<SEC-DOCUMENT>0001193125-25-057912.txt : 20250319
<SEC-HEADER>0001193125-25-057912.hdr.sgml : 20250319
<ACCEPTANCE-DATETIME>20250319164811
ACCESSION NUMBER: 0001193125-25-057912
CONFORMED SUBMISSION TYPE: 497K
PUBLIC DOCUMENT COUNT: 5
FILED AS OF DATE: 20250319
DATE AS OF CHANGE: 20250319
EFFECTIVENESS DATE: 20250319
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: iSHARES TRUST
CENTRAL INDEX KEY: 0001100663
ORGANIZATION NAME:
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: 25753434
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
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0001100663
<SERIES-ID>S000091081
<SERIES-NAME>iShares Long-Term National Muni Bond ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000258476
<CLASS-CONTRACT-NAME>iShares Long-Term National Muni Bond ETF
<CLASS-CONTRACT-TICKER-SYMBOL>LMUB
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>497K
<SEQUENCE>1
<FILENAME>d919836d497k.htm
<DESCRIPTION>FORM 497K
<TEXT>
<HTML><HEAD>
<TITLE>Form 497K</TITLE>
</HEAD>
<BODY BGCOLOR='WHITE'>
<div> <div><a name="xx_91431abf-be5b-463a-98ad-d94da5352810_1"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:27pt;width:327pt;min-height:535pt;"> <div style="line-height:1.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;"> </font></div>
<div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:251.79pt;" cellpadding="0" cellspacing="0">
<tr style="height:33pt;">
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:164.25pt;"> <div style="text-align:left;"> <div style="margin-right:63.25pt;text-align:Left;white-space:nowrap;">
<img src="g919836ishares2019sm.jpg" alt=" " style="height:19pt;width:56pt;"></div>
<div style="margin-right:63.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;line-height:1pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:162.75pt;"> <div style="line-height:11pt;text-align:left;"> <div style="margin-left:63.25pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9pt;text-transform:uppercase;">March 17, 2025</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="padding-bottom:1.5pt;padding-top:2pt;vertical-align:Bottom;width:164.25pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:63.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.45pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="padding-bottom:1.5pt;padding-top:2pt;vertical-align:Top;width:162.75pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:63.25pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8pt;margin-right:12pt;">(as revised March 19, 2025)</font></div> </div> </td> </tr> </table> </div> <div style="line-height:1.0pt;text-align:right;"><font
style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;margin-right:12pt;"> </font></div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:232.35pt;" cellpadding="0" cellspacing="0">
<tr style="height:auto;">
<td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:18pt;"> <div style="text-align:left;"> <div style="text-align:Left;white-space:nowrap;">
<img src="g919836img7397d5d41.jpg" alt=" " style="height:37pt;width:5pt;"></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:19.00pt;line-height:1pt;margin-left:0.0pt;"> </font></div> </div>
</td>
<td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Middle;width:214.35pt;"> <div style="line-height:20pt;text-align:left;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;margin-left:0.0pt;">Summary Prospectus</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.5pt;margin-top:6.5pt;text-align:left;">
<div style="margin-top:6.5pt;"><font style="color:#000000;font-family:Arial;font-size:8.5pt;">• </font><font style="color:#000000;font-family:Arial;font-size:8.5pt;">iShares Long-Term National Muni Bond ETF</font><font
style="color:#000000;font-family:Arial;font-size:8.5pt;"> | </font><font style="color:#000000;font-family:Arial;font-size:8.5pt;">LMUB</font><font style="color:#000000;font-family:Arial;font-size:8.5pt;"> | </font><font
style="color:#000000;font-family:Arial;font-size:8.5pt;">NYSE Arca</font></div> </div> <div style="line-height:10.0pt;margin-top:22.0pt;text-align:left;"> <div style="margin-top:22pt;"><font
style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">Before you invest, you may want to review the Fund’s prospectus, which contains more
</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">information about the Fund and its risks. You can find the Fund’s prospectus (including </font><font
style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">amendments and supplements) and other information about the Fund, including the
</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">Fund’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus.</font><font
style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;"> You can also get this information at no cost by calling </font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">1-800-iShares (1-800-474-2737) or
by sending an e-mail request to </font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus </font><font
style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">and statement of additional information, both dated March 11, 2025, as amended and
</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">supplemented from time to time, are incorporated by reference into (legally made a part </font><font
style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">of) this Summary Prospectus. Information on the Fund’s net asset value, market price,
</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">premiums and discounts, and bid-ask spreads can be found at
</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">https://www.iShares.com</font><font style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;">.</font></div> </div>
<div style="line-height:10.0pt;margin-top:186.25pt;text-align:left;">
<br><font style="color:#000000;font-family:Arial;font-size:8pt;line-height:10pt;"> </font><font style="color:#000000;font-family:Arial;font-size:8pt;line-height:10pt;"> </font></div>
<div style="line-height:10.0pt;margin-top:4.00pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8pt;line-height:10pt;"> </font></div> </div>
<div style="line-height:10.0pt;margin-top:4.00pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8pt;line-height:10pt;"> </font></div> </div>
<div style="line-height:9.25pt;margin-top:4.00pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8pt;">The Securities and Exchange Commission has not approved or disapproved these </font><font
style="color:#000000;font-family:Arial;font-size:8pt;">securities or passed upon the adequacy of this prospectus. Any representation to the </font><font style="color:#000000;font-family:Arial;font-size:8pt;">contrary is a criminal offense.
</font></div> </div> <div style="line-height:9.25pt;margin-top:4.00pt;text-align:left;"> <div style="margin-top:4pt;"> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_1"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:333pt;min-height:513pt;"> <div style="line-height:16.15pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:16.15pt;">iSHARES</font><font
style="color:#000000;font-family:Arial;font-size:10.45pt;position:relative;top:-4.5pt;">®</font><font style="color:#000000;font-family:Arial;font-size:16.15pt;"> LONG-TERM NATIONAL MUNI </font><font
style="color:#000000;font-family:Arial;font-size:16.15pt;">BOND ETF</font></div> <div style="line-height:18.05pt;margin-top:1pt;text-align:center;"> <div style="margin-top:1pt;"><font style="color:#000000;font-family:Arial;font-size:9.50pt;">Ticker:
LMUB</font><font style="color:#000000;font-family:Arial;font-size:9.50pt;margin-left:52.09pt;">Stock Exchange: NYSE Arca </font></div> </div> <div style="line-height:12.35pt;margin-top:11pt;text-align:left;"> <div style="margin-top:11pt;"><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Investment Objective</font></div> </div> <div style="line-height:9.50pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The iShares Long-Term National Muni Bond ETF (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">) seeks to track the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investment results of an index composed of investment-grade U.S. municipal bonds </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">with remaining maturities of 12 years
or more.</font></div> </div> <div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Fees and Expenses</font></div> </div>
<div style="line-height:9.50pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and sell shares of the Fund. The investment advisory agreement between iShares Trust </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">(the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Trust</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">) and BlackRock Fund Advisors (</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">BFA</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">) (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Investment Advisory </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Agreement</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">) provides that BFA will pay all operating expenses of the Fund, except: (i) </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the management fees, (ii) interest
expenses, (iii) taxes, (iv) expenses incurred with </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">respect to the acquisition and disposition of portfolio securities and the execution of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">portfolio transactions, including brokerage commissions, (v) distribution fees or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">expenses, and (vi) litigation expenses
and any extraordinary expenses. The Fund may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">incur </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Acquired Fund Fees and Expenses.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> Acquired
Fund Fees and Expenses reflect </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund's </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">pro rata</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> share of the fees and expenses incurred indirectly by the Fund as a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">result of investing in other investment companies.
The impact of Acquired Fund Fees </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and Expenses is included in the total returns of the Fund. Acquired Fund Fees and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Expenses are not included in the calculation of the ratio of expenses to average net </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">assets shown in the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">Financial Highlights</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> section of the Fund's prospectus (the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Prospectus</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">). BFA, the investment adviser to the Fund, has contractually agreed to </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">waive a portion of its management fees in an
amount equal to the Acquired Fund Fees </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and Expenses, if any, attributable to investments by the Fund in other registered </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investment companies advised by BFA, or its affiliates, through June 30, 2030. The </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">contractual waiver may be terminated
prior to June 30, 2030 only upon written </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">agreement of the Trust and BFA.</font></div> </div> <div style="line-height:9.50pt;margin-top:4pt;text-align:left;">
<div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">financial intermediaries, which are not reflected in the tables and examples
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">below.</font></div> </div>
<div style="line-height:1.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;"> </font></div> <div style="line-height:1.0pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"> </div>
</div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:333pt;" cellpadding="0" cellspacing="0">
<tr style="height:21.9pt;">
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:333.01pt;" colspan="7"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:0%;margin-right:0%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Annual Fund Operating
Expenses</font><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;line-height:6.2pt;"> </font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">(ongoing expenses that you pay each year as a</font><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;line-height:6.2pt;"> </font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">percentage of the value of your investments)</font><font
style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">1</font> <div style="clear:right;"> </div> </div> </div> </div> </td> </tr>
<tr style="height:44.99pt;">
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:43.34pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:0%;margin-right:14.01%;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Management</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fees</font><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;line-height:6.2pt;"> </font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:54.44pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:11.15%;margin-right:11.15%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Distribution
</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">and</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Service (12b-1)</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fees</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.01pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:13.19%;margin-right:13.19%;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Other</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Expenses</font><font style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">2</font><font
style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">,</font><font style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">3</font>
<div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:53.83pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:11.28%;margin-right:11.28%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Acquired Fund
</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fees</font><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;line-height:6.2pt;"> </font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">and
</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Expenses</font><font
style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">2</font><font style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">,</font><font
style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">3</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.47pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:12.79%;margin-right:12.79%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Total
Annual</font><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;line-height:6.2pt;"> </font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fund</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Operating</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Expenses</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.52pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:13.05%;margin-right:13.05%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fee
Waiver</font><font style="color:#000000;font-family:Arial;font-size:4.5pt;font-weight:bold;position:relative;top:-2.5pt;">2</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:41.4pt;"> <div style="line-height:8.2pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:14.66%;margin-right:0%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Total
Annual</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fund</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Operating</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Expenses</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">After</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:6.2pt;font-weight:bold;">Fee Waiver</font></div> </div> </div> </td> </tr>
<tr style="height:12.5pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;width:43.34pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:6.07pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.60pt;">0.09%</font><font style="color:#000000;font-family:Arial;font-size:7.60pt;line-height:9.50pt;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:54.44pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;margin-right:6.07pt;text-align:right;width:42.3pt;">
<div style="display:flex;margin:auto;width:20.12pt;"> <div style="display:flex;white-space:nowrap;width:20.12pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">None</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:46.01pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;margin-right:6.07pt;text-align:right;width:33.87pt;">
<div style="display:flex;margin:auto;width:22.66pt;"> <div style="display:flex;white-space:nowrap;width:22.66pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">0.00%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:53.83pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;margin-right:6.07pt;text-align:right;width:41.7pt;">
<div style="display:flex;margin:auto;width:22.66pt;"> <div style="display:flex;white-space:nowrap;width:22.66pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">0.00%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:47.47pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;margin-right:6.07pt;text-align:right;width:35.33pt;">
<div style="display:flex;margin:auto;width:22.62pt;"> <div style="display:flex;white-space:nowrap;width:22.62pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">0.09%</font><font
style="color:#000000;font-family:Arial;font-size:7.60pt;line-height:9.50pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:46.52pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;margin-right:6.07pt;text-align:right;width:34.38pt;">
<div style="display:flex;margin:auto;width:27.41pt;"> <div style="display:flex;white-space:nowrap;width:27.41pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">(0.00)%</font><font
style="color:#000000;font-family:Arial;font-size:7.60pt;line-height:9.50pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Top;white-space:nowrap;width:41.4pt;"> <div style="line-height:9.50pt;margin-left:6.07pt;text-align:right;width:35.33pt;">
<div style="display:flex;margin:auto;width:22.62pt;"> <div style="display:flex;white-space:nowrap;width:22.62pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">0.09%</font></div> </div> </div> </td> </tr> </table> </div>
<div style="line-height:10.5pt;margin-top:3pt;text-align:left;"> <hr style="background-color:#000000;height:0.5pt;margin-bottom:2pt;margin-left:0%;margin-top:3.0pt;text-align:left;width:48pt;"> </div> <div>
<div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:6pt;text-align:left;width:3.37pt;"><font style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">1</font></div>
<div style="float:left;line-height:9.60pt;margin-left:2.63pt;text-align:left;width:316.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired
</font><font style="color:#000000;font-family:Arial;font-size:7.60pt;">Fund Fees and Expenses, if any.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.00pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;margin-left:6pt;text-align:left;width:3.41pt;"><font style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">2</font></div>
<div style="float:left;line-height:9.60pt;margin-left:2.59pt;text-align:left;width:316.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">The amount rounded to 0.00%.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:6pt;text-align:left;width:3.41pt;"><font
style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">3</font></div> <div style="float:left;line-height:9.60pt;margin-left:2.59pt;text-align:left;width:316.00pt;"><font
style="color:#000000;font-family:Arial;font-size:7.60pt;">Based on estimated amounts for the current fiscal year.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;"> <div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-1</font></div> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_2"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:333pt;min-height:111pt;"> <div style="line-height:9.50pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Example. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">This Example is intended to help you compare the cost of owning shares of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund with the cost of investing in other
funds. The Example assumes that you </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">invest $10,000 in the Fund for the time periods indicated and then sell all of your </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">shares at the end of those periods. The Example also assumes that your investment </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">has a 5% return each year and that the
Fund’s operating expenses remain the same. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Although your actual costs may be higher or lower, based on these assumptions, your </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">costs would be:</font></div> <div style="line-height:1.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;"> </font></div>
<div style="line-height:1.0pt;margin-top:12pt;text-align:left;"> <div style="margin-top:12pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:333pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:46.87pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:46.87pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.60pt;font-weight:bold;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:117.57pt;"> <div style="line-height:9.60pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:39.87%;margin-right:39.87%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;font-weight:bold;">1
Year</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:121.7pt;"> <div style="line-height:9.60pt;text-align:left;">
<div style="border-bottom:1pt solid #000000;margin-left:38.51%;margin-right:38.51%;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;font-weight:bold;">3
Years</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:46.87pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:46.87pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.60pt;font-weight:bold;"> </font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:46.87pt;"> <div style="line-height:0.5pt;margin-right:46.87pt;text-align:right;"> <div style="display:flex;margin:auto;width:2.0pt;">
<div style="display:flex;white-space:nowrap;width:2.0pt;"> </div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:117.57pt;"> <div style="line-height:9.50pt;margin-left:46.87pt;margin-right:46.87pt;text-align:right;width:23.83pt;">
<div style="display:flex;margin:auto;width:11.04pt;">
<div style="display:flex;white-space:nowrap;width:11.04pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">$</font><font style="color:#000000;font-family:Arial;font-size:7.60pt;">9</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:121.7pt;"> <div style="line-height:9.50pt;margin-left:46.87pt;margin-right:46.87pt;text-align:right;width:27.96pt;">
<div style="display:flex;margin:auto;width:15.58pt;">
<div style="display:flex;white-space:nowrap;width:15.58pt;"><font style="color:#000000;font-family:Arial;font-size:7.60pt;">$</font><font style="color:#000000;font-family:Arial;font-size:7.60pt;">29</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:46.87pt;"> <div style="line-height:0.5pt;margin-left:46.87pt;text-align:right;"> <div style="display:flex;margin:auto;width:2.0pt;">
<div style="display:flex;white-space:nowrap;width:2.0pt;"> </div> </div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:27pt;margin-top:12pt;width:154.5pt;min-height:390pt;">
<div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Portfolio Turnover.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund may pay </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">transaction costs, such as commissions, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">when it buys and sells securities (or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">turns over</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> its portfolio). A higher </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">portfolio turnover rate may indicate </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">higher transaction costs and may result </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">in higher taxes when Fund shares are </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">held in a taxable account. These costs, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">which are not reflected in the Annual </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund Operating Expenses or in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Example, affect the Fund’s </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">performance. Because the Fund is new, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">there is no reportable turnover.</font></div>
<div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Principal Investment </font><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Strategies</font></div> </div> <div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund seeks to track the investment </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">results of the ICE AMT-Free US Long </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">National Municipal Index (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying
Index</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">), which measures </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the
performance of U.S. dollar </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">denominated investment grade tax-exempt</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> debt publicly issued in the U.S. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">domestic market by U.S. states and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">their political subdivisions. As of March </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">11, 2025, a significant portion of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying Index is represented by </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">municipal bonds. The components of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Underlying Index are likely to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">change over time. The Underlying Index </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">includes municipal bonds, the interest </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">of which is exempt from Federal income </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">taxes and not subject to alternative </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">minimum tax. Each bond in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying Index must have a rating of </font></div> </div> </div>
<div style="float:left;margin-left:24.0pt;margin-top:12pt;width:154.5pt;min-height:390pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">at least BBB- by Standard &
Poor’s</font><font style="color:#000000;font-family:Arial;font-size:7pt;position:relative;top:-2pt;">®</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:10.45pt;"> </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Global Ratings, a subsidiary of S&P </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Global, Baa3 by Moody’s Investors </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Service, Inc., or BBB- by Fitch Ratings, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Inc. A bond must be rated by at least </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">one of these three rating agencies in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">order to qualify for the Underlying Index, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">and the lowest rating will be used in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">determining if the bond is investment </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">grade. Each bond in the Underlying </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Index must be a constituent of an </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">offering where the original offering </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">amount was at least $50 million and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">have a minimum par amount
(</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">i.e.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">currently
outstanding face value) of $10 </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">million. In addition, each bond must </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">have a minimum remaining term to final
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">maturity greater than or equal to 12 </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">years, at least three years remaining </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">until the next call date and a fixed </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">coupon schedule (</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">i.e.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">, including zero </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">coupon and
step-up or stepdown </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">bonds). The Underlying Index is a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">market-value weighted index and is </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">subject to a capping methodology that </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">aims at reducing index concentration. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Underlying Index is rebalanced on </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the last calendar day of the month.</font></div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">BFA uses an indexing approach to try to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">achieve the Fund’s investment </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">objective. The Fund does not try to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">beat</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> the index it tracks and does not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">seek temporary defensive positions </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">when markets decline or appear </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">overvalued.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;"> <div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-2</font></div> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_3"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Indexing may eliminate the chance that
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund will substantially outperform </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Underlying Index but also may </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">reduce some of the risks of active </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">management, such as poor security </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">selection. Indexing seeks to achieve </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">lower costs and better after-tax </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">performance by aiming to keep portfolio </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">turnover low in comparison to actively </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">managed investment companies.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">BFA uses a representative sampling </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">indexing strategy to manage the Fund. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Representative sampling</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> is an </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">indexing strategy that involves investing
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">in a representative sample of securities </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">that collectively has an investment </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">profile similar to that of an applicable </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">underlying index. The securities </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">selected are expected to have, in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">aggregate, investment characteristics </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">(based on factors such as market value </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and industry weightings), fundamental </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">characteristics (such as return </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">variability, duration (</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">i.e.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">, a security's </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">price
sensitivity to a change in interest </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">rates), maturity or credit ratings and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">yield) and liquidity measures
similar to </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">those of an applicable underlying index. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund may or may not hold all of the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">securities in the Underlying Index.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund will invest at least 80% of its </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">assets in the component securities of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the Underlying Index, and the Fund will </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">invest at least 90% of its assets in fixed </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">income securities of the types included </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">in the Underlying Index that BFA </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">believes will help the Fund track the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying Index. The Fund will invest </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">no more than 10% of its assets in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">futures, options and swaps contracts </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">that BFA believes will help the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">track the Underlying Index as well as in </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">fixed income securities other than the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">types included in the Underlying Index, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">but which BFA believes will help the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund track the Underlying Index. Cash </font></div> </div> </div>
<div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and cash equivalent investments </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">associated with a derivative position will </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">be treated as part of that position for </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the purposes of calculating the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">percentage of investments included in </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the Underlying Index. The Fund will </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">generally hold municipal bond securities </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">issued by state and local municipalities </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">whose interest payments are exempt </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">from U.S. federal income taxes and the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">federal alternative minimum tax </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">(</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">AMT</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">). As of the date of this </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Prospectus,
interest that is exempt from </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">U.S. federal income tax is also exempt </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">from the federal Medicare contribution
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">tax of 3.8% on </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">net investment
income.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:10.45pt;">
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">In addition, the Fund intends to invest </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">any cash assets in one or more affiliated </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">municipal money market funds, which </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">may be advised by BFA or its affiliates. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund seeks to track the investment </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">results of the Underlying Index before </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">fees and expenses of the Fund.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund may invest in shares of other </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">iShares funds that provide substantially </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">similar exposure to the securities in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying Index. BFA will waive a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">portion of its management fees in an </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">amount equal to the acquired fund fees </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">and expenses, if any, attributable to the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund's investment in other iShares </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">funds.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">The
Underlying Index is sponsored by </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">ICE Data Indices, LLC (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Index </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Provider</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">IDI</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">), which
is</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:10.45pt;"> </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">independent </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">of the Fund and BFA. The Index Provider </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">determines the composition and relative </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">weightings of the securities in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Underlying Index and publishes </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">information regarding the market value </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">of the Underlying Index.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Industry Concentration Policy.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund will concentrate its investments
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">(</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">i.e.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">, hold 25% or
more of its total </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">assets) in a particular industry or group </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;"> <div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-3</font></div> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_4"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">of industries to approximately the same
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">extent that the Underlying Index is </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">concentrated. For purposes of this </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">limitation, securities of the U.S. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">government (including its agencies and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">instrumentalities), repurchase </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">agreements collateralized by U.S. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">government securities, and securities of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">state or municipal governments and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">their political subdivisions are not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">considered to be issued by members of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">any industry.</font></div> <div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Summary of Principal Risks</font></div> </div> <div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">As with any investment, you could lose </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">all or part of your investment in the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund, and the Fund's performance could </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">trail that of other investments. The Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">is subject to certain risks, including the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">principal risks noted below, any of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">which may adversely affect the Fund's </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">net asset value per share (</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">NAV</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">), </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">trading price, yield, total return and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">ability
to meet its investment objective. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Certain key risks are prioritized below </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">(with others following in
alphabetical </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">order), but the relative significance of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">any risk is difficult to predict and may </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">change over time. You should review </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">each risk factor carefully.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Municipal Securities Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> Municipal </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">securities can be
significantly affected </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">by political or economic changes, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">including changes made in the law after </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">issuance of the securities, as well as </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">uncertainties in the municipal market </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">related to taxation, legislative changes </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">or the rights of municipal security </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">holders, including in connection with an </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">issuer insolvency. Municipal securities </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">backed by current or anticipated </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">revenues from a specific project or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">specific assets can be negatively </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">affected by the inability to collect </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">revenues from such projects or assets. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Certain municipal securities are issued </font></div> </div> </div>
<div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">by entities with limited taxing authority
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">such as school districts, or are </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">dependent on revenue from a particular </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">sector or industry, such as the utilities </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">sector, infrastructure sector, or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">transportation industry.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Risk of Investing in the U.S</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> Investing </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">in U.S. issuers subjects the Fund to
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">legal, regulatory, political, currency, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">security, and economic risks that are </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">specific to the U.S. Certain changes in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the U.S., such as a weakening of the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">U.S. economy or a decline in its </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">financial markets, may have an adverse </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">effect on U.S. issuers.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Interest Rate Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> Interest rate risk </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">refers to the risk of fluctuations in the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">value of a fixed-income security due to </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">changes in the general level of interest </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">rates. Interest rate changes can be </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">sudden and unpredictable and are </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">influenced by a number of factors, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">including government policy, monetary </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">policy, inflation expectations, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">perceptions of risk, and supply and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">demand for fixed-income securities. An </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">increase in interest rates generally will </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">cause the value of fixed-income </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">securities to decline. Securities with </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">longer maturities generally are more </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">sensitive to interest rate changes and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">subject to greater fluctuations in value. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Changes in interest rates may have </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">unpredictable effects on fixed-income </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">markets and result in heightened </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">volatility and lower liquidity for certain </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">instruments, which may adversely affect </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">a Fund’s performance. During periods of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">very low or negative interest rates, a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund may be unable to maintain positive </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">returns or pay dividends to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">shareholders.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Market Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund could lose </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">money over short periods due to short-term</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> market movements and over </font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;">
<div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-4</font></div> </div> </div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_5"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">longer periods during more prolonged </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">market downturns. Local, regional or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">global events such as war, acts of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">terrorism, pandemics or other public </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">health issues, recessions, the prospect </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">or occurrence of a sovereign default or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">other financial crisis, or other events </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">could have a significant impact on the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund and its investments and could </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">result in increased premiums or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">discounts to the Fund’s NAV.</font></div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Index-Related Risk. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Index Provider </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">may rely on various sources of
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">information to assess the criteria of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">components of the Underlying Index, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">including information that may be based </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">on assumptions and estimates. Neither </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund nor BFA can offer assurances </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">that the Index Provider’s methodology </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">or sources of information will provide an </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">accurate assessment of included </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">components or will result in the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">meeting its investment objective. Errors </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">in index data, index computations or the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">construction of the Underlying Index in </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">accordance with its methodology may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">occur, and the Index Provider may not </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">identify or correct them promptly or at </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">all, which may have an adverse impact </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">on the Fund and its shareholders. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Unusual market conditions or other </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">unforeseen circumstances (such as </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">natural disasters, political unrest or war) </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">may impact the Index Provider or a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">third-party data provider and could </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">cause the Index Provider to postpone a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">scheduled rebalance. This could cause </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the Underlying Index to vary from its </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">normal or expected composition.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Asset Class Risk.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The securities and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">other assets in the Underlying Index or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">in the Fund’s portfolio may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">underperform in comparison to financial </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">markets generally, a particular financial </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">market, another index, or other asset </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">classes.</font></div> </div> </div> <div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Assets Under Management (AUM) </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> From time to time, an Authorized
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Participant (as defined below in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">Authorized Participant Concentration </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;">Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">), a third-party investor, the Fund’s </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">adviser, an affiliate of the Fund’s </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">adviser, or another fund may invest in </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund and hold its investment for a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">specific period of time to allow the Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">to achieve size or scale. There can be no </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">assurance that any such entity would </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">not redeem its investment or that the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">size of the Fund would be maintained at </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">such levels, which could negatively </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">impact the Fund.</font></div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Authorized Participant Concentration </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Risk.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> An
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Authorized
Participant</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> is a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">member or
participant of a clearing </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">agency registered with the SEC, which </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">has a written agreement with the Fund
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">or one of its service providers that </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">allows the Authorized Participant to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">place orders for the purchase and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">redemption of creation units (</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Creation </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Units</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">). Only an Authorized Participant </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">may
engage in creation or redemption </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">transactions directly with the Fund. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">There are a limited number of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">institutions that may act as Authorized </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Participants for the Fund, including on </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">an agency basis on behalf of other </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">market participants. No Authorized </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Participant is obligated to engage in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">creation or redemption transactions. To </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the extent that Authorized Participants </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">exit the business or do not place </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">creation or redemption orders for the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund and no other Authorized </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Participant places orders, Fund shares </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">are more likely to trade at a premium or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">discount to NAV and possibly face </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">trading halts or delisting.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Call Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">During periods of falling
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">interest rates, an issuer of a callable </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">bond held by the Fund may </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">call</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">repay the security before its stated </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;"> <div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-5</font></div> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_6"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">maturity, and the Fund may have to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">reinvest the proceeds in securities with </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">lower yields, which would result in a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">decline in the Fund's income, or in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">securities with greater risks or with </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">other less favorable features.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Concentration Risk.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund may be </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">susceptible to an increased risk of loss, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">including losses due to adverse events </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">that affect the Fund’s investments more </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">than the market as a whole, to the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">extent that the Fund’s investments are </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">concentrated in the securities or other </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">assets of one or more issuers, countries </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">or other geographic units, markets, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">industries, project types, or asset </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">classes.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Credit Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> Debt issuers and other
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">counterparties may be unable or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">unwilling to make timely interest and/or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">principal payments when due or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">otherwise honor their obligations. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Changes in an issuer’s credit rating or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the market’s perception of an issuer’s </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">creditworthiness may also adversely </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">affect the value of the Fund’s </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investment in that issuer. The degree of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">credit risk depends on an issuer's or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">counterparty's financial condition and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">on the terms of an obligation.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Cybersecurity Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> Failures or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">breaches of the
electronic systems of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund, its adviser, distributor,</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:10.45pt;"> </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Index </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Provider, other service providers,
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">counterparties, or issuers of assets in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">which the Fund invests may cause </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">disruptions that negatively impact the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund and its shareholders. While the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund has established business </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">continuity plans and risk management </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">systems seeking to address system </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">breaches or failures, there are inherent </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">limitations in such plans and systems. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund cannot control the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">cybersecurity plans and systems of its </font></div> </div> </div> <div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:513pt;">
<div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">service providers, counterparties, and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">other third parties whose
activities </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">affect the Fund. In addition, cyber </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">incidents may adversely impact the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">issuers of securities in which the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">invests, which may cause such </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investments to lose value.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Income Risk. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund's income may </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">decline if interest rates fall. This decline </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">in income can occur because the Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">may subsequently invest in lower-yielding</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> bonds as bonds in its portfolio </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">mature, are near maturity or are called, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">bonds in the Underlying Index are </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">substituted, or the Fund otherwise </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">needs to purchase additional bonds.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Issuer Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> The performance of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund
depends on the performance of </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">individual securities or other assets to </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">which the Fund has exposure. The
value </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">of securities or other assets may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">decline, or perform differently from the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">market as a whole, due to changes in </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the financial condition or credit rating of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the issuer or counterparty.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Management Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund generally </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">does not attempt to take defensive </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">positions under any market conditions, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">including declining markets. As the Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">will not fully replicate the Underlying </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Index and may hold securities or other </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">assets not included in the Underlying </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Index, it is subject to the risk that the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investment strategy of BFA may not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">produce the intended results. There is </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">no guarantee that the Fund’s investment </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">results will have a high degree of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">correlation to those of the Underlying </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Index or that the Fund will achieve its </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investment objective.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Market Trading Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund faces </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">numerous market trading risks,
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">including the potential lack of an active </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">market for Fund shares (including </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">through a trading halt), losses from </font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;">
<div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-6</font></div> </div> </div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_7"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:513pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">trading in secondary markets, periods of
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">high volatility, and disruptions in the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">process of creating and redeeming Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">shares. Any of these factors, among </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">others, may lead to the Fund’s shares </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">trading in the secondary market at a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">premium or discount to NAV or to the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">intraday value of the Fund’s portfolio </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">holdings. If you buy Fund shares at a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">time when the market price is at a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">premium to NAV or sell Fund shares at a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">time when the market price is at a </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">discount to NAV, you may pay </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">significantly more or receive </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">significantly less than the underlying </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">value of the Fund shares.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Non-Diversification Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund is </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">classified as </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">non-diversified.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> This </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">means that, compared with funds that </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">are classified as </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">diversified,</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">may invest a greater percentage of its
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">assets in securities or other instruments </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">representing a small number of issuers </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">or counterparties and thus may be more </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">susceptible to the risks associated with </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">these particular issuers or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">counterparties. As a result, the Fund's </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">performance may depend to a greater </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">extent on the performance of a small </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">number of issuers or counterparties, </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">which may lead to more volatility in the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund’s NAV.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Operational Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund is exposed </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">to operational risks arising from a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">number of factors, including, but not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">limited to, human error, processing and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">communication errors, errors of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund’s service providers, counterparties </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">or other third parties, failed or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">inadequate processes and technology </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">or systems failures. The Fund and BFA </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">seek to reduce these operational risks </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">through controls and procedures. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">However, these measures do not </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">address every possible risk and may be </font></div> </div> </div> <div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:513pt;">
<div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">inadequate to address significant </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">operational
risks.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Small Fund Risk. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">When the Fund’s size </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">is small, the Fund may experience low </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">trading volume and wide bid/ask </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">spreads. In addition, the Fund may face </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the risk of being delisted if it does not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">meet certain requirements set by the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">listing exchange. Any resulting </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">liquidation of the Fund could lead to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">elevated transaction costs for the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and negative tax consequences for its </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">shareholders.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Tax Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> There is no guarantee that the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund's income will be exempt from U.S. </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">federal income taxes and the federal </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">AMT.</font></div> </div>
<div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Tracking Error Risk</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> The Fund may be </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">subject to
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">tracking error,</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> which is the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">divergence of the Fund’s performance </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">from that of the Underlying Index. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Tracking error may occur due to a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">number of factors, including differences </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">between the securities and other assets </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">held in the Fund’s portfolio and those </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">included in the Underlying Index; </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">differences in the timing and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">methodologies used to value securities </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">and other assets; transaction costs and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">other expenses incurred by the Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">that the Underlying Index does not </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">incur; the Fund’s holding of uninvested </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">cash; differences in the timing of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">accrual or the valuation of dividends or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">interest received by the Fund or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">distributions paid to Fund shareholders; </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">tax gains or losses; the requirements for </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund to maintain pass-through tax </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">treatment; portfolio transactions carried </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">out to minimize the distribution of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">capital gains to shareholders; the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">acceptance of custom baskets; changes </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">to the Underlying Index; and impacts to </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the Fund of complying with certain </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">regulatory requirements or limits. </font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:27pt;margin-top:9pt;width:333pt;min-height:24pt;">
<div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-7</font></div> </div> </div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_8"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:220pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Tracking error risk may be heightened </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">during times of increased market </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">volatility or other unusual market </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">conditions.</font></div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-style:italic;font-weight:bold;">Valuation Risk</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> The price that the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">could receive upon the sale (or other </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">disposition) of a security or other asset </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">may differ from the Fund’s valuation of </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">the security or other asset, particularly </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">for securities or other assets that trade </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">in low volume or volatile markets or that </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">are valued using a fair value </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">methodology. The price received by the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund also may differ from the value </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">used by the Underlying Index. In </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">addition, the value of the securities or </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">other assets in the Fund’s portfolio may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">change on days or during time periods </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">when investors are not able to purchase </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">or sell Fund shares. Authorized </font></div> </div> </div>
<div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:220pt;"> <div style="line-height:10.45pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Participants that create or redeem Fund
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">shares on days when the Fund is holding </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">fair-valued securities or other assets </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">may receive fewer or more shares, or </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">lower or higher redemption proceeds, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">than they would have received had the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">securities or other assets not been fair </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">valued or been valued using a different </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">methodology. The ability to value </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">investments may be impacted by </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">technological issues or errors by pricing </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">services or other third-party service </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">providers.</font></div>
<div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Performance Information</font></div> </div>
<div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">As of the date of the Prospectus, the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund has not commenced operations </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and therefore has no performance </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">information to report.</font></div> </div> <div style="line-height:11.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:302pt;width:333pt;min-height:24pt;"> <div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-8</font></div> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_9"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:27pt;margin-top:36pt;width:154.5pt;min-height:382pt;"> <div style="line-height:12.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Management</font></div>
<div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Investment Adviser.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;"> BlackRock Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Advisors.</font></div> </div> <div style="line-height:10.45pt;margin-top:4pt;text-align:left;">
<div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Portfolio Managers.</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;"> James Mauro and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Karen Uyehara (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Portfolio </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">Managers</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">) are primarily responsible for
</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the day-to-day management of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund. Each Portfolio Manager </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">supervises a portfolio management </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">team. Mr. Mauro and Ms. Uyehara have </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">been Portfolio Managers of the Fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">since inception (2025).</font></div> </div>
<div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Purchase and Sale of Fund </font><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Shares</font></div> </div> <div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund is an exchange-traded fund </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">(commonly referred to as an </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">ETF</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">). </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Individual shares of the Fund may only </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">be
bought and sold in the secondary </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">market through a broker-dealer. </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Because ETF shares trade at market </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">prices rather than at NAV, shares may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">trade at a price greater than NAV (a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">premium) or less than NAV (a discount). </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">An investor may incur costs attributable </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">to the difference between the highest </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">price a buyer is willing to pay to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">purchase shares of the Fund (bid) and </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">the lowest price a seller is willing to </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">accept for shares of the Fund (ask) </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">when buying or selling shares in the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">secondary market (the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">“</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">bid-ask </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">spread</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">”</font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">).</font></div> </div>
<div style="line-height:11.0pt;text-align:left;"> </div> </div> <div style="float:left;margin-left:24.0pt;margin-top:36pt;width:154.5pt;min-height:382pt;"> <div style="line-height:12.35pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Tax Information</font></div> <div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">The Fund intends to make distributions </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">primarily from net tax-exempt income, </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">although distributions of taxable capital </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">gains may also occur.</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;"> The Fund is </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">generally not an appropriate </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">investment for a 401(k) plan or an </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">IRA</font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">. Please consult your personal tax </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">advisor.</font></div> </div>
<div style="line-height:12.35pt;margin-top:7pt;text-align:left;"> <div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Payments to Broker-Dealers </font><font
style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">and Other Financial </font><font style="color:#000000;font-family:Arial;font-size:10.45pt;font-weight:bold;">Intermediaries</font></div> </div>
<div style="line-height:10.45pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;">If you purchase shares of the Fund </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">through a broker-dealer or other </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">financial intermediary (such as a bank), </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">BFA or other related companies may </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">pay the intermediary for marketing </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">activities and presentations, educational </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">training programs, conferences, the </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">development of technology platforms </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">and reporting systems or other services </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">related to the sale or promotion of the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund. These payments may create a </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">conflict of interest by influencing the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">broker-dealer or other intermediary and </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">your salesperson to recommend the </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">Fund over another investment. Ask your </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">salesperson or visit your financial </font><font style="color:#000000;font-family:Arial;font-size:8.55pt;">intermediary’s website for more </font><font
style="color:#000000;font-family:Arial;font-size:8.55pt;">information.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:27pt;margin-top:140pt;width:333pt;min-height:24pt;">
<div style="line-height:8.55pt;margin-top:4pt;text-align:center;"> <div style="margin-top:4pt;"> <div style="margin-top:4pt;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">S-9</font></div> </div> </div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_38ed881f-7f28-438c-84c2-1fb4ec4d5603_10"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:24pt;margin-top:36pt;width:160.5pt;min-height:18pt;"> <div style="line-height:11.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:10.45pt;"> </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:24pt;margin-top:204pt;width:345pt;min-height:60pt;"> <div style="line-height:8.55pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.55pt;line-height:8.55pt;">[THIS PAGE INTENTIONALLY LEFT BLANK]</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<div> <div><a name="xx_2fb67be5-1a9a-4e93-863e-f109e79e520e_1"></A> <div style="page-break-after:none;position:relative;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:114pt;width:327pt;min-height:131pt;"> <div style="line-height:12.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:10pt;">For more information visit www.iShares.com or
call 1-800-474-2737</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;height:296pt;margin-left:30pt;margin-top:22pt;width:327pt;"> <div style="line-height:6.0pt;margin-top:292pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:6pt;">Investment Company Act file No.: 811-09729</font></div> </div> <div style="clear:both;"> </div>
<div style="margin-left:24pt;margin-top:6.20pt;transform:rotate(270deg);transform-origin:left top;width:130pt;">
<div style="line-height:6.0pt;text-align:right;"><font style="color:#000000;font-family:Arial;font-size:6pt;line-height:6pt;">IS-SP-LMUB-0325A</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:48pt;margin-top:-60pt;width:144pt;z-index:-1;min-height:36pt;"> <div style="margin-top:0.00pt;text-align:left;">
<img src="g919836img1c24423e2.jpg" alt=" " style="height:31pt;width:113pt;"><font style="color:#000000;font-family:Arial;font-size:12.3785pt;line-height:1pt;"> </font></div> </div>
<div style="float:right;margin-left:60pt;margin-top:-45pt;z-index:-1;min-height:36pt;"> <div style="margin-top:0.00pt;text-align:right;">
<img src="g919836br2015.jpg" alt=" " style="height:14pt;width:90pt;"><font style="color:#000000;font-family:Arial;font-size:12.3785pt;line-height:1pt;"> </font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;">
</div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> </BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g919836br2015.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g919836br2015.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 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4
M =&5X= !#;W!Y<FEG:'0@07)T:69E>"!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":
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M,C(R,C(R,O_ !$( !( ?0,!(@ "$0$#$0'_Q ? !!0$! 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-C<X
M.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$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<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(
M24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JB
MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR
M\_3U]O?X^?K_V@ , P$ A$#$0 _ ,[X:Z)X$U3P_?R>*KBSANUGVQ&:^,+A
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MPU;07,=KSJ5[-DQP?[*X(RW4?7Z'$EUXMUFWU6\MHM!FN(H9"J&..3. 2,G
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$% C_V0$!
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g919836img1c24423e2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g919836img1c24423e2.jpg
M_]C_X 02D9)1@ ! 0$ 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 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4
M =&5X= !#;W!Y<FEG:'0@07)T:69E>"!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":
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M,C(R,C(R,O_ !$( "L G ,!(@ "$0$#$0'_Q ? !!0$! 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-C<X
M.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$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<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(
M24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JB
MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR
M\_3U]O?X^?K_V@ , P$ A$#$0 _ /;-4\1:+HKHFIZK9V;ORJ3S*K$>H!.<
M>]7X+B&Z@2>WFCFAD&Y)(V#*P]01P:XOPP76'Q+J,5BE[K?]ISQ2Q&0*Q16Q
M&FYNBA,$=OSK/L=6N 8-#TZR;0)KK69K>Y*2+/Y.(!.WEY&T%L@ 8(')Q0!Z
M117->';N^CUW6=$O+U[Y+ 020W,J*LA616^5MH"D@IU '!%9=W<:W=ZKXJ>'
M79;2'22AM8(X8B"?LZ2'S-RDLI)/0@\GGI@ [FBN N=?OM9^P?9;S4X9)=-A
MNY+32;:-Y(Y)!D>8\H*JO8+D$X))Q5?P_JFO>*KNSADUR2RC.CPW4GV6&+>\
MQEE3=\RL "$&0..F,<Y /1Z*\TC\5ZSK%OH=DGVR*6Y@N9;J;3XH_-?R9?*&
MSS#M4$_,>">F*6#5?$^H:II6BR:E<:>99+U))S# TTJ1")HV(&Y5;YR#CWXZ
M8 /1H[B":6:*.:-Y(6"RHK E"0" P['!!Y[$5)7F>HZO?:=XFU>QL#<";4-7
MAA::!$:146RC=M@?"[CMP,\#G@\4^34_%2QSV$9U)HXKF,^8WV5=0D@9&+*B
M_<+*R@Y(!*GCD9H ])HKSPZSJ]UX?C33]0O[J>*_>&[46\4%^D00ML5'&QG&
M5)( R.GK71^$=2;4=+G$M]<74]O</$_VJV$$T?0A9% +8(^8 YH Z"BBB@
M#GO'5I=WG@G58[!Y$O$B\Z%HV*L'C8.,$=\K7B^B?'#Q3%&MM<6-KJ;J.'V%
M)&^NW@_@*^B:^8OBGX#G\*:Z^H6<9.DWDA>)E'$+GDQGT]O;Z&@:.I3]H2X5
MR)O#4; <86\*D'\4-;^C_'CP_>S+%J5E=:<6P/,XE0?4C!_2O$[;QAJL2+'=
M?9=2B'\&H6R3_DS#</P(J[_:/A/61LO])DT6Y;_EZTYVDA!]6A<DX_W6_#U
ML?5UI>6U_:1W5G/'/;RKN22-@RL/8BIJ^=?A]K]]X%\46NFW%W'=^']4DV1S
MQ/NB+$@"1?[I!(#*<$ \C@5]%4".?U'PYH.KWHOI2T=U)B(SVEV\#2@9^5BC
M#=W'/H:9=Z#X6TS18]/N8[6RLA/YT;-<&)O.Z[Q)N#;_ /:SFH+?PS=0:?J,
M&8?-N2&22.9E(;<QZE3M^4CG!SD@C'66;1M6^PZ2J/#)<V;N9";EX\@JP&'V
ML<\C/ '7&.E &GHVD:;I5NYTY"1<D2R3O*TKS''#,[$EN/>L(^!;6]\2:[J.
MJ RP:A)"4BBN94#HD2H5E52 PW D Y_4BH;SPYX@O+YK@W<<*.C!XHKZ3!;<
MA3K&<X"MGIUX"]M'1[;4[:]N'G,D\4;)%$I9E&6VF9AOR64-]TD],B@!;S2?
M#6I:UL>X1=0$8BD@MKYH6D102%D1&&X#)X(Z>U9W_"O;'_A(UN$5H-+BTY;2
M&*WNYHY%/FN[#*D?(0^,9_ 8%7)M&UG[3J(@:%8+F?S587CH=N%RI41\$[2N
MX-D Y'(Q5>X\-ZQ/A4N4A4SAP5OIB4AQ@Q#CD9^;/')Q@ "@#9NO#&DW5C9V
MGV9H([(;;5[:5X7@&,?*Z$,,CKSSWS26WAW1--FL98;98I;8RK;NTK%BTN"^
M23\[-M'+9/%95[X=UB6U>&WO%!^<0.;J1/('G.PQ@?-F-E0YZ;>,@FHY?"VK
M+<QO::FT*JS<FYE8A3$BC@\$B0.W/][W(H VK[P[H]U'>/=6X_TB5+F:7S61
MED10JNK @H0J@97'ZFJZ^#M":R\D02LS2BX^U&YD-P9 ,!_.W;\XXZ]..E8^
MI^&-<O;3R+>6WM5RN +Z:3C*[P2RG((!' '4Y/)J[K^@ZSJ$%M'I]W%;F&.-
M=XG=#D,-_ 4@@J,=CR><4 7)/"FA)IJVCPNB"X\]9S<R";SF^7?YN[?O.0,Y
MYX'M2KI6@:;%!I[2+$S7*W:B6[;S9I@1AV8MN<Y ')(/ ]JS&\+ZE]LS]H26
MV6YM98EDNI<PB-HVD(&#O+%6X)XX/<XOZKH^I3SWQL98%%XL8,DK E-H(V[6
MC<,O.['!SGD9S0!LSV,%Q=6MS*K&6U9FB(=@ 64J<@'#<$]<TEQ9VTUS;7<P
M;S+4L\;>8RA<J5.0#@\$]<XZURUEX6U>VF+_ -J2JS1M\ZW3,%8QLOW&4Y&X
MAOO#MQ\HI(/"NJJ)#)?.<^5L5KUW" .ID&=BCYE##D'ECGJ: .R1UD171@RL
M,A@<@CUJ&]LK;4;.6SO((Y[:9=LD<@R&%)86YM-/MK8G)AB6,G.>@ JQ0!XG
MXD^ B22M/X;U!8E//V:\)('T< G\P?K7"77PA\;VK8&CB9?[T-Q&1^6[/Z5]
M3T4#N?*#^"/&&CVTOVS0;W[&</)Y:B39CHXVDX(Y_#@\&OJ'1M2MM8T:SU"T
MF\Z">(.LA&"?7(['.01V-7JX76M&\6V.JS-X2ELX+"Y/GRQS <3'ABH[ @*?
MJ6/>@1*?%,]K+"\L[33RNZ2VO[H1VQW$?.0?,0* "6(8<]LC%VY\3SQ6=E=A
M+7RY9I8'_>G8Q5MH=6Q]W@L3C@ ]<9KJ** ./U;QE=:;H]K?1::MV9YI;95A
ME)5Y%8A=IQ]U@KG/;'?K52]^(<EC;:?>R:6S65\K3QR*QRMNKG=(1C_GGL?'
MJV.V:[NB@#@K?X@7W]JPZ9>Z,MO<L465C*?+C9L.1DCM#O<GU7'&<B2T\<R2
MZ[+8C[(\+7C1Q337&WS$W1J!$%0[S\^['ICGG([FB@#S6[^)=TUO?PPVEG;W
M,0E"R276Y$(1RHR%*ER4X7.>N0.,C_$'49M-U&..T6&XM+42"<R*S;@8P2T>
M. V\D=L#WX]*HH X/2?'%_/Y=O+ITD\S1370=3G= AD4]% W;T1<?[8-5[#X
MBZCJ*3/!HUL5M[9[N;9=[]T:A20F%Y;Y\8..5/J*]$J"\M(+^TEM;E"\,HVN
MH8KD>F1S0!S4WC-$T"UU ):1RWDH\E)[C8JP,Y5)G.,A2-IZ8RP&>]9O_"Q9
MV25H]/M9&6/(CCNR6! 3YF&P8C;?\K=^..>.\CC2&)(HD5(T4*JJ, = *=0
M!RWA[Q7<ZOK5QIMS8Q0-$)\/',7!,4QB;JHZD9%=3110 4444 %%%% !1110
#!__9
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g919836img7397d5d41.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g919836img7397d5d41.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 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4
M =&5X= !#;W!Y<FEG:'0@07)T:69E>"!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":
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M,C(R,C(R,O_ !$( #( !P,!(@ "$0$#$0'_Q ? !!0$! 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-C<X
M.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$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<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(
M24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JB
MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR
L\_3U]O?X^?K_V@ , P$ A$#$0 _ .@HHHKY4\D**** "BBB@ HHHH __]D!
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g919836ishares2019sm.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g919836ishares2019sm.jpg
M_]C_X 02D9)1@ ! 0$ 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 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4 ")!<G1I9F5X(%-O9G1W
M87)E('-21T(@24-#(%!R;V9I;&4
M =&5X= !#;W!Y<FEG:'0@07)T:69E>"!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":
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M,C(R,C(R,O_ !$( !H 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-C<X
M.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$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<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(
M24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JB
MHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR
M\_3U]O?X^?K_V@ , P$ A$#$0 _ ,FPU%K;X4:Y+X9M]0LE-_"EVTET)F$1
M5LD,L:;1G:#]>M'A_P ->"M8M+!]/\87>EZ\"AE%T BAN,^61CWQ\Q/3IFM'
MP#>>(O#?@'7)]-T![R=[I \<T;86/8<MLZN.V!ZUB>)+W2O%4,5OHO@:YL-<
M>0;S;9V'KD; .OL*!F_XNU ^&OC;I]XZ76H/:6T0"C!EG;RF49P,9)(S@?A
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=[>VACA@C4*D<:A54#H !P!0!)1110 4444 ?_]D!
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>