PERFORMANCE

as of
  1y 3y 5y 10y Incept.  
3.78 3.14 5.37 4.78 7.24
Benchmark (%)   3.50 2.89 4.53 4.52 -
Lipper Category Avg. (%)   3.52 2.65 4.51 3.92 -
as of
  1m 3m YTD 1y 3y 5y 10y Incept.  
0.65 0.31 1.09 3.78 9.71 29.91 59.56 1,114.72
Benchmark (%)   0.71 0.15 0.71 3.50 8.92 24.79 55.60 -
Lipper Category Avg. (%)   0.63 -0.02 0.44 3.52 8.18 24.78 47.27 -
Lipper Ranking   112/253 70/226 32/204 16/153
as of
  2010 2011 2012 2013 2014
Total Return (%)   3.09 11.58 9.81 -3.06 10.35
Benchmark (%)   2.45 10.62 7.42 -2.55 9.25


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Performance chart data not available for display.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.

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Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains

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Year Total Distribution   Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.



The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.

Holdings

as of 31-Jul-2015

Name Weight (%)
SALT RIVER PROJ AZ 5 01/01/2037 1.88
TEXAS ST 5 10/01/2044 1.85
MASSACHUSETTS ST HEALTH & EDL FACS 5.5 11/15/2036 1.62
CYPRESS-FAIRBANKS TEX INDPT SC 5 02/15/2044 1.41
INDIANAPOLIS IND LOC PUB IMPT BD B 5.5 01/01/2038 1.19
NEW YORK CITY NY TRANSITIONALFIN A 5 02/01/2041 1.18
TARRANT CNTY TEX CULTURAL ED F 6 08/15/2045 1.13
CLARK CNTY NEV ARPT REV 5.75 07/01/2042 1.12
MASSACHUSETTS ST TRANSN FD REV 5 06/01/2044 1.11
LONG ISLAND PWR AUTH N Y ELECSYS R 6 05/01/2033 1.07

Exposure Breakdowns

as of 31-Jul-2015

% of Market Value

Transport

18.1%

12.7%

Utility

15.8%

14.1%

Health

13.5%

11.8%

State Tax-Backed

12.8%

22.4%

Prerefund/Escrow

9.7%

1.4%

Local Tax-Backed

9.4%

13.0%

Cash and Derivatives

5.5%

-

Education

4.8%

8.3%

Corporate Muni

4.0%

2.6%

School Districts

2.9%

7.9%

  • Fund

  • Benchmark

as of 31-Jul-2015

% of Market Value

California

14.7%

19.1%

Texas

12.6%

8.4%

New York

8.2%

13.4%

Florida

6.4%

4.9%

Illinois

6.2%

4.2%

Cash and Derivatives

5.5%

-

Massachusetts

5.0%

3.5%

New Jersey

4.8%

3.7%

Indiana

3.9%

1.2%

Arizona

3.7%

2.0%

  • Fund

  • Benchmark

as of 31-Jul-2015

% of Market Value

United States

94.5%

100.0%

Cash and Derivatives

5.5%

-

  • Fund

  • Benchmark

as of 31-Jul-2015

% of Market Value

North America

94.5%

100.0%

Cash and Derivatives

5.5%

-

  • Fund

  • Benchmark

Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 31-Jul-2015

% of Market Value

Cash and Derivatives

5.5%

-

0 - 3 Years

10.2%

0.3%

3 - 6 Years

4.8%

6.8%

6 - 8 Years

1.7%

9.8%

8 - 10 Years

1.1%

8.8%

10 - 12 Years

1.7%

8.0%

12 - 15 Years

5.0%

12.0%

15 - 20 Years

12.4%

18.6%

20 - 25 Years

32.9%

18.7%

25+ Years

24.7%

17.0%

  • Fund

  • Benchmark

as of 31-Jul-2015

% of Market Value

Tax Exempt Fixed Income

94.5%

100.0%

Cash and Derivatives

5.5%

-

Taxable Fixed Income

-

0.0%

  • Fund

  • Benchmark

Allocations subject to change.
as of 31-Jul-2015

% of Market Value

Cash and Derivatives

5.5%

-

AAA Rated

22.2%

10.2%

AA Rated

32.0%

46.8%

A Rated

30.2%

28.4%

BBB Rated

6.0%

6.6%

BB Rated

1.9%

1.9%

B Rated

1.0%

1.5%

CCC Rated

0.0%

1.1%

CC Rated

-

0.7%

C Rated

-

-

  • Fund

  • Benchmark

The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Ratings

  • Morningstar Rating
     
  • Overall   :
  • 5
  • Overall Morningstar Rating for National Municipal Fund, CLASS INST, as of 31-Jul-2015 rated against 281 Muni National Interm Funds.
  • Lipper Leader Ratings
  • Consistent Return   :
     
  • Tax Efficiency   :
     
  • Total Return   :
     
  • Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 31-Jul-2015 out of 224, 5,186, 226, 58 and 226 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.


Morningstar Analyst


Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 3/12/14)*

PORTFOLIO MANAGEMENT

KEY FACTS

Size of Class (Millions)

as of 27-Aug-2015

$2,122.7 M
Size of Fund (Millions)

as of 27-Aug-2015

$5,395.0 M
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C876
Inception Date Nov 2, 1979

Net, Including Investment Related Expenses   0.68%
Net, Excluding Investment Related Expenses 0.62%
Expense Ratio 0.68%

Max Offer Price

as of 27-Aug-2015

$10.90
Number of Holdings

as of 31-Jul-2015

352
Distribution Frequency   Monthly
Open to New Investors Yes
Turnover Percent

as of 31-Jul-2015

35%

PORTFOLIO CHARACTERISTICS

Alpha (3y)  

as of 31-Jul-2015

0.06
R-Squared (3y)

as of 31-Jul-2015

96.97
Beta (3y)

as of 31-Jul-2015

1.08

30 Day SEC Yield  

as of 31-Jul-2015

1.97%
Tax Equiv. Yield  

as of -

-
Unsubsidized 30-Day SEC Yield  

as of 31-Jul-2015

1.92%

Average Coupon

as of 31-Jul-2015

4.97%
Effective Duration  

as of 31-Jul-2015

4.10 yrs
Weighted Average Life  

as of 31-Jul-2015

17.10 yrs
Yield to Maturity  

as of 31-Jul-2015

3.97%
Yield to Worst  

as of 31-Jul-2015

2.18%

Best 3-Month Return Over the Last 3 Years

3 months ending 31-Mar-2014

4.33%
Worst 3-Month Return Over the Last 3 Years

3 months ending 31-Aug-2013

-6.19%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Bond values fluctuate in price so the value of your investment can go down depending on market conditions.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

*The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A "Bronze"-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. Analyst Ratings are reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please click here.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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USR-3384