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.

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.

Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return of Capital

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.

Holdings

as of 24-Jul-2015

Issuer Weight (%)

as of 24-Jul-2015

Name Weight (%) ISIN Sector SEDOL Market Value Price Maturity Coupon (%) Duration Notional Value YTM (%) Yield to Call (%) Yield to Worst (%) Par Value
DUKE ENERGY CORP 2.53 US26441CAK18 Electric BBHV693 $379,175 100.89 Jun 15, 2018 2.10 2.78 379,174.94 1.78 - 1.78 375,000.00
DETROIT EDISON CO 2.45 US250847EJ52 Electric B8H5467 $367,417 97.69 Jun 15, 2022 2.65 6.19 367,416.68 3.02 - 3.02 375,000.00
PACIFIC GAS AND ELECTRIC COMPANY 2.33 US694308GE15 Electric B00HW60 $349,900 121.67 Mar 1, 2034 6.05 11.54 349,899.63 4.34 - 4.34 282,000.00
BLK CSH FND TREASURY SL AGENCY 2.07 US0669224778 Cash and/or Derivatives - $310,372 1.00 - 0.19 0.00 310,372.12 0.19 - 0.19 310,372.00
NEXTERA ENERGY CAPITAL HOLDINGS IN 2.00 US65339KAL44 Electric BN785F7 $299,374 98.93 Sep 15, 2019 2.40 3.90 299,373.87 2.67 - 2.67 300,000.00
DOMINION RESOURCES INC/VA 1.76 US25746UCA51 Electric BSSWCC9 $263,489 99.82 Dec 1, 2019 2.50 4.10 263,489.15 2.54 - 2.54 263,000.00
DUKE ENERGY PROGRESS INC 1.69 US26442RAB78 Electric BJZD6S6 $252,776 102.21 Mar 30, 2044 4.38 15.71 252,776.24 4.24 - 4.24 244,000.00
SOUTHERN CALIFORNIA EDISON COMPANY 1.55 US842400FY48 Electric BF5ZVX4 $232,586 102.27 Oct 1, 2023 3.50 6.96 232,586.01 3.18 - 3.17 225,000.00
PACIFIC GAS AND ELECTRIC CO 1.50 US694308HC40 Electric BBKCPJ6 $224,956 99.63 Jun 15, 2023 3.25 6.84 224,955.72 3.30 - 3.30 225,000.00
MIDAMERICAN ENERGY HLDG CO 1.37 US59562VAM90 Electric B1FTHZ2 $204,888 119.31 Apr 1, 2036 6.13 12.14 204,888.12 4.66 - 4.66 169,000.00
Name ISIN SEDOL Weight (%) Sector Asset Class Market Value Price Coupon (%) Maturity Duration YTM (%) Notional Value Yield to Call (%) Yield to Worst (%) Par Value
Holdings are subject to change.

Exposure Breakdowns

as of 24-Jul-2015

% of Market Value

Electric

92.39%

Natural Gas

4.69%

Cash and/or Derivatives

2.08%

Utility Other

0.83%

as of 24-Jul-2015

  • 40
  • 32
  • 24
  • 16
  • 08
  • 0

2.08

1.58

2.89

6.94

14.03

8.13

19.24

5.19

39.91

  • Cash and/or Derivatives

  • 0 - 1 Year

  • 1 - 2 Years

  • 2 - 3 Years

  • 3 - 5 Years

  • 5 - 7 Years

  • 7 - 10 Years

  • 15 - 20 Years

  • 20+ Years

The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of 24-Jul-2015

% of Market Value

Cash and/or Derivatives

2.08%

AA Rated

6.68%

A Rated

54.71%

BBB Rated

36.53%

Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

KEY FACTS

Net Assets

as of 27-Jul-2015

$15,019,357
Asset Class Fixed Income
Exchange NYSE Arca
Benchmark Index Barclays U.S. Utility Bond Index
Index Ticker LUAUTRUU
Inception Date Feb 14, 2012

Fund Credit Rating - S&P   -

Shares Outstanding 300,000
CUSIP 46429B184
Number of Holdings  

as of 24-Jul-2015

168
Closing Price  

as of 24-Jul-2015

49.55
Mid-Point Price  

as of 24-Jul-2015

49.70
Daily Volume  

as of 24-Jul-2015

385
20 Day Avg. Volume   1,061
Premium/Discount  

as of 27-Jul-2015

-
Options Available No

FEES as of 31-Oct-2014

Expense Ratio  

0.30%

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

NAIC Designated (Schedule D Eligible)

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 30-Jun-2015

-0.15
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 23-Jul-2015

3.03%
Distribution Yield  

as of 23-Jul-2015

3.14%
30 Day SEC Yield  

as of 23-Jul-2015

3.20%

Weighted Avg Coupon  

as of 24-Jul-2015

4.36%
Weighted Avg Maturity  

as of 24-Jul-2015

14.58 yrs
Weighted Avg YTM  

as of 24-Jul-2015

3.45%
Effective Duration  

as of 24-Jul-2015

9.07 yrs
Option Adjusted Spread  

as of 24-Jul-2015

131 bps

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 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 specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

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.

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.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

Although BlackRock shall obtain data from sources that BlackRock considers reliable, all data contained herein is provided “as is” and BlackRock makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.



The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), India Index Services & Products Limited, JPMorgan Chase & Co., MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell Investment Group or S&P Dow Jones Indices LLC, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Global REIT Index or FTSE EPRA/NAREIT Developed Asia Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

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