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 14-Aug-2014

Issuer Weight (%)

as of 14-Aug-2014

Name Weight (%) ISIN Sector SEDOL Market Value Price Maturity Coupon (%) Duration Notional Value Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Par Value
BLACKROCK LIQ FD MUNIFUND 92.51 - S-T Securities - $61,547,583 1.00 - - - - - - - - 61,547,583.18
HARRIS CNTY TX TOLL SR LIEN 1.88 US414004YT24 Transportation - $1,250,175 100.01 Aug 15, 2016 5.00 0.00 - - -0.04 - -0.04 1,250,000.00
UNIVERSITY TEX UNIV REVS 0.41 US915137SX22 Education - $275,038 100.01 Aug 15, 2014 5.25 0.00 - - 0.20 - 0.20 275,000.00
HOWARD CNTY MD 0.38 - Improvement - $250,035 100.01 Aug 15, 2014 5.00 0.00 - - -0.04 - -0.04 250,000.00
MARYLAND ST 0.38 US574192W309 Various Purpose - $250,035 100.01 Aug 15, 2014 5.25 0.00 - - 0.20 - 0.20 250,000.00
MASSACHUSETTS ST SCH BLDG AUTH 0.35 US576000AT06 Tax-Revenue - $235,033 100.01 Aug 15, 2014 5.00 0.00 - - -0.04 - -0.04 235,000.00
HOUSTON TEX INDPT SCH DIST 0.30 US442402C437 School District - $200,034 100.02 Aug 15, 2014 6.30 0.00 - - 0.17 - 0.17 200,000.00
EAGLE MTN & SAGINAW TEX INDPT 0.30 US269695N243 School District - $200,028 100.01 Aug 15, 2014 5.00 0.00 - - -0.04 - -0.04 200,000.00
LEANDER TEX INDPT SCH DIST 0.30 US521840J825 School District - $200,022 100.01 Aug 15, 2014 4.00 0.00 - - 0.04 - 0.04 200,000.00
HARRIS CNTY TEX 0.26 US414004YR67 Transportation - $175,024 100.01 Aug 15, 2014 5.00 0.00 - - -0.04 - -0.04 175,000.00
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 14-Aug-2014
  Texas 4.89%
  Maryland 0.75%
  Massachusetts 0.5%
  New Hampshire 0.45%
  New York 0.41%
  California 0.3%
as of 14-Aug-2014
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 14-Aug-2014

% of Market Value

S-T Securities

92.51%

Transportation

2.29%

School District

1.28%

Education

0.71%

Tax-Revenue

0.69%

Various Purpose

0.68%

Utility

0.60%

Municipal Bond Bank

0.45%

Improvement

0.38%

Special Assessment

0.23%

as of 14-Aug-2014

  • 04
  • 03
  • 02
  • 01
  • 01
  • 0

3.70

1.88

  • 0 - 1 Year

  • 1 - 5 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 14-Aug-2014

% of Market Value

AAA/Aaa

2.14%

1.99%

AA+/Aa1

0.80%

0.49%

AA/Aa2

0.60%

0.50%

AA-/Aa3

2.63%

2.44%

NR

0.15%

0.15%

Other

93.67%

93.82%

  • S&P

  • Moody's

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 15-Aug-2014

$66,528,294
Asset Class Fixed Income
Exchange NYSE Arca
Benchmark Index S&P AMT-Free Municipal Series 2014 Index
Index Ticker SPMUS14T
Inception Date Jan 7, 2010

Fund Credit Rating - S&P   A+f

Shares Outstanding 1,300,000
CUSIP 464289362
Number of Holdings  

as of 14-Aug-2014

27
Closing Price  

as of 15-Aug-2014

51.18
Mid-Point Price  

as of 15-Aug-2014

51.18
Daily Volume  

as of 15-Aug-2014

2,300
20 Day Avg. Volume   3,009
Premium/Discount  

as of 15-Aug-2014

0.01%
Options Available No

FEES as of 07-Jan-2010

Expense Ratio  

0.30%

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

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Jul-2014

0.00
Standard Deviation (3y)  

as of 31-Jul-2014

0.58%

Distribution Yield  

as of 31-Jul-2014

0.40%
12m Trailing Yield  

as of 15-Aug-2014

0.48%
30 Day SEC Yield  

as of 15-Aug-2014

0.14%
Tax Equiv. SEC Yield  

as of 15-Aug-2014

0.24%
Tax Equiv. Dist. Yield  

as of 31-Jul-2014

0.70%

Weighted Avg Coupon  

as of 16-Sep-2014

0.00%
Effective Duration  

as of 16-Sep-2014

0.00 yrs
Weighted Avg YTM  

as of 16-Sep-2014

0.00%
Weighted Avg Maturity  

as of 16-Sep-2014

0.00 yrs

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 (30 basis points).
The NAV (as of 15-Aug-2014) used in the calculation is $51.18. The value you enter should correspond to your estimated market purchase price as of 15-Aug-2014.
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 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.

The iShares® iBonds® ETFs ("Funds") will terminate on or about March 31 of the year in each 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. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market.

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’ distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount.

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 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.

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.

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, 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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