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PERFORMANCE



The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.



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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
as of
  1y 3y 5y 10y Incept.
0.20 - - - 2.54
Market Price (%)   -1.25 - - - 1.28
Benchmark (%)   0.53 6.75 9.49 6.13 3.04
After Tax Pre-Liq. (%)   -1.25 - - - 1.28
After Tax Post-Liq. (%)   0.09 - - - 1.42
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
3.77 0.19 3.77 4.58 0.20 - - - 5.48
Market Price (%)   3.51 0.06 3.51 3.81 - - - - 2.75
Benchmark (%)   3.80 0.22 3.80 4.57 0.53 21.65 57.35 81.25 6.57
After Tax Pre-Liq. (%)   3.51 0.06 3.51 3.81 -1.25 - - - 2.75
After Tax Post-Liq. (%)   2.13 0.11 2.13 2.58 0.09 - - - 3.05
  2009 2010 2011 2012 2013
Total Return (%)   - - - - -3.68
Market Price (%)   - - - - -4.28
Benchmark (%)   - - - 7.53 -3.19


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.
Distributions Schedule
Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return on Capital
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.137462 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.142094 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.142956 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.142490 $0.142490 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.137810 $0.137810 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.134925 $0.134925 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.131479 $0.131479 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.133957 $0.133957 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.135014 $0.135014 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.139210 $0.139210 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.143393 $0.143393 $0.000000 $0.000000 $0.000000
May 1, 2013 May 7, 2013 May 3, 2013 $0.135556 $0.135556 $0.000000 $0.000000 $0.000000
Apr 1, 2013 Apr 5, 2013 Apr 3, 2013 $0.133602 $0.133602 $0.000000 $0.000000 $0.000000
Mar 1, 2013 Mar 7, 2013 Mar 5, 2013 $0.139459 $0.139459 $0.000000 $0.000000 $0.000000
Feb 1, 2013 Feb 7, 2013 Feb 5, 2013 $0.132205 $0.132205 $0.000000 $0.000000 $0.000000
Dec 26, 2012 Jan 2, 2013 Dec 28, 2012 $0.135365 $0.135365 $0.000000 $0.000000 $0.000000
Dec 3, 2012 Dec 7, 2012 Dec 5, 2012 $0.133566 $0.133566 $0.000000 $0.000000 $0.000000
Nov 1, 2012 Nov 7, 2012 Nov 5, 2012 $0.132175 $0.132175 $0.000000 $0.000000 $0.000000
Oct 1, 2012 Oct 5, 2012 Oct 3, 2012 $0.133824 $0.133824 $0.000000 $0.000000 $0.000000
Sep 4, 2012 Sep 10, 2012 Sep 6, 2012 $0.132136 $0.132136 $0.000000 $0.000000 $0.000000
Aug 1, 2012 Aug 7, 2012 Aug 3, 2012 $0.130999 $0.130999 $0.000000 $0.000000 $0.000000
Jul 2, 2012 Jul 9, 2012 Jul 5, 2012 $0.132407 $0.132407 $0.000000 $0.000000 $0.000000
Jun 1, 2012 Jun 7, 2012 Jun 5, 2012 $0.128933 $0.128933 $0.000000 $0.000000 $0.000000
May 1, 2012 May 7, 2012 May 3, 2012 $0.125933 $0.125933 $0.000000 $0.000000 $0.000000
Apr 2, 2012 Apr 9, 2012 Apr 4, 2012 $0.188249 $0.188249 $0.000000 $0.000000 $0.000000

Past distributions are not indicative of future distributions.



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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be obtained by clicking the "Returns" tab above.
Greatest Premium  

Mar 18, 2014

1.08%
Greatest Discount  

Jan 2, 2014

-0.74%
Days ± 0.5% of NAV 37
Percent ± 0.5% of NAV 60.66%
Select a Quarter   

Number of Days At:

Premium   54
NAV   0
Discount   7

Premium/Discount Range

# of Days

≥ 1.0 up to 1.5

1

≥ 0.5 up to 1.0

18

≥ 0.0 up to 0.5

35

≥ -0.5 up to 0.0

2

≥ -1.0 up to -0.5

5

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 22-Apr-2014

Holding CUSIP Weight (%) Market Value Coupon Maturity ISIN SEDOL Duration Shares Price Exchange Mod. Duration S&P Rating Moody's Rating YTM Yield to Call Yield to Worst
holding-image

MIDAMERICAN ENERGY HLDG CO

Utility

59562VAM9 2.73 $271,467 6.13 Apr 1, 2036 US59562VAM90 B1FTHZ2 12.60 225,000 120.65 XOTC - BBB+ A3 4.62 - 4.62
holding-image

KINDER MORGAN ENERGY PARTNERS LP

Utility

494550AT3 2.67 $265,746 5.80 Mar 15, 2035 US494550AT30 B06HVJ0 12.01 250,000 106.30 XBER - BBB Baa2 5.30 - 5.30
holding-image

ENTERPRISE PRODUCTS OPERATING LLC

Utility

29379VAP8 2.55 $253,485 5.20 Sep 1, 2020 US29379VAP85 B4NHZR7 5.45 225,000 112.66 XOTC - BBB+ Baa1 3.00 - 3.00
holding-image

NISOURCE FINANCE CORP

Utility

65473QAR4 2.26 $225,007 5.45 Sep 15, 2020 US65473QAR48 B0KDZW5 5.45 200,000 112.50 - - BBB- Baa2 3.27 - 3.27
holding-image

DTE ENERGY COMPANY

Utility

233331AM9 2.21 $220,188 6.35 Jun 1, 2016 US233331AM92 B15RM28 1.97 200,000 110.09 - - BBB A3 1.47 - 1.47
holding-image

CONSUMERS ENERGY COMPANY

Utility

210518CE4 2.20 $219,139 5.50 Aug 15, 2016 US210518CE44 B06PZ25 2.19 200,000 109.57 - - A- A1 1.29 - 1.29
holding-image

TECO FINANCE INC

Utility

87875UAH5 2.02 $201,039 6.57 Nov 1, 2017 US87875UAH59 B54ZL35 3.13 175,000 114.88 - - BBB Baa1 2.16 - 2.16
holding-image

BLACKROCK FDS III

S-T Securities

980SNC002 1.98 $196,672 - - - - - 196,672 1.00 - - - - - - -
holding-image

PLAINS ALL AMERICAN PIPELINE LP

Utility

72650RAY8 1.95 $193,881 5.00 Feb 1, 2021 US72650RAY80 B65W9F0 5.66 175,000 110.79 - - BBB Baa2 3.21 - 3.16
holding-image

XCEL ENERGY INC

Utility

98389BAM2 1.94 $192,989 4.70 May 15, 2020 US98389BAM28 B4JPXK4 5.04 175,000 110.28 - - BBB+ A3 2.84 - 2.70

as of 22-Apr-2014

Name CUSIP Sector Weight (%) Market Value Coupon Maturity Duration ISIN SEDOL Shares Price Exchange Mod. Duration S&P Rating Moody's Rating YTM Yield to Call Yield to Worst

as of 22-Apr-2014

Issuer Weight (%)
Holdings are subject to change.

Exposure Breakdowns

as of 22-Apr-2014

% of Market Value

Utility

97.02%

S-T Securities

1.98%

Other/Undefined

1.00%

as of 22-Apr-2014

  • 28
  • 22
  • 17
  • 11
  • 06
  • 0

0.26

24.43

28.03

1.15

4.63

18.23

20.29

  • 0 - 1 Year

  • 1 - 5 Years

  • 5 - 10 Years

  • 10 - 15 Years

  • 15 - 20 Years

  • 20 - 25 Years

  • 25+ Years

as of 22-Apr-2014

% of Market Value

AAA/Aaa

-

-

AA+/Aa1

-

-

AA/Aa2

-

8.26%

AA-/Aa3

-

3.83%

A+/A1

3.21%

9.35%

A/A2

21.27%

12.71%

A-/A3

17.67%

16.51%

BBB+/Baa1

15.19%

18.48%

BBB/Baa2

25.90%

17.07%

BBB-/Baa3

11.01%

8.52%

BB+/Ba1

-

-

BB/Ba2

-

-

BB-/Ba3

-

-

B+/B1

-

-

B/B2

-

-

B-/B3

-

-

CCC+/Caa1

-

-

CCC/Caa2

-

-

CCC-/Caa3

-

-

CC/Ca

-

-

C

-

-

CI

-

-

R

-

-

SD

-

-

D

-

-

NR

-

-

Other

5.74%

5.26%

Cash

-

-

Govt/Cash

-

-

  • S&P

  • Moody's

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.

Allocations subject to change.

KEY FACTS

Net Assets $9,990,604
Inception Date Feb 14, 2012
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Barclays U.S. Utility Bond Index

Fund Credit Rating - S&P   -

Shares Outstanding 200,000
Number of Holdings

as of 22-Apr-2014

105
CUSIP 46429B184
Price  

as of 23-Apr-2014

50.19
20 Day Avg. Volume 346
Premium/Discount  

as of 23-Apr-2014

0.75%
Options Available Yes

FEES
Management Fee 0.30%
Gross Expense Ratio 0.30%
Net Expense Ratio 0.30%

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

PORTFOLIO CHARACTERISTICS

Beta  

as of 31-Mar-2014

0.10
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 22-Apr-2014

3.33%
Distribution Yield  

as of 22-Apr-2014

3.29%
30 Day SEC Yield  

as of 22-Apr-2014

3.25%

Weighted Avg Coupon  

as of 23-Apr-2014

5.25%
Weighted Avg Maturity  

as of 23-Apr-2014

13.82 yrs
Option Adjusted Duration  

as of 23-Apr-2014

8.55 yrs
Weighted Avg YTM  

as of 23-Apr-2014

3.48%
Option Adjusted Spread  

as of 23-Apr-2014

109 bps

% Stock 0.00%
% Bond 97.02%
% Cash 1.98%
% Other  

as of 22-Apr-2014

1.00%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please click on the "Returns" tab above.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Funds that concentrate investments in a single sector will be more susceptible to factors affecting that sector and more volatile than funds that invest in many different sectors.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Index returns are for illustrative purposes only. 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.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

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