Inc.
(1-day
SOFR
+
2.01%),
5.84%
,
01/23/30
(b)
10
10,265
3.25%
,
04/30/30
..................
10
9,183
(1-day
SOFR
+
2.33%),
6.65%
,
04/25/35
(b)
5
5,402
Cooperatieve
Rabobank
UA,
5.25%,
05/24/41
40
41,278
Fifth
Third
Bancorp
(1-day
SOFR
+
2.34%),
6.34%
,
07/27/29
(b)
10
10,545
(SOFR
Index
+
2.13%),
4.77%
,
07/28/30
(b)
10
9,949
8.25%
,
03/01/38
..................
6
7,419
HSBC
Holdings
plc
(b)
(1-day
SOFR
+
1.97%),
6.16%
,
03/09/29
.
40
41,785
(1-day
SOFR
+
1.19%),
2.80%
,
05/24/32
.
200
173,874
Huntington
Bancshares,
Inc.
(1-day
SOFR
+
2.02%),
6.21%
,
08/21/29
(b)
15
15,768
2.55%
,
02/04/30
..................
5
4,444
(SOFR
Index
+
1.87%),
5.71%
,
02/02/35
(b)
7
7,168
ING
Groep
NV,
(1-day
SOFR
+
2.09%),
6.11%,
09/11/34
(b)
.....................
20
21,391
JPMorgan
Chase
&
Co.
(1-day
SOFR
+
1.45%),
5.30%
,
07/24/29
(b)
33
33,859
(1-day
SOFR
+
1.75%),
4.57%
,
06/14/30
(b)
10
9,988
(1-day
SOFR
+
1.13%),
5.00%
,
07/22/30
(b)
15
15,252
(3-mo.
CME
Term
SOFR
+
1.51%),
2.74%
,
10/15/30
(b)
....................
15
13,731
(3-mo.
CME
Term
SOFR
+
3.79%),
4.49%
,
03/24/31
(b)
....................
15
14,928
(3-mo.
CME
Term
SOFR
+
1.25%),
2.58%
,
04/22/32
(b)
....................
110
96,193
(1-day
SOFR
+
2.08%),
4.91%
,
07/25/33
(b)
15
15,105
(1-day
SOFR
+
1.85%),
5.35%
,
06/01/34
(b)
15
15,468
(1-day
SOFR
+
1.49%),
5.77%
,
04/22/35
(b)
15
15,868
6.40%
,
05/15/38
..................
95
109,916
5.40%
,
01/06/42
..................
15
15,700
(3-mo.
CME
Term
SOFR
+
1.72%),
4.03%
,
07/24/48
(b)
....................
15
12,742
(1-day
SOFR
+
1.58%),
3.33%
,
04/22/52
(b)
10
7,459
KeyCorp
2.55%
,
10/01/29
..................
20
17,882
(SOFR
Index
+
2.06%),
4.79%
,
06/01/33
(b)
10
9,628
Lloyds
Banking
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
5.68%,
01/05/35
(b)
...........
40
41,388
M&T
Bank
Corp.,
(1-day
SOFR
+
1.85%),
5.05%,
01/27/34
(b)
................
6
5,823
Mitsubishi
UFJ
Financial
Group,
Inc.,
2.05%,
07/17/30
......................
200
173,304
NatWest
Group
plc
(b)
(3-mo.
LIBOR
USD
+
1.75%),
4.89%
,
05/18/29
.....................
50
50,109
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.50%),
5.78%
,
03/01/35
.....................
USD
10
$
10,452
PNC
Financial
Services
Group,
Inc.
(The)
(1-day
SOFR
+
1.84%),
5.58%
,
06/12/29
(a)
(b)
15
15,479
2.55%
,
01/22/30
..................
50
45,431
(SOFR
Index
+
2.14%),
6.04%
,
10/28/33
(b)
16
17,009
(1-day
SOFR
+
2.28%),
6.88%
,
10/20/34
(b)
20
22,486
(1-day
SOFR
+
1.90%),
5.68%
,
01/22/35
(b)
5
5,216
(1-day
SOFR
+
1.60%),
5.40%
,
07/23/35
(a)
(b)
8
8,185
Royal
Bank
of
Canada
6.00%
,
11/01/27
..................
25
26,242
5.20%
,
08/01/28
..................
10
10,313
2.30%
,
11/03/31
..................
10
8,638
5.00%
,
02/01/33
..................
10
10,193
5.15%
,
02/01/34
..................
10
10,236
Santander
Holdings
USA,
Inc.,
(1-day
SOFR
+
2.36%),
6.50%,
03/09/29
(b)
...........
20
20,842
Sumitomo
Mitsui
Financial
Group,
Inc.
3.35%
,
10/18/27
..................
200
192,971
3.04%
,
07/16/29
..................
35
32,534
5.56%
,
07/09/34
..................
10
10,400
Toronto-Dominion
Bank
(The)
2.00%
,
09/10/31
(a)
.................
15
12,715
4.46%
,
06/08/32
..................
35
34,146
Truist
Financial
Corp.
(b)
(1-day
SOFR
+
1.62%),
5.44%
,
01/24/30
.
15
15,367
(1-day
SOFR
+
1.85%),
5.12%
,
01/26/34
.
25
24,843
(1-day
SOFR
+
2.36%),
5.87%
,
06/08/34
.
10
10,444
(1-day
SOFR
+
1.92%),
5.71%
,
01/24/35
.
10
10,364
US
Bancorp
(1-day
SOFR
+
2.02%),
5.78%
,
06/12/29
(b)
25
25,969
1.38%
,
07/22/30
(a)
.................
65
54,632
(1-day
SOFR
+
1.60%),
4.84%
,
02/01/34
(b)
10
9,818
(1-day
SOFR
+
2.26%),
5.84%
,
06/12/34
(b)
10
10,484
(1-day
SOFR
+
1.86%),
5.68%
,
01/23/35
(b)
10
10,396
Westpac
Banking
Corp.
5.54%
,
11/17/28
..................
15
15,718
2.15%
,
06/03/31
..................
15
13,010
6.82%
,
11/17/33
..................
5
5,587
2.96%
,
11/16/40
(a)
.................
10
7,325
3.13%
,
11/18/41
..................
5
3,717
2,644,576
Beverages
—
0.1%
Keurig
Dr
Pepper,
Inc.,
3.80%,
05/01/50
....
20
15,709
Biotechnology
—
4.8%
AbbVie,
Inc.
4.80%
,
03/15/29
..................
25
25,541
3.20%
,
11/21/29
..................
30
28,384
5.05%
,
03/15/34
..................
20
20,563
4.50%
,
05/14/35
..................
15
14,702
4.05%
,
11/21/39
..................
70
63,359
4.70%
,
05/14/45
..................
25
23,505
4.25%
,
11/21/49
..................
55
47,983
5.50%
,
03/15/64
..................
8
8,304
Amgen,
Inc.
1.65%
,
08/15/28
..................
50
45,046
5.25%
,
03/02/30
..................
27
27,964
2.00%
,
01/15/32
..................
10
8,356
5.25%
,
03/02/33
..................
27
27,669
5.60%
,
03/02/43
..................
28
28,594
4.40%
,
05/01/45
..................
15
13,049
4.66%
,
06/15/51
..................
75
66,773
4.40%
,
02/22/62
..................
10
8,283
Security
Par
(000)
Par
(000)
Value
Biotechnology
(continued)
5.75%
,
03/02/63
..................
USD
12
$
12,300
Biogen,
Inc.
2.25%
,
05/01/30
..................
20
17,623
3.15%
,
05/01/50
..................
10
6,747
Gilead
Sciences,
Inc.
1.65%
,
10/01/30
..................
25
21,266
4.00%
,
09/01/36
..................
20
18,403
4.75%
,
03/01/46
..................
50
46,379
Regeneron
Pharmaceuticals,
Inc.,
1.75%,
09/15/30
......................
15
12,846
593,639
Broadline
Retail
—
0.1%
eBay,
Inc.
2.70%
,
03/11/30
..................
10
9,132
3.65%
,
05/10/51
..................
10
7,480
16,612
Building
Products
—
0.3%
Carrier
Global
Corp.
2.72%
,
02/15/30
..................
15
13,727
3.38%
,
04/05/40
..................
10
8,094
3.58%
,
04/05/50
..................
14
10,689
Owens
Corning,
5.70%,
06/15/34
........
5
5,221
37,731
Capital
Markets
—
7.6%
Ameriprise
Financial,
Inc.,
5.15%,
05/15/33
..
5
5,150
Bank
of
New
York
Mellon
Corp.
(The),
3.30%,
08/23/29
......................
15
14,176
Charles
Schwab
Corp.
(The)
2.30%
,
05/13/31
(a)
.................
20
17,347
2.90%
,
03/03/32
..................
10
8,860
CME
Group,
Inc.
2.65%
,
03/15/32
..................
5
4,452
5.30%
,
09/15/43
..................
5
5,248
Deutsche
Bank
AG,
5.41%,
05/10/29
......
15
15,422
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
1.28%),
2.62%
,
04/22/32
(b)
100
86,956
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
(b)
20
17,025
(1-day
SOFR
+
1.41%),
3.10%
,
02/24/33
(b)
15
13,268
(1-day
SOFR
+
1.95%),
6.56%
,
10/24/34
(b)
15
16,634
(1-day
SOFR
+
1.55%),
5.85%
,
04/25/35
(b)
15
15,824
(1-day
SOFR
+
1.55%),
5.33%
,
07/23/35
(b)
15
15,265
6.75%
,
10/01/37
..................
75
85,174
5.15%
,
05/22/45
..................
45
44,691
Intercontinental
Exchange,
Inc.
1.85%
,
09/15/32
..................
10
8,154
4.25%
,
09/21/48
..................
10
8,693
4.95%
,
06/15/52
..................
15
14,628
3.00%
,
09/15/60
..................
30
19,426
Morgan
Stanley
(1-day
SOFR
+
2.24%),
6.30%
,
10/18/28
(b)
75
78,855
(3-mo.
CME
Term
SOFR
+
1.89%),
4.43%
,
01/23/30
(a)
(b)
...................
25
24,840
(1-day
SOFR
+
1.18%),
2.24%
,
07/21/32
(b)
140
118,328
(1-day
SOFR
+
1.29%),
2.94%
,
01/21/33
(b)
30
26,370
(1-day
SOFR
+
1.87%),
5.25%
,
04/21/34
(b)
10
10,175
(1-day
SOFR
+
2.05%),
6.63%
,
11/01/34
(b)
20
22,237
(1-day
SOFR
+
1.58%),
5.83%
,
04/19/35
(b)
15
15,846
4.30%
,
01/27/45
..................
60
53,615
(1-day
SOFR
+
4.84%),
5.60%
,
03/24/51
(b)
30
31,926
Nasdaq,
Inc.,
5.55%,
02/15/34
..........
30
31,271
Nomura
Holdings,
Inc.
6.07%
,
07/12/28
..................
50
52,131
5.78%
,
07/03/34
..................
10
10,386
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Northern
Trust
Corp.,
6.13%,
11/02/32
.....
USD
10
$
10,953
Raymond
James
Financial,
Inc.,
3.75%,
04/01/51
......................
10
7,697
S&P
Global,
Inc.
2.90%
,
03/01/32
..................
10
8,993
3.70%
,
03/01/52
..................
5
3,989
State
Street
Corp.,
2.20%,
03/03/31
......
5
4,349
UBS
AG,
5.65%,
09/11/28
............
25
26,066
954,420
Chemicals
—
1.0%
Air
Products
&
Chemicals,
Inc.
2.05%
,
05/15/30
..................
10
8,874
4.85%
,
02/08/34
..................
7
7,108
2.70%
,
05/15/40
..................
10
7,491
Celanese
US
Holdings
LLC,
6.70%,
11/15/33
.
19
20,546
CF
Industries,
Inc.,
5.15%,
03/15/34
......
15
14,933
DuPont
de
Nemours,
Inc.
4.73%
,
11/15/28
..................
15
15,215
5.32%
,
11/15/38
..................
18
19,411
International
Flavors
&
Fragrances,
Inc.,
5.00%,
09/26/48
......................
5
4,471
Nutrien
Ltd.,
5.00%,
04/01/49
..........
10
9,194
Sherwin-Williams
Co.
(The),
4.50%,
06/01/47
.
15
13,288
120,531
Commercial
Services
&
Supplies
—
0.5%
Republic
Services,
Inc.,
3.95%,
05/15/28
...
20
19,746
Waste
Connections,
Inc.,
4.20%,
01/15/33
...
12
11,564
Waste
Management,
Inc.
1.50%
,
03/15/31
..................
20
16,659
4.88%
,
02/15/34
(a)
.................
8
8,115
56,084
Communications
Equipment
—
0.7%
Cisco
Systems,
Inc.
5.05%
,
02/26/34
..................
15
15,545
5.90%
,
02/15/39
..................
25
27,675
5.30%
,
02/26/54
..................
15
15,488
5.35%
,
02/26/64
..................
5
5,156
Motorola
Solutions,
Inc.
4.60%
,
05/23/29
..................
15
15,035
2.30%
,
11/15/30
..................
10
8,716
87,615
Construction
Materials
—
0.1%
Martin
Marietta
Materials,
Inc.
2.40%
,
07/15/31
..................
5
4,297
3.20%
,
07/15/51
..................
5
3,461
7,758
Consumer
Finance
—
2.8%
AerCap
Ireland
Capital
DAC,
3.00%,
10/29/28
150
140,344
Ally
Financial,
Inc.,
8.00%,
11/01/31
......
15
17,116
American
Express
Co.
4.05%
,
05/03/29
..................
25
24,869
4.05%
,
12/03/42
..................
10
8,842
American
Honda
Finance
Corp.,
4.90%,
01/10/34
......................
5
5,037
Capital
One
Financial
Corp.,
3.80%,
01/31/28
25
24,299
Discover
Financial
Services,
6.70%,
11/29/32
.
5
5,435
General
Motors
Financial
Co.,
Inc.
2.40%
,
04/10/28
..................
15
13,809
2.70%
,
06/10/31
..................
50
43,042
3.10%
,
01/12/32
..................
15
13,104
6.10%
,
01/07/34
..................
15
15,675
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
John
Deere
Capital
Corp.
4.90%
,
03/07/31
..................
USD
10
$
10,284
Series
I
,
5.15%
,
09/08/33
............
10
10,411
5.10%
,
04/11/34
..................
10
10,326
Synchrony
Financial,
3.95%,
12/01/27
.....
5
4,816
347,409
Consumer
Staples
Distribution
&
Retail
—
0.5%
Dollar
General
Corp.,
3.50%,
04/03/30
.....
15
13,852
Dollar
Tree,
Inc.,
4.20%,
05/15/28
........
20
19,614
Sysco
Corp.,
6.60%,
04/01/50
..........
10
11,498
Target
Corp.
2.35%
,
02/15/30
..................
10
9,094
2.95%
,
01/15/52
..................
5
3,431
4.80%
,
01/15/53
(a)
.................
10
9,582
67,071
Containers
&
Packaging
—
0.0%
Berry
Global,
Inc.,
5.65%,
01/15/34
(c)
......
5
5,088
Diversified
REITs
—
0.6%
Digital
Realty
Trust
LP,
5.55%,
01/15/28
....
20
20,472
Equinix
Europe
2
Financing
Corp.
LLC,
5.50%,
06/15/34
......................
10
10,357
Simon
Property
Group
LP,
2.65%,
07/15/30
..
50
45,385
76,214
Diversified
Telecommunication
Services
—
5.7%
AT&T,
Inc.
4.10%
,
02/15/28
..................
20
19,754
2.55%
,
12/01/33
..................
110
90,874
3.50%
,
06/01/41
..................
50
39,809
3.65%
,
06/01/51
..................
85
63,016
3.55%
,
09/15/55
..................
95
66,835
3.65%
,
09/15/59
..................
15
10,570
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
4.46%,
04/01/48
.................
15
13,145
British
Telecommunications
plc,
9.63%,
12/15/30
(d)
.....................
15
18,840
Deutsche
Telekom
International
Finance
BV,
8.75%,
06/15/30
(d)
(e)
...............
15
18,027
Orange
SA,
5.50%,
02/06/44
...........
20
20,219
Telefonica
Emisiones
SA,
7.05%,
06/20/36
..
50
56,667
TELUS
Corp.,
4.60%,
11/16/48
.........
7
6,013
Verizon
Communications,
Inc.
4.33%
,
09/21/28
..................
40
39,894
3.88%
,
02/08/29
..................
20
19,566
3.15%
,
03/22/30
..................
20
18,651
2.55%
,
03/21/31
..................
30
26,343
4.50%
,
08/10/33
..................
15
14,575
3.40%
,
03/22/41
..................
125
99,686
4.86%
,
08/21/46
..................
5
4,730
2.99%
,
10/30/56
..................
100
64,366
711,580
Electric
Utilities
—
0.1%
Commonwealth
Edison
Co.,
4.00%,
03/01/48
.
10
8,208
Oncor
Electric
Delivery
Co.
LLC,
4.95%,
09/15/52
......................
5
4,721
12,929
Electrical
Equipment
—
0.2%
Eaton
Corp.,
4.15%,
03/15/33
..........
15
14,578
Regal
Rexnord
Corp.
6.30%
,
02/15/30
..................
5
5,269
6.40%
,
04/15/33
..................
10
10,589
30,436
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Amphenol
Corp.,
2.20%,
09/15/31
........
USD
10
$
8,525
CDW
LLC,
3.57%,
12/01/31
...........
11
9,883
Corning,
Inc.,
4.38%,
11/15/57
..........
15
12,301
30,709
Entertainment
—
1.5%
Walt
Disney
Co.
(The)
3.80%
,
03/22/30
..................
15
14,601
2.65%
,
01/13/31
(a)
.................
50
45,026
3.60%
,
01/13/51
..................
65
50,605
Warnermedia
Holdings,
Inc.
4.28%
,
03/15/32
(a)
.................
35
30,589
5.05%
,
03/15/42
..................
10
8,009
5.14%
,
03/15/52
..................
45
34,232
5.39%
,
03/15/62
..................
10
7,552
190,614
Financial
Services
—
1.7%
Apollo
Global
Management,
Inc.,
5.80%,
05/21/54
......................
5
5,140
Equitable
Holdings,
Inc.,
5.00%,
04/20/48
...
7
6,519
Fidelity
National
Information
Services,
Inc.,
5.10%,
07/15/32
.................
10
10,223
Fiserv,
Inc.
5.63%
,
08/21/33
..................
12
12,556
4.40%
,
07/01/49
..................
20
17,155
Global
Payments,
Inc.
3.20%
,
08/15/29
..................
15
13,919
5.95%
,
08/15/52
(a)
.................
10
10,172
Mastercard,
Inc.
3.35%
,
03/26/30
..................
40
38,269
3.85%
,
03/26/50
..................
10
8,324
PayPal
Holdings,
Inc.
2.30%
,
06/01/30
..................
20
17,887
4.40%
,
06/01/32
..................
15
14,876
5.05%
,
06/01/52
..................
5
4,862
Visa,
Inc.
2.05%
,
04/15/30
..................
15
13,444
1.10%
,
02/15/31
..................
10
8,247
4.30%
,
12/14/45
..................
25
22,654
2.00%
,
08/15/50
..................
10
5,959
210,206
Food
Products
—
1.0%
Conagra
Brands,
Inc.,
5.30%,
11/01/38
.....
15
14,782
General
Mills,
Inc.,
4.95%,
03/29/33
......
10
10,058
Hormel
Foods
Corp.,
1.80%,
06/11/30
.....
25
21,815
J
M
Smucker
Co.
(The),
6.50%,
11/15/53
...
6
6,700
Kraft
Heinz
Foods
Co.,
4.38%,
06/01/46
....
60
51,280
Tyson
Foods,
Inc.,
5.10%,
09/28/48
.......
20
18,523
123,158
Health
Care
Equipment
&
Supplies
—
2.3%
Abbott
Laboratories
4.75%
,
11/30/36
..................
15
15,178
4.90%
,
11/30/46
..................
15
14,848
Baxter
International,
Inc.
2.54%
,
02/01/32
(a)
.................
15
12,804
3.13%
,
12/01/51
..................
10
6,693
Becton
Dickinson
&
Co.
2.82%
,
05/20/30
..................
30
27,384
4.67%
,
06/06/47
..................
10
9,010
DH
Europe
Finance
II
SARL,
2.60%,
11/15/29
80
73,745
GE
HealthCare
Technologies,
Inc.,
5.65%,
11/15/27
......................
100
103,258
Solventum
Corp.
(c)
5.40%
,
03/01/29
..................
10
10,205
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
5.60%
,
03/23/34
..................
USD
10
$
10,197
5.90%
,
04/30/54
..................
7
7,086
290,408
Health
Care
Providers
&
Services
—
7.9%
Aetna,
Inc.,
3.88%,
08/15/47
...........
15
11,320
Cencora,
Inc.,
3.45%,
12/15/27
.........
25
24,210
Centene
Corp.,
4.63%,
12/15/29
.........
95
92,368
Cigna
Group
(The)
4.90%
,
12/15/48
..................
65
59,386
5.60%
,
02/15/54
..................
10
10,051
CVS
Health
Corp.
4.30%
,
03/25/28
..................
30
29,645
3.75%
,
04/01/30
..................
25
23,661
1.88%
,
02/28/31
..................
15
12,436
2.13%
,
09/15/31
(a)
.................
20
16,609
5.25%
,
02/21/33
(a)
.................
10
10,047
5.70%
,
06/01/34
..................
7
7,167
4.78%
,
03/25/38
..................
35
32,193
5.13%
,
07/20/45
..................
15
13,545
5.05%
,
03/25/48
..................
65
57,651
5.88%
,
06/01/53
..................
15
14,810
6.00%
,
06/01/63
..................
5
4,951
Elevance
Health,
Inc.
2.55%
,
03/15/31
..................
10
8,812
4.75%
,
02/15/33
..................
10
9,973
4.65%
,
01/15/43
..................
20
18,266
3.60%
,
03/15/51
..................
35
26,049
5.65%
,
06/15/54
..................
6
6,157
HCA,
Inc.
5.63%
,
09/01/28
..................
10
10,308
5.88%
,
02/01/29
..................
10
10,395
4.13%
,
06/15/29
..................
10
9,753
3.50%
,
09/01/30
..................
10
9,327
2.38%
,
07/15/31
..................
15
12,753
3.63%
,
03/15/32
..................
10
9,084
5.50%
,
06/01/33
..................
20
20,464
5.60%
,
04/01/34
..................
10
10,282
5.50%
,
06/15/47
..................
10
9,650
5.25%
,
06/15/49
..................
10
9,286
3.50%
,
07/15/51
..................
45
31,608
Humana,
Inc.
2.15%
,
02/03/32
..................
15
12,433
5.88%
,
03/01/33
..................
5
5,258
5.95%
,
03/15/34
..................
5
5,286
5.50%
,
03/15/53
..................
5
4,829
5.75%
,
04/15/54
..................
5
5,009
Laboratory
Corp.
of
America
Holdings,
4.70%,
02/01/45
......................
5
4,518
Quest
Diagnostics,
Inc.,
5.00%,
12/15/34
...
5
4,969
UnitedHealth
Group,
Inc.
4.25%
,
01/15/29
..................
20
20,002
4.00%
,
05/15/29
..................
20
19,788
4.20%
,
05/15/32
..................
51
49,786
5.35%
,
02/15/33
..................
15
15,678
5.15%
,
07/15/34
..................
20
20,531
6.88%
,
02/15/38
..................
10
11,858
3.05%
,
05/15/41
..................
15
11,500
5.50%
,
07/15/44
..................
15
15,427
4.75%
,
07/15/45
..................
15
14,118
4.20%
,
01/15/47
..................
5
4,308
4.75%
,
05/15/52
..................
92
85,182
6.05%
,
02/15/63
..................
15
16,434
5.20%
,
04/15/63
..................
15
14,508
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.75%
,
07/15/64
..................
USD
15
$
15,732
989,371
Health
Care
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
2.00%
,
05/18/32
..................
20
16,234
3.55%
,
03/15/52
..................
15
10,609
26,843
Health
Care
Technology
—
0.1%
IQVIA,
Inc.,
6.25%,
02/01/29
...........
10
10,560
Hotels,
Restaurants
&
Leisure
—
1.3%
Booking
Holdings,
Inc.,
4.63%,
04/13/30
....
10
10,094
Marriott
International,
Inc.
Series
GG
,
3.50%
,
10/15/32
..........
20
18,018
5.35%
,
03/15/35
..................
5
5,058
McDonald's
Corp.
2.13%
,
03/01/30
..................
25
22,258
4.60%
,
09/09/32
..................
15
15,086
4.88%
,
12/09/45
..................
15
14,107
3.63%
,
09/01/49
..................
30
22,906
5.45%
,
08/14/53
..................
5
5,067
Starbucks
Corp.
3.55%
,
08/15/29
..................
42
40,548
3.50%
,
11/15/50
..................
15
11,092
164,234
Industrial
Conglomerates
—
0.2%
3M
Co.
2.88%
,
10/15/27
..................
20
19,118
3.25%
,
08/26/49
..................
10
7,234
26,352
Industrial
REITs
—
0.2%
Prologis
LP
4.75%
,
06/15/33
..................
20
19,968
5.25%
,
06/15/53
..................
5
4,962
5.25%
,
03/15/54
..................
5
4,965
29,895
Insurance
—
1.8%
American
International
Group,
Inc.
4.80%
,
07/10/45
..................
10
9,279
4.38%
,
06/30/50
..................
5
4,322
Aon
Corp.,
5.35%,
02/28/33
...........
10
10,322
Aon
North
America,
Inc.
5.45%
,
03/01/34
..................
10
10,355
5.75%
,
03/01/54
..................
15
15,533
Arthur
J
Gallagher
&
Co.,
3.50%,
05/20/51
..
5
3,598
Chubb
INA
Holdings
LLC
4.35%
,
11/03/45
..................
15
13,439
3.05%
,
12/15/61
..................
15
9,987
Everest
Reinsurance
Holdings,
Inc.,
3.13%,
10/15/52
......................
11
7,166
Fairfax
Financial
Holdings
Ltd.,
6.35%,
03/22/54
(c)
.....................
6
6,275
Hartford
Financial
Services
Group,
Inc.
(The),
3.60%,
08/19/49
.................
10
7,629
Marsh
&
McLennan
Cos.,
Inc.
4.90%
,
03/15/49
..................
10
9,482
5.70%
,
09/15/53
..................
5
5,320
MetLife,
Inc.
4.55%
,
03/23/30
..................
15
15,214
5.70%
,
06/15/35
..................
15
16,080
4.05%
,
03/01/45
..................
27
22,861
5.00%
,
07/15/52
..................
10
9,639
Progressive
Corp.
(The),
4.13%,
04/15/47
...
10
8,590
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Prudential
Financial,
Inc.,
4.35%,
02/25/50
..
USD
25
$
21,637
Travelers
Cos.,
Inc.
(The),
3.05%,
06/08/51
..
15
10,534
Willis
North
America,
Inc.,
5.90%,
03/05/54
..
5
5,142
222,404
Interactive
Media
&
Services
—
0.2%
Alphabet,
Inc.
1.10%
,
08/15/30
..................
15
12,679
2.05%
,
08/15/50
..................
10
6,083
2.25%
,
08/15/60
(a)
.................
10
5,974
24,736
IT
Services
—
0.7%
International
Business
Machines
Corp.,
4.15%,
05/15/39
......................
100
89,687
Leisure
Products
—
0.1%
Hasbro,
Inc.,
3.90%,
11/19/29
..........
10
9,577
Life
Sciences
Tools
&
Services
—
0.2%
Thermo
Fisher
Scientific,
Inc.,
2.80%,
10/15/41
30
22,244
Machinery
—
0.9%
Cummins,
Inc.,
5.45%,
02/20/54
.........
5
5,141
Deere
&
Co.,
3.90%,
06/09/42
..........
15
13,034
Illinois
Tool
Works,
Inc.,
3.90%,
09/01/42
...
10
8,625
Ingersoll
Rand,
Inc.,
5.70%,
08/14/33
......
7
7,379
Otis
Worldwide
Corp.
2.57%
,
02/15/30
..................
22
19,854
3.11%
,
02/15/40
..................
5
3,877
Parker-Hannifin
Corp.,
3.25%,
06/14/29
....
40
37,932
Stanley
Black
&
Decker,
Inc.,
2.30%,
03/15/30
22
19,411
115,253
Media
—
5.6%
Charter
Communications
Operating
LLC
4.20%
,
03/15/28
..................
13
12,578
5.05%
,
03/30/29
..................
13
12,868
2.30%
,
02/01/32
..................
10
7,991
4.40%
,
04/01/33
(a)
.................
6
5,460
6.65%
,
02/01/34
..................
5
5,207
6.55%
,
06/01/34
..................
10
10,356
6.38%
,
10/23/35
..................
15
15,158
3.50%
,
03/01/42
..................
15
10,331
6.48%
,
10/23/45
..................
43
41,234
4.80%
,
03/01/50
..................
51
38,790
3.85%
,
04/01/61
..................
33
20,051
Comcast
Corp.
4.15%
,
10/15/28
..................
155
153,846
4.25%
,
01/15/33
..................
15
14,508
7.05%
,
03/15/33
..................
35
40,526
3.75%
,
04/01/40
..................
15
12,751
5.35%
,
05/15/53
..................
26
26,044
5.65%
,
06/01/54
..................
10
10,445
2.94%
,
11/01/56
..................
15
9,573
2.99%
,
11/01/63
..................
130
80,552
Discovery
Communications
LLC,
3.95%,
03/20/28
......................
55
52,124
Fox
Corp.
4.71%
,
01/25/29
..................
15
15,102
5.48%
,
01/25/39
..................
10
9,966
5.58%
,
01/25/49
..................
10
9,668
Paramount
Global
4.95%
,
01/15/31
(a)
.................
15
13,928
4.38%
,
03/15/43
..................
30
21,563
Time
Warner
Cable
Enterprises
LLC,
8.38%,
07/15/33
......................
5
5,700
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Time
Warner
Cable
LLC
6.55%
,
05/01/37
..................
USD
17
$
16,798
5.50%
,
09/01/41
..................
27
23,213
696,331
Metals
&
Mining
—
0.2%
Newmont
Corp.
2.25%
,
10/01/30
..................
10
8,866
5.35%
,
03/15/34
(c)
.................
5
5,157
6.25%
,
10/01/39
..................
10
11,097
25,120
Office
REITs
—
0.2%
Boston
Properties
LP,
2.45%,
10/01/33
.....
30
23,306
Personal
Care
Products
—
0.1%
Kenvue,
Inc.
5.05%
,
03/22/53
(a)
.................
10
9,954
5.20%
,
03/22/63
..................
5
4,997
14,951
Pharmaceuticals
—
6.7%
Bristol-Myers
Squibb
Co.
3.90%
,
02/20/28
..................
15
14,827
3.40%
,
07/26/29
..................
26
24,985
1.45%
,
11/13/30
..................
25
21,117
2.95%
,
03/15/32
..................
25
22,430
5.20%
,
02/22/34
(a)
.................
20
20,750
4.13%
,
06/15/39
..................
20
18,072
2.35%
,
11/13/40
..................
10
6,964
4.25%
,
10/26/49
..................
60
51,258
5.55%
,
02/22/54
..................
5
5,161
6.40%
,
11/15/63
..................
10
11,441
5.65%
,
02/22/64
..................
10
10,309
Eli
Lilly
&
Co.
4.70%
,
02/27/33
..................
10
10,163
4.70%
,
02/09/34
..................
15
15,185
2.25%
,
05/15/50
(a)
.................
15
9,217
5.00%
,
02/09/54
..................
15
14,956
4.95%
,
02/27/63
..................
10
9,701
5.10%
,
02/09/64
..................
5
4,980
5.20%
,
08/14/64
..................
5
5,059
GlaxoSmithKline
Capital
plc,
3.38%,
06/01/29
25
24,077
GlaxoSmithKline
Capital,
Inc.,
3.88%,
05/15/28
40
39,470
Johnson
&
Johnson,
3.70%,
03/01/46
.....
80
67,577
Merck
&
Co.,
Inc.
1.45%
,
06/24/30
..................
35
29,934
3.70%
,
02/10/45
..................
35
28,751
5.00%
,
05/17/53
..................
25
24,572
2.90%
,
12/10/61
..................
10
6,248
5.15%
,
05/17/63
..................
5
4,974
Novartis
Capital
Corp.
2.20%
,
08/14/30
..................
30
26,938
2.75%
,
08/14/50
..................
25
17,166
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%
,
05/19/30
..................
30
30,452
4.75%
,
05/19/33
..................
75
75,314
5.30%
,
05/19/53
..................
50
50,247
5.34%
,
05/19/63
..................
10
9,938
Pfizer,
Inc.
3.45%
,
03/15/29
..................
15
14,522
7.20%
,
03/15/39
..................
35
42,777
4.13%
,
12/15/46
..................
15
12,927
2.70%
,
05/28/50
(a)
.................
30
20,142
Royalty
Pharma
plc,
3.30%,
09/02/40
.....
15
11,380
Takeda
Pharmaceutical
Co.
Ltd.,
3.18%,
07/09/50
......................
15
10,435
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Zoetis,
Inc.,
5.60%,
11/16/32
...........
USD
15
$
15,787
840,203
Professional
Services
—
0.3%
Automatic
Data
Processing,
Inc.,
1.25%,
09/01/30
......................
15
12,699
Broadridge
Financial
Solutions,
Inc.,
2.90%,
12/01/29
......................
20
18,321
31,020
Real
Estate
Management
&
Development
—
0.0%
CBRE
Services,
Inc.,
5.95%,
08/15/34
.....
5
5,283
Retail
REITs
—
0.1%
Brixmor
Operating
Partnership
LP,
4.13%,
05/15/29
......................
10
9,705
Semiconductors
&
Semiconductor
Equipment
—
4.5%
Analog
Devices,
Inc.,
2.95%,
10/01/51
.....
5
3,450
Applied
Materials,
Inc.,
4.35%,
04/01/47
....
10
9,097
Broadcom,
Inc.
5.05%
,
07/12/29
..................
15
15,288
2.45%
,
02/15/31
(c)
.................
20
17,446
4.30%
,
11/15/32
..................
14
13,498
3.42%
,
04/15/33
(c)
.................
10
8,912
3.47%
,
04/15/34
(c)
.................
15
13,251
4.93%
,
05/15/37
(c)
.................
70
68,425
3.50%
,
02/15/41
(c)
.................
15
11,999
3.75%
,
02/15/51
(c)
.................
5
3,885
Intel
Corp.
1.60%
,
08/12/28
..................
90
79,472
5.13%
,
02/10/30
..................
25
25,216
4.60%
,
03/25/40
..................
10
8,825
2.80%
,
08/12/41
..................
85
58,038
3.73%
,
12/08/47
..................
10
7,129
3.05%
,
08/12/51
(a)
.................
35
21,769
5.90%
,
02/10/63
(a)
.................
21
20,268
KLA
Corp.,
4.95%,
07/15/52
...........
15
14,495
Lam
Research
Corp.,
4.88%,
03/15/49
.....
5
4,808
Marvell
Technology,
Inc.,
2.95%,
04/15/31
...
15
13,394
Micron
Technology,
Inc.
4.66%
,
02/15/30
..................
25
24,952
5.88%
,
02/09/33
..................
10
10,525
NVIDIA
Corp.,
3.50%,
04/01/40
.........
20
17,328
NXP
BV,
3.25%,
05/11/41
.............
20
15,208
QUALCOMM,
Inc.
1.65%
,
05/20/32
..................
10
8,195
4.80%
,
05/20/45
..................
10
9,655
4.50%
,
05/20/52
..................
10
9,016
6.00%
,
05/20/53
..................
10
11,208
Texas
Instruments,
Inc.
3.88%
,
03/15/39
..................
15
13,726
4.15%
,
05/15/48
..................
20
17,494
555,972
Software
—
3.7%
Adobe,
Inc.,
2.30%,
02/01/30
...........
10
9,084
Autodesk,
Inc.,
2.40%,
12/15/31
.........
10
8,622
Intuit,
Inc.
5.20%
,
09/15/33
..................
10
10,406
5.50%
,
09/15/53
..................
5
5,229
Microsoft
Corp.
2.53%
,
06/01/50
..................
165
109,657
2.50%
,
09/15/50
..................
5
3,298
Oracle
Corp.
2.95%
,
04/01/30
..................
45
41,280
2.88%
,
03/25/31
..................
25
22,378
2024
iShares
Semi-Annual
Financial
Statements
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
6.25%
,
11/09/32
(a)
.................
USD
15
$
16,338
3.85%
,
07/15/36
..................
15
13,195
3.80%
,
11/15/37
..................
15
12,889
3.60%
,
04/01/40
..................
38
30,588
4.00%
,
07/15/46
..................
120
95,650
3.95%
,
03/25/51
..................
40
30,974
3.85%
,
04/01/60
..................
15
10,824
Salesforce,
Inc.
1.95%
,
07/15/31
..................
15
12,808
2.90%
,
07/15/51
..................
20
13,596
Workday,
Inc.,
3.80%,
04/01/32
.........
11
10,310
457,126
Specialized
REITs
—
0.7%
American
Tower
Corp.
2.10%
,
06/15/30
..................
10
8,700
1.88%
,
10/15/30
..................
10
8,482
5.55%
,
07/15/33
..................
10
10,343
3.10%
,
06/15/50
..................
15
10,224
Crown
Castle,
Inc.
2.10%
,
04/01/31
..................
15
12,583
5.80%
,
03/01/34
..................
10
10,466
2.90%
,
04/01/41
..................
20
14,491
Equinix,
Inc.,
2.50%,
05/15/31
..........
10
8,694
Public
Storage
Operating
Co.,
5.35%,
08/01/53
5
5,038
89,021
Specialty
Retail
—
2.4%
AutoZone,
Inc.,
4.00%,
04/15/30
.........
10
9,710
Home
Depot,
Inc.
(The)
2.95%
,
06/15/29
..................
45
42,566
5.88%
,
12/16/36
..................
15
16,474
5.95%
,
04/01/41
..................
15
16,552
2.75%
,
09/15/51
..................
115
75,487
Lowe's
Cos.,
Inc.
1.70%
,
09/15/28
..................
95
85,492
2.80%
,
09/15/41
..................
35
24,990
5.63%
,
04/15/53
..................
15
15,142
4.45%
,
04/01/62
..................
20
16,314
302,727
Technology
Hardware,
Storage
&
Peripherals
—
3.8%
Apple,
Inc.
1.40%
,
08/05/28
..................
200
181,486
3.35%
,
08/08/32
..................
15
14,179
4.65%
,
02/23/46
..................
100
97,708
2.65%
,
05/11/50
..................
35
23,751
2.65%
,
02/08/51
..................
10
6,808
2.70%
,
08/05/51
..................
40
27,120
2.80%
,
02/08/61
..................
10
6,547
4.10%
,
08/08/62
..................
10
8,641
Dell
International
LLC
5.30%
,
10/01/29
..................
40
41,280
6.20%
,
07/15/30
..................
10
10,772
5.75%
,
02/01/33
(a)
.................
10
10,591
3.38%
,
12/15/41
..................
5
3,823
Hewlett
Packard
Enterprise
Co.
(d)
6.20%
,
10/15/35
..................
10
10,785
6.35%
,
10/15/45
..................
5
5,374
HP,
Inc.
2.65%
,
06/17/31
..................
10
8,712
5.50%
,
01/15/33
..................
10
10,354
6.00%
,
09/15/41
(a)
.................
5
5,274
473,205
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Tapestry,
Inc.
7.35%
,
11/27/28
..................
USD
6
$
6,291
7.85%
,
11/27/33
..................
10
10,682
16,973
Water
Utilities
—
0.1%
American
Water
Capital
Corp.,
3.75%,
09/01/47
10
7,937
Wireless
Telecommunication
Services
—
0.7%
Rogers
Communications,
Inc.
3.80%
,
03/15/32
..................
10
9,215
5.00%
,
03/15/44
..................
8
7,434
4.35%
,
05/01/49
..................
20
16,624
4.55%
,
03/15/52
..................
10
8,459
Vodafone
Group
plc
4.88%
,
06/19/49
..................
37
33,438
5.75%
,
06/28/54
..................
10
10,131
5.88%
,
06/28/64
..................
5
5,025
90,326
Total
Long-Term
Investments
—
97
.5
%
(Cost:
$
13,590,033
)
...............................
12,190,399
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
4.9%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(h)
..................
427,745
428,045
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
...................
190,353
190,353
Total
Short-Term
Securities
—
4
.9
%
(Cost:
$
618,156
)
.................................
618,398
Total
Investments
—
102
.4
%
(Cost:
$
14,208,189
)
...............................
12,808,797
Liabilities
in
Excess
of
Other
Assets
—
(
2.4
)
%
.............
(
305,321
)
Net
Assets
—
100.0%
...............................
$
12,503,476
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
August
31,
2024
iShares
®
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Schedule
of
Investments
25
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
August
31,
2024
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.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
02/29/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
268,619
$
159,327
(a)
$
—
$
(
3
)
$
102
$
428,045
427,745
$
458
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
290,000
—
(
99,647
)
(a)
—
—
190,353
190,353
4,231
—
$
(
3
)
$
102
$
618,398
$
4,689
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Corporate
Bonds
.........................................
$
—
$
12,190,399
$
—
$
12,190,399
Short-Term
Securities
Money
Market
Funds
......................................
618,398
—
—
618,398
$
618,398
$
12,190,399
$
—
$
12,808,797
Statements
of
Assets
and
Liabilities
(unaudited)
August
31,
2024
2024
iShares
Semi-Annual
Financial
Statements
26
See
notes
to
financial
statements.
iShares
Agency
Bond
ETF
iShares
BBB
Rated
Corporate
Bond
ETF
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
693,425,360
$
34,103,479
$
12,190,399
Investments,
at
value
—
affiliated
(c)
............................................................
23,753,326
2,285,437
618,398
Cash
...............................................................................
14,387
—
—
Receivables:
–
–
–
Investment
s
sold
......................................................................
22,971,868
—
—
Securities
lending
income
—
affiliated
........................................................
2,659
302
58
Dividends
—
affiliated
...................................................................
4,626
3,108
343
Interest
—
unaffiliated
...................................................................
6,002,748
422,279
150,311
Total
a
ssets
...........................................................................
746,174,974
36,814,605
12,959,509
LIABILITIES
Collateral
on
securities
loaned
...............................................................
20,815,600
1,930,156
427,757
Payables:
–
–
–
Investments
purchased
..................................................................
23,434,155
—
26,369
Investment
advisory
fees
.................................................................
118,882
4,432
1,907
Total
li
abilities
..........................................................................
44,368,637
1,934,588
456,033
Commitments
and
contingent
liabilities
—
—
—
NET
ASSETS
..........................................................................
$
701,806,337
$
34,880,017
$
12,503,476
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
735,256,267
$
37,286,610
$
15,158,203
Accumulated
loss
.......................................................................
(
33,449,930
)
(
2,406,593
)
(
2,654,727
)
NET
ASSETS
..........................................................................
$
701,806,337
$
34,880,017
$
12,503,476
NET
ASSET
VALUE
Shares
outstanding
......................................................................
6,400,000
400,000
150,000
Net
asset
value
.........................................................................
$
109.66
$
87.20
$
83.36
Shares
authorized
.......................................................................
Unlimited
Unlimited
Unlimited
Par
value
.............................................................................
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.....................................................
$
701,479,688
$
35,564,227
$
13,590,033
(b)
Securities
loaned,
at
value
..........................................................
$
20,303,232
$
1,861,899
$
413,505
(c)
Investments,
at
cost
—
affiliated
.......................................................
$
23,753,326
$
2,284,116
$
618,156
Statements
of
Operations
(unaudited)
Six
Months
Ended
August
31,
2024
27
Statements
of
Operations
iShares
Agency
Bond
ETF
iShares
BBB
Rated
Corporate
Bond
ETF
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
101,504
$
20,151
$
4,231
Interest
—
unaffiliated
...................................................................
11,854,387
776,094
260,317
Securities
lending
income
—
affiliated
—
net
...................................................
29,612
2,475
458
Total
investment
income
...................................................................
11,985,503
798,720
265,006
EXPENSES
Investment
advisory
....................................................................
655,673
25,743
11,026
Total
expenses
.........................................................................
655,673
25,743
11,026
Net
investment
income
....................................................................
11,329,830
772,977
253,980
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
11,737,008
$
940,226
$
391,591
Net
realized
loss
from:
Investments
—
unaffiliated
.............................................................
$
(
276,914
)
$
(
97,970
)
$
(
61,528
)
Investments
—
affiliated
...............................................................
—
(
94
)
(
3
)
In-kind
redemptions
—
unaffiliated
(a)
.......................................................
(
2,741,321
)
—
—
(3,018,235)
(98,064)
(61,531)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
14,755,243
1,037,738
453,019
Investments
—
affiliated
...............................................................
—
551
102
14,755,243
1,038,289
453,121
Net
realized
and
unrealized
gain
.............................................................
11,737,008
940,225
391,590
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................................
$
23,066,838
$
1,713,202
$
645,570
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
2024
iShares
Semi-Annual
Financial
Statements
28
See
notes
to
financial
statements.
iShares
Agency
Bond
ETF
iShares
BBB
Rated
Corporate
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
11,329,830
$
21,516,280
$
772,977
$
1,162,281
Net
realized
loss
................................................
(
3,018,235
)
(
8,335,136
)
(
98,064
)
(
1,447,410
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
14,755,243
17,306,433
1,038,289
2,182,493
Net
increase
in
net
assets
resulting
from
operations
...........................
23,066,838
30,487,577
1,713,202
1,897,364
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(11,136,168)
(b)
(21,348,202)
(764,787)
(b)
(1,115,723)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
22,470,569
(27,908,584)
—
8,316,480
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
34,401,239
(
18,769,209
)
948,415
9,098,121
Beginning
of
period
................................................
667,405,098
686,174,307
33,931,602
24,833,481
End
of
period
....................................................
$
701,806,337
$
667,405,098
$
34,880,017
$
33,931,602
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
29
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
253,980
$
467,905
Net
realized
loss
..................................................................................
(
61,531
)
(
371,320
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
453,121
587,277
Net
increase
in
net
assets
resulting
from
operations
.............................................................
645,570
683,862
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(254,402)
(b)
(464,156)
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
391,168
219,706
Beginning
of
period
..................................................................................
12,112,308
11,892,602
End
of
period
......................................................................................
$
12,503,476
$
12,112,308
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
30
iShares
Agency
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Year
Ended
02/28/22
Year
Ended
02/28/21
Year
Ended
02/29/20
Net
asset
value,
beginning
of
period
................
$
107.65
$
106.38
$
114.97
$
118.50
$
118.95
$
112.08
Net
investment
income
(a)
........................
1
.88
3
.53
2
.01
0
.85
1
.25
2
.61
Net
realized
and
unrealized
gain
(loss)
(b)
..............
1.96
1.20
(8.76
)
(3.24
)
0.87
6.89
Net
increase
(decrease)
from
investment
operations
.......
3.84
4.73
(6.75
)
(2.39
)
2.12
9.50
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
(
1
.83
)
(d)
(
3
.46
)
(
1
.84
)
(
0
.84
)
(
2
.11
)
(
2
.63
)
From
net
realized
gain
..........................
—
—
—
(
0
.30
)
(
0
.46
)
—
Total
distributions
..............................
(1.83
)
(3.46
)
(1.84
)
(1.14
)
(2.57
)
(2.63
)
Net
asset
value,
end
of
period
.....................
$
109.66
$
107.65
$
106.38
$
114.97
$
118.50
$
118.95
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
3.62
%
(f)
4.52
%
(5.89
)%
(2.02
)%
1.77
%
8.57
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
................................
0.20
%
(h)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
...........................
3.46
%
(h)
3.29
%
1.85
%
0.73
%
1.04
%
2.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
701,806
$
667,405
$
686,174
$
712,828
$
788,037
$
594,747
Portfolio
turnover
rate
(i)
...........................
13
%
39
%
92
%
146
%
158
%
72
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
iShares
BBB
Rated
Corporate
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Period
from
05/18/21
(a)
to
02/28/22
Net
asset
value,
beginning
of
period
...........................................
$
84.83
$
82.78
$
95.89
$
100.00
Net
investment
income
(b)
...................................................
1
.93
3
.50
2
.48
1
.70
Net
realized
and
unrealized
gain
(loss)
(c)
.........................................
2.35
2.02
(12.15
)
(4.28
)
Net
increase
(decrease)
from
investment
operations
..................................
4.28
5.52
(9.67
)
(2.58
)
Distributions
(d)
–
–
–
–
From
net
investment
income
................................................
(
1
.91
)
(e)
(
3
.47
)
(
2
.71
)
(
1
.53
)
From
net
realized
gain
.....................................................
—
—
(
0
.73
)
—
Total
distributions
.........................................................
(1.91
)
(3.47
)
(3.44
)
(1.53
)
Net
asset
value,
end
of
period
................................................
$
87.20
$
84.83
$
82.78
$
95.89
Total
Return
(f)
—
—
—
—
Based
on
net
asset
value
....................................................
5.14
%
(g)
6.81
%
(10.14
)%
(2.66
)%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
...........................................................
0.15
%
(i)
0.15
%
0.15
%
0.15
%
(i)
Net
investment
income
......................................................
4.50
%
(i)
4.19
%
2.85
%
2.14
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
34,880
$
33,932
$
24,833
$
71,916
Portfolio
turnover
rate
(j)
......................................................
5
%
15
%
10
%
19
%
(g)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Semi-Annual
Financial
Statements
32
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
Six
Months
Ended
08/31/24
(unaudited)
Year
Ended
02/29/24
Year
Ended
02/28/23
Period
from
11/08/21
(a)
to
02/28/22
Net
asset
value,
beginning
of
period
...........................................
$
80.75
$
79.28
$
92.99
$
100.00
Net
investment
income
(b)
...................................................
1
.69
3
.12
2
.45
0
.64
Net
realized
and
unrealized
gain
(loss)
(c)
.........................................
2.62
1.44
(13.69
)
(7.19
)
Net
increase
(decrease)
from
investment
operations
..................................
4.31
4.56
(11.24
)
(6.55
)
Distributions
from
net
investment
income
(d)
......................................
(1.70
)
(e)
(3.09
)
(2.47
)
(0.46
)
Net
asset
value,
end
of
period
................................................
$
83.36
$
80.75
$
79.28
$
92.99
Total
Return
(f)
—
—
—
—
Based
on
net
asset
value
....................................................
5.42
%
(g)
5.87
%
(12.17
)%
(6.56
)%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
...........................................................
0.18
%
(i)
0.18
%
0.18
%
0.18
%
(i)
Net
investment
income
......................................................
4.15
%
(i)
3.91
%
2.97
%
2.16
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
12,503
$
12,112
$
11,893
$
18,599
Portfolio
turnover
rate
(j)
......................................................
9
%
29
%
35
%
7
%
(g)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
33
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Fixed-income
investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed
income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data,
credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless BFA
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
iShares
ETF
Diversification
Classification
Agency
Bond
.......................................................................................................
Diversified
BBB
Rated
Corporate
Bond
..............................................................................................
Diversified
(a)
ESG
Advanced
Investment
Grade
Corporate
Bond
..............................................................................
Non-diversified
(a)
The
Fund's
classification
changed
from
non-diversified
to
diversified
during
the
reporting
period.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
34
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
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.
4.
Securities
and
Other
Investments
Stripped
Bonds:
A
stripped
bond
is
a
bond
that
has
had
its
coupon
payments
and
principal
repayment
stripped
into
two
separate
components
then
selling
the
separate
parts
as
a
zero-coupon
bond
and
an
interest
paying
coupon
bond.
Once
stripped,
each
component
trades
as
a
separate
security.
Stripped
bonds
have
a
greater
sensitivity
to
changes
in
interest
rates
than
similar
maturity
debt
obligations
which
provide
for
regular
interest
payments.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments.
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to May
6,
2024,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Agency
Bond
J.P.
Morgan
Securities
LLC
...............................
$
1,511,646
$
(1,511,646)
$
–
$
–
Nomura
Securities
International,
Inc.
.........................
9,126,045
(9,126,045)
–
–
Pershing
LLC
.........................................
2,507,178
(2,507,178)
–
–
Toronto-Dominion
Bank
(The)
..............................
7,158,363
(7,158,363)
–
–
$
20,303,232
$
(20,303,232)
$
–
$
–
BBB
Rated
Corporate
Bond
Barclays
Capital,
Inc.
...................................
$
315,352
$
(315,352)
$
–
$
–
BMO
Capital
Markets
Corp.
...............................
8,178
(8,178)
–
–
BNP
Paribas
SA
.......................................
712,842
(712,842)
–
–
BofA
Securities,
Inc.
....................................
180,078
(180,078)
–
–
J.P.
Morgan
Securities
LLC
...............................
484,214
(484,214)
–
–
Nomura
Securities
International,
Inc.
.........................
27,988
(27,988)
–
–
RBC
Capital
Markets
LLC
................................
50,964
(50,964)
–
–
State
Street
Bank
&
Trust
Co.
..............................
7,660
(7,660)
–
–
UBS
Securities
LLC
....................................
74,623
(74,623)
–
–
$
1,861,899
$
(1,861,899)
$
–
$
–
ESG
Advanced
Investment
Grade
Corporate
Bond
Barclays
Capital,
Inc.
...................................
$
112,540
$
(112,540)
$
–
$
–
BofA
Securities,
Inc.
....................................
39,938
(39,938)
–
–
J.P.
Morgan
Securities
LLC
...............................
147,292
(147,292)
–
–
Jefferies
LLC
.........................................
6,086
(6,086)
–
–
Nomura
Securities
International,
Inc.
.........................
3,164
(3,164)
–
–
RBC
Capital
Markets
LLC
................................
51,181
(51,181)
–
–
Scotia
Capital
(USA),
Inc.
................................
6,139
(6,139)
–
–
UBS
Securities
LLC
....................................
8,038
(8,038)
–
–
Wells
Fargo
Bank
NA
...................................
18,338
(18,338)
–
–
Wells
Fargo
Securities
LLC
...............................
20,789
(20,789)
–
–
$
413,505
$
(413,505)
$
–
$
–
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
iShares
ETF
Investment
Advisory
Fees
Agency
Bond
....................................................................................................
0.20
%
BBB
Rated
Corporate
Bond
...........................................................................................
0.15
ESG
Advanced
Investment
Grade
Corporate
Bond
...........................................................................
0.18
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
36
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
August
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
6.
Purchases
and
Sales
For
the six
months ended
August
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
August
31,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
August
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
iShares
ETF
Amounts
Agency
Bond
...........................................................................................................
$
11,417
BBB
Rated
Corporate
Bond
..................................................................................................
948
ESG
Advanced
Investment
Grade
Corporate
Bond
..................................................................................
164
U.S.
Government
Securities
Other
Securities
iShares
ETF
Purchases
Sales
Purchases
Sales
Agency
Bond
........................................................
$
76,936,726
$
103,315,331
$
—
$
—
BBB
Rated
Corporate
Bond
...............................................
—
—
2,193,785
1,715,455
ESG
Advanced
Investment
Grade
Corporate
Bond
...............................
—
—
1,128,135
1,051,497
iShares
ETF
In-kind
Purchases
In-kind
Sales
Agency
Bond
........................................................................................
$
101,369,236
$
86,951,621
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
As
of
February
29,
2024,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
As
of
August
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities.
Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
certain
funds
invest.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Funds'
performance.
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Agency
Bond
.......................................................................................................
$
(24,421,586)
BBB
Rated
Corporate
Bond
..............................................................................................
(967,836)
ESG
Advanced
Investment
Grade
Corporate
Bond
..............................................................................
(1,229,795)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Agency
Bond
....................................................
$
725,233,014
$
4,529,289
$
(12,583,617)
$
(8,054,328)
BBB
Rated
Corporate
Bond
..........................................
37,860,966
449,635
(1,921,685)
(1,472,050)
ESG
Advanced
Investment
Grade
Corporate
Bond
...........................
14,214,591
154,200
(1,559,994)
(1,405,794)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
iShares
Semi-Annual
Financial
Statements
38
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
08/31/24
Year
Ended
02/29/24
iShares
ETF
Shares
Amount
Shares
Amount
Agency
Bond
Shares
sold
1,050,000
$
113,502,040
1,750,000
$
186,940,326
Shares
redeemed
(850,000)
(91,031,471)
(2,000,000)
(214,848,910)
200,000
$
22,470,569
(250,000)
$
(27,908,584)
BBB
Rated
Corporate
Bond
Shares
sold
—
$
—
750,000
$
63,347,650
Shares
redeemed
—
—
(650,000)
(55,031,170)
—
$
—
100,000
$
8,316,480
Additional
Information
39
Additional
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2024
iShares
Semi-Annual
Financial
Statements
40
iShares
Agency
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below..
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
41
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
iShares
Semi-Annual
Financial
Statements
42
iShares
BBB
Rated
Corporate
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
43
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2024
iShares
Semi-Annual
Financial
Statements
44
iShares
ESG
Advanced
Investment
Grade
Corporate
Bond
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
45
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
2024
iShares
Semi-Annual
Financial
Statements
46
Portfolio
Abbreviation
DAC
Designated
Activity
Company
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
STRIPS
Separate
Trading
of
Registered
Interest
&
Principal
of
Securities
Currency
Abbreviation
USD
United
States
Dollar
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Bloomberg
Index
Services
Limited
or
Markit
Indices
Limited,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item
8 – Changes in and Disagreements with Accountants for Open-End Management
Investment Companies – See Item 7
Item 9 – Proxy Disclosures
for Open-End Management Investment Companies – See Item 7
Item 10
– Remuneration Paid to Directors, Officers, and Others of Open-End Management
Investment Companies – See Item 7
Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract
– See Item 7
Item
12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not
Applicable
Item
13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item
14 – Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers – Not
Applicable
Item
15 – Submission of Matters to a Vote of Security Holders – There have been no
material changes to these procedures.
Item
16 – Controls and Procedures
(a)
The registrant’s principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant’s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as
of a date within 90 days of the filing date of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the
1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended.
(b)
There were no changes in the registrant’s internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant’s internal control over financial
reporting.
Item
17 – Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies – Not Applicable
Item
18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item
19 – Exhibits attached hereto
(a)(1)
Code of Ethics – Not Applicable to this semi-annual
report
(a)(2) Any
policy required by the listing standards adopted pursuant to Rule 10D-1 under
the Exchange Act (17 CFR 240.10D-1) by the registered national securities
exchange or registered national securities association upon which the registrant’s
securities are listed – Not Applicable
(a)(4) Any written solicitation to purchase securities under Rule 23c-1
– Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not
Applicable
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
iShares
Trust
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
Trust
Date:
October 23, 2024
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
Trust
Date:
October 23, 2024
By: /s/ Trent Walker
Trent
Walker
Treasurer and Chief Financial Officer (principal
financial officer) of
iShares Trust
Date:
October 23, 2024