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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.
1.84 - - - 1.83
Market Price (%)   2.15 - - - 2.25
Benchmark (%)   1.98 - - - 0.89
After Tax Pre-Liq. (%)   1.80 - - - 1.81
After Tax Post-Liq. (%)   1.42 - - - 1.60
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.84 -0.38 -0.18 0.21 1.84 - - - 3.30
Market Price (%)   2.15 0.09 0.52 0.72 2.15 - - - 4.07
Benchmark (%)   1.98 -0.41 -0.16 0.30 1.98 - - - 1.59
After Tax Pre-Liq. (%)   1.80 -0.38 -0.22 0.18 1.80 - - - 3.26
After Tax Post-Liq. (%)   1.42 -0.14 0.00 0.33 1.42 - - - 2.87
as of
  2010 2011 2012 2013 2014
Total Return (%)   - - - - 1.84
Market Price (%)   - - - - 2.15
Benchmark (%)   - - - - 1.98

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
Dec 24, 2014 Dec 31, 2014 Dec 29, 2014 $0.020174 - - - -
Dec 1, 2014 Dec 5, 2014 Dec 3, 2014 $0.022077 - - - -
Nov 3, 2014 Nov 7, 2014 Nov 5, 2014 $0.020168 - - - -
Oct 1, 2014 Oct 7, 2014 Oct 3, 2014 $0.020994 - - - -
Sep 2, 2014 Sep 8, 2014 Sep 4, 2014 $0.020508 - - - -
Aug 1, 2014 Aug 7, 2014 Aug 5, 2014 $0.020497 - - - -
Jul 1, 2014 Jul 8, 2014 Jul 3, 2014 $0.019962 - - - -
Jun 2, 2014 Jun 6, 2014 Jun 4, 2014 $0.017637 - - - -
May 1, 2014 May 7, 2014 May 5, 2014 $0.018798 - - - -
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  

Dec 31, 2014

0.76%
Greatest Discount  

Oct 17, 2014

-0.15%
Days ± 0.5% of NAV 62
Percent ± 0.5% of NAV 96.88%
Select a Quarter   

Number of Days At:

Premium   50
NAV   3
Discount   11

Premium/Discount Range

# of Days

≥ 0.5 up to 1.0

3

≥ 0.0 up to 0.5

50

≥ -0.5 up to 0.0

11

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 22-Jan-2015

Issuer Weight (%)

as of 22-Jan-2015

Name Sector ISIN SEDOL Weight (%) Market Value Price Coupon (%) Maturity Duration Mod. Duration YTM (%) Yield to Call (%) Yield to Worst (%) Barcap Rating Notional Value
CALIFORNIA ST ECONOMIC RECOVERY Municipals US13067JLA78 B556N08 2.57 $2,043,197 114.82 5.00 Jul 1, 2018 3.20 - 0.64 - 0.64 AA 2,043,196.58
BLACKROCK LIQ FD MUNIFUND Cash and/or Derivatives US09248U8172 B0BZQ49 1.92 $1,523,335 1.00 0.17 - 0.08 - 0.06 - 0.06 AAA 1,523,335.03
PENNSYLVANIA ECONOMIC DEV FING GOVERNMENT RELATED US70869VAE48 - 1.04 $826,666 114.52 5.00 Jul 1, 2018 3.20 - 0.72 - 0.72 AA+ 826,665.60
UTAH ST GOVERNMENT RELATED US917542QQ85 - 0.87 $694,405 114.49 5.00 Jul 1, 2018 3.20 - 0.73 - 0.73 AAA 694,404.88
CALIFORNIA ST Municipals US13063BG552 - 0.84 $666,497 114.97 5.00 Sep 1, 2018 3.30 - 0.78 - 0.78 A+ 666,497.20
MICHIGAN FIN AUTH REV Municipals US59447PMP35 - 0.76 $601,428 114.27 5.00 Jul 1, 2018 3.20 - 0.79 - 0.79 AAA 601,427.75
PENNSYLVANIA ST GOVERNMENT RELATED US709141V934 - 0.76 $600,312 115.13 5.38 Jul 1, 2018 3.19 - 0.90 - 0.90 AA- 600,311.62
NEW YORK N Y Corporates US64966LDT52 - 0.73 $582,185 114.06 5.00 Aug 1, 2018 3.21 - 0.94 - 0.94 AA 582,185.00
HAWAII ST GOVERNMENT RELATED US419787EX08 - 0.72 $572,627 113.82 5.00 Jun 1, 2018 3.12 - 0.82 - 0.82 Aa2 572,626.67
MARYLAND ST GOVERNMENT RELATED US574193EK03 - 0.69 $548,566 111.36 4.00 Aug 15, 2018 3.30 - 0.76 - 0.76 AAA 548,566.26
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 22-Jan-2015
  California 15.1%
  New York 9.72%
  Washington 6.99%
  Texas 6.19%
  Maryland 5.13%
  Massachusetts 4.86%
  Florida 4.39%
  Virginia 4.1%
  New Jersey 3.78%
  Pennsylvania 3.7%
  Arizona 3.6%
  Illinois 2.6%
  Utah 2.6%
  Georgia 2.49%
  Hawaii 2.4%
  North Carolina 2.13%
  Connecticut 2.06%
  Minnesota 1.79%
  Ohio 1.78%
  New Mexico 1.75%
  Wisconsin 1.4%
  Delaware 1.06%
  Alaska 1.03%
  Nevada 0.96%
  Michigan 0.76%
  Oklahoma 0.74%
  Tennessee 0.72%
  Oregon 0.7%
  District of Columbia 0.59%
  Iowa 0.57%
  Colorado 0.55%
  New Hampshire 0.52%
  Alabama 0.47%
  Kentucky 0.46%
  Indiana 0.41%
  South Carolina 0.39%
  Louisiana 0.3%
  Kansas 0.25%
  Missouri 0.22%
  Montana 0.22%
  Vermont 0.19%
  Nebraska 0.14%
  South Dakota 0.14%
  Maine 0.06%
  Arkansas 0%
  Idaho 0%
  Mississippi 0%
  North Dakota 0%
  Rhode Island 0%
  West Virginia 0%
  Cash and Derivatives -0.01%
Show all 51 states
as of 22-Jan-2015

% of Market Value

State Tax-Backed

41.74%

Local Tax-Backed

20.53%

Utility

15.94%

School Districts

9.82%

Transportation

5.19%

Education

4.70%

Prerefund/Escrow

2.10%

Cash and/or Derivatives

-0.01%

as of 22-Jan-2015

  • 100
  • 80
  • 60
  • 40
  • 20
  • 0

-0.01

0.11

99.90

  • 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 22-Jan-2015

% of Market Value

Cash and/or Derivatives

-0.01%

AAA Rated

27.85%

AA Rated

58.86%

A Rated

12.91%

BBB Rated

0.39%

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.
How to buy iShares ETFs

KEY FACTS

Net Assets

as of 23-Jan-2015

$79,454,583
Inception Date Mar 19, 2013
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT-Free Municipal Series 2018 Index
Index Ticker SPMUS18T

Fund Credit Rating - S&P   AAf

Shares Outstanding 3,100,000
Number of Holdings

as of 22-Jan-2015

504
CUSIP 46429B580
Closing Price  

as of 23-Jan-2015

25.68
20 Day Avg. Volume   4,266
Premium/Discount  

as of 23-Jan-2015

0.23%
Options Available No

FEES as of 31-Mar-2014

Expense Ratio  

0.30%

Fee Waiver  

0.12%

Expense Ratio (including waivers)

0.18%

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

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Dec-2014

0.04
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 22-Jan-2015

0.94%
Distribution Yield  

as of 22-Jan-2015

0.94%
30 Day SEC Yield  

as of 22-Jan-2015

0.76%
Tax Equiv. SEC Yield

as of 22-Jan-2015

1.33%
Tax Equiv. Dist. Yield  

as of 22-Jan-2015

1.64%

Weighted Avg Coupon  

as of 22-Jan-2015

4.81%
Weighted Average Life  

as of 22-Jan-2015

3.46 yrs
Effective Duration  

as of 22-Jan-2015

3.21 yrs
Weighted Avg YTM  

as of 22-Jan-2015

0.82%

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 (18 basis points).
The NAV (as of 23-Jan-2015) used in the calculation is $25.63. The value you enter should correspond to your estimated market purchase price as of 23-Jan-2015.
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 specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes 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.

Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

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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