iShares
POTENTIAL USE
Seek to generate tax-exempt income, use to build a bond ladder
EXPOSURE
U.S. municipal bonds that mature in 2015
FUND NAME
iShares 2015 S&P AMT-Free Municipal Series

Yield as of 5/22/2013

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Description %
30-Day SEC Yield 30-Day SEC Yield

A standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund's expenses for the period.

For funds holding To-Be-Announced (TBA) contracts, the 30 day SEC yield includes income earned on cash holdings and direct holdings of mortgage pools, net of fund expenses . Certain funds obtain a significant amount of its mortgage market exposure through TBA transactions. Those Funds invest cash pending settlement of any TBA transactions in high-quality, liquid short-term instruments. TBA contracts provide the fund with economic exposure to the mortgage market. The income that they generate is paid out in fund distributions but is not included in the SEC yield calculation. As a result, for funds holding TBA contracts, the SEC yield will generally be below the stated fund distribution yield.

0.17%
Average Yield to Maturity Average Yield to Maturity

Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses.

 		0.45%
Distribution Yield Distribution Yield

The annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The yield represents a single distribution from the fund and does not represent the total return of the fund. The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date.

 		0.98%
12-Month Yield 12-Month Yield

The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by summing any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months.
as of 5/22/2013 		1.06%

Tax Equivalent Yield as of 5/22/2013

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Description %
Tax Equivalent Distribution Yield Tax Equivalent Distribution Yield

Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond.

Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*)

*For the iShares S&P AMT-Free Municipal Series Funds, the highest Federal individual income tax rate of 43.4% is assumed.

For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security.

 		1.74%
Tax Equivalent 30-Day SEC Yield Tax Equivalent 30-Day SEC Yield

Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond.

Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*)

*For the iShares S&P AMT-Free Municipal Series Funds, the highest Federal individual income tax rate of 43.4% is assumed.

For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security.

 		0.29%

Fundamentals as of 5/22/2013

Description Value
Weighted Average Maturity Weighted Average Maturity

The mean of the remaining term to maturity of the underlying bonds in a portfolio. The remaining term to maturity considers the likelihood that bonds may be called or prepaid.

 		2.11 yr
Weighted Average Coupon Weighted Average Coupon

The mean of the coupon rate of the underlying bonds in a portfolio.

 		4.67%
Effective Duration Effective Duration

A measure of the potential responsiveness of a bond or portfolio price to small parallel shifts in interest rates. Effective Duration takes into account the possible changes in expected bond cash flows due to small parallel shifts in interest rates.

 		2.01
Standard Deviation (3 year) Standard Deviation

The Standard Deviation is the statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. It is widely applied in modern portfolio theory, where the past performance of securities is used to determine the range of possible future performance, and a probability is attached to each performance.
as of 4/30/2013 		2.08%

Avg. Annualized Total Returns (NAV) qtr. as of 3/31/2013

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  1 Year 3 Years 5 Years 10 Years Since Inception
MUAD 1.19% 3.10% -- -- 3.05%
Index Index

S&P AMT-Free Municipal Series 2015 Index

 		1.41% 3.43% -- -- 3.48%

Top States as of 5/22/2013

State % of Fund
California 9.98%
New York 9.85%
Massachusetts 7.36%
Maryland 6.19%
Arizona 6.04%
Florida 5.76%
Texas 5.27%
Washington 4.95%
New Jersey 3.90%
Virginia 3.26%
Total62.55%

Sector Breakdown as of 5/22/2013*

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Sector % of Fund Sector % of Fund  
 
Various Pu...
17.19%
 
General Pu...
5.85%
 
Tax-Revenue
14.78%
 
Education
5.56%
 
Utility
13.11%
 
Authority
4.93%
 
Transporta...
12.34%
 
Sanitation...
1.46%
 
School Dis...
11.56%
 
Other/Unde...
4.73%
 
Improvement
8.49%
 

Maturity as of 5/22/2013

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Time to Maturity % of Fund
0-1 Years0.00%
1-5 Years98.37%
5-10 Years0.00%
10-15 Years0.00%
15-20 Years0.00%
20-25 Years0.00%
25 Years and Over0.00%
Average2.11 years

Top Holdings as of 5/22/2013*

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Name % of Fund Coupon Maturity Moody's/S&P Rating
MASSACHUSETTS BAY TRANSN AUTH 1.50% 4.75 7/1/2015 Aa1 /NR
GEORGIA ST 1.17% 5.00 7/1/2015 Aaa /AAA
WASHINGTON SUBN SAN DIST MD 1.11% 5.00 6/1/2015 Aaa /AAA
NEW YORK N Y 1.08% 5.00 8/1/2015 Aa2 /AA
MARYLAND ST 1.04% 5.00 8/1/2015 Aaa /AAA
FLORIDA HURRICANE CATASTROPHE FD F 1.00% 5.00 7/1/2015 Aa3 /AA-
UTAH ST 0.93% 4.00 7/1/2015 Aaa /AAA
LOUDOUN CNTY VA 0.90% 5.00 6/1/2015 Aaa /AAA
MINNESOTA ST 0.84% 4.00 8/1/2015 Aa1 /AA+
CONNECTICUT ST 0.75% 5.00 6/1/2015 Aa3 /AA
Total10.31% 
*Holdings are subject to change.

Estimated Net Acquisition Yield Calculator Estimated Net Acquisition Yield Calculator

The calculator is provided on an "as-is" basis. BlackRock expressly disclaims all warranties, express or implied, statutory or otherwise with respect to the tool (and any results obtained from its use) including, without limitation, all warranties or merchantability, fitness for a particular purpose or use, accuracy, completeness, originality and/or non-infringement. In no event shall BlackRock have any liability for any claims, damages, obligations, liabilities or losses relating to the tool including, without limitation, any liability for any direct, indirect, special, incidental, punitive and/or consequential damages (including loss of profits or principal).

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 5/22/2013) used in the calculation is $53.14. The value you enter should correspond to your estimated market purchase price as of 5/22/2013.

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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Profile as of 5/23/2013

Description Value
Total Net Assets$61,099,282

Expense Ratio

0.30%
Shares Outstanding1,150,000
Number of Holdings
as of 5/22/2013		 318
Fund Credit Rating - S&P** Fund Credit Rating - S&P

The purpose of the ratings is to provide investors with a simple system of gradation by which relative creditworthiness of a fund's securities may be noted. The ratings shown are provided by S&P.

 		A+f
Inception Date1/7/2010
IndexS&P AMT-Free Municipal Series 2015 Index
Index TickerSPMUS15T
Net Asset Value
as of 5/23/2013		 $53.13
  • $-0.01
  • -0.01%
Price
as of 5/22/2013		 $53.30
  • $0.01
  • 0.02%
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. This information must be accompanied by standardized returns. For standardized returns and performance data current to the most recent month end, click the "Performance" tab above.

Fees & Expenses

Expense Detail

%
Management Fees 0.30%
+ Acquired Fund Fees & Expenses ‡ 0.00%
= Total Annual Fund Operating Expenses 0.30%

Credit Ratings as of 5/22/2013

S&P/Moody's
 S&P Moody's
AAA/Aaa 27.13% 19.83%
AA+/Aa1 19.78% 25.90%
AA/Aa2 19.11% 22.11%
AA-/Aa3 20.37% 13.03%
A+/A1 3.07% 5.63%
A/A2 4.55% 2.53%
A-/A3 0.85% 0.52%
BBB+/Baa1 1.13% 1.33%
BBB/Baa2 0.26% 1.25%
BBB-/Baa3 0.00% 0.64%
BB+/Ba1 0.00% 0.00%
BB/Ba2 0.00% 0.00%
BB-/Ba3 0.00% 0.00%
B+/B1 0.00% 0.00%
B/B2 0.00% 0.00%
B-/B3 0.00% 0.00%
CCC+/Caa1 0.00% 0.00%
CCC/Caa2 0.00% 0.00%
CCC-/Caa3 0.00% 0.00%
CC/Ca 0.00% 0.00%
C/C 0.00% 0.00%
R/-- 0.00% --
SD/-- 0.00% --
D/-- 0.00% --
Not Rated 2.12% 5.61%
Other 1.62% 1.62%

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.

Trading Information

Identifier Type Symbol
TickerMUAD
Index TickerSPMUS15T
NAVMUAD.NV
Underlying Trading ValueMUAD.IV
Shares OutstandingMUAD.SO
Estimated CashMUAD.EU
Total CashMUAD.TC
CUSIP464289339

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

Carefully consider the iShares Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses, which may be obtained by calling 1-800-iShares (1-800-474-2737), or by viewing or downloading a prospectus. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Certain iShares funds are subject to management fee breakpoints as assets increase. The breakpoints take effect immediately after asset tier levels are reached, thus a fund's actual management fee being applied may not match the fund's web site or prospectus on a given day.

‡ “Acquired Fund Fees and Expenses” reflect the Fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. Acquired Fund Fees and Expenses are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.

The iShares Funds ("Funds") are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

Bonds and bond funds will decrease in value as interest rates rise.

A portion of the Fund's income may be subject to federal or state income taxes or the alternative minimum tax. Capital gains, if any, are subject to capital gains tax. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value.

Narrowly focused investments typically exhibit higher volatility and are subject to greater geographic or asset class risk. The Fund is subject to credit risk, which refers to the possibility that the debt issuers will not be able to make principal and interest payments. Shares of the Fund trade at market price, which may be greater or less than net asset value.

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.

S&P® and Standard & Poor's® are trademarks of Standard & Poor’s Financial Services LLC (a subsidiary of The McGraw-Hill Companies) and have been licensed for use for certain purposes by BlackRock. iShares Funds are not sponsored, endorsed, issued, sold or promoted by Standard & Poor's. Nor does this company make any representation regarding the advisability of investing in iShares Funds. Index data source: Standard & Poors.

Shares of iShares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

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.

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