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.
as of
  1y 3y 5y 10y Incept.
0.01 0.73 - - 1.45
Market Price (%)   -0.44 0.22 - - 1.39
Benchmark (%)   0.28 0.99 - - 1.78
After Tax Pre-Liq. (%)   0.01 0.73 - - 1.45
After Tax Post-Liq. (%)   0.25 0.74 - - 1.33
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.05 0.00 -0.02 -0.05 0.01 2.21 - - 6.64
Market Price (%)   -0.38 -0.14 -0.18 -0.38 -0.44 0.67 - - 6.36
Benchmark (%)   0.12 0.01 0.05 0.12 0.28 3.00 - - 8.25
After Tax Pre-Liq. (%)   -0.05 0.00 -0.02 -0.05 0.01 2.21 - - 6.64
After Tax Post-Liq. (%)   0.07 0.01 0.04 0.07 0.25 2.23 - - 6.08
as of
  2009 2010 2011 2012 2013
Total Return (%)   - - 3.52 0.90 0.29
Market Price (%)   - - 4.22 0.82 0.18
Benchmark (%)   - - 3.71 1.13 0.55

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
Aug 1, 2014 Aug 7, 2014 Aug 5, 2014 $0.000000 - - - -
Jul 1, 2014 Jul 8, 2014 Jul 3, 2014 $0.016719 - - - -
Jun 2, 2014 Jun 6, 2014 Jun 4, 2014 $0.017922 - - - -
May 1, 2014 May 7, 2014 May 5, 2014 $0.023697 - - - -
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.017914 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.034385 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.022695 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.018582 $0.018582 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.028339 $0.028339 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.022518 $0.022518 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.022922 $0.022922 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.020030 $0.020030 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.027183 $0.027183 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.029909 $0.029909 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.025158 $0.025158 $0.000000 $0.000000 $0.000000
May 1, 2013 May 7, 2013 May 3, 2013 $0.030827 $0.030827 $0.000000 $0.000000 $0.000000
Apr 1, 2013 Apr 5, 2013 Apr 3, 2013 $0.026257 $0.026257 $0.000000 $0.000000 $0.000000
Mar 1, 2013 Mar 7, 2013 Mar 5, 2013 $0.042334 $0.042334 $0.000000 $0.000000 $0.000000
Feb 1, 2013 Feb 7, 2013 Feb 5, 2013 $0.027163 $0.027163 $0.000000 $0.000000 $0.000000
Dec 26, 2012 Jan 2, 2013 Dec 28, 2012 $0.027698 $0.027698 $0.000000 $0.000000 $0.000000
Dec 3, 2012 Dec 7, 2012 Dec 5, 2012 $0.029270 $0.029270 $0.000000 $0.000000 $0.000000
Nov 1, 2012 Nov 7, 2012 Nov 5, 2012 $0.028035 $0.028035 $0.000000 $0.000000 $0.000000
Oct 1, 2012 Oct 5, 2012 Oct 3, 2012 $0.032240 $0.032240 $0.000000 $0.000000 $0.000000
Sep 4, 2012 Sep 10, 2012 Sep 6, 2012 $0.027945 $0.027945 $0.000000 $0.000000 $0.000000
Aug 1, 2012 Aug 7, 2012 Aug 3, 2012 $0.031078 $0.031078 $0.000000 $0.000000 $0.000000
Jul 2, 2012 Jul 9, 2012 Jul 5, 2012 $0.035097 $0.035097 $0.000000 $0.000000 $0.000000
Jun 1, 2012 Jun 7, 2012 Jun 5, 2012 $0.021358 $0.021358 $0.000000 $0.000000 $0.000000
May 1, 2012 May 7, 2012 May 3, 2012 $0.039318 $0.039318 $0.000000 $0.000000 $0.000000
Apr 2, 2012 Apr 9, 2012 Apr 4, 2012 $0.036136 $0.036136 $0.000000 $0.000000 $0.000000
Mar 1, 2012 Mar 7, 2012 Mar 5, 2012 $0.047223 $0.047223 $0.000000 $0.000000 $0.000000
Feb 1, 2012 Feb 7, 2012 Feb 3, 2012 $0.037781 $0.037781 $0.000000 $0.000000 $0.000000
Dec 27, 2011 Jan 4, 2012 Dec 29, 2011 $0.040749 $0.040749 $0.000000 $0.000000 $0.000000
Dec 1, 2011 Dec 7, 2011 Dec 5, 2011 $0.047929 $0.047929 $0.000000 $0.000000 $0.000000
Nov 1, 2011 Nov 7, 2011 Nov 3, 2011 $0.043369 $0.043369 $0.000000 $0.000000 $0.000000
Oct 3, 2011 Oct 7, 2011 Oct 5, 2011 $0.048561 $0.048561 $0.000000 $0.000000 $0.000000
Sep 1, 2011 Sep 8, 2011 Sep 6, 2011 $0.045449 $0.045449 $0.000000 $0.000000 $0.000000
Aug 1, 2011 Aug 5, 2011 Aug 3, 2011 $0.044978 $0.044978 $0.000000 $0.000000 $0.000000
Jul 1, 2011 Jul 8, 2011 Jul 6, 2011 $0.055560 $0.055560 $0.000000 $0.000000 $0.000000
Jun 1, 2011 Jun 7, 2011 Jun 3, 2011 $0.051427 $0.051427 $0.000000 $0.000000 $0.000000
May 2, 2011 May 6, 2011 May 4, 2011 $0.055729 $0.055729 $0.000000 $0.000000 $0.000000
Apr 1, 2011 Apr 7, 2011 Apr 5, 2011 $0.051766 $0.051766 $0.000000 $0.000000 $0.000000
Mar 1, 2011 Mar 7, 2011 Mar 3, 2011 $0.064319 $0.064319 $0.000000 $0.000000 $0.000000
Feb 1, 2011 Feb 7, 2011 Feb 3, 2011 $0.051982 $0.051982 $0.000000 $0.000000 $0.000000
Dec 28, 2010 Jan 4, 2011 Dec 30, 2010 $0.051376 $0.051376 $0.000000 $0.000000 $0.000000
Dec 1, 2010 Dec 7, 2010 Dec 3, 2010 $0.054937 $0.054937 $0.000000 $0.000000 $0.000000
Nov 1, 2010 Nov 5, 2010 Nov 3, 2010 $0.051344 $0.051344 $0.000000 $0.000000 $0.000000
Oct 1, 2010 Oct 7, 2010 Oct 5, 2010 $0.055532 $0.055532 $0.000000 $0.000000 $0.000000
Sep 1, 2010 Sep 8, 2010 Sep 3, 2010 $0.058397 $0.058397 $0.000000 $0.000000 $0.000000
Aug 2, 2010 Aug 6, 2010 Aug 4, 2010 $0.061557 $0.061557 $0.000000 $0.000000 $0.000000
Jul 1, 2010 Jul 8, 2010 Jul 6, 2010 $0.063391 $0.063391 $0.000000 $0.000000 $0.000000
Jun 1, 2010 Jun 7, 2010 Jun 3, 2010 $0.061155 $0.061155 $0.000000 $0.000000 $0.000000
May 3, 2010 May 7, 2010 May 5, 2010 $0.051134 $0.051134 $0.000000 $0.000000 $0.000000
Apr 1, 2010 Apr 8, 2010 Apr 6, 2010 $0.058290 $0.058290 $0.000000 $0.000000 $0.000000
Mar 1, 2010 Mar 5, 2010 Mar 3, 2010 $0.064245 $0.064245 $0.000000 $0.000000 $0.000000
Feb 1, 2010 Feb 5, 2010 Feb 3, 2010 $0.031470 $0.031470 $0.000000 $0.000000 $0.000000

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.
Greatest Premium  

Jul 31, 2014

0.01%
Greatest Discount  

Jul 10, 2014

-0.32%
Days ± 0.5% of NAV 33
Percent ± 0.5% of NAV 100.00%
Select a Quarter   

Number of Days At:

Premium   2
NAV   1
Discount   30

Premium/Discount Range

# of Days

≥ 0.0 up to 0.5

3

≥ -0.5 up to 0.0

30

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 14-Aug-2014

Issuer Weight (%)

as of 14-Aug-2014

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

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%

A+/A1

-

0.30%

A/A2

-

-

A-/A3

-

0.30%

BBB+/Baa1

-

-

BBB/Baa2

-

-

BBB-/Baa3

-

-

BB+/Ba1

-

-

BB/Ba2

-

-

BB-/Ba3

-

-

B+/B1

-

-

B/B2

-

-

B-/B3

-

-

CCC+/Caa1

-

-

CCC/Caa2

-

-

CCC-/Caa3

-

-

CC/Ca

-

-

C

-

-

CI

-

-

R

-

-

SD

-

-

D

-

-

NR

0.15%

0.15%

Other

93.67%

93.82%

Cash

-

-

Govt/Cash

-

-

  • S&P

  • Moody's

Ratings are measured on a scale that generally ranges from AAA (S&P highest) or Aaa (Moody's highest) to D (S&P lowest) or C (Moody's lowest). "R" applies to securities where the issuing company is under regulatory supervision due to its financial situation. "SD" applies to securities where the issuing company has selectively defaulted on some obligations. “NR” applies to securities that are not rated. "Other" includes dividends booked but not yet received and, if applicable, short-term fixed income securities.
Allocations are subject to change.

KEY FACTS

Net Assets

as of 15-Aug-2014

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

Fund Credit Rating - S&P   A+f

Shares Outstanding 1,300,000
Number of Holdings

as of 14-Aug-2014

27
CUSIP 464289362
Closing Price  

as of 15-Aug-2014

51.18
20 Day Avg. Volume   3,009
Premium/Discount  

as of 15-Aug-2014

0.01%
Options Available No

FEES

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%

12m Trailing Yield  

as of 15-Aug-2014

0.48%
Distribution Yield  

as of 31-Jul-2014

0.40%
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%
Weighted Average Life  

as of 16-Sep-2014

0.00 yrs
Effective Duration  

as of 16-Sep-2014

0.00 yrs
Weighted Avg YTM  

as of 16-Sep-2014

0.00%

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 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 a single sector will be more susceptible to factors affecting that sector and more volatile than funds that invest in many different sectors.

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”).

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-US 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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iS-12604