iShares
The iShares S&P California AMT-Free Municipal Bond Fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the California municipal bond sector of the U.S. municipal bond market as defined by the S&P California AMT-Free Municipal Bond Index.
Yield as of 2/2/2012
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Description %
30-Day SEC Yield 30-Day SEC Yield 2.25%
Average Yield to MaturityAverage Yield to Maturity 2.34%
Distribution YieldDistribution Yield 3.11%
12-Month Yield 12-Month Yield
as of 2/2/2012 		3.56%
Tax Equivalent Yield as of 2/2/2012
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Description %
Tax Equivalent Distribution Yield Tax Equivalent Distribution Yield5.29%
Tax Equivalent 30-Day SEC Yield Tax Equivalent 30-Day SEC Yield3.83%
Fundamentals as of 2/2/2012
Description Value
Weighted Average Maturity Weighted Average Maturity 5.83 yr
Weighted Average Coupon Weighted Average Coupon4.43%
Effective Duration Effective Duration 6.71
Standard Deviation (3 year) Standard Deviation
as of 1/31/2012 		--
Avg. Annualized Total Returns (NAV)qtr. as of 12/31/2011
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1 Year
3 Years
5 Years
10 Years
 Since Inception
CMF 11.88% 7.77% -- -- 5.40%
Index Index 12.36% 8.59% -- -- 5.47%
Sector Breakdownas of 2/1/2012*
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Sector % of Fund Sector % of Fund  
 
Various Pu...
24.15%
 
Building
3.89%
 
Utility
23.24%
 
Certificat...
2.31%
 
Transporta...
11.72%
 
S-T Securi...
1.38%
 
Tax-Revenue
10.92%
 
Improvement
1.28%
 
School Dis...
9.98%
 
Other/Unde...
2.62%
 
Education
8.51%
 
Maturity as of 2/1/2012
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Time to Maturity % of Fund
0-1 Years6.05%
1-5 Years22.42%
5-10 Years45.79%
10-15 Years14.14%
15-20 Years5.93%
20-25 Years1.75%
25 Years and Over2.45%
Average5.83 years
Top Holdings as of 2/1/2012*
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Name
% of Fund
 Coupon Maturity Moody's/S&P Rating
CALIFORNIA STATEWIDE CMNTYS DEV AU 1.87% 5.00 6/15/2013 A1 /A-
LOS ANGELES CALIF DEPT ARPTS ARPT 1.42% 5.00 5/15/2020 Aa3 /AA
BLACKROCK LIQUIDITY FDS 1.38% 0.01 12/31/2049 NR /NR
CALIFORNIA ST DEPT WTR RES PWR SUP 1.32% 5.00 5/1/2022 Aa3 /AA-
UNIVERSITY CALIF REVS 1.31% 4.50 5/15/2015 Aa1 /AA
CALIFORNIA ST 1.25% 5.00 2/1/2014 A1 /AA+
CALIFORNIA ST 1.13% 5.00 6/1/2017 A1 /A-
CALIFORNIA ST 1.12% 5.50 11/1/2019 A1 /A-
BAY AREA TOLL AUTH CALIF TOLL BRDG 1.11% 5.50 4/1/2018 Aa3 /AA
LOS ANGELES CALIF CMNTY COLLEGE DI 1.10% 5.00 8/1/2017 Aa1 /AA
Total13.02% 
*Holdings are subject to change.
Profile as of 2/3/2012
Description Value
Total Net Assets$208,977,336
Expense Ratio0.25%
Shares Outstanding1,850,000
Number of Holdings
as of 2/1/2012		 299
Fund Credit Rating - S&P**Fund Credit Rating - S&PAf
Inception Date10/4/2007
Related IndexSPMUNICAT
Net Asset Value
as of 2/3/2012		 $112.96
  • $-0.35
  • -0.31%
Price
as of 2/2/2012		 $113.73
  • $0.70
  • 0.62%
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 Type %
Management Fees 0.25%
+
 Acquired Fees & Expenses ‡ 0.00%
=
 Total Annual Fund Operating Expenses 0.25%
Credit Ratings as of 2/1/2012
S&P/Moody's
 S&P Moody's
AAA/Aaa 3.73% 6.62%
AA+/Aa1 8.51% 7.55%
AA/Aa2 12.47% 18.36%
AA-/Aa3 29.91% 28.53%
A+/A1 12.07% 28.80%
A/A2 0.57% 3.93%
A-/A3 25.87% 1.03%
BBB+/Baa1 3.09% 0.26%
BBB/Baa2 0.70% 0.65%
BBB-/Baa3 0.93% 1.26%
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 1.60% 2.47%
Other 0.55% 0.55%

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). "Other" applies to securities for which ratings are not available.

Trading Information
Identifier Type Symbol
TickerCMF
Related IndexSPMUNICAT
NAVCMF.NV
Underlying Trading ValueCMF.IV
Shares OutstandingCMF.SO
Estimated CashCMF.EU
Total CashCMF.TC
CUSIP464288356

** 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.

‡ “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 SEI Investments Distribution Co. ("SEI"). BlackRock Fund Advisors ("BFA") serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.

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

Index returns are for illustrative purposes only and do not represent actual iShares performance. 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.

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.

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 Institutional Trust Company, N.A. 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.

© 2000-2012 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

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