0001193125-15-273277.txt : 20150803 0001193125-15-273277.hdr.sgml : 20150801 20150731181735 ACCESSION NUMBER: 0001193125-15-273277 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20150803 DATE AS OF CHANGE: 20150731 EFFECTIVENESS DATE: 20150803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iSHARES TRUST CENTRAL INDEX KEY: 0001100663 IRS NUMBER: 943351276 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 333-92935 FILM NUMBER: 151020504 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: (415) 670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES TRUST DATE OF NAME CHANGE: 19991213 0001100663 S000035137 iShares iBonds Sep 2018 AMT-Free Muni Bond ETF C000108082 iShares iBonds Sep 2018 AMT-Free Muni Bond ETF IBMG 497K 1 d87689d497k.htm FORM 497K Form 497K
August 1, 2015
2015 Summary Prospectus
►  iShares iBonds Sep 2018 AMT-Free Muni Bond ETF* | IBMG |  NYSE ARCA
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder report, online at http://us.ishares.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated August 1, 2015, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
*The iShares iBonds Sep 2018 AMT-Free Muni Bond ETF may also conduct business as the iBonds Sep 2018 AMT-Free Muni Bond ETF.

iSHARES® iBONDS® SEP 2018 AMT-FREE MUNI BOND ETF
Ticker: IBMG Stock Exchange: NYSE Arca
Investment Objective
The iShares iBonds Sep 2018 AMT-Free Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after May 31 and before September 2, 2018.
Fees and Expenses
The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (formerly, Barclays Global Fund Advisors (“BGFA”)) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.
You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the Example that follows:
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a
percentage of the value of your investments)
Management
Fees 		  Distribution and
Service (12b-1)
Fees 		  Other
Expenses 		  Total Annual
Fund
Operating
Expenses 		  Fee Waiver1   Total Annual
Fund
Operating
Expenses
After
Fee Waiver
0.30%   None   None   0.30%   (0.12)%   0.18%
1 BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in order to limit the Total Annual Fund Operating Expenses to 0.18% of average daily net assets through the termination date of the Fund, on or about September 1, 2018. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA.
S-1

Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. Fund expenses are calculated only through September 1, 2018 because the Fund is scheduled to cease operations and liquidate on or around that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1 Year   3 Years   Maturity
$18   $58   $60
Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the S&P AMT-Free Municipal Series 2018 IndexTM (the “Underlying Index”), which measures the performance of investment-grade, non-callable U.S. municipal bonds maturing in 2018. As of March 31, 2015, there were 2,806 issues in the Underlying Index.
The Underlying Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U.S. federal income taxes
and the federal alternative minimum tax (“AMT”). Each bond must have a rating of at least BBB- by Standard & Poor's Ratings Services (“S&P”), Baa3 by Moody’s Investors Service, Inc. (“Moody's”), or BBB- by Fitch Ratings, Inc. and must have a minimum maturity par amount of $2 million to be eligible for inclusion in the Underlying Index. To remain in the Underlying Index, bonds must maintain a minimum par amount greater than or equal to $2 million as of each rebalancing date. All bonds in the Underlying Index will mature after May 31 and before September 2 of the year referenced in the name of the Underlying Index. When a bond matures in the Underlying Index, an amount representing its value at maturity will be included in the Underlying Index throughout the remaining life of the Underlying Index, and any such amount will be assumed to earn a rate equal to the performance of the Standard & Poor's Financial Services LLC's, a subsidiary of The McGraw-Hill Companies, Inc., Weekly High Grade Index, which consists of Moody's Investment Grade-1 municipal tax-exempt notes that are not subject to federal AMT. The Underlying Index is a market value weighted index and is rebalanced after the market close on
S-2

the last business day of each month.
The Fund is a series of the iShares iBonds® fixed maturity series of bond ETFs sponsored by BlackRock. The iBonds® fixed maturity series do not invest in U.S. savings bonds or other U.S. government bonds and are not designed to provide protection against inflation.
BFA uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally will invest at least 90% of its assets in the component securities of the Underlying Index, except during the last months of the Fund's operations, as described below, and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (“BlackRock Cash Funds”), as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities of the Underlying Index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of BlackRock Cash Funds, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income tax, the federal AMT and the federal Medicare contribution tax of 3.8% on “net investment income,” including dividends, interest and capital gains. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested in bonds but instead will be held in cash and cash equivalents, including, without limitation, money market funds affiliated with BFA, AMT-free tax-exempt municipal notes, variable rate demand notes and obligations, tender option bonds and municipal commercial paper. These cash equivalents may not be included in the Underlying Index. By September 1, 2018, the Underlying
S-3

Index is expected to consist entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is a product of S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
Summary of Principal Risks
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund
is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.
Asset Class Risk. Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.
Authorized Participant Concentration Risk. Only an Authorized Participant (as defined in the Creations and Redemptions section of the Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, in either of these cases, Fund shares may trade at a discount to NAV and possibly face delisting.
Concentration Risk. The Fund may be susceptible to loss due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular state, region, municipality, market, project type, industry, group of industries, or asset class.
Credit Risk. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.
S-4

Declining Yield Risk. During the final three months prior to the Fund's planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market.
Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a municipal bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of municipal bonds of similar credit quality and maturity. Unlike a direct investment in municipal bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund's existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund's portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount you receive as liquidation proceeds upon the Fund's termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.
Income Risk. The Fund's income may decline when interest rates fall. This decline can occur because the Fund may subsequently invest in lower-
yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.
Index-Related Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.
Interest Rate Risk. An increase in interest rates may cause the value of securities held by the Fund to decline.
Issuer Risk. Fund performance depends on the performance of individual securities to which the Fund has exposure. The Fund invests in municipal bonds of issuers that are primarily state or local governments or agencies. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.
Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. The Fund invests a significant portion of its portfolio in municipal securities, which may be less liquid than comparable taxable bonds.
S-5

Management Risk. As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment strategy may not produce the intended results.
Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The recent financial crisis caused a decrease in the value and liquidity of many securities, including certain municipal securities, and adversely affected many issuers of municipal securities and may continue to do so.
Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.
Municipal Securities Risk. Municipal securities can be significantly affected by political or economic changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues for the project or from the assets.
Non-Diversification Risk. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance
may depend on the performance of a small number of issuers.
Passive Investment Risk. The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.
Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.
Tax Risk. There is no guarantee that the Fund's income will be exempt from U.S. federal income taxes, the federal AMT or the federal Medicare contribution tax of 3.8% on “net investment income.”
Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities or other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of dividends or interest, tax gains or losses, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund
S-6

incurs fees and expenses, while the Underlying Index does not.
Utilities Sector Risk. The utilities sector is subject to significant government regulation and oversight. Deregulation, however, may subject utility companies to greater competition and may reduce their profitability. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Fund's valuation of the security or asset and from the value used by the Underlying Index, particularly for securities or assets that trade in low volume or volatile markets or that are valued using a fair value methodology. Because the bond market may be open on days when the Fund does not price its shares, the value of the securities or assets in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.
S-7

Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund’s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the “Prospectus”). If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.
Year-by-Year Returns1 (Year Ended December 31)
1 The Fund’s year-to-date return as of June 30, 2015 was 0.40%.
The best calendar quarter return during the period shown above was 0.97% in the 2nd quarter of 2014; the worst was -0.18% in the 4th quarter of 2014.
Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
S-8

Average Annual Total Returns
(for the periods ended December 31, 2014)
  One Year   Since Fund
Inception
(Inception Date: 3/19/2013)      
Return Before Taxes 1.84%   1.83%
Return After Taxes on Distributions1 1.84%   1.83%
Return After Taxes on Distributions and Sale of Fund Shares1 1.46%   1.61%
S&P AMT-Free Municipal Series 2018 IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes) 1.98%   0.89%
1 After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.
S-9

Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. James Mauro and Scott Radell (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Mr. Mauro and Mr. Radell have been Portfolio Managers of the Fund since 2013.
Purchase and Sale of Fund Shares
The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund are listed on a national securities exchange. Most investors will buy and sell shares of the Fund through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will only issue or redeem shares that have been aggregated into blocks of 100,000 shares or multiples thereof (“Creation Units”) to Authorized Participants who have entered into agreements with the Fund's distributor. The Fund generally will issue or redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the Fund specifies each day.
Tax Information
The Fund intends to make distributions primarily from net tax-exempt income, although distributions of taxable capital gains may also occur. The Fund is generally not an appropriate investment for a 401(k) plan or an IRA. Please consult your personal tax adviser.
Payments to Broker-Dealers and other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
S-10

For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IBMG-0815
Investment Company Act file No.: 811-09729
 GRAPHIC 2 g87689br2015.gif GRAPHIC begin 644 g87689br2015.gif M1TE&.#EA?0`2`/```````````"'Y!`$```$`+`````!]`!(```+^A(\0R^T/ MHYPIS8LSJU7[+W$62%[(PI6J=@;="F^'T\ZF#;TNCLYMS]/1=#^@8K0Q>I2EK%";:'EE4JI8Q6]$]I6UWS/N:\SR(D]CU_S.BZWX?6TJ MY>56YK>70S1W%U8H1I5X4J7(-\2WU33V%,G&I=CVJ&8HJ1D'ER@J&,H6B;4) MQGDH])#&9*IE]RIKJ0H8"EE;F=IZFI7;"$H,5L[]NP;A$K[ M&1A]W2R\2O(+]OWOQA.Y;,8+*`JB;. GRAPHIC 3 g87689ibmg.jpg GRAPHIC begin 644 g87689ibmg.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_X@H@24-#7U!23T9)3$4``0$```H0```` M``(0``!M;G1R4D="(%A96B````````````````!A8W-P05!03``````````` M````````````````````````]M4``0````#3+``````````````````````` M``````````````````````````````````````````````ID97-C````_``` M`'QC<')T```!>````"AW='!T```!H````!1B:W!T```!M````!1R6%E:```! MR````!1G6%E:```!W````!1B6%E:```!\````!1R5%)#```"!```"`QG5%)# M```"!```"`QB5%)#```"!```"`QD97-C`````````")!"!3;V9T=V%R92`R M,#$Q`%A96B````````#S40`!`````1;,6%E:(`````````````````````!8 M65H@````````;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(``` M`````"2@```/A```ML]C=7)V````````!``````%``H`#P`4`!D`'@`C`"@` M+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0": M`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T! M$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I M`;$!N0'!`$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<" M<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-: M`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$ M?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&09!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT- M#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV`% M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7`K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$ M?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'#`[,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[< M_VW____;`$,`"`8&!P8%"`<'!PD)"`H,%`T,"PL,&1(3#Q0=&A\>'1H<'"`D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_;`$,!"0D)#`L,&`T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_``!$(`(P!3`,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0`````` M`````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4& M!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@`,`P$``A$#$0`_`/?ZY[4O$%[I^L+9KI\.D4WGQVS.IC2384R/EW8P2<;L9.<4 M`5M%\0MJ(NOM$<<'V,$3D[E.X,W.Q@&"[0K9/]['8UH:?K.G:J\J6-Y%.T(4 MR!#]T-G&?KM/Y55TWPW9Z5?M>023M(ZL&\Q@=S-LW.3C.YC&I/.,Y..32VW_ M`"..I?\`8/M/_1EQ0!KT444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!61;?\`(XZE_P!@^T_]&7%:]9%M_P`CCJ7_`&#[3_T9<4`:]%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!5.35].BO'M)+ZW2X12[QM(`5`& M23Z<<_3FKE7*&AV32/%L:1_GW_<)B`V]SGC&`#= MM-1L[X*;6XCEW+O`4\XR5Y';D$?4'TJE;?\`(XZE_P!@^T_]&7%97AW2M5L; MZ^2XC:&UNP\@<2B1XR=I50Y)8D%I<&-E]VP*V+2X^UVL M=P(WC60;E5Q@[>Q([9&#CKSS6(-(T)6N/+O61+A$CDB%X2A57+;0"3@'<0<= MB<8R(+(3U(&\\?7\`#=K(MO\`D<=2_P"P?:?^C+BLCPQK-SL/\`Z#7F%>G_`!]_Y*CL/_H->84`%>_?L^_\@+6?^OE/_0:\!KW[ M]GW_`)`6L_\`7RG_`*#0![7I7_']=?\`7./^;UK5DZ5_Q_77_7./^;UK4`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4QH8FF69HT,JJ45RHR% M."0#Z':,_0>E/HH`KQ6-G!,)H;6".4((PZ1@'8,87([<#CVJA;?\CCJ7_8/M M/_1EQ6O61;?\CCJ7_8/M/_1EQ0!KT444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`'R?\??^2HW'_7K#_Z#7F%>G_'W_DJ-Q_UZP_\`H->84`%>_?L^ M_P#("UG_`*^4_P#0:\!KW[]GW_D!:S_U\I_Z#0![7I7_`!_77_7./^;UK5DZ M5_Q_77_7./\`F]:U`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%85YXIM[*YG22TNG@A=H3/&JL#*L1E*`9S]T8!QC=Q0!NUD6W_`"..I?\` M8/M/_1EQ1HVOP:S'(\4>U801*X=616#,I4,#@\+N^C*>]5[>^L_^$OU)OM4& M#86@!\P?\]+B@#?HJO\`VA9?\_=O_P!_!_C1_:%E_P`_=O\`]_!_C0!8HJO_ M`&A9?\_=O_W\'^-']H67_/W;_P#?P?XT`6**K_VA9?\`/W;_`/?P?XT?VA9? M\_=O_P!_!_C0!8HJO_:%E_S]V_\`W\'^-']H67_/W;_]_!_C0!8HJO\`VA9? M\_=O_P!_!_C1_:%E_P`_=O\`]_!_C0!8HJO_`&A9?\_=O_W\'^-']H67_/W; M_P#?P?XT`6**K_VA9?\`/W;_`/?P?XT?VA9?\_=O_P!_!_C0!8HJO_:%E_S] MV_\`W\'^-']H67_/W;_]_!_C0!\K_'W_`)*C-[`9Y?UK3_M"R_Y^[?_ M`+^#_&@"Q15?^T++_G[M_P#OX/\`&C^T++_G[M_^_@_QH`L457_M"R_Y^[?_ M`+^#_&C^T++_`)^[?_OX/\:`+%%5_P"T++_G[M_^_@_QH_M"R_Y^[?\`[^#_ M`!H`L457_M"R_P"?NW_[^#_&C^T++_G[M_\`OX/\:`+%%5_[0LO^?NW_`._@ M_P`:/[0LO^?NW_[^#_&@"Q15?^T++_G[M_\`OX/\:/[0LO\`G[M_^_@_QH`L M457_`+0LO^?NW_[^#_&C^T++_G[M_P#OX/\`&@"Q15?^T++_`)^[?_OX/\:E MCECF7=%(DBYQE6!%`#ZPAX===6-PMV@L_MAO?L_D_-YOE[/O[ONY^;&,Y[XX MK=HH`P-+\-'3]1N+N6]-T+E&$Z/'C>[;,D\XV_*V%QQO89QQ5W_A'M$W%O[' MT_)&"?LR?X5I44`9W]@:-_T"+#_P&3_"C^P-&_Z!%A_X#)_A6C10!G?V!HW_ M`$"+#_P&3_"C^P-&_P"@18?^`R?X5HT4`9W]@:-_T"+#_P`!D_PH_L#1O^@1 M8?\`@,G^%:-%`&=_8&C?]`BP_P#`9/\`"C^P-&_Z!%A_X#)_A6C10!G?V!HW M_0(L/_`9/\*/[`T;_H$6'_@,G^%:-%`&=_8&C?\`0(L/_`9/\*/[`T;_`*!% MA_X#)_A6C10!G?V!HW_0(L/_``&3_"C^P-&_Z!%A_P"`R?X5HT4`9W]@:-_T M"+#_`,!D_P`*/[`T;_H$6'_@,G^%:-%`&6WAO0G.6T73F/J;5#_2D_X1C0/^ M@'IG_@)'_A6K10!E?\(QH'_0#TS_`,!(_P#"G+X5:V\4$><[(D"C/K@ M5-10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`9> MM:T-%MS.]E:82N,_P!W^+USWQQ0!UD6O6KQ:K-(DT$> MFSM#,TJ8W817W*.I!#C'K5C2=175M)M=02*2%;B,.(Y,;ESV."1GZ5CPZ9!J MMUK]O<-,J+J<4@,4A0AEMX"IR/0@'Z@5-X+@$'A'3U$DCYCW9D GRAPHIC 4 g87689img7772e6f31.gif GRAPHIC begin 644 g87689img7772e6f31.gif M1TE&.#EAG``K`/,``````!$1$2(B(C,S,T1$1%55569F9G=W=XB(B)F9F:JJ MJKN[N\S,S-W=W>[N[@```"'Y!`$```\`+`````"<`"L```3^\,E)J[TXZ\V[ M[X7SC61IGFAJ`0.COG`LSP0`%,JL[WS_&+8@X7!(+(Y'GW+)G"""T&A4,$R( MFMALJ2'M>F^)4E`K)F]J4,'7.UAXNN:.+9Y13`L&]3IZN&;&$H!T&'.#%WII M1@D':'L#?BN%$Y*!'``7E).8ERL/E)F>G!2@,`E>`08*(@T*C%^/A**Q@J-1 MD[:A4+>ZN;Q2@;B_.HAL!VX2"05=`[$:@*!CT873<]*!E.%@@,4H!!@L"!"D M0<&$\?3!:[CSX3R3.M_)N\>CY4L^#((<2'=2V\ETN?!)?"HQ)T-I))WJS$?4 MP[FC-@;P8\;T(RV5V&RA%/80(MIN56N!)*5!(]@!!VQ`*OCGC[=.-SUA(K%2 M,.`F"QH=':#LF`RZFPQE20R6A0#',2!WE#PYS]$"G$.;87"@@.(O2T6K)N,` M"1(B!&@"(%C-L%S-9570Q6WU[`;>,!P<"$"V]E]-1&O;WJH.N>&_;>6IYJ?=//A%"W<'R@7Y2B_K(')K/">FA$L5 M.WVVVLG48$!>QUFWW#M"[?2<5E6)Q.`W^*G7C53-94=&`[)]AUY[0KTDGH9[ M\`?=A@LVI1499+V0X&HLCI"#BH6U*..,--9HXXTXYJ@C4TRT%=D;,0+YHTI9 M;-/62MM8F(]U!D((W7-9'5BAA4:R@]U^5U:7PCQI.?E+1!^*$V9)O907D8/L MV56(7[8)(()MEEF=G-&X%6<_=IYPY(2VK7-F0VB:J&&9N("(:)Y[ H@KD&H"BTYY9T\YE9:)IX8JJIB9G21V&E.X:J6X"BEAJ8J:B:$0$`.S\_ ` end GRAPHIC 5 g87689isharesbr2015.jpg GRAPHIC begin 644 g87689isharesbr2015.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_X@H@24-#7U!23T9)3$4``0$```H0```` M``(0``!M;G1R4D="(%A96B````````````````!A8W-P05!03``````````` M````````````````````````]M4``0````#3+``````````````````````` M``````````````````````````````````````````````ID97-C````_``` M`'QC<')T```!>````"AW='!T```!H````!1B:W!T```!M````!1R6%E:```! MR````!1G6%E:```!W````!1B6%E:```!\````!1R5%)#```"!```"`QG5%)# M```"!```"`QB5%)#```"!```"`QD97-C`````````")!"!3;V9T=V%R92`R M,#$Q`%A96B````````#S40`!`````1;,6%E:(`````````````````````!8 M65H@````````;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(``` M`````"2@```/A```ML]C=7)V````````!``````%``H`#P`4`!D`'@`C`"@` M+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0": M`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T! M$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I M`;$!N0'!`$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<" M<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-: M`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$ M?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07% M!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&09!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[ M"1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP* M\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT- M#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/ M>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$)%ZX7TA?W M&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL; M8QN*&[(;VAP"'"H<4AQ['*,0!YJ'I0>OA[I M'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B--@U M$S5--8Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546: M1=Y&(D9G1JM&\$25^!8+UA]6,M9 M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9O5\/7V%?LV`% M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\> M;WAOT7`K<(9PX'$Z<95Q\')+%V/G:;=OAW M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$ M?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2( M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_ MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB: MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16 MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:QK_UP'#`[,%GP>/"7\+;PUC# MU,11Q,[%2\7(QD;&P\=!Q[_(/%$XIZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[< M_VW____;`$,`"`8&!P8%"`<'!PD)"`H,%`T,"PL,&1(3#Q0=&A\>'1H<'"`D M+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_;`$,!"0D)#`L,&`T-&#(A M'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,O_``!$(`$H`H`,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0`````` M`````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q M008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4 ME9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+C MY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4& M!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R M@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JB MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR M\_3U]O?X^?K_V@`,`P$``A$#$0`_`/'Z***"@HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"I['_`)"%M_UU7^8J"I['_D(6W_75?YB@""BBB@#H MO`[:`GBJU/B6-I--PVY55F&['RY"\D9["NJ\+^#]#\7_`!1U"ULXYHM`M@UP ML3;E9E^4!>?F`).>><#L:F^!FJ7D/C%M,CFQ9SP/))'M'S,`,'.,U%JGBR?P M9\:]8U2*(31F9HIXLXWQD*2`>QR`?PH$3ZE\0M'T;6KO2[;P'HAL;:9H2DT" MF5]IQEFP>>.X/XTO@.Y\/^(OB9<6B^&['^S;X&2**>/W^'?Q9!>)Q!JQ7)V_N;@<=QT?'KS]17*^#O!]WX*^-5CIUS()HGMY9()U& M!(FQAT[$$8(H`XOXAZ4(OB'K5KIE@$MX'4B*VAPL8V+V48`S7(5[OXB^)NHZ M%\3WT;3K*S2R^TQ)<[H_GG9@NYBP/!P0!]!]*Q_C!90:!\0=)U;3K*"2XN%$ MKV[Q;DEE5L`E1U)R,^N*`/*!8WC6_P!H%K.8/^>@C.W\^E5P"2`!DGM7OWA/ M5_BK<^(+&35M.?\`L>5PDT&)9W4DS1);3-*HW,BH20.N<4EO:W%VY2VMY9G`R5C0 ML?TKW7X@_$&?PGXKN])T/3+-[J]5'O+BY#,79D"*HP1C"A>I[GCUT_$6A^)/ M"GAG2M&\`V&'()O;J)8][%0,$ENNXEC[8QTH`^K^#/#VL>+[2.TU*WO+>._DPJDQ-)L<,5 MXP1AO;G'I4OC<_$'0]32_P#"HADT&*)=EG;0(P0`<@IC)!]5[>E`7/G8QR"( M2E&\LG:&QP3Z9IM;U]XJO[W1Y-*EB@6%IWF)"G<"SEB.3ZG_`#SG!H&%%%%` M!4]C_P`A"V_ZZK_,5!4]C_R$+;_KJO\`,4`04444`>I?`S3+V7QD=22W=K*& M&2.2;^%6(&!2^*O`FJZ_\5=6M`8[1[I7N;1[@X2<+M&`1TZ^G:O+*`2""#@C MO0(]-T'X1^,+/Q%9W-W!%86UM.DKW9ND(55.20%.)IT.5=RK$[3W`XY]47,J(-^,[?F(YQ0!U/QD= MH_B?>NAPRQPD'T.Q:]`\4VDGQ9\):7JGAJ]B74;0'S[3SMA!8#"XA8I)&XP5-1Q32V\@DAD>.0=&1B"/Q%`'9:A\/O%M@ M^GP:N%M1?WL=G");M7R[GAB%)^48Y/TKT/P!I'Q%\*ZY%::H0GAZ(-YS7%RC MQ(@!P4.(-O;!=/+8EZ=J,D>M+/]EO+P0(B"(C>"77.,XP2>O0XKS>*]NH+6>UBN98[>X*F:)7(6 M3;G;N'?&3C-04"/:/'5@?$^A3G1+VWORFK2W$SM=PH%S"F=I8J&4'*@CL._6 MDM;7PV/#%MX5NM1LI+JP2+49(=K[S,"7F3=MV,#&0@`;.5_+QBB@#V?[;J__ M``L+SK[4K>X\./+=R6&RZB95C-M*$$8R60;<`\8SC/)&707FFQZ?J-U$T4_A MAM#V6EBDWE/&1(GF1OU/F$Y);^+MP./%J*`/<-6NI9]$E7PG?6T,S0VHTPPS MB*862AMT>YFR'$A^;G)&.W%0ZOJ3RVFH#P=J%I%KJWL,NH/;S1QFX`@4,5+$ M!D$@;(&02<\YKQ6B@#V%;F&?PU:6MM=V\7BI]*E6"6I'''7GVZ#`'I6510,*GL?^0A;?\`75?Y MBH*GL?\`D(6W_75?YB@""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH AHH`****`"I['_D(6W_75?YBH*GL?^0A;?]=5_F*`/__9 ` end