iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P^®500 Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000^®Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

The iShares California Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade municipal bonds issued in the State of California, as represented by the ICE AMT-Free California Municipal Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through September 14, 2021, reflects the performance of S&P California AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE AMT-Free California Municipal Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

The iShares National Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds, as represented by the ICE AMT-Free US National Municipal Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through September 14, 2021, reflects the performance of S&P National AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE AMT-Free US National Municipal Index.

The iShares New York Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade municipal bonds issued in the State of New York, as represented by the ICE AMT-Free New York Municipal Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through September 14, 2021, reflects the performance of S&P New York AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE AMT-Free New York Municipal Index.

The iShares Short-Term National Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities between one month and five years, as represented by the ICE Short Maturity AMT-Free US National Municipal Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through September 14, 2021, reflects the performance of S&P Short Term National AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE Short Maturity AMT-Free US National Municipal Index.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Par (000)		Value

Municipal Debt Obligations

California — 98.6%
Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)^(a)	$	200	$	211,741
Alameda Corridor Transportation Authority RB
0.00%, 10/01/32 (NPFGC)^(a)		745		518,264
0.00%, 10/01/47 ( 10/01/37)^(a)		1,630		824,290
0.00%, 10/01/48 ( 10/01/37)^(a)		665		335,786
0.00%, 10/01/49 ( 10/01/37)^(a)		665		335,301
0.00%, 10/01/50 ( 10/01/37)^(a)		2,195		1,101,737
0.00%, 10/01/51 ( 10/01/37) (AGM)^(a)		1,000		511,678
5.00%, 10/01/52 ( 10/01/32) (AGM)		285		300,616
Series A, 5.00%, 10/01/26 (Call 10/01/23)		300		308,382
series B, 4.00%, 10/01/35 (Call 10/01/26) (AGM)		255		259,505
Series B, 5.00%, 10/01/35 (Call 10/01/26)		2,000		2,090,701
Series B, 5.00%, 10/01/36 (Call 10/01/26)		2,000		2,088,206
Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM)		600		628,310
Alameda County Transportation Commission RB
5.00%, 03/01/40 ( 03/01/32)		4,215		4,835,543
5.00%, 03/01/45 ( 03/01/32)		2,000		2,266,766
Alhambra Unified School District GO, Series B, 0.00%, 08/01/39^(a)		5,100		2,577,429
Allan Hancock Joint Community College District/CA GO, Series C, 0.00%, 08/01/47 (Call 08/01/40)^(a)		1,295		861,225
Alvord Unified School District GO, Series B, 0.00%, 08/01/43 (AGM)^(a)		2,500		946,987
Anaheim Housing & Public Improvements Authority RB
Series A, 5.00%, 10/01/50 (Call 10/01/25)		200		209,497
Series C, 5.00%, 10/01/45 (Call 10/01/25)		1,500		1,574,128
Bay Area Toll Authority RB
4.00%, 04/01/29 (Call 04/01/27)		500		530,654
4.00%, 04/01/33 (Call 04/01/27)		1,200		1,249,980
4.00%, 04/01/42 (Call 04/01/27)		6,035		5,986,005
4.00%, 04/01/47 (Call 04/01/27)		2,500		2,417,708
4.00%, 04/01/49 (Call 04/01/27)		2,455		2,361,088
5.00%, 04/01/23		175		177,720
5.00%, 04/01/28		400		451,023
VRDN,2.00%, 04/01/53 (Put 10/01/23)^(b)(c)		1,955		1,924,507
VRDN,2.13%, 04/01/53 (Put 10/01/24)^(b)(c)		1,200		1,178,705
Series A, VRDN,2.95%, 04/01/47 (Put 10/01/25)^(b)(c)		740		743,077
Series B, VRDN,2.85%, 04/01/47 (Put 10/01/24)^(b)(c)		740		740,770
Series F-1, 5.00%, 04/01/54 (PR 04/01/24)		8,150		8,482,077
Series F-1, 5.00%, 04/01/56 (PR 04/01/27)		1,405		1,561,783
Series S-4, 5.00%, 04/01/32 (PR 04/01/23)		3,000		3,047,155
Series S-4, 5.00%, 04/01/38 (PR 04/01/23)		595		604,352
Series S-4, 5.00%, 04/01/43 (PR 04/01/23)		4,750		4,824,661
Series S-4, 5.25%, 04/01/48 (PR 04/01/23)		250		254,288
Series S-4, 5.25%, 04/01/53 (PR 04/01/23)		1,000		1,017,034
Series S-6, 5.00%, 10/01/54 (PR 10/01/24)		2,835		2,984,998
Series S-8, 3.00%, 04/01/54 (Call 10/01/29)		620		462,098
Series S-8, 5.00%, 04/01/56 (PR 10/01/29)		2,000		2,318,209
Bay Area Water Supply & Conservation Agency RB,
Series A, 5.00%, 10/01/34 (Call 04/01/23)		1,350		1,370,433
California Educational Facilities Authority RB
5.00%, 04/01/45 (Call 04/01/25)		1,000		1,034,716
5.00%, 10/01/49 (PR 04/01/26)		250		272,870
5.25%, 04/01/40		1,480		1,791,510
Series A, 5.00%, 10/01/53 (Call 10/01/28)		1,120		1,191,498
Series T-1, 5.00%, 03/15/39		700		822,674
Series U-3, 5.00%, 06/01/43		2,360		2,791,098


Security	Par (000)		Value

California (continued)
Series U-6, 5.00%, 05/01/45	$	5,010	$	5,918,799
Series U-7, 5.00%, 06/01/46		2,650		3,134,760
Series V-1, 5.00%, 05/01/29		500		577,784
Series V-1, 5.00%, 05/01/49		7,260		8,599,561
California Infrastructure & Economic Development Bank RB
5.00%, 10/01/22		1,500		1,503,372
5.00%, 10/01/23		675		694,372
5.00%, 10/01/26 (Call 04/01/26)		3,240		3,538,207
5.00%, 10/01/28 (Call 04/01/28)		545		618,312
5.00%, 05/15/42 (Call 05/15/28)		1,000		1,084,294
5.00%, 10/01/43 (Call 04/01/28)		2,000		2,195,732
5.00%, 10/01/48 (Call 04/01/28)		125		136,594
5.00%, 08/01/49 (Call 08/01/29)		3,125		3,327,053
Series A, 4.00%, 10/01/45 (PR 10/01/26)		500		530,782
Series A, 5.00%, 07/01/23 (ETM) (AGM)		250		255,639
Series A, 5.00%, 07/01/25 (ETM) (FGIC)		300		322,020
Series A, 5.00%, 07/01/29 (PR 01/01/28) (FGIC)		810		898,325
Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC)		1,370		1,550,705
Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC)		740		837,607
Series A, 5.00%, 10/01/41 (PR 10/01/26)		700		771,003
California Municipal Finance Authority RB
5.00%, 01/01/48 (PR 01/01/28)		1,000		1,131,902
Series A, 5.00%, 06/01/42 (Call 06/01/27)		500		535,400
California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)^(a)		2,100		502,526
California State Public Works Board RB
5.00%, 02/01/23		10,000		10,111,725
5.00%, 08/01/28		1,000		1,136,629
5.00%, 11/01/40 (Call 11/01/31)		1,000		1,114,951
5.00%, 11/01/46 (Call 11/01/31)		4,350		4,778,512
Series A, 5.00%, 09/01/22		575		575,000
Series A, 5.00%, 02/01/26		2,000		2,167,336
Series A, 5.00%, 09/01/26 (Call 09/01/24)		1,350		1,416,792
Series A, 5.00%, 09/01/28 (Call 09/01/24)		1,265		1,327,081
Series A, 5.00%, 09/01/29 (Call 09/01/24)		2,205		2,312,331
Series A, 5.00%, 09/01/32 (Call 09/01/24)		1,000		1,048,277
Series A, 5.00%, 09/01/34 (Call 09/01/24)		1,000		1,046,085
Series A, 5.00%, 03/01/38 (Call 03/01/23)		695		703,132
Series B, 5.00%, 10/01/23		180		185,068
Series B, 5.00%, 10/01/27		340		381,172
Series B, 5.00%, 10/01/29 (Call 10/01/27)		250		279,374
Series B, 5.00%, 10/01/39 (Call 10/01/24)		2,000		2,089,213
Series C, 5.00%, 11/01/24		1,155		1,217,709
Series C, 5.00%, 11/01/27		1,100		1,235,015
Series C, 5.00%, 11/01/29		1,530		1,769,926
Series C, 5.00%, 11/01/34 (Call 11/01/26)		1,575		1,700,887
Series D, 5.00%, 06/01/25		350		373,806
Series D, 5.00%, 06/01/27 (Call 06/01/23)		340		346,598
Series E, 5.00%, 06/01/28 (Call 06/01/23)		895		912,368
Series F, 5.00%, 05/01/23		795		809,049
Series F, 5.00%, 05/01/25		300		319,814
Series F, 5.00%, 05/01/27 (Call 05/01/25)		930		991,199
Series F, 5.00%, 05/01/28 (Call 05/01/25)		350		372,981
Series G, 5.00%, 11/01/23 (Call 11/01/22)		250		251,155
Series G, 5.00%, 11/01/26 (Call 11/01/22)		270		271,248
Series G, 5.00%, 11/01/27 (Call 11/01/22)		670		673,096
Series G, 5.00%, 11/01/30 (Call 11/01/22)		1,040		1,044,806
Series G, 5.00%, 11/01/37 (Call 11/01/22)		1,350		1,356,238
Series I, 5.00%, 11/01/25 (Call 11/01/23)		1,990		2,049,951
Series I, 5.00%, 11/01/38 (Call 11/01/23)		2,270		2,330,454


Security	Par (000)		Value

California (continued)
Series I, 5.25%, 11/01/27 (Call 11/01/23)	$	960	$	991,322
Series I, 5.50%, 11/01/31 (Call 11/01/23)		1,615		1,670,029
Series I, 5.50%, 11/01/33 (Call 11/01/23)		2,400		2,478,132
California State University RB
4.00%, 11/01/29 (Call 11/01/22)		1,000		1,002,900
5.00%, 11/01/26		370		410,257
Series A, 4.00%, 11/01/28 (PR 11/01/22)		200		200,580
Series A, 4.00%, 11/01/37 (Call 05/01/26)		2,455		2,480,105
Series A, 4.00%, 11/01/38 (Call 05/01/26)		500		502,520
Series A, 4.00%, 11/01/43 (Call 11/01/25)		200		196,163
Series A, 4.00%, 11/01/45 (Call 05/01/26)		935		905,726
Series A, 5.00%, 11/01/22		1,845		1,853,403
Series A, 5.00%, 11/01/23		665		685,500
Series A, 5.00%, 11/01/24 (PR 11/01/23)		1,575		1,624,105
Series A, 5.00%, 11/01/26 (PR 11/01/24)		400		422,673
Series A, 5.00%, 11/01/27 (Call 05/01/26)		1,085		1,189,178
Series A, 5.00%, 11/01/27 (PR 11/01/22)		2,015		2,024,312
Series A, 5.00%, 11/01/27 (PR 11/01/24)		400		422,673
Series A, 5.00%, 11/01/28 (PR 11/01/24)		3,370		3,561,019
Series A, 5.00%, 11/01/29 (Call 05/01/26)		1,020		1,113,680
Series A, 5.00%, 11/01/29 (PR 11/01/24)		1,425		1,505,772
Series A, 5.00%, 11/01/30 (Call 05/01/27)		520		576,294
Series A, 5.00%, 11/01/30 (PR 11/01/24)		505		533,625
Series A, 5.00%, 11/01/31 (Call 11/01/25)		2,500		2,693,695
Series A, 5.00%, 11/01/31 (Call 05/01/27)		500		552,150
Series A, 5.00%, 11/01/32 (Call 05/01/26)		1,500		1,623,950
Series A, 5.00%, 11/01/32 (PR 11/01/24)		2,000		2,113,364
Series A, 5.00%, 11/01/33 (Call 11/01/25)		500		537,880
Series A, 5.00%, 11/01/33 (PR 11/01/24)		1,500		1,585,023
Series A, 5.00%, 11/01/35 (Call 11/01/25)		2,780		2,982,887
Series A, 5.00%, 11/01/35 (Call 05/01/27)		450		491,919
Series A, 5.00%, 11/01/36 (Call 05/01/27)		485		529,002
Series A, 5.00%, 11/01/37 (Call 05/01/27)		1,780		1,938,762
Series A, 5.00%, 11/01/37 (PR 11/01/22)		325		326,502
Series A, 5.00%, 11/01/39 (Call 11/01/29)		1,515		1,680,527
Series A, 5.00%, 11/01/39 (PR 11/01/24)		500		528,341
Series A, 5.00%, 11/01/41 (Call 05/01/26)		650		694,192
Series A, 5.00%, 11/01/43 (Call 11/01/25)		1,665		1,771,600
Series A, 5.00%, 11/01/44 (PR 11/01/24)		1,290		1,363,120
Series A, 5.00%, 11/01/45 (Call 05/01/26)		760		808,296
Series A, 5.00%, 11/01/47 (Call 11/01/25)		1,300		1,379,783
Series A, 5.00%, 11/01/48 (Call 11/01/28)		4,050		4,381,027
Series B-3, VRDN,4.00%, 11/01/51 (Put 05/01/23)^(b)(c)		3,245		3,273,809
Series C, 4.00%, 11/01/45 (Call 11/01/30)		3,720		3,603,530
California Statewide Communities Development Authority RB, 5.00%, 05/15/40 (Call 05/15/26)		250		256,002
Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (PR 08/01/26)		2,000		2,125,380
Centinela Valley Union High School District GO, Series B,
4.00%, 08/01/50 (Call 08/01/26) (AGM)		300		284,271
Cerritos Community College District GO
Series A, 4.00%, 08/01/44 (Call 08/01/24)		250		250,193
Series A, 5.00%, 08/01/39 (Call 08/01/24)		2,790		2,904,982
Series C, 3.00%, 08/01/44 (Call 08/01/29)		250		204,534
Series D, 0.00%, 08/01/26^(a)		545		486,639
Chabot-Las Positas Community College District GO
4.00%, 08/01/33 (Call 08/01/26)		1,000		1,034,007
4.00%, 08/01/34 (Call 08/01/26)		1,000		1,027,776
Series 2016, 5.00%, 08/01/24 (PR 08/01/23)		115		117,843
Series 2016, 5.00%, 08/01/27 (PR 08/01/23)		500		512,359


Security	Par (000)		Value

California (continued)
Series 2016, 5.00%, 08/01/29 (PR 08/01/23)	$	1,500	$	1,537,077
Series 2016, 5.00%, 08/01/31 (PR 08/01/23)		2,800		2,869,210
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,290		1,269,635
Series A, 4.00%, 08/01/47 (Call 08/01/27)		1,000		959,780
Chaffey Community College District GO, 3.00%,
06/01/33( 06/01/28)		1,800		1,714,873
Chaffey Joint Union High School District GO, Series B,
4.00%, 08/01/44 (Call 02/01/25)		500		500,485
Chino Basin Regional Financing Authority RB, Series B,
4.00%, 11/01/25 (Call 08/01/25)		7,290		7,637,571
City & County of San Francisco CA GO
5.00%, 06/15/26		500		549,355
5.00%, 06/15/27		500		561,466
Series R, 5.00%, 06/15/28		3,500		4,002,187
Series R1, 5.00%, 06/15/24 (Call 06/15/23)		175		178,617
Series R1, 5.00%, 06/15/25		1,315		1,411,540
Series R1, 5.00%, 06/15/26 (Call 06/15/23)		550		561,251
Series R1, 5.00%, 06/15/31 (Call 06/15/28)		1,500		1,699,961
City of Long Beach CA Harbor Revenue RB
Series A, 5.00%, 05/15/44 (Call 05/15/29)		2,000		2,189,486
Series C, 5.00%, 05/15/47 (Call 05/15/27)		1,500		1,612,696
City of Los Angeles CA Wastewater System Revenue RB
Series A, 4.00%, 06/01/42 (Call 06/01/27)		500		492,685
Series A, 5.00%, 06/01/35 (Call 06/01/23)		2,450		2,494,058
Series A, 5.00%, 06/01/43 (Call 06/01/23)		1,435		1,457,912
Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,000		1,084,064
Series B, 5.00%, 06/01/23		760		774,863
Series B, 5.00%, 06/01/27		3,850		4,314,197
Series C, 5.00%, 06/01/29		2,000		2,320,768
Series C, 5.00%, 06/01/30		2,000		2,345,387
Series C, 5.00%, 06/01/32		2,500		2,968,766
Series C, 5.00%, 06/01/45 (Call 06/01/25)		915		956,008
City of Los Angeles Department of Airports RB
5.00%, 05/15/28		280		318,416
5.00%, 05/15/48 (Call 05/15/29)		1,000		1,065,928
Series A, 5.00%, 05/15/26		1,000		1,093,301
Series A, 5.00%, 05/15/32 (Call 11/15/29)		1,070		1,228,089
Series A, 5.00%, 05/15/36 (Call 11/15/29)		5,330		5,903,198
Series A, 5.00%, 05/15/39 (Call 11/15/29)		4,430		4,868,601
Series A, 5.00%, 05/15/40 (Call 11/15/29)		1,425		1,557,996
Series B, 5.00%, 05/15/25		1,135		1,213,467
Series B, 5.00%, 05/15/32 (Call 05/15/30)		1,000		1,156,975
Series B, 5.00%, 05/15/35 (Call 05/15/31)		2,100		2,363,730
Series B, 5.00%, 05/15/42 (Call 05/15/27)		2,000		2,116,283
Series B, 5.00%, 05/15/45 (Call 05/15/31)		2,705		2,937,463
Series B, 5.00%, 05/15/48 (Call 05/15/31)		450		487,147
Series C, 5.00%, 05/15/25		500		534,567
Series C, 5.00%, 05/15/38 (Call 05/15/25)		1,750		1,830,783
Series E, 5.00%, 05/15/44 (Call 11/15/28)		1,500		1,602,296
City of Riverside CA Electric Revenue RB
Series A, 5.00%, 10/01/36 (Call 04/01/29)		1,025		1,144,522
Series A, 5.00%, 10/01/48 (Call 04/01/29)		2,000		2,173,348
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25)		500		530,695
City of Sacramento CA Transient Occupancy Tax Revenue RB, Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,000		1,056,222
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/42 (PR 09/01/23)		2,380		2,443,943


Security	Par (000)		Value

California (continued)
City of San Francisco CA Public Utilities Commission Water Revenue RB
4.00%, 11/01/30 (Call 11/01/26)	$	1,035	$	1,095,974
4.00%, 11/01/36 (Call 11/01/26)		2,500		2,544,272
5.00%, 11/01/25		445		481,754
5.00%, 11/01/25 (Call 05/01/25)		1,700		1,818,876
5.00%, 11/01/27 (Call 11/01/26)		1,945		2,151,995
5.00%, 11/01/29 (Call 11/01/26)		1,405		1,551,395
5.00%, 11/01/31 (Call 11/01/26)		1,945		2,134,518
5.00%, 11/01/32 (Call 05/01/25)		1,000		1,062,705
5.00%, 11/01/34 (Call 11/01/26)		1,740		1,894,746
Series A, 5.00%, 11/01/33 (Call 11/01/26)		1,835		2,002,843
Series A, 5.00%, 11/01/50 (Call 11/01/30)		2,380		2,595,589
Series B, 5.00%, 11/01/50 (Call 11/01/27)		2,000		2,172,659
Series D, 5.00%, 11/01/33 (Call 11/01/27)		1,000		1,111,472
City of San Jose CA GO
Series A, 5.00%, 09/01/39 (Call 03/01/31)		3,150		3,545,025
Series A, 5.00%, 09/01/42 (Call 03/01/31)		6,075		6,781,270
Series A, 5.00%, 09/01/43 (Call 03/01/31)		2,000		2,227,030
Series A-1, 5.00%, 09/01/45 (Call 03/01/29)		2,650		2,901,983
Series C, 5.00%, 09/01/28		370		423,126
Clovis Unified School District GO
4.00%, 08/01/40 (PR 08/01/25)		115		120,193
Series D, 4.00%, 08/01/40 (Call 08/01/25)		135		135,375
Coast Community College District GO
0.00%, 08/01/34 (Call 08/01/25)^(a)		500		315,812
4.00%, 08/01/32 (Call 08/15/25)		2,500		2,614,354
5.00%, 08/01/29 (PR 08/15/25)		4,905		5,272,759
5.00%, 08/01/31 (Call 08/15/25)		2,335		2,510,070
5.00%, 08/01/36 ( 08/01/27)		1,500		1,684,527
Series A, 4.00%, 08/01/38 (PR 08/01/23)		1,500		1,523,180
Series A, 5.00%, 08/01/24 (PR 08/01/23)		565		578,966
Series A, 5.00%, 08/01/38 (PR 08/01/23)		1,860		1,905,975
Series B, 0.00%, 08/01/27 (AGM)^(a)		320		278,928
Series B, 0.00%, 08/01/28 (AGM)^(a)		150		126,590
Series D, 4.00%, 08/01/42 (Call 08/01/27)		500		499,148
Series F, 0.00%, 08/01/43 (Call 08/01/29)^(a)		1,000		407,613
Series F, 3.00%, 08/01/39 (Call 02/01/29)		2,460		2,162,664
Contra Costa Community College District GO
Series 2006, 5.00%, 08/01/38 (PR 08/01/23)		3,475		3,560,895
Series 2014-A, 4.00%, 08/01/39 (Call 08/01/24)		1,250		1,256,012
Contra Costa Water District RB, Series W, 5.00%, 10/01/51 (Call 10/01/31)		5,775		6,428,081
County of Sacramento CA Airport System Revenue RB
Series A, 5.00%, 07/01/41 (Call 07/01/26)		1,000		1,058,644
Series B, 5.00%, 07/01/38 (Call 07/01/28)		1,000		1,072,903
Series B, 5.00%, 07/01/41 (Call 07/01/26)		800		840,741
County of Santa Clara CA GO
Series B, 5.00%, 08/01/34 (Call 08/01/32)		5,890		6,902,687
Series C, 4.00%, 08/01/38 (Call 08/01/27)		750		764,683
Desert Community College District GO
4.00%, 08/01/39 (Call 08/01/27)		500		501,467
5.00%, 08/01/37 (PR 02/01/26)		1,000		1,087,436
Desert Sands Unified School District GO, Series 2014, 4.00%, 08/01/44 (Call 08/01/27)		1,000		970,541
East Bay Municipal Utility District Water System Revenue RB
Series A, 5.00%, 06/01/27 (Call 06/01/25)		1,005		1,077,543
Series A, 5.00%, 06/01/28 (Call 06/01/25)		250		267,917
Series A, 5.00%, 06/01/29 (Call 06/01/25)		300		321,271


Security	Par (000)		Value

California (continued)
Series A, 5.00%, 06/01/35 (Call 06/01/25)	$	540	$	575,946
Series A, 5.00%, 06/01/37 (Call 06/01/32)		2,000		2,328,697
Series A, 5.00%, 06/01/42 (Call 06/01/27)		1,075		1,171,296
Series A, 5.00%, 06/01/45 (Call 06/01/27)		1,000		1,085,586
Series B, 5.00%, 06/01/23		1,510		1,539,983
Series B, 5.00%, 06/01/24		850		888,680
Series B, 5.00%, 06/01/25		325		348,450
Series B, 5.00%, 06/01/29 (Call 06/01/27)		2,200		2,454,111
Series B, 5.00%, 06/01/33 (Call 06/01/27)		1,000		1,113,892
Series C, 4.00%, 06/01/45 (Call 06/01/25)		4,660		4,662,322
Eastern Municipal Water District Financing Authority RB
Series A, 4.00%, 07/01/38 (Call 07/01/30)		2,310		2,381,770
Series A, 5.00%, 07/01/36 (Call 07/01/30)		3,000		3,390,603
Series D, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,077,485
El Camino Community College District Foundation (The) GO
Series A, 4.00%, 08/01/45 (Call 08/01/26)		500		500,367
Series C, 0.00%, 08/01/32^(a)		700		498,171
Series C, 0.00%, 08/01/33^(a)		125		85,263
Series C, 0.00%, 08/01/34^(a)		2,050		1,327,083
El Dorado Irrigation District RB, Series A, 5.00%, 03/01/34 (PR 03/01/24) (AGM)		250		259,978
El Monte Union High School District GO, Series B, 4.00%, 06/01/46 (Call 06/01/27)		3,950		3,810,337
Elk Grove Unified School District GO, Series 2016, 4.00%, 08/01/46 (Call 08/01/26)		2,000		1,936,598
Escondido Union High School District GO
0.00%, 08/01/37 (AGC)^(a)		190		104,965
Series C, 0.00%, 08/01/46^(a)		985		332,247
Series C, 0.00%, 08/01/51^(a)		1,155		309,839
Foothill-De Anza Community College District GO
0.00%, 08/01/36^(a)		950		567,644
4.00%, 08/01/40 (Call 08/01/26)		3,960		4,007,015
Series A, 3.00%, 08/01/40 (Call 08/01/31)		5,160		4,439,537
Foothill-Eastern Transportation Corridor Agency RB
0.00%, 01/15/33^(a)		750		482,233
0.00%, 01/15/34 (AGM)^(a)		3,500		2,236,664
0.00%, 01/15/35 (AGM)^(a)		300		182,409
Series A, 0.00%, 01/01/23 (ETM)^(a)		225		223,278
Series A, 0.00%, 01/15/23 (AGM)^(a)		500		495,046
Series A, 0.00%, 01/01/25 (ETM)^(a)		880		830,491
Series A, 0.00%, 01/01/26 (ETM)^(a)		1,165		1,070,722
Series A, 0.00%, 01/01/28 (ETM)^(a)		440		382,954
Series A, 0.00%, 01/01/29 (ETM)^(a)		500		422,604
Series A, 0.00%, 01/01/30 (ETM) (AGC-ICC, AGM-CR)^(a)		320		262,133
Series A, 0.00%, 01/15/36 (AGM)^(a)		1,490		862,825
Series A, 0.00%, 01/15/37 (AGM)^(a)		3,000		1,648,934
Series A, 4.00%, 01/15/46 (Call 01/15/31)		12,000		11,284,986
Series A, 5.00%, 01/15/42 (Call 01/15/24) (AGM)		3,000		3,085,831
Series A, 6.00%, 01/15/49 (PR 01/15/24)		2,445		2,564,642
Series A, 6.00%, 01/15/53 (PR 01/15/24)		3,745		3,928,255
Series B-1, VRDN,3.95%, 01/15/53 (Put 07/15/27)^(b)(c)		1,200		1,085,137
Fremont Unified School District/Alameda County CA GO, Series A, 4.00%, 08/01/46 (PR 08/01/24)		1,080		1,113,699
Fremont Union High School District GO 4.00%, 08/01/40 (Call 08/01/24)		1,950		1,961,708
Series A, 3.00%, 08/01/40 (Call 08/01/29)		4,000		3,458,230
Series A, 4.00%, 08/01/46 (Call 08/01/27)		10,405		10,292,706
Series A, 5.00%, 08/01/44 (Call 08/01/27)		1,000		1,073,867


Security	Par (000)		Value

California (continued)
Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (PR 09/01/25)	$	350	$	365,720
Grossmont Union High School District GO, Series 2004,
0.00%, 08/01/24 (NPFGC)^(a)		140		133,063
Grossmont-Cuyamaca Community College District GO,
Series B, 4.00%, 08/01/47 (Call 08/01/28)		1,000		956,818
Hayward Area Recreation & Park District GO, Series A,
4.00%, 08/01/46 (Call 08/01/27)		1,000		990,718
Hayward Unified School District GO, Series A, 4.00%,
08/01/48 (Call 08/01/28) (BAM)		1,000		960,235
Imperial Irrigation District Electric System Revenue RB,
Series B-1, 5.00%, 11/01/46 (Call 11/01/26)		500		530,777
Irvine Ranch Water District SA, 5.25%, 02/01/46
(Call 08/01/26)		1,000		1,078,228
Lodi Unified School District/CA GO, 3.00%,
08/01/43( 08/01/27)		5,465		4,383,054
Long Beach Community College District GO
Series B, 0.00%, 08/01/49 (Call 08/01/42)^(a)		250		178,137
Series C, 4.00%, 08/01/45 (Call 08/01/28)		400		384,569
Series C, 4.00%, 08/01/49 (Call 08/01/28)		300		285,058
Long Beach Unified School District GO
3.00%, 08/01/47 (Call 08/01/29)		1,575		1,236,147
Series B, 3.00%, 08/01/48 (Call 08/01/29)		650		505,920
Series B, 3.00%, 08/01/50 (Call 08/01/29)		5,345		4,107,938
Series B, 4.00%, 08/01/45 (Call 08/01/29)		500		480,711
Series D-1, 0.00%, 08/01/33 (Call 02/01/25)^(a)		1,750		1,137,639
Series D-1, 0.00%, 08/01/39 (Call 02/01/25)^(a)		200		98,828
Los Angeles Community College District/CA GO
Series A, 4.00%, 08/01/32 (PR 08/01/24)		1,100		1,134,950
Series A, 5.00%, 08/01/23		985		1,009,076
Series A, 5.00%, 08/01/25 (PR 08/01/24)		1,260		1,324,218
Series A, 5.00%, 08/01/27 (PR 08/01/24)		235		246,977
Series A, 5.00%, 08/01/28 (PR 08/01/24)		470		493,954
Series A, 5.00%, 08/01/29 (PR 08/01/24)		4,505		4,734,604
Series A, 5.00%, 08/01/30 (PR 08/01/24)		4,765		5,007,855
Series A, 5.00%, 08/01/31 (PR 08/01/24)		525		551,757
Series C, 5.00%, 08/01/25		345		372,052
Series C, 5.00%, 06/01/26		2,395		2,633,642
Series K, 3.00%, 08/01/39 (Call 08/01/26)		855		738,803
Series K, 4.00%, 08/01/34 (Call 08/01/26)		1,000		1,025,722
Series K, 4.00%, 08/01/36 (Call 08/01/26)		3,185		3,245,555
Series K, 4.00%, 08/01/38 (Call 08/01/26)		1,460		1,483,154
Series K, 4.00%, 08/01/39 (Call 08/01/26)		2,240		2,269,455
Los Angeles County CA, 4.00%, 06/30/23		1,595		1,617,061
Los Angeles County Facilities Inc. RB
Series A, 4.00%, 12/01/48 (Call 12/01/28)		500		476,298
Series A, 5.00%, 12/01/43 (Call 12/01/28)		1,000		1,087,709
Los Angeles County Metropolitan Transportation Authority RB
Series A, 4.00%, 06/01/35 (Call 06/01/30)		930		966,572
Series A, 4.00%, 06/01/37 (Call 06/01/30)		1,250		1,280,592
Series A, 5.00%, 06/01/24		1,000		1,044,278
Series A, 5.00%, 07/01/24		2,185		2,288,928
Series A, 5.00%, 06/01/25		4,050		4,342,228
Series A, 5.00%, 06/01/26		745		818,951
Series A, 5.00%, 06/01/27		310		347,822
Series A, 5.00%, 06/01/28		1,130		1,288,387
Series A, 5.00%, 07/01/28 (Call 07/01/27)		250		280,127
Series A, 5.00%, 06/01/30		3,950		4,646,308
Series A, 5.00%, 06/01/31 (Call 06/01/30)		2,000		2,343,041


Security	Par (000)		Value

California (continued)
Series A, 5.00%, 06/01/32 (Call 06/01/30)	$	2,500	$	2,905,285
Series A, 5.00%, 07/01/32 (Call 07/01/23)		295		301,481
Series A, 5.00%, 06/01/33 (Call 06/01/30)		3,010		3,467,387
Series A, 5.00%, 06/01/33 (Call 06/01/31)		2,020		2,375,681
Series A, 5.00%, 06/01/34 (Call 06/01/27)		1,000		1,099,338
Series A, 5.00%, 06/01/37 (Call 06/01/30)		1,065		1,208,964
Series A, 5.00%, 07/01/37 (Call 07/01/27)		1,000		1,095,938
Series A, 5.00%, 07/01/38 (Call 07/01/27)		1,390		1,520,531
Series A, 5.00%, 07/01/39 (Call 07/01/27)		2,890		3,156,730
Series A, 5.00%, 07/01/39 (Call 07/01/31)		1,500		1,709,202
Series A, 5.00%, 07/01/40 (Call 07/01/27)		2,175		2,372,152
Series A, 5.00%, 07/01/42 (Call 07/01/27)		2,400		2,609,495
Los Angeles County Public Works Financing Authority RB
4.00%, 12/01/46 (Call 12/01/31)		2,000		1,960,055
Series A, 5.00%, 12/01/39 (Call 12/01/24)		500		520,675
Series D, 4.00%, 12/01/40 (Call 12/01/25)		1,895		1,905,186
Series D, 5.00%, 12/01/45 (Call 12/01/25)		535		562,277
Series E-1, 5.00%, 12/01/44 (Call 12/01/29)		1,000		1,104,243
Los Angeles County Sanitation Districts Financing Authority RB
Series A, 4.00%, 10/01/42 (Call 10/01/26)		2,275		2,230,188
Series A, 5.00%, 10/01/34 (Call 10/01/25)		500		535,876
Los Angeles Department of Water & Power Power System Revenue RB
Series A, 5.00%, 07/01/23 (Call 01/01/23)		370		373,352
Series A, 5.00%, 07/01/28 (Call 01/01/28)		975		1,099,232
Series A, 5.00%, 07/01/30 (Call 01/01/25)		1,000		1,058,396
Series A, 5.00%, 07/01/32 (Call 01/01/25)		855		903,174
Series A, 5.00%, 07/01/45 (Call 01/01/29)		1,510		1,643,020
Series B, 5.00%, 07/01/23		2,195		2,244,874
Series B, 5.00%, 07/01/24 (Call 07/01/23)		1,025		1,047,786
Series B, 5.00%, 07/01/25 (Call 06/01/25)		1,495		1,598,297
Series B, 5.00%, 07/01/31 (Call 07/01/23)		955		974,947
Series B, 5.00%, 07/01/32 (Call 01/01/29)		1,760		1,991,326
Series C, 5.00%, 07/01/23		100		102,272
Series C, 5.00%, 07/01/49 (Call 07/01/29)		7,455		8,113,402
Los Angeles Department of Water & Power RB
5.00%, 07/01/43 (Call 07/01/32)		5,160		5,777,232
5.00%, 07/01/51 (Call 07/01/31)		2,575		2,798,202
Series A, 5.00%, 07/01/26		3,635		3,979,606
Series A, 5.00%, 07/01/27		1,400		1,564,754
Series B, 5.00%, 07/01/39 (Call 07/01/30)		2,350		2,614,030
Series B, 5.00%, 07/01/40 (Call 07/01/30)		2,500		2,769,076
Series D, 5.00%, 07/01/32 (Call 07/01/29)		1,000		1,140,891
Series D, 5.00%, 07/01/37 (Call 07/01/29)		4,865		5,436,663
Series D, 5.00%, 07/01/49 (Call 07/01/29)		1,500		1,632,475
Los Angeles Department of Water & Power Water System Revenue RB
5.00%, 07/01/52 (Call 01/01/32)		3,000		3,279,644
Series A, 5.00%, 07/01/38 (Call 01/01/26)		1,330		1,415,763
Series A, 5.00%, 07/01/41 (Call 01/01/27)		2,000		2,147,389
Series A, 5.00%, 07/01/44 (Call 01/01/27)		2,000		2,138,884
Series A, 5.00%, 07/01/46 (Call 01/01/26)		5,000		5,281,837
Series A, 5.00%, 07/01/48 (Call 01/01/28)		1,000		1,079,751
Series A, 5.00%, 07/01/50 (Call 07/01/30)		1,000		1,083,147
Series B, 4.00%, 07/01/27		415		445,742
Series B, 5.00%, 07/01/23		290		296,589
Series B, 5.00%, 07/01/24 (Call 07/01/23)		2,415		2,468,686
Series B, 5.00%, 07/01/27 (Call 07/01/23)		520		531,642
Series B, 5.00%, 07/01/28 (Call 07/01/23)		585		598,048


Security	Par (000)		Value

California (continued)
Series B, 5.00%, 07/01/30 (Call 07/01/23)	$	8,000	$	8,173,096
Series B, 5.00%, 07/01/33 (Call 07/01/23)		500		510,361
Series B, 5.00%, 07/01/43 (Call 07/01/28)		2,425		2,647,642
Series B, 5.00%, 07/01/46 (Call 01/01/26)		250		264,092
Series C, 5.00%, 07/01/36 (Call 07/01/30)		2,500		2,818,097
Los Angeles Department of Water & Power, RB
Series A, 5.00%, 07/01/27 (Call 01/01/23)		875		882,716
Series A, 5.00%, 07/01/28 (Call 01/01/25)		1,290		1,366,263
Series A, 5.00%, 07/01/34 (Call 01/01/25)		625		658,425
Series A, 5.00%, 07/01/42 (Call 01/01/27)		695		743,956
Series A, 5.00%, 07/01/46 (Call 01/01/26)		1,000		1,055,072
Series A, 5.00%, 07/01/47 (Call 01/01/27)		1,000		1,065,430
Series B, 5.00%, 01/01/24 (Call 12/01/23)		330		341,065
Series B, 5.00%, 07/01/26 (Call 06/01/26)		640		699,649
Series B, 5.00%, 07/01/28 (Call 07/01/23)		1,000		1,021,970
Series B, 5.00%, 07/01/29 (Call 07/01/23)		585		597,804
Series B, 5.00%, 07/01/30 (Call 07/01/23)		500		510,652
Series B, 5.00%, 07/01/42 (Call 01/01/26)		2,230		2,360,660
Series B, 5.00%, 07/01/43 (Call 01/01/24)		940		967,342
Series C, 5.00%, 07/01/25 (Call 07/01/24)		1,010		1,056,742
Series C, 5.00%, 07/01/26 (Call 07/01/24)		2,000		2,093,292
Series C, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,072,399
Series D, 5.00%, 07/01/35 (Call 07/01/24)		1,550		1,615,774
Series D, 5.00%, 07/01/39 (Call 07/01/24)		3,700		3,848,911
Series D, 5.00%, 07/01/44 (Call 07/01/24)		500		519,486
Series E, 5.00%, 07/01/44 (Call 07/01/24)		500		519,486
Los Angeles Unified School District/CA GO
4.00%, 07/01/32 ( 01/01/31)		440		474,339
5.00%, 07/01/27		1,250		1,399,525
5.00%, 07/01/28		645		735,117
5.00%, 07/01/28 (Call 07/01/24)		1,155		1,211,424
Series A, 5.00%, 07/01/23		625		639,097
Series A, 5.00%, 07/01/24		7,000		7,341,963
Series A, 5.00%, 07/01/25		5,270		5,656,820
Series A, 5.00%, 07/01/26		5,610		6,156,946
Series A, 5.00%, 07/01/27		3,500		3,918,669
Series A, 5.00%, 07/01/28		2,785		3,174,111
Series A, 5.00%, 07/01/29		1,850		2,144,399
Series A, 5.00%, 07/01/29 (Call 07/01/25)		1,000		1,071,994
Series A, 5.00%, 07/01/31 (Call 07/01/29)		1,000		1,147,706
Series A, 5.00%, 07/01/40 (Call 07/01/25)		4,000		4,235,386
Series B, 5.00%, 07/01/30 (Call 07/01/26)		1,000		1,089,721
Series B1, 5.00%, 07/01/28 (Call 01/01/28)		1,455		1,641,168
Series B-1, 4.00%, 07/01/24		740		762,016
Series B-1, 5.00%, 07/01/30 (Call 01/01/28)		500		560,761
Series B-1, 5.00%, 07/01/31 (Call 01/01/28)		500		560,059
Series B-1, 5.00%, 07/01/33 (Call 01/01/28)		2,000		2,221,639
Series B-1, 5.00%, 07/01/37 (Call 01/01/28)		1,000		1,098,394
Series B-1, 5.25%, 07/01/42 (Call 01/01/28)		2,000		2,202,228
Series C, 3.00%, 07/01/38 (Call 07/01/30)		1,000		868,031
Series C, 4.00%, 07/01/31 (Call 07/01/30)		1,000		1,083,472
Series C, 4.00%, 07/01/39 (Call 07/01/30)		2,620		2,649,701
Series C, 4.00%, 07/01/44 (Call 07/01/30)		3,700		3,561,712
Series C, 5.00%, 07/01/26 (Call 07/01/24)		460		482,387
Series C, 5.00%, 07/01/27 (Call 07/01/24)		1,800		1,887,271
Series C, 5.00%, 07/01/30 (Call 07/01/24)		750		787,191
Series RYQ, 4.00%, 07/01/37 (Call 07/01/30)		3,500		3,584,489
Series RYQ, 4.00%, 07/01/40 (Call 07/01/30)		200		197,655
Series RYQ, 4.00%, 07/01/44 (Call 07/01/30)		10,475		10,083,495
Series RYQ, 5.00%, 07/01/28		1,145		1,304,976


Security	Par (000)		Value

California (continued)
Los Rios Community College District GO, Series E, 3.00%, 08/01/24	$	600	$	604,424
Manhattan Beach Unified School District GO, 4.00%, 09/01/46( 09/01/28)		5,000		4,953,630
Marin Community College District GO, Series B, 4.00%, 08/01/40 (PR 02/01/27)		2,400		2,569,622
Mendocino-Lake Community College District GO, Series B, 0.00%, 08/01/51 (AGM)^(a)		250		60,993
Menlo Park City School District GO, Series 2006, 0.00%, 07/01/44 (Call 07/01/32)^(a)		435		406,602
Mesa Water District COP, 5.00%, 03/15/50 (Call 03/15/30)		4,380		4,774,475
Metropolitan Water District of Southern California RB
5.00%, 10/01/27		175		197,172
5.00%, 10/01/29		2,000		2,330,895
5.00%, 10/01/31		2,000		2,387,082
5.00%, 10/01/33 ( 10/01/32)		1,000		1,191,244
5.00%, 07/01/37 ( 01/01/29)		1,000		1,115,188
5.00%, 10/01/39 ( 04/01/31)		1,680		1,922,127
Series A, 2.50%, 07/01/26		230		229,877
Series A, 5.00%, 07/01/25		125		134,068
Series A, 5.00%, 07/01/26		1,000		1,096,725
Series A, 5.00%, 07/01/27		790		884,883
Series A, 5.00%, 07/01/30 (Call 01/01/26)		1,000		1,085,394
Series A, 5.00%, 07/01/31 (Call 01/01/29)		1,075		1,232,544
Series A, 5.00%, 07/01/34 (Call 01/01/29)		2,020		2,271,356
Series A, 5.00%, 07/01/40 (Call 07/01/25)		1,525		1,636,936
Series A, 5.00%, 10/01/49 (Call 10/01/29)		4,550		5,030,914
Series B, 5.00%, 08/01/24 (Call 07/01/24)		1,080		1,131,491
Series C, 5.00%, 10/01/27		975		1,098,530
Series E, 5.00%, 07/01/23		220		224,870
Miracosta Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30)		3,000		2,991,535
Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44( 08/01/25) (AGM)		10,000		10,754,773
Mount Diablo Unified School District/CA GO, Series A, 5.75%, 08/01/35 (Call 08/01/25) (AGM)		400		433,799
Mount San Antonio Community College District GO
Series A, 0.00%, 08/01/28 (Call 02/01/28)^(a)		1,000		1,087,853
Series A, 0.00%, 08/01/43 (Call 08/01/35)^(a)		2,235		2,002,775
Series A, 4.00%, 08/01/49 (Call 08/01/29)		1,750		1,723,654
Mountain View-Whisman School District GO, Series B, 4.00%, 09/01/42 (PR 09/01/26)		250		265,595
Municipal Improvement Corp. of Los Angeles RB
Series B, 5.00%, 11/01/24		375		395,848
Series B, 5.00%, 11/01/29 (Call 11/01/26)		1,340		1,474,031
Series B, 5.00%, 11/01/30 (Call 11/01/26)		500		548,415
Series B, 5.00%, 11/01/32 (Call 11/01/26)		1,055		1,152,141
Newport Mesa Unified School District GO 0.00%, 08/01/44 (Call 08/01/27)^(a)		1,000		400,784
Series 2005, 0.00%, 08/01/34^(a)		1,715		1,141,849
Series 2005, 0.00%, 08/01/36^(a)		2,625		1,594,418
Series 2005, 0.00%, 08/01/38^(a)		500		274,596
Series 2007, 0.00%, 08/01/23 (NPFGC)^(a)		1,050		1,028,098
Norman Y Mineta San Jose International Airport SJC RB,
Series B, 5.00%, 03/01/47 (Call 03/01/27)		2,000		2,088,886
North Orange County Community College District/CA GO,
Series B, 4.00%, 08/01/44 (Call 08/01/29)		6,500		6,400,676
Ohlone Community College District GO, Series C, 4.00%, 08/01/45 (Call 08/01/26)		1,250		1,250,918


Security	Par (000)		Value

California (continued)
Orange County Local Transportation Authority RB
5.00%, 02/15/25	$	1,110	$	1,179,933
5.00%, 02/15/30 (Call 02/15/29)		500		573,763
5.00%, 02/15/41 (Call 02/15/29)		1,500		1,643,032
Orange County Sanitation District COP, 5.00%,
02/01/33( 02/01/31)		1,000		1,164,849
Orange County Water District COP, Series A, 2.00%,
08/15/23 (Call 02/15/23)		7,300		7,270,701
Orange County Water District RB
Series A, 4.00%, 08/15/41 (Call 02/15/27)		1,255		1,264,943
Series C, 5.00%, 08/15/25		175		188,222
Palomar Community College District GO
4.00%, 08/01/45 (Call 08/01/27)		1,615		1,561,878
Series C, 4.00%, 08/01/40 (PR 08/01/25)		250		261,648
Series D, 4.00%, 08/01/46 (Call 08/01/27)		1,070		1,029,829
Peninsula Corridor Joint Powers Board/CA RB, 5.00%, 06/01/47( 06/01/31)		2,025		2,248,426
Placentia-Yorba Linda Unified School District GO
Series D, 0.00%, 08/01/40^(a)		500		234,120
Series D, 0.00%, 08/01/42^(a)		200		83,214
Series D, 0.00%, 08/01/46^(a)		1,300		425,942
Port of Los Angeles RB
Series B, 5.00%, 08/01/26		2,010		2,191,900
Series B, 5.00%, 08/01/44 (Call 08/01/24)		1,100		1,142,131
Series C, 4.00%, 08/01/39 (Call 08/01/26)		1,000		994,726
Poway Unified School District GO
0.00%, 08/01/33^(a)		250		170,708
0.00%, 08/01/35^(a)		500		310,109
0.00%, 08/01/36^(a)		1,000		591,028
0.00%, 08/01/38^(a)		755		403,152
0.00%, 08/01/46^(a)		4,445		1,503,593
Series A, 0.00%, 08/01/31^(a)		790		591,087
Series A, 0.00%, 08/01/32^(a)		450		322,131
Series B, 0.00%, 08/01/34^(a)		7,165		4,660,074
Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)^(a)		4,170		4,867,259
Riverside County Public Financing Authority RB, Series B, 5.25%, 11/01/45 (PR 11/01/25)		500		544,611
Riverside County Transportation Commission RB
5.00%, 06/01/25		420		449,493
Series A, 5.00%, 06/01/39 (Call 06/01/27)		410		443,638
Series A, 5.25%, 06/01/39 (PR 06/01/23)		1,450		1,481,677
Series A, 5.75%, 06/01/48 (PR 06/01/23)		1,000		1,025,904
Series B, 0.00%, 06/01/41^(a)		2,500		987,878
Series B, 5.00%, 06/01/24		685		714,971
Series B, 5.00%, 06/01/32 (Call 12/01/27)		310		344,827
Series B, 5.00%, 06/01/37 (Call 12/01/27)		1,000		1,093,916
Series B, 5.00%, 06/01/38 (Call 12/01/27)		1,520		1,659,441
Series B, 5.00%, 06/01/39 (Call 12/01/27)		1,000		1,090,007
Series B1, 3.00%, 06/01/49 (Call 06/01/31)		2,000		1,452,932
Series B1, 4.00%, 06/01/37 (Call 06/01/31)		1,154		1,119,040
Series B1, 4.00%, 06/01/39 (Call 06/01/31)		4,025		3,841,926
Series B1, 4.00%, 06/01/40 (Call 06/01/31)		1,100		1,043,416
Series B1, 4.00%, 06/01/46 (Call 06/01/31)		6,020		5,500,413
Riverside County Transportation Commission Sales Tax Revenue RB, Series B, 5.00%, 06/01/29 (Call 12/01/27)		1,500		1,686,453
Riverside Unified School District GO, Series B, 4.00%, 08/01/42 (Call 08/01/27)		1,000		984,213
Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/47 (Call 10/01/26)		1,000		1,059,179


Security	Par (000)		Value

California (continued)
Sacramento City Financing Authority RB, Series E, 5.25%, 12/01/30 (AMBAC)	$	650	$	749,416
Sacramento County Sanitation Districts Financing Authority RB
5.00%, 12/01/33 (Call 12/01/31)		1,270		1,469,372
Series A, 5.00%, 12/01/27		750		843,289
Series A, 5.00%, 12/01/41 (Call 12/01/30)		2,520		2,810,704
Series A, 5.00%, 12/01/44 (Call 06/01/24)		1,000		1,033,491
Series A, 5.00%, 12/01/50 (Call 12/01/30)		875		958,857
Sacramento Municipal Utility District RB
5.00%, 08/15/26		265		290,881
Series A, 5.00%, 08/15/41 (Call 08/15/23)		3,100		3,165,846
Series A, VRDN,5.00%, 08/15/49 (Put 04/20/23)^(b)(c)		3,245		3,294,452
Series B, VRDN,5.00%, 08/15/49 (Put 04/18/25)^(b)(c)		1,000		1,049,542
Series E, 5.00%, 08/15/23		450		461,230
Series E, 5.00%, 08/15/24		505		530,542
Series G, 5.00%, 08/15/30 (Call 08/15/29)		1,000		1,152,699
Series H, 4.00%, 08/15/45 (Call 08/15/30)		5,375		5,219,660
Series H, 5.00%, 08/15/50 (Call 08/15/30)		3,340		3,672,126
Series I, 5.00%, 08/15/27		1,000		1,120,442
Series K, 5.25%, 07/01/24 (AMBAC)		130		134,993
San Bernardino Community College District GO, Series A, 4.00%, 08/01/44 (Call 08/16/27)		500		541,084
San Buenaventura Public Facilities Financing Authority RB, 5.00%, 01/01/44( 01/01/24)		10,840		11,226,800
San Diego Association of Governments RB
5.00%, 11/15/24 (Call 11/15/23)		1,500		1,545,554
5.00%, 11/15/26 (Call 11/15/25)		2,350		2,527,573
San Diego Association of Governments South Bay Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27)		3,000		3,189,712
San Diego Community College District GO
4.00%, 08/01/32 (PR 08/01/26)		500		531,345
5.00%, 08/01/24		500		524,810
5.00%, 08/01/27 (Call 08/01/26)		500		548,962
5.00%, 08/01/28 (Call 08/01/26)		980		1,075,396
5.00%, 08/01/30 (PR 08/01/26)		650		715,703
5.00%, 08/01/31 (PR 08/01/26)		2,035		2,240,700
5.00%, 08/01/41 (PR 08/01/26)		2,000		2,202,162
Series 2002, 5.00%, 08/01/30 (PR 08/01/23)		250		256,180
Series 2006, 5.00%, 08/01/43 (PR 08/01/23)		9,995		10,242,056
San Diego County Regional Airport Authority RB
Series A, 4.00%, 07/01/46 (Call 07/01/31)		2,000		1,893,609
Series A, 5.00%, 07/01/35 (Call 07/01/29)		1,500		1,642,228
Series A, 5.00%, 07/01/39 (Call 07/01/29)		2,000		2,157,342
Series A, 5.00%, 07/01/42 (Call 07/01/27)		1,000		1,055,058
Series A, 5.00%, 07/01/43 (PR 07/01/23)		255		260,751
Series A, 5.00%, 07/01/44 (Call 07/01/29)		400		428,464
Series A, 5.00%, 07/01/49 (Call 07/01/29)		400		425,336
Series A, 5.00%, 07/01/51 (Call 07/01/31)		2,000		2,136,258
Series A, 5.00%, 07/01/56 (Call 07/01/31)		2,000		2,130,106
San Diego County Regional Transportation Commission RB
Series A, 4.00%, 04/01/48 (Call 04/01/30)		2,500		2,463,357
Series A, 5.00%, 10/01/22		2,405		2,410,405
Series A, 5.00%, 04/01/41 (Call 04/01/26)		2,000		2,133,776
Series A, 5.00%, 04/01/48 (Call 04/01/26)		2,115		2,243,303
Series A, 5.00%, 04/01/48 (PR 04/01/24)		2,710		2,823,860
Series B, 5.00%, 04/01/48 (Call 04/01/31)		4,380		4,882,880
San Diego County Water Authority RB
5.00%, 05/01/25 ( 11/01/22)		1,750		1,758,087


Security	Par (000)		Value

California (continued)
5.00%, 05/01/31 (PR 11/01/22)	$	605	$	607,796
5.00%, 05/01/34 (PR 11/01/22)		500		502,311
Series A, 5.00%, 05/01/47 (Call 05/01/32)		2,000		2,266,432
Series A, 5.00%, 05/01/52 (Call 05/01/32)		1,570		1,772,160
Series B, 4.00%, 05/01/38 (Call 05/01/31)		2,500		2,590,432
Series S1, 5.00%, 05/01/28 (Call 03/15/28)		4,710		5,357,497
San Diego Public Facilities Financing Authority RB
5.00%, 05/15/23		1,725		1,757,182
5.00%, 05/15/25		1,000		1,069,134
Series A, 5.00%, 05/15/29 (Call 05/15/26)		500		546,206
Series A, 5.00%, 08/01/43 (Call 08/01/28)		500		546,510
Series A, 5.00%, 10/15/44 (Call 10/15/25)		1,000		1,062,594
Series B, 5.00%, 08/01/23		165		169,018
Series B, 5.00%, 08/01/24		1,000		1,049,621
Series B, 5.00%, 08/01/25		255		273,501
Series B, 5.00%, 08/01/27 (Call 08/01/26)		1,500		1,641,592
San Diego Unified School District/CA, 4.00%, 06/30/23		325		329,522
San Diego Unified School District/CA GO
4.00%, 07/01/35 (Call 07/01/25)		3,600		3,664,229
4.00%, 07/01/51 (Call 07/01/31)		2,300		2,171,122
Series C, 0.00%, 07/01/30^(a)		840		662,383
Series C, 0.00%, 07/01/35^(a)		300		188,605
Series C, 0.00%, 07/01/36^(a)		1,240		743,480
Series C, 0.00%, 07/01/38^(a)		1,930		1,043,640
Series C, 0.00%, 07/01/39^(a)		1,100		564,267
Series C, 0.00%, 07/01/42^(a)		215		93,156
Series C, 0.00%, 07/01/45^(a)		2,780		1,038,741
Series C, 0.00%, 07/01/46^(a)		500		178,021
Series C, 0.00%, 07/01/47^(a)		1,100		373,963
Series C, 0.00%, 07/01/47 (Call 07/01/40)^(a)		780		669,554
Series C, 0.00%, 07/01/48 (Call 07/01/40)^(a)		1,100		942,783
Series C, 5.00%, 07/01/35 (PR 07/01/23)		2,450		2,505,258
Series D-2, 3.00%, 07/01/39 (Call 07/01/30)		1,030		878,081
Series D-2, 4.00%, 07/01/50 (Call 07/01/30)		500		472,339
Series E, 0.00%, 07/01/32^(a)		690		499,444
Series E, 0.00%, 07/01/42^(a)		1,340		964,078
Series E, 0.00%, 07/01/47 (Call 07/01/42)^(a)		3,025		2,177,703
Series E, 0.00%, 07/01/49^(a)		4,000		1,240,152
Series F, 5.00%, 07/01/40 (Call 07/01/25)		2,365		2,504,172
Series G, 0.00%, 07/01/38 (PR 01/01/24)^(a)		1,000		435,319
Series I, 4.00%, 07/01/47 (Call 07/01/27)		2,000		1,908,409
Series I, 5.00%, 07/01/41 (Call 07/01/27)		1,000		1,081,581
Series L, 4.00%, 07/01/44 (Call 07/01/29)		2,015		1,956,430
Series L, 4.00%, 07/01/49 (Call 07/01/29)		1,000		948,858
Series M-2, 3.00%, 07/01/50 (Call 07/01/30)		2,000		1,500,160
Series N-2, 3.00%, 07/01/46 (Call 07/01/31)		3,000		2,322,632
Series N-2, 4.00%, 07/01/46 (Call 07/01/31)		3,345		3,206,098
Series R-1, 0.00%, 07/01/31^(a)		1,820		1,375,853
Series R-2, 0.00%, 07/01/40^(a)		800		709,243
Series R-2, 0.00%, 07/01/41 (Call 07/01/40)^(a)		450		396,907
Series R-3, 5.00%, 07/01/23		375		383,364
Series R-4, 5.00%, 07/01/24		325		340,458
Series R-4, 5.00%, 07/01/27 (Call 07/01/25)		350		376,099
Series R-4, 5.00%, 07/01/28 (Call 07/01/25)		180		193,362
Series R-5, 5.00%, 07/01/29 (Call 07/01/26)		955		1,044,784
Series SR-1, 4.00%, 07/01/31 (Call 07/01/26)		500		522,660
Series SR-1, 4.00%, 07/01/32 (Call 07/01/26)		220		229,467
San Dieguito Union High School District GO
Series A-2, 4.00%, 08/01/38 (PR 08/01/23)		250		253,863
Series B-2, 4.00%, 02/01/40 (Call 08/01/25)		200		200,974


Security	Par (000)		Value

California (continued)
San Francisco Bay Area Rapid Transit District GO
3.00%, 08/01/38 ( 08/01/29)	$	525	$	468,305
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,000		1,003,414
Series A, 5.00%, 08/01/47 (Call 08/01/27)		1,015		1,086,819
Series B-1, 3.00%, 08/01/49 (Call 08/01/29)		3,700		2,957,314
Series B-1, 4.00%, 08/01/44 (Call 08/01/29)		1,000		999,071
Series C, 5.00%, 08/01/37 (PR 08/01/23)		1,925		1,972,582
Series C-1, 3.00%, 08/01/36 (Call 08/01/29)		4,025		3,801,511
Series C-1, 3.00%, 08/01/50 (Call 08/01/29)		2,500		1,986,581
Series C-1, 4.00%, 08/01/35 (Call 08/01/29)		1,000		1,049,030
Series D, 4.00%, 08/01/33 (Call 08/01/25)		2,250		2,315,055
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB
Series A, 3.00%, 07/01/44 (Call 07/01/27)		1,200		984,921
Series A, 4.00%, 07/01/37 (Call 07/01/27)		1,000		1,017,167
Series A, 4.00%, 07/01/38 (Call 07/01/27)		2,000		2,026,094
San Francisco City & County Airport Commission San Francisco International Airport RB
5.00%, 05/01/52 (Call 05/01/32)		1,500		1,620,021
Series A, 5.00%, 05/01/26		1,000		1,091,274
Series B, 4.00%, 05/01/37 (Call 05/01/30)		4,000		3,974,092
Series B, 5.00%, 05/01/32 (Call 05/01/31)		350		403,521
Series B, 5.00%, 05/01/34 (Call 05/01/31)		2,200		2,501,598
Series B, 5.00%, 05/01/43 (Call 05/01/23)		250		252,629
Series B, 5.00%, 05/01/44 (Call 05/01/24)		2,770		2,840,701
Series B, 5.00%, 05/01/47 (Call 05/01/27)		1,500		1,595,138
Series B, 5.00%, 05/01/49 (Call 05/01/29)		3,000		3,185,959
Series C, 5.00%, 05/01/46 (Call 05/01/26)		1,850		1,947,761
Series D, 5.00%, 05/01/24		1,025		1,067,136
Series D, 5.00%, 05/01/25		250		266,845
Series E, 5.00%, 05/01/48 (Call 05/01/28)		2,000		2,119,829
Series F, 5.00%, 05/01/50 (Call 05/01/29)		745		790,698
San Francisco City & County Public Utilities Commission Wastewater Revenue RB
Series A, 4.00%, 10/01/43 (Call 04/01/28)		1,000		977,320
Series A, 4.00%, 10/01/47 (Call 10/01/31)		2,000		1,918,477
Series A, 5.00%, 10/01/46 (Call 10/01/31)		1,000		1,102,636
Series B, 4.00%, 10/01/35 (Call 10/03/22)		1,695		1,695,785
Series B, 4.00%, 10/01/39 (Call 10/03/22)		950		950,090
Series B, 4.00%, 10/01/42 (Call 10/03/22)		2,175		2,156,194
Series B, 5.00%, 10/01/43 (Call 04/01/28)		1,000		1,083,987
Series C, VRDN,2.13%, 10/01/48 (Put 04/01/23)^(b)(c)		2,070		2,056,211
San Francisco County Transportation Authority RB
4.00%, 02/01/25		2,020		2,098,177
4.00%, 02/01/26		1,465		1,543,802
San Francisco Municipal Transportation Agency RB
4.00%, 03/01/46 (Call 03/01/27)		740		714,703
Series C, 4.00%, 03/01/51 (Call 03/01/31)		2,400		2,268,869
San Joaquin County Transportation Authority RB, 4.00%, 03/01/41 (Call 03/01/27)		500		493,412
San Joaquin Delta Community College District GO,
Series C, 5.00%, 08/01/39 (PR 08/01/24)		2,000		2,098,857
San Joaquin Hills Transportation Corridor Agency RB
0.00%, 01/01/23 (ETM)^(a)		450		446,337
0.00%, 01/01/26 (ETM)^(a)		280		257,341
0.00%, 01/01/28 (ETM)^(a)		750		652,762
4.00%, 01/15/34 (Call 01/15/32)		1,065		1,052,738
5.00%, 01/15/31		1,500		1,619,851
5.00%, 01/15/33 (Call 01/15/32)		1,585		1,707,151
Series A, 0.00%, 01/15/26 (NPFGC)^(a)		400		354,687


Security	Par (000)		Value

California (continued)
Series A, 5.00%, 01/15/34 (PR 01/15/25)	$	750	$	796,416
Series A, 5.00%, 01/15/44 (PR 01/15/25)		8,000		8,495,104
Series A, 5.00%, 01/15/50 (PR 01/15/25)		3,750		3,982,080
San Jose Evergreen Community College District GO
3.00%, 09/01/40 (Call 09/01/28)		1,250		1,061,267
Series C, 4.00%, 09/01/40 (PR 09/01/24)		2,500		2,581,180
San Jose Financing Authority RB, Series A, 5.00%,
06/01/39 (PR 06/01/23)		1,010		1,030,206
San Jose Unified School District GO
0.00%, 08/01/29 (NPFGC)^(a)		1,060		850,535
Series C, 0.00%, 08/01/30 (NPFGC)^(a)		3,150		2,423,043
Series C, 0.00%, 06/01/31 (NPFGC)^(a)		400		296,156
San Juan Unified School District GO
4.00%, 08/01/46 (Call 08/01/30)		1,095		1,045,967
Series N, 4.00%, 08/01/29 (Call 08/01/26)		5,000		5,241,869
San Marcos Unified School District GO
0.00%, 08/01/28^(a)		655		547,008
Series B, 0.00%, 08/01/38^(a)		565		296,564
Series B, 0.00%, 08/01/47^(a)		500		164,087
Series B, 0.00%, 08/01/51^(a)		1,500		403,527
Series C, 5.00%, 08/01/40 (PR 02/01/24)		480		498,620
San Mateo County Community College District GO
Series A, 5.00%, 09/01/45 (PR 09/01/25)		775		835,107
Series B, 0.00%, 09/01/26 (NPFGC)^(a)		550		496,323
Series B, 0.00%, 09/01/32 (NPFGC)^(a)		2,020		1,465,440
Series B, 0.00%, 09/01/35 (NPFGC)^(a)		1,380		871,639
Series B, 5.00%, 09/01/45 (Call 09/01/28)		3,100		3,370,773
San Mateo Foster City Public Financing Authority RB
4.00%, 08/01/44 (Call 08/01/29)		430		417,333
Series B, 5.00%, 08/01/25		3,240		3,488,346
San Mateo Foster City School District/CA GO, 0.00%,
08/01/42 (Call 08/01/31)^(a)		2,235		2,193,993
San Mateo Union High School District GO
Series A, 0.00%, 09/01/33^(a)		500		446,659
Series A, 0.00%, 09/01/41 (Call 09/01/36)^(a)		1,915		1,781,591
Series A, 0.00%, 07/01/51 (Call 09/01/41)^(a)		1,755		1,229,573
Santa Barbara Secondary High School District GO,
Series A, 0.00%, 08/01/40^(a)		555		253,228
Santa Barbara Unified School District GO, Series A, 4.00%, 08/01/41 (Call 08/01/27)		2,000		2,000,430
Santa Clara Unified School District GO, Series 2018,
4.00%, 07/01/48 (Call 07/01/26)		5,500		5,418,841
Santa Clara Valley Water District RB
Series A, 5.00%, 06/01/41 (Call 12/01/25)		2,825		2,998,042
Series A, 5.00%, 06/01/46 (Call 12/01/25)		1,410		1,489,813
Santa Clarita Community College District GO, 3.00%,
08/01/49 (Call 08/01/28)		1,660		1,266,893
Santa Monica Community College District GO
Series A, 4.00%, 08/01/39 (Call 08/01/28)		565		572,840
Series A, 4.00%, 08/01/47 (Call 08/01/28)		700		692,069
Series A, 5.00%, 08/01/43 (Call 08/01/28)		4,590		4,973,285
Series B, 4.00%, 08/01/44 (PR 08/01/24)		1,000		1,031,583
Santa Monica-Malibu Unified School District GO
3.00%, 08/01/49 (Call 08/01/27)		1,500		1,187,400
4.00%, 08/01/41 (Call 08/01/29)		2,000		2,000,603
Series B, 4.00%, 08/01/50 (Call 08/01/29)		1,000		982,886
Series D, 5.00%, 08/01/43 (PR 08/01/23)		1,200		1,229,662
Silicon Valley Clean Water RB, Series A, 3.00%, 03/01/24 (Call 09/01/23)		2,135		2,147,266


Security	Par (000)		Value

California (continued)
Sonoma County Junior College District GO, Series B,
3.00%, 08/01/41 (Call 08/01/29)	$	1,500	$	1,247,878
South San Francisco Unified School District GO, Series C, 4.00%, 09/01/37 (Call 09/01/25)		1,000		1,011,023
Southern California Public Power Authority RB
Series A, 5.00%, 04/01/24 (Call 01/01/24)		4,000		4,145,024
Series A, 5.00%, 07/01/30 (Call 01/01/24)		1,000		1,029,750
Series C, 5.00%, 07/01/26 (Call 01/01/25)		1,070		1,133,051
Southern California Water Replenishment District RB
4.00%, 08/01/45 (Call 08/01/25)		1,000		1,000,551
5.00%, 08/01/41 (Call 08/01/25)		1,000		1,050,968
Southwestern Community College District GO
Series A, 4.00%, 08/01/47 (Call 08/01/27)		2,000		1,919,560
Series C, 0.00%, 08/01/41^(a)		650		298,640
Series C, 0.00%, 08/01/46^(a)		1,000		332,004
Series D, 5.00%, 08/01/44 (PR 08/01/25)		500		538,912
State of California Department of Water Resources RB
4.00%, 12/01/34 (Call 06/01/31)		2,000		2,104,241
4.00%, 12/01/35 (Call 06/01/31)		3,000		3,120,224
5.00%, 12/01/31 (Call 06/01/31)		2,555		3,019,812
5.00%, 12/01/35 ( 06/01/29)		580		672,240
Series AS, 5.00%, 12/01/22 (ETM)		10		10,067
Series AS, 5.00%, 12/01/23		250		258,551
Series AS, 5.00%, 12/01/25 (Call 12/01/24)		2,315		2,448,483
Series AS, 5.00%, 12/01/27 (PR 12/01/24)		4,040		4,279,326
Series AW, 4.00%, 12/01/35 (Call 12/01/26)		1,000		1,038,573
Series AW, 5.00%, 12/01/28 (Call 12/01/26)		1,040		1,152,560
Series AW, 5.00%, 12/01/33 (PR 12/01/26)		1,050		1,165,481
Series AX, 5.00%, 12/01/22		500		503,548
Series BA, 5.00%, 12/01/24		140		148,357
Series BA, 5.00%, 12/01/32 (Call 06/01/29)		2,500		2,848,218
Series BB, 5.00%, 12/01/25		215		233,273
Series BB, 5.00%, 12/01/26		1,775		1,969,458
Series BB, 5.00%, 12/01/28		2,010		2,310,281
Series BB, 5.00%, 12/01/33 (Call 12/01/30)		2,010		2,325,656
State of California GO
2.38%, 12/01/43 (Call 12/01/30)		925		668,934
2.38%, 10/01/51 (Call 04/01/31)		2,000		1,313,021
3.00%, 12/01/22		400		400,772
3.00%, 10/01/32 (Call 04/01/23)		820		820,414
3.00%, 10/01/34 (Call 10/01/29)		1,865		1,822,347
3.00%, 10/01/35 (Call 10/01/29)		1,850		1,761,079
3.00%, 10/01/36 (Call 10/01/29)		8,000		7,380,066
3.00%, 10/01/37 (Call 10/01/29)		1,365		1,239,460
3.00%, 03/01/46 (Call 03/01/30)		1,000		801,355
3.00%, 03/01/50 (Call 03/01/30)		505		395,173
3.00%, 11/01/50 (Call 11/01/30)		1,500		1,168,697
3.00%, 04/01/52 (Call 04/01/32)		2,000		1,555,652
4.00%, 05/01/23		1,050		1,061,892
4.00%, 03/01/24		1,500		1,536,572
4.00%, 04/01/24		1,155		1,185,700
4.00%, 03/01/25		475		493,977
4.00%, 11/01/25		240		251,972
4.00%, 03/01/27		5,000		5,336,752
4.00%, 10/01/27		1,740		1,870,603
4.00%, 09/01/28 (Call 09/01/26)		1,450		1,536,498
4.00%, 09/01/33 (Call 09/01/26)		3,560		3,695,397
4.00%, 10/01/33 (Call 04/01/31)		2,750		2,927,137
4.00%, 09/01/34 (Call 09/01/26)		820		844,055
4.00%, 10/01/34 (Call 04/01/31)		1,500		1,577,187


Security	Par (000)		Value

California (continued)
4.00%, 11/01/34 (Call 11/01/27)	$	1,800	$	1,864,512
4.00%, 10/01/35 (Call 04/01/31)		1,735		1,817,500
4.00%, 03/01/36 (Call 03/01/30)		2,500		2,581,925
4.00%, 09/01/36 (Call 09/01/26)		2,000		2,041,519
4.00%, 10/01/36 (Call 10/01/29)		2,125		2,188,551
4.00%, 10/01/36 (Call 04/01/31)		2,010		2,081,188
4.00%, 03/01/37 (Call 03/01/30)		1,000		1,029,444
4.00%, 09/01/37 (Call 09/01/26)		3,505		3,560,805
4.00%, 11/01/37 (Call 11/01/27)		2,000		2,039,414
4.00%, 11/01/38 (Call 11/01/30)		1,500		1,524,709
4.00%, 10/01/39 (Call 10/01/29)		1,500		1,516,746
4.00%, 11/01/40 (Call 11/01/30)		1,150		1,159,439
4.00%, 04/01/42 (Call 04/01/32)		1,680		1,687,895
4.00%, 10/01/44 (Call 10/01/29)		5,170		5,160,358
4.00%, 11/01/44 (Call 11/01/24)		975		975,675
4.00%, 03/01/45 (Call 03/01/25)		500		500,307
4.00%, 08/01/45 (Call 08/01/25)		250		250,088
4.00%, 03/01/46 (Call 03/01/30)		1,960		1,939,073
4.00%, 11/01/47 (Call 11/01/27)		1,500		1,486,549
4.00%, 11/01/50 (Call 11/01/25)		2,425		2,380,915
5.00%, 09/01/22		1,000		1,000,000
5.00%, 10/01/22		1,020		1,022,334
5.00%, 12/01/22		1,835		1,847,790
5.00%, 08/01/23		955		978,781
5.00%, 09/01/23		470		482,721
5.00%, 10/01/23		1,300		1,338,013
5.00%, 12/01/23		500		516,351
5.00%, 03/01/24		3,965		4,119,837
5.00%, 08/01/24		750		787,936
5.00%, 09/01/24		4,030		4,242,297
5.00%, 10/01/24		815		858,802
5.00%, 11/01/24		1,910		2,016,602
5.00%, 12/01/24 (Call 12/01/23)		2,275		2,353,674
5.00%, 02/01/25 (Call 02/01/23)		1,000		1,011,631
5.00%, 03/01/25		250		266,028
5.00%, 04/01/25		2,700		2,878,598
5.00%, 08/01/25		2,920		3,136,974
5.00%, 09/01/25 (Call 09/01/23)		3,450		3,545,453
5.00%, 10/01/25		1,555		1,676,848
5.00%, 10/01/25 (Call 10/01/24)		1,110		1,169,424
5.00%, 11/01/25		1,100		1,188,403
5.00%, 11/01/25 (Call 11/01/23)		300		309,669
5.00%, 12/01/25 (Call 12/01/23)		1,000		1,034,582
5.00%, 03/01/26 (Call 03/01/25)		1,250		1,328,904
5.00%, 04/01/26		3,085		3,360,562
5.00%, 08/01/26		6,460		7,087,569
5.00%, 08/01/26 (Call 08/01/25)		1,780		1,910,245
5.00%, 09/01/26		545		599,015
5.00%, 10/01/26		2,000		2,202,048
5.00%, 10/01/26 (Call 04/01/26)		3,175		3,458,090
5.00%, 11/01/26		2,500		2,757,346
5.00%, 02/01/27 (Call 02/01/23)		1,835		1,856,342
5.00%, 03/01/27 (Call 03/01/25)		1,385		1,471,403
5.00%, 04/01/27		680		755,881
5.00%, 08/01/27		1,685		1,885,637
5.00%, 08/01/27 (Call 08/01/25)		525		562,952
5.00%, 08/01/27 (Call 08/01/26)		500		547,981
5.00%, 09/01/27		255		285,841
5.00%, 09/01/27 (Call 09/01/26)		3,640		3,996,322
5.00%, 10/01/27		7,270		8,161,447


Security	Par (000)		Value

California (continued)
5.00%, 10/01/27 (Call 04/01/23)	$	475	$	482,743
5.00%, 11/01/27		570		640,846
5.00%, 11/01/27 (Call 11/01/23)		700		722,561
5.00%, 12/01/27		3,785		4,261,755
5.00%, 08/01/28 (Call 08/01/26)		8,135		8,904,560
5.00%, 08/01/28 (Call 08/01/27)		2,385		2,664,909
5.00%, 09/01/28 (Call 09/01/26)		1,000		1,096,377
5.00%, 10/01/28		7,765		8,868,176
5.00%, 11/01/28		3,035		3,470,671
5.00%, 04/01/29		4,375		5,034,933
5.00%, 08/01/29 (Call 08/01/27)		1,000		1,115,406
5.00%, 09/01/29 (Call 09/01/26)		3,145		3,446,729
5.00%, 10/01/29		4,505		5,221,766
5.00%, 10/01/29 (Call 04/01/23)		6,550		6,653,718
5.00%, 10/01/29 (Call 04/01/26)		750		814,598
5.00%, 11/01/29		1,500		1,740,540
5.00%, 11/01/29 (Call 11/01/27)		4,980		5,577,593
5.00%, 12/01/29		1,390		1,614,639
5.00%, 04/01/30		2,150		2,508,010
5.00%, 04/01/30 (Call 04/01/29)		1,000		1,149,612
5.00%, 08/01/30 (Call 08/01/27)		620		690,542
5.00%, 08/01/30 (Call 08/01/28)		1,000		1,134,680
5.00%, 10/01/30		3,000		3,527,212
5.00%, 11/01/30 (Call 11/01/23)		2,000		2,061,654
5.00%, 11/01/30 (Call 11/01/27)		4,680		5,232,737
5.00%, 12/01/30		4,465		5,258,747
5.00%, 03/01/31 (Call 03/01/25)		3,000		3,182,439
5.00%, 03/01/31 (Call 03/01/30)		1,000		1,160,774
5.00%, 04/01/31		2,250		2,658,854
5.00%, 09/01/31 (Call 09/01/26)		2,000		2,186,836
5.00%, 10/01/31 (Call 10/01/24)		2,825		2,969,171
5.00%, 11/01/31 (Call 11/01/23)		2,080		2,142,176
5.00%, 11/01/31 (Call 11/01/28)		1,000		1,137,705
5.00%, 11/01/31 (Call 11/01/30)		4,000		4,676,440
5.00%, 03/01/32 (Call 03/01/30)		2,500		2,880,179
5.00%, 04/01/32		4,000		4,743,101
5.00%, 05/01/32 (Call 05/01/24)		2,000		2,080,885
5.00%, 09/01/32 (Call 09/01/26)		3,000		3,275,703
5.00%, 10/01/32 ( 10/01/31)		1,745		2,050,501
5.00%, 10/01/32 (Call 10/01/24)		1,000		1,049,578
5.00%, 10/01/32 (Call 10/01/29)		1,000		1,147,824
5.00%, 11/01/32 (Call 11/01/28)		1,615		1,829,566
5.00%, 11/01/32 (Call 11/01/30)		2,550		2,959,020
5.00%, 12/01/32 (Call 06/01/26)		500		542,836
5.00%, 02/01/33 (Call 02/01/23)		2,000		2,020,764
5.00%, 03/01/33 (Call 03/01/30)		1,000		1,142,440
5.00%, 04/01/33		1,750		2,084,356
5.00%, 04/01/33 (Call 04/01/24)		1,210		1,255,283
5.00%, 04/01/33 (Call 04/01/29)		840		950,297
5.00%, 08/01/33 (Call 08/01/24)		3,000		3,133,351
5.00%, 09/01/33 (Call 09/01/23)		1,635		1,675,008
5.00%, 09/01/33 (Call 09/01/26)		1,500		1,630,922
5.00%, 10/01/33 (Call 04/01/24)		1,395		1,446,326
5.00%, 10/01/33 (Call 10/01/24)		3,185		3,338,278
5.00%, 09/01/34 (Call 09/01/26)		3,935		4,261,938
5.00%, 11/01/34 (Call 11/01/28)		1,000		1,120,398
5.00%, 12/01/34 (Call 12/01/30)		1,750		2,002,810
5.00%, 03/01/35 (Call 03/01/30)		5,500		6,210,885
5.00%, 04/01/35 (Call 04/01/29)		2,000		2,237,101
5.00%, 04/01/35 (Call 04/01/32)		1,365		1,583,319


Security	Par (000)		Value

California (continued)
5.00%, 08/01/35 (Call 08/01/25)	$	1,565	$	1,663,669
5.00%, 08/01/35 (Call 08/01/26)		1,920		2,070,821
5.00%, 09/01/35 (Call 09/01/26)		3,985		4,303,938
5.00%, 04/01/36 (Call 04/01/24)		5,000		5,182,387
5.00%, 08/01/36 (Call 08/01/28)		1,890		2,093,875
5.00%, 09/01/36 (Call 09/01/26)		2,000		2,155,230
5.00%, 11/01/36 (Call 11/01/27)		3,290		3,608,255
5.00%, 11/01/36 (Call 11/01/28)		2,500		2,778,631
5.00%, 08/01/37 (Call 08/01/28)		2,125		2,344,160
5.00%, 10/01/37 (Call 10/01/24)		3,100		3,245,975
5.00%, 02/01/38 (Call 02/01/23)		4,545		4,590,297
5.00%, 08/01/38 (Call 08/01/26)		2,250		2,413,956
5.00%, 10/01/39 (Call 10/01/24)		1,250		1,308,343
5.00%, 11/01/39 (Call 11/01/28)		5,000		5,515,579
5.00%, 09/01/41 (Call 09/01/31)		3,450		3,856,499
5.00%, 09/01/42 (Call 10/03/22)		1,235		1,237,715
5.00%, 04/01/43 (Call 04/01/23)		1,010		1,023,878
5.00%, 11/01/43 (Call 11/01/23)		4,725		4,854,131
5.00%, 04/01/45 ( 04/01/29)		3,145		3,422,220
5.00%, 08/01/45 (Call 08/01/25)		3,400		3,587,439
5.00%, 08/01/46 (Call 08/01/26)		1,500		1,595,655
5.00%, 09/01/46 (Call 09/01/26)		1,000		1,065,071
5.00%, 12/01/46 (Call 12/01/30)		2,000		2,193,544
5.00%, 04/01/47 (Call 04/01/32)		1,890		2,095,858
5.00%, 10/01/47 (Call 04/01/26)		2,850		3,015,976
5.00%, 11/01/47 (Call 11/01/27)		800		858,838
5.00%, 10/01/49 (Call 10/01/29)		2,000		2,181,065
5.25%, 09/01/22		2,815		2,815,000
5.25%, 10/01/22		600		601,493
5.25%, 02/01/23		500		506,306
5.25%, 08/01/31 (Call 08/01/25)		1,680		1,808,492
5.25%, 08/01/32 (AGM)		1,825		2,215,257
Series A, 5.00%, 10/01/24		6,525		6,875,681
series B, 5.00%, 10/01/22		1,000		1,002,289
Series B, 5.00%, 09/01/22		1,220		1,220,000
Series B, 5.00%, 08/01/24		815		856,224
Series B, 5.00%, 09/01/24		2,945		3,099,192
Series B, 5.00%, 09/01/25		1,880		2,023,543
Series B, 5.00%, 08/01/26		2,280		2,501,495
Series C, 5.00%, 09/01/26 (Call 09/01/25)		3,500		3,763,163
Series C, 5.00%, 08/01/27 (Call 08/01/26)		760		832,931
Series C, 5.00%, 08/01/32 (Call 02/01/25)		250		264,243
Series C, 5.00%, 08/01/33 (Call 02/01/25)		480		506,470
Sunnyvale Elementary School District GO, 4.00%, 09/01/42 (Call 09/01/25)		500		502,352
Ukiah Unified School District/CA GO, Series 2005, 0.00%, 08/01/28 (NPFGC)^(a)		1,000		830,277
University of California RB
4.00%, 05/15/34 ( 05/15/25)		4,900		5,007,315
5.00%, 05/15/40 ( 05/15/32)		1,900		2,152,582
Series AF, 5.00%, 05/15/36 (Call 05/15/23)		2,500		2,543,116
Series AF, 5.00%, 05/15/39 (Call 05/15/23)		1,000		1,016,402
Series AI, 5.00%, 05/15/32 (Call 05/15/23)		1,000		1,017,951
Series AI, 5.00%, 05/15/38 (Call 05/15/23)		3,305		3,359,907
Series AK, VRDN,5.00%, 05/15/48 (Put 05/15/23)^(b)(c)		4,465		4,550,824
Series AM, 4.00%, 05/15/34 (Call 05/15/24)		5,760		5,840,634
Series AM, 5.00%, 05/15/28 (Call 05/15/24)		120		125,349
Series AM, 5.00%, 05/15/44 (Call 05/15/24)		495		513,862
Series AM, 5.00%, 05/15/44 (PR 05/15/24)		205		214,250
Series AM, 5.25%, 05/15/38 (Call 05/15/24)		5,000		5,221,397


Security	Par (000)		Value

California (continued)
Series AO, 5.00%, 05/15/23	$	1,020	$	1,039,894
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		3,015		3,225,974
Series AO, 5.00%, 05/15/28 (Call 05/15/25)		400		427,806
Series AO, 5.00%, 05/15/32 (Call 05/15/25)		3,000		3,192,599
Series AO, 5.00%, 05/15/40 (Call 05/15/25)		1,000		1,056,017
Series AR, 5.00%, 05/15/41 (Call 05/15/26)		970		1,038,715
Series AV, 4.00%, 05/15/45 (Call 05/15/27)		500		485,642
Series AV, 5.00%, 05/15/36 (Call 05/15/27)		1,100		1,197,847
Series AV, 5.00%, 05/15/47 (Call 05/15/27)		3,300		3,536,031
Series AV, 5.00%, 05/15/49 (Call 05/15/27)		1,500		1,605,938
Series AV, 5.25%, 05/15/42 (Call 05/15/27)		2,000		2,175,560
Series AY, 5.00%, 05/15/25		1,300		1,391,640
Series AY, 5.00%, 05/15/31 (Call 05/15/27)		1,000		1,107,326
Series AY, 5.00%, 05/15/36 (Call 05/15/27)		2,135		2,324,913
Series AY, 5.00%, 05/15/37 (Call 05/15/27)		4,650		5,046,663
Series AZ, 5.00%, 05/15/36 (Call 05/15/28)		750		829,342
Series AZ, 5.00%, 05/15/43 (Call 05/15/28)		5,630		6,109,092
Series AZ, 5.00%, 05/15/48 (Call 05/15/28)		250		269,989
Series AZ, 5.25%, 05/15/58 (Call 05/15/28)		500		544,497
Series BB, 5.00%, 05/15/49 (Call 05/15/29)		2,500		2,726,465
Series BE, 4.00%, 05/15/37 (Call 05/15/30)		1,000		1,019,920
Series BE, 4.00%, 05/15/40 (Call 05/15/30)		665		665,176
Series BE, 4.00%, 05/15/47 (Call 05/15/30)		2,500		2,404,193
Series BE, 5.00%, 05/15/33 (Call 05/15/30)		2,000		2,313,342
Series BE, 5.00%, 05/15/38 (Call 05/15/30)		2,735		3,076,235
Series BE, 5.00%, 05/15/41 (Call 05/15/30)		2,915		3,229,737
Series BH, 4.00%, 05/15/46 (Call 05/15/31)		950		916,597
Series BH, 4.00%, 05/15/51 (Call 05/15/31)		2,020		1,917,380
Series I, 5.00%, 05/15/24		290		303,225
Series I, 5.00%, 05/15/27 (Call 05/15/25)		430		459,506
Series I, 5.00%, 05/15/28 (Call 05/15/25)		350		373,855
Series I, 5.00%, 05/15/29 (Call 05/15/25)		200		213,539
Series I, 5.00%, 05/15/31 (Call 05/15/25)		2,765		2,943,566
Series I, 5.00%, 05/15/32 (Call 05/15/25)		540		573,940
Series K, 4.00%, 05/15/46 (Call 05/15/26)		3,000		2,885,823
Series K, 5.00%, 05/15/35 (Call 05/15/26)		500		538,862
Series M, 4.00%, 05/15/47 (Call 05/15/27)		250		239,051
Series M, 5.00%, 05/15/33 (Call 05/15/27)		1,000		1,099,032
Series M, 5.00%, 05/15/47 (Call 05/15/27)		1,165		1,246,231
Series M, 5.00%, 05/15/52 (Call 05/15/27)		250		266,865
Series O, 4.00%, 05/15/29 (Call 05/15/28)		500		539,282
Series O, 5.00%, 05/15/58 (Call 05/15/28)		1,000		1,074,040
Series O, 5.50%, 05/15/58 (Call 05/15/28)		500		549,820
Series Q, 4.00%, 05/15/36 (Call 05/15/31)		1,000		1,028,853
Series Q, 4.00%, 05/15/37 (Call 05/15/31)		2,360		2,405,160
Series Q, 5.00%, 05/15/46 (Call 05/15/31)		5,105		5,590,373
Upper Santa Clara Valley Joint Powers Authority RB
Series A, 4.00%, 08/01/45 (Call 08/01/25)		1,100		1,065,262
Series A, 4.00%, 08/01/50 (Call 08/01/25)		3,000		2,875,585
Ventura County Public Financing Authority RB, Series A, 5.00%, 11/01/43 (PR 11/01/22)		500		502,311
West Valley-Mission Community College District GO,
Series B, 4.00%, 08/01/40 (Call 08/01/25)		250		252,248
William S Hart Union High School District GO
Series A, 0.00%, 08/01/33^(a)		990		680,369
Series B, 0.00%, 08/01/34 (AGM)^(a)		1,250		823,527
Series C, 0.00%, 08/01/37 (PR 08/01/23)^(a)		500		244,190


Security	Par (000)		Value

California (continued)
Series C, 4.00%, 08/01/38 (PR 08/01/23)	$	500	$	507,727

				1,811,082,047


Total Long-Term Investments — 98.6% (Cost: $1,902,824,753)				1,811,082,047


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Liquidity Funds California Money Fund Portfolio,
1.17%^(d)(e)		5,973		5,967,838


Total Short-Term Securities — 0.3% (Cost: $5,967,860)				5,967,838


Total Investments in Securities — 98.9% (Cost: $1,908,792,613)				1,817,049,885

Other Assets Less Liabilities — 1.1%				19,795,411


Net Assets — 100.0%			$	1,836,845,296

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.7%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/22	$	3,410	$	3,410,000
5.00%, 09/01/24 (PR 09/01/22)		2,500		2,500,000
5.00%, 09/01/27 (PR 09/01/24)		1,710		1,796,997
5.00%, 09/01/30 (PR 09/01/24)		2,025		2,128,023
Series 2007-2, Class A4, 5.00%, 09/01/28 (PR 09/01/24)		3,500		3,678,064
Series A, 4.00%, 06/01/37 (PR 09/01/27)		5,290		5,674,455
Series A, 5.00%, 09/01/35 (PR 09/01/26)		8,575		9,400,848
Series A, 5.00%, 09/01/36 (PR 09/01/26)		7,000		7,674,162
Series B, 5.00%, 09/01/23		3,105		3,186,247
Series B, 5.00%, 09/01/24		3,940		4,140,449
Series B, 5.00%, 09/01/26		2,640		2,899,536
Alabama Public School & College Authority RB, Series B, 5.00%, 01/01/24		3,525		3,646,284
Alabama Public School and College Authority RB
Series A, 4.00%, 11/01/36 (Call 11/01/30)		2,500		2,574,563
Series A, 4.00%, 11/01/38 (Call 11/01/30)		1,605		1,624,851
Series A, 5.00%, 11/01/22		1,810		1,818,153
Series A, 5.00%, 11/01/23		6,000		6,182,157
Series A, 5.00%, 11/01/24


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		102
Statements of Operations		103
Statements of Changes in Net Assets		104
Financial Highlights		106
Notes to Financial Statements		110
Board Review and Approval of Investment Advisory Contract		115
General Information		117
Glossary of Terms Used in this Report		118


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.42	)%		(8.38	)%		0.82	%		2.08	%		(8.38	)%		4.15	%		22.90	%
Fund Market		(5.42	)		(8.42	)		0.79			2.01			(8.42	)		4.00			22.07
Index		(5.37	)		(8.31	)		1.08			2.32			(8.31	)		5.51			25.72


Actual						Hypothetical 5% Return
Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period^(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	945.80	$	1.23	$	1,000.00	$	1,023.90	$	1.28		0.25	%


S&P Credit Rating^*	Percent of Total Investments^(a)
AAA.		13.3%
AA+		12.0
AA		16.8
AA-		37.0
A+		5.2
A		3.6
A-		0.4
BBB+		0.2
Not Rated		11.5


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.16	)%		(7.86	)%		1.14	%		1.90	%		(7.86	)%		5.85	%		20.71	%
Fund Market		(5.28	)		(8.09	)		1.12			1.85			(8.09	)		5.71			20.10
Index		(5.32	)		(8.06	)		1.27			2.09			(8.06	)		6.50			22.95


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


Fund Summary as of August 31, 2022		iShares^® California Muni Bond ETF


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of August 31, 2022		iShares^® National Muni Bond ETF


State	Percent of Total Investments^(a)
New York		21.2%
California		20.3
Texas		7.7
Massachusetts		5.5
New Jersey		4.3
Washington		3.8
Illinois		3.6
Maryland		2.7
Georgia		2.6
Pennsylvania		2.4


Fund Summary as of August 31, 2022		iShares^® New York Muni Bond ETF


Security	Percent of Total Investments^(a)
New York State Dormitory Authority RB, Series D, 4.00%, 02/15/47		0.8%
Suffolk County Water Authority RB, Series A, 4.00%, 06/01/41		0.7
Town of Brookhaven NY GOL, 4.00%, 07/15/26		0.7
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/28		0.7
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/37		0.6


Fund Summary as of August 31, 2022		iShares^® Short-Term National Muni Bond ETF


S&P Credit Rating^*	Percent of Total Investments^(a)
AAA.		34.7%
AA+		21.1
AA		14.0
AA-		9.4
A+		6.7
A		0.8
A-		1.3
BBB+		4.2
Not Rated		7.8


Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund Portfolio	$	5,938,909	$	28,843	^(a)	$	—	$	108	$	(22	)	$	5,967,838		5,973	$	26,111	$	—


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.61	)%		(8.37	)%		0.76	%		1.82	%		(8.37	)%		3.88	%		19.82	%
Fund Market		(5.78	)		(8.50	)		0.71			1.76			(8.50	)		3.62			19.03
Index		(5.66	)		(8.33	)		0.92			2.03			(8.33	)		4.67			22.21


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.21	)%		(2.83	)%		0.70	%		0.71	%		(2.83	)%		3.53	%		7.35	%
Fund Market		(1.22	)		(2.89	)		0.72			0.71			(2.89	)		3.66			7.31
Index		(1.25	)		(2.85	)		0.83			0.94			(2.85	)		4.24			9.79


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	1,811,082,047	$	—	$	1,811,082,047
Money Market Funds		5,967,838		—		—		5,967,838

	$	5,967,838	$	1,811,082,047	$	—	$	1,817,049,885