iShares
POTENTIAL USE
Seek to generate tax-exempt income
EXPOSURE
California municipal bonds
FUND NAME
iShares S&P California AMT-Free Municipal Bond Fund

Yield as of 5/22/2013

View all distributions

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.

1.59%
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.

 		1.83%
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.

 		2.73%
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 		2.94%

Tax Equivalent Yield as of 5/22/2013

View all distributions

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 California Municipal Bond Fund (CMF), a blended Federal and State income tax rate of 50.9278% is assumed. The blended rate = [39.6% +3.8% +13.3% * (1-39.6% -3.8%)].

For example, an investor would have to earn a yield of 4.08% on a taxable bond to match a 2.00% yield on a tax-exempt security.

 		5.56%
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 California Municipal Bond Fund (CMF), a blended Federal and State income tax rate of 50.9278% is assumed. The blended rate = [39.6% +3.8% +13.3% * (1-39.6% -3.8%)].

For example, an investor would have to earn a yield of 4.08% on a taxable bond to match a 2.00% yield on a tax-exempt security.

 		3.24%

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.

 		5.43 yr
Weighted Average Coupon Weighted Average Coupon

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

 		4.44%
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.

 		6.05
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 		4.81%

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

View all performance

  1 Year 3 Years 5 Years 10 Years Since Inception
CMF 5.82% 6.59% 6.11% -- 5.65%
Index Index

S&P California AMT-Free Municipal bond Index

 		5.99% 7.19% 6.29% -- 5.64%

Sector Breakdown as of 5/22/2013*

View all holdings

Sector % of Fund Sector % of Fund  
 
Various Pu...
23.84%
 
Building
5.27%
 
Utility
21.86%
 
Certificat...
1.67%
 
Transporta...
12.10%
 
Improvement
1.45%
 
School Dis...
11.21%
 
General Pu...
0.64%
 
Education
9.99%
 
Other/Unde...
2.19%
 
Tax-Revenue
9.78%
 

Maturity as of 5/22/2013

View all holdings

Time to Maturity % of Fund
0-1 Years12.08%
1-5 Years26.94%
5-10 Years35.40%
10-15 Years11.26%
15-20 Years6.84%
20-25 Years2.09%
25 Years and Over4.69%
Average5.43 years

Top Holdings as of 5/22/2013*

View all holdings

Name % of Fund Coupon Maturity Moody's/S&P Rating
CALIFORNIA STATEWIDE CMNTYS DEV AU 1.41% 5.00 6/15/2013 A1 /A
CALIFORNIA ST ECONOMIC RECOVERY 1.18% 5.25 7/1/2013 Aaa /AA+
CALIFORNIA ST 1.10% 5.00 10/1/2041 A1 /A
LOS ANGELES CALIF DEPT ARPTS ARPT 1.01% 5.00 5/15/2020 Aa3 /AA
CALIFORNIA ST ECONOMIC RECOVERY 0.97% 5.00 7/1/2022 Aa3 /A+
UNIVERSITY CALIF REVS 0.92% 4.50 5/15/2015 Aa1 /AA
LOS ANGELES CALIF UNI SCH DIST 0.90% 5.00 7/1/2013 Aaa /AA-
CALIFORNIA ST 0.83% 5.00 2/1/2014 A1 /AA+
CALIFORNIA ST 0.82% 5.50 11/1/2019 A1 /A
CALIFORNIA ST 0.81% 5.00 6/1/2017 A1 /A
Total9.95% 
*Holdings are subject to change.

Profile as of 5/23/2013

Description Value
Total Net Assets$304,917,882

Expense Ratio

0.25%
Shares Outstanding2,650,000
Number of Holdings
as of 5/22/2013		 438
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.

 		Af
Inception Date10/4/2007
IndexS&P California AMT-Free Municipal bond Index
Index TickerSPMUNICAT
Net Asset Value
as of 5/23/2013		 $115.06
  • $-0.15
  • -0.13%
Price
as of 5/23/2013		 $115.29
  • $-0.31
  • -0.27%
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 0.25%
+ Acquired Fund Fees & Expenses ‡ 0.00%
= Total Annual Fund Operating Expenses 0.25%

Credit Ratings as of 5/22/2013

S&P/Moody's
 S&P Moody's
AAA/Aaa 4.12% 6.05%
AA+/Aa1 10.80% 7.89%
AA/Aa2 14.18% 17.85%
AA-/Aa3 28.68% 28.12%
A+/A1 10.02% 30.60%
A/A2 26.02% 5.06%
A-/A3 3.71% 0.47%
BBB+/Baa1 0.10% 0.43%
BBB/Baa2 0.00% 0.26%
BBB-/Baa3 0.67% 0.67%
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 1.01% 1.91%
Other 0.70% 0.70%

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
TickerCMF
Index TickerSPMUNICAT
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.

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.

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. 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.

© 2000-2013 BlackRock. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners.

© 2000-2013