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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.
6.36 8.04 15.32 - 6.81
Market Price (%)   6.31 7.88 15.39 - 6.77
Benchmark (%)   6.50 8.18 15.85 - 7.22
After Tax Pre-Liq. (%)   3.62 5.33 12.12 - 3.83
After Tax Post-Liq. (%)   3.53 5.06 10.84 - 3.98
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.67 -0.02 2.67 6.09 6.36 26.11 103.99 - 58.53
Market Price (%)   2.69 -0.03 2.69 6.22 - - - - 58.06
Benchmark (%)   2.68 0.05 2.68 6.12 6.50 26.61 108.66 - 62.75
After Tax Pre-Liq. (%)   2.23 -0.23 2.23 4.74 3.62 16.84 77.17 - 30.01
After Tax Post-Liq. (%)   1.51 -0.01 1.51 3.43 3.53 15.97 67.30 - 31.38
  2009 2010 2011 2012 2013
Total Return (%)   40.68 12.07 5.89 13.83 5.90
Market Price (%)   28.53 11.95 6.79 11.66 5.77
Benchmark (%)   44.46 12.58 5.94 14.15 5.93


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 $0.445395 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.463278 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.461521 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.467268 $0.467268 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.450014 $0.450014 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.450162 $0.450162 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.444772 $0.444772 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.479987 $0.479987 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.453073 $0.453073 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.479705 $0.479705 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.479088 $0.479088 $0.000000 $0.000000 $0.000000
May 1, 2013 May 7, 2013 May 3, 2013 $0.468136 $0.468136 $0.000000 $0.000000 $0.000000
Apr 1, 2013 Apr 5, 2013 Apr 3, 2013 $0.488403 $0.488403 $0.000000 $0.000000 $0.000000
Mar 1, 2013 Mar 7, 2013 Mar 5, 2013 $0.505988 $0.505988 $0.000000 $0.000000 $0.000000
Feb 1, 2013 Feb 7, 2013 Feb 5, 2013 $0.499338 $0.499338 $0.000000 $0.000000 $0.000000
Dec 26, 2012 Jan 2, 2013 Dec 28, 2012 $0.505021 $0.505021 $0.000000 $0.000000 $0.000000
Dec 3, 2012 Dec 7, 2012 Dec 5, 2012 $0.489004 $0.489004 $0.000000 $0.000000 $0.000000
Nov 1, 2012 Nov 7, 2012 Nov 5, 2012 $0.510521 $0.510521 $0.000000 $0.000000 $0.000000
Oct 1, 2012 Oct 5, 2012 Oct 3, 2012 $0.485084 $0.485084 $0.000000 $0.000000 $0.000000
Sep 4, 2012 Sep 10, 2012 Sep 6, 2012 $0.508289 $0.508289 $0.000000 $0.000000 $0.000000
Aug 1, 2012 Aug 7, 2012 Aug 3, 2012 $0.504700 $0.504700 $0.000000 $0.000000 $0.000000
Jul 2, 2012 Jul 9, 2012 Jul 5, 2012 $0.517894 $0.517894 $0.000000 $0.000000 $0.000000
Jun 1, 2012 Jun 7, 2012 Jun 5, 2012 $0.542130 $0.542130 $0.000000 $0.000000 $0.000000
May 1, 2012 May 7, 2012 May 3, 2012 $0.508819 $0.508819 $0.000000 $0.000000 $0.000000
Apr 2, 2012 Apr 9, 2012 Apr 4, 2012 $0.545118 $0.545118 $0.000000 $0.000000 $0.000000
Mar 1, 2012 Mar 7, 2012 Mar 5, 2012 $0.536719 $0.536719 $0.000000 $0.000000 $0.000000
Feb 1, 2012 Feb 7, 2012 Feb 3, 2012 $0.506808 $0.506808 $0.000000 $0.000000 $0.000000
Dec 27, 2011 Jan 4, 2012 Dec 29, 2011 $0.534717 $0.534717 $0.000000 $0.000000 $0.000000
Dec 1, 2011 Dec 7, 2011 Dec 5, 2011 $0.549011 $0.549011 $0.000000 $0.000000 $0.000000
Nov 1, 2011 Nov 7, 2011 Nov 3, 2011 $0.526252 $0.526252 $0.000000 $0.000000 $0.000000
Oct 3, 2011 Oct 7, 2011 Oct 5, 2011 $0.538266 $0.538266 $0.000000 $0.000000 $0.000000
Sep 1, 2011 Sep 8, 2011 Sep 6, 2011 $0.563357 $0.563357 $0.000000 $0.000000 $0.000000
Aug 1, 2011 Aug 5, 2011 Aug 3, 2011 $0.550728 $0.550728 $0.000000 $0.000000 $0.000000
Jul 1, 2011 Jul 8, 2011 Jul 6, 2011 $0.581518 $0.581518 $0.000000 $0.000000 $0.000000
Jun 1, 2011 Jun 7, 2011 Jun 3, 2011 $0.565706 $0.565706 $0.000000 $0.000000 $0.000000
May 2, 2011 May 6, 2011 May 4, 2011 $0.572948 $0.572948 $0.000000 $0.000000 $0.000000
Apr 1, 2011 Apr 7, 2011 Apr 5, 2011 $0.569620 $0.569620 $0.000000 $0.000000 $0.000000
Mar 1, 2011 Mar 7, 2011 Mar 3, 2011 $0.578724 $0.578724 $0.000000 $0.000000 $0.000000
Feb 1, 2011 Feb 7, 2011 Feb 3, 2011 $0.588577 $0.588577 $0.000000 $0.000000 $0.000000
Dec 28, 2010 Jan 4, 2011 Dec 30, 2010 $0.576649 $0.576649 $0.000000 $0.000000 $0.000000
Dec 1, 2010 Dec 7, 2010 Dec 3, 2010 $0.588122 $0.588122 $0.000000 $0.000000 $0.000000
Nov 1, 2010 Nov 5, 2010 Nov 3, 2010 $0.601374 $0.601374 $0.000000 $0.000000 $0.000000
Oct 1, 2010 Oct 7, 2010 Oct 5, 2010 $0.586951 $0.586951 $0.000000 $0.000000 $0.000000
Sep 1, 2010 Sep 8, 2010 Sep 3, 2010 $0.625182 $0.625182 $0.000000 $0.000000 $0.000000
Aug 2, 2010 Aug 6, 2010 Aug 4, 2010 $0.599080 $0.599080 $0.000000 $0.000000 $0.000000
Jul 1, 2010 Jul 8, 2010 Jul 6, 2010 $0.623270 $0.623270 $0.000000 $0.000000 $0.000000
Jun 1, 2010 Jun 7, 2010 Jun 3, 2010 $0.642720 $0.642720 $0.000000 $0.000000 $0.000000
May 3, 2010 May 7, 2010 May 5, 2010 $0.640354 $0.640354 $0.000000 $0.000000 $0.000000
Apr 1, 2010 Apr 8, 2010 Apr 6, 2010 $0.657779 $0.657779 $0.000000 $0.000000 $0.000000
Mar 1, 2010 Mar 5, 2010 Mar 3, 2010 $0.646328 $0.646328 $0.000000 $0.000000 $0.000000
Feb 1, 2010 Feb 5, 2010 Feb 3, 2010 $0.662821 $0.662821 $0.000000 $0.000000 $0.000000
Dec 29, 2009 Jan 5, 2010 Dec 31, 2009 $0.579882 $0.579882 $0.000000 $0.000000 $0.000000
Dec 1, 2009 Dec 7, 2009 Dec 3, 2009 $0.622002 $0.622002 $0.000000 $0.000000 $0.000000
Nov 2, 2009 Nov 6, 2009 Nov 4, 2009 $0.703360 $0.703360 $0.000000 $0.000000 $0.000000
Oct 1, 2009 Oct 7, 2009 Oct 5, 2009 $0.704580 $0.704580 $0.000000 $0.000000 $0.000000
Sep 1, 2009 Sep 8, 2009 Sep 3, 2009 $0.702530 $0.702530 $0.000000 $0.000000 $0.000000
Aug 3, 2009 Aug 7, 2009 Aug 5, 2009 $0.708500 $0.708500 $0.000000 $0.000000 $0.000000
Jul 1, 2009 Jul 8, 2009 Jul 6, 2009 $0.724742 $0.724742 $0.000000 $0.000000 $0.000000
Jun 1, 2009 Jun 5, 2009 Jun 3, 2009 $0.714641 $0.714641 $0.000000 $0.000000 $0.000000
May 1, 2009 May 7, 2009 May 5, 2009 $0.590589 $0.590589 $0.000000 $0.000000 $0.000000
Apr 1, 2009 Apr 7, 2009 Apr 3, 2009 $0.805538 $0.805538 $0.000000 $0.000000 $0.000000
Mar 2, 2009 Mar 6, 2009 Mar 4, 2009 $0.718722 $0.718722 $0.000000 $0.000000 $0.000000
Feb 2, 2009 Feb 6, 2009 Feb 4, 2009 $0.753309 $0.753309 $0.000000 $0.000000 $0.000000
Dec 29, 2008 Jan 2, 2009 Dec 31, 2008 $0.524328 $0.524328 $0.000000 $0.000000 $0.000000
Dec 1, 2008 Dec 5, 2008 Dec 3, 2008 $0.697500 $0.697500 $0.000000 $0.000000 $0.000000
Nov 3, 2008 Nov 7, 2008 Nov 5, 2008 $0.690000 $0.690000 $0.000000 $0.000000 $0.000000
Oct 1, 2008 Oct 7, 2008 Oct 3, 2008 $0.690000 $0.690000 $0.000000 $0.000000 $0.000000
Sep 2, 2008 Sep 8, 2008 Sep 4, 2008 $0.620000 $0.620000 $0.000000 $0.000000 $0.000000
Aug 1, 2008 Aug 7, 2008 Aug 5, 2008 $0.663435 $0.663435 $0.000000 $0.000000 $0.000000
Jul 1, 2008 Jul 8, 2008 Jul 3, 2008 $0.650602 $0.650602 $0.000000 $0.000000 $0.000000
Jun 2, 2008 Jun 6, 2008 Jun 4, 2008 $0.634146 $0.634146 $0.000000 $0.000000 $0.000000
May 1, 2008 May 7, 2008 May 5, 2008 $0.567656 $0.567656 $0.000000 $0.000000 $0.000000
Apr 1, 2008 Apr 7, 2008 Apr 3, 2008 $0.641537 $0.641537 $0.000000 $0.000000 $0.000000
Mar 3, 2008 Mar 7, 2008 Mar 5, 2008 $0.615903 $0.615903 $0.000000 $0.000000 $0.000000
Feb 1, 2008 Feb 7, 2008 Feb 5, 2008 $0.663838 $0.663838 $0.000000 $0.000000 $0.000000
Dec 27, 2007 Jan 3, 2008 Dec 31, 2007 $0.565046 $0.565046 $0.000000 $0.000000 $0.000000
Dec 3, 2007 Dec 7, 2007 Dec 5, 2007 $0.642346 $0.642346 $0.000000 $0.000000 $0.000000
Nov 1, 2007 Nov 7, 2007 Nov 5, 2007 $0.679908 $0.679908 $0.000000 $0.000000 $0.000000
Oct 1, 2007 Oct 5, 2007 Oct 3, 2007 $0.645244 $0.645244 $0.000000 $0.000000 $0.000000
Sep 4, 2007 Sep 10, 2007 Sep 6, 2007 $0.622897 $0.622897 $0.000000 $0.000000 $0.000000
Aug 1, 2007 Aug 7, 2007 Aug 3, 2007 $0.630162 $0.630162 $0.000000 $0.000000 $0.000000
Jul 2, 2007 Jul 9, 2007 Jul 5, 2007 $0.602618 $0.602618 $0.000000 $0.000000 $0.000000
Jun 1, 2007 Jun 7, 2007 Jun 5, 2007 $0.585509 $0.585509 $0.000000 $0.000000 $0.000000
May 1, 2007 May 7, 2007 May 3, 2007 $0.293205 $0.293205 $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 4, 2014

0.57%
Greatest Discount  

Mar 19, 2014

-0.26%
Days ± 0.5% of NAV 59
Percent ± 0.5% of NAV 96.72%
Select a Quarter   

Number of Days At:

Premium   56
NAV   1
Discount   4

Premium/Discount Range

# of Days

≥ 0.5 up to 1.0

2

≥ 0.0 up to 0.5

55

≥ -0.5 up to 0.0

4

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 16-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

BLACKROCK FDS III

S-T Securities

980SNC002 1.30 $172,772,996 - - - - - 172,772,996 1.00 - - - - - - -
holding-image

SPRINT CORP

Telecommunications

85207UAB1 0.56 $73,971,500 7.88 Sep 15, 2023 US85207UAB17 BDF27C2 6.76 67,400,000 109.75 - - BB- B1 6.47 - 6.47
holding-image

SPRINT NEXTEL CORPORATION

Telecommunications

852061AK6 0.46 $61,510,312 9.00 Nov 15, 2018 US852061AK63 B4059B6 3.78 50,470,000 121.88 - - BB+ Ba2 3.76 - 3.76
holding-image

FIRST DATA CORPORATION

Industrials

319963BB9 0.44 $58,061,801 12.63 Jan 15, 2021 US319963BB96 B7323L3 3.12 48,582,000 119.51 - - B- Caa1 8.73 - 7.40
holding-image

HCA INC

Health Care

404121AC9 0.44 $57,957,700 6.50 Feb 15, 2020 US404121AC95 B66GLR7 4.90 51,980,000 111.50 - - BB Ba3 4.25 - 4.25
holding-image

REYNOLDS GROUP ISSUER LLC

Industrials

761735AP4 0.43 $56,460,250 5.75 Oct 15, 2020 US761735AP42 B92ZDK6 4.33 53,900,000 104.75 - - B+ B1 4.89 - 4.57
holding-image

TENET HEALTHCARE CORPORATION

Health Care

88033GCE8 0.38 $50,226,375 8.13 Apr 1, 2022 US88033GCE89 BGM16M6 5.99 45,300,000 110.88 - - CCC+ B3 6.36 - 6.36
holding-image

HAWK ACQUISITION SUB INC

Consumer Goods

420088AA4 0.37 $48,535,625 4.25 Oct 15, 2020 US420088AA45 B9N5JF2 4.96 49,150,000 98.75 - - BB- B1 4.45 - 4.45
holding-image

SLM CORPORATION

Financials

78442FEH7 0.35 $46,482,188 8.45 Jun 15, 2018 US78442FEH73 B39XYY2 3.54 39,350,000 118.13 - - BBB- Ba1 3.71 - 3.71
holding-image

SPRINT CORP

Telecommunications

85207UAG0 0.33 $43,419,750 7.13 Jun 15, 2024 US85207UAG04 BH6R7F7 7.13 41,550,000 104.50 - - BB- B1 6.51 - 6.51

as of 16-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 16-Apr-2014

Issuer Weight (%)
Holdings are subject to change.

Exposure Breakdowns

as of 16-Apr-2014

% of Market Value

Consumer Services

15.25%

Oil & Gas

12.90%

Financials

12.86%

Telecommunications

11.48%

Industrials

10.89%

Health Care

8.38%

Technology

6.61%

Consumer Goods

6.60%

Basic Materials

6.35%

Utilities

4.86%

Other/Undefined

2.51%

S-T Securities

1.30%

as of 16-Apr-2014

  • 68
  • 54
  • 41
  • 27
  • 14
  • 0

0.30

28.21

67.63

0.94

1.40

  • 0 - 1 Year

  • 1 - 5 Years

  • 5 - 10 Years

  • 10 - 15 Years

  • 25+ Years

as of 16-Apr-2014

% of Market Value

AAA/Aaa

-

-

AA+/Aa1

-

-

AA/Aa2

-

-

AA-/Aa3

-

-

A+/A1

-

-

A/A2

-

-

A-/A3

-

-

BBB+/Baa1

-

-

BBB/Baa2

0.04%

0.15%

BBB-/Baa3

6.64%

0.45%

BB+/Ba1

11.15%

8.56%

BB/Ba2

15.85%

11.92%

BB-/Ba3

19.05%

16.78%

B+/B1

8.76%

20.40%

B/B2

9.57%

7.24%

B-/B3

8.12%

11.19%

CCC+/Caa1

8.08%

6.10%

CCC/Caa2

0.94%

2.32%

CCC-/Caa3

1.54%

0.33%

CC/Ca

0.11%

0.18%

C

0.11%

-

CI

-

-

R

-

-

SD

-

-

D

0.20%

-

NR

3.05%

5.12%

Other

6.80%

9.24%

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 $13,265,825,508
Inception Date Apr 4, 2007
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Markit iBoxx USD Liquid High Yield Index

Fund Credit Rating - S&P   B-f

Shares Outstanding 141,200,000
Number of Holdings

as of 16-Apr-2014

919
CUSIP 464288513
Price  

as of 17-Apr-2014

94.12
20 Day Avg. Volume 1,152,023
Premium/Discount  

as of 17-Apr-2014

0.21%
Options Available Yes

FEES as of 8/31/2013
Management Fee 0.50%
Gross Expense Ratio 0.50%
Net Expense Ratio 0.50%

FEES as of 12/31/2013
Management Fee   0.50%
Gross Expense Ratio 0.50%
Net Expense Ratio 0.50%

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

PORTFOLIO CHARACTERISTICS

Beta  

as of 31-Mar-2014

0.36
Standard Deviation (3y)  

as of 31-Mar-2014

7.43%

12m Trailing Yield  

as of 16-Apr-2014

5.90%
Distribution Yield  

as of 16-Apr-2014

5.59%
30 Day SEC Yield  

as of 16-Apr-2014

4.47%

Weighted Avg Coupon  

as of 16-Apr-2014

6.89%
Weighted Avg Maturity  

as of 16-Apr-2014

4.21 yrs
Option Adjusted Duration  

as of 16-Apr-2014

3.91 yrs
Weighted Avg YTM  

as of 16-Apr-2014

4.78%
Option Adjusted Spread  

as of 16-Apr-2014

325 bps

% Stock 0.00%
% Bond 96.18%
% Cash 1.30%
% Other  

as of 16-Apr-2014

2.51%

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.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities.

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.

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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. Index data related to the underlying indexes is provided by the respective companies above.

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