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 17-Apr-2015

Issuer Weight (%)

as of 17-Apr-2015

Name Sector ISIN SEDOL Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Notional Value
NEW YORK ST TWY AUTH GEN REV J Transportation US650010AD39 - 1.28 $11,224,937 114.43 5.00 May 1, 2019 3.66 - 1.32 - 1.32 11,224,936.52
CALIFORNIA ST ECONOMIC RECOVERY Prerefund/Escrow US13067JKT78 - 0.95 $8,343,026 116.12 5.00 Jul 1, 2019 3.81 - 1.07 - 1.07 8,343,026.27
CALIFORNIA ST ECONOMIC RECOVERY Prerefund/Escrow US13067JKZ39 - 0.88 $7,728,594 116.70 5.00 Jul 1, 2019 3.81 - 0.94 - 0.94 7,728,594.13
NEW YORK ST DORM AUTH ST PERS State Tax-Backed US64990ETH08 - 0.72 $6,332,486 114.28 5.00 Feb 15, 2019 3.51 - 1.17 - 1.17 6,332,486.11
MASSACHUSETTS ST Prerefund/Escrow US57582N2V61 - 0.67 $5,915,499 101.79 5.00 Sep 1, 2015 0.38 - 0.18 - 0.18 5,915,499.33
UNIVERSITY TEX UNIV REVS Prerefund/Escrow - - 0.64 $5,617,296 106.14 5.00 Aug 15, 2016 1.29 - 0.36 - 0.36 5,617,295.83
ILLINOIS ST TOLL HWY AUTH TOLL Prerefund/Escrow US452252DC01 - 0.61 $5,351,161 105.55 5.00 Jul 1, 2016 1.17 - 0.38 - 0.38 5,351,161.11
MASSACHUSETTS ST SCH BLDG AUTH Prerefund/Escrow US576000BE28 - 0.58 $5,121,656 101.57 5.00 Aug 15, 2015 0.33 - 0.20 - 0.20 5,121,655.56
BAY AREA TOLL AUTH CALIF TOLL Prerefund/Escrow US072024DJ80 - 0.54 $4,738,952 104.51 5.00 Apr 1, 2016 0.95 - 0.27 - 0.27 4,738,952.06
CALIFORNIA ST State Tax-Backed US13063BSE38 - 0.51 $4,489,722 114.51 5.00 Feb 1, 2019 3.48 - 1.08 - 1.08 4,489,721.83
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 17-Apr-2015
  California 18.39%
  New York 15.19%
  Massachusetts 7.57%
  Texas 7.14%
  New Jersey 6.33%
  Illinois 6.02%
  Maryland 3.74%
  Pennsylvania 3.3%
  Washington 3.12%
  Georgia 3.08%
  North Carolina 2.29%
  Connecticut 2.1%
  Florida 1.77%
  Minnesota 1.65%
  Utah 1.49%
  South Carolina 1.48%
  Nevada 1.46%
  Michigan 1.38%
  Wisconsin 1.31%
  Tennessee 1.26%
  Missouri 1.2%
  Virginia 1.2%
  Colorado 0.9%
  Arizona 0.88%
  Hawaii 0.87%
  Kentucky 0.6%
  Louisiana 0.57%
  Alabama 0.47%
  Indiana 0.47%
  New Mexico 0.47%
  District of Columbia 0.33%
  Cash and Derivatives 0.29%
  Ohio 0.26%
  Oregon 0.26%
  Mississippi 0.25%
  Oklahoma 0.21%
  Nebraska 0.19%
  Delaware 0.18%
  Rhode Island 0.16%
  Kansas 0.14%
  Alaska 0.03%
  Maine 0%
  New Hampshire 0%
  West Virginia 0%
Show all 44 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 17-Apr-2015

% of Market Value

State Tax-Backed

45.00%

Prerefund/Escrow

20.59%

Utility

12.07%

Transportation

9.43%

Local Tax-Backed

8.65%

School Districts

2.58%

Education

1.38%

Cash and/or Derivatives

0.29%

as of 17-Apr-2015

  • 65
  • 52
  • 39
  • 26
  • 13
  • 0

0.29

65.41

34.30

  • 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 17-Apr-2015

% of Market Value

Cash and/or Derivatives

0.29%

AAA Rated

35.59%

AA Rated

43.49%

A Rated

20.00%

BBB Rated

0.63%

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 20-Apr-2015

$878,906,921
Inception Date Nov 5, 2008
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P Short Term National AMT-Free Municipal Bond Index
Index Ticker SPMU5YRT

Fund Credit Rating - S&P   AAf

Shares Outstanding 8,300,000
Number of Holdings  

as of 17-Apr-2015

755
CUSIP 464288158
Closing Price  

as of 20-Apr-2015

105.70
20 Day Avg. Volume   6,530
Premium/Discount  

as of 20-Apr-2015

-0.21%
Options Available No

FEES as of 28-Feb-2014

Expense Ratio  

0.25%

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

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Mar-2015

-0.03
Standard Deviation (3y)  

as of 31-Mar-2015

0.74%

12m Trailing Yield  

as of 17-Apr-2015

0.75%
Distribution Yield  

as of 17-Apr-2015

0.78%
30 Day SEC Yield  

as of 17-Apr-2015

0.45%
Tax Equiv. SEC Yield

as of 17-Apr-2015

0.80%
Tax Equiv. Dist. Yield  

as of 17-Apr-2015

1.38%

Weighted Avg Coupon  

as of 17-Apr-2015

4.85%
Weighted Avg Maturity  

as of 17-Apr-2015

2.14 yrs
Effective Duration  

as of 17-Apr-2015

1.99 yrs
Weighted Avg YTM  

as of 17-Apr-2015

0.66%

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

More Products

No recently viewed funds available

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.

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., 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.

©2015 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

iS-12604