PERFORMANCE



The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.



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.

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.

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

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 25-Mar-2015

Issuer Weight (%)

as of 25-Mar-2015

Name Sector ISIN SEDOL Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
MASSACHUSETTS BAY TRANSN AUTH Prerefund/Escrow US575577GU93 - 1.07 $1,038,582 101.22 4.75 Jul 1, 2015 0.27 - 0.19 - 0.19 1,038,581.83
MASSACHUSETTS ST WTR POLLUTN ABATE Prerefund/Escrow US57604PD359 - 1.05 $1,025,765 101.79 5.25 Aug 1, 2015 0.36 - 0.14 - 0.14 1,025,765.00
FLORIDA HURRICANE CATASTROPHE FD F Prerefund/Escrow US34074GDD34 - 1.02 $999,001 101.30 5.00 Jul 1, 2015 0.27 - 0.14 - 0.14 999,001.25
NEW YORK N Y Local Tax-Backed US64966GLM23 - 1.00 $978,512 101.71 5.00 Aug 1, 2015 0.36 - 0.11 - 0.11 978,512.10
UTAH ST State Tax-Backed US917542PZ93 - 0.87 $851,452 101.04 4.00 Jul 1, 2015 0.27 - 0.11 - 0.11 851,452.28
WASHINGTON ST FOR ISSUES DTD P Prerefund/Escrow US93974DAE85 - 0.84 $814,594 101.30 5.00 Jul 1, 2015 0.27 - 0.13 - 0.13 814,594.10
COLUMBUS OHIO Local Tax-Backed US199491M244 - 0.65 $635,384 100.90 5.00 Jun 1, 2015 0.19 - 0.10 - 0.10 635,384.27
WASHINGTON SUBN SAN DIST MD Prerefund/Escrow US940157FB18 - 0.65 $635,353 100.89 5.00 Jun 1, 2015 0.19 - 0.13 - 0.13 635,353.27
DISTRICT COLUMBIA Prerefund/Escrow - - 0.63 $614,840 100.89 5.00 Jun 1, 2015 0.19 - 0.14 - 0.14 614,840.00
HAWAII ST State Tax-Backed US419780S852 - 0.63 $614,818 101.30 5.00 Jul 1, 2015 0.27 - 0.11 - 0.11 614,818.00
Name ISIN SEDOL Asset Class Sector Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
Holdings are subject to change.

Exposure Breakdowns

as of 25-Mar-2015
  California 13.49%
  New York 9.11%
  Texas 7.96%
  Massachusetts 6.97%
  Washington 5.89%
  Maryland 5.39%
  Florida 5.37%
  Arizona 4.97%
  Virginia 3.5%
  New Jersey 3.27%
  Illinois 2.82%
  Pennsylvania 2.48%
  Hawaii 2.45%
  Ohio 2.33%
  Utah 1.92%
  Georgia 1.9%
  New Mexico 1.6%
  Minnesota 1.57%
  Nevada 1.55%
  North Carolina 1.27%
  District of Columbia 1.19%
  Connecticut 1.17%
  Colorado 1.16%
  New Hampshire 1.08%
  Oklahoma 0.99%
  Wisconsin 0.95%
  Oregon 0.91%
  Alaska 0.87%
  Kentucky 0.71%
  Nebraska 0.71%
  Louisiana 0.63%
  Tennessee 0.6%
  Delaware 0.55%
  Iowa 0.44%
  South Carolina 0.44%
  Rhode Island 0.3%
  Alabama 0.28%
  Vermont 0.26%
  South Dakota 0.23%
  Cash and Derivatives 0.22%
  Maine 0.11%
  Montana 0.11%
  West Virginia 0.11%
  Indiana 0.1%
  Michigan 0.08%
  Arkansas 0%
  Idaho 0%
  Kansas 0%
  Missouri 0%
  Mississippi 0%
  Wyoming 0%
Show all 51 states
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 25-Mar-2015

% of Market Value

State Tax-Backed

33.47%

Local Tax-Backed

20.61%

Prerefund/Escrow

13.54%

School Districts

11.95%

Utility

11.92%

Transportation

4.77%

Education

3.52%

Cash and/or Derivatives

0.22%

as of 25-Mar-2015

  • 100
  • 80
  • 60
  • 40
  • 20
  • 0

0.22

99.78

  • Cash and/or Derivatives

  • 0 - 3 Years

The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of 25-Mar-2015

% of Market Value

Cash and/or Derivatives

0.22%

AAA Rated

32.73%

AA Rated

54.27%

A Rated

12.20%

BBB Rated

0.58%

BB Rated

-

B Rated

-

CCC Rated

-

CC Rated

-

C Rated

-

D Rated

-

Not Rated

-

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.
Allocations are subject to change.

KEY FACTS

Net Assets

as of 26-Mar-2015

$97,512,552
Inception Date Jan 7, 2010
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT-Free Municipal Series 2015 Index
Index Ticker SPMUS15T

Fund Credit Rating - S&P   AAf

Shares Outstanding 1,850,000
Number of Holdings

as of 25-Mar-2015

489
CUSIP 464289339
Closing Price  

as of 26-Mar-2015

52.47
20 Day Avg. Volume   964
Premium/Discount  

as of 26-Mar-2015

-0.45%
Options Available No

FEES as of 31-Mar-2014

Expense Ratio  

0.30%

Fee Waiver  

0.12%

Expense Ratio (including waivers)

0.18%

For more information on S&P fund credit ratings, please click here.

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 30-Jan-2015

0.01
Standard Deviation (3y)  

as of 30-Jan-2015

0.53%

12m Trailing Yield  

as of 25-Mar-2015

0.65%
Distribution Yield  

as of 25-Mar-2015

0.94%
30 Day SEC Yield  

as of 25-Mar-2015

0.05%
30 Day SEC Yield Month End  

as of 27-Feb-2015

-0.02
Unsubsidized 30-Day SEC Yield  

as of 27-Feb-2015

-0.14%
Tax Equiv. SEC Yield

as of 25-Mar-2015

0.09%
Tax Equiv. Dist. Yield  

as of 25-Mar-2015

1.66%

Weighted Avg Coupon  

as of 25-Mar-2015

4.59%
Weighted Avg Maturity  

as of 25-Mar-2015

0.28 yrs
Effective Duration  

as of 25-Mar-2015

0.28 yrs
Weighted Avg YTM  

as of 25-Mar-2015

0.13%

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

Estimated Net Acquisition Yield Calculator

Calculate the Estimated Net Acquisition Yield (ENA Yield) based on the projected market purchase price that you input. This estimate also reflects the deduction of the expense ratio (18 basis points).
The NAV (as of 26-Mar-2015) used in the calculation is $52.71. The value you enter should correspond to your estimated market purchase price as of 26-Mar-2015.
Please note that the results generated by the Estimated Net Acquisition Yield Calculator are for illustrative purposes only and are not representative of any specific investment outcome.
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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 Mutual Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

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.

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 federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

The iShares® iBonds® Muni ETFs (“Funds”) will terminate on or about September 1 of the year in the Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount.

During the final three months prior to the Fund’s planned termination date, its yield will generally tend to move toward prevailing tax-exempt money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.

Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., European Public Real Estate Association ("EPRA®"), FTSE International Limited ("FTSE"), India Index Services & Products Limited, JPMorgan Chase & Co., MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell Investment Group or S&P Dow Jones Indices LLC, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Index data related to the underlying indexes is provided by the respective companies above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT Residential Plus Capped Index, FTSE NAREIT Industrial/Office Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Global REIT Index or FTSE EPRA/NAREIT Developed Asia Index; all rights vest in FTSE, NAREIT and EPRA. "FTSE®" is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

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