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.
1.06 - - - 0.66
Market Price (%)   1.19 - - - 0.87
Benchmark (%)   1.22 1.24 2.18 3.34 0.81
After Tax Pre-Liq. (%)   0.60 - - - 0.31
After Tax Post-Liq. (%)   0.60 - - - 0.35
as of
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.06 -0.42 0.30 0.05 1.06 - - - 1.46
Market Price (%)   1.19 -0.08 0.52 0.33 1.19 - - - 1.93
Benchmark (%)   1.22 -0.48 0.24 0.08 1.22 3.78 11.39 38.93 1.80
After Tax Pre-Liq. (%)   0.60 -0.52 0.11 -0.26 0.60 - - - 0.69
After Tax Post-Liq. (%)   0.60 -0.24 0.17 0.03 0.60 - - - 0.77
as of
  2010 2011 2012 2013 2014
Total Return (%)   - - - 0.12 1.06
Market Price (%)   - - - 0.59 1.19
Benchmark (%)   - - 2.24 0.28 1.22

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 on Capital
Dec 24, 2014 Dec 31, 2014 Dec 29, 2014 $0.100488 - - - -
Dec 1, 2014 Dec 5, 2014 Dec 3, 2014 $0.117616 - - - -
Nov 3, 2014 Nov 7, 2014 Nov 5, 2014 $0.114665 - - - -
Oct 1, 2014 Oct 7, 2014 Oct 3, 2014 $0.110891 - - - -
Sep 2, 2014 Sep 8, 2014 Sep 4, 2014 $0.101691 - - - -
Aug 1, 2014 Aug 7, 2014 Aug 5, 2014 $0.092490 - - - -
Jul 1, 2014 Jul 8, 2014 Jul 3, 2014 $0.084091 - - - -
Jun 2, 2014 Jun 6, 2014 Jun 4, 2014 $0.076689 - - - -
May 1, 2014 May 7, 2014 May 5, 2014 $0.071962 - - - -
Apr 1, 2014 Apr 7, 2014 Apr 3, 2014 $0.065534 - - - -
Mar 3, 2014 Mar 7, 2014 Mar 5, 2014 $0.067105 - - - -
Feb 3, 2014 Feb 7, 2014 Feb 5, 2014 $0.065438 - - - -
Dec 26, 2013 Jan 2, 2014 Dec 30, 2013 $0.054939 $0.054939 $0.000000 $0.000000 $0.000000
Dec 2, 2013 Dec 6, 2013 Dec 4, 2013 $0.060058 $0.060058 $0.000000 $0.000000 $0.000000
Nov 1, 2013 Nov 7, 2013 Nov 5, 2013 $0.063386 $0.063386 $0.000000 $0.000000 $0.000000
Oct 1, 2013 Oct 7, 2013 Oct 3, 2013 $0.054053 $0.054053 $0.000000 $0.000000 $0.000000
Sep 3, 2013 Sep 9, 2013 Sep 5, 2013 $0.051550 $0.051550 $0.000000 $0.000000 $0.000000
Aug 1, 2013 Aug 7, 2013 Aug 5, 2013 $0.049026 $0.049026 $0.000000 $0.000000 $0.000000
Jul 1, 2013 Jul 8, 2013 Jul 3, 2013 $0.047343 $0.047343 $0.000000 $0.000000 $0.000000
Jun 3, 2013 Jun 7, 2013 Jun 5, 2013 $0.044408 $0.044408 $0.000000 $0.000000 $0.000000
May 1, 2013 May 7, 2013 May 3, 2013 $0.052066 $0.052066 $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  

Dec 26, 2014

0.59%
Greatest Discount  

-

0.00%
Days ± 0.5% of NAV 62
Percent ± 0.5% of NAV 96.88%
Select a Quarter   

Number of Days At:

Premium   64
NAV   0
Discount   0

Premium/Discount Range

# of Days

≥ 0.5 up to 1.0

2

≥ 0.0 up to 0.5

62

Chart Description  

Why is there a difference between NAV and Closing Price?  

Possible Timing Discrepancies  

Holdings

as of 22-Jan-2015

Issuer Weight (%)

as of 22-Jan-2015

Holding ISIN SEDOL Weight (%) Market Value Coupon (%) Maturity Duration Price YTM (%) Yield to Call (%) Yield to Worst (%) Barcap Rating Notional Value
holding-image

BLK CSH FND TREASURY SL AGENCY

Cash and/or Derivatives

US0669224778 - 6.80 $19,427,876 0.17 - 0.00 1.00 0.17 - 0.17 - 19,427,875.55
holding-image

TREASURY NOTE

Treasury

US912828MD98 B5M13M8 3.51 $10,013,714 3.25 Dec 31, 2016 1.90 105.21 0.55 - 0.55 Govt 10,013,713.81
holding-image

TREASURY BOND

Treasury

US912810DZ85 2921370 2.83 $8,090,205 8.88 Aug 15, 2017 2.29 120.61 0.75 - 0.75 Govt 8,090,205.22
holding-image

TREASURY NOTE (OLD)

Treasury

US912828G468 BSQXNR6 2.63 $7,505,460 0.50 Nov 30, 2016 1.84 100.00 0.50 - 0.50 Govt 7,505,460.16
holding-image

TREASURY NOTE

Treasury

US912828UM06 B9JMDZ5 2.60 $7,425,015 0.38 Feb 15, 2016 1.06 100.18 0.21 - 0.21 Govt 7,425,015.22
holding-image

TREASURY NOTE (OLD)

Treasury

US912828G799 BTC31T5 1.83 $5,223,681 1.00 Dec 15, 2017 2.85 100.35 0.88 - 0.88 Govt 5,223,680.57
holding-image

TREASURY NOTE

Treasury

US912828WQ91 BNGY5T0 1.54 $4,410,357 0.50 Jun 30, 2016 1.43 100.21 0.36 - 0.36 Govt 4,410,357.02
holding-image

TREASURY NOTE

Treasury

US912828PN44 B65DFT9 1.52 $4,327,104 2.75 Dec 31, 2017 2.83 105.37 0.89 - 0.89 Govt 4,327,104.21
holding-image

FNMA 15YR TBA(REG B)

Securitized

- - 1.31 $3,727,468 3.00 Feb 18, 2015 3.16 104.56 1.80 - 1.80 Agency 3,727,468.33
holding-image

FNMA 15YR TBA(REG B)

Securitized

- - 1.30 $3,715,785 3.50 Feb 18, 2015 2.17 106.00 1.55 - 1.55 Agency 3,715,784.72
Name ISIN SEDOL Sector Weight (%) Market Value Coupon (%) Maturity Duration Price YTM (%) Yield to Call (%) Yield to Worst (%) Barcap Rating Notional Value
Most transactions in fixed-rate mortgage pass-through securities occur through the use of "to-be-announced" or "TBA" transactions. The Fund regularly enters into TBA agreements. The Fund invests cash pending settlement of any TBA transactions in money market instruments, repurchase agreements or other high-quality, liquid short-term instruments, including money market funds advised by BFA, which are not included in the holdings shown.

Holdings are subject to change.

Exposure Breakdowns

as of 22-Jan-2015

% of Market Value

Treasury

45.28%

Industrial

15.39%

Financial Institutions

11.17%

Agency

9.53%

MBS Pass-Through

8.49%

Supranational

3.25%

Sovereign

1.96%

CMBS

1.66%

Utility

1.53%

Local Authority

0.76%

ABS

0.54%

Cash and/or Derivatives

0.46%

as of 22-Jan-2015

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

0.46

4.12

28.68

26.20

40.17

0.14

0.16

0.07

  • Cash and/or Derivatives

  • 0 - 1 Year

  • 1 - 2 Years

  • 2 - 3 Years

  • 3 - 5 Years

  • 5 - 7 Years

  • 7 - 10 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 22-Jan-2015

% of Market Value

Cash and/or Derivatives

0.46%

AAA Rated

65.45%

AA Rated

5.34%

A Rated

13.38%

BBB Rated

9.40%

BB Rated

2.21%

B Rated

2.67%

CCC Rated

0.85%

CC Rated

0.03%

C Rated

-

D Rated

0.02%

Not Rated

0.18%

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 23-Jan-2015

$285,850,846
Inception Date Oct 18, 2012
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index   Barclays U.S. Universal 1-5 Year Index
Index Ticker BUH1TRUU

Fund Credit Rating - S&P   BBB-f

Shares Outstanding 2,850,000
Number of Holdings

as of 22-Jan-2015

956
CUSIP 46432F859
Closing Price  

as of 23-Jan-2015

100.64
20 Day Avg. Volume   9,159
Premium/Discount  

as of 23-Jan-2015

0.29%
Options Available No

FEES as of 31-Oct-2013

Expense Ratio  

0.13%

Fee Waiver  

0.01%

Expense Ratio (including waivers)

0.12%

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

PORTFOLIO CHARACTERISTICS

Equity Beta  

as of 31-Dec-2014

0.06
Standard Deviation (3y)  

as of -

-

12m Trailing Yield  

as of 22-Jan-2015

1.07%
Distribution Yield  

as of 22-Jan-2015

1.19%
30 Day SEC Yield  

as of 22-Jan-2015

1.50%

Weighted Avg Coupon  

as of 22-Jan-2015

2.70%
Weighted Average Life  

as of 22-Jan-2015

2.83 yrs
Effective Duration  

as of 22-Jan-2015

2.60 yrs
Weighted Avg YTM  

as of 22-Jan-2015

1.60%
Option Adjusted Spread  

as of 22-Jan-2015

72 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 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.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or in concentrations of single countries.

Diversification and asset allocation may not protect against market risk or loss of principal.

Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

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.

Understanding Investments in the Mortgage Market: TBAs and Cash Collateral: TBA (To Be Announced) contracts are standardized contracts for future delivery, in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. These forward contracts typically represent the most liquid portion of the mortgage market. They are derived from new mortgage pools with specific delivery dates and coupons but without specific pool numbers and number of pools. These forward contracts are fully collateralized. The collateral may be invested in short term instruments. The extent of a portfolio's investment in such short term instruments would be proportionate to its investment in TBAs.

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

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.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT Residential Plus Capped Index, FTSE NAREIT Industrial/Office 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-US 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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