iShares
The iShares S&P National AMT-Free Municipal Bond Fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the municipal bond sector of the United States as defined by the S&P National AMT-Free Municipal Bond Index.
Yield as of 2/2/2012
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Description %
30-Day SEC Yield 30-Day SEC Yield 2.08%
Average Yield to MaturityAverage Yield to Maturity 2.18%
Distribution YieldDistribution Yield 3.01%
12-Month Yield 12-Month Yield
as of 2/2/2012 		3.23%
Tax Equivalent Yield as of 2/2/2012
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Description %
Tax Equivalent Distribution Yield Tax Equivalent Distribution Yield4.63%
Tax Equivalent 30-Day SEC Yield Tax Equivalent 30-Day SEC Yield3.20%
Fundamentals as of 2/2/2012
Description Value
Weighted Average Maturity Weighted Average Maturity 5.96 yr
Weighted Average Coupon Weighted Average Coupon4.61%
Effective Duration Effective Duration 6.58
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
MUB 10.85% 7.51% -- -- 5.31%
Index Index 11.22% 8.48% -- -- 5.43%
Top States as of 2/1/2012
State % of Fund
California 22.86%
New York 17.52%
Texas 7.40%
Puerto Rico 5.67%
New Jersey 5.11%
Massachusetts 4.76%
Illinois 4.29%
Florida 3.79%
Georgia 2.51%
Washington 2.41%
Total76.32%
Sector Breakdownas of 2/1/2012*
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Sector % of Fund Sector % of Fund  
 
Transporta...
21.63%
 
Building
2.50%
 
Utility
20.28%
 
Education
2.28%
 
Various Pu...
18.38%
 
General Pu...
2.17%
 
Tax-Revenue
14.51%
 
Authority
1.75%
 
Improvement
6.05%
 
Other/Unde...
4.49%
 
School Dis...
5.96%
 
Maturity as of 2/1/2012
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Time to Maturity % of Fund
0-1 Years6.52%
1-5 Years24.58%
5-10 Years40.84%
10-15 Years11.85%
15-20 Years8.76%
20-25 Years2.08%
25 Years and Over3.39%
Average5.96 years
Top Holdings as of 2/1/2012*
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Name
% of Fund
 Coupon Maturity Moody's/S&P Rating
BLACKROCK LIQ FD MUNIFUND 1.49% 0.01 NR /NR
CALIFORNIA ST 0.71% 6.00 4/1/2019 A1 /A-
CALIFORNIA ST DEPT WTR RES PWR 0.48% 5.75 5/1/2012 Aaa /AA-
NORTH TEX TWY AUTH 0.41% 5.12 1/1/2018 A2 /A-
PUERTO RICO SALES TAX FING CORP SA 0.41% 6.00 8/1/2019 A1 /A+
CALIFORNIA ST 0.38% 5.00 10/1/2019 A1 /A-
CALIFORNIA STATEWIDE CMNTYS DEV AU 0.34% 5.00 6/15/2013 A1 /A-
SALT RIVER PROJ AZ 0.34% 5.00 1/1/2018 Aa1 /AA
GREENVILLE CNTY S C SCH DIST I 0.33% 5.50 12/1/2012 Aaa /AA
NEW YORK N Y 0.32% 5.25 8/15/2023 Aa2 /AA
Total5.20% 
*Holdings are subject to change.
Profile as of 2/3/2012
Description Value
Total Net Assets$2,696,100,930
Expense Ratio0.25%
Shares Outstanding24,600,000
Number of Holdings
as of 2/1/2012		 1767
Fund Credit Rating - S&P**Fund Credit Rating - S&PAf
Inception Date9/7/2007
Related IndexSPMUNUST
Net Asset Value
as of 2/3/2012		 $109.60
  • $-0.32
  • -0.29%
Price
as of 2/3/2012		 $112.42
  • $-0.77
  • -0.68%
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 16.53% 11.32%
AA+/Aa1 14.03% 16.84%
AA/Aa2 15.68% 19.35%
AA-/Aa3 19.12% 16.29%
A+/A1 10.65% 16.49%
A/A2 4.39% 5.87%
A-/A3 11.62% 3.72%
BBB+/Baa1 2.18% 2.75%
BBB/Baa2 2.42% 0.66%
BBB-/Baa3 0.66% 0.43%
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 2.35% 5.89%
Other 0.38% 0.38%

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
TickerMUB
Related IndexSPMUNUST
NAVMUB.NV
Underlying Trading ValueMUB.IV
Shares OutstandingMUB.SO
Estimated CashMUB.EU
Total CashMUB.TC
CUSIP464288414

** 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.

© 2000-2012

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