Fund Evaluator:
iShares US Aggregate Bond Index Inv A (BMOAX)
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Fund Details
iShares US Aggregate Bond Index Inv A Overview
iShares US Aggregate Bond Index Inv A (BMOAX) is a passively managed Taxable Bond Intermediate Core Bond fund. BlackRock launched the fund in 2011.
The investment seeks to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the Bloomberg U.S. Aggregate Bond Index. The fund is a "feeder" fund that invests all of its assets in the Master Portfolio of MIP, which has the same investment objective and strategies as the fund. Under normal circumstances, at least 90% of the value of the fund's assets, plus the amount of any borrowing for investment purposes, is invested in securities comprising the Bloomberg U.S. Aggregate Index.
About iShares US Aggregate Bond Index Inv A (BMOAX)
There are 3 members of the management team with an average tenure of 5.76 years: James Mauro (2011), Jonathan Graves (2025), Marcus Tom (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. iShares US Aggregate Bond Index Inv A has 9737 securities in its portfolio. The top 10 holdings constitute 7.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
iShares US Aggregate Bond Index Inv A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. iShares US Aggregate Bond Index Inv A has 7.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.2% (92.2% domestic bond, 7.0% foreign bond and 0.0% convertible bond). iShares US Aggregate Bond Index Inv A has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $167 million in total assets, which is below the $3 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BMOAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares US Aggregate Bond Index Inv A expense ratio is below average compared to funds in the Intermediate Core Bond category. iShares US Aggregate Bond Index Inv A has an expense ratio of 0.35%, which is 38% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares US Aggregate Bond Index Inv A has a portfolio turnover rate of 93%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, iShares US Aggregate Bond Index Inv A returned -1.3%, which earned it a grade of C, as the Intermediate Core Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
iShares US Aggregate Bond Index Inv A has a trailing yield of 3.69%, which is below the 4.04% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares US Aggregate Bond Index Inv A Grades
Year to date, the fund has returned -0.8%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.3% over the past year (grade of D), 3.4% over the past three years (grade of D) and -0.7% per year over the past five years (grade of D) and 1.0% per year over the past 10 years (grade of D).
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BMOAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BMOAX Return (NAV) | -1.3% | -0.8% | 2.3% | 3.4% | -0.7% | 1.0% |
| BMOAX Grade | C | D | D | D | D | D |
| +/- Category | -0.0% | -0.0% | -0.2% | -0.3% | -0.2% | -0.3% |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| BMOAX Tax Cost Ratio | na | na | 1.5% | 1.4% | 1.2% | 1.1% |
BMOAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BMOAX Return (NAV) | -0.8% | 6.7% | 1.1% | 5.4% | -13.3% | -2.1% | 7.3% | 8.4% | -0.5% | 3.1% | 2.2% |
| BMOAX Grade | C | D | D | D | C | F | D | C | C | D | D |
| +/- Category | -0.0% | -0.3% | -0.5% | -0.2% | -0.1% | -0.6% | -0.8% | -0.1% | -0.0% | -0.5% | -0.5% |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.97 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3261 Mil |
| Fund Total Assets: | $ 168 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 93% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.3 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Mauro James (2011), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 9737 |
| % in Top 10 Holdings: | 7.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.2% |
| Foreign Bond: | 7.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | March 31, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | iShares US Aggregate Bond Index K |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
