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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.
1.44 - - - 2.02
Market Price (%)   1.32 - - - 2.29
Benchmark (%)   0.21 - - - 0.25
After Tax Pre-Liq. (%)   1.37 - - - 1.95
After Tax Post-Liq. (%)   1.11 - - - 1.66
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.65 -1.08 0.65 1.72 1.44 - - - 2.09
Market Price (%)   0.49 -1.00 0.49 1.72 - - - - 2.37
Benchmark (%)   0.64 -1.08 0.64 1.62 0.21 - - - 0.25
After Tax Pre-Liq. (%)   0.57 -1.12 0.57 1.65 1.37 - - - 2.02
After Tax Post-Liq. (%)   0.37 -0.61 0.37 1.11 1.11 - - - 1.72
  2010 2011 2012 2013 2014


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.
Distributions Schedule
Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.017923 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.023934 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.019260 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.018963 $0.018963 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.020448 $0.020448 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.017043 $0.017043 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.020320 $0.020320 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.017104 $0.017104 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.018034 $0.018034 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.020032 $0.020032 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.014423 $0.014423 $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  

Jan 15, 2014

0.39%
Greatest Discount  

Jan 8, 2014

-0.05%
Days ± 0.5% of NAV 61
Percent ± 0.5% of NAV 100.00%
Select a Quarter   

Number of Days At:

Premium   59
NAV   0
Discount   2

Premium/Discount Range

# of Days

≥ 0.0 up to 0.5

59

≥ -0.5 up to 0.0

2

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 23-Apr-2014

Name Sector CUSIP Weight (%) Market Value Shares Price Exchange Coupon Maturity Duration Mod. Duration YTM Yield to Call Yield to Worst
CALIFORNIA ST ECONOMIC RECOVERY Tax-Revenue 13067JLA7 2.97 $1,585,651 1,360,000 116.59 - 5.00 Jul 1, 2018 3.80 - 0.95 - 0.95
PENNSYLVANIA ECONOMIC DEV FING Authority 70869VAE4 1.42 $756,970 650,000 116.46 - 5.00 Jul 1, 2018 3.80 - 0.98 - 0.98
PENNSYLVANIA ST Various Purpose 709141V93 1.15 $612,154 520,000 117.72 - 5.38 Jul 1, 2018 3.77 - 1.04 - 1.04
HAWAII ST Improvement 419787EX0 1.09 $580,830 500,000 116.17 - 5.00 Jun 1, 2018 3.71 - 0.97 - 0.97
NEW YORK N Y General Purpose 64966LDT5 1.08 $578,430 500,000 115.69 - 5.00 Aug 1, 2018 3.87 - 1.22 - 1.22
UTAH ST Various Purpose 917542QQ8 1.05 $559,210 480,000 116.50 - 5.00 Jul 1, 2018 3.80 - 0.97 - 0.97
NEW YORK N Y Various Purpose 64966JM86 0.93 $497,450 430,000 115.69 - 5.00 Aug 1, 2018 3.87 - 1.22 - 1.22
MICHIGAN FIN AUTH REV Special Obligation 59447PMP3 0.93 $494,186 425,000 116.28 - 5.00 Jul 1, 2018 3.80 - 1.02 - 1.02
ENERGY NORTHWEST WASH ELEC REV Utility 29270CXB6 0.93 $494,186 425,000 116.28 - 5.00 Jul 1, 2018 3.80 - 1.02 - 1.02
NEW JERSEY ST TRANSN TR FD AUT Transportation 646136N31 0.86 $459,356 400,000 114.84 - 5.00 Jun 15, 2018 3.75 - 1.31 - 1.31

as of 23-Apr-2014

Name CUSIP Sector Weight (%) Market Value Shares Price Exchange Coupon Maturity Duration Mod. Duration YTM Yield to Call Yield to Worst

as of 23-Apr-2014

Issuer Weight (%)
Holdings are subject to change.

Exposure Breakdowns

Sorry, state breakdowns are not available at this time.
Sorry, countries/regions are not available at this time.
as of 23-Apr-2014

% of Market Value

Various Purpose

22.27%

Tax-Revenue

15.30%

Utility

13.59%

Transportation

9.58%

Improvement

9.52%

School District

7.67%

Education

7.64%

Authority

6.00%

General Purpose

1.89%

Certificates of Participation

1.51%

Building

1.08%

Other/Undefined

1.03%

Special Obligation

0.93%

S-T Securities

0.61%

Municipal Bond Bank

0.37%

Sanitation District

0.33%

Grant Anticipation Note

0.33%

Special Assessment

0.21%

Park District

0.16%

as of 23-Apr-2014

  • 90
  • 72
  • 54
  • 36
  • 18
  • 0

89.98

0.44

0.22

  • 1 - 5 Years

  • 5 - 10 Years

  • 10 - 15 Years

Sorry, ratings are not available at this time.
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. "Other" includes dividends booked but not yet received and, if applicable, short-term fixed income securities.

Allocations subject to change.

KEY FACTS

Net Assets $53,388,262
Inception Date Mar 19, 2013
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT-Free Municipal Series 2018 Index

Fund Credit Rating - S&P   A+f

Shares Outstanding 2,100,000
Number of Holdings

as of 23-Apr-2014

385
CUSIP 46429B580
Price  

as of 23-Apr-2014

25.49
20 Day Avg. Volume 3,601
Premium/Discount  

as of 23-Apr-2014

0.30%
Options Available No

FEES
Management Fee 0.30%
Gross Expense Ratio 0.30%
Net Expense Ratio 0.30%
Total Expense Ratio 0.30%

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

PORTFOLIO CHARACTERISTICS

Beta  

as of -

-
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 23-Apr-2014

0.90%
Distribution Yield  

as of 23-Apr-2014

0.83%
30 Day SEC Yield  

as of 23-Apr-2014

0.80%
Tax Equiv. SEC Yield

as of 23-Apr-2014

1.40%
Tax Equiv. Dist. Yield  

as of 23-Apr-2014

1.46%

Weighted Avg Coupon  

as of 23-Apr-2014

4.71%
Weighted Avg Maturity  

as of 23-Apr-2014

4.19 yrs
Option Adjusted Duration  

as of 23-Apr-2014

3.82 yrs
Weighted Avg YTM  

as of 23-Apr-2014

1.06%
Option Adjusted Spread  

as of 23-Apr-2014

13 bps

% Stock 0.00%
% Bond 98.58%
% Cash 0.61%
% Other  

as of 23-Apr-2014

0.81%

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

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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 (available in Key Facts).

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.

Each Muni Series ETF (“Fund”) will terminate on or about August 31 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.

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.

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