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 of 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 03-Sep-2015

Issuer Weight (%)

as of 03-Sep-2015

Name Weight (%) ISIN Sector SEDOL Market Value Price Maturity Coupon (%) Duration Notional Value YTM (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Par Value
NEW YORK ST TWY AUTH GEN REV J 1.22 US650010AD39 Transportation - $11,584,532 112.88 May 1, 2019 5.00 3.36 11,584,532.17 1.38 - - 1.38 10,185,000.00
CALIFORNIA ST ECONOMIC RECOVERY 0.88 US13067JKT78 Prerefund/Escrow - $8,326,278 114.86 Jul 1, 2019 5.00 3.51 8,326,277.84 1.03 - - 1.03 7,195,000.00
CALIFORNIA ST ECONOMIC RECOVERY 0.83 US13067JKZ39 Prerefund/Escrow - $7,846,027 114.86 Jul 1, 2019 5.00 3.51 7,846,026.93 1.03 - - 1.03 6,780,000.00
BLACKROCK LIQ FD MUNIFUND 0.79 US09248U8172 Cash and/or Derivatives B0BZQ49 $7,517,407 1.00 - 0.20 0.00 7,517,406.52 0.20 - - 0.20 7,517,407.00
MASSACHUSETTS ST 0.69 US57582PFQ81 Prerefund/Escrow - $6,547,660 108.66 Aug 1, 2017 5.25 1.83 6,547,660.00 0.68 - - 0.68 6,000,000.00
NEW YORK ST DORM AUTH ST PERS 0.66 US64990ETH08 State Tax-Backed - $6,213,020 112.71 Feb 15, 2019 5.00 3.21 6,213,020.00 1.22 - - 1.22 5,500,000.00
UNIVERSITY TEX UNIV REVS 0.58 US915137ZT37 Prerefund/Escrow - $5,495,910 104.43 Aug 15, 2016 5.00 0.94 5,495,910.00 0.32 - - 0.32 5,250,000.00
ILLINOIS ST TOLL HWY AUTH TOLL 0.55 US452252DC01 Prerefund/Escrow - $5,238,456 103.91 Jul 1, 2016 5.00 0.81 5,238,455.56 0.27 - - 0.27 5,000,000.00
CALIFORNIA ST ECONOMIC RECOVER 0.54 US13067JMY46 Prerefund/Escrow - $5,078,974 111.63 Jul 1, 2018 5.00 2.65 5,078,973.67 0.83 - - 0.83 4,515,000.00
BAY AREA TOLL AUTH CALIF TOLL 0.50 US072024DJ80 Prerefund/Escrow - $4,745,327 102.76 Apr 1, 2016 5.00 0.56 4,745,327.28 0.22 - - 0.22 4,525,000.00
Name ISIN SEDOL Weight (%) Sector Asset Class Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Notional Value Yield to Call (%) Yield to Worst (%) Par Value
Holdings are subject to change.

Exposure Breakdowns

as of 03-Sep-2015
  California 17.82%
  New York 16.42%
  Texas 7.96%
  Massachusetts 5.62%
  New Jersey 4.72%
  Illinois 4.7%
  Maryland 4.02%
  Georgia 3.91%
  Pennsylvania 3.47%
  Washington 3.25%
  North Carolina 2.95%
  Connecticut 2.18%
  Florida 2.11%
  Missouri 1.72%
  Virginia 1.6%
  Minnesota 1.5%
  Tennessee 1.43%
  Michigan 1.42%
  Utah 1.39%
  Nevada 1.33%
  South Carolina 1.14%
  Wisconsin 1.12%
  Hawaii 0.97%
  Arizona 0.93%
  Oregon 0.72%
  Colorado 0.69%
  District of Columbia 0.6%
  Alabama 0.56%
  Kentucky 0.54%
  Cash and Derivatives 0.48%
  Indiana 0.43%
  Louisiana 0.39%
  New Mexico 0.3%
  Oklahoma 0.3%
  Ohio 0.24%
  Mississippi 0.23%
  Delaware 0.17%
  Kansas 0.17%
  Nebraska 0.17%
  Rhode Island 0.15%
  Other 0.08%
  Iowa 0.07%
  Alaska 0.03%
Show all 43 states
Sorry, countries/regions are not available at this time.
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 03-Sep-2015

% of Market Value

State Tax-Backed

43.16%

Prerefund/Escrow

20.42%

Utility

11.72%

Transportation

10.18%

Local Tax-Backed

9.72%

School Districts

3.10%

Education

1.22%

Cash and/or Derivatives

0.48%

as of 03-Sep-2015

  • 69
  • 55
  • 41
  • 27
  • 14
  • 0

0.48

68.60

30.92

  • Cash and/or Derivatives

  • 0 - 3 Years

  • 3 - 6 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 03-Sep-2015

% of Market Value

Cash and/or Derivatives

0.48%

AAA Rated

36.99%

AA Rated

48.84%

A Rated

13.18%

BBB Rated

0.51%

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 04-Sep-2015

$946,366,660
Asset Class Fixed Income
Exchange NYSE Arca
Benchmark Index S&P Short Term National AMT-Free Municipal Bond Index
Index Ticker SPMU5YRT
Inception Date Nov 5, 2008

Shares Outstanding 8,950,000
CUSIP 464288158
Number of Holdings  

as of 03-Sep-2015

764
Closing Price  

as of 03-Sep-2015

105.60
Mid-Point Price  

as of 03-Sep-2015

105.58
Daily Volume  

as of 03-Sep-2015

1,085
20 Day Avg. Volume   3,959
Premium/Discount  

as of 04-Sep-2015

-
Options Available No

FEES as of 28-Feb-2014

Expense Ratio  

0.25%

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Jul-2015

-0.03
Standard Deviation (3y)  

as of 31-Jul-2015

0.75%

12m Trailing Yield  

as of 03-Sep-2015

0.76%
Distribution Yield  

as of 03-Sep-2015

0.70%
30 Day SEC Yield  

as of 03-Sep-2015

0.54%
Tax Equiv. SEC Yield  

as of 03-Sep-2015

0.96%
Tax Equiv. Dist. Yield  

as of 03-Sep-2015

1.24%

Weighted Avg Coupon  

as of 03-Sep-2015

4.84%
Effective Duration  

as of 03-Sep-2015

2.08 yrs
Weighted Avg Maturity  

as of 03-Sep-2015

2.23 yrs
Weighted Avg YTM  

as of 03-Sep-2015

0.79%

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.

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.

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”).

Although BlackRock shall obtain data from sources that BlackRock considers reliable, all data contained herein is provided “as is” and BlackRock makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.



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., Japan Exchange Group, 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 All Residential 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 or FTSE EPRA/NAREIT Global REIT 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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