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United States
By Asset ClassBy Index Provider
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2015 Index. The Fund will mature on a pre-specified date, however the Fund does not seek to return any predetermined amount at maturity. The Fund will invest in AMT-Free, investment grade, noncallable national municipal bond debt.
Top Daily Holdings as of 3/18/2010*
Holding
% of Fund
Coupon Maturity Moody's/S&P Rating
MASSACHUSETTS BAY TRANSN AUTH 14.50% 4.75 7/1/2015 Aa1 /AAA
OHIO ST 8.02% 5.50 6/15/2015 Aa2 /AA
CONNECTICUT ST 7.25% 5.00 6/1/2015 Aa3 /AA
NEW JERSEY ST 6.54% 5.00 6/1/2015 Aa3 /AA
MASSACHUSETTS ST 6.34% 5.00 8/1/2015 Aa2 /AA
HILLSBOROUGH CNTY FLA CAP IMPT REV 5.23% 5.00 7/1/2015 Aa2 /AA+
VIRGINIA ST PUB SCH AUTH 5.20% 5.25 8/1/2015 Aa1 /AA+
UNIVERSITY TEX UNIV REVS 4.96% 5.25 8/15/2015 Aaa /AAA
BEAVERTON ORE SCH DIST 4.89% 5.00 6/1/2015 Aa2 /AAA
TEXAS ST 4.56% 5.00 8/1/2015 Aa1 /AA+
Total67.49% 
*Holdings are subject to change.
Sector Breakdown as of 3/18/2010

Transportation
26.03%

Various Purpose
24.50%

Improvement
13.75%

School District
12.99%

Education
9.42%

Utility
4.56%

Tax-Revenue
4.49%

General Purpose
2.23%

S-T Securities
1.14%

Other/Undefined
0.90%
Total100.00%
Maturity as of 3/18/2010
0-1 Years0.00%
1-5 Years0.00%
5-10 Years97.96%
10-15 Years0.00%
15-20 Years0.00%
20-25 Years0.00%
25 Years and Over0.00%
Average5.23 years
Average Annualized Total Returns (NAV)
quarterly, as of 12/31/2009
1 Year
3 Years
5 Years
10 Years
Since Inception
MUAD -- -- -- -- --
Index Index -- -- -- -- --
Yield as of 3/18/2010
30-Day SEC Yield 30-Day SEC Yield 1.61%
Average Yield to MaturityAverage Yield to Maturity 1.86%
Distribution YieldDistribution Yield 2.18%
Fundamentals as of 3/18/2010
Weighted Average Maturity Weighted Average Maturity 5.23 yr
Weighted Average Coupon Weghted Average Coupon4.90%
Effective Duration Effective Duration4.63
Standard Deviation (3 year) Standard Deviation
as of 3/19/2010
--
Profile as of 3/18/2010
Total Net Assets$5,142,997
Expense Ratio0.30%
Shares Outstanding100,000
Total Holdings21
Fund Credit Rating - S&PAA-f
Inception Date1/7/2010
Related IndexSPMUS15T
Net Asset Value
as of 3/18/2010
$51.43
  • $-0.00
  • -0.01%
Price
as of 3/18/2010
$52.18
  • $0.08
  • 0.15%
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
Management Fees 0.30%
+
Acquired Fees & Expenses ‡ 0.00%
=
Total Annual Fund Operating Expenses 0.30%
Trading Information
TickerMUAD
Related IndexSPMUS15T
NAVMUAD.NV
Underlying Trading ValueMUAD.IV
Shares OutstandingMUAD.SO
Estimated CashMUAD.EU
Total CashMUAD.TC
CUSIP464289339
Quality Ratings as of 3/18/2010
Rating
Moody's S&P
U.S. Gov't/Agency 0.00% 0.00%
Aaa/AAA 13.66% 37.41%
Aa1/AA+ 28.61% 14.99%
Aa2/AA 24.48% 30.37%
Aa3/AA- 22.43% 0.00%
A1/A+ 0.00% 8.64%
A2/A 2.23% 0.00%
A3/A- 0.00% 0.00%
Baa1/BBB+ 0.00% 4.49%
Baa2/BBB 2.06% 0.00%
Baa3/BBB- 4.49% 2.06%
Ba1/BB+ 0.00% 0.00%
Ba2/BB 0.00% 0.00%
Ba3/BB- 0.00% 0.00%
B1/B+ 0.00% 0.00%
B2/B 0.00% 0.00%
B3/B- 0.00% 0.00%
Caa1/CCC+ 0.00% 0.00%
Caa2/CCC 0.00% 0.00%
Caa3/CCC- 0.00% 0.00%
Ca/CC 0.00% 0.00%
C/C 0.00% 0.00%
CI -- 0.00%
R -- 0.00%
SD -- 0.00%
D -- 0.00%
Other/NR 2.04% 2.04%
Average Aa2 AA

 
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).

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.

Each 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.


S&P and Standard & Poor's are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use 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.

©2010 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.