{"annotation_id":"cbe0fd33-6512-475d-af35-704f538a3eb1","file_hash":"f29a6caa73f55e8641c9e5560f3191cb45922b852f6e214dbc641e4af6fc703f","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"cde5148d-67bb-4484-82b0-183d46b3f8b0","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"2f65e825-22b7-47f2-b23d-cc992bcd9b3d","block_type":"box","text":"Supplement dated October 20, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"928db1af-f8ff-4cdc-8cab-abb866c4f85a","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information (the “SAI”) for the iShares","page_number":1,"box":{"x":117,"y":108,"width":754,"height":13}},{"id":"02922b54-970f-463a-ab2e-7fd8f3b024e8","block_type":"box","text":"®","page_number":1,"box":{"x":872,"y":108,"width":10,"height":7}},{"id":"6f348483-2e26-4094-bb26-238253ea1cf3","block_type":"box","text":"iBonds","page_number":1,"box":{"x":305,"y":123,"width":48,"height":10}},{"id":"143ee370-3ef6-4cc8-a052-cac905eb17ec","block_type":"box","text":"®","page_number":1,"box":{"x":354,"y":123,"width":9,"height":7}},{"id":"bd6e4ecc-3924-41c4-bf0d-c6ae5e7117b2","block_type":"box","text":"Oct 2026 Term TIPS ETF* (IBIC) (the “Fund”)","page_number":1,"box":{"x":367,"y":123,"width":332,"height":13}},{"id":"4e6bd6a0-87b6-4549-8d9a-c6d5890c0c4f","block_type":"box","text":"*The iShares iBonds Oct 2026 Term TIPS ETF may also conduct business as the iBonds Oct 2026","page_number":1,"box":{"x":118,"y":147,"width":728,"height":12}},{"id":"86d8bf08-e72e-43be-b7bd-a3ff21472e1a","block_type":"box","text":"Term TIPS ETF.","page_number":1,"box":{"x":116,"y":163,"width":117,"height":9}},{"id":"d7559671-7a5e-4e3d-a8b0-f0b3060dcb77","block_type":"box","text":"The Fund has liquidated effective October 20, 2026. 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As a result, the last day of","page_number":2,"box":{"x":116,"y":209,"width":735,"height":12}},{"id":"5b4be599-6733-49fd-8579-681795e402c8","block_type":"box","text":"trading in the Fund on Cboe BZX Exchange, Inc. (“Cboe BZX”) will be December 1, 2026. Cboe BZX will","page_number":2,"box":{"x":116,"y":224,"width":751,"height":13}},{"id":"f5f74006-cba2-404a-8385-1803f4badd32","block_type":"box","text":"suspend trading in the Fund before the open of trading on December 2, 2026, and shares of the Fund will","page_number":2,"box":{"x":116,"y":240,"width":767,"height":12}},{"id":"a5f637ef-3f60-4bf4-8c9f-1ce41adf9b6b","block_type":"box","text":"no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":2,"box":{"x":117,"y":255,"width":719,"height":13}},{"id":"e8b4511d-73ad-44c1-bb6b-0c3eb06c6931","block_type":"box","text":"scheduled to be sent to shareholders on December 4, 2026. The Fund’s final net asset value, as calculated","page_number":2,"box":{"x":116,"y":271,"width":771,"height":11}},{"id":"3242e05f-1c36-4ff7-930d-78fe737189e0","block_type":"box","text":"on December 1, 2026, will include any costs associated with the liquidation expected to be borne by the","page_number":2,"box":{"x":116,"y":286,"width":757,"height":13}},{"id":"43a76b8c-1862-4207-806d-9f19ab823877","block_type":"box","text":"Fund.","page_number":2,"box":{"x":117,"y":302,"width":44,"height":10}},{"id":"db35a0f0-2862-407d-b6a4-21954c5fd819","block_type":"box","text":"Because shares of the Fund will not be traded on Cboe BZX during the period between December 2, 2026","page_number":2,"box":{"x":117,"y":325,"width":767,"height":13}},{"id":"34f155fe-b2a9-4b03-8e32-46a2ab0b7078","block_type":"box","text":"and December 4, 2026, we cannot assure you that there will be a trading market for your shares. Further,","page_number":2,"box":{"x":116,"y":340,"width":767,"height":13}},{"id":"240b5aa8-d9a4-4e5f-9b0e-d185a622ddfc","block_type":"box","text":"during this period, the Fund will be in the process of closing down and liquidating its portfolio, which may","page_number":2,"box":{"x":116,"y":356,"width":770,"height":13}},{"id":"49990277-1b53-4533-9c36-362908635297","block_type":"box","text":"result in the Fund not being able to track its Underlying Index (by December 2, 2026, the Underlying","page_number":2,"box":{"x":117,"y":371,"width":727,"height":13}},{"id":"d4018da1-f6ff-4893-84a9-42794c454c20","block_type":"box","text":"Index value will be represented almost entirely by cash as no securities will remain in the Underlying","page_number":2,"box":{"x":117,"y":387,"width":727,"height":13}},{"id":"4c0263ca-aa05-47fe-bde1-978c23876488","block_type":"box","text":"Index). After December 1, 2026, shareholders that remain invested in the Fund will receive the entire","page_number":2,"box":{"x":117,"y":402,"width":731,"height":13}},{"id":"42f52200-598b-4919-b68e-a47b018cd61f","block_type":"box","text":"amount of their pro rata share of the liquidation proceeds on or about December 4, 2026, subject to their","page_number":2,"box":{"x":116,"y":418,"width":766,"height":13}},{"id":"7704ee16-bc34-4aca-a59f-ec47c46b5d3b","block_type":"box","text":"brokerage firm’s processes.","page_number":2,"box":{"x":117,"y":433,"width":202,"height":13}},{"id":"15948291-4f65-4692-9ed0-77df130bcca6","block_type":"box","text":"Shareholders may sell their holdings of the Fund prior to December 2, 2026 and may incur the usual and","page_number":2,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"66a92ee2-3620-4792-b209-70332da8719a","block_type":"box","text":"customary brokerage commissions associated with the sale of Fund shares. If you still hold shares of the","page_number":2,"box":{"x":116,"y":472,"width":761,"height":13}},{"id":"dd2acdbf-db13-4ddf-9a79-b81571e07df7","block_type":"box","text":"Fund on December 4, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":2,"box":{"x":117,"y":488,"width":742,"height":12}},{"id":"f593eff5-51f0-42ed-9d6e-ebf7447867f7","block_type":"box","text":"asset value as of the close of business on December 1, 2026, which will include any dividends or","page_number":2,"box":{"x":116,"y":503,"width":701,"height":13}},{"id":"d24b0098-dd15-4d11-8629-b178b5a82b74","block_type":"box","text":"distributions calculated as of that date.","page_number":2,"box":{"x":116,"y":519,"width":286,"height":10}},{"id":"a48bd89c-6af3-4550-b6b5-2a25cf3bec5e","block_type":"box","text":"If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable","page_number":2,"box":{"x":117,"y":542,"width":727,"height":13}},{"id":"5e17fbe1-f5ae-4fcb-a07f-2d12b5bf2d86","block_type":"box","text":"events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a","page_number":2,"box":{"x":116,"y":557,"width":726,"height":13}},{"id":"f7f0e05a-b2e9-481b-8405-cccf45a99c33","block_type":"box","text":"capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund","page_number":2,"box":{"x":116,"y":573,"width":750,"height":13}},{"id":"fec03f90-5631-4aa4-9e82-9713b21b8e3d","block_type":"box","text":"may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of","page_number":2,"box":{"x":117,"y":589,"width":758,"height":12}},{"id":"e522d817-b582-4e55-bc53-cfee772d2262","block_type":"box","text":"its net capital gain. Any liquidation proceeds paid to you","page_number":2,"box":{"x":117,"y":604,"width":410,"height":13}},{"id":"09535fff-1249-4ac7-834d-844c3e3ef453","block_type":"box","text":"should generally be treated as received by you in","page_number":2,"box":{"x":528,"y":604,"width":356,"height":13}},{"id":"ca409af9-3e09-425c-8872-a14f9d6e5350","block_type":"box","text":"exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your","page_number":2,"box":{"x":116,"y":620,"width":766,"height":12}},{"id":"50ffda28-1f2c-4caf-90c7-ec0b7199e492","block_type":"box","text":"tax basis. Please refer to the “Taxes” disclosure beginning on page 73 of the SAI and consult your own","page_number":2,"box":{"x":116,"y":635,"width":746,"height":13}},{"id":"0eba8c59-6986-4851-b4ed-875b11ee98de","block_type":"box","text":"tax advisor about the potential tax consequences of the Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":651,"width":732,"height":12}},{"id":"8286ee29-9258-42ec-969b-153edffbfe6f","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":666,"width":252,"height":13}},{"id":"06e4c4e2-040a-4225-a274-97f5d82abe43","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":689,"width":516,"height":13}},{"id":"df6c6a37-d635-4c4f-bae3-de180802e4d2","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"8945c94b-3c64-47ca-b80c-00007b07f658","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"56fc2d0f-a49f-48a2-a282-6e730e6cb284","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"593b205d-5515-4064-a8f5-2ed6c6814794","block_type":"box","text":"IS-A-IBMO-1026","page_number":2,"box":{"x":786,"y":887,"width":97,"height":8}},{"id":"e0e2e808-3c6c-412e-9058-8b06151c4e50","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"89566a2f-d94c-4023-9d1f-a43045a40e73","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"1d0e415c-dbdf-4ab8-9da6-8b252113761d","block_type":"box","text":"iShares Trust","page_number":3,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"7632d124-70ed-40e1-818c-903358900c1b","block_type":"box","text":"Supplement dated August 14, 2026","page_number":3,"box":{"x":365,"y":85,"width":273,"height":12}},{"id":"83458592-5a62-4d79-b9d8-147fea635969","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":3,"box":{"x":273,"y":100,"width":456,"height":13}},{"id":"428c76bd-b777-42e2-af95-5befc992fd4f","block_type":"box","text":"and Statement of Additional Information (the “SAI”) for the","page_number":3,"box":{"x":274,"y":116,"width":455,"height":12}},{"id":"a3cca180-1081-4467-8102-f1b30108dfe8","block_type":"box","text":"iShares","page_number":3,"box":{"x":262,"y":131,"width":55,"height":10}},{"id":"03a9ab8c-79c4-4069-a135-813fb96a69c8","block_type":"box","text":"®","page_number":3,"box":{"x":318,"y":131,"width":9,"height":7}},{"id":"d131d350-a880-41aa-886b-9e2f38535e9d","block_type":"box","text":"iBonds","page_number":3,"box":{"x":327,"y":131,"width":55,"height":10}},{"id":"6983f12e-282e-465b-80d9-9e5c1cfeffc4","block_type":"box","text":"®","page_number":3,"box":{"x":383,"y":131,"width":10,"height":7}},{"id":"e50b95ca-1cc3-4207-8d62-97756464a4f0","block_type":"box","text":"Oct 2026 Term TIPS ETF* (IBIC) (the “Fund”)","page_number":3,"box":{"x":393,"y":131,"width":349,"height":13}},{"id":"020cf9bb-8e43-4321-baba-80c6372f244f","block_type":"box","text":"*The iShares iBonds Oct 2026 Term TIPS ETF may also conduct business as the iBonds Oct 2026","page_number":3,"box":{"x":118,"y":154,"width":728,"height":13}},{"id":"3efb3a98-ec9f-484c-a389-4f4577021412","block_type":"box","text":"Term TIPS ETF.","page_number":3,"box":{"x":116,"y":170,"width":117,"height":10}},{"id":"83e10697-49a8-4bc5-b90f-7dcb8d5f3ba1","block_type":"box","text":"On June 8, 2023, in connection with the establishment of the Fund, the Board of Trustees of the Trust","page_number":3,"box":{"x":116,"y":193,"width":739,"height":12}},{"id":"27a9507c-f52e-4766-9e6e-c6cea352f08a","block_type":"box","text":"approved the planned liquidation, dissolution and termination of the Fund. As a result, the last day of","page_number":3,"box":{"x":116,"y":209,"width":735,"height":12}},{"id":"517e9fc6-09d0-4f38-bf8f-908edbb299ad","block_type":"box","text":"trading in the Fund on NYSE Arca, Inc. (“NYSE Arca”) will be October 15, 2026. NYSE Arca will suspend","page_number":3,"box":{"x":116,"y":224,"width":750,"height":13}},{"id":"886ecd51-f423-4917-b047-9d47ef35499a","block_type":"box","text":"trading in the Fund before the open of trading on October 16, 2026, and shares of the Fund will no longer","page_number":3,"box":{"x":116,"y":240,"width":769,"height":12}},{"id":"fe815720-0780-4602-b8f7-a3cd43503ee8","block_type":"box","text":"be available for new investments as of this date. Proceeds of the liquidation are currently scheduled to be","page_number":3,"box":{"x":117,"y":255,"width":765,"height":13}},{"id":"20c3e070-0e36-4431-b03f-ca7c61011a00","block_type":"box","text":"sent to shareholders on October 20, 2026. The Fund’s final net asset value, as calculated on October 15,","page_number":3,"box":{"x":116,"y":271,"width":758,"height":11}},{"id":"ed22c94f-00f8-42b4-8284-fd93fee84132","block_type":"box","text":"2026, will include any costs associated with the liquidation expected to be borne by the Fund.","page_number":3,"box":{"x":117,"y":286,"width":681,"height":13}},{"id":"f3d205be-f4ea-44fd-9e5a-5bb17220e077","block_type":"box","text":"Because shares of the Fund will not be traded on NYSE Arca during the period between October 16, 2026","page_number":3,"box":{"x":117,"y":309,"width":766,"height":13}},{"id":"c9e017c7-b5f2-40df-a717-f809f7f50d69","block_type":"box","text":"and October 20, 2026, we cannot assure you that there will be a trading market for your shares. Further,","page_number":3,"box":{"x":116,"y":325,"width":760,"height":13}},{"id":"52d8a722-682a-4e9b-8eb0-eef034f66a28","block_type":"box","text":"during this period, the Fund will be in the process of closing down and liquidating its portfolio, which may","page_number":3,"box":{"x":116,"y":340,"width":770,"height":13}},{"id":"544c044e-f13e-4e39-bf83-d9961c6d29d7","block_type":"box","text":"result in the Fund not being able to track its Underlying Index (by October 16, 2026, the Underlying Index","page_number":3,"box":{"x":117,"y":356,"width":764,"height":13}},{"id":"5e2f815c-aae1-45be-b608-ea80b97fead8","block_type":"box","text":"value will be represented almost entirely by cash as no securities will remain in the Underlying Index).","page_number":3,"box":{"x":116,"y":371,"width":738,"height":13}},{"id":"66d8a31b-171c-4d43-bc61-63c64669e767","block_type":"box","text":"After October 15, 2026, shareholders that remain invested in the Fund will receive the entire amount of","page_number":3,"box":{"x":116,"y":387,"width":752,"height":12}},{"id":"4d7cf0de-1cf4-4090-b490-0024753ffa00","block_type":"box","text":"their pro rata share of the liquidation proceeds on or about October 20, 2026, subject to their brokerage","page_number":3,"box":{"x":116,"y":402,"width":757,"height":13}},{"id":"c340da1a-3f16-4027-b513-da5ce301b229","block_type":"box","text":"firm’s processes.","page_number":3,"box":{"x":116,"y":418,"width":125,"height":13}},{"id":"793fcb03-de39-4cff-96c0-e38bff0de2a4","block_type":"box","text":"Shareholders may sell their holdings of the Fund prior to October 16, 2026 and may incur the usual and","page_number":3,"box":{"x":116,"y":441,"width":755,"height":13}},{"id":"69da0dec-1199-452a-b3b2-5c4fc12c092f","block_type":"box","text":"customary brokerage commissions associated with the sale of Fund shares. 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Amounts in the table","page_number":11,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"6ae85cbf-957f-4cd2-b276-652750936147","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":11,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"a07e0d9e-2e21-4cad-81e2-3f8a9d82c0bb","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":11,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"ba32c366-58db-4f7b-a2f7-3e3666262436","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":11,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"ede6540e-9543-4142-9468-2bc8fb9fb6b9","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":11,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"8b2e956d-6c0c-4141-a62d-ec6eb1546799","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":11,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"f9f5b25a-e482-4e82-a64d-5f52d3010ed1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":11,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"aed343f6-a378-41a6-8914-594006c4b3f6","block_type":"box","text":"the tables and examples below.","page_number":11,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"1bcccc71-8c7d-4e03-9ad3-c4f0e5cf4cd7","block_type":"box","text":"Annual Fund Operating 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A higher portfolio turnover rate may indicate higher","page_number":12,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"8a70fbc5-927d-4adf-9ddd-bd78be2de04a","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":12,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"4b2284d4-0e13-4ab9-8ed8-3519c785a348","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":12,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"f0946bad-d428-46a7-afd0-7f4a8c42ca6e","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":12,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"c86d7fdc-bcc7-4d31-8070-6925ba20a133","block_type":"box","text":"Example, affect the Fund’s performance. 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The inflation","page_number":12,"box":{"x":83,"y":318,"width":407,"height":11}},{"id":"eef61f49-6d83-403c-a06f-305a9ef14868","block_type":"box","text":"adjustment, which is typically applied monthly to the principal of","page_number":12,"box":{"x":83,"y":333,"width":412,"height":10}},{"id":"74c9dfa7-cfe8-4a5f-9238-8d011bbcb83c","block_type":"box","text":"the bond, follows a designated inflation index, the non-seasonally","page_number":12,"box":{"x":83,"y":347,"width":418,"height":11}},{"id":"3fa27e1b-4829-406f-a8ec-5017052aa544","block_type":"box","text":"adjusted Consumer Price Index for All Urban Consumers (“CPI”),","page_number":12,"box":{"x":83,"y":361,"width":411,"height":11}},{"id":"5371e253-ac03-416c-8e4e-54b0af05b204","block_type":"box","text":"and TIPS’ principal payments are adjusted according to changes","page_number":12,"box":{"x":83,"y":375,"width":410,"height":11}},{"id":"d763bc87-7ee3-4380-9e39-02d3ac9a5217","block_type":"box","text":"in the CPI. A fixed coupon rate is applied to the inflation-adjusted","page_number":12,"box":{"x":83,"y":389,"width":416,"height":11}},{"id":"5fe6fefc-ae19-4c08-a7da-c92b91dbd78e","block_type":"box","text":"principal so that, as inflation rises, both the principal value and","page_number":12,"box":{"x":83,"y":403,"width":400,"height":11}},{"id":"c9d1c131-aadd-46e5-9fb7-3b098ca80fc5","block_type":"box","text":"the interest payments increase. This can provide investors with a","page_number":12,"box":{"x":83,"y":418,"width":414,"height":10}},{"id":"f243ff3b-9288-4e40-97fc-05cd9a1bfb51","block_type":"box","text":"hedge against inflation, as it helps preserve the purchasing power","page_number":12,"box":{"x":83,"y":432,"width":420,"height":11}},{"id":"8aad065e-0bc4-4202-9c28-d508bf81939f","block_type":"box","text":"of an investment. 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The Underlying Index is rebalanced on the last","page_number":12,"box":{"x":83,"y":737,"width":399,"height":11}},{"id":"75cfbe7c-5573-476f-9493-f962d35cd0e8","block_type":"box","text":"calendar day of each month.","page_number":12,"box":{"x":83,"y":751,"width":180,"height":11}},{"id":"510a0db9-373d-4555-92d4-1b8df9154829","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":12,"box":{"x":84,"y":775,"width":376,"height":11}},{"id":"2480569e-c11f-47d5-bba1-ebd1ae49eaf0","block_type":"box","text":"investment objective. 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The Index Provider","page_number":12,"box":{"x":549,"y":513,"width":354,"height":11}},{"id":"f712878d-9793-42c0-9c78-08a9d0f1c11e","block_type":"box","text":"determines the composition and relative weightings of the","page_number":12,"box":{"x":549,"y":527,"width":372,"height":11}},{"id":"728911b7-5352-4bc7-ba3b-c6aad464afc9","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":12,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"2a1c5c24-e7ac-4828-aa47-ae1c7c26a428","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":12,"box":{"x":549,"y":556,"width":327,"height":10}},{"id":"b624f46d-aeeb-4adb-93ad-d398df29cf48","block_type":"box","text":"Summary of Principal Risks","page_number":12,"box":{"x":549,"y":585,"width":235,"height":13}},{"id":"83973f34-5756-41a2-ab30-2c68ae0ed931","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":12,"box":{"x":549,"y":610,"width":362,"height":11}},{"id":"84fd4e8b-d5f3-43e9-a9ef-b4ad7a799818","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":12,"box":{"x":549,"y":624,"width":402,"height":11}},{"id":"fdf4ac42-a2cf-42d8-b64f-1d5d871b2381","block_type":"box","text":"that of other investments. 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Depending on changes in inflation","page_number":13,"box":{"x":83,"y":245,"width":409,"height":11}},{"id":"9db22d0d-b48b-485f-b641-68fffee293a1","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":13,"box":{"x":83,"y":259,"width":417,"height":11}},{"id":"f9dc00b5-6a45-4938-bfd6-c164871f89ce","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":13,"box":{"x":83,"y":273,"width":376,"height":11}},{"id":"3f9f12c7-ba11-415e-a8ac-92c41d4bd176","block_type":"box","text":"Interest Rate Risk","page_number":13,"box":{"x":83,"y":296,"width":121,"height":9}},{"id":"d51471cc-a331-40d2-a40b-70130d623026","block_type":"box","text":".","page_number":13,"box":{"x":204,"y":303,"width":2,"height":2}},{"id":"004ec555-0499-40d4-a676-8f819e1cde4e","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":13,"box":{"x":212,"y":296,"width":233,"height":9}},{"id":"0bc95f1f-8e00-4223-9d7f-eaffcafb4108","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":13,"box":{"x":82,"y":311,"width":425,"height":10}},{"id":"ce23b271-bbe1-4c5d-9798-f7ba70f23a64","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":13,"box":{"x":83,"y":325,"width":417,"height":11}},{"id":"ffca453b-35b4-41c3-bba1-666ae6091afb","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":13,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"c3b8b9ef-96a7-4e0a-97af-92017091cbfc","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":13,"box":{"x":82,"y":353,"width":402,"height":11}},{"id":"46af853d-45cd-45ca-9975-7c0f1ce9f86d","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":13,"box":{"x":83,"y":367,"width":391,"height":11}},{"id":"3af0f225-81d9-4dab-89f1-0be1b664ae1b","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":13,"box":{"x":82,"y":382,"width":424,"height":10}},{"id":"97ce2f8e-7394-46bc-8149-aa5c43831582","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":13,"box":{"x":83,"y":396,"width":407,"height":8}},{"id":"94366060-836a-439f-859b-181ed5eee607","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":13,"box":{"x":82,"y":410,"width":424,"height":11}},{"id":"fee9a852-8a01-45ae-ae98-8e708e38ae9e","block_type":"box","text":"changes and subject to greater fluctuations in value. 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Bonds issued by U.S.","page_number":18,"box":{"x":82,"y":369,"width":398,"height":10}},{"id":"81f4368e-fb69-4a91-bfe8-3af55e222430","block_type":"box","text":"territories and the Commonwealth of Puerto Rico are excluded","page_number":18,"box":{"x":83,"y":383,"width":400,"height":8}},{"id":"dc679484-b6aa-4062-bde8-4659f814217a","block_type":"box","text":"from the Underlying Index. Each bond must have a rating of at","page_number":18,"box":{"x":82,"y":397,"width":397,"height":11}},{"id":"1aead2f9-ebbf-401d-8b64-a516979a22e8","block_type":"box","text":"least BBB- by S&P Global Ratings, Baa3 by Moody’s Investors","page_number":18,"box":{"x":83,"y":411,"width":390,"height":11}},{"id":"6879591f-e3da-449e-a0b7-53080e9652d0","block_type":"box","text":"Service, Inc., or BBB- by Fitch Ratings, Inc. and must have a","page_number":18,"box":{"x":83,"y":425,"width":380,"height":11}},{"id":"e2b094da-5c6b-4842-933f-19190ffaf0e7","block_type":"box","text":"minimum maturity par amount of $2 million to be eligible for","page_number":18,"box":{"x":83,"y":439,"width":385,"height":11}},{"id":"c12d0640-f380-4861-bb67-cdca9f673bd7","block_type":"box","text":"inclusion in the Underlying Index. To remain in the Underlying","page_number":18,"box":{"x":83,"y":454,"width":391,"height":11}},{"id":"dd3309e4-a599-40aa-895e-c5b006da93ba","block_type":"box","text":"Index, bonds must maintain a minimum par amount greater than","page_number":18,"box":{"x":83,"y":468,"width":411,"height":11}},{"id":"fba27cc4-0c72-4d18-9855-f30da6861220","block_type":"box","text":"or equal to $2 million as of each rebalancing reference date. All","page_number":18,"box":{"x":83,"y":481,"width":404,"height":12}},{"id":"a8770968-b8c9-4827-b76e-a0f4b92c896b","block_type":"box","text":"non-callable bonds in the Underlying Index will mature or be","page_number":18,"box":{"x":83,"y":496,"width":383,"height":11}},{"id":"33ba83d5-2b99-469f-9c45-9dbe9a410fc7","block_type":"box","text":"redeemed after December 31, 2025 and before December 2,","page_number":18,"box":{"x":83,"y":510,"width":388,"height":11}},{"id":"3c1b6da3-5edc-4738-839d-e7a5f0d7247e","block_type":"box","text":"2026. Callable bonds are eligible subject to the following: (i) a","page_number":18,"box":{"x":83,"y":525,"width":396,"height":10}},{"id":"46418d50-c2a5-4ebb-8908-0f19f2e5b592","block_type":"box","text":"final maturity date after December 31, 2025 and before December","page_number":18,"box":{"x":82,"y":539,"width":425,"height":11}},{"id":"d74fbbfc-5e8b-4671-a04f-9546711681ba","block_type":"box","text":"2, 2026, and a next call date no sooner than two years prior to","page_number":18,"box":{"x":83,"y":553,"width":399,"height":11}},{"id":"ae252f2b-a69f-4f2a-b57e-8376b1d7ad91","block_type":"box","text":"index maturity year; or (ii) a final maturity up to four years after","page_number":18,"box":{"x":83,"y":567,"width":403,"height":11}},{"id":"7fc0cc98-c6c9-4020-b4d3-c87200002b0a","block_type":"box","text":"the index maturity year, if the next call date is within the index","page_number":18,"box":{"x":83,"y":581,"width":398,"height":11}},{"id":"cf38fcfe-151f-468c-ada1-8f89d29e239f","block_type":"box","text":"maturity range. In the Underlying Index year of maturity, bonds","page_number":18,"box":{"x":83,"y":595,"width":401,"height":11}},{"id":"d535fdfd-c09b-4206-a7ec-e0da57592172","block_type":"box","text":"that mature or are pre-refunded in their respective year of","page_number":18,"box":{"x":83,"y":610,"width":371,"height":11}},{"id":"c59316cf-e385-4ace-b4e2-aa57d896465b","block_type":"box","text":"maturity do not accrue interest past the maturity or pre-refund","page_number":18,"box":{"x":83,"y":624,"width":400,"height":11}},{"id":"f71b557a-b68a-41f6-adc3-eb51a0a4bf98","block_type":"box","text":"date. A bond is “pre-refunded” when the bond has been refunded","page_number":18,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"fca94348-b311-4910-a590-53e5770ffd27","block_type":"box","text":"to a call date prior to maturity. In other words, a holder of a “pre","page_number":18,"box":{"x":83,"y":652,"width":417,"height":11}},{"id":"3ae4331c-c283-4f42-b5ab-2daf95ccdc37","block_type":"box","text":"refunded” bond receives all payments of interest and principal","page_number":18,"box":{"x":83,"y":666,"width":397,"height":11}},{"id":"c73cab6b-50ce-47db-a628-b8e06a0f4760","block_type":"box","text":"back on an earlier date then the stated maturity date of the bond.","page_number":18,"box":{"x":83,"y":681,"width":418,"height":10}},{"id":"61fc3762-38f0-4780-b761-8d1ff6c7f0bb","block_type":"box","text":"All payments related to the maturity or pre-refunding of a bond","page_number":18,"box":{"x":82,"y":695,"width":402,"height":11}},{"id":"0eead75d-d6cd-4745-b3be-2d422e1839d2","block_type":"box","text":"are reinvested in tax-exempt cash or cash equivalents for the","page_number":18,"box":{"x":83,"y":709,"width":391,"height":11}},{"id":"a7850367-a41d-4c2b-8343-9b9a53970d25","block_type":"box","text":"duration of each month.","page_number":18,"box":{"x":83,"y":723,"width":152,"height":9}},{"id":"459e4892-3dc8-4abe-ab7d-e816022b3932","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":18,"box":{"x":83,"y":745,"width":418,"height":11}},{"id":"947ba49f-3bed-49e1-a84b-3c066aa05ff1","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":18,"box":{"x":83,"y":759,"width":409,"height":11}},{"id":"ac195d22-7f4a-4e2e-8d40-ef35de74cc53","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":18,"box":{"x":83,"y":773,"width":388,"height":11}},{"id":"96265bfc-ec7c-48de-b5bd-b121ad6ad661","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":18,"box":{"x":83,"y":788,"width":425,"height":10}},{"id":"68aee2e0-5d83-40d6-9dd7-3cf9b5ea903b","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":18,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"bcf0cc66-84c3-409c-84da-3afdff1c639c","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":18,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"f026fdb4-4f87-4b44-886a-e436effc8367","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":18,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"5494e41f-0d72-40a0-8c73-86f6e25c3ef8","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":18,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"7eb25022-82f5-45e3-945f-26c2753cd6f5","block_type":"box","text":"the Fund. As a result, as of January 1, 2026, the Underlying Index","page_number":18,"box":{"x":83,"y":858,"width":415,"height":11}},{"id":"03b23433-79c0-4164-8cc4-6178d89aeb77","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":18,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"4978c3d7-4129-49c7-a2ab-0de3a48d1d5f","block_type":"box","text":"December 2, 2026.","page_number":18,"box":{"x":550,"y":37,"width":122,"height":10}},{"id":"7207e465-6b32-4898-a687-074f2026404a","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":18,"box":{"x":549,"y":59,"width":265,"height":9}},{"id":"9dc9e6b1-7e37-481a-9d27-b88956207bbb","block_type":"box","text":"®","page_number":18,"box":{"x":816,"y":59,"width":8,"height":6}},{"id":"f0911fc0-d892-4d45-9d72-e0fe64a11881","block_type":"box","text":"fixed maturity series","page_number":18,"box":{"x":829,"y":59,"width":130,"height":11}},{"id":"7b86f464-58ab-464f-a44f-7deb869d2fe7","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":18,"box":{"x":549,"y":73,"width":419,"height":11}},{"id":"6bb0d57e-4ee1-4199-b18c-a1c656ab1e7a","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":18,"box":{"x":550,"y":88,"width":191,"height":10}},{"id":"13ea3b6f-2698-4e31-9ac2-09ead196b96f","block_type":"box","text":"®","page_number":18,"box":{"x":743,"y":87,"width":8,"height":6}},{"id":"98872ef7-daeb-4888-be2b-2655dc571432","block_type":"box","text":"fixed maturity series do not invest","page_number":18,"box":{"x":756,"y":88,"width":217,"height":10}},{"id":"b4fd4047-9141-4e4c-9a79-9f0e85b46667","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":18,"box":{"x":549,"y":102,"width":414,"height":11}},{"id":"7a9595cb-b6ac-4ca9-9ae0-b4842f93a41b","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":18,"box":{"x":549,"y":116,"width":416,"height":11}},{"id":"31c0fc13-a91e-4e45-bb58-2afcd551fb08","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":18,"box":{"x":549,"y":130,"width":416,"height":11}},{"id":"8bcf0211-1550-4c68-9e89-42c5e84b4be9","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":18,"box":{"x":549,"y":144,"width":385,"height":11}},{"id":"90a07db4-63be-4681-a971-9fae3c4be412","block_type":"box","text":"federal government agency bonds.","page_number":18,"box":{"x":549,"y":158,"width":220,"height":11}},{"id":"117299bc-df89-44af-a3da-21a330426e0f","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":18,"box":{"x":550,"y":182,"width":376,"height":11}},{"id":"68917765-295c-4ace-92ce-c5922171a532","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":18,"box":{"x":549,"y":196,"width":417,"height":11}},{"id":"2e2881d2-f38f-46ed-869d-8fa3938d088b","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":18,"box":{"x":549,"y":210,"width":396,"height":11}},{"id":"61d89c4f-d542-44fc-b092-7a55ab0a2fdc","block_type":"box","text":"markets decline or appear overvalued.","page_number":18,"box":{"x":549,"y":224,"width":244,"height":11}},{"id":"1e382b5a-3bd1-435b-bf73-82df05812fec","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":18,"box":{"x":550,"y":247,"width":420,"height":11}},{"id":"e5541f0d-1fb6-4b92-8fb3-8dafae785858","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":18,"box":{"x":549,"y":262,"width":421,"height":10}},{"id":"ed85f4c2-e1a0-4dfe-81ca-226668704149","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":18,"box":{"x":549,"y":276,"width":386,"height":11}},{"id":"a6e50ab7-5776-4a8c-840a-6fbb18bc5b52","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":18,"box":{"x":550,"y":290,"width":369,"height":11}},{"id":"f1d717a0-4f6a-4894-867c-5de665f4bdc8","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":18,"box":{"x":549,"y":304,"width":356,"height":11}},{"id":"79fa65a3-1d00-47d7-a0bd-cf1a3f725544","block_type":"box","text":"comparison to actively managed investment companies.","page_number":18,"box":{"x":549,"y":318,"width":359,"height":11}},{"id":"bd13aeb0-5c70-405f-808a-91b700ef436a","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":18,"box":{"x":550,"y":342,"width":411,"height":10}},{"id":"f14b48e2-8ebd-403b-b80e-df596d19d451","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":18,"box":{"x":549,"y":356,"width":411,"height":11}},{"id":"1d6d5569-5a11-46d3-a890-83b6723d505a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":18,"box":{"x":549,"y":370,"width":424,"height":11}},{"id":"5dcd5c77-491f-4d72-9b4f-743b441c84f9","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":18,"box":{"x":549,"y":384,"width":410,"height":11}},{"id":"bf0fa6c7-bc67-41d8-a495-c835ad8e3ece","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":18,"box":{"x":549,"y":398,"width":408,"height":11}},{"id":"eb4cd16d-7647-40ab-afaf-1eca650fbcc5","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":18,"box":{"x":549,"y":412,"width":423,"height":11}},{"id":"693410d6-ca94-4711-8611-bfa5de12a294","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":18,"box":{"x":549,"y":427,"width":415,"height":10}},{"id":"b18526e6-8288-4e95-a486-eb792d0e009c","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":18,"box":{"x":549,"y":441,"width":405,"height":11}},{"id":"2593fda1-e874-4de2-aeb9-7b57185eccda","block_type":"box","text":"(","page_number":18,"box":{"x":549,"y":455,"width":3,"height":11}},{"id":"7f973594-dd14-4f89-8eb0-3a335d567dfd","block_type":"box","text":"i.e.","page_number":18,"box":{"x":553,"y":455,"width":17,"height":8}},{"id":"b31c7200-643b-45e0-a13d-1ce2faa2aa65","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":18,"box":{"x":573,"y":455,"width":358,"height":11}},{"id":"f6802c24-433a-4279-a25c-bd80d19f0507","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":18,"box":{"x":549,"y":469,"width":418,"height":11}},{"id":"69ad6437-4176-46c1-8302-1bbf50c2fdc6","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":18,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"5b6334f7-ed65-4051-8359-9644ee2f955a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":18,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"1b955b5b-9dff-465d-8cc9-84c230105fe3","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":18,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"d2ce1b85-23ce-4d78-848c-35de6ed6d1aa","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":18,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"2da3246d-ca5f-43cf-80b9-af8d593ef43f","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":18,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"2eed9456-f2a6-46fd-a1ae-08be9ffef8af","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":18,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"68f6dac2-2f90-4497-8deb-133ed4f38fbd","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":18,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"c36f6b3d-48c0-4a79-bccf-773684131cf3","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":18,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"e6096d30-d190-4415-b648-e3e385bc9f93","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":18,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"8998483f-ca70-4a83-9453-2f35982a70d2","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":18,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"ad399217-92a2-4723-bcd6-c8b8e494c76b","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":18,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"8adf3688-3b16-4039-ab50-10295b241db7","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":18,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"6adfcc6a-c65f-435d-9a20-33e31f72ba3b","block_type":"box","text":"will help the Fund track the Underlying Index. 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The Board","page_number":19,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"c59bce9a-6c8f-4d91-ba1b-0155d0158f0e","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":19,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"c9838f5e-a423-4825-b886-d56bf11e3c83","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":19,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"257af722-4742-4bba-bda2-094be5c6ef71","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":19,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"dfa97a19-87a9-4735-9694-d1368b4454a8","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":19,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"a4bda21f-5d73-4126-a2ed-b8a888e498eb","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":19,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"04afa812-331d-48be-acdd-ea29b07cb179","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":19,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"c4d79657-b1c7-451a-b781-1f82b6772b4e","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":19,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"a84733a0-c80e-4567-8f68-22e1b5882a35","block_type":"box","text":"over time.","page_number":19,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"c16f1585-aa11-4cb8-a2a2-21636caec1f5","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":19,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"03d5f660-02fe-40cf-a73e-fb6302a9ccd0","block_type":"box","text":"of the Fund and BFA. 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For","page_number":19,"box":{"x":83,"y":411,"width":377,"height":11}},{"id":"5aeff4fa-915a-454d-ab29-854d17141b77","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":19,"box":{"x":83,"y":425,"width":389,"height":11}},{"id":"a2cead08-0722-42ae-9a3e-3d5b37f28a06","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":19,"box":{"x":83,"y":440,"width":365,"height":10}},{"id":"3763b488-16bc-436a-b28d-d6857c6d0be9","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":19,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"2ae9c70b-231d-410a-9667-2f14ac7b9ad6","block_type":"box","text":"securities of state or municipal governments and their political","page_number":19,"box":{"x":83,"y":468,"width":399,"height":11}},{"id":"26b722ab-fdc3-4300-b95d-c9043ab89b1e","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":19,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"de74583a-9158-4117-93e9-45d88ea52309","block_type":"box","text":"industry.","page_number":19,"box":{"x":83,"y":496,"width":54,"height":11}},{"id":"4d6052a7-dd75-46d9-8083-b73674a1d33f","block_type":"box","text":"Summary of Principal Risks","page_number":19,"box":{"x":83,"y":525,"width":235,"height":14}},{"id":"2a52b72a-5fc1-4d24-ae8d-f31986e559c4","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":19,"box":{"x":82,"y":550,"width":363,"height":11}},{"id":"0a022b5f-732d-427f-8001-e755c58d8b0c","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":19,"box":{"x":83,"y":565,"width":402,"height":10}},{"id":"8114bce9-685b-4e5a-9ea1-210d8e1fe079","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":19,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"c63d365d-8adc-48c9-a916-6fe139e64f47","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":19,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"2622a268-18c7-413e-9295-d95a5ea9a3f6","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":19,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"1336eed3-b8a4-4d77-baa5-93fec8afa28b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":19,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"14795a2c-f898-4ef0-973f-90ef38501cd8","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":19,"box":{"x":83,"y":635,"width":387,"height":11}},{"id":"9782b401-263f-4f92-bded-2ec03ff841fb","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":19,"box":{"x":82,"y":650,"width":426,"height":10}},{"id":"1f6d4c2c-b36b-439f-8ca4-319ce3693ee4","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":19,"box":{"x":83,"y":664,"width":404,"height":11}},{"id":"bb53d123-03c4-4a8a-892d-6f0d7f1f2910","block_type":"box","text":"review each risk factor carefully.","page_number":19,"box":{"x":83,"y":678,"width":206,"height":11}},{"id":"b9d8c96b-6f10-4ede-93bf-35c1613d095e","block_type":"box","text":"Municipal Securities Risk","page_number":19,"box":{"x":83,"y":701,"width":172,"height":11}},{"id":"957e995e-17db-4a02-a248-60fff2f1c3f2","block_type":"box","text":".","page_number":19,"box":{"x":255,"y":708,"width":3,"height":2}},{"id":"eb9d0827-f719-4e5c-9c38-c17bd4c1f359","block_type":"box","text":"Municipal securities are subject to","page_number":19,"box":{"x":264,"y":701,"width":219,"height":11}},{"id":"84bb9c88-6c3b-4382-aa72-93a5738b36ea","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":19,"box":{"x":83,"y":715,"width":393,"height":11}},{"id":"5857c01a-43fe-4282-b06c-d85d6b49dca5","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":19,"box":{"x":83,"y":730,"width":365,"height":10}},{"id":"bb33cf6d-fdb4-4de5-b2b1-8beb11a82607","block_type":"box","text":"securities. 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If","page_number":19,"box":{"x":83,"y":829,"width":424,"height":11}},{"id":"5daff4e9-ef16-4efc-b0bb-7beba3310f5e","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":19,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"a1989c1b-93a2-4f89-847b-d66df74bf0af","block_type":"box","text":"significantly.","page_number":19,"box":{"x":83,"y":857,"width":78,"height":11}},{"id":"dcd76bdd-d53a-4bac-b959-86881f7e3990","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":19,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"3109b6d7-7717-4925-af12-1b680014c0ad","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":19,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"38361099-9262-4014-9782-0be442aea990","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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Errors in index data, index computations or the","page_number":19,"box":{"x":549,"y":726,"width":366,"height":10}},{"id":"2e7429f5-22c5-4e58-a221-3628f72c26b0","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":19,"box":{"x":549,"y":740,"width":377,"height":11}},{"id":"555a0f44-9077-424e-9dff-6edeb8022bd4","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":19,"box":{"x":549,"y":754,"width":413,"height":11}},{"id":"b2f58588-c975-4e33-9b0d-f52ac04de670","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":19,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"f4a9d4b7-ba87-4aba-8f32-8c13e03c66a2","block_type":"box","text":"impact on the Fund and its shareholders. 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Issuers of","page_number":20,"box":{"x":82,"y":396,"width":417,"height":11}},{"id":"1b9be2b4-9873-46ae-b2f4-92b34864bece","block_type":"box","text":"longer maturity securities may be more likely to call such","page_number":20,"box":{"x":83,"y":410,"width":364,"height":11}},{"id":"d18170b0-45a1-4502-abc2-36c2f9ac7f7b","block_type":"box","text":"securities as interest rates fall. 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As the Fund will not fully replicate the","page_number":21,"box":{"x":83,"y":575,"width":362,"height":11}},{"id":"b8e39305-32f7-4671-abfd-036bf0d1d572","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":21,"box":{"x":83,"y":589,"width":388,"height":11}},{"id":"fc3d1f23-f6ce-4e6b-a72b-0e998dc09594","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":21,"box":{"x":83,"y":603,"width":409,"height":11}},{"id":"03d52e4f-e1f4-4896-9bd7-a7a50e413b7b","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":21,"box":{"x":83,"y":617,"width":419,"height":11}},{"id":"17f12b74-d957-497c-b7c4-9174d82a1b54","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":21,"box":{"x":82,"y":632,"width":420,"height":10}},{"id":"49e73351-19a2-41ac-b983-0059c025f004","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":21,"box":{"x":83,"y":646,"width":402,"height":11}},{"id":"dd0a761e-6729-479b-a1db-eda860241529","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":21,"box":{"x":83,"y":660,"width":323,"height":11}},{"id":"a8547add-1871-45cb-b143-0ad65d972e7a","block_type":"box","text":"Market Trading Risk","page_number":21,"box":{"x":83,"y":683,"width":136,"height":11}},{"id":"8d77ff46-7422-49bf-9812-bec2b1adf83e","block_type":"box","text":".","page_number":21,"box":{"x":219,"y":690,"width":2,"height":2}},{"id":"f71d0587-e91c-435f-9ca5-a2ab2e1e4116","block_type":"box","text":"The Fund faces numerous market trading","page_number":21,"box":{"x":226,"y":683,"width":263,"height":11}},{"id":"1edc1d82-c31b-4571-8dcc-b6d12d7253e6","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":21,"box":{"x":83,"y":697,"width":394,"height":11}},{"id":"d724d78d-8e48-4942-8788-2921dd5c7e52","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":21,"box":{"x":83,"y":712,"width":401,"height":10}},{"id":"b519915a-0979-46ec-aec7-2ebe8f31f095","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":21,"box":{"x":83,"y":726,"width":404,"height":11}},{"id":"cb1d1d9d-9b41-478e-b501-3b7c4cbddf36","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":21,"box":{"x":83,"y":782,"width":397,"height":11}},{"id":"26fb641b-6cd0-46a5-9272-f93e408c742e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":21,"box":{"x":83,"y":797,"width":419,"height":10}},{"id":"56686b2f-0233-4f34-be05-5e40f290f6a2","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":21,"box":{"x":83,"y":811,"width":412,"height":11}},{"id":"b1adf723-ba20-4aab-bba5-e7388734d86f","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":21,"box":{"x":83,"y":825,"width":397,"height":11}},{"id":"6ed5cc84-b8b7-49b6-a12f-1a803c7cd23d","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":21,"box":{"x":83,"y":839,"width":316,"height":11}},{"id":"26ffed0c-d5be-4603-af48-b1f573601707","block_type":"box","text":"Operational and Technology Risks","page_number":21,"box":{"x":83,"y":862,"width":230,"height":11}},{"id":"d400e2b5-27a6-4a1a-bf7c-834e89a8bd02","block_type":"box","text":".","page_number":21,"box":{"x":314,"y":869,"width":2,"height":2}},{"id":"48f080cb-d9b4-41b3-ac5d-2ea4439faeb2","block_type":"box","text":"The Fund is directly and","page_number":21,"box":{"x":321,"y":862,"width":151,"height":11}},{"id":"0f0ee2d4-373c-4a6d-9f80-819e1cdb000c","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":21,"box":{"x":83,"y":877,"width":368,"height":10}},{"id":"2b2979dc-b14e-4732-a7fc-c3b8d72b572a","block_type":"box","text":"including those related to human errors, processing errors,","page_number":21,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"24e982b8-9c8c-46d5-aad0-4744fafc8410","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":21,"box":{"x":549,"y":37,"width":413,"height":11}},{"id":"ad95e9e9-51d8-4272-ac3a-30c2349807c5","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":21,"box":{"x":549,"y":51,"width":404,"height":11}},{"id":"52d15856-cc9d-45a3-9c1b-fc2f61f0abba","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":21,"box":{"x":549,"y":66,"width":401,"height":10}},{"id":"94a99c7a-0e5f-4c44-bb0d-310b49110ebe","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":21,"box":{"x":549,"y":80,"width":377,"height":11}},{"id":"6a566fb0-11dc-4c41-b601-848a8b2f572c","block_type":"box","text":"providers are required to have appropriate operational,","page_number":21,"box":{"x":549,"y":94,"width":350,"height":11}},{"id":"59d5458c-af5b-4634-9ffe-65a9e6466579","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":21,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"6b65a187-879c-46dc-b8f9-f6ccd746ee29","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":21,"box":{"x":549,"y":122,"width":397,"height":11}},{"id":"3d4dcdaa-a7fc-4ecd-bb1d-603ded2020ea","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":21,"box":{"x":549,"y":137,"width":411,"height":10}},{"id":"e5ef805d-2721-439e-b78f-7e2652dae7a8","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":21,"box":{"x":549,"y":151,"width":391,"height":8}},{"id":"44a8fb63-ff8e-4a73-a0ba-23cc1569c634","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":21,"box":{"x":549,"y":165,"width":422,"height":11}},{"id":"53cfb6bc-e38c-4166-87ae-c19773af32ee","block_type":"box","text":"investments in such issuers to lose value.","page_number":21,"box":{"x":549,"y":179,"width":264,"height":9}},{"id":"4269df8b-90ef-4616-acff-1acfd217bf84","block_type":"box","text":"Tax Risk","page_number":21,"box":{"x":550,"y":202,"width":54,"height":9}},{"id":"a0fb085a-9343-4b59-98f9-b649b27f6044","block_type":"box","text":".","page_number":21,"box":{"x":604,"y":209,"width":3,"height":2}},{"id":"6299c941-a472-45be-8d3d-f9e366406a0c","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":21,"box":{"x":612,"y":202,"width":334,"height":11}},{"id":"daf1b5d4-2652-4096-bec5-802970786558","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":21,"box":{"x":549,"y":216,"width":417,"height":11}},{"id":"2cdf6dbb-4965-41e7-a488-ef78af334da1","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":21,"box":{"x":549,"y":231,"width":388,"height":8}},{"id":"68c8cd03-c1e7-418e-929b-c4b77b26be23","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":21,"box":{"x":549,"y":245,"width":421,"height":11}},{"id":"a8d36e1b-cf14-4c9b-bb2c-838f5f0222a6","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":21,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"d18f089f-0e44-4ed6-bea5-02e20d855b34","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":21,"box":{"x":549,"y":273,"width":384,"height":10}},{"id":"ea3d26a9-7019-445d-b5e3-24561a0b197f","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":22,"box":{"x":83,"y":684,"width":871,"height":11}},{"id":"201a163e-f809-447a-886f-06a2db028941","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":22,"box":{"x":83,"y":699,"width":860,"height":10}},{"id":"ce92dad7-3392-44ae-9798-fbb3cc737de1","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":22,"box":{"x":83,"y":713,"width":855,"height":11}},{"id":"92c54fde-7349-462d-9585-4219bc9c71cb","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":22,"box":{"x":83,"y":727,"width":883,"height":11}},{"id":"230e2d00-315e-42a0-b7f5-a89f4a72329d","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":22,"box":{"x":82,"y":741,"width":861,"height":11}},{"id":"0f4f6fbf-65eb-42f4-9ad9-bce497ce2bf1","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":22,"box":{"x":83,"y":755,"width":359,"height":11}},{"id":"ef08d222-c3ea-4e5e-b404-d8916a4caf62","block_type":"box","text":"S-12","page_number":22,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"2116f3d8-6d0c-4ef0-9ff8-e1ddf2a1b390","block_type":"box","text":"Management","page_number":23,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"081963f1-39d9-4efe-8bf9-c7c615abffe9","block_type":"box","text":"Investment Adviser.","page_number":23,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"89213e96-5a2a-470f-b694-140679be835a","block_type":"box","text":"BlackRock Fund Advisors.","page_number":23,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"a0ba4af5-998c-4258-b2f0-ac4400a7b2a3","block_type":"box","text":"Portfolio Managers.","page_number":23,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"215cd96c-b793-47f1-9531-c0a74a5becb0","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":23,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"e5bfd68f-2eda-493a-a193-4882974a8e07","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":23,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"ea2c0853-467a-4fe0-8b62-9719e23f787e","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":23,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"ea52e954-8545-46d7-9f10-5b38a35efb94","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":23,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"f5164058-5202-46a8-891f-5a44a3f76079","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":23,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"ec12bb51-42d3-4fba-9a05-216551efabd2","block_type":"box","text":"2025, 2019 and 2025, respectively.","page_number":23,"box":{"x":83,"y":142,"width":225,"height":11}},{"id":"779e6f0f-7ea1-4e20-ae36-59c31e681403","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":23,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"1fc745f8-581e-4706-95f0-2e42a68a4dc1","block_type":"box","text":"The Fund is an ETF. 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An investor may incur costs attributable to","page_number":23,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"f8f9adcf-63e7-42c5-98d5-1dbcf62b3701","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":23,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"bcc7d990-f5af-4c31-a1c5-4efdb4cfbb36","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":23,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"d21a8fad-79fc-4a92-bbb4-fe56f3f3e9d3","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":23,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"501e0957-a0af-44c0-b38e-b1466351e5a1","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":23,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"5998cf6c-f189-46d3-9d4c-d1bdca8dab82","block_type":"box","text":"Tax Information","page_number":23,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"53c3e492-ff91-400a-accf-be2e5abca853","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":23,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"6d15a63e-30eb-4854-aa08-e32323990e4a","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":23,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"4d8a88c7-1b8f-4dd1-88b9-0f5ad5577c7f","block_type":"box","text":"may also occur.","page_number":23,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"9e085206-04ca-447c-adf9-32a115bd5210","block_type":"box","text":"The Fund is generally not an appropriate","page_number":23,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"6e42a11d-e5c3-40c4-a0e2-0e4e817ce29f","block_type":"box","text":"investment for a 401(k) plan or an IRA","page_number":23,"box":{"x":549,"y":90,"width":267,"height":11}},{"id":"02f9122b-721a-45df-b1ef-1af4e5c76908","block_type":"box","text":". Please consult your","page_number":23,"box":{"x":817,"y":90,"width":133,"height":11}},{"id":"08ca5a2c-4cd6-401b-ac82-4bb882468e7f","block_type":"box","text":"personal tax advisor.","page_number":23,"box":{"x":549,"y":104,"width":131,"height":11}},{"id":"39313637-a747-4b20-8987-208858ab6393","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":23,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8e918f22-9759-47c0-95c8-56c1e00c42d5","block_type":"box","text":"Intermediaries","page_number":23,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"45049ffe-479c-47d0-8ddc-463f12bcc302","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":23,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"875b6c4a-96b8-467b-ba8b-fca5a0ce708a","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":23,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"0cbcfb55-790a-4223-a565-000c62d86a11","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":23,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"3b43ddd5-eda2-4988-a27a-6beea8ef659c","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":23,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"e6cf6015-459f-4e97-b212-2871ab425a5a","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":23,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"4c75c8ef-c81d-465d-91fd-610c92e28489","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":23,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"fb84fb70-2c7b-4a99-8e35-adbd5d213b3a","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":23,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"0b261e93-68c1-48cc-82cd-14b48e0834ef","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":23,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"618397e1-b5b7-4cc6-8241-9e34f960140a","block_type":"box","text":"recommend the Fund over another investment. 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Amounts in the table","page_number":24,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"22516fdb-84ca-4c4a-8d15-0db5b42071fc","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":24,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"5d4821c3-5189-48af-a634-2cdfa14db79c","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":24,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"a9b4091b-419f-4fab-826b-a7057cf0eac3","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":24,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"3cf6e23b-012e-4d08-9156-5c431efa05ca","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":24,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"d8a215da-2431-45a5-8ebd-8427412e2048","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"c5031fe4-da07-4b91-96f9-2b65c8819ec6","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":24,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"3e596c72-bcff-443b-9363-65b4280859e6","block_type":"box","text":"pro rata","page_number":24,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"45914f80-7b69-4263-831e-ffdf8b54db6e","block_type":"box","text":"share of the fees","page_number":24,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"e18110d4-1a08-43a2-b81f-1933534916b3","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":24,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"41cfed53-b720-40fa-8ef5-cab8f34c6781","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":24,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"bab559be-de57-40c3-af14-059306fc09f2","block_type":"box","text":"shown in the","page_number":24,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"bb110808-66f9-4d04-8482-a0b3b6feb06f","block_type":"box","text":"Financial Highlights","page_number":24,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"17916e58-d625-47ff-a77a-e7f9bb8a870a","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":24,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"3fbf425b-75c8-4253-ae73-0fd9ced18f02","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":24,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"fe5b9c55-7f3c-481c-9287-9db1e7f9e758","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":24,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"77699000-6f1c-4bf2-b677-bebbbdb0aa89","block_type":"box","text":"December 2, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":24,"box":{"x":83,"y":362,"width":885,"height":11}},{"id":"26f8e92a-ab96-4d26-a7f4-6158f1c98513","block_type":"box","text":"and BFA.","page_number":24,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"2683a770-c63c-470f-ab4a-e96851507056","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":24,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"7564cbd2-be94-4151-914c-1fbb6c41c2a7","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"77c374cd-f414-41ab-9acb-ca456b39d8a8","block_type":"box","text":"Annual Fund Operating 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Such rebalancing will begin","page_number":25,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"bbed6478-affd-4db6-8102-2cbd4b743563","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":25,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"5aeee627-07e9-49de-8b95-30583e1024af","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":25,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"9b8d16dd-773f-43a6-af89-aae99a55259d","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":25,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"59dec66e-6db8-4aaf-a7ef-705568daa0e0","block_type":"box","text":"the Fund. 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The Fund may","page_number":25,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"3bdaf8a1-003c-414b-8539-fb7deccd9469","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":25,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"ec563a5a-2f38-4a6d-86b2-d999e4288224","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":25,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"911d29ad-b7a9-42fa-97ca-0aac3c8b81ca","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":25,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"45cc6d17-de59-4d0d-ad28-9ac1c934a741","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":25,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"82417fe4-65b8-4f0a-85a4-7f88297c9393","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":25,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"e8dd7901-ef39-4d0b-8e7d-99a1897c8bcc","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":25,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"b4753185-c4d2-494e-8616-7fa880c8bd4c","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":25,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"28c40231-fce1-462e-bf4f-95848668379d","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":25,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"f53a2362-590e-4a63-bbab-3d2198a713de","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":25,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"f251b43a-3929-411e-b6ac-ab0c6a5f10cf","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":25,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"8126845e-8d91-449e-b9d4-e06796944762","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":25,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"e16806b6-dc99-4fae-9df9-aa0d2516f6d1","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":25,"box":{"x":549,"y":663,"width":385,"height":10}},{"id":"ba91815e-8224-4779-9ee8-053641567684","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":25,"box":{"x":549,"y":677,"width":409,"height":10}},{"id":"5c0a6320-efb8-4f30-97e0-d4a661ae8ed6","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":25,"box":{"x":549,"y":691,"width":414,"height":11}},{"id":"24ddce5d-31dc-4c1f-a103-82e7d5ad9c86","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":25,"box":{"x":549,"y":705,"width":408,"height":11}},{"id":"14dbc5d5-344f-4725-bec6-37e891babbd3","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":25,"box":{"x":549,"y":719,"width":409,"height":11}},{"id":"d267cbe2-30ca-465d-950e-fb2216eaec84","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":25,"box":{"x":549,"y":733,"width":375,"height":11}},{"id":"d75c4e95-a0fd-4dba-a9a5-3efa33ae51f0","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":25,"box":{"x":549,"y":748,"width":396,"height":10}},{"id":"52de322c-f721-49f5-8473-9216b359b2eb","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":25,"box":{"x":549,"y":762,"width":389,"height":8}},{"id":"80a3be34-306b-488a-8c6f-ec02dcc7433b","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":25,"box":{"x":549,"y":776,"width":355,"height":11}},{"id":"35af835a-509c-487c-9f98-5f230c5afbe7","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":25,"box":{"x":550,"y":798,"width":395,"height":11}},{"id":"f297e7ac-be2c-4e98-bcdb-ddcdd27f5cbf","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":25,"box":{"x":549,"y":812,"width":411,"height":11}},{"id":"c953fc5c-37ac-4da6-b16f-addd2f4566b6","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":25,"box":{"x":549,"y":826,"width":380,"height":11}},{"id":"24bc2b86-a2cc-462a-8758-e701baf3898f","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":25,"box":{"x":549,"y":840,"width":398,"height":11}},{"id":"273a9eac-d238-48e8-8271-ff0e95b5109f","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":25,"box":{"x":549,"y":855,"width":389,"height":10}},{"id":"d93eb034-d18e-4d6d-a1eb-184f8f97a041","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":25,"box":{"x":549,"y":869,"width":422,"height":11}},{"id":"b92a50bd-4062-495b-99a7-9d91629f2064","block_type":"box","text":"S-15","page_number":25,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"762a63de-a639-45c1-8010-5f43d6c11aec","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":26,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"b0db986d-225e-43fd-90fb-3802f34dca4c","block_type":"box","text":"the Underlying Index. By December 2, 2027, the Underlying Index","page_number":26,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"a35d8da4-551a-429a-beb1-7b12b23f5c6e","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":26,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"107fce92-c761-4bbe-80cb-4a8506fe18b0","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":26,"box":{"x":82,"y":66,"width":418,"height":10}},{"id":"11c650a1-9f85-4b48-aec8-87e3248c193a","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":26,"box":{"x":83,"y":80,"width":382,"height":11}},{"id":"8da7f4d7-a911-488d-9dc3-577145e7b476","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":26,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"6e5b539b-42a7-471c-9300-0191414b0b78","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":26,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"8ee22f3d-059e-4d4f-9b14-8a1da67ffd17","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":26,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"330c0d31-7a41-4f2b-a8ed-4740c3261f86","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":26,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"184aa656-b7ef-4003-8dcd-35df8edf35d5","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":26,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"7806a9d1-acbe-49aa-a013-5c2e2c86a1fc","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":26,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"66863cfa-f264-4e2a-b143-564ad3dfa6a2","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":26,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"a3e1b708-280a-41b1-b6f9-edb9a16bfb95","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":26,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"a1807f74-4329-4bcd-b565-c9b50c5b06e8","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":26,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"c3643e0c-67cf-4766-a85a-2b819c9eb661","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":26,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"60cff91d-d550-4b7c-bf11-2ab4fea2c111","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":26,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"dbe9552f-cdce-43ef-b197-c936779e4efb","block_type":"box","text":"over time.","page_number":26,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"28581305-7ae5-4d54-8f49-8f869c853d1c","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":26,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"b2eb6ec8-9195-4b7d-a065-d226b98a1efd","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":26,"box":{"x":83,"y":303,"width":356,"height":8}},{"id":"0a3434f9-d371-446c-bdd2-7e3870da789b","block_type":"box","text":"composition and relative weightings of the components of the","page_number":26,"box":{"x":83,"y":317,"width":395,"height":11}},{"id":"fd111a70-6333-494c-861c-6033de4cb6c2","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":26,"box":{"x":83,"y":331,"width":416,"height":11}},{"id":"ad1ca546-16b4-486f-bd70-710bcbe413fa","block_type":"box","text":"value of the Underlying Index.","page_number":26,"box":{"x":82,"y":345,"width":190,"height":11}},{"id":"4df56dd6-c634-48e1-ab02-8b59b3d89ade","block_type":"box","text":"Industry Concentration Policy.","page_number":26,"box":{"x":83,"y":369,"width":210,"height":10}},{"id":"d4ae5e74-c980-4b45-b019-4b6a26ad0b31","block_type":"box","text":"The Fund will concentrate its","page_number":26,"box":{"x":298,"y":369,"width":184,"height":8}},{"id":"7cf323ea-00e2-4c3f-b2fd-87843383aece","block_type":"box","text":"investments (","page_number":26,"box":{"x":83,"y":383,"width":85,"height":11}},{"id":"12d9377f-78cc-4350-b705-1fd8d08ca4e0","block_type":"box","text":"i.e.","page_number":26,"box":{"x":169,"y":383,"width":17,"height":8}},{"id":"fbdbb030-c1c3-4027-87cd-1152540c126b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":26,"box":{"x":189,"y":383,"width":264,"height":11}},{"id":"850b2513-0211-4a4b-9dd5-23d4ace98f8f","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":26,"box":{"x":83,"y":397,"width":394,"height":11}},{"id":"990af730-509f-42e1-b5ea-5683e6986421","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":26,"box":{"x":83,"y":411,"width":377,"height":11}},{"id":"5947a5e2-8871-4a25-a738-8ebf344ac82e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":26,"box":{"x":83,"y":425,"width":389,"height":11}},{"id":"c538bb99-2e4a-4689-9c23-9c6172e54ce7","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":26,"box":{"x":83,"y":440,"width":365,"height":10}},{"id":"adc16f32-6d15-4c50-8608-2a478a79205c","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":26,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"51e2cf5e-13ff-4e63-b1ea-e75051768561","block_type":"box","text":"securities of state or municipal governments and their political","page_number":26,"box":{"x":83,"y":468,"width":399,"height":11}},{"id":"40db8330-f13c-4b99-9f1a-0e56ab9fa7c1","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":26,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"ec5cd1eb-9178-4b11-9e15-ae512d298b3e","block_type":"box","text":"industry.","page_number":26,"box":{"x":83,"y":496,"width":54,"height":11}},{"id":"230cece7-cd10-4a95-8355-d15a4b1618fd","block_type":"box","text":"Summary of Principal Risks","page_number":26,"box":{"x":83,"y":525,"width":235,"height":14}},{"id":"d9fad551-a223-47c4-825c-b8c5ee27b0a1","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":26,"box":{"x":82,"y":550,"width":363,"height":11}},{"id":"b867d0aa-3430-46b2-8c42-b3b9c08fe7e1","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":26,"box":{"x":83,"y":565,"width":402,"height":10}},{"id":"08230eb9-b8e1-4ab8-a012-2b940ccba742","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":26,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"f108adaa-163d-4e80-96fa-43ae56feb25d","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":26,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"12038048-1a34-443a-aa8e-83092552110c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":26,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"c320ed48-a6c4-4cc7-9881-420027a6ce80","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":26,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"a2991d75-d2d4-4368-b954-c2e74c583a0d","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":26,"box":{"x":83,"y":635,"width":387,"height":11}},{"id":"6aa80ea4-2e7b-4d7a-91b7-5b3cd5a3faa1","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":26,"box":{"x":82,"y":650,"width":426,"height":10}},{"id":"beaf3668-4f37-4909-8236-d13c6faf14e5","block_type":"box","text":"risk is difficult to predict and may change over time. 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If","page_number":26,"box":{"x":83,"y":829,"width":424,"height":11}},{"id":"09c5540d-07d8-45b2-b40d-5af5daad68e8","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":26,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"0894214a-9bb9-47ca-acc7-be3b8725efb4","block_type":"box","text":"significantly.","page_number":26,"box":{"x":83,"y":857,"width":78,"height":11}},{"id":"1b8e65fa-f7d8-4156-b117-c4d84bbede07","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":26,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"db3379ee-3a48-4a79-9f6d-f4efbc026f57","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":26,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"e49cf451-7f19-4b7f-8572-27ca2cf76b26","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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A default or insolvency of certain issuers of","page_number":26,"box":{"x":549,"y":108,"width":405,"height":11}},{"id":"c4bc2bf3-4dbe-4e29-928a-4ac69e6c7249","block_type":"box","text":"municipal bonds may be subject to proceedings that are","page_number":26,"box":{"x":549,"y":122,"width":359,"height":11}},{"id":"f5526888-6856-4845-8661-7b92fc241400","block_type":"box","text":"significantly different from corporate bankruptcy proceedings,","page_number":26,"box":{"x":549,"y":137,"width":397,"height":10}},{"id":"199afe10-494a-4476-aaf3-cf27c542766c","block_type":"box","text":"and the Fund’s ability to recover assets may be limited.","page_number":26,"box":{"x":549,"y":151,"width":352,"height":11}},{"id":"25df63aa-3538-4845-9509-3156128733ce","block_type":"box","text":"Risk of Investing in the U.S","page_number":26,"box":{"x":549,"y":174,"width":182,"height":11}},{"id":"c96f2fb0-26a1-4008-a8f4-55ea1cf562fb","block_type":"box","text":".","page_number":26,"box":{"x":732,"y":181,"width":2,"height":1}},{"id":"8caefcca-e578-4e66-a20c-7494d9b57545","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":26,"box":{"x":740,"y":174,"width":210,"height":11}},{"id":"9ea9838b-b685-4c39-b6b1-e29863d0f4fc","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":26,"box":{"x":549,"y":188,"width":391,"height":11}},{"id":"f87be55e-6fd7-4854-b4ac-fb6983e42b91","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":26,"box":{"x":549,"y":202,"width":423,"height":11}},{"id":"042b42a1-2038-479b-acd5-bf00033072e2","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":26,"box":{"x":550,"y":216,"width":412,"height":11}},{"id":"921c02d7-039e-42ea-afd5-75f6d79fde99","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":26,"box":{"x":549,"y":231,"width":396,"height":10}},{"id":"ab722def-6e3e-4c45-a424-78cab1bd64ed","block_type":"box","text":"Interest Rate Risk","page_number":26,"box":{"x":549,"y":254,"width":121,"height":8}},{"id":"33728cbc-3300-4565-aba0-274bcaa66342","block_type":"box","text":".","page_number":26,"box":{"x":670,"y":260,"width":2,"height":2}},{"id":"2710f1ca-9ab1-4f6f-8e72-8056dd5cd24d","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":26,"box":{"x":678,"y":254,"width":233,"height":8}},{"id":"fab2a685-2773-4ebf-b473-304605fdc013","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":26,"box":{"x":549,"y":268,"width":424,"height":11}},{"id":"c6f8d821-f2dc-494e-b033-dfc3dd4ad7c9","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":26,"box":{"x":549,"y":282,"width":417,"height":11}},{"id":"3563d213-378a-4ad8-b7c2-52a17c8a382c","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":26,"box":{"x":549,"y":296,"width":389,"height":11}},{"id":"b88cf43b-73bd-45eb-9780-4bdd2b3d884e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":26,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"0f289b91-fe6d-4bb6-a82e-6e5838d87696","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":26,"box":{"x":549,"y":325,"width":391,"height":11}},{"id":"6ca1f9be-105f-4cf6-b611-2120e939a1cf","block_type":"box","text":"fixed-income securities. 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During periods of very low or negative interest","page_number":26,"box":{"x":549,"y":438,"width":386,"height":11}},{"id":"33dd8e8a-ac4b-43b8-bc58-e83dbddb2a42","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":26,"box":{"x":549,"y":452,"width":404,"height":11}},{"id":"5807f01d-ec9c-4d1c-8acc-011f189f4c6c","block_type":"box","text":"dividends to shareholders.","page_number":26,"box":{"x":549,"y":467,"width":168,"height":8}},{"id":"e5e2fc6b-60c5-42ca-a14e-770b3d7bdc3a","block_type":"box","text":"Market Risk","page_number":26,"box":{"x":549,"y":490,"width":82,"height":8}},{"id":"772c7feb-f4f1-47a3-8c28-feb8c06a41e4","block_type":"box","text":".","page_number":26,"box":{"x":631,"y":496,"width":3,"height":2}},{"id":"97a85bce-363a-41fc-b0ba-ed06057c3ec5","block_type":"box","text":"The Fund could lose money over short periods due","page_number":26,"box":{"x":639,"y":490,"width":322,"height":11}},{"id":"771af51c-0920-43c8-896e-b7921acce029","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":26,"box":{"x":549,"y":504,"width":413,"height":11}},{"id":"7e116c96-96f8-47bb-8938-718abbd54a8b","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":26,"box":{"x":549,"y":518,"width":382,"height":11}},{"id":"18e71ed9-41e5-449a-be99-ba55d5be0e3b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":26,"box":{"x":549,"y":532,"width":411,"height":11}},{"id":"d83395cf-5585-456c-8255-1c9624461069","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":26,"box":{"x":549,"y":547,"width":370,"height":10}},{"id":"4078a848-c51a-4785-9ebd-5f6cbbd9ba5a","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":26,"box":{"x":549,"y":561,"width":404,"height":11}},{"id":"e80e5c68-1542-467f-8627-70f022f46233","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":26,"box":{"x":549,"y":575,"width":395,"height":11}},{"id":"7312e426-499a-468d-9366-dd5577be2d5c","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":26,"box":{"x":549,"y":589,"width":395,"height":11}},{"id":"6bc82429-9022-4aab-b28a-1622d43d7ff9","block_type":"box","text":"NAV.","page_number":26,"box":{"x":550,"y":603,"width":27,"height":9}},{"id":"c6e4a44d-5a01-4db0-b199-cb685bfd5997","block_type":"box","text":"Index-Related Risk.","page_number":26,"box":{"x":549,"y":626,"width":129,"height":9}},{"id":"3c16be2d-a679-4926-96cd-811b178b14a6","block_type":"box","text":"The Index Provider may rely on various","page_number":26,"box":{"x":683,"y":626,"width":247,"height":11}},{"id":"d77afb2c-ad15-4051-988b-e698627fb5b0","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":26,"box":{"x":549,"y":641,"width":423,"height":10}},{"id":"41edbbb1-3917-4474-8a50-2982109b48b2","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":26,"box":{"x":550,"y":655,"width":391,"height":11}},{"id":"a0795524-fc3a-4dcf-8f27-fdd1515bc57a","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":26,"box":{"x":549,"y":669,"width":406,"height":11}},{"id":"45429fce-7f2f-49cd-afff-e0af25ae986f","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":26,"box":{"x":549,"y":683,"width":408,"height":11}},{"id":"32e8f8e8-f4c6-49e2-9edd-98f5a05a391a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":26,"box":{"x":549,"y":697,"width":384,"height":11}},{"id":"050fd027-9a3d-4371-90b5-42ddacea3c49","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":26,"box":{"x":549,"y":712,"width":388,"height":10}},{"id":"abe1c05c-76c3-4781-b62a-076da805ee33","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":26,"box":{"x":549,"y":726,"width":366,"height":10}},{"id":"49fcc8ee-6809-4e3d-9436-e784d315a364","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":26,"box":{"x":549,"y":740,"width":377,"height":11}},{"id":"48b3c3fc-5cb6-49ea-857a-d1b4fee61886","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":26,"box":{"x":549,"y":754,"width":413,"height":11}},{"id":"cbe1792d-9aa0-4d03-8e5c-cc9b346f9e8d","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":26,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"7e26c8c0-dca6-4ef0-ac46-5776318e8b08","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":26,"box":{"x":549,"y":782,"width":367,"height":11}},{"id":"84fdd44f-53ed-494d-8df4-acdb0507472c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":26,"box":{"x":549,"y":797,"width":400,"height":10}},{"id":"1c2654e2-7d11-463b-b689-48788579d9ab","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":26,"box":{"x":549,"y":811,"width":409,"height":11}},{"id":"fb7cfccb-23f2-4cd1-95fa-14352095e203","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":26,"box":{"x":549,"y":825,"width":414,"height":11}},{"id":"193277f3-7240-496b-a41c-7c1f4dd993af","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":26,"box":{"x":549,"y":839,"width":362,"height":11}},{"id":"a357a60a-50b5-471f-8f8e-449397cc928b","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":26,"box":{"x":550,"y":853,"width":422,"height":11}},{"id":"3878abdb-832e-4870-93e6-c9ce8a97fa02","block_type":"box","text":"S-16","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"211f35ad-aeea-4dd4-8d75-e7d9ce66fe74","block_type":"box","text":"Asset Class Risk.","page_number":27,"box":{"x":81,"y":23,"width":115,"height":9}},{"id":"e3cf5898-1fcc-45de-8968-fe74c8863152","block_type":"box","text":"The securities and other assets in the","page_number":27,"box":{"x":202,"y":23,"width":239,"height":9}},{"id":"0a55d9de-303d-47b4-8ed5-16aa64154bda","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":27,"box":{"x":83,"y":37,"width":406,"height":11}},{"id":"f1606d77-01c1-4dcf-885d-f8f6b22998e4","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":27,"box":{"x":83,"y":51,"width":405,"height":11}},{"id":"ada430f8-b984-4247-b5b8-1a7a0a5a1d76","block_type":"box","text":"market, another index, or other asset classes.","page_number":27,"box":{"x":83,"y":66,"width":292,"height":10}},{"id":"58d54af1-82c5-422b-8441-45d0ea05dc8e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":27,"box":{"x":81,"y":89,"width":290,"height":11}},{"id":"aab4205f-e5c1-456f-8c62-18b7a309de5a","block_type":"box","text":"An “Authorized","page_number":27,"box":{"x":381,"y":89,"width":93,"height":8}},{"id":"7ae2d6ee-6ece-4d7a-839d-1ee59620975c","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":27,"box":{"x":84,"y":103,"width":379,"height":11}},{"id":"ebfea05f-014a-4422-94c3-020b51081614","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":27,"box":{"x":83,"y":117,"width":411,"height":11}},{"id":"23b92bce-8d75-4c17-8491-9b377f50fc22","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":27,"box":{"x":84,"y":131,"width":395,"height":11}},{"id":"ffa99acd-650c-4e39-9eb2-89829225278c","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":27,"box":{"x":84,"y":146,"width":399,"height":10}},{"id":"66b5c9f4-ebf6-4a4b-b422-4fae6c467834","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":27,"box":{"x":83,"y":216,"width":378,"height":11}},{"id":"42de656d-2c0e-407b-918a-37bbb4f7adc9","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":27,"box":{"x":84,"y":231,"width":379,"height":11}},{"id":"df7e9af9-8b68-4c09-a96b-ff73e04cc403","block_type":"box","text":"transactions. 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The Fund may be adversely affected if an investment","page_number":27,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"fb21f460-a3af-4c35-ad1c-450e23b992ad","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":27,"box":{"x":549,"y":80,"width":324,"height":11}},{"id":"8f510a51-0418-4102-beee-4ec948a9dd9b","block_type":"box","text":"Declining Yield Risk.","page_number":27,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"ab35aa6e-a14c-4cd1-b7d9-cbdb1321995a","block_type":"box","text":"In the months leading up to the Fund’s","page_number":27,"box":{"x":691,"y":103,"width":245,"height":11}},{"id":"69f6682c-72e4-4840-a833-d8cd54178e56","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":27,"box":{"x":549,"y":117,"width":386,"height":11}},{"id":"4b0ebc14-7007-4002-abf6-f8c452e5ecad","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":27,"box":{"x":549,"y":131,"width":408,"height":11}},{"id":"365c84c7-848d-445f-88f4-ba031dc4ccc6","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":27,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"fb6f6444-ecc9-453a-85aa-96b97b0a46ec","block_type":"box","text":"yields for bonds in the market.","page_number":27,"box":{"x":549,"y":160,"width":193,"height":11}},{"id":"c716e52b-b1a5-41ce-b316-7464fa71a6cd","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":27,"box":{"x":549,"y":183,"width":332,"height":11}},{"id":"d2311bf8-8403-4dd7-98c1-4051d9bcd1eb","block_type":"box","text":".","page_number":27,"box":{"x":881,"y":190,"width":3,"height":1}},{"id":"d4cc2af0-bf40-4eeb-80f3-47510a0644f1","block_type":"box","text":"The Fund,","page_number":27,"box":{"x":889,"y":183,"width":61,"height":10}},{"id":"853dcedc-96ac-4512-9b99-d72f80900ef7","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":27,"box":{"x":549,"y":197,"width":394,"height":11}},{"id":"8c07679e-2696-4c64-9aa3-ac2e1a92ef26","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":27,"box":{"x":549,"y":211,"width":381,"height":11}},{"id":"b3c820c9-fb37-4f5a-98e0-3566408fc50e","block_type":"box","text":"distributions of income that vary over time. 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The","page_number":27,"box":{"x":549,"y":782,"width":424,"height":11}},{"id":"8f41afa1-8882-42bf-943c-dd40952422d2","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":27,"box":{"x":550,"y":797,"width":423,"height":10}},{"id":"2834b07c-8d9f-47e0-be28-e8ab051caa9b","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":27,"box":{"x":549,"y":811,"width":394,"height":11}},{"id":"bc832d68-90e9-4a2e-8065-f13d319a4f65","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":27,"box":{"x":549,"y":825,"width":419,"height":11}},{"id":"88925113-dddd-4d18-8d1b-4dda50b4d9ed","block_type":"box","text":"Issuer Risk","page_number":27,"box":{"x":549,"y":848,"width":75,"height":9}},{"id":"60b7b47c-e830-434e-b235-eea643ebbf09","block_type":"box","text":".","page_number":27,"box":{"x":624,"y":855,"width":3,"height":2}},{"id":"0cb77be7-7adf-49d5-8221-c2b0f9808e51","block_type":"box","text":"The performance of the Fund depends on the","page_number":27,"box":{"x":632,"y":848,"width":288,"height":11}},{"id":"7ebd93fd-ad76-4bf3-9064-a2499f4eb1d2","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":27,"box":{"x":549,"y":862,"width":412,"height":11}},{"id":"5ba877bd-0a1a-4cc8-9957-57b851ed0917","block_type":"box","text":"Fund has exposure. 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As the Fund will not fully replicate the","page_number":28,"box":{"x":83,"y":438,"width":362,"height":11}},{"id":"2435aac3-8a1d-4da9-b74d-2e081f2fa28e","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":28,"box":{"x":83,"y":452,"width":388,"height":11}},{"id":"ddf8df16-2374-4675-9bed-c5a63dbe575c","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":28,"box":{"x":83,"y":467,"width":409,"height":10}},{"id":"d3b99215-ccdc-487e-af8d-565c00aeed61","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":28,"box":{"x":83,"y":481,"width":419,"height":11}},{"id":"7df062bf-c46f-4c1c-9a27-c344889d3caf","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":28,"box":{"x":82,"y":495,"width":420,"height":11}},{"id":"59438313-3f64-4d30-b8ae-3cdec6ac5076","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":28,"box":{"x":83,"y":509,"width":402,"height":11}},{"id":"a1e4816a-50b5-4e8b-895c-2f32231860d9","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":28,"box":{"x":83,"y":523,"width":323,"height":11}},{"id":"105f53c5-cf6e-4f53-b41a-8d8fef81955d","block_type":"box","text":"Market Trading Risk","page_number":28,"box":{"x":83,"y":546,"width":136,"height":11}},{"id":"143b6ae5-d19f-46e7-a1d5-ac41fe280865","block_type":"box","text":".","page_number":28,"box":{"x":219,"y":553,"width":2,"height":2}},{"id":"6fca42ab-26a7-4005-a9fb-a37f13e698f7","block_type":"box","text":"The Fund faces numerous market trading","page_number":28,"box":{"x":226,"y":547,"width":263,"height":10}},{"id":"2493acbe-d294-47a0-80dc-6c859ded0136","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":28,"box":{"x":83,"y":561,"width":394,"height":11}},{"id":"6514ec9a-7f92-44cb-af11-3a0f8c83af3f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":28,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"ac3f119f-5ae8-4396-aee1-937dccd73e77","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":28,"box":{"x":83,"y":589,"width":404,"height":11}},{"id":"31ff1325-71ad-4d49-99ff-d6bf02acb85e","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":28,"box":{"x":83,"y":646,"width":397,"height":11}},{"id":"d1dff70b-b1c3-414b-827f-cd3272f81160","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":28,"box":{"x":83,"y":660,"width":419,"height":11}},{"id":"7f1ec472-9c99-49a7-8fe1-01d185c0c499","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":28,"box":{"x":83,"y":674,"width":412,"height":11}},{"id":"b21f23e0-9c7c-45c9-8b55-fd060db42d0e","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":28,"box":{"x":83,"y":688,"width":397,"height":11}},{"id":"24c637a7-03b0-4153-9fb0-f91e2956f034","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":28,"box":{"x":83,"y":702,"width":316,"height":11}},{"id":"7f24599f-c55c-48e9-b544-5b17dbcd1668","block_type":"box","text":"Operational and Technology Risks","page_number":28,"box":{"x":83,"y":726,"width":230,"height":11}},{"id":"e903e103-276e-4a60-b8a0-1040dae88553","block_type":"box","text":".","page_number":28,"box":{"x":314,"y":732,"width":2,"height":2}},{"id":"b67a3cfa-286f-44ee-9d14-ea7a0b833c82","block_type":"box","text":"The Fund is directly and","page_number":28,"box":{"x":321,"y":726,"width":151,"height":11}},{"id":"b70c9a1d-b90a-4ee7-83b7-98dab38cb177","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":28,"box":{"x":83,"y":740,"width":368,"height":11}},{"id":"582b687b-efa2-4bf3-95b1-f5304463c9f2","block_type":"box","text":"including those related to human errors, processing errors,","page_number":28,"box":{"x":83,"y":754,"width":376,"height":11}},{"id":"69b1def5-8f17-4901-a7d5-44d6de7ffe54","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":28,"box":{"x":83,"y":768,"width":413,"height":11}},{"id":"0c86d4c2-ce8a-4228-b9ff-66747c8b1944","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":28,"box":{"x":83,"y":782,"width":404,"height":11}},{"id":"0c93f9d1-fa88-42f7-a738-8ee50cb1ee58","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":28,"box":{"x":82,"y":797,"width":402,"height":10}},{"id":"dd0efc5d-9ada-44ac-bbfb-de9a9219858b","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":28,"box":{"x":83,"y":811,"width":376,"height":11}},{"id":"21b6c12e-d2de-4d08-b512-53601c78f64b","block_type":"box","text":"providers are required to have appropriate operational,","page_number":28,"box":{"x":83,"y":825,"width":350,"height":11}},{"id":"87e0a8be-92b6-4d5c-bdb6-6e3195e36ef2","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":28,"box":{"x":83,"y":839,"width":414,"height":11}},{"id":"37193fec-a8b8-45ce-92e9-9349c5f42815","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":28,"box":{"x":83,"y":853,"width":397,"height":11}},{"id":"f87f57fd-0dc9-48ca-8b2c-cf0949dc9ab9","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":28,"box":{"x":82,"y":868,"width":411,"height":10}},{"id":"9a2b2213-727d-4b60-adbe-475a40e959a5","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":28,"box":{"x":549,"y":23,"width":391,"height":9}},{"id":"ecbc8764-3e71-460a-b7f4-e10ea8f138b3","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":28,"box":{"x":549,"y":37,"width":422,"height":11}},{"id":"578a36db-2076-4986-b8f5-f1ed40bf13fe","block_type":"box","text":"investments in such issuers to lose value.","page_number":28,"box":{"x":549,"y":52,"width":264,"height":8}},{"id":"2bda9525-1ef6-464d-9976-4ed689afe3dd","block_type":"box","text":"Tax Risk","page_number":28,"box":{"x":550,"y":75,"width":54,"height":8}},{"id":"963c275b-f7b2-49c3-885f-15752d70a7c9","block_type":"box","text":".","page_number":28,"box":{"x":604,"y":81,"width":3,"height":2}},{"id":"09d7a97a-10c5-451a-baf8-fb8c3d9f7689","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":28,"box":{"x":612,"y":75,"width":334,"height":11}},{"id":"19448763-ee89-42d8-bbb3-f9a1fe883219","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":28,"box":{"x":549,"y":89,"width":417,"height":11}},{"id":"3e000645-0db7-436f-b50d-ba3b8249d52d","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":28,"box":{"x":549,"y":103,"width":388,"height":9}},{"id":"6fe83913-99e7-434f-8888-009414c035e5","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":28,"box":{"x":549,"y":117,"width":421,"height":11}},{"id":"a526de69-54cc-47af-a410-8817645908ee","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":28,"box":{"x":549,"y":131,"width":422,"height":11}},{"id":"16b8d7c7-98a2-46d8-810f-ad8e9acc8779","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":28,"box":{"x":549,"y":146,"width":384,"height":10}},{"id":"7a769398-3b24-420f-9e75-4843ae608911","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":29,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"d9db11a9-03bc-4703-bf26-8943721376d5","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":29,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"d04d0bf2-c52e-41ca-b85f-a17db6047900","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":29,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"24e6a3f3-c666-41d5-8eba-6d8a18283298","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":29,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"8bb04fdc-8bfa-45e7-aa46-be7a65daf05d","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":29,"box":{"x":82,"y":663,"width":861,"height":10}},{"id":"3f59e9ff-65bc-4df1-91d6-21dccc129e5d","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":29,"box":{"x":83,"y":677,"width":359,"height":10}},{"id":"230aa678-af3b-4d9f-bc07-37cce3809f22","block_type":"box","text":"S-19","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"68132e1d-4d6e-4d4a-bd9d-1f758300d707","block_type":"box","text":"Management","page_number":30,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"a2c4fe20-3f54-451e-9289-0befeba74f4d","block_type":"box","text":"Investment Adviser.","page_number":30,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"5af0b20f-3c72-4f54-bfb2-3b6f74b2bc53","block_type":"box","text":"BlackRock Fund Advisors.","page_number":30,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"9578418c-cac4-4442-ba1a-3fc0338a0784","block_type":"box","text":"Portfolio Managers.","page_number":30,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"5fa07743-60a6-4e8a-8b10-378176c1d0c5","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":30,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"fd242b3d-8e04-488c-9201-51adee0ae63a","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":30,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"078861cb-155a-4598-b785-d6c0809b07e8","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":30,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"f436439a-3bac-4ada-8e5d-843767a93b76","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":30,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"14c734aa-fb1a-48a7-84b9-6193ee97727d","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":30,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"84452eab-6f5c-43e1-a1ee-caf1ad62e19f","block_type":"box","text":"2025, 2019 and 2025, respectively.","page_number":30,"box":{"x":83,"y":142,"width":225,"height":11}},{"id":"e695b71b-b270-416d-a981-984ae8feea43","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":30,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"b85c50a9-4c90-4da5-8f84-6dcb9f4a2e33","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":30,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"e4355e24-3433-4c11-ba56-f68978671eae","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":30,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"8fee016f-265e-498a-ad7d-511d6fdf142e","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":30,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"e611c860-d816-4e79-83cf-082804f23ca2","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":30,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"db44bc03-dc47-4b45-8810-57f708f840a3","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":30,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"32f86a0a-08a9-46b8-a69d-43173395b18f","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":30,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"6372a1d5-c744-4652-8388-fc9bca7aea65","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":30,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"fd4df259-c5d2-48ff-b68b-6426f9f4b27e","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":30,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"4005b411-b515-4f3a-8e70-ae97c82668ef","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":30,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"dd49a1e9-4e14-46b1-be19-0adc4a0a010f","block_type":"box","text":"Tax Information","page_number":30,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"1aa57e72-04e5-42ae-96d8-d2eee0db0ac6","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":30,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"8b67266d-e2b7-4f00-91da-2b5c66cf1790","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":30,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"2a871744-b12c-4161-b43d-c8c63ed4fa83","block_type":"box","text":"may also occur.","page_number":30,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"8c6d66b8-023c-4921-9fe5-cc9be57e10ef","block_type":"box","text":"The Fund is generally not an appropriate","page_number":30,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"abe676c1-786f-4116-a85c-75937d6989c1","block_type":"box","text":"investment for a 401(k) plan or an IRA","page_number":30,"box":{"x":549,"y":90,"width":267,"height":11}},{"id":"bb80811a-75ce-4637-85d0-bbf13d285236","block_type":"box","text":". Please consult your","page_number":30,"box":{"x":817,"y":90,"width":133,"height":11}},{"id":"720814fb-4179-479c-a0e5-a1648f7f63a0","block_type":"box","text":"personal tax advisor.","page_number":30,"box":{"x":549,"y":104,"width":131,"height":11}},{"id":"1e7613bd-2777-4f33-8ea1-814b8efa0ba5","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":30,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8603650b-2b19-40d3-b1f1-4a2e57f1a144","block_type":"box","text":"Intermediaries","page_number":30,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"a448959a-b6d7-48ed-950d-9a55534007f4","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":30,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"f1f0e8a1-221e-4672-bd84-0bfb607b9bce","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":30,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"932e0798-9d95-4f3a-9554-2ead720bf820","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":30,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"2b5e0493-a76b-43bf-8de9-f4545bfda70a","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":30,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"0be1ab48-112d-4651-b0ed-87f173e5b304","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":30,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"b5026671-c3c5-4c4c-9095-7c0308ac4a09","block_type":"box","text":"other services related to the sale or promotion of the Fund. 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The impact of Acquired Fund Fees and","page_number":31,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"09acc987-88a0-498b-9f48-62b1e0ba2e63","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":31,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"fff5bd7d-e85e-4c67-87b0-2e10b92e4845","block_type":"box","text":"shown in the","page_number":31,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"1223d05a-b1f8-4958-bf37-fda262a939e9","block_type":"box","text":"Financial Highlights","page_number":31,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"84d83477-f684-44c4-81f2-50b5c42ff437","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":31,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"61976572-d70b-4d73-8746-4b8f3ea8bdc1","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":31,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"fcf1d752-760e-467d-ba54-1c2c4593b733","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":31,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"0f851ef8-baa5-431f-83ec-5a2fbed82692","block_type":"box","text":"December 2, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":31,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"99bdb343-93d2-4fae-a77e-369c50291309","block_type":"box","text":"and BFA.","page_number":31,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"fba0a352-fb28-4bf4-ae5a-e57c3edbdc40","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":31,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"02dc99b4-4f92-4572-868e-89b3ac606fed","block_type":"box","text":"the tables and examples below.","page_number":31,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"97824741-de64-4e23-a109-f52c02960b14","block_type":"box","text":"Annual Fund Operating 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Such rebalancing will begin","page_number":32,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"c8bf7424-6e06-4119-a0f8-8469b56ed084","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":32,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"9687ac2e-e4f3-4c52-953d-2ab0c4ef1453","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":32,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"e60c47b7-7153-42eb-8f4f-aa5751a169d9","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":32,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"d7aa9644-3ccf-4134-9f06-b23942fad931","block_type":"box","text":"the Fund. 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The Fund does not try to “beat” the index it","page_number":32,"box":{"x":549,"y":196,"width":417,"height":11}},{"id":"f5a5e767-8058-4baf-bbf3-289520cfb30c","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":32,"box":{"x":549,"y":210,"width":396,"height":11}},{"id":"41f975c7-a39e-45a5-86bb-a188b3cb4793","block_type":"box","text":"markets decline or appear overvalued.","page_number":32,"box":{"x":549,"y":224,"width":244,"height":11}},{"id":"576a643e-35f9-46e4-9e26-9cca98562c85","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":32,"box":{"x":550,"y":247,"width":420,"height":11}},{"id":"c44e85f4-8f5b-4229-bc99-389106c0798e","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":32,"box":{"x":549,"y":262,"width":421,"height":10}},{"id":"14b3f969-61d0-48c7-ba43-3f66504680c6","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":32,"box":{"x":549,"y":276,"width":386,"height":11}},{"id":"04fd6a7f-baf2-4055-a739-77ebb6951d7f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":32,"box":{"x":550,"y":290,"width":369,"height":11}},{"id":"c5a15af7-7226-4383-9d0f-3e5d6daa5da3","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":32,"box":{"x":549,"y":304,"width":356,"height":11}},{"id":"d3b586a8-67a6-4c09-8884-9d5ead333d95","block_type":"box","text":"comparison to actively managed investment companies.","page_number":32,"box":{"x":549,"y":318,"width":359,"height":11}},{"id":"e9e31244-1cf9-4bec-ab7b-70e1c0673849","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":32,"box":{"x":550,"y":342,"width":411,"height":10}},{"id":"d00ebf6d-ffb0-44f6-84b9-c4a7b996a0e2","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":32,"box":{"x":549,"y":356,"width":411,"height":11}},{"id":"6f002735-09ed-4265-8d23-b37768702109","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":32,"box":{"x":549,"y":370,"width":424,"height":11}},{"id":"6317b041-95bd-481c-bf24-ddb12e1facf2","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":32,"box":{"x":549,"y":384,"width":410,"height":11}},{"id":"71316abe-3c59-4a61-a768-1fc64030cfaa","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":32,"box":{"x":549,"y":398,"width":408,"height":11}},{"id":"bbbbb2ce-ce3e-4070-bcdc-2a617ac709de","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":32,"box":{"x":549,"y":412,"width":423,"height":11}},{"id":"a59c6134-8da6-41c0-9178-7e1e9d3307a0","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":32,"box":{"x":549,"y":427,"width":415,"height":10}},{"id":"f370904f-519b-436c-944e-b2b32390b317","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":32,"box":{"x":549,"y":441,"width":405,"height":11}},{"id":"4960babf-b746-4446-aaf6-cfdba77a2898","block_type":"box","text":"(","page_number":32,"box":{"x":549,"y":455,"width":3,"height":11}},{"id":"15b2fe2c-fa57-4128-b291-d23b130af8b2","block_type":"box","text":"i.e.","page_number":32,"box":{"x":553,"y":455,"width":17,"height":8}},{"id":"156fbd4c-c29a-4ad9-b264-759bb59ed1ec","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":32,"box":{"x":573,"y":455,"width":358,"height":11}},{"id":"3871a48e-c850-4c7f-85e8-8de8e87507cf","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":32,"box":{"x":549,"y":469,"width":418,"height":11}},{"id":"5bd51534-5b09-4083-97a5-b4cb4e6f1f76","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":32,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"7a8a9f15-33f7-4e5e-b833-bd42aa9639fe","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":32,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"9764d000-4703-4ca0-bc88-6915f2570efe","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":32,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"46d408ca-64d4-44e2-bab8-afac625bf52f","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":32,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"b8d868f3-1c3c-49ce-83c1-c035f231e1de","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":32,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"396ee92e-f777-4d9e-a282-f0b2099276ea","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":32,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"fe1d6fa7-1085-4b58-9f21-4137247419c3","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":32,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"556d26e4-1691-4f90-af99-5dfd85c43e4b","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":32,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"616ace1b-4f58-4b3e-baa5-0762b1771bd8","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":32,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"6f00dfba-33ae-42e5-8191-77ea717d915b","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":32,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"825f5013-93b8-4f8a-9a8c-f0e62664515c","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":32,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"b4a2b077-2c34-4bb5-b285-1471b469e816","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":32,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"27b85b25-6a33-47b1-a390-ba43a5181ef1","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":32,"box":{"x":549,"y":663,"width":385,"height":10}},{"id":"cedf7baf-82be-45af-a419-5f311d704b1f","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":32,"box":{"x":549,"y":677,"width":409,"height":10}},{"id":"1a176d99-a2f4-4441-bbc6-e2c1f56d3971","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":32,"box":{"x":549,"y":691,"width":414,"height":11}},{"id":"5c1d403a-f0fd-4dac-b9d6-dd8339582ecd","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":32,"box":{"x":549,"y":705,"width":408,"height":11}},{"id":"2093fd15-9c96-42d1-9b60-f9f51ff638ea","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":32,"box":{"x":549,"y":719,"width":409,"height":11}},{"id":"37783cd3-fcdd-47b9-8661-7264b9923e40","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":32,"box":{"x":549,"y":733,"width":375,"height":11}},{"id":"975639e8-c926-42f5-a348-f413a396f879","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":32,"box":{"x":549,"y":748,"width":396,"height":10}},{"id":"fac2a6a5-69f6-4e1e-a129-2e1efc642f13","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":32,"box":{"x":549,"y":762,"width":389,"height":8}},{"id":"88c3140c-5461-408f-b9e4-cb6c0bf6f04a","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":32,"box":{"x":549,"y":776,"width":355,"height":11}},{"id":"01e21eaf-981c-47a2-8757-e89cd826a591","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":32,"box":{"x":550,"y":798,"width":395,"height":11}},{"id":"c72da3d1-fa45-414c-b2e5-5bd69eebbb41","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":32,"box":{"x":549,"y":812,"width":411,"height":11}},{"id":"79cbe9d7-e77b-4891-bfbd-479c7f58cf9d","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":32,"box":{"x":549,"y":826,"width":380,"height":11}},{"id":"b1bf59fc-8b51-4fac-a981-72096945e2a6","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":32,"box":{"x":549,"y":840,"width":398,"height":11}},{"id":"29195052-4a6e-4e26-b954-ed533a6bb258","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":32,"box":{"x":549,"y":855,"width":389,"height":10}},{"id":"23970847-b6f0-4a36-bf18-14229fc779dd","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":32,"box":{"x":549,"y":869,"width":422,"height":11}},{"id":"02bcd593-9f6c-4ef2-8678-9112ad237d9d","block_type":"box","text":"S-22","page_number":32,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"5021596a-9187-4c4e-b9ee-e4482b525c21","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":33,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"50840b74-9852-4ed0-a631-d2a8ec42505a","block_type":"box","text":"the Underlying Index. By December 2, 2028, the Underlying Index","page_number":33,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"560a0def-184b-47b2-b13e-2dee1267eb54","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":33,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"fb74eaf3-6904-44ab-9f49-ebba7b9f868a","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":33,"box":{"x":82,"y":66,"width":418,"height":10}},{"id":"ac818d07-35f8-4a46-86d5-be7f2bc610d5","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":33,"box":{"x":83,"y":80,"width":382,"height":11}},{"id":"e0528981-f7ae-4fe4-a4fa-5eeb28808d46","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":33,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"753a8c3a-4ac0-4f63-90e3-2d57aab02ee9","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":33,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"45802ccf-ea1c-40aa-818e-8591b209b681","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":33,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"a0cd4a98-14ca-4d11-a72b-65e0053b25d8","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":33,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"9d6bbfb7-b2ca-46cc-94de-befcaf724a38","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":33,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"36e01c0f-0e50-4ee4-be81-f671808ddb88","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":33,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"9b5b0cf2-2d6c-4880-95ca-08c5ad369252","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":33,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"5277b33f-2bf1-4fa7-96f0-323598e43a74","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":33,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"8f59d824-3607-4738-9c8e-99e60f994648","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":33,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"81eb3fc6-50c6-4bc3-829b-b3565c181cfc","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":33,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"c9959c86-c156-4fa6-937e-110cd6bfc463","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":33,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"377f7b24-91be-4385-a47e-ab066e353bbb","block_type":"box","text":"over time.","page_number":33,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"b8cdbb79-898f-41c5-ad8e-435e1a574b94","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":33,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"87a36326-100a-44aa-a1f1-e50fbc741ec3","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":33,"box":{"x":83,"y":303,"width":356,"height":8}},{"id":"a26e11a2-ff8c-4f29-a671-491cfdca464f","block_type":"box","text":"composition and relative weightings of the components of the","page_number":33,"box":{"x":83,"y":317,"width":395,"height":11}},{"id":"8965b8cb-5923-429d-8022-370be2754d9c","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":33,"box":{"x":83,"y":331,"width":416,"height":11}},{"id":"7adaa845-cfee-4233-a9b5-54d97cfc5f28","block_type":"box","text":"value of the Underlying Index.","page_number":33,"box":{"x":82,"y":345,"width":190,"height":11}},{"id":"572465a1-2776-4600-9077-18d24ec05cea","block_type":"box","text":"Industry Concentration Policy.","page_number":33,"box":{"x":83,"y":369,"width":210,"height":10}},{"id":"249b5b24-43db-4c99-93aa-7df5f0377613","block_type":"box","text":"The Fund will concentrate its","page_number":33,"box":{"x":298,"y":369,"width":184,"height":8}},{"id":"5abb91c7-f51b-477b-b3db-892f3e0ea997","block_type":"box","text":"investments (","page_number":33,"box":{"x":83,"y":383,"width":85,"height":11}},{"id":"fe2820da-c3ca-456b-b3b2-a00625909c56","block_type":"box","text":"i.e.","page_number":33,"box":{"x":169,"y":383,"width":17,"height":8}},{"id":"3d25d0f5-2891-42be-acd7-c405c983f3bf","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":33,"box":{"x":189,"y":383,"width":264,"height":11}},{"id":"66c01368-09a1-4a9b-a7ec-874dc93d1c36","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":33,"box":{"x":83,"y":397,"width":394,"height":11}},{"id":"6e92076a-ccb6-4a08-a760-1efc53460408","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":33,"box":{"x":83,"y":411,"width":377,"height":11}},{"id":"7e21bdc4-f767-4d1a-9caa-5f863fa6b825","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":33,"box":{"x":83,"y":425,"width":389,"height":11}},{"id":"7b61bec3-0620-4c94-8ef8-dcb7e82c3f79","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":33,"box":{"x":83,"y":440,"width":365,"height":10}},{"id":"dda8f88d-5e2b-49e8-a1ca-45e1faf9c700","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":33,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"0052e19e-ccaa-4abc-a3f8-c5942bdb1941","block_type":"box","text":"securities of state or municipal governments and their political","page_number":33,"box":{"x":83,"y":468,"width":399,"height":11}},{"id":"bbe617fb-2333-403e-a44d-198215c4c8c7","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":33,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"fe5b5b75-6faf-4849-ade8-0069582a3309","block_type":"box","text":"industry.","page_number":33,"box":{"x":83,"y":496,"width":54,"height":11}},{"id":"f2485591-1944-49d5-a4ea-6a9cb6697bbe","block_type":"box","text":"Summary of Principal Risks","page_number":33,"box":{"x":83,"y":525,"width":235,"height":14}},{"id":"02879e5e-7f00-4d55-ac2d-c5646aadf59b","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":33,"box":{"x":82,"y":550,"width":363,"height":11}},{"id":"99db03e0-a412-4928-afaf-43864ca844dc","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":33,"box":{"x":83,"y":565,"width":402,"height":10}},{"id":"c0e5e0a2-5480-4349-b5aa-eaeb83857390","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":33,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"3f5cc35f-d734-4d70-a541-94aba291f759","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":33,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"ab5b9351-a580-4e2d-af3a-55db6d4e2c29","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":33,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"33cbee57-326c-469e-89bb-809ad2de57c3","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":33,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"d9d95817-d992-4b43-920b-0290bdc07a30","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":33,"box":{"x":83,"y":635,"width":387,"height":11}},{"id":"636f654c-cb30-4f9f-813f-2879e5bf6ac9","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":33,"box":{"x":82,"y":650,"width":426,"height":10}},{"id":"74e45b2e-b027-40fd-a730-2b3106c7bb93","block_type":"box","text":"risk is difficult to predict and may change over time. 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Errors in index data, index computations or the","page_number":33,"box":{"x":549,"y":726,"width":366,"height":10}},{"id":"00890efc-38b4-40c1-abe3-c059470a84a8","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":33,"box":{"x":549,"y":740,"width":377,"height":11}},{"id":"a5beefbb-db83-42c0-904f-ba827f4093b5","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":33,"box":{"x":549,"y":754,"width":413,"height":11}},{"id":"0d365170-6a16-425f-9339-d8b1ea5ee837","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":33,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"26802e15-f50d-4a8e-ab50-52e22a16db05","block_type":"box","text":"impact on the Fund and its shareholders. 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The Fund may be adversely affected if an investment","page_number":34,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"2ee34a36-af09-430a-bd77-5c37684f7a69","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":34,"box":{"x":549,"y":80,"width":324,"height":11}},{"id":"5c39b6d8-3a22-484b-8952-b9007fea7749","block_type":"box","text":"Declining Yield Risk.","page_number":34,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"e03ef83a-cb33-45b9-8a72-7862f229a812","block_type":"box","text":"In the months leading up to the Fund’s","page_number":34,"box":{"x":691,"y":103,"width":245,"height":11}},{"id":"e8431412-724b-4944-b0e7-77a5b2d128d8","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":34,"box":{"x":549,"y":117,"width":386,"height":11}},{"id":"1804960a-0be3-4c05-a235-82a3f0f3cf87","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":34,"box":{"x":549,"y":131,"width":408,"height":11}},{"id":"e5e02f0c-f6bc-4ec5-b0e6-7a7e7f2ac302","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":34,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"1c8ce056-f081-432b-973a-217d28f977e1","block_type":"box","text":"yields for bonds in the market.","page_number":34,"box":{"x":549,"y":160,"width":193,"height":11}},{"id":"710ec335-48e3-4591-a109-12db1b3dad62","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":34,"box":{"x":549,"y":183,"width":332,"height":11}},{"id":"cc5134a6-6632-41de-8a89-2941fe674eeb","block_type":"box","text":".","page_number":34,"box":{"x":881,"y":190,"width":3,"height":1}},{"id":"64fe7b40-54c1-4e4a-82be-e0d6ec2aba27","block_type":"box","text":"The Fund,","page_number":34,"box":{"x":889,"y":183,"width":61,"height":10}},{"id":"11f7110e-60b2-4e65-b111-ad77778ee65b","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":34,"box":{"x":549,"y":197,"width":394,"height":11}},{"id":"cdb8be05-aaab-4456-b50d-9da553079fdb","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":34,"box":{"x":549,"y":211,"width":381,"height":11}},{"id":"de7d19b0-3a1a-4c11-9c9c-8018364a87d2","block_type":"box","text":"distributions of income that vary over time. 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Unlike a","page_number":34,"box":{"x":549,"y":268,"width":398,"height":11}},{"id":"fb4a07a7-779b-4bfa-a4f1-0b3331188de5","block_type":"box","text":"direct investment in municipal bonds, the breakdown of returns","page_number":34,"box":{"x":549,"y":282,"width":406,"height":11}},{"id":"1371f70f-8cb0-44c1-92ad-42d88b2ae1e9","block_type":"box","text":"between Fund distributions and liquidation proceeds are not","page_number":34,"box":{"x":549,"y":296,"width":385,"height":11}},{"id":"462d45fa-5c2e-4dac-855c-6f8ea7f18468","block_type":"box","text":"predictable at the time of your investment. 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As the Fund will not fully replicate the","page_number":35,"box":{"x":83,"y":438,"width":362,"height":11}},{"id":"3298b7a4-209c-4ec1-a068-f6302c286533","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":35,"box":{"x":83,"y":452,"width":388,"height":11}},{"id":"493e1d70-422d-44e0-98eb-3edbf6f1fe9f","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":35,"box":{"x":83,"y":467,"width":409,"height":10}},{"id":"295cee65-d7ef-45a7-b9c3-438dba25a47d","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":35,"box":{"x":83,"y":481,"width":419,"height":11}},{"id":"a563fb25-95ef-44b7-af15-ecb1a27edef2","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":35,"box":{"x":82,"y":495,"width":420,"height":11}},{"id":"b09bcee9-7612-4eda-8cdc-e4bcc93d6dab","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":35,"box":{"x":83,"y":509,"width":402,"height":11}},{"id":"f43bb8fa-433c-4237-937b-9d9707b0515c","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":35,"box":{"x":83,"y":523,"width":323,"height":11}},{"id":"0654554a-a99b-49af-90c5-a37d4321e624","block_type":"box","text":"Market Trading Risk","page_number":35,"box":{"x":83,"y":546,"width":136,"height":11}},{"id":"11e6c48c-2307-4dbc-baef-b1fa57999cd6","block_type":"box","text":".","page_number":35,"box":{"x":219,"y":553,"width":2,"height":2}},{"id":"55d52c38-324d-47b1-a334-31cdfdf35276","block_type":"box","text":"The Fund faces numerous market trading","page_number":35,"box":{"x":226,"y":547,"width":263,"height":10}},{"id":"2a04b029-5027-433e-8758-c5d0fcd2e8f8","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":35,"box":{"x":83,"y":561,"width":394,"height":11}},{"id":"1fed5f90-3790-40f8-b2f0-a2573dc9665d","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":35,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"bb0786ad-1c46-48bb-9d7f-a2fd090db572","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":35,"box":{"x":83,"y":589,"width":404,"height":11}},{"id":"5e641d4c-a7f0-40df-b5da-7dcf28d5287a","block_type":"box","text":"the process of creating and redeeming Fund shares. 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While the Fund’s service","page_number":35,"box":{"x":83,"y":811,"width":376,"height":11}},{"id":"d2f08e5e-79be-452c-9bb5-f0ecbc9b7d25","block_type":"box","text":"providers are required to have appropriate operational,","page_number":35,"box":{"x":83,"y":825,"width":350,"height":11}},{"id":"ca5b66de-f602-445b-9280-a4d7f5a02d8c","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":35,"box":{"x":83,"y":839,"width":414,"height":11}},{"id":"b552569a-cc0f-4dce-9ac3-e735666dbad3","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":35,"box":{"x":83,"y":853,"width":397,"height":11}},{"id":"5ad9dc1c-4304-4d2e-b80f-193f640bbdb8","block_type":"box","text":"from those of the Fund. 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Events","page_number":35,"box":{"x":549,"y":160,"width":417,"height":11}},{"id":"59da40b5-f6d4-4b75-bf06-bc1f73b8a194","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":35,"box":{"x":549,"y":174,"width":409,"height":11}},{"id":"eb33a9fa-e755-44f3-85ec-ac7aebc89d8c","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":35,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"91915ad5-a76d-4ee4-875d-424390d35a99","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":35,"box":{"x":549,"y":202,"width":412,"height":11}},{"id":"20ec170e-38a8-4910-a911-80834bf59d06","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":35,"box":{"x":549,"y":216,"width":394,"height":11}},{"id":"61684f29-5898-40e1-b8f2-bcfb7b01f0e2","block_type":"box","text":"federal Medicare contribution tax. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":38,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"0650f860-5a2c-4212-992b-4d04333a9eaa","block_type":"box","text":"be:","page_number":38,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"9688d825-d45a-400b-882b-da323e70d622","block_type":"box","text":"1 Year 3 Years Maturity","page_number":38,"box":{"x":230,"y":706,"width":599,"height":9}},{"id":"859bef98-b404-4d8e-8788-4d37173a8aef","block_type":"box","text":"$18 $58 $74","page_number":38,"box":{"x":238,"y":726,"width":575,"height":9}},{"id":"61cf0158-433c-4603-8e52-17ecc4e9bd14","block_type":"box","text":"S-28","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8c801f56-4336-47fe-8694-647d5e8a41f1","block_type":"box","text":"Portfolio Turnover.","page_number":39,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"b88140d8-6e9f-4049-b45c-9477ac7f2578","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":39,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"4d313d8f-a4c3-401a-afc5-518d20da7e46","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":39,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"3d209488-d27d-41d5-81d1-6408eb9feeec","block_type":"box","text":"portfolio). 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During the most recent","page_number":39,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"2b18a365-fa7c-42a0-8e57-c811a76c98ba","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 1% of the","page_number":39,"box":{"x":82,"y":122,"width":377,"height":11}},{"id":"b2cda43b-3ecc-4e8d-8b0d-f113be0182da","block_type":"box","text":"average value of its portfolio.","page_number":39,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"af9d3f83-5d98-42af-be4f-2dc22e8d1ede","block_type":"box","text":"Principal Investment Strategies","page_number":39,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"4feee1f6-c1c4-4153-bc0a-493639f75d1e","block_type":"box","text":"The Fund seeks to track the investment results of the S&P AMT","page_number":39,"box":{"x":82,"y":191,"width":408,"height":8}},{"id":"d5eeb5bb-20fd-4cf0-8a8f-b774a02c1362","block_type":"box","text":"Free Municipal Series Callable-Adjusted 2029 Index","page_number":39,"box":{"x":84,"y":205,"width":330,"height":11}},{"id":"22ffe61a-f6ef-4e7e-a970-2fefb6f9f3f2","block_type":"box","text":"TM","page_number":39,"box":{"x":414,"y":203,"width":15,"height":5}},{"id":"82f88b76-309b-4a32-90ae-bd41020d9b33","block_type":"box","text":"(the","page_number":39,"box":{"x":435,"y":205,"width":23,"height":11}},{"id":"fa6b4703-6473-4500-baef-d9f5d9b9f847","block_type":"box","text":"“Underlying Index”), which is a market-value-weighted index that","page_number":39,"box":{"x":83,"y":219,"width":413,"height":11}},{"id":"08c1e46a-78c5-489d-875c-3cc6d0ce6d47","block_type":"box","text":"seeks to measure the performance of investment-grade (as","page_number":39,"box":{"x":83,"y":233,"width":380,"height":11}},{"id":"07633a22-6ffb-4875-9164-ac8f07f8848f","block_type":"box","text":"determined by S&P Dow Jones Indices LLC (the “Index Provider”","page_number":39,"box":{"x":83,"y":247,"width":409,"height":11}},{"id":"8416376e-a2de-4ca2-aedf-68b3a2851f8d","block_type":"box","text":"or “SPDJI”)), tax-exempt, U.S. municipal bonds, reducing callable","page_number":39,"box":{"x":83,"y":262,"width":414,"height":10}},{"id":"ab1e491c-052f-4237-8ecb-77163b9aa599","block_type":"box","text":"bonds before 2029, and only including non-callable bonds","page_number":39,"box":{"x":83,"y":276,"width":370,"height":11}},{"id":"7583a77e-c57e-4419-8d7f-31367f78455f","block_type":"box","text":"maturing in 2029. As of October 31, 2025, there were 10,442","page_number":39,"box":{"x":83,"y":290,"width":391,"height":11}},{"id":"02370194-c19f-4cd0-aca8-a19c87245e9d","block_type":"box","text":"issues in the Underlying Index.","page_number":39,"box":{"x":83,"y":304,"width":194,"height":11}},{"id":"f5e72633-ff2b-4d3b-b325-70da5c7b0ab9","block_type":"box","text":"The Underlying Index includes municipal bonds from issuers that","page_number":39,"box":{"x":82,"y":326,"width":413,"height":11}},{"id":"b4a4363d-7b4f-40af-8523-9c06fc078a05","block_type":"box","text":"are U.S. state, federal district (the District of Columbia), or local","page_number":39,"box":{"x":83,"y":340,"width":408,"height":11}},{"id":"40de69e5-e54d-41d6-bcf5-5afdfa29491a","block_type":"box","text":"government or agency such that the interest on the bonds is","page_number":39,"box":{"x":83,"y":354,"width":386,"height":11}},{"id":"00a84d70-5b1d-4cdc-989e-0cbcd5b3e003","block_type":"box","text":"exempt from U.S. federal income taxes and the federal alternative","page_number":39,"box":{"x":83,"y":369,"width":422,"height":10}},{"id":"771935e0-2443-4ff7-9770-83077e2f4a9b","block_type":"box","text":"minimum tax (“AMT”). Bonds issued by U.S. territories and the","page_number":39,"box":{"x":83,"y":383,"width":396,"height":11}},{"id":"f5225ecf-7a98-4cb2-8442-864fbefcc0d5","block_type":"box","text":"Commonwealth of Puerto Rico are excluded from the Underlying","page_number":39,"box":{"x":83,"y":397,"width":412,"height":11}},{"id":"11d6e74a-1126-471a-82b9-5e7f50840b9f","block_type":"box","text":"Index. Each bond must have a rating of at least BBB- by S&P","page_number":39,"box":{"x":83,"y":411,"width":384,"height":11}},{"id":"5ef30895-6163-4de5-b39d-f21ccc356f80","block_type":"box","text":"Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB","page_number":39,"box":{"x":83,"y":425,"width":411,"height":11}},{"id":"33d279d6-701d-4d0c-add1-0798a2fa73c2","block_type":"box","text":"by Fitch Ratings, Inc. 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In","page_number":39,"box":{"x":83,"y":482,"width":411,"height":11}},{"id":"9bc953bb-2183-4f21-bb27-05c9dc35f102","block_type":"box","text":"addition, each bond must have a minimum maturity par amount of","page_number":39,"box":{"x":83,"y":496,"width":423,"height":11}},{"id":"fc57aead-dc03-48d4-bab1-8785b67d19bc","block_type":"box","text":"$2 million to be eligible for inclusion in the Underlying Index. To","page_number":39,"box":{"x":83,"y":510,"width":404,"height":11}},{"id":"d4e19bc8-a690-4258-a235-299c7343bd53","block_type":"box","text":"remain in the Underlying Index, bonds must maintain a minimum","page_number":39,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"87744a64-8d8d-44e4-977b-55ee2bf35b9b","block_type":"box","text":"par amount greater than or equal to $2 million as of each","page_number":39,"box":{"x":83,"y":538,"width":364,"height":12}},{"id":"af569c43-a45c-4091-a151-b59c502bb651","block_type":"box","text":"rebalancing reference date. All non-callable bonds in the","page_number":39,"box":{"x":83,"y":553,"width":360,"height":11}},{"id":"37cb5dbd-4045-498f-9220-0dee30a9381a","block_type":"box","text":"Underlying Index will mature or be redeemed after December 31,","page_number":39,"box":{"x":83,"y":567,"width":413,"height":11}},{"id":"f0f85e4e-3dd6-4e19-942e-dd82c40035fc","block_type":"box","text":"2028 and before December 2, 2029. 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Prior to the Underlying Index","page_number":39,"box":{"x":83,"y":652,"width":404,"height":11}},{"id":"59feeebb-60b1-4678-bcb5-35b61b4f9c38","block_type":"box","text":"year of maturity, redeemed bonds are represented as cash until","page_number":39,"box":{"x":82,"y":666,"width":407,"height":11}},{"id":"d147f7d4-00b2-41f3-9031-81b8dc1246f0","block_type":"box","text":"the subsequent monthly rebalancing date during which eligible","page_number":39,"box":{"x":83,"y":681,"width":400,"height":10}},{"id":"50000339-ddca-42eb-a7cc-fa73a44cf43d","block_type":"box","text":"bonds are added to the Underlying Index. In the Underlying Index","page_number":39,"box":{"x":83,"y":695,"width":415,"height":11}},{"id":"a9435aea-e909-4e59-a797-310b6954a8b1","block_type":"box","text":"year of maturity, bonds that mature or are pre-refunded in their","page_number":39,"box":{"x":82,"y":709,"width":406,"height":11}},{"id":"8f1d75cf-8729-4b85-a182-d3ead1483f05","block_type":"box","text":"respective year of maturity do not accrue interest past the","page_number":39,"box":{"x":83,"y":723,"width":372,"height":11}},{"id":"8733c033-17ec-4e78-8fd3-a25c587c6009","block_type":"box","text":"maturity or pre-refund date. A bond is “pre-refunded” when the","page_number":39,"box":{"x":83,"y":737,"width":403,"height":11}},{"id":"6ed30a3c-6420-4e2e-9baa-e6c92189192a","block_type":"box","text":"bond has been refunded to a call date prior to maturity. In other","page_number":39,"box":{"x":83,"y":751,"width":407,"height":11}},{"id":"6abfe24a-e2ca-4179-b49b-de8a03f640b1","block_type":"box","text":"words, a holder of a “pre-refunded” bond receives all payments of","page_number":39,"box":{"x":82,"y":766,"width":421,"height":10}},{"id":"5e1dd257-a2f6-43b0-8fc5-2cb7fd61ab6c","block_type":"box","text":"interest and principal back on an earlier date then the stated","page_number":39,"box":{"x":83,"y":780,"width":387,"height":11}},{"id":"ae9c38c1-3bf2-4fdf-9aeb-5655e302b50a","block_type":"box","text":"maturity date of the bond. All payments related to the maturity or","page_number":39,"box":{"x":83,"y":794,"width":418,"height":11}},{"id":"ea3ad636-8673-45f8-97d4-17ebfcc55a0a","block_type":"box","text":"pre-refunding of a bond are reinvested in tax-exempt cash or cash","page_number":39,"box":{"x":83,"y":808,"width":422,"height":11}},{"id":"e6871c67-0a7b-490c-98e6-765d38bfb4b5","block_type":"box","text":"equivalents for the duration of each month.","page_number":39,"box":{"x":83,"y":822,"width":276,"height":11}},{"id":"7794baf2-d934-4270-970b-407096934900","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":39,"box":{"x":83,"y":844,"width":418,"height":11}},{"id":"b8467196-2f15-430b-a613-91dcd4469226","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":39,"box":{"x":83,"y":859,"width":409,"height":10}},{"id":"3b55d547-865d-42bb-955d-16139f3e4e3e","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":39,"box":{"x":83,"y":873,"width":388,"height":11}},{"id":"2fa6251a-639d-4368-9853-c4add7909d0b","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":39,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"4f8731a9-7200-4396-a060-41909b19d9c4","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":39,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"a05f1841-6925-4b92-b41f-3cd4a101e815","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":39,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"70bc856c-27f0-44a1-9892-0b6aba4af2a4","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":39,"box":{"x":549,"y":66,"width":396,"height":11}},{"id":"fb792a65-7974-439e-af9d-10e03cd6ab28","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":39,"box":{"x":549,"y":80,"width":413,"height":11}},{"id":"e281e694-c788-43ed-94a9-a67c0aff1455","block_type":"box","text":"the Fund. As a result, as of January 1, 2029, the Underlying Index","page_number":39,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"2625cb25-5cd3-41b7-84c3-c78ed2f1f349","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":39,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"9d1393a7-8357-49ce-bdeb-f039fcd5e7b1","block_type":"box","text":"December 2, 2029.","page_number":39,"box":{"x":550,"y":123,"width":122,"height":10}},{"id":"00a4bd6d-a192-499f-8202-d1803c517b37","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":39,"box":{"x":549,"y":144,"width":265,"height":9}},{"id":"c9f53e92-4b48-4d2c-a212-a2c710b22edb","block_type":"box","text":"®","page_number":39,"box":{"x":816,"y":144,"width":8,"height":6}},{"id":"6982c198-a2e1-4839-9e81-76d61499680b","block_type":"box","text":"fixed maturity series","page_number":39,"box":{"x":829,"y":144,"width":130,"height":11}},{"id":"168d8c1e-6da7-4d28-890f-c427c3c2b842","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":39,"box":{"x":549,"y":158,"width":419,"height":11}},{"id":"938634bb-14d2-4ba3-abba-b296fef22fea","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":39,"box":{"x":550,"y":173,"width":191,"height":10}},{"id":"68fc06cc-3447-4e21-a0a2-fe50b329905c","block_type":"box","text":"®","page_number":39,"box":{"x":743,"y":172,"width":8,"height":6}},{"id":"2a27a1f3-846e-4fdc-a523-cb7e79b9a07a","block_type":"box","text":"fixed maturity series do not invest","page_number":39,"box":{"x":756,"y":173,"width":217,"height":10}},{"id":"374a0836-1290-4fff-8d93-327b073f2e55","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":39,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"489cc0c8-de65-4885-915a-0c227ac437f1","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":39,"box":{"x":549,"y":201,"width":416,"height":11}},{"id":"71c8ca3b-8c29-4378-a86d-0cb23cbc27b2","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":39,"box":{"x":549,"y":215,"width":416,"height":11}},{"id":"792bc57a-dfd4-48c0-89a4-df1ab5888469","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":39,"box":{"x":549,"y":229,"width":385,"height":11}},{"id":"ed28e4b4-2693-4d23-bec4-93f9da8a2046","block_type":"box","text":"federal government agency bonds.","page_number":39,"box":{"x":549,"y":244,"width":220,"height":10}},{"id":"f7c8de16-3a9d-4eea-9728-f6a69c7f3e4d","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":39,"box":{"x":550,"y":267,"width":376,"height":11}},{"id":"bc166de9-1da8-4046-983f-d3ce101a48e0","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":39,"box":{"x":549,"y":281,"width":417,"height":11}},{"id":"f7a137c3-d984-4e51-84ca-0c5604be741a","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":39,"box":{"x":549,"y":295,"width":396,"height":11}},{"id":"e06fd256-cb2b-4d4c-bfb8-ecdccb40b3aa","block_type":"box","text":"markets decline or appear overvalued.","page_number":39,"box":{"x":549,"y":309,"width":244,"height":11}},{"id":"75799ff0-cb51-4895-bc63-a02b7a43561d","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":39,"box":{"x":550,"y":333,"width":420,"height":10}},{"id":"f4943bcc-0525-44a4-898a-3e7e1c9f9201","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":39,"box":{"x":549,"y":347,"width":421,"height":11}},{"id":"9d346535-5199-4773-829c-1229d743d76e","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":39,"box":{"x":549,"y":361,"width":386,"height":11}},{"id":"c457e43e-3a50-479d-8a0e-174a6f9e529b","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":39,"box":{"x":550,"y":375,"width":369,"height":11}},{"id":"81e2fc42-3898-4416-953b-ca39dc900f25","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":39,"box":{"x":549,"y":389,"width":356,"height":11}},{"id":"4250daf4-3b5d-4545-980e-fdb8b53c11fd","block_type":"box","text":"comparison to actively managed investment companies.","page_number":39,"box":{"x":549,"y":403,"width":359,"height":11}},{"id":"343139db-e2b5-4f7e-993c-123e63ff306b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":39,"box":{"x":550,"y":427,"width":411,"height":10}},{"id":"48988046-e205-4570-b825-f7cb0fddb32c","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":39,"box":{"x":549,"y":441,"width":411,"height":11}},{"id":"57a800ba-98d7-4287-82a1-3d9564ea3bc3","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":39,"box":{"x":549,"y":455,"width":424,"height":11}},{"id":"b895c122-9ddf-4ebc-b799-ce497803b5b4","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":39,"box":{"x":549,"y":469,"width":410,"height":11}},{"id":"adb26d78-3625-479b-a25b-0ebff3d94fcd","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":39,"box":{"x":549,"y":483,"width":408,"height":11}},{"id":"ee13ea1f-0c14-48db-8f5b-ce778e01a521","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":39,"box":{"x":549,"y":498,"width":423,"height":10}},{"id":"a48c4348-83e0-4bd7-8c07-e0b51fdfdea2","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":39,"box":{"x":549,"y":512,"width":415,"height":11}},{"id":"4f4beccf-6739-4df7-b656-9ff38ccb46fe","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":39,"box":{"x":549,"y":526,"width":405,"height":11}},{"id":"073de015-271d-4842-bc81-53737703adb4","block_type":"box","text":"(","page_number":39,"box":{"x":549,"y":540,"width":3,"height":11}},{"id":"e6ea7de4-c1c3-40fb-ac47-6c150a78b84c","block_type":"box","text":"i.e.","page_number":39,"box":{"x":553,"y":540,"width":17,"height":9}},{"id":"c32a6a96-b70a-41b6-97e6-e906921e6c4d","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":39,"box":{"x":573,"y":540,"width":358,"height":11}},{"id":"a3590777-7daf-4650-9f24-818677029294","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":39,"box":{"x":549,"y":554,"width":418,"height":11}},{"id":"60ae929c-28d2-4763-94c9-ae3549fdf60a","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":39,"box":{"x":549,"y":568,"width":410,"height":11}},{"id":"a54ddd1d-284b-49db-8cf0-0a70088db9d8","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":39,"box":{"x":549,"y":583,"width":399,"height":10}},{"id":"46badda1-5bda-415c-9233-14aa5f24b38f","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":39,"box":{"x":549,"y":606,"width":404,"height":11}},{"id":"2dd03cd2-a9a2-4b63-af9a-67e3ea405d60","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":39,"box":{"x":549,"y":620,"width":424,"height":11}},{"id":"3763c44f-f2bf-4c59-b702-1dd049f63563","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":39,"box":{"x":549,"y":634,"width":411,"height":11}},{"id":"2860c183-4bf9-4dc6-85f4-8f119bee5333","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":39,"box":{"x":549,"y":648,"width":414,"height":11}},{"id":"79e771ca-6b05-44ec-97ba-fae516ab5805","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":39,"box":{"x":549,"y":663,"width":414,"height":10}},{"id":"c623a5da-0055-49d2-bf86-dccce349ff25","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":39,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"e369d2ef-d396-4362-a305-c552f281b195","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":39,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"97e37e8f-1986-4535-a818-ca1834e9a4fb","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":39,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"796c4a0e-0256-4e53-874f-6550533c19ce","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":39,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"fdc82d01-9ac0-49f0-a1b0-7ba3b456bb96","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":39,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"93953642-2745-45f0-a21c-c239bbdbf059","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":39,"box":{"x":549,"y":748,"width":385,"height":10}},{"id":"3d34132d-19cb-4997-9821-b67ec8c7b8e2","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":39,"box":{"x":549,"y":762,"width":409,"height":11}},{"id":"c1686b46-5923-4a97-aaee-43276a139914","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":39,"box":{"x":549,"y":776,"width":414,"height":11}},{"id":"9b23eee3-849b-4340-a543-1364738b77c4","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":39,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"817fc820-c798-4bfa-9a73-dd803b0f97e6","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":39,"box":{"x":549,"y":804,"width":409,"height":11}},{"id":"bcf74d5d-e0fa-4aff-b242-77e00f19a8e6","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":39,"box":{"x":549,"y":819,"width":375,"height":10}},{"id":"62107846-98e1-4ba7-bc24-2d7802c01fcb","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":39,"box":{"x":549,"y":833,"width":396,"height":10}},{"id":"90617fb8-254b-461c-b9a6-0cc60825b778","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":39,"box":{"x":549,"y":847,"width":389,"height":8}},{"id":"f0931459-164a-44bd-abad-98eac94dd8d5","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":39,"box":{"x":549,"y":861,"width":355,"height":11}},{"id":"1bf75008-6d6f-4985-ac42-727d909eb95f","block_type":"box","text":"S-29","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e1b3ebcf-ba96-4e75-889f-5424fbc15d21","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":40,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"5c86d33b-b662-4fad-8ea1-fa71ac2b2bc8","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":40,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"b1a0cdc7-d569-4d85-8313-1b3985363d4c","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":40,"box":{"x":82,"y":52,"width":381,"height":10}},{"id":"6915f8aa-edbe-4c4a-a526-6e2ae4e670b8","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":40,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"2b28591c-475f-4c83-a385-1f498de203a3","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":40,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"370eec61-44bd-4bdf-8459-f0479209de93","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":40,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"66f2c101-cb06-4edc-a1c6-d38cac254964","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":40,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"55542fb2-d0ca-4d63-a7a7-fe30782f0b50","block_type":"box","text":"the Underlying Index. By December 2, 2029, the Underlying Index","page_number":40,"box":{"x":83,"y":122,"width":420,"height":11}},{"id":"9f03e2f9-1b48-47f4-b32c-8b4b52d4f5ff","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":40,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"3362115c-2938-45df-a556-9dcf7c8b3211","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":40,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"7a978efa-bcea-48fd-9283-dfd66328f762","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":40,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"250a654b-3917-4140-a4d5-cafd1b3db381","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":40,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"57e9fc76-30e5-45d3-8ef8-eaa21b3051c6","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":40,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"ed8c0721-f512-438d-987d-173cb8363e52","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":40,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"d5c71c3e-8b2e-4d4f-a2b1-6edc20a23366","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":40,"box":{"x":83,"y":222,"width":409,"height":10}},{"id":"a21e7fc0-5902-41ad-90c3-1a79ef987643","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":40,"box":{"x":83,"y":236,"width":371,"height":11}},{"id":"fcfce846-9913-401f-ba70-c82aa3f75add","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":40,"box":{"x":83,"y":250,"width":404,"height":9}},{"id":"4f58c354-b2fc-49ba-a7fb-5ffc2d870376","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":40,"box":{"x":82,"y":272,"width":414,"height":11}},{"id":"7ed56afa-9054-4343-9cde-1c3497d6f52c","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":40,"box":{"x":83,"y":286,"width":282,"height":11}},{"id":"85ae08f9-f35b-46ef-a945-7705c9406032","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":40,"box":{"x":82,"y":308,"width":406,"height":11}},{"id":"ce7b2c88-2c52-4fd3-a304-1d8d1fa7a60f","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":40,"box":{"x":83,"y":322,"width":420,"height":11}},{"id":"407a1ce5-0e13-4fe9-b5ad-fd8aecb4c5aa","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":40,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"44860b1e-e29a-4bac-a673-62a62ff19287","block_type":"box","text":"over time.","page_number":40,"box":{"x":83,"y":351,"width":63,"height":8}},{"id":"ddd0265a-039d-4fde-8070-6e48ce649fad","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":40,"box":{"x":82,"y":374,"width":423,"height":11}},{"id":"305bfcad-64f0-4e08-9427-76da0e61f0a2","block_type":"box","text":"of the Fund and BFA. 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For","page_number":40,"box":{"x":83,"y":496,"width":377,"height":11}},{"id":"96b9bd2e-8ee5-4981-8cd5-987c2d62001e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":40,"box":{"x":83,"y":510,"width":389,"height":11}},{"id":"bfe461a3-fb86-44eb-aba6-857f5837caab","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":40,"box":{"x":83,"y":525,"width":365,"height":10}},{"id":"a1e9bbeb-c0f6-4911-83a6-1429ff3bbb93","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":40,"box":{"x":83,"y":539,"width":392,"height":11}},{"id":"cd9af9d3-0143-4d8b-af62-1c1c487ea5c7","block_type":"box","text":"securities of state or municipal governments and their political","page_number":40,"box":{"x":83,"y":553,"width":399,"height":11}},{"id":"34b0207f-0faf-49ec-bb9f-8f51432bad42","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":40,"box":{"x":83,"y":567,"width":410,"height":11}},{"id":"7a2d8324-6556-443c-9e75-43d8083e8fb0","block_type":"box","text":"industry.","page_number":40,"box":{"x":83,"y":581,"width":54,"height":11}},{"id":"7b0ec948-4f14-4cc6-8f57-6937dfaa0b54","block_type":"box","text":"Summary of Principal Risks","page_number":40,"box":{"x":83,"y":610,"width":235,"height":14}},{"id":"4b89baf4-af85-4509-a106-5bd4155c3d19","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":40,"box":{"x":82,"y":635,"width":363,"height":11}},{"id":"7f4ef288-d4f8-4fc7-abcd-f7014b51e7b3","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":40,"box":{"x":83,"y":650,"width":402,"height":10}},{"id":"b639b4e9-91e4-4049-bb1f-bbb78738743a","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":40,"box":{"x":83,"y":664,"width":396,"height":10}},{"id":"3821f71e-1cd5-4498-8054-e50634d9a46b","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":40,"box":{"x":83,"y":678,"width":376,"height":11}},{"id":"1f17de33-045e-4b60-b19d-4c2d05b28bb5","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":40,"box":{"x":83,"y":692,"width":392,"height":11}},{"id":"6f6047f4-b3c0-464f-8957-7efe2477997d","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":40,"box":{"x":83,"y":706,"width":416,"height":11}},{"id":"b60ad952-a4d2-4948-9376-14f7c5e8a4a4","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":40,"box":{"x":83,"y":721,"width":387,"height":10}},{"id":"d35d52f6-3752-4de0-a39e-e8bb11043724","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":40,"box":{"x":82,"y":735,"width":426,"height":11}},{"id":"22e9efe8-15d4-4d42-b1e0-5c227fb9b8d1","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":40,"box":{"x":83,"y":749,"width":404,"height":11}},{"id":"0e47f7c3-c9d2-4f2b-ba5f-26eb5405f0a0","block_type":"box","text":"review each risk factor carefully.","page_number":40,"box":{"x":83,"y":763,"width":206,"height":11}},{"id":"dd72de0f-b532-49a8-aa2a-722ca4aa300f","block_type":"box","text":"Municipal Securities Risk","page_number":40,"box":{"x":83,"y":786,"width":172,"height":11}},{"id":"072cf9f1-4583-4fe2-a6da-deabd71b4180","block_type":"box","text":".","page_number":40,"box":{"x":255,"y":793,"width":3,"height":2}},{"id":"2fba4cea-e9b9-4bdc-a506-964c55eda1a9","block_type":"box","text":"Municipal securities are subject to","page_number":40,"box":{"x":264,"y":786,"width":219,"height":11}},{"id":"2c0fdc42-7498-4d27-a319-7f8caebd2def","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":40,"box":{"x":83,"y":800,"width":393,"height":11}},{"id":"698cbda4-5d5a-4e26-8888-6278576117d0","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":40,"box":{"x":83,"y":815,"width":365,"height":11}},{"id":"dc5cfa78-c908-48cf-b67c-01c7cc9a70c0","block_type":"box","text":"securities. 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When municipal securities depend on a specific","page_number":40,"box":{"x":83,"y":857,"width":373,"height":11}},{"id":"6d0ebc3f-459a-40ff-a518-d4a7836a7bfe","block_type":"box","text":"revenue source to fund their payment obligations, the value of","page_number":40,"box":{"x":83,"y":871,"width":397,"height":11}},{"id":"c25b53f1-3afa-4a82-9a6d-783ef7a58621","block_type":"box","text":"such securities may fluctuate as a result of actual or anticipated","page_number":40,"box":{"x":549,"y":23,"width":409,"height":11}},{"id":"f21c0617-6138-4e2f-b410-89f68d699774","block_type":"box","text":"changes in the cash flows from the revenue source or changes in","page_number":40,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"c1b93bd9-c8ef-4964-97c3-892407f9db1a","block_type":"box","text":"the priority of the municipal obligation to receive the cash flows. If","page_number":40,"box":{"x":549,"y":51,"width":424,"height":11}},{"id":"d881530b-c104-4153-9637-86479060ddd2","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":40,"box":{"x":549,"y":66,"width":379,"height":10}},{"id":"86525981-c913-4d13-a52e-47e390f42480","block_type":"box","text":"significantly.","page_number":40,"box":{"x":549,"y":80,"width":78,"height":11}},{"id":"fc45bd38-9c33-4e25-a964-ed7878f7d94a","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":40,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"52b4bf42-d1ec-4d04-bd71-3af96412b36b","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":40,"box":{"x":549,"y":117,"width":415,"height":11}},{"id":"120b9d50-1c23-42b5-aa27-f7ae3a2f0515","block_type":"box","text":"and sell municipal bonds, especially on short notice. There may be","page_number":40,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"9e0c8178-3acb-4ba3-a150-6b66281ec3ae","block_type":"box","text":"less publicly available information about the financial condition of","page_number":40,"box":{"x":549,"y":146,"width":419,"height":10}},{"id":"a36d5080-f4b8-4719-9f01-d9979422de6d","block_type":"box","text":"municipal security issuers than for issuers of other types of","page_number":40,"box":{"x":549,"y":160,"width":379,"height":11}},{"id":"247876f8-36ad-405b-904c-ab6a46e549b2","block_type":"box","text":"securities. As a result, municipal securities may be more difficult","page_number":40,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"adf613e6-8cf1-4381-9154-0ac1fac574e9","block_type":"box","text":"to value accurately. A default or insolvency of certain issuers of","page_number":40,"box":{"x":549,"y":188,"width":405,"height":11}},{"id":"65cf354a-e7ac-4045-9a8c-314c3fc8e92e","block_type":"box","text":"municipal bonds may be subject to proceedings that are","page_number":40,"box":{"x":549,"y":202,"width":359,"height":11}},{"id":"4407e2bf-a9c7-40f0-8a1a-28ad5e30040a","block_type":"box","text":"significantly different from corporate bankruptcy proceedings,","page_number":40,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"ce8909ed-98ff-490d-a9dc-46a175852f74","block_type":"box","text":"and the Fund’s ability to recover assets may be limited.","page_number":40,"box":{"x":549,"y":231,"width":352,"height":10}},{"id":"9be1840e-ebd6-493d-aa95-a78068225e10","block_type":"box","text":"Risk of Investing in the U.S","page_number":40,"box":{"x":549,"y":254,"width":182,"height":11}},{"id":"884611a7-431d-4485-8c26-a14bfb65e491","block_type":"box","text":".","page_number":40,"box":{"x":732,"y":260,"width":2,"height":2}},{"id":"09b8af90-7f67-470c-9b4e-e3110f33810c","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":40,"box":{"x":740,"y":254,"width":210,"height":11}},{"id":"46e94c54-1166-448b-a1bc-1d1b0557761d","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":40,"box":{"x":549,"y":268,"width":391,"height":11}},{"id":"906637e6-1563-4f89-ba33-37be1c1e8098","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":40,"box":{"x":549,"y":282,"width":423,"height":11}},{"id":"7888a02b-6d6f-437e-ac4b-b08167e9ed12","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":40,"box":{"x":550,"y":296,"width":412,"height":11}},{"id":"ca714b9c-279c-409c-882d-f1bea13ce128","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":40,"box":{"x":549,"y":311,"width":396,"height":10}},{"id":"0e0eb8cc-6eb3-473d-8f00-7958d5a61d81","block_type":"box","text":"Interest Rate Risk","page_number":40,"box":{"x":549,"y":334,"width":121,"height":8}},{"id":"e0b1e3e5-9517-4df5-a224-b6e410408d3f","block_type":"box","text":".","page_number":40,"box":{"x":670,"y":340,"width":2,"height":2}},{"id":"34843285-8ad2-487a-abf1-c8eb3fc7f374","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":40,"box":{"x":678,"y":334,"width":233,"height":8}},{"id":"2ac30a40-c7dc-4f61-a250-48aee1f4fbe9","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":40,"box":{"x":549,"y":348,"width":424,"height":11}},{"id":"db2d0dff-f64f-4e4f-9fe8-4e583473b79f","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":40,"box":{"x":549,"y":362,"width":417,"height":11}},{"id":"fbfbd8ad-9b2b-4982-8838-43b699e84ceb","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":40,"box":{"x":549,"y":376,"width":389,"height":11}},{"id":"cba7eae7-a6eb-46e5-b550-f3137e7a334e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":40,"box":{"x":549,"y":391,"width":401,"height":10}},{"id":"950031ec-7add-4ccd-8cf1-9eed1858c1dd","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":40,"box":{"x":549,"y":405,"width":391,"height":11}},{"id":"1377bbfe-fb9d-4609-8be6-8ae6debdfdf9","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":40,"box":{"x":549,"y":419,"width":423,"height":11}},{"id":"50559509-5591-4ace-99e9-e0fa565486a6","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":40,"box":{"x":549,"y":433,"width":408,"height":9}},{"id":"a9d71fd9-f4c2-45ff-9d3b-6ff0f4269a78","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":40,"box":{"x":549,"y":447,"width":423,"height":11}},{"id":"4afcee6f-fc3b-411b-a56d-94530156932c","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":40,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"835f1417-6550-4048-9724-ca2681ee6f99","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":40,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"d70a1c7b-22d3-4ca2-b11d-00dea9ba1159","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":40,"box":{"x":549,"y":490,"width":411,"height":11}},{"id":"36f336f4-d8ad-4ae4-afa8-f2ae2f84a11f","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":40,"box":{"x":549,"y":504,"width":363,"height":11}},{"id":"c7d06190-cf2c-49a0-b1cf-1d2fee5b1263","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":40,"box":{"x":549,"y":518,"width":386,"height":11}},{"id":"155d1da6-355b-4c3a-bbc7-c1bf2ca1b715","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":40,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"b1f21049-0f5b-4603-8e90-b8fdd73896c1","block_type":"box","text":"dividends to shareholders.","page_number":40,"box":{"x":549,"y":547,"width":168,"height":8}},{"id":"f44634b8-e59c-4807-b191-08adcbcdb94c","block_type":"box","text":"Market Risk","page_number":40,"box":{"x":549,"y":570,"width":82,"height":8}},{"id":"48b0a1df-f549-4f68-84d1-05c9b7b46c3b","block_type":"box","text":".","page_number":40,"box":{"x":631,"y":576,"width":3,"height":2}},{"id":"cffddec2-db2a-440a-a3cd-3708d08f4a96","block_type":"box","text":"The Fund could lose money over short periods due","page_number":40,"box":{"x":639,"y":570,"width":322,"height":11}},{"id":"9de79549-49bc-49a4-8e71-4d47215715c3","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":40,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"45095bf3-0d60-46a9-8d5d-30840faba1ee","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":40,"box":{"x":549,"y":598,"width":382,"height":11}},{"id":"5e5eef95-48b5-4e16-906b-ff542fe8a414","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":40,"box":{"x":549,"y":612,"width":411,"height":11}},{"id":"060a3d7a-00b0-4503-a422-5bca2db3b67e","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":40,"box":{"x":549,"y":626,"width":370,"height":11}},{"id":"d4f4789c-2f4a-47ee-8ee2-1fd20ad4ce6c","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":40,"box":{"x":549,"y":641,"width":404,"height":10}},{"id":"c6bb9419-d2af-4d82-aea4-e918f9e189b2","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":40,"box":{"x":549,"y":655,"width":395,"height":11}},{"id":"de987cd8-2a45-46cb-9f4b-d1a7250e248f","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":40,"box":{"x":549,"y":669,"width":395,"height":11}},{"id":"79d89379-74cc-4ba5-86b6-effbe25f44e1","block_type":"box","text":"NAV.","page_number":40,"box":{"x":550,"y":683,"width":27,"height":9}},{"id":"5a60d766-f90b-4758-b8bf-954bf3cc8f7e","block_type":"box","text":"Index-Related Risk.","page_number":40,"box":{"x":549,"y":706,"width":129,"height":9}},{"id":"f31c30b6-8c0e-4790-b8bf-0f2cd21f97ec","block_type":"box","text":"The Index Provider may rely on various","page_number":40,"box":{"x":683,"y":706,"width":247,"height":11}},{"id":"d6db55b6-9a4d-49be-b3ae-c356a29f13f5","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":40,"box":{"x":549,"y":721,"width":423,"height":10}},{"id":"599db3ab-3d74-4ce6-bb75-73513c8e44a6","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":40,"box":{"x":550,"y":735,"width":391,"height":11}},{"id":"17320716-436c-4584-bb30-c94afd38a6e6","block_type":"box","text":"assumptions and estimates. 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Errors in index data, index computations or the","page_number":40,"box":{"x":549,"y":806,"width":366,"height":10}},{"id":"2e608531-bde7-40b3-aa46-850ba275b103","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":40,"box":{"x":549,"y":820,"width":377,"height":11}},{"id":"43c2bb77-c6f8-4371-a272-5c8860db0a93","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":40,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"2f1abc8b-df64-4f4d-ab81-9d6fddb92834","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":40,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"38eab44f-e846-49b3-b1ec-a3ee7f60c64b","block_type":"box","text":"impact on the Fund and its shareholders. 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As a result, the Fund’s investment","page_number":41,"box":{"x":83,"y":490,"width":418,"height":10}},{"id":"fd06ffc9-3cef-4c3f-88d3-aad5ddf344e0","block_type":"box","text":"in certain callable securities maturing outside the term of the","page_number":41,"box":{"x":83,"y":504,"width":390,"height":11}},{"id":"873eb7a6-27d0-4f4e-8232-899a8f9bf849","block_type":"box","text":"Fund may increase the likelihood that securities held by the Fund","page_number":41,"box":{"x":84,"y":518,"width":414,"height":11}},{"id":"88384bb0-6e80-4f57-ba68-ae29826a0d10","block_type":"box","text":"are called prior to December 2, 2029.","page_number":41,"box":{"x":83,"y":532,"width":240,"height":11}},{"id":"2dd55264-33f2-4369-9ac0-d575026925ca","block_type":"box","text":"Cash Transactions Risk","page_number":41,"box":{"x":83,"y":556,"width":157,"height":8}},{"id":"c0e9bd50-3b60-4d0d-b57b-836d9456f0d7","block_type":"box","text":".","page_number":41,"box":{"x":240,"y":562,"width":3,"height":2}},{"id":"a1917aa1-ccf8-40cf-ba8b-d61910b0387e","block_type":"box","text":"The Fund’s creation and redemption","page_number":41,"box":{"x":248,"y":556,"width":230,"height":10}},{"id":"5d8d0b5c-d736-48e4-8f7b-176bd2ac034f","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":41,"box":{"x":83,"y":570,"width":418,"height":11}},{"id":"439b65c9-5c3b-4b3a-b8ec-47b2cbdbb9d5","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":41,"box":{"x":83,"y":584,"width":414,"height":11}},{"id":"3326d49b-6da7-405d-ad8c-e2a6fe446a40","block_type":"box","text":"investments are delivered. 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The Fund may be adversely affected if an investment","page_number":41,"box":{"x":549,"y":137,"width":406,"height":10}},{"id":"0302a511-65b2-45cc-9667-6bc782a62028","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":41,"box":{"x":549,"y":151,"width":324,"height":11}},{"id":"882ce95c-ab4c-4ef3-87ff-04ac446b97f3","block_type":"box","text":"Declining Yield Risk.","page_number":41,"box":{"x":549,"y":174,"width":136,"height":11}},{"id":"de16cdfc-bcf5-40ea-9071-807c3d14d761","block_type":"box","text":"In the months leading up to the Fund’s","page_number":41,"box":{"x":691,"y":174,"width":245,"height":11}},{"id":"aa8c04cf-c31b-40b7-a3da-f3e3a35fe72a","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":41,"box":{"x":549,"y":188,"width":386,"height":11}},{"id":"9528bd4a-ecc2-4a2b-9be6-a576ad54dc99","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":41,"box":{"x":549,"y":202,"width":408,"height":11}},{"id":"cd349ee8-b478-4272-813b-fec97a11d8d5","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":41,"box":{"x":549,"y":216,"width":424,"height":11}},{"id":"9f317237-328b-4b9a-8702-80c5fd07ed3a","block_type":"box","text":"yields for bonds in the market.","page_number":41,"box":{"x":549,"y":231,"width":193,"height":10}},{"id":"64b6f194-9e7e-4d62-ab3c-af7976af8175","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":41,"box":{"x":549,"y":254,"width":332,"height":11}},{"id":"2292d6ac-41b2-4c33-af09-6143eebbde23","block_type":"box","text":".","page_number":41,"box":{"x":881,"y":260,"width":3,"height":2}},{"id":"be2b76c2-1494-463d-87df-26628232b7a5","block_type":"box","text":"The Fund,","page_number":41,"box":{"x":889,"y":254,"width":61,"height":10}},{"id":"92d7628e-ca49-4bb8-9ee7-8b50220b2024","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":41,"box":{"x":549,"y":268,"width":394,"height":11}},{"id":"9ef7015c-2a1f-47b6-b7d5-fb6574c4c852","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":41,"box":{"x":549,"y":282,"width":381,"height":11}},{"id":"65a61f64-b0cd-42cb-a8be-3813bf3eaeb6","block_type":"box","text":"distributions of income that vary over time. It is expected that an","page_number":41,"box":{"x":549,"y":296,"width":414,"height":11}},{"id":"fc4f5434-f3e1-4776-99e2-77ac74a11057","block_type":"box","text":"investment in the Fund, if held through maturity, will produce","page_number":41,"box":{"x":549,"y":311,"width":389,"height":10}},{"id":"69acde07-8b5b-494e-8fcf-45c527adf917","block_type":"box","text":"aggregate returns comparable to a direct investment in a group of","page_number":41,"box":{"x":549,"y":325,"width":422,"height":11}},{"id":"d99b806f-9ab3-4fb6-a9da-538b37b3f397","block_type":"box","text":"municipal bonds of similar credit quality and maturity. 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As a result, the Fund’s","page_number":42,"box":{"x":549,"y":23,"width":375,"height":11}},{"id":"4a4d256c-cc74-45d6-9000-f193fc022595","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":42,"box":{"x":549,"y":37,"width":418,"height":11}},{"id":"d86d0725-8d5e-4293-ac7c-35d2fe194dd3","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":42,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"827e6c81-1555-4d8e-a40c-a418b407342c","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":42,"box":{"x":549,"y":66,"width":210,"height":10}},{"id":"61e010e6-da0d-4365-b3c1-5a063f59d459","block_type":"box","text":"Operational and Technology Risks","page_number":42,"box":{"x":549,"y":89,"width":230,"height":11}},{"id":"6459562e-9f9d-40bc-8043-f29f237befc6","block_type":"box","text":".","page_number":42,"box":{"x":780,"y":95,"width":2,"height":2}},{"id":"c5744fd0-3133-46a1-a125-c6d776c4446c","block_type":"box","text":"The Fund is directly and","page_number":42,"box":{"x":787,"y":89,"width":152,"height":11}},{"id":"f87ccabb-be00-452f-82f4-3b5d67582ef8","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":42,"box":{"x":549,"y":103,"width":368,"height":11}},{"id":"7e2ce68e-e591-4623-858b-cbb73bb7ed3b","block_type":"box","text":"including those related to human errors, processing errors,","page_number":42,"box":{"x":549,"y":117,"width":376,"height":11}},{"id":"4b110a77-dcfa-4680-90d1-60260c16edf8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":42,"box":{"x":549,"y":131,"width":413,"height":11}},{"id":"a43cedc7-6b0e-4cd1-a3c7-17c421e66f36","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":42,"box":{"x":549,"y":146,"width":404,"height":10}},{"id":"f15bee2b-bcb5-46ad-84c3-7227ed7b1d56","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":42,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"7bac5d5b-2aeb-4435-9bab-9f53e4e1a990","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":42,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"7c435380-aafc-4cc4-9261-f33f69b7f517","block_type":"box","text":"providers are required to have appropriate operational,","page_number":42,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"30fdd02f-ae0c-48cb-a341-808f757051a1","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":42,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"8fcf5e5e-9233-472d-8f14-1fdf497d9181","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":42,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"b9a176f6-a792-4991-abaa-597f999a0e95","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":42,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"1f044dcd-d1cd-4465-b243-7636dccba469","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":42,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"368b3414-80ec-4921-bde2-32aec7aac88d","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":42,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"0de35cd6-6bdf-427e-84e0-797916800bee","block_type":"box","text":"investments in such issuers to lose value.","page_number":42,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"854a505d-0940-41ba-bf80-f0cd514ea682","block_type":"box","text":"Tax Risk","page_number":42,"box":{"x":550,"y":296,"width":54,"height":9}},{"id":"883bd113-94bc-4ae0-a22f-c4787fbdd51e","block_type":"box","text":".","page_number":42,"box":{"x":604,"y":303,"width":3,"height":2}},{"id":"0d1bc362-8df8-483f-af10-e026bba5ffbf","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":42,"box":{"x":612,"y":296,"width":334,"height":11}},{"id":"fd30b2d4-cbca-4591-8b6c-745a5fa774a8","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":42,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"00010c88-6967-435b-a16e-4f1e2c190248","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":42,"box":{"x":549,"y":325,"width":388,"height":8}},{"id":"cf44a463-e589-4bf7-b3ed-05eb720cefd1","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":42,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"a1eca5af-2fd2-4aed-b88c-e31139bbd1e5","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":42,"box":{"x":549,"y":353,"width":422,"height":11}},{"id":"ebac11cc-421b-4cd8-a6e1-fc6b1ac1bbff","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":42,"box":{"x":549,"y":367,"width":384,"height":10}},{"id":"41e88efe-880f-4cf9-ac8e-c59789fd7eda","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. Events","page_number":42,"box":{"x":549,"y":382,"width":417,"height":10}},{"id":"58f1683f-bb54-4577-8641-092d718f09af","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":42,"box":{"x":549,"y":396,"width":409,"height":11}},{"id":"7592ae8b-c576-4c34-be98-b1cbc188ef7a","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":42,"box":{"x":549,"y":410,"width":420,"height":11}},{"id":"4b6a2ef1-ff2c-4303-8645-26bf33159c44","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":42,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"2f9edf34-0bf2-4958-b643-110d975a7ea9","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":42,"box":{"x":549,"y":438,"width":394,"height":11}},{"id":"bf11ec3f-c189-4610-a05e-4217b9a8d646","block_type":"box","text":"federal Medicare contribution tax. The interest on money market","page_number":42,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"f4ea7bd0-4ed1-4934-a50a-6246a972fb8a","block_type":"box","text":"instruments, other cash equivalents and derivatives held by a","page_number":42,"box":{"x":549,"y":467,"width":391,"height":10}},{"id":"08790f43-024d-4e07-a837-9cd0d15600c3","block_type":"box","text":"Fund may be subject to federal, state and local income taxes and","page_number":42,"box":{"x":550,"y":481,"width":415,"height":11}},{"id":"1a0fc55d-5b23-4a0b-85e4-56b11ef8d8a3","block_type":"box","text":"the federal Medicare contribution tax.","page_number":42,"box":{"x":549,"y":495,"width":241,"height":8}},{"id":"5a342021-ecf7-4c2a-bbf7-8cdacb512cfd","block_type":"box","text":"Tracking Error Risk","page_number":42,"box":{"x":550,"y":518,"width":128,"height":11}},{"id":"50bbd1f2-c3a0-451e-b4f9-1309569426b2","block_type":"box","text":".","page_number":42,"box":{"x":678,"y":525,"width":3,"height":2}},{"id":"c9587ad3-c7d1-460e-8ef0-4c01b0b56142","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":42,"box":{"x":686,"y":518,"width":284,"height":11}},{"id":"b6909fda-51fa-4a2d-a64f-d4f908d4590e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":42,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"1e911304-2179-4787-a77e-53a3bf0174b1","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":42,"box":{"x":549,"y":546,"width":425,"height":11}},{"id":"3d3a169d-eade-48bc-ae75-1c99650306aa","block_type":"box","text":"factors, including differences between the securities and other","page_number":42,"box":{"x":549,"y":561,"width":401,"height":11}},{"id":"cd050020-7308-4820-8d36-749255b64d5b","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":42,"box":{"x":549,"y":575,"width":381,"height":11}},{"id":"7056acd5-df7f-46bb-a895-13ed50a243eb","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":42,"box":{"x":550,"y":589,"width":396,"height":11}},{"id":"d68c27ae-4913-4608-9da9-56a6866470b4","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":42,"box":{"x":549,"y":603,"width":407,"height":10}},{"id":"f86390f9-27fd-4aeb-8324-44fdf9182433","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":42,"box":{"x":549,"y":617,"width":400,"height":11}},{"id":"19128ab3-b9dd-4dfe-bc1d-daeb307eaaa4","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":42,"box":{"x":549,"y":632,"width":421,"height":10}},{"id":"36485ff3-eee4-436a-8c2e-2259e65c6d1c","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":42,"box":{"x":549,"y":646,"width":374,"height":11}},{"id":"c6da893c-6d88-4d47-88bc-ea8a2b414b6f","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":42,"box":{"x":549,"y":660,"width":370,"height":11}},{"id":"f16bd328-ea08-48ea-9e81-2c14176e6bae","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":42,"box":{"x":549,"y":674,"width":372,"height":11}},{"id":"fa52e056-f24e-45ed-95ae-e57b35ec8bc6","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":42,"box":{"x":549,"y":688,"width":420,"height":11}},{"id":"60d93509-749e-437a-9078-d26ec19d308e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":42,"box":{"x":549,"y":702,"width":387,"height":11}},{"id":"d1b17ad0-c203-4944-b8e0-9f2f3026f29d","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":42,"box":{"x":549,"y":717,"width":377,"height":11}},{"id":"5cbefb56-d633-4d46-be8f-068bfe01b56e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":42,"box":{"x":549,"y":731,"width":380,"height":11}},{"id":"e2e5c315-9311-4bda-abec-5412aa25552d","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":42,"box":{"x":549,"y":745,"width":366,"height":11}},{"id":"04c1c937-0c7d-47f0-bcbe-d8bd1eebea6f","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":42,"box":{"x":549,"y":759,"width":414,"height":11}},{"id":"ff57f512-27f9-4ba1-81d4-d45194ff91c5","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":42,"box":{"x":550,"y":773,"width":386,"height":11}},{"id":"afc03784-f9ed-4200-951d-9a3d377ea004","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":42,"box":{"x":549,"y":788,"width":414,"height":10}},{"id":"aee7389f-5c38-40e5-8127-ccb2e89c9c5f","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":42,"box":{"x":549,"y":802,"width":420,"height":11}},{"id":"fd08fa77-08b4-4430-a298-4ac8e0a9b441","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":42,"box":{"x":549,"y":816,"width":395,"height":8}},{"id":"e4108ad6-22d7-47cf-8b33-fc2f020a69ad","block_type":"box","text":"municipal bonds are an investment focus may experience higher","page_number":42,"box":{"x":549,"y":830,"width":412,"height":11}},{"id":"fb1fe531-2804-45ae-a4ea-31f9bdcedf3e","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":42,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"0c2c4550-ed7e-4f6e-8f18-69f0753a1fa3","block_type":"box","text":"S-32","page_number":42,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2da3ec1b-31f7-4bf6-91d3-78dc9bd3cacd","block_type":"box","text":"Valuation Risk","page_number":43,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"8a9a6c33-7bed-44b6-a974-f6f511bd9c7a","block_type":"box","text":".","page_number":43,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"cfd33a69-7c16-4942-a1e6-3de7ffdbe3db","block_type":"box","text":"The price that the Fund could receive upon the","page_number":43,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"36e9a73d-3659-4b17-a839-7077d5bd9338","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":43,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"253da818-e1d1-4d80-9ed9-8a08c53f4ffb","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":43,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"1be7554a-074a-449e-8f3b-13feb0d1482c","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":43,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"7650b6e4-ee99-4179-8587-ff52c8582afa","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":43,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"de6a5cc3-0f63-4b36-9237-75faacd03c82","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":43,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"c1696b92-3dbb-4307-9504-57c0d41b6d3c","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":43,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"ca40f8d5-72f7-49d5-abda-31e1dac1e458","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":43,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"dfcc7983-2f62-426a-8bc6-c9ccfa48f894","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":43,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"5f292e55-28e4-4749-9ddc-bf3c0f22b25f","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":43,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"0bc5ff16-5278-4198-b9ec-13b8aa033546","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":43,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"d4d14888-ae84-483d-a5ca-350b9da0308e","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":43,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"a07c1e32-9a3d-4e10-ae79-2a3b627fa836","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":43,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"1826d7bd-3ac4-4f24-a919-479685aaafc9","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":43,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"bd67015f-1b4a-4af5-8c53-0283179bc972","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":43,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"4bcb328f-3b25-4adb-8bf1-9d866102a096","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":43,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"078a16f4-b99d-4030-acda-51213fd831ea","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":43,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"a8dbe732-3c47-43bf-8d15-08eebcd59d11","block_type":"box","text":"S-33","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"339413fb-e248-4462-8b0c-ed986030fc5e","block_type":"box","text":"Performance Information","page_number":44,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"fe6678cb-7735-4092-88c5-fd4d43654554","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":44,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"a259a80d-d66f-4b9d-b9e3-cd0909c701d0","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":44,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"5665d5cc-be4c-4541-b634-c0acfe7ce1a1","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":44,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"b7c826e8-fe74-4c88-b189-cc0a84b3cd31","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":44,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"544d444f-d9db-4b56-918d-1ae74109c095","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":44,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"c54abd8c-a336-4211-8acb-22d73de74380","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":44,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"fbdaa49b-b3f6-4dd3-b391-8eab953228db","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":44,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"35af8480-63cb-4333-8c2a-69347e2fd1db","block_type":"box","text":"Calendar Year-by-Year 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An investor may incur costs attributable to","page_number":45,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"7bc3ca60-17ce-47dd-aad0-db8c485bdcc9","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":45,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"8b7e7eb5-2657-4ef2-a5ff-5597dc8f9403","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":45,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"75d9838c-a008-49b2-9fa9-2352bd6e4451","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":45,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"0cf06065-dc6b-4dc0-90cb-8480d33316b2","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":45,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"8df6c2a9-d0f9-4218-9967-cf0f7143a2d9","block_type":"box","text":"Tax Information","page_number":45,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"0454ef4d-0747-4695-8e36-7d15be87b341","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":45,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"76a18ca8-300c-4195-98a0-fc942ea3f715","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":45,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"d9053060-ec0a-40a1-a136-16c25c9f870e","block_type":"box","text":"may also occur.","page_number":45,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"cf6a2e85-723c-453d-a0a7-d5e5b964deaf","block_type":"box","text":"The Fund is generally not an appropriate","page_number":45,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"2f624f4d-0c13-4ee1-aec5-25decc76cc25","block_type":"box","text":"investment for a 401(k) plan or an IRA","page_number":45,"box":{"x":549,"y":90,"width":267,"height":11}},{"id":"77585d3d-25cc-4516-ab8b-c4eb2698ab6e","block_type":"box","text":". 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The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":46,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"52f95d0c-9bc3-4e23-8873-ea545275b4b3","block_type":"box","text":"and BFA.","page_number":46,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"c6d891db-269a-4d55-83c0-492c8a04cf9b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":46,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"4cd5d6ad-eee1-40d8-94a3-00404905f0bd","block_type":"box","text":"the tables and examples below.","page_number":46,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"b0a17488-27ce-4878-9c0e-803763c7912c","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":46,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"3ac52cb1-37ce-4dfc-b7d4-62b84e9520e6","block_type":"box","text":"be:","page_number":46,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"603069c0-9b3d-46f5-8403-ed4bbd56f8ad","block_type":"box","text":"1 Year 3 Years Maturity","page_number":46,"box":{"x":230,"y":706,"width":599,"height":9}},{"id":"b8ac2564-9b50-4d59-a954-0d073e14dfb4","block_type":"box","text":"$18 $58 $96","page_number":46,"box":{"x":238,"y":726,"width":574,"height":9}},{"id":"4818da36-37ab-402f-b127-46f62d9c100b","block_type":"box","text":"S-36","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8622c9e2-9771-4cb5-8c08-9853fc75102e","block_type":"box","text":"Portfolio Turnover.","page_number":47,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"32784370-9cfd-4a1a-84ad-aae2beb21332","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":47,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"2695a5e4-c20a-4c81-9a65-0653abc743f1","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":47,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"39e30b53-aad9-427f-8a86-0a7d862735ba","block_type":"box","text":"portfolio). 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During the most recent","page_number":47,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"26a3c6e5-2069-4f55-97d8-0ccd91802e2d","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 0% of the","page_number":47,"box":{"x":82,"y":122,"width":377,"height":11}},{"id":"8d63499e-2e19-4a5e-b2b8-7161e1fd6962","block_type":"box","text":"average value of its portfolio.","page_number":47,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"0909ccea-b090-4ddc-a4ba-e800cda67873","block_type":"box","text":"Principal Investment Strategies","page_number":47,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"5e01a16f-8027-4253-9be7-16548a4362bf","block_type":"box","text":"The Fund seeks to track the investment results of the S&P AMT","page_number":47,"box":{"x":82,"y":191,"width":408,"height":8}},{"id":"72063e7b-2535-489f-8e92-a6ad9c6b3422","block_type":"box","text":"Free Municipal Series Callable-Adjusted 2030 Index","page_number":47,"box":{"x":84,"y":205,"width":330,"height":11}},{"id":"a30fdf6c-a750-4d96-bcd0-42288d3bc0b7","block_type":"box","text":"TM","page_number":47,"box":{"x":414,"y":203,"width":15,"height":5}},{"id":"017ed518-6be8-4dc9-8976-5b8fc5557c3e","block_type":"box","text":"(the","page_number":47,"box":{"x":435,"y":205,"width":23,"height":11}},{"id":"ed38dc4b-28df-42d3-a12e-9305b8a5d83f","block_type":"box","text":"“Underlying Index”), which is a market-value-weighted index that","page_number":47,"box":{"x":83,"y":219,"width":413,"height":11}},{"id":"d7561e8d-ac3f-4889-a837-5868dcbc9dc1","block_type":"box","text":"seeks to measure the performance of investment-grade (as","page_number":47,"box":{"x":83,"y":233,"width":380,"height":11}},{"id":"e98f29f8-1d90-43e0-b95c-f527b6d53311","block_type":"box","text":"determined by S&P Dow Jones Indices LLC (the “Index Provider”","page_number":47,"box":{"x":83,"y":247,"width":409,"height":11}},{"id":"d0edc057-9573-432d-a005-2464add27677","block_type":"box","text":"or “SPDJI”)), tax-exempt, U.S. municipal bonds, reducing callable","page_number":47,"box":{"x":83,"y":262,"width":414,"height":10}},{"id":"63fed7a8-3147-4964-8728-e5956df62dce","block_type":"box","text":"bonds before 2030, and only including non-callable bonds","page_number":47,"box":{"x":83,"y":276,"width":370,"height":11}},{"id":"2809ef75-0017-404f-ab55-ad722c685f59","block_type":"box","text":"maturing in 2030. 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Bonds issued by U.S. territories and the","page_number":47,"box":{"x":83,"y":383,"width":396,"height":11}},{"id":"1a26e1f3-d585-48a1-a0e7-c3f6cc9e5219","block_type":"box","text":"Commonwealth of Puerto Rico are excluded from the Underlying","page_number":47,"box":{"x":83,"y":397,"width":412,"height":11}},{"id":"f1b4b350-f2d9-41b6-a353-f368540bef24","block_type":"box","text":"Index. Each bond must have a rating of at least BBB- by S&P","page_number":47,"box":{"x":83,"y":411,"width":384,"height":11}},{"id":"ab36eec4-8e62-4730-9a6a-da06f2067f50","block_type":"box","text":"Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB","page_number":47,"box":{"x":83,"y":425,"width":411,"height":11}},{"id":"0617086e-77c2-45c1-9c3e-6ab27bae6a5a","block_type":"box","text":"by Fitch Ratings, Inc. 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In","page_number":47,"box":{"x":83,"y":482,"width":411,"height":11}},{"id":"f80970f6-d584-445f-bf51-a5c9b51ac5c2","block_type":"box","text":"addition, each bond must have a minimum maturity par amount of","page_number":47,"box":{"x":83,"y":496,"width":423,"height":11}},{"id":"1301a2d9-789d-4c5e-9e83-139d26318d18","block_type":"box","text":"$2 million to be eligible for inclusion in the Underlying Index. To","page_number":47,"box":{"x":83,"y":510,"width":404,"height":11}},{"id":"aa91aae2-eb81-44e4-89f1-9437ef769eb1","block_type":"box","text":"remain in the Underlying Index, bonds must maintain a minimum","page_number":47,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"2f601e84-77b6-4dc8-915c-d2a4360da6f9","block_type":"box","text":"par amount greater than or equal to $2 million as of each","page_number":47,"box":{"x":83,"y":538,"width":364,"height":12}},{"id":"0935224c-df6f-4f91-ba1f-fe20c201d6a9","block_type":"box","text":"rebalancing reference date. All non-callable bonds in the","page_number":47,"box":{"x":83,"y":553,"width":360,"height":11}},{"id":"5b8ca0fd-e20c-4ee9-8528-aea837da34bc","block_type":"box","text":"Underlying Index will mature or be redeemed after December 31,","page_number":47,"box":{"x":83,"y":567,"width":413,"height":11}},{"id":"65805418-0c6a-45aa-84e4-bd0839fdc32e","block_type":"box","text":"2029 and before December 2, 2030. Callable bonds are eligible","page_number":47,"box":{"x":83,"y":581,"width":407,"height":11}},{"id":"473b3c25-21dd-4acf-bb95-8aafaac1f1d4","block_type":"box","text":"subject to the following: (i) a final maturity date after December","page_number":47,"box":{"x":83,"y":595,"width":408,"height":11}},{"id":"c6ef7c54-1a85-40bb-a2e0-bff7d4ee367a","block_type":"box","text":"31, 2029 and before December 2, 2030, and a next call date no","page_number":47,"box":{"x":83,"y":610,"width":405,"height":10}},{"id":"a798983c-c82c-4c0f-859d-1e5feef93a61","block_type":"box","text":"sooner than two years prior to final maturity; or (ii) a final maturity","page_number":47,"box":{"x":83,"y":624,"width":423,"height":11}},{"id":"7fbe0d9f-3ced-47dd-98a3-1325909a7420","block_type":"box","text":"up to four years after the index maturity year, if the next call date","page_number":47,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"47d3ba68-0758-4ada-89fa-612d562dde27","block_type":"box","text":"is within the index maturity range. Prior to the Underlying Index","page_number":47,"box":{"x":83,"y":652,"width":404,"height":11}},{"id":"eb51c86d-21a7-46c1-9fb6-4a1c4fb786a6","block_type":"box","text":"year of maturity, redeemed bonds are represented as cash until","page_number":47,"box":{"x":82,"y":666,"width":407,"height":11}},{"id":"501a856f-45a3-4d49-8291-998fe823062f","block_type":"box","text":"the subsequent monthly rebalancing date during which eligible","page_number":47,"box":{"x":83,"y":681,"width":400,"height":10}},{"id":"4f2f0a99-9116-4474-bc49-14b63750eda5","block_type":"box","text":"bonds are added to the Underlying Index. In the Underlying Index","page_number":47,"box":{"x":83,"y":695,"width":415,"height":11}},{"id":"bb502519-eb17-4428-9e4d-d472e95e887d","block_type":"box","text":"year of maturity, bonds that mature or are pre-refunded in their","page_number":47,"box":{"x":82,"y":709,"width":406,"height":11}},{"id":"09d93b35-a07b-4752-be72-c2a1c5de5ae6","block_type":"box","text":"respective year of maturity do not accrue interest past the","page_number":47,"box":{"x":83,"y":723,"width":372,"height":11}},{"id":"15980659-2e20-4fdc-8f42-e29bd1c9778a","block_type":"box","text":"maturity or pre-refund date. A bond is “pre-refunded” when the","page_number":47,"box":{"x":83,"y":737,"width":403,"height":11}},{"id":"0e5f6589-749f-4a78-acef-110f2ee0df18","block_type":"box","text":"bond has been refunded to a call date prior to maturity. In other","page_number":47,"box":{"x":83,"y":751,"width":407,"height":11}},{"id":"a39072c5-1bf4-407c-94e9-a24a58983733","block_type":"box","text":"words, a holder of a “pre-refunded” bond receives all payments of","page_number":47,"box":{"x":82,"y":766,"width":421,"height":10}},{"id":"1f5ee6ed-f3d1-4287-9b7d-fef05b2a1a17","block_type":"box","text":"interest and principal back on an earlier date then the stated","page_number":47,"box":{"x":83,"y":780,"width":387,"height":11}},{"id":"a5edef1d-ad15-4424-8053-34180c104ce5","block_type":"box","text":"maturity date of the bond. All payments related to the maturity or","page_number":47,"box":{"x":83,"y":794,"width":418,"height":11}},{"id":"e0bd394c-e69b-4afd-acc2-2a0ca35628c9","block_type":"box","text":"pre-refunding of a bond are reinvested in tax-exempt cash or cash","page_number":47,"box":{"x":83,"y":808,"width":422,"height":11}},{"id":"1c76c050-aad8-4c0d-ab50-1fe380e3f90e","block_type":"box","text":"equivalents for the duration of each month.","page_number":47,"box":{"x":83,"y":822,"width":276,"height":11}},{"id":"6706eaf6-53e7-4b04-9b04-0f62a214888a","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":47,"box":{"x":83,"y":844,"width":418,"height":11}},{"id":"b3ae632b-0563-4890-9a23-b221b0d011e8","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":47,"box":{"x":83,"y":859,"width":409,"height":10}},{"id":"2c32a19c-9cb2-45be-afdf-c01441a49ff9","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":47,"box":{"x":83,"y":873,"width":388,"height":11}},{"id":"12104981-4f37-4a31-9b28-5b77d3f71b84","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":47,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"e47acb07-84b5-45a2-a577-c6895b26c421","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":47,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"316162ed-c1fb-44f5-bde2-8909aed52ee0","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":47,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"ce60ae49-bb0d-4dc2-8b6e-8f134d4b03a9","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":47,"box":{"x":549,"y":66,"width":396,"height":11}},{"id":"f613917a-221c-4143-9fe0-d7f050ed097f","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":47,"box":{"x":549,"y":80,"width":413,"height":11}},{"id":"75f230dd-5392-47f9-9fb0-bffbb0495812","block_type":"box","text":"the Fund. As a result, as of January 1, 2030, the Underlying Index","page_number":47,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"92006e6a-ba88-43d0-a18a-16dbd6a1fa5b","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":47,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"3db52bc4-60d9-4cb1-9b3c-f5c514f207a8","block_type":"box","text":"December 2, 2030.","page_number":47,"box":{"x":550,"y":123,"width":122,"height":10}},{"id":"b5f02f2b-7be3-4347-855f-590aad2a6f2c","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":47,"box":{"x":549,"y":144,"width":265,"height":9}},{"id":"4f35cd70-d8a0-49d7-bceb-2f50e5fef002","block_type":"box","text":"®","page_number":47,"box":{"x":816,"y":144,"width":8,"height":6}},{"id":"8f3e9a87-758d-4a97-9465-e5f972834dc8","block_type":"box","text":"fixed maturity series","page_number":47,"box":{"x":829,"y":144,"width":130,"height":11}},{"id":"abb11182-0388-4d1b-9358-01658e39da56","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":47,"box":{"x":549,"y":158,"width":419,"height":11}},{"id":"6b268467-f283-4f14-b878-218c07435c3b","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":47,"box":{"x":550,"y":173,"width":191,"height":10}},{"id":"4de65083-1de3-45f1-a999-32193c73ce28","block_type":"box","text":"®","page_number":47,"box":{"x":743,"y":172,"width":8,"height":6}},{"id":"bed403df-43d4-40f2-9b28-70b833ddb858","block_type":"box","text":"fixed maturity series do not invest","page_number":47,"box":{"x":756,"y":173,"width":217,"height":10}},{"id":"435547ab-efc2-411b-98da-751227215029","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":47,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"3ec60ed1-b4d6-4af2-8040-388b4627a977","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":47,"box":{"x":549,"y":201,"width":416,"height":11}},{"id":"2b58a7ab-d4df-4308-b3d7-70ab6429088e","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":47,"box":{"x":549,"y":215,"width":416,"height":11}},{"id":"901cfbc4-cca8-4443-b366-c4682b8dcd24","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":47,"box":{"x":549,"y":229,"width":385,"height":11}},{"id":"928e479e-0a72-466c-9d00-ac5d6b7bb1b7","block_type":"box","text":"federal government agency bonds.","page_number":47,"box":{"x":549,"y":244,"width":220,"height":10}},{"id":"a0eb41f4-e31b-4b7c-8f5f-b733aeff9e35","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":47,"box":{"x":550,"y":267,"width":376,"height":11}},{"id":"541ecc68-0741-4c7e-81b6-eb552c593d3c","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":47,"box":{"x":549,"y":281,"width":417,"height":11}},{"id":"f1347199-bbb1-4346-a877-68d043b4f54f","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":47,"box":{"x":549,"y":295,"width":396,"height":11}},{"id":"4002ae0b-1194-4b5e-8408-f1e7daa8aa75","block_type":"box","text":"markets decline or appear overvalued.","page_number":47,"box":{"x":549,"y":309,"width":244,"height":11}},{"id":"459f35a9-e4d6-44d2-8a86-de22b1992703","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":47,"box":{"x":550,"y":333,"width":420,"height":10}},{"id":"33152960-2634-410d-b4bc-17f9fd7abd89","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":47,"box":{"x":549,"y":347,"width":421,"height":11}},{"id":"6c3cea51-8fa1-45ea-a9dc-6f2a9819c4ec","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":47,"box":{"x":549,"y":361,"width":386,"height":11}},{"id":"aea77bcf-100c-4def-91b6-1a59324256ea","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":47,"box":{"x":550,"y":375,"width":369,"height":11}},{"id":"871b683e-72c0-48d7-a31c-d3c05c61e8a5","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":47,"box":{"x":549,"y":389,"width":356,"height":11}},{"id":"d0e9c97f-fee4-43a4-b6a4-cc89684f44da","block_type":"box","text":"comparison to actively managed investment companies.","page_number":47,"box":{"x":549,"y":403,"width":359,"height":11}},{"id":"26c1a56d-b43c-48cc-9737-596efe702969","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":47,"box":{"x":550,"y":427,"width":411,"height":10}},{"id":"c8abfd4a-85a4-4e35-b79e-ffda165c86ab","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":47,"box":{"x":549,"y":441,"width":411,"height":11}},{"id":"f01f8206-1720-44ec-8287-eca53fc59441","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":47,"box":{"x":549,"y":455,"width":424,"height":11}},{"id":"6b7f7cbd-f9ed-4d91-b26f-c4f9feba75fe","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":47,"box":{"x":549,"y":469,"width":410,"height":11}},{"id":"ae652098-6371-4157-93e9-7bd5eddf7ea3","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":47,"box":{"x":549,"y":483,"width":408,"height":11}},{"id":"83b2d19a-2f3f-4e30-bde7-d0b344f1d584","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":47,"box":{"x":549,"y":498,"width":423,"height":10}},{"id":"7bd9c5e7-1d80-4e31-ab7f-f78b3c7f3f46","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":47,"box":{"x":549,"y":512,"width":415,"height":11}},{"id":"1cca3e96-6ee3-47f1-8947-42991c37e686","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":47,"box":{"x":549,"y":526,"width":405,"height":11}},{"id":"4b7faa8e-f385-4aa8-a3fa-3db8d373b6e8","block_type":"box","text":"(","page_number":47,"box":{"x":549,"y":540,"width":3,"height":11}},{"id":"bd1b442f-d2c0-45a8-9fb3-8652373aad2d","block_type":"box","text":"i.e.","page_number":47,"box":{"x":553,"y":540,"width":17,"height":9}},{"id":"cad40d56-d24c-4d53-bb89-4c1c52aa9b1e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":47,"box":{"x":573,"y":540,"width":358,"height":11}},{"id":"1b81a7f5-432c-4f22-8387-29b56291bb8c","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":47,"box":{"x":549,"y":554,"width":418,"height":11}},{"id":"df059ea7-8bd9-4bd8-acfc-d163a9c1dc1c","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":47,"box":{"x":549,"y":568,"width":410,"height":11}},{"id":"ebf00078-762c-4fb1-a000-4b2f556502a2","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":47,"box":{"x":549,"y":583,"width":399,"height":10}},{"id":"ef5d32a3-7009-410c-b201-a9dfec484064","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":47,"box":{"x":549,"y":606,"width":404,"height":11}},{"id":"65b91c5b-95f2-45c0-bb8d-8ee78d149ec1","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":47,"box":{"x":549,"y":620,"width":424,"height":11}},{"id":"9ada3d6d-8ec3-4532-940f-7e693130d287","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":47,"box":{"x":549,"y":634,"width":411,"height":11}},{"id":"4ec15fea-7f77-485c-bb8b-3037af9e6c11","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":47,"box":{"x":549,"y":648,"width":414,"height":11}},{"id":"ebbdd437-dd95-4202-aae9-bc55b341652a","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":47,"box":{"x":549,"y":663,"width":414,"height":10}},{"id":"16d28ab1-5f98-45f5-a462-2c92496d29a9","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":47,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"4c4fc74b-77e0-425c-bca8-6a387ea28b73","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":47,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"9a7e26be-2a37-4048-8407-98d61ccfb73d","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":47,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"8248eb34-db85-4ebd-bcf7-26b964ef62b1","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":47,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"e3d5c8d8-f0b3-4944-b8d1-a7c52a9b58fc","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":47,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"aec0c631-2e2e-4577-8371-c5c78bd42d09","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":47,"box":{"x":549,"y":748,"width":385,"height":10}},{"id":"bdd6d8ae-ae60-49cb-9944-154418f256d2","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":47,"box":{"x":549,"y":762,"width":409,"height":11}},{"id":"ad65ac85-c048-4f40-993e-c641d6490405","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":47,"box":{"x":549,"y":776,"width":414,"height":11}},{"id":"1fcaa197-ea3a-4e80-b8f6-57fd39d3058c","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":47,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"b68069a4-341b-4d83-b6e4-c7f7d16cc1b0","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":47,"box":{"x":549,"y":804,"width":409,"height":11}},{"id":"407535fc-b796-4b68-92bf-2e1063ea5b5a","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":47,"box":{"x":549,"y":819,"width":375,"height":10}},{"id":"b096b629-e642-43fa-8752-045038330030","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":47,"box":{"x":549,"y":833,"width":396,"height":10}},{"id":"c86fb454-4a87-4212-94ae-8cfdb3b512a2","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":47,"box":{"x":549,"y":847,"width":389,"height":8}},{"id":"ef06a6e6-22f4-4744-8391-c5e46480eb47","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":47,"box":{"x":549,"y":861,"width":355,"height":11}},{"id":"f04e9e46-895d-4ee9-b685-3e52a464c496","block_type":"box","text":"S-37","page_number":47,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c6435b82-9d4e-4d84-9210-4b4cce15fd32","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":48,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"8cd68159-ee6b-4946-99ff-13540a97a397","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":48,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"4e432d46-8c90-4629-9234-57832bd80d52","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":48,"box":{"x":82,"y":52,"width":381,"height":10}},{"id":"a68439c3-7621-4c6c-a5bc-8f5d342cbe93","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":48,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"e6a52cbe-23dc-46f1-b829-1628885fa9f2","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":48,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"1c50c8b4-8cda-40e0-9469-2a01594a13a5","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":48,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"87638971-508e-4c13-a0f9-45631adfbf51","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":48,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"6acc6dec-5495-4d10-918f-10dcd57be04a","block_type":"box","text":"the Underlying Index. By December 2, 2030, the Underlying Index","page_number":48,"box":{"x":83,"y":122,"width":420,"height":11}},{"id":"241022e9-9aef-4a5f-a584-abd0e7bc4e9a","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":48,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"6b19ea5f-60d7-478a-9666-48d7adcd95e1","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":48,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"03b48ad3-6649-4d08-b57d-2cf2f6a2a3f9","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":48,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"793bf604-d75f-4d61-975d-cac4c3766162","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":48,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"9d3b417d-d3fd-44b5-a146-04d6635023a1","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":48,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"c5c4a816-a28b-4c15-918d-8cd38f66941c","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":48,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"db92ca38-8e1c-4012-81c8-574f05b40e63","block_type":"box","text":"not require additional approval by Fund shareholders. 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For","page_number":48,"box":{"x":83,"y":496,"width":377,"height":11}},{"id":"479e1baf-7afe-4976-a473-3e019513a40f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":48,"box":{"x":83,"y":510,"width":389,"height":11}},{"id":"2a4098f7-2684-4587-b532-8798daf6d426","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":48,"box":{"x":83,"y":525,"width":365,"height":10}},{"id":"2c90bb6b-1978-4465-b44c-1771300823bc","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":48,"box":{"x":83,"y":539,"width":392,"height":11}},{"id":"56148884-9280-4961-a321-3c8933478b17","block_type":"box","text":"securities of state or municipal governments and their political","page_number":48,"box":{"x":83,"y":553,"width":399,"height":11}},{"id":"c580d2b4-32b5-4592-8946-5f6270757d5a","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":48,"box":{"x":83,"y":567,"width":410,"height":11}},{"id":"27d9e615-ecd0-41b7-8d76-e0331e2129e1","block_type":"box","text":"industry.","page_number":48,"box":{"x":83,"y":581,"width":54,"height":11}},{"id":"bd0b03b6-e48e-472b-80ba-d699a41c9414","block_type":"box","text":"Summary of Principal Risks","page_number":48,"box":{"x":83,"y":610,"width":235,"height":14}},{"id":"4eea35eb-735b-4874-99c6-f59791af547a","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":48,"box":{"x":82,"y":635,"width":363,"height":11}},{"id":"063efaf1-51e2-49e9-a72e-aa9ef362d32a","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":48,"box":{"x":83,"y":650,"width":402,"height":10}},{"id":"52f03960-0d4c-4291-9467-37dfb2ad6628","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":48,"box":{"x":83,"y":664,"width":396,"height":10}},{"id":"e9d6b56c-715e-467a-8785-c6a9632b6281","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":48,"box":{"x":83,"y":678,"width":376,"height":11}},{"id":"d6d8c96a-1eeb-4477-bda8-4051a9e95191","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":48,"box":{"x":83,"y":692,"width":392,"height":11}},{"id":"2cfc87d1-1c26-47d8-a120-1cc69612974b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":48,"box":{"x":83,"y":706,"width":416,"height":11}},{"id":"dd68b57f-d6d2-49a1-a6aa-1880a3290651","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":48,"box":{"x":83,"y":721,"width":387,"height":10}},{"id":"6c3bb311-e2a6-4bd9-bb59-266f2d912315","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":48,"box":{"x":82,"y":735,"width":426,"height":11}},{"id":"f5854464-044a-447f-a865-690ca4168742","block_type":"box","text":"risk is difficult to predict and may change over time. 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If","page_number":48,"box":{"x":549,"y":51,"width":424,"height":11}},{"id":"db04b513-d3e7-4d20-8a6b-2dddf0d57c19","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":48,"box":{"x":549,"y":66,"width":379,"height":10}},{"id":"aa50fbca-fa05-4ab3-b4a5-335a2470297a","block_type":"box","text":"significantly.","page_number":48,"box":{"x":549,"y":80,"width":78,"height":11}},{"id":"c27904df-6264-4460-beb8-385b131b6d77","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":48,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"7c6a7651-621e-472f-821f-f7407762a10c","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":48,"box":{"x":549,"y":117,"width":415,"height":11}},{"id":"a3eba9bf-e0cd-4ebd-9c48-7671ca0a1c24","block_type":"box","text":"and sell municipal bonds, especially on short notice. There may be","page_number":48,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"4889f883-db14-4acb-b13b-e767f3626069","block_type":"box","text":"less publicly available information about the financial condition of","page_number":48,"box":{"x":549,"y":146,"width":419,"height":10}},{"id":"55f6b8c7-ce0b-4c79-98ea-e8aad8673030","block_type":"box","text":"municipal security issuers than for issuers of other types of","page_number":48,"box":{"x":549,"y":160,"width":379,"height":11}},{"id":"eae9eec5-29e3-47f1-87e3-335b49cd12d3","block_type":"box","text":"securities. As a result, municipal securities may be more difficult","page_number":48,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"5dd8546d-6b2c-4782-bc39-2a950cc715ad","block_type":"box","text":"to value accurately. A default or insolvency of certain issuers of","page_number":48,"box":{"x":549,"y":188,"width":405,"height":11}},{"id":"7ee3cd33-e073-4c8e-bc5e-bc67ba069037","block_type":"box","text":"municipal bonds may be subject to proceedings that are","page_number":48,"box":{"x":549,"y":202,"width":359,"height":11}},{"id":"ea132fe4-cbaa-4790-bcd3-53bb2bdf9d5d","block_type":"box","text":"significantly different from corporate bankruptcy proceedings,","page_number":48,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"054cc2d5-a18e-40db-853f-569399c554f2","block_type":"box","text":"and the Fund’s ability to recover assets may be limited.","page_number":48,"box":{"x":549,"y":231,"width":352,"height":10}},{"id":"bfb9264a-ea69-4e6f-98e4-2f4cf1d65b8b","block_type":"box","text":"Risk of Investing in the U.S","page_number":48,"box":{"x":549,"y":254,"width":182,"height":11}},{"id":"7507b248-282e-44d2-b612-1a038e8243c1","block_type":"box","text":".","page_number":48,"box":{"x":732,"y":260,"width":2,"height":2}},{"id":"5fadb713-c62d-451f-8d7b-cf715baab2f0","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":48,"box":{"x":740,"y":254,"width":210,"height":11}},{"id":"3d9673bd-1b04-439a-a12a-fe626f49ce51","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":48,"box":{"x":549,"y":268,"width":391,"height":11}},{"id":"e104765b-ce71-4b96-a018-65e5acb68c95","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":48,"box":{"x":549,"y":282,"width":423,"height":11}},{"id":"721f9bf3-84c3-4551-a5a2-2ec3dfc30191","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":48,"box":{"x":550,"y":296,"width":412,"height":11}},{"id":"24fe4cfa-6072-4e01-b741-3bfcd5d71498","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":48,"box":{"x":549,"y":311,"width":396,"height":10}},{"id":"98249430-6169-456d-aef7-9085ee6a9d6b","block_type":"box","text":"Interest Rate Risk","page_number":48,"box":{"x":549,"y":334,"width":121,"height":8}},{"id":"05d7ae9b-5757-4689-ab08-2784c70596b1","block_type":"box","text":".","page_number":48,"box":{"x":670,"y":340,"width":2,"height":2}},{"id":"6148c2bc-6466-4ff0-8b38-cf309781b3d3","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":48,"box":{"x":678,"y":334,"width":233,"height":8}},{"id":"8c2908e3-ca3f-4232-9c3e-a8daa7c68c81","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":48,"box":{"x":549,"y":348,"width":424,"height":11}},{"id":"277c276a-b616-40e1-bcee-374a86e5b142","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":48,"box":{"x":549,"y":362,"width":417,"height":11}},{"id":"953bb1f3-a941-4ae9-8c3f-ec6dc0d3ad00","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":48,"box":{"x":549,"y":376,"width":389,"height":11}},{"id":"0bc0d1b5-92a1-46a1-aa8d-93f43ec5ca77","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":48,"box":{"x":549,"y":391,"width":401,"height":10}},{"id":"6cb403eb-8a88-4d85-a3b1-bc2aa7dbc0da","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":48,"box":{"x":549,"y":405,"width":391,"height":11}},{"id":"91514430-de47-42c3-bf59-1e11fef52a8f","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":48,"box":{"x":549,"y":419,"width":423,"height":11}},{"id":"a0ff70da-fb5f-471f-bc90-0b6138e4ae94","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":48,"box":{"x":549,"y":433,"width":408,"height":9}},{"id":"412cb291-8ac9-4f2d-9301-5e5d58e0dc83","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":48,"box":{"x":549,"y":447,"width":423,"height":11}},{"id":"cdab9699-a79a-4a76-bd32-eb6854a06baa","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":48,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"c4ec1fd0-00d4-4ac0-862f-48e2b4e53825","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":48,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"8813387a-ab81-47a3-a5c8-453ebf3fcfcb","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":48,"box":{"x":549,"y":490,"width":411,"height":11}},{"id":"edc61868-17f4-4d8c-abae-99da418eaa9c","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":48,"box":{"x":549,"y":504,"width":363,"height":11}},{"id":"c3b5b9f7-dfa7-45b8-b540-97f7a774a44c","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":48,"box":{"x":549,"y":518,"width":386,"height":11}},{"id":"f2f7af0a-e55b-4e42-8c3a-cb0717f8bebb","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":48,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"af35497e-67df-41c1-80c7-461e25b1decd","block_type":"box","text":"dividends to shareholders.","page_number":48,"box":{"x":549,"y":547,"width":168,"height":8}},{"id":"ae844a4d-d031-49a2-9813-664d8b4ea96e","block_type":"box","text":"Market Risk","page_number":48,"box":{"x":549,"y":570,"width":82,"height":8}},{"id":"18279aee-4f4e-449b-ade6-39990cb469b1","block_type":"box","text":".","page_number":48,"box":{"x":631,"y":576,"width":3,"height":2}},{"id":"940db2b3-0ed2-44a7-9f3c-3cc126367399","block_type":"box","text":"The Fund could lose money over short periods due","page_number":48,"box":{"x":639,"y":570,"width":322,"height":11}},{"id":"f91c1ed8-2ed5-470b-b5dc-aeee96c75a52","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":48,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"d8acea4b-fe9e-445a-a74f-8be44abf2c5d","block_type":"box","text":"more prolonged market downturns. 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Errors in index data, index computations or the","page_number":48,"box":{"x":549,"y":806,"width":366,"height":10}},{"id":"b01dbd6f-b726-402e-ab21-5218a71f6fcb","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":48,"box":{"x":549,"y":820,"width":377,"height":11}},{"id":"9929a085-8f64-4cae-84f5-b3d297e41d64","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":48,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"5c82b073-3f47-46b9-ac7b-4b62682ce134","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":48,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"306cfc47-2502-469a-aed0-4d480f74430b","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":49,"box":{"x":83,"y":282,"width":378,"height":11}},{"id":"e79e1445-15f6-43cf-a582-4e70b8aa9c2f","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":49,"box":{"x":84,"y":296,"width":379,"height":11}},{"id":"8e8a735b-fa03-4bca-ae95-35fb0b582eb0","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":49,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"9a4e454f-5625-4724-abd4-3ed1393e473c","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":49,"box":{"x":83,"y":325,"width":399,"height":11}},{"id":"291aabc1-7fa6-4e7b-bfc7-5b6c516be516","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":49,"box":{"x":84,"y":339,"width":391,"height":11}},{"id":"5e4dd1cb-c0aa-4967-8b21-93d62fc60788","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":49,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"853f3acd-6faa-4c81-be9e-b8056c90bd4d","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":49,"box":{"x":83,"y":367,"width":273,"height":11}},{"id":"e232a0fd-f077-4352-8e1e-c5c2c48255ea","block_type":"box","text":"Call Risk","page_number":49,"box":{"x":83,"y":391,"width":59,"height":8}},{"id":"c3ea429a-aa9e-4ffd-b2cb-474e41016363","block_type":"box","text":".","page_number":49,"box":{"x":142,"y":397,"width":2,"height":2}},{"id":"a70deb0c-641f-4e1c-af4e-e4ccd8217751","block_type":"box","text":"During periods of falling interest rates, an issuer of a","page_number":49,"box":{"x":150,"y":391,"width":335,"height":10}},{"id":"28139409-48c8-459f-90b2-09e266a56310","block_type":"box","text":"callable debt obligation held by the Fund may “call” or repay the","page_number":49,"box":{"x":83,"y":405,"width":408,"height":11}},{"id":"0be8f325-f35c-4983-bd0a-b1e091a92447","block_type":"box","text":"debt obligation before its stated maturity, and the Fund may have","page_number":49,"box":{"x":83,"y":419,"width":418,"height":11}},{"id":"31fca369-e303-480d-92ca-f3298b35061a","block_type":"box","text":"to reinvest the proceeds in instruments with lower yields, which","page_number":49,"box":{"x":83,"y":433,"width":406,"height":11}},{"id":"cfd7cd23-c57b-4584-ba55-8c4a8e48197e","block_type":"box","text":"would result in a decline in the Fund’s income, or in instruments","page_number":49,"box":{"x":82,"y":447,"width":409,"height":10}},{"id":"56245cfb-7e38-4f1f-aa21-930e0ae688b3","block_type":"box","text":"with greater risks or with other less favorable features. Issuers of","page_number":49,"box":{"x":82,"y":461,"width":417,"height":11}},{"id":"81df947d-5133-40b7-8859-8de9135a5177","block_type":"box","text":"longer maturity securities may be more likely to call such","page_number":49,"box":{"x":83,"y":476,"width":364,"height":10}},{"id":"fc4f7667-0cdb-4f0d-9de5-ab9987009637","block_type":"box","text":"securities as interest rates fall. As a result, the Fund’s investment","page_number":49,"box":{"x":83,"y":490,"width":418,"height":10}},{"id":"40da74e6-7580-456b-8a34-3929d9cfcd17","block_type":"box","text":"in certain callable securities maturing outside the term of the","page_number":49,"box":{"x":83,"y":504,"width":390,"height":11}},{"id":"20d605de-2a5e-4650-817d-9729528e4aac","block_type":"box","text":"Fund may increase the likelihood that securities held by the Fund","page_number":49,"box":{"x":84,"y":518,"width":414,"height":11}},{"id":"dd083c24-bf65-400a-9ade-ed98e9168785","block_type":"box","text":"are called prior to December 2, 2030.","page_number":49,"box":{"x":83,"y":532,"width":240,"height":11}},{"id":"1c8d0924-b8dc-4b7c-a709-ee1b7d3ae87d","block_type":"box","text":"Cash Transactions Risk","page_number":49,"box":{"x":83,"y":556,"width":157,"height":8}},{"id":"9fd63d09-3008-4d2e-bc70-e2a70bfee87c","block_type":"box","text":".","page_number":49,"box":{"x":240,"y":562,"width":3,"height":2}},{"id":"6c75ecbf-1fe3-467b-9f44-b22a58a253c9","block_type":"box","text":"The Fund’s creation and redemption","page_number":49,"box":{"x":248,"y":556,"width":230,"height":10}},{"id":"98802e2f-43f6-4a1f-8637-d0caaf2a7ec3","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":49,"box":{"x":83,"y":570,"width":418,"height":11}},{"id":"fab242d3-241c-4e36-8487-b40d9c83d8ef","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":49,"box":{"x":83,"y":584,"width":414,"height":11}},{"id":"3c11097c-afe0-42bd-8309-adfb5e353434","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":49,"box":{"x":83,"y":598,"width":411,"height":11}},{"id":"a8dd1258-9c13-412c-94bc-edb1ae8bcd1c","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":49,"box":{"x":83,"y":612,"width":388,"height":11}},{"id":"e22417d3-45ae-4718-8ee1-5424792cff19","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":49,"box":{"x":83,"y":626,"width":397,"height":11}},{"id":"11142a16-8dd9-41ad-9559-b2f3c7e0e448","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":49,"box":{"x":84,"y":641,"width":422,"height":10}},{"id":"391af221-ab35-4749-af01-8f4b39d42974","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":49,"box":{"x":83,"y":655,"width":415,"height":11}},{"id":"019896b3-392b-4719-841d-482f4ff0b758","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":49,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"8b4e4aa2-593f-4243-9dce-44c04a02e950","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":49,"box":{"x":84,"y":683,"width":415,"height":11}},{"id":"23a75ec9-50c4-4dd3-8215-cf3885d690e9","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":49,"box":{"x":83,"y":697,"width":394,"height":11}},{"id":"f5407c30-1d07-4c41-8218-27b108d216f9","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":49,"box":{"x":83,"y":712,"width":424,"height":10}},{"id":"d84507bc-24d9-4325-8f91-36615475023b","block_type":"box","text":"to the Fund’s NAV.","page_number":49,"box":{"x":83,"y":726,"width":116,"height":8}},{"id":"ca3d9481-afca-4846-a7ef-bb9bfb40744b","block_type":"box","text":"Concentration Risk.","page_number":49,"box":{"x":83,"y":749,"width":132,"height":8}},{"id":"813b49a9-d320-4533-b799-079e6ff29e55","block_type":"box","text":"The Fund may be susceptible to an","page_number":49,"box":{"x":220,"y":749,"width":222,"height":11}},{"id":"a77b9f58-141b-4a20-aa49-8a1ea9227c8b","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":49,"box":{"x":83,"y":763,"width":419,"height":11}},{"id":"439abce6-4a2e-42c0-9f82-55ade76007bf","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":49,"box":{"x":83,"y":777,"width":407,"height":10}},{"id":"da2b8823-4048-429d-96fa-7c32fc0745f2","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":49,"box":{"x":83,"y":791,"width":417,"height":9}},{"id":"44dffdf2-7ba1-4c8b-802d-348e8f88eb0e","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":49,"box":{"x":83,"y":806,"width":395,"height":10}},{"id":"c1b07c89-181c-4aab-8cb1-72fced71e02a","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":49,"box":{"x":83,"y":820,"width":388,"height":11}},{"id":"0979f79c-36b3-4ae7-9c46-c5f6687178eb","block_type":"box","text":"asset classes.","page_number":49,"box":{"x":83,"y":834,"width":88,"height":8}},{"id":"58cb6597-5a58-489e-aed9-40099d248fb8","block_type":"box","text":"Credit Risk","page_number":49,"box":{"x":83,"y":857,"width":75,"height":9}},{"id":"737e9b5f-de8a-4eb8-943d-abfe76c5be66","block_type":"box","text":".","page_number":49,"box":{"x":158,"y":864,"width":2,"height":2}},{"id":"e46f0673-981d-4b99-a74a-8711ed8561ed","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":49,"box":{"x":166,"y":857,"width":311,"height":11}},{"id":"d0ffa6cc-f8a1-4253-b220-fa6c5c845ee8","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":49,"box":{"x":83,"y":871,"width":391,"height":11}},{"id":"ca1baa31-be58-45b0-8804-a9be110e6ba1","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":49,"box":{"x":549,"y":23,"width":395,"height":11}},{"id":"941b11a2-44fc-4a9d-9682-7c0706390633","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":49,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"80c1769c-3280-43ea-9043-f00afb673dbd","block_type":"box","text":"its obligations. 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An actual or","page_number":49,"box":{"x":549,"y":80,"width":395,"height":11}},{"id":"2a931c38-9570-4428-9351-38f2b83c3412","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":49,"box":{"x":549,"y":94,"width":408,"height":11}},{"id":"1e2baf38-9fa9-4509-8083-e06dcaff8287","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":49,"box":{"x":549,"y":108,"width":385,"height":11}},{"id":"10eb619e-8a77-4ff9-ab73-c4fa736c750c","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":49,"box":{"x":549,"y":122,"width":385,"height":11}},{"id":"4b9c4c72-8744-4b25-b596-6c1539f8760d","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":49,"box":{"x":549,"y":137,"width":406,"height":10}},{"id":"d6868185-0b5a-4df8-b8cf-a8115e1dbf12","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":49,"box":{"x":549,"y":151,"width":324,"height":11}},{"id":"7d1a4e70-9c88-4221-9f18-59e2c70bdef3","block_type":"box","text":"Declining Yield Risk.","page_number":49,"box":{"x":549,"y":174,"width":136,"height":11}},{"id":"d1177f23-8504-441d-a9b3-6d0cdc34460d","block_type":"box","text":"In the months leading up to the Fund’s","page_number":49,"box":{"x":691,"y":174,"width":245,"height":11}},{"id":"19ad35c4-454a-493e-860d-5c041bc762c7","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":49,"box":{"x":549,"y":188,"width":386,"height":11}},{"id":"b605d72d-194c-4298-a0d7-6dd77287b89c","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":49,"box":{"x":549,"y":202,"width":408,"height":11}},{"id":"f1aaa003-a6e8-4e25-af08-61bee5103bd1","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":49,"box":{"x":549,"y":216,"width":424,"height":11}},{"id":"c677db37-7f32-4a25-9557-b5d94404c5ce","block_type":"box","text":"yields for bonds in the market.","page_number":49,"box":{"x":549,"y":231,"width":193,"height":10}},{"id":"ffa21edc-c272-4174-8f63-7064c307e1d7","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":49,"box":{"x":549,"y":254,"width":332,"height":11}},{"id":"c68a893e-16bb-4863-8a7e-b5ddeb1180f1","block_type":"box","text":".","page_number":49,"box":{"x":881,"y":260,"width":3,"height":2}},{"id":"188a0b69-411f-4be8-8cad-20fed2274482","block_type":"box","text":"The Fund,","page_number":49,"box":{"x":889,"y":254,"width":61,"height":10}},{"id":"eb4d182d-ed9c-445b-aae2-71185790358b","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":49,"box":{"x":549,"y":268,"width":394,"height":11}},{"id":"52509e29-4164-4e5b-9244-63adb9eeeace","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":49,"box":{"x":549,"y":282,"width":381,"height":11}},{"id":"62317dee-ea2f-4f6b-a39c-0e7badca5eee","block_type":"box","text":"distributions of income that vary over time. It is expected that an","page_number":49,"box":{"x":549,"y":296,"width":414,"height":11}},{"id":"d0ffed8e-c1e5-4887-83c0-a5122cdc3ce7","block_type":"box","text":"investment in the Fund, if held through maturity, will produce","page_number":49,"box":{"x":549,"y":311,"width":389,"height":10}},{"id":"46a95ffd-4f1f-440d-874f-6c4fd1bb491c","block_type":"box","text":"aggregate returns comparable to a direct investment in a group of","page_number":49,"box":{"x":549,"y":325,"width":422,"height":11}},{"id":"be194b6a-79b3-4224-bc58-1b899a3e15b9","block_type":"box","text":"municipal bonds of similar credit quality and maturity. 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The","page_number":49,"box":{"x":549,"y":853,"width":424,"height":11}},{"id":"89598002-25c3-4f17-b5b4-dcacd54c1792","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":49,"box":{"x":550,"y":867,"width":423,"height":11}},{"id":"acc1ff31-b9b1-466f-9dce-dcc682da744f","block_type":"box","text":"S-39","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"81d980cb-78dd-4227-a832-92858dc7c649","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":50,"box":{"x":83,"y":23,"width":394,"height":11}},{"id":"104ddb72-dc4d-477f-b5ac-c43d16bab09a","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":50,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"29b387a8-44ac-4572-be95-82f0d1652233","block_type":"box","text":"Issuer Risk","page_number":50,"box":{"x":83,"y":60,"width":75,"height":9}},{"id":"839c9767-244f-4564-b7c5-84a125d85bcf","block_type":"box","text":".","page_number":50,"box":{"x":158,"y":67,"width":3,"height":2}},{"id":"e712b451-7f67-401d-bee9-184e85adc633","block_type":"box","text":"The performance of the Fund depends on the","page_number":50,"box":{"x":166,"y":61,"width":288,"height":10}},{"id":"6873f4b3-d0a9-432e-a33a-00625784688d","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":50,"box":{"x":83,"y":75,"width":412,"height":10}},{"id":"d2e87338-69ba-45d8-a17b-11fa72b6b878","block_type":"box","text":"Fund has exposure. 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Operational and technology risks for the","page_number":50,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"8ec7bf76-3201-4033-b047-62aeb9102c64","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":50,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"7d0ad444-ef79-4190-a3bd-4f542c7df548","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":50,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"6d533e13-0fae-4a0a-89c0-282308468722","block_type":"box","text":"investments in such issuers to lose value.","page_number":50,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"3e8c0907-9f8c-4cc8-9510-a30807ecbf0c","block_type":"box","text":"Tax Risk","page_number":50,"box":{"x":550,"y":296,"width":54,"height":9}},{"id":"7ba330d4-4911-4fb3-b8d5-447a15551252","block_type":"box","text":".","page_number":50,"box":{"x":604,"y":303,"width":3,"height":2}},{"id":"5677f064-cfc5-4a4e-bb05-4814afd83887","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":50,"box":{"x":612,"y":296,"width":334,"height":11}},{"id":"01dea30e-a4a4-4e9d-89dc-cab4d5715cd9","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":50,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"fefe4501-8636-4df1-be48-4fdea277654f","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":50,"box":{"x":549,"y":325,"width":388,"height":8}},{"id":"4ff4f431-053a-489c-9596-9398d8cee91f","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":50,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"0aca7b3e-0134-41f0-ace5-c7f1fca5b9cf","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":50,"box":{"x":549,"y":353,"width":422,"height":11}},{"id":"fd0d778d-601c-4380-bdfd-6d682f584a06","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":50,"box":{"x":549,"y":367,"width":384,"height":10}},{"id":"8ba4a46f-32c2-48ab-9ddd-3bae0b59142c","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. Events","page_number":50,"box":{"x":549,"y":382,"width":417,"height":10}},{"id":"7eaeb3a7-0283-429b-a4ae-b114c4c7e56a","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":50,"box":{"x":549,"y":396,"width":409,"height":11}},{"id":"500f898b-ff61-435c-b019-2c9003f29e0d","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":50,"box":{"x":549,"y":410,"width":420,"height":11}},{"id":"da7f7461-e4d9-4399-9177-a5294dbf813e","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":50,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"9b454b8e-b57e-415f-8bab-4ce493a1f814","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":50,"box":{"x":549,"y":438,"width":394,"height":11}},{"id":"5c3de25f-80f0-4a7f-9b2a-f53a2c027d66","block_type":"box","text":"federal Medicare contribution tax. The interest on money market","page_number":50,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"30f3dc90-cdd9-4844-9876-c43d2610f4a3","block_type":"box","text":"instruments, other cash equivalents and derivatives held by a","page_number":50,"box":{"x":549,"y":467,"width":391,"height":10}},{"id":"e5faee39-c7bd-43dc-b8ed-6d0621a0d40c","block_type":"box","text":"Fund may be subject to federal, state and local income taxes and","page_number":50,"box":{"x":550,"y":481,"width":415,"height":11}},{"id":"21ced03a-1bd2-4f3a-819f-35215f1670da","block_type":"box","text":"the federal Medicare contribution tax.","page_number":50,"box":{"x":549,"y":495,"width":241,"height":8}},{"id":"72ec3ea5-f38e-45df-bda1-78a3f9efa0dd","block_type":"box","text":"Tracking Error Risk","page_number":50,"box":{"x":550,"y":518,"width":128,"height":11}},{"id":"a903a209-1240-43a6-8084-0c1f47c7e4f4","block_type":"box","text":".","page_number":50,"box":{"x":678,"y":525,"width":3,"height":2}},{"id":"9613c1a2-4d2a-4ca4-9fd4-a56be138a934","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":50,"box":{"x":686,"y":518,"width":284,"height":11}},{"id":"2306f260-c749-4280-bc32-f71bccd9de92","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":50,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"8fca02ce-fd3f-426a-89bc-0d11dbb09dff","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":50,"box":{"x":549,"y":546,"width":425,"height":11}},{"id":"96fb030c-0e64-4581-9b89-a613c6e0c126","block_type":"box","text":"factors, including differences between the securities and other","page_number":50,"box":{"x":549,"y":561,"width":401,"height":11}},{"id":"fe8cd4a2-b96c-4d90-871a-652053586e95","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":50,"box":{"x":549,"y":575,"width":381,"height":11}},{"id":"421540c8-f5cf-439d-a5d9-64238008e4f9","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":50,"box":{"x":550,"y":589,"width":396,"height":11}},{"id":"e07181a5-a611-475c-bf40-f6c7ae089d5b","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":50,"box":{"x":549,"y":603,"width":407,"height":10}},{"id":"b0fbedfd-87fb-4796-9f03-ffba031c44da","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":50,"box":{"x":549,"y":617,"width":400,"height":11}},{"id":"d9fc209d-7b34-462f-97f1-18368fc99544","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":50,"box":{"x":549,"y":632,"width":421,"height":10}},{"id":"35e30577-9d40-4ba9-b16f-a2b13691d01d","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":50,"box":{"x":549,"y":646,"width":374,"height":11}},{"id":"4da91dd0-6ee5-4c7f-a62f-47646331e172","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":50,"box":{"x":549,"y":660,"width":370,"height":11}},{"id":"4a977213-7217-4f06-8a02-3ed26b7134b6","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":50,"box":{"x":549,"y":674,"width":372,"height":11}},{"id":"0d039fd1-52bf-4ce2-8a93-ea399601b82b","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":50,"box":{"x":549,"y":688,"width":420,"height":11}},{"id":"bdaa736a-3308-4a72-9fd6-6d269e0fee21","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":50,"box":{"x":549,"y":702,"width":387,"height":11}},{"id":"032788be-13cf-49a9-9845-e4af5569e576","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":50,"box":{"x":549,"y":717,"width":377,"height":11}},{"id":"23ec9829-206f-43ab-8203-9b46b16a43e6","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":50,"box":{"x":549,"y":731,"width":380,"height":11}},{"id":"f6a0bd27-3c66-4368-8087-f0fbe770d519","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":50,"box":{"x":549,"y":745,"width":366,"height":11}},{"id":"eb85bedc-abfc-4657-89db-5895f12d8a52","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":50,"box":{"x":549,"y":759,"width":414,"height":11}},{"id":"1ba62bb3-2b85-4a89-81df-46f4cc55f266","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":50,"box":{"x":550,"y":773,"width":386,"height":11}},{"id":"3b052346-a20a-4497-a550-a329b2a8e34a","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index where","page_number":50,"box":{"x":549,"y":816,"width":395,"height":8}},{"id":"5da779f7-498d-446a-9e1c-bdde128ba546","block_type":"box","text":"municipal bonds are an investment focus may experience higher","page_number":50,"box":{"x":549,"y":830,"width":412,"height":11}},{"id":"0f0c6cd6-c370-4fec-9649-31abb52d273e","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":50,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"6f2da021-6a29-49bc-b021-3c2df329c694","block_type":"box","text":"S-40","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d19969f3-43ea-494d-97e4-b89276daf859","block_type":"box","text":"Valuation Risk","page_number":51,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"93b03e22-bebf-4794-826e-73119f49573f","block_type":"box","text":".","page_number":51,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"0576fb50-47eb-4dd3-bbcc-9d00c392f0df","block_type":"box","text":"The price that the Fund could receive upon the","page_number":51,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"9d48df4c-a30d-42d8-a2ad-d57edf044f67","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":51,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"566ec418-ef3b-4981-aebe-b06689d39c7f","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":51,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"e802e675-e687-4c05-b01e-2f9ec62960b9","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":51,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"27a18ddd-c650-4796-aa0c-ca885a3e4ae2","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":51,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"18eed855-84d4-4c13-90a2-e56781432dbb","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":51,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"83307ef7-4152-4dca-a904-12bceedc8ae6","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":51,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"e00824d2-9ab2-4b5a-a156-e5d2e78b9fe6","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":51,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"87c22ada-9d43-45ea-90b7-bae119945732","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":51,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"60de9263-ee43-46c0-9a1c-e076a5ceadd2","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":51,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"4b6dad05-551b-4b64-adf6-162ac42eb48c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":51,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"6bd35fba-ca07-4e39-99eb-2d53ea9a33b2","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":51,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"9268e206-6c07-4239-a22a-450a1153dc09","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":51,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"fc644fad-461e-48a2-a58e-b01db60c3616","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":51,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"6d5f8f02-3f2d-4e8f-86a0-40c2a152f24e","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":51,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"951af282-999e-4349-9a50-03bee17c115c","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":51,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"1b0471b4-43f0-443e-9e82-9862dfca20f6","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":51,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"85bed3d8-3595-4083-b61d-b9fbe3250721","block_type":"box","text":"S-41","page_number":51,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"6b87bb44-d59c-4d08-b742-d5d1811c758a","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"3ea3dd74-7727-4164-b285-377f24f66f88","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":52,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9d63800c-9228-42bf-8331-9970ee3bbf90","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":52,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"ecf0e65c-9e60-4577-9113-785c7f778e10","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":52,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d212f7f0-639e-4285-9750-84ef27065684","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":52,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"142d3279-9d37-4247-9a5e-1b1e21b7e8e5","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":52,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"7e36d148-f310-4a22-b1a4-cc3017a40321","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":52,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"7b46cd1c-b8d9-467c-99ad-5f1f9af0a4e5","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":52,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b7be82ba-671f-4fb6-a635-7fde03d5b19c","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":52,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"a8c46a33-5a00-48a1-b1aa-99213a59655f","block_type":"box","text":"During the periods shown in the chart:","page_number":52,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"eee26d81-b6ff-4ff2-8297-c96353949006","block_type":"box","text":"Best Quarter 2.32% September 30, 2025","page_number":52,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"3a34b530-b1be-4cd6-b1b7-11d424053b45","block_type":"box","text":"Worst Quarter 0.58% March 31, 2025","page_number":52,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"30a8cc32-0ef4-48e0-82a6-4d804f199c3b","block_type":"box","text":"Average Annual Total Returns","page_number":52,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"1020e5d3-6094-468f-bc8d-baf649707189","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":52,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"f5c7ffdd-627e-4141-997a-4703ba23f841","block_type":"box","text":"One Year","page_number":52,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"1870ce28-263a-430d-b826-b7de0aa58e5b","block_type":"box","text":"Since Fund","page_number":52,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"cc347467-dab3-48cc-89a8-d0d4dd0f75ea","block_type":"box","text":"Inception","page_number":52,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"a954969a-5bf6-4b4f-b83e-e48f4e7aac04","block_type":"box","text":"(Inception Date: 5/22/2024)","page_number":52,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"78e666ba-fb14-4f2f-92bb-15b7022a64de","block_type":"box","text":"Return Before Taxes","page_number":52,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"c78ee031-c762-48a9-8960-7d0b83f17e9f","block_type":"box","text":"5.28% 4.92%","page_number":52,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"c7b3f053-4b05-4a63-926c-ad5a8f581975","block_type":"box","text":"Return After Taxes on Distributions","page_number":52,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"6cea2ffb-4fbe-43f9-aae2-535b31187978","block_type":"box","text":"5.27% 4.91%","page_number":52,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"bb44a550-852c-4906-8668-a03ce0ece3b6","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.18% 4.34%","page_number":52,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"fd634d89-7b62-4bf3-95cb-b7c5cb128974","block_type":"box","text":"S&P Municipal Bond Index","page_number":52,"box":{"x":123,"y":528,"width":161,"height":10}},{"id":"ea8b9f7b-f2ae-4fc2-8a72-60f13a918eb3","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 4.34% 4.32%","page_number":52,"box":{"x":288,"y":528,"width":628,"height":10}},{"id":"7995af1f-7ea1-4cb0-b30f-47f87ef274c0","block_type":"box","text":"S&P AMT-Free Municipal Series Callable-Adjusted 2030 Index","page_number":52,"box":{"x":123,"y":540,"width":378,"height":9}},{"id":"65efe2a5-1dac-41dd-9e9a-23bc24a2cbbc","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":52,"box":{"x":506,"y":540,"width":246,"height":9}},{"id":"741177d9-8488-4da3-a027-8cc59b7ea1e3","block_type":"box","text":"expenses or taxes)","page_number":52,"box":{"x":137,"y":553,"width":105,"height":9}},{"id":"2f942bfa-9189-4626-a3ee-7854e6cc7da2","block_type":"box","text":"5.09% 4.67%","page_number":52,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"1d572d03-51f7-4677-a082-a95d2017053c","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":52,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"48339f28-2513-4b33-85fc-15b476e3fa80","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":52,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"fe5aaf4a-330f-4ae6-a6db-255fb82cc9e7","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":52,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"66c126dc-6623-48e1-b7f6-9f1b9032eeea","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":52,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"77d87ab5-6a09-4b25-a4c6-b1a66fa6bb4d","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":52,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"9dcf46c4-5cc3-4566-8493-1d94ff2213dd","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":52,"box":{"x":82,"y":663,"width":861,"height":10}},{"id":"8498fa64-cf03-4c52-b35e-33e7c273ff52","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":52,"box":{"x":83,"y":677,"width":359,"height":10}},{"id":"f20ee2e6-3d78-4211-b33f-a7d79f824fed","block_type":"box","text":"S-42","page_number":52,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0c279b0a-a970-4285-ade2-9498b48773a9","block_type":"box","text":"Management","page_number":53,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"ada84b5c-d5ab-4b94-9bde-11013d2fb380","block_type":"box","text":"Investment Adviser.","page_number":53,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"2df43d47-a4cc-4c1c-85eb-035866396512","block_type":"box","text":"BlackRock Fund Advisors.","page_number":53,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"7da54f82-9fca-4a28-8e2d-f7da5405b684","block_type":"box","text":"Portfolio Managers.","page_number":53,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"ece14a73-f26b-4d3d-9bfa-b71ff90c5cb5","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":53,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"d13dbc4b-29cf-445c-b77a-a3dffbbe3259","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":53,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"1fb1caa0-2580-428a-8c90-85f6c1f84e90","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":53,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"d22bc3ec-2a3b-4fbe-928c-716d37641182","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":53,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"94990aa5-f6d0-4311-bbf4-18f2ef8a69f7","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":53,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"4264859c-0ecf-48d5-889e-8ccbc0ee296b","block_type":"box","text":"2025, 2024 and 2025, respectively.","page_number":53,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"84932d4c-8577-4968-9858-8068c670a531","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":53,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"435323cb-037b-405e-892b-4426d2973bd5","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":53,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"08eb2a1b-426f-477d-aea4-b8f28cb489a2","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":53,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"0e9bade2-c692-4ee7-96dd-f94efba5928a","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":53,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"f23b50ac-217c-419b-b7b2-88327a00772a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":53,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"1e47577a-7c66-460a-a361-b584e27cafb2","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":53,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"0a73c624-53fa-4bde-bb05-193129119db5","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":53,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"a4ba20af-517c-42b4-b4a0-4f59e5063ffa","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":53,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"e8e8098f-33c1-4cde-82ae-31a5dc6a2424","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":53,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"2141a41b-ee75-494e-8e7c-fda0ed6041f3","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":53,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"dcb209e2-3e6c-4d7d-9386-5a91219e91dc","block_type":"box","text":"Tax Information","page_number":53,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"6e5467db-a7a1-4661-a5ba-58a87e28199a","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":53,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"75b3bf60-5be1-42eb-8a49-38db4a35b06c","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":53,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"18d7ad01-7cee-4b0a-a007-e917d3d19ed6","block_type":"box","text":"may also occur.","page_number":53,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"9806839e-1c02-4f1a-ad67-bbdd258b93e5","block_type":"box","text":"The Fund is generally not an appropriate","page_number":53,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"4c57dccd-94f5-4604-af0c-4d105372aec1","block_type":"box","text":"investment for a 401(k) plan or an IRA","page_number":53,"box":{"x":549,"y":90,"width":267,"height":11}},{"id":"c3e61324-424d-4596-8ac9-9db2596b21dc","block_type":"box","text":". Please consult your","page_number":53,"box":{"x":817,"y":90,"width":133,"height":11}},{"id":"fa3172c4-5bce-44ff-a1dc-c6ff605fa464","block_type":"box","text":"personal tax advisor.","page_number":53,"box":{"x":549,"y":104,"width":131,"height":11}},{"id":"3611eca1-aa5c-4911-8899-f273b424df0b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":53,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"f2bce5e4-6b77-4bb7-81a9-e9652c3ee0ff","block_type":"box","text":"Intermediaries","page_number":53,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"07ab92d0-1bff-4d39-9833-2369971ab752","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":53,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"dac35ff9-f54d-41e5-8afc-3bd1403d40f5","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":53,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"d6603698-2fcb-448f-9b9f-6d9e247078ba","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":53,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"49828850-da7b-4068-80cf-69820ef603f7","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":53,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"acf8e9c1-c291-4dd3-b333-bee365523f0c","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":53,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"1b5ad789-214e-4ca4-9420-e39c4df9905f","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":53,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"fbf48f40-3be5-4e9b-9d61-37ecff304270","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":53,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"e9da9670-9117-45ae-bd9d-c649740bf0af","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":53,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"1cc9c0d9-8638-4d68-b136-a7d674ff76e2","block_type":"box","text":"recommend the Fund over another investment. 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The instruments selected","page_number":55,"box":{"x":549,"y":483,"width":408,"height":11}},{"id":"6b982f96-fc6e-4c0e-883f-9d78f59e3477","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":55,"box":{"x":549,"y":498,"width":423,"height":10}},{"id":"23179505-01d9-4347-a5ab-ff3173ecda27","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":55,"box":{"x":549,"y":512,"width":415,"height":11}},{"id":"f11bb4b7-7dc9-4300-894d-756a15da9899","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":55,"box":{"x":549,"y":526,"width":405,"height":11}},{"id":"5d927d9f-511a-4377-ba47-9892bf9316a1","block_type":"box","text":"(","page_number":55,"box":{"x":549,"y":540,"width":3,"height":11}},{"id":"d2b863d5-ea89-4a16-9a49-09f4bef93436","block_type":"box","text":"i.e.","page_number":55,"box":{"x":553,"y":540,"width":17,"height":9}},{"id":"ee0d1154-f1ab-478c-ab17-d134258c048f","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":55,"box":{"x":573,"y":540,"width":358,"height":11}},{"id":"95f1a614-3770-42d3-9d96-e80d23ae1255","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":55,"box":{"x":549,"y":554,"width":418,"height":11}},{"id":"300bfd87-75d8-4086-ad21-02b68446bbf2","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":55,"box":{"x":549,"y":568,"width":410,"height":11}},{"id":"07c865d4-f6a4-4086-b540-3044bda8f407","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":55,"box":{"x":549,"y":583,"width":399,"height":10}},{"id":"f4f9b3dd-4adc-4888-a1d2-b3358db10e7f","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":55,"box":{"x":549,"y":606,"width":404,"height":11}},{"id":"8bffc5f8-5aad-472f-9b44-72ffc4eba74b","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":55,"box":{"x":549,"y":620,"width":424,"height":11}},{"id":"b8af94bf-f4a5-4dd1-8a4a-65784efa73b1","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":55,"box":{"x":549,"y":634,"width":411,"height":11}},{"id":"6b471545-0ecc-4b5b-b371-8ddcef113684","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":55,"box":{"x":549,"y":648,"width":414,"height":11}},{"id":"0f5f4c5c-69c3-4b2a-8060-50771ee6cba1","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":55,"box":{"x":549,"y":663,"width":414,"height":10}},{"id":"20f14225-1f27-462a-8083-e30f065ff91d","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":55,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"68bee7d2-b13d-418c-af7b-38acf75f8938","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":55,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"d9855ea5-9205-4afc-8aef-29f4e1ee4214","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":55,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"44d20e38-e097-47bd-86f3-5263f6d703cd","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":55,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"a86de894-11e9-4d8b-b95e-2f855294382b","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":55,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"9801da15-561c-4ec2-9fcd-ba7fd893b4af","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":55,"box":{"x":549,"y":748,"width":385,"height":10}},{"id":"8bc2bd2e-6201-495d-88af-c3eab3715eff","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":55,"box":{"x":549,"y":762,"width":409,"height":11}},{"id":"47d521a0-4a8e-411e-836d-60626df33df9","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":55,"box":{"x":549,"y":776,"width":414,"height":11}},{"id":"81e6974c-9986-4ec9-a4b4-e801dc2fd16a","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":55,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"eced4ad4-1c07-4583-ac0c-d070f12ad181","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":55,"box":{"x":549,"y":804,"width":409,"height":11}},{"id":"c9c415e7-861c-406a-b453-dc4ec87d4630","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":55,"box":{"x":549,"y":819,"width":375,"height":10}},{"id":"4aa1191b-2822-4f29-8810-83a419f3a8f7","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":55,"box":{"x":549,"y":833,"width":396,"height":10}},{"id":"cd65a306-9235-4ff7-bdb2-d89ce8ef1568","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":55,"box":{"x":549,"y":847,"width":389,"height":8}},{"id":"54de3231-bc9f-4b74-a2aa-287842298557","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":55,"box":{"x":549,"y":861,"width":355,"height":11}},{"id":"482e4558-3793-4dee-ae82-7eb1c3997d0d","block_type":"box","text":"S-45","page_number":55,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"739482d0-6485-4d4f-bb3d-c587613f0794","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":56,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"ac5ed239-4d0e-475b-af2f-56cf5611ed70","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":56,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"076de89a-939b-4c79-a364-e356b9069a04","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":56,"box":{"x":82,"y":52,"width":381,"height":10}},{"id":"a367f51b-2c03-4867-bd73-8f227bf4f45c","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":56,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"a722c66c-75f0-419d-a510-2d8474bb1a74","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":56,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"c260d184-7424-40b1-92dc-686a46c05af9","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":56,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"2d83930d-d656-42eb-87cd-33aaa9baad1b","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":56,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"c23ba84e-a2f8-4174-b110-9442f984f2b5","block_type":"box","text":"the Underlying Index. By December 2, 2031, the Underlying Index","page_number":56,"box":{"x":83,"y":122,"width":417,"height":11}},{"id":"ac0fa8d6-8783-4a32-8537-383722e61c91","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":56,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"781e32bb-ff90-4963-81c7-5b30ec4b0c20","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":56,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"ac41cd46-d681-4ded-8a85-fb02122b58f9","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":56,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"1786cb5e-6588-4f5a-8f09-c30d3015ed94","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":56,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"df7a3cab-0381-42da-b836-250e0868c856","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":56,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"25277bba-1235-4ec6-9648-1798072a9d8b","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":56,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"e455eb8b-f858-4c1e-975a-4cceceaabf2b","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":56,"box":{"x":83,"y":222,"width":409,"height":10}},{"id":"d9a0bdb5-9d2a-4958-9674-d53f463aa7d8","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":56,"box":{"x":83,"y":236,"width":371,"height":11}},{"id":"8b0f6092-c710-4cad-881f-d12027058236","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":56,"box":{"x":83,"y":250,"width":404,"height":9}},{"id":"3c63365b-dfdc-48d0-95ed-a3f6850b1fda","block_type":"box","text":"The Fund does not seek to return any predetermined amount at","page_number":56,"box":{"x":82,"y":264,"width":407,"height":11}},{"id":"a5677419-fca4-41bc-8423-bb0dc2390c66","block_type":"box","text":"maturity or in periodic distributions.","page_number":56,"box":{"x":83,"y":278,"width":228,"height":11}},{"id":"e0b7b9d5-dd1a-40e9-ac77-003228539409","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":56,"box":{"x":82,"y":300,"width":414,"height":11}},{"id":"9057d1a9-4c8b-4834-a18b-2208c8433958","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":56,"box":{"x":83,"y":314,"width":282,"height":11}},{"id":"906c80f7-3e12-4ab5-b394-f50c93c5a036","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":56,"box":{"x":82,"y":336,"width":406,"height":11}},{"id":"4d16726e-8a7b-491f-b0f0-b165d12f782d","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":56,"box":{"x":83,"y":351,"width":420,"height":10}},{"id":"1ca838e2-d0a0-4862-8b9a-9e0f0ddbf51c","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":56,"box":{"x":83,"y":365,"width":402,"height":11}},{"id":"f973dfcc-6b91-4ca8-9bc4-b6291a2174bd","block_type":"box","text":"over time.","page_number":56,"box":{"x":83,"y":379,"width":63,"height":8}},{"id":"89a8d517-986c-41f8-a03b-2d6858fe1661","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":56,"box":{"x":82,"y":402,"width":423,"height":11}},{"id":"90216088-e1e1-4c55-b066-ef57e6db6c63","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":56,"box":{"x":83,"y":416,"width":356,"height":9}},{"id":"6258ca64-52b1-4a39-be49-c816c76a0ad9","block_type":"box","text":"composition and relative weightings of the components of the","page_number":56,"box":{"x":83,"y":430,"width":395,"height":11}},{"id":"8f1eeb33-316a-456f-a07d-5c100a7403be","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":56,"box":{"x":83,"y":445,"width":416,"height":11}},{"id":"feda492e-0381-4d7d-baa5-d6e3275d18f8","block_type":"box","text":"value of the Underlying Index.","page_number":56,"box":{"x":82,"y":459,"width":190,"height":11}},{"id":"2b9a082e-a112-4323-8a90-19bc6c3fc8ca","block_type":"box","text":"Industry Concentration Policy.","page_number":56,"box":{"x":83,"y":482,"width":210,"height":11}},{"id":"b6682371-17b7-415f-a688-cc042845373e","block_type":"box","text":"The Fund will concentrate its","page_number":56,"box":{"x":298,"y":482,"width":184,"height":9}},{"id":"a68379a9-1835-40c7-a025-8f8bc6ea40e4","block_type":"box","text":"investments (","page_number":56,"box":{"x":83,"y":496,"width":85,"height":11}},{"id":"a49a731d-a769-4045-a72f-f9077213e5f8","block_type":"box","text":"i.e.","page_number":56,"box":{"x":169,"y":496,"width":17,"height":9}},{"id":"df777025-0a9e-489d-a66b-de9b59e671d4","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":56,"box":{"x":189,"y":496,"width":264,"height":11}},{"id":"b1153813-dece-413c-a0b5-f74f49867cda","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":56,"box":{"x":83,"y":510,"width":394,"height":11}},{"id":"afcc1ccf-7d66-4b49-90f9-d9f8d61d68e7","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":56,"box":{"x":83,"y":525,"width":377,"height":10}},{"id":"b32df7a1-a0ac-43d5-8d73-5aa8c02878b1","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":56,"box":{"x":83,"y":539,"width":389,"height":11}},{"id":"29deed65-ca18-4b2f-bdd5-df4d47fb2119","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":56,"box":{"x":83,"y":553,"width":365,"height":11}},{"id":"b4ae4c62-e94a-47d7-b471-4c07dbf52f96","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":56,"box":{"x":83,"y":567,"width":392,"height":11}},{"id":"4f1414fc-1549-4468-a708-a66c1724b284","block_type":"box","text":"securities of state or municipal governments and their political","page_number":56,"box":{"x":83,"y":581,"width":399,"height":11}},{"id":"5f666b92-e62a-4ee9-8144-94aaa5867599","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":56,"box":{"x":83,"y":595,"width":410,"height":11}},{"id":"0dde2dce-c63b-430c-9fd5-70e71a145e2b","block_type":"box","text":"industry.","page_number":56,"box":{"x":83,"y":610,"width":54,"height":11}},{"id":"75894765-9f18-409f-a881-ed0019ce9900","block_type":"box","text":"Summary of Principal Risks","page_number":56,"box":{"x":83,"y":639,"width":235,"height":13}},{"id":"cbcaf43d-5f38-4afb-973d-4a0ed67a58b0","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":56,"box":{"x":82,"y":664,"width":363,"height":11}},{"id":"38c0c2a3-ef2f-4d63-ae65-db2d13c4dfd0","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":56,"box":{"x":83,"y":678,"width":402,"height":11}},{"id":"a8209735-cafe-4179-8610-f8a98577eddf","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":56,"box":{"x":83,"y":692,"width":396,"height":11}},{"id":"65aaf59b-72d8-4b15-9a36-b68787796980","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":56,"box":{"x":83,"y":706,"width":376,"height":11}},{"id":"b09a4bcc-97cb-40bf-9b5f-23754b220d3e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":56,"box":{"x":83,"y":721,"width":392,"height":10}},{"id":"330c382f-c78c-40a9-bfbe-674f6fedc35b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":56,"box":{"x":83,"y":735,"width":416,"height":11}},{"id":"5cd156b0-db57-44d1-88aa-7fc1aeab8188","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":56,"box":{"x":83,"y":749,"width":387,"height":11}},{"id":"bfc7726a-48e1-49de-82e5-fd1ce1bd74c7","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":56,"box":{"x":82,"y":763,"width":426,"height":11}},{"id":"56a60937-13a5-4f01-a35a-da8ab1a6afd1","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":56,"box":{"x":83,"y":777,"width":404,"height":11}},{"id":"5e605e12-2c04-4aa7-b59a-c9503b90b72c","block_type":"box","text":"review each risk factor carefully.","page_number":56,"box":{"x":83,"y":791,"width":206,"height":11}},{"id":"a83d5bd5-15d4-49d9-b7c2-2cbc9a290783","block_type":"box","text":"Municipal Securities Risk","page_number":56,"box":{"x":83,"y":815,"width":172,"height":10}},{"id":"2dfa279f-1ac5-4bf4-9744-2ede195ef630","block_type":"box","text":".","page_number":56,"box":{"x":255,"y":821,"width":3,"height":2}},{"id":"91da44e1-79ea-422f-a17a-88909058b2ab","block_type":"box","text":"Municipal securities are subject to","page_number":56,"box":{"x":264,"y":815,"width":219,"height":10}},{"id":"95a94dd7-647b-4246-ae61-c5e7997ffe73","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":56,"box":{"x":83,"y":829,"width":393,"height":11}},{"id":"f880120e-b40a-4564-9235-98f1c37328a8","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":56,"box":{"x":83,"y":843,"width":365,"height":11}},{"id":"c384f7b8-207a-4db4-978d-dd75713d8bc8","block_type":"box","text":"securities. 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If","page_number":56,"box":{"x":549,"y":80,"width":424,"height":11}},{"id":"f362231f-d239-4d0c-b2be-a9abde14e4e7","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":56,"box":{"x":549,"y":94,"width":379,"height":11}},{"id":"6393682c-ef9c-4be9-a9ac-f5818af165ea","block_type":"box","text":"significantly.","page_number":56,"box":{"x":549,"y":108,"width":78,"height":11}},{"id":"f256b04f-39d7-4a74-8925-58a70ed2385e","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":56,"box":{"x":549,"y":131,"width":412,"height":11}},{"id":"e0f5c041-10b6-43e6-b62b-addd4dea0f88","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":56,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"3a3ece38-812e-404c-9325-4faa052af837","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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As a result, the Fund’s investment","page_number":57,"box":{"x":83,"y":655,"width":418,"height":10}},{"id":"2b17a506-876c-4178-8fab-13babc46fd92","block_type":"box","text":"in certain callable securities maturing outside the term of the","page_number":57,"box":{"x":83,"y":669,"width":390,"height":11}},{"id":"3987935a-e457-41fe-b5c2-a5ed8e1802ae","block_type":"box","text":"Fund may increase the likelihood that securities held by the Fund","page_number":57,"box":{"x":84,"y":683,"width":414,"height":11}},{"id":"f2b3bb1a-b8dd-42d6-a27c-a5e71f361a83","block_type":"box","text":"are called prior to December 2, 2031.","page_number":57,"box":{"x":83,"y":697,"width":238,"height":11}},{"id":"6699f4ab-6168-44be-9e33-a57d88b0c5dd","block_type":"box","text":"Cash Transactions Risk","page_number":57,"box":{"x":83,"y":721,"width":157,"height":8}},{"id":"078cb42e-285c-4fa0-9454-98ea04b40208","block_type":"box","text":".","page_number":57,"box":{"x":240,"y":727,"width":3,"height":2}},{"id":"ccdef26c-8d87-4bf3-8cef-752962a43067","block_type":"box","text":"The Fund’s creation and redemption","page_number":57,"box":{"x":248,"y":721,"width":230,"height":10}},{"id":"688e1e5e-cfd4-4410-91bf-82a6faa4813a","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":57,"box":{"x":83,"y":735,"width":418,"height":11}},{"id":"256c374a-1a41-494f-a79e-25f9d855eff7","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":57,"box":{"x":83,"y":749,"width":414,"height":11}},{"id":"8418d4ff-1d07-4782-a02b-2f5780ee455f","block_type":"box","text":"investments are delivered. 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The value of securities or other assets may","page_number":58,"box":{"x":84,"y":254,"width":401,"height":11}},{"id":"fa872218-3cca-41d8-9dc5-1bb27711c5f0","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":58,"box":{"x":83,"y":268,"width":418,"height":11}},{"id":"432dcc4f-4c54-4a2e-9d90-0d7424f28a03","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":58,"box":{"x":83,"y":282,"width":414,"height":11}},{"id":"ea4280e0-96b1-4a49-8381-d460f24d0b06","block_type":"box","text":"counterparty.","page_number":58,"box":{"x":83,"y":297,"width":84,"height":10}},{"id":"2daabdea-be12-4d6a-86c7-c0d8e8ed0b58","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":58,"box":{"x":83,"y":320,"width":360,"height":10}},{"id":"d9258460-ed62-421d-a56d-ba354689fbeb","block_type":"box","text":"Certain","page_number":58,"box":{"x":449,"y":320,"width":45,"height":8}},{"id":"665091ef-588a-4774-96c6-ea836b3a2469","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":58,"box":{"x":83,"y":334,"width":405,"height":11}},{"id":"e47312b6-c377-429e-b5f5-555b1a73f973","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":58,"box":{"x":83,"y":348,"width":409,"height":11}},{"id":"73c8179c-3ec9-4360-b666-25000e30341a","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":58,"box":{"x":83,"y":362,"width":419,"height":11}},{"id":"2d1e75c7-05e8-4a3a-a32b-08be8893569a","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":58,"box":{"x":83,"y":376,"width":417,"height":11}},{"id":"a42c98f1-5924-41a2-ac1c-7737402345e5","block_type":"box","text":"their investment in the Fund for a limited period of time. 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As the Fund will not fully replicate the","page_number":58,"box":{"x":83,"y":683,"width":362,"height":11}},{"id":"784cb625-c794-42cc-936b-e9a0695cfefd","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":58,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"a911cc30-d550-45be-8040-598a4f4c174d","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":58,"box":{"x":83,"y":712,"width":409,"height":10}},{"id":"a707bedd-10c4-420f-b088-9145315106ed","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":58,"box":{"x":83,"y":726,"width":419,"height":11}},{"id":"82ef971e-cee5-4073-af7d-a8fafdf39e71","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":58,"box":{"x":82,"y":740,"width":420,"height":11}},{"id":"8d16cbca-8be3-4744-8099-38b1926e00a3","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":58,"box":{"x":83,"y":754,"width":402,"height":11}},{"id":"8ad69207-dd6d-4206-8e18-d66219ff03b2","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":58,"box":{"x":83,"y":768,"width":323,"height":11}},{"id":"7a638882-8097-4267-8222-05f7402f746d","block_type":"box","text":"Market Trading Risk","page_number":58,"box":{"x":83,"y":791,"width":136,"height":11}},{"id":"5bcf22ac-3139-4fef-8ac0-8189599dedbb","block_type":"box","text":".","page_number":58,"box":{"x":219,"y":798,"width":2,"height":2}},{"id":"5d961115-7a9f-4b91-a9c8-847a8e386498","block_type":"box","text":"The Fund faces numerous market trading","page_number":58,"box":{"x":226,"y":791,"width":263,"height":11}},{"id":"2b6b7012-8377-4ffc-b7de-aef8f4d048d5","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":58,"box":{"x":83,"y":806,"width":394,"height":10}},{"id":"74739e39-bf52-4cc9-9fd7-b3f1ce098903","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":58,"box":{"x":83,"y":820,"width":401,"height":11}},{"id":"ef8ab55d-fc7a-4138-9e65-1c858271d90a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":58,"box":{"x":83,"y":834,"width":404,"height":11}},{"id":"2c95a92c-a35d-475a-9c48-b09bb970302e","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":58,"box":{"x":83,"y":848,"width":416,"height":11}},{"id":"ca469149-3638-44d3-b712-b19570340196","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":58,"box":{"x":82,"y":862,"width":405,"height":11}},{"id":"7b73cae7-b992-4560-ae11-09e818e7aa4a","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":58,"box":{"x":83,"y":877,"width":411,"height":10}},{"id":"f51e8aef-3523-42c0-83b1-078eb565028b","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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As a result, the Fund’s","page_number":58,"box":{"x":549,"y":188,"width":375,"height":11}},{"id":"7fc72109-ec35-4466-9ada-887ed177e2ff","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":58,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"59e372be-4c9a-4afe-a45e-ad9b0ad18e39","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":58,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"8656003b-0818-484e-9077-f13e0659d205","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":58,"box":{"x":549,"y":231,"width":210,"height":10}},{"id":"143f2f5e-9f41-4128-a225-2d1e0ee54358","block_type":"box","text":"Operational and Technology Risks","page_number":58,"box":{"x":549,"y":254,"width":230,"height":11}},{"id":"c27cf4e9-24e6-45f2-934b-49d02e4fecfb","block_type":"box","text":".","page_number":58,"box":{"x":780,"y":260,"width":2,"height":2}},{"id":"bf31cc00-3613-4061-8870-09d67638d8a9","block_type":"box","text":"The Fund is directly and","page_number":58,"box":{"x":787,"y":254,"width":152,"height":11}},{"id":"6d5ac36c-4904-4224-b5e7-4b55c80c8e0e","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":549,"y":268,"width":368,"height":11}},{"id":"bfe4bb6d-0e8b-42ca-8dbd-2b87c2604ad3","block_type":"box","text":"including those related to human errors, processing errors,","page_number":58,"box":{"x":549,"y":282,"width":376,"height":11}},{"id":"f3ecc22f-56b2-4478-9623-c0b23b4aa5ca","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":549,"y":296,"width":413,"height":11}},{"id":"40126ea8-5864-4e21-9c78-63a9d45d2969","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":58,"box":{"x":549,"y":311,"width":404,"height":10}},{"id":"752320a4-71e7-4472-b8f0-afc58d47633a","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":58,"box":{"x":549,"y":325,"width":401,"height":11}},{"id":"8a083d9b-f67c-4eb6-94a1-50047bbb4d45","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":58,"box":{"x":549,"y":339,"width":377,"height":11}},{"id":"77c9ed75-d323-49c3-9980-b869058fe646","block_type":"box","text":"providers are required to have appropriate operational,","page_number":58,"box":{"x":549,"y":353,"width":350,"height":11}},{"id":"3c823f4f-b8e6-467c-ac35-1f3fe40ad0b1","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":58,"box":{"x":549,"y":367,"width":414,"height":11}},{"id":"a4f6d7ef-e196-4667-886f-6595512e9f41","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":58,"box":{"x":549,"y":381,"width":397,"height":11}},{"id":"dd7aea74-96e4-4920-9d5f-46fcba534b88","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":58,"box":{"x":549,"y":396,"width":411,"height":11}},{"id":"d24624dd-907a-456a-bd67-2d553cc9ea35","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":58,"box":{"x":549,"y":410,"width":391,"height":8}},{"id":"4cd87121-0e6b-4760-829c-1c21905213b3","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":58,"box":{"x":549,"y":424,"width":422,"height":11}},{"id":"ab434508-b8ff-4f7f-b1a1-8ccbf49ea734","block_type":"box","text":"investments in such issuers to lose value.","page_number":58,"box":{"x":549,"y":438,"width":264,"height":9}},{"id":"d67d9c31-67aa-43b0-8e64-b3e7deb3fc29","block_type":"box","text":"Small Fund Risk.","page_number":58,"box":{"x":548,"y":461,"width":111,"height":9}},{"id":"8cdaaf52-f8e4-4160-b8f8-acdb2ed94670","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":58,"box":{"x":665,"y":461,"width":282,"height":11}},{"id":"d0bbb43d-2d24-491e-ba50-b63956c27c1d","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":58,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"4dd258d4-5535-4094-a38d-c9c826631cf9","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":58,"box":{"x":550,"y":490,"width":396,"height":11}},{"id":"188a63ab-e690-42c5-9f7b-0316f15aef5c","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":58,"box":{"x":549,"y":504,"width":387,"height":11}},{"id":"76690ee3-f553-4569-88a9-629302bc8a2d","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":58,"box":{"x":549,"y":518,"width":417,"height":11}},{"id":"2717d140-8f43-4e5b-9a11-794079441d94","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":58,"box":{"x":549,"y":532,"width":420,"height":11}},{"id":"7713f1f6-77da-445c-bcdf-26fce8392ca7","block_type":"box","text":"at a discount to similar “round lot” bonds. 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Events","page_number":58,"box":{"x":549,"y":768,"width":417,"height":11}},{"id":"6cf007bf-5b21-41e8-bf1e-497d5c34c0c7","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":58,"box":{"x":549,"y":782,"width":409,"height":11}},{"id":"d1d5c43f-d7f0-45fa-a274-8ef7ccfedd64","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":58,"box":{"x":549,"y":797,"width":420,"height":10}},{"id":"9ac6470f-5fd2-4e1d-b7ea-e31d6069b4b1","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":58,"box":{"x":549,"y":811,"width":412,"height":11}},{"id":"03d4e6fd-3beb-4ccb-9926-628cc94738a6","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":58,"box":{"x":549,"y":825,"width":394,"height":11}},{"id":"159a6102-c6e3-4402-8d77-54f728666c35","block_type":"box","text":"federal Medicare contribution tax. 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The price received by the Fund also may differ from","page_number":59,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"bee0cb7d-44e3-4223-88c2-042372325eab","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":59,"box":{"x":549,"y":146,"width":406,"height":10}},{"id":"255895f9-7a3b-4ecf-92f1-983137e882fc","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":59,"box":{"x":549,"y":160,"width":411,"height":11}},{"id":"8315125f-db90-49a2-8d8b-447b7c4132d6","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":59,"box":{"x":549,"y":174,"width":392,"height":11}},{"id":"2964437c-c20e-4323-b5fb-455374cc10d0","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":59,"box":{"x":549,"y":188,"width":414,"height":11}},{"id":"01530a73-5151-4c5d-9f24-88bbde9b230d","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":59,"box":{"x":549,"y":202,"width":394,"height":11}},{"id":"52078eb5-8a8b-43e9-894d-8d4300fc3db2","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":59,"box":{"x":548,"y":216,"width":383,"height":11}},{"id":"11d0133c-63be-4538-b8ee-c67d3d67a360","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":59,"box":{"x":549,"y":231,"width":414,"height":11}},{"id":"62625e6c-fa2f-4023-9b3d-71811bde7987","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":59,"box":{"x":549,"y":245,"width":392,"height":8}},{"id":"09e21566-a76f-449a-afd4-53ff027c4351","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":59,"box":{"x":548,"y":259,"width":425,"height":11}},{"id":"57a1baa8-cdfe-42bb-9f11-f6b316459509","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":59,"box":{"x":548,"y":273,"width":400,"height":11}},{"id":"25e72751-be47-42fb-af8d-4515d47cb744","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":59,"box":{"x":549,"y":287,"width":405,"height":11}},{"id":"9d3034ec-07c4-4f89-9bbb-f4e641977c7c","block_type":"box","text":"Performance Information","page_number":59,"box":{"x":550,"y":316,"width":213,"height":11}},{"id":"00c5eb54-0b3e-4f15-98f3-cd7affb1ab00","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full","page_number":59,"box":{"x":549,"y":342,"width":400,"height":10}},{"id":"9cc9f8c8-a638-48fa-8e90-146fe3069bd7","block_type":"box","text":"calendar year of performance information to report.","page_number":59,"box":{"x":549,"y":356,"width":330,"height":11}},{"id":"6413b2c9-0525-4e89-bbdb-f54a2b529493","block_type":"box","text":"S-49","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a821b5b4-e058-4910-acac-bc8454eb6f4d","block_type":"box","text":"Management","page_number":60,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"850527e7-cd2f-4ab3-b7ce-dd2cfbae9af4","block_type":"box","text":"Investment Adviser.","page_number":60,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"927c608b-d29d-492e-9a0f-ffcce9ecb722","block_type":"box","text":"BlackRock Fund Advisors.","page_number":60,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"24b6e7c2-2572-4c8a-8988-81965e3bef9a","block_type":"box","text":"Portfolio Managers.","page_number":60,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"0790b582-18b0-4b0b-b3df-8c64530f064f","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":60,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"5ce0955e-d7e1-42e5-9203-2717a3aa7190","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":60,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"ae835ee8-8eee-4d21-86ac-41f2ba245e5b","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":60,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"7b1528d7-d3e1-4e5a-a8b8-78a985a35fb1","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":60,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"3e77198b-6f94-4aa4-aec5-2c3ed6129f88","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":60,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"0713f5c0-b73d-4577-8796-35f1a73cc35a","block_type":"box","text":"2025.","page_number":60,"box":{"x":83,"y":142,"width":36,"height":8}},{"id":"22b54e01-afb8-47d3-b661-07e757898287","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":60,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"7f13f468-37bf-494c-b4d3-9a9b052c80cc","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":60,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"ef599c83-7f04-4548-8de3-731759a86a8b","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":60,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"175ec159-79d2-41f1-899d-d0cfa2a78e84","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":60,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"b234a10d-9629-4c63-bd41-3be9ab30969c","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":60,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"4a5ce019-3028-4a72-9323-cc8796505a94","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":60,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"7d165a48-538a-467b-9be9-b162b4d2a0c4","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":60,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"b0b0b8b4-1099-40bb-91ea-f7ef9414be9d","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":60,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"52d9aeb4-fe40-4fd7-9325-1045703ad3eb","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":60,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"033fa63a-33ae-49f4-b429-8744c16d24b8","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":60,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"49ce7143-8b1a-4681-b8c4-8f9b9d32bc3a","block_type":"box","text":"Tax Information","page_number":60,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"917b4969-c2f0-4fc6-91de-3ec615424607","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":60,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"748a1227-2afa-43a4-a9fc-10b73344d5f8","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":60,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"94a63109-5c1e-47dc-a8a8-c19509b13879","block_type":"box","text":"may also occur.","page_number":60,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"8cf70c7d-3be9-4d83-a51c-c68247588d04","block_type":"box","text":"The Fund is generally not an appropriate","page_number":60,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"9bf86538-37c7-4244-b31a-b30504cfc52d","block_type":"box","text":"investment for a 401(k) plan or an individual retirement","page_number":60,"box":{"x":549,"y":90,"width":391,"height":11}},{"id":"d273f42b-7bbd-49cf-b538-8016222db394","block_type":"box","text":"account (“IRA”)","page_number":60,"box":{"x":549,"y":104,"width":103,"height":11}},{"id":"640d0b5d-e7b8-4210-83b5-f9505160619c","block_type":"box","text":". Please consult your personal tax advisor.","page_number":60,"box":{"x":654,"y":104,"width":269,"height":11}},{"id":"2e72749b-dc5b-4f75-9cbe-5ebc6a5eb4e0","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":60,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"07baacc8-67b7-494a-a675-803bcccccdf9","block_type":"box","text":"Intermediaries","page_number":60,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"2b0a1191-0eab-444b-97e2-a05e4fa9b2d9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":60,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"5a1f008c-2200-48fb-ac69-488ca1d919f2","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":60,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"1419d1ce-63a1-4534-ad4a-2fc3a6d09543","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":60,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"a1592bc4-a8bf-478f-a5ef-fdc81cbb7a79","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":60,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"505dbb5c-3d4c-4ef6-8b69-f55aff5a3ff1","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":60,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"523f8d83-b336-4f26-a3b3-b4451f15b40e","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":60,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"fee5cc51-6027-4bd9-bff5-b49f1c5f182e","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":60,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"da79f696-7c67-4cd3-9221-edfb93dc49ca","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":60,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"0277231b-6ddf-44fc-b7fb-5b640e56e1fd","block_type":"box","text":"recommend the Fund over another investment. 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Index constituents are market capitalization","page_number":62,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"02babeea-1e52-4689-ad67-43966be3b53b","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":62,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"aa1b3b68-1e6e-47ce-9ac3-94aa0437da9d","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":62,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"cc87c81f-0bc1-4f7e-939f-1459b92fb869","block_type":"box","text":"interest.","page_number":62,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"bf26c3e5-8710-4ffb-8ea9-826a71294704","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":62,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"3c8939e4-04f0-44b3-b30c-2d2abb2254a9","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":62,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"14ddb2d0-ecc6-4e7c-9208-ee5d6d6c0a87","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":62,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"8fcbfd8d-6dad-40dd-bf54-9a7d0c823a5f","block_type":"box","text":"inclusion for such following month (","page_number":62,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"696f0a2e-41a8-4115-8670-288157f1ca19","block_type":"box","text":"e.g","page_number":62,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"26097762-d64e-4421-b9d9-26d07fded75d","block_type":"box","text":"., an issue must settle on or","page_number":62,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"cb50ad30-5943-4e6e-82a5-56d765c2ddb6","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":62,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"b85b651c-bccf-4a0b-95f9-ca17ac3d8a87","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":62,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"b0ad6f04-8fe3-4f92-9fda-39c33fff8057","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":62,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"a73ff2cd-6fdf-4930-b74f-1bf8fe07b592","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":62,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"a25f74f7-a1df-494d-90b2-28c19974dd96","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":62,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"aac68230-297e-4101-8041-16ca8ceaa97e","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":62,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"66e4dc8e-b435-4e9a-a893-13b195ec15bf","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":62,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"7a5c5bb0-ba7c-48cf-9658-f605a57ea4c8","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":62,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"428b1d0a-cb05-4ed4-bce1-56c3d3ee816d","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":62,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"74eebd4a-b24e-40a3-8925-37212948b9bb","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":62,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"e9b1b91c-c640-4a29-bda2-24af804cf2e7","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":62,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"45e44aaf-52bf-473d-be76-b06756469bc1","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":62,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"f7aa183d-0c5f-418f-be2a-a72f0633f831","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":62,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"fc681980-2974-4eb2-9d52-0faad4b6bcfd","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":62,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"9b8b90c5-58c9-47b8-a17e-55e929ad1d44","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":62,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"e95c8981-bf9e-4dbc-96e4-6f5eec425126","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":62,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"7aff8fc7-e5db-49c3-a8f0-7ba6d7b8fd76","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":62,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"9929524c-412e-48e9-92b6-805fc8a49355","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":62,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"204a19ce-6e5d-4970-8330-54b89489b5a2","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":62,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"c6e2d331-4e40-49da-bbfa-7450bd2f84f8","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":62,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"084c1c7b-e5f9-406d-bdfe-e7cc9be43f5e","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":62,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"a5f7a399-48f9-47c4-9ea0-8c4867604d76","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":62,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"4038152e-fb7d-45d4-a41c-0c43b1f0cb9b","block_type":"box","text":"Index before fees and expenses of the Fund. 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To the extent that the","page_number":62,"box":{"x":549,"y":422,"width":395,"height":10}},{"id":"db04c9df-4b1f-4b37-a154-efa7d4ed3f3c","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":62,"box":{"x":550,"y":436,"width":395,"height":10}},{"id":"188ae0fa-5b09-4375-b4fb-bd147b673474","block_type":"box","text":"fees and expenses of such funds.","page_number":62,"box":{"x":549,"y":450,"width":211,"height":11}},{"id":"9beca1a5-11cb-4f8d-ac4b-a281d43f8529","block_type":"box","text":"By October 15, 2026, the Fund is expected to consist almost","page_number":62,"box":{"x":550,"y":472,"width":386,"height":11}},{"id":"410b7f9f-bb3c-4c64-9810-7e6094a8f1e1","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":62,"box":{"x":549,"y":486,"width":419,"height":11}},{"id":"ce6eb123-3863-4127-a358-6586752eb60a","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":62,"box":{"x":549,"y":500,"width":379,"height":11}},{"id":"08022d2d-abcd-4e8c-b91c-2aa7182adb7f","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":62,"box":{"x":549,"y":514,"width":368,"height":10}},{"id":"4e9fbc85-6b70-4359-a018-9c52de3d3b78","block_type":"box","text":"shareholders pursuant to a plan of liquidation. 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The Board may extend the termination date if","page_number":62,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"557afa9b-fa36-4705-bb53-c3c4763eb959","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":62,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"9fe77e7b-5727-43ce-a910-7c1f6634cf17","block_type":"box","text":"interest of the Fund.","page_number":62,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"9f751d95-3ce0-4e71-8c09-55282c7edb7d","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":62,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"5d71cbc9-5aeb-4db2-9be1-6d914fbc179d","block_type":"box","text":"investment objective. 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The Fund may","page_number":63,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"406fac4b-e635-40f6-bd29-ba5d22554947","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":63,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"81d48f83-2836-4eb2-8b8a-0c5563a44cb1","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":63,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"468b4eaa-fc4c-4c45-b8ac-998984788c3d","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":63,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"5ef7f6b1-e51c-4950-9c07-368cbd224f40","block_type":"box","text":"collateral received).","page_number":63,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"76f81bcb-dbe7-4eff-9f51-8bd189161a97","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":63,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"b6ce4e7f-8c6a-4f80-994e-c2ad318a9e84","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":63,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"30b6f2c2-1a9f-4cac-bdfb-fb6866f7224b","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":63,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"f5139e8e-0bb1-45af-bcf7-486c5c1ac3e9","block_type":"box","text":"determines the composition and relative weightings of the","page_number":63,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"a609075f-f9bf-433d-9259-1d8a3fdccdbd","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":63,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"e2960b6a-e004-4d48-a4bd-cf114a0f7d15","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":63,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"94964e76-3ee7-45b2-8174-2cf18bb13ddb","block_type":"box","text":"Summary of Principal Risks","page_number":63,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"91740285-a1d8-4b2b-b09c-9bb156094aa2","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":63,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"b0f4c25d-8381-4795-a43a-cf95dd34ff9a","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":63,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"6ec273db-27e6-4a04-8d66-1c854a5e740d","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":63,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"4f7397ef-d095-4f76-b745-5bd5418a488a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":63,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"55c06b03-82f0-4e16-a400-e6b50f424c54","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":63,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"d2bcb795-9aab-427b-b6a5-848cb1de5b08","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":63,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"5daa4dbf-93d3-4a47-8bc1-7ee710dfd624","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":63,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"de0e9c96-478f-4ca3-9e80-09913b405224","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":63,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"73f48da9-07f8-4c45-948e-d4430acbbf38","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":63,"box":{"x":83,"y":393,"width":404,"height":11}},{"id":"54b0d470-b667-40e9-b781-24b30193421b","block_type":"box","text":"review each risk factor carefully.","page_number":63,"box":{"x":83,"y":407,"width":206,"height":11}},{"id":"bbc43fed-c043-476a-85e4-5ea64a70bbd6","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":63,"box":{"x":83,"y":430,"width":206,"height":11}},{"id":"8db6f1e8-192a-4f26-a1d0-8630e5306049","block_type":"box","text":"U.S. Treasury obligations may","page_number":63,"box":{"x":296,"y":431,"width":189,"height":10}},{"id":"80446ac4-6be0-455f-a474-e13b889a24e3","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":63,"box":{"x":83,"y":445,"width":385,"height":10}},{"id":"114a936e-461c-4a63-9780-8ac2b7e6fff9","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":63,"box":{"x":83,"y":459,"width":385,"height":11}},{"id":"a5eb9d86-bc15-4f4f-b02a-f85ea4a7613a","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":63,"box":{"x":83,"y":473,"width":417,"height":11}},{"id":"fceb50ef-5d17-4ae5-9efb-e798db75ee64","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":63,"box":{"x":83,"y":487,"width":393,"height":11}},{"id":"b9d65747-19bf-4d2b-af48-87425097a6f0","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":63,"box":{"x":83,"y":501,"width":392,"height":11}},{"id":"0d4b1903-c496-40dd-adf6-49c805aa0871","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":63,"box":{"x":83,"y":516,"width":423,"height":10}},{"id":"4adac064-7e7f-4e0b-a0c0-94b2efc2f61c","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":63,"box":{"x":83,"y":530,"width":424,"height":11}},{"id":"a24edd78-f498-48e2-aaeb-a1fe58f94d9e","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":63,"box":{"x":83,"y":544,"width":392,"height":11}},{"id":"3905dc96-8a70-46ab-8325-a9f0bea69e48","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":63,"box":{"x":82,"y":558,"width":412,"height":11}},{"id":"9721b4e9-12f3-44c1-ada4-8f6298c324dd","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":63,"box":{"x":83,"y":572,"width":407,"height":11}},{"id":"f0034df1-dff7-4594-97e2-336fd434b172","block_type":"box","text":"timely payment of interest or principal.","page_number":63,"box":{"x":83,"y":586,"width":247,"height":11}},{"id":"b710143a-8696-4d6a-851a-e281ec2feaba","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":63,"box":{"x":83,"y":610,"width":197,"height":8}},{"id":"72603e34-b685-4d3c-8aba-225498b2db6b","block_type":"box","text":"The principal value of an","page_number":63,"box":{"x":286,"y":610,"width":154,"height":10}},{"id":"53f3acd6-d065-4533-beb4-e613e96b86fc","block_type":"box","text":"investment in the Fund is not protected or otherwise guaranteed","page_number":63,"box":{"x":83,"y":624,"width":412,"height":11}},{"id":"20d006d6-4727-4f0c-81e0-11d78c30d934","block_type":"box","text":"by virtue of the Fund’s investments in inflation-indexed bonds. The","page_number":63,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"5f998518-0813-470a-9d6f-83dca2323ff5","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":63,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"0e01d985-2346-4075-831c-7060714a8930","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":63,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"caacecd1-abd2-4898-806c-88e08ca43510","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":63,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"704445c4-a4ce-4368-a4db-3447f94b6ef3","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":63,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"a37c5d25-7eca-41cc-81dd-78b9eb19389b","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":63,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"2ee69ea3-e2b5-4100-9afa-28e30ead9d32","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":63,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"750e3211-0fa0-4f2a-b3e8-21ef9a863ee8","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":63,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"b4be2fa2-ce85-49ca-9294-5ce1b892293c","block_type":"box","text":"Interest Rate Risk","page_number":63,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"7e35e454-9ef2-4cb9-8407-24f3aaa44b85","block_type":"box","text":".","page_number":63,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"5a18f35d-be46-4303-8a73-5e6950441810","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":63,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"675211e8-7d9e-4310-a7cd-5b06c1948ac0","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":63,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"c3462bf0-ab72-439b-8cda-cec7fffd5611","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":63,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"4978eeda-34a6-4041-b644-7e3b03acd8c4","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":63,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"6ee18db0-9c74-4fd7-b351-dc35db6c2dd2","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":63,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"db80f8dc-9a30-4953-869e-7eede86c4f3b","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":63,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"ed9a2815-8a9e-4254-a0f1-6bd2484c6d5d","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":63,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"7519a234-65fd-4fcf-9bec-b048cebf4595","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":63,"box":{"x":549,"y":66,"width":408,"height":8}},{"id":"c4fee3d9-ccec-4353-8e2b-767b2b49f175","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":63,"box":{"x":549,"y":80,"width":423,"height":11}},{"id":"12a7b4bc-ef70-40c6-8ee4-09cec89093e0","block_type":"box","text":"changes and subject to greater fluctuations in value. 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No Authorized","page_number":64,"box":{"x":83,"y":51,"width":378,"height":11}},{"id":"7d7dde0c-9807-4e64-9e6a-8d99893f0e27","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":64,"box":{"x":84,"y":66,"width":379,"height":11}},{"id":"9bd05550-b2f3-48c4-bf37-a3f6d6432a99","block_type":"box","text":"transactions. 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The Fund could","page_number":64,"box":{"x":549,"y":476,"width":409,"height":10}},{"id":"7b301183-7bd1-486a-80b2-057f65de2ea6","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":64,"box":{"x":549,"y":490,"width":416,"height":11}},{"id":"73ca98fd-96f4-4971-9c8b-b408ec0ca610","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":64,"box":{"x":549,"y":504,"width":389,"height":11}},{"id":"57fad75b-ebcc-4769-8c9a-0161989d096e","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":64,"box":{"x":549,"y":584,"width":425,"height":11}},{"id":"de02bc59-be97-4cac-981a-cf22dd3d52cd","block_type":"box","text":"factors, including differences between the securities and other","page_number":64,"box":{"x":549,"y":598,"width":401,"height":11}},{"id":"9b2a4703-6cd8-43ad-b4e5-000e3e2975d4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":64,"box":{"x":549,"y":612,"width":381,"height":11}},{"id":"fba2ba72-1419-4c4a-8e0f-303a11abd5ac","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":64,"box":{"x":550,"y":626,"width":396,"height":11}},{"id":"e2c9c879-d1f3-4f71-b485-004b5c97804d","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":64,"box":{"x":549,"y":641,"width":407,"height":10}},{"id":"1d7d6184-1f69-4ee7-9d85-2aadf7391d00","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":64,"box":{"x":549,"y":655,"width":400,"height":11}},{"id":"9c906c4c-ee61-4fbf-871f-56010f89cea2","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":64,"box":{"x":549,"y":669,"width":421,"height":11}},{"id":"d7cd20bc-b2da-4269-97a2-8c81a6f2158f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":64,"box":{"x":549,"y":683,"width":374,"height":11}},{"id":"f32c495a-8b43-4eab-a170-32036b399f3c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":64,"box":{"x":549,"y":697,"width":370,"height":11}},{"id":"fc0fd47a-739a-4ad4-bba1-82240a0e5c9b","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":64,"box":{"x":549,"y":712,"width":372,"height":10}},{"id":"7ac5f7ef-c495-4fec-a32f-0dc7d5e39ff9","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":64,"box":{"x":549,"y":726,"width":420,"height":11}},{"id":"34fcdfb4-d5ad-41fd-9dd8-ebb2ab7f8765","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":64,"box":{"x":549,"y":740,"width":387,"height":11}},{"id":"06097b73-076a-4186-818d-22dc41256b26","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":64,"box":{"x":549,"y":754,"width":377,"height":11}},{"id":"b46b08f2-b724-4d32-b99d-9beb7e08d3d7","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":64,"box":{"x":549,"y":768,"width":380,"height":11}},{"id":"04e6399f-5a1f-46f7-9503-35f7a8a1164e","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":64,"box":{"x":549,"y":782,"width":366,"height":11}},{"id":"d78f9148-d1aa-42e5-9879-49aff3b0f9b7","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":64,"box":{"x":549,"y":797,"width":414,"height":10}},{"id":"2d2ca116-75fd-4f89-94e4-ce50262abc9e","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":64,"box":{"x":550,"y":811,"width":386,"height":11}},{"id":"6aa04954-08f0-4467-ad2b-45e64500a77b","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":64,"box":{"x":549,"y":825,"width":414,"height":11}},{"id":"c971f0bb-3dfd-4b73-8f98-c92aa38d2210","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":64,"box":{"x":549,"y":839,"width":420,"height":11}},{"id":"e2977ba7-8212-4208-9ba5-ad5786cce264","block_type":"box","text":"unusual market conditions.","page_number":64,"box":{"x":549,"y":853,"width":172,"height":9}},{"id":"dae70ccc-0765-4516-a7cc-a3a6217bbb88","block_type":"box","text":"S-54","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0a0d3a08-6410-4c37-81d5-d17aa2940832","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"98ba2c92-a41e-434e-8f66-269681b1dbcd","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":65,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"0761349b-61d2-4ac6-a746-612c78a4140a","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":65,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b71689fe-065a-4795-bbaf-f791ccc14872","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":65,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"53b80948-25c3-4345-9e0a-91286c30af83","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":65,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"452b575c-662d-4af0-b171-61fee84e9a85","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Because of this inflation adjustment feature, inflation","page_number":68,"box":{"x":83,"y":539,"width":423,"height":10}},{"id":"2e59577a-2f19-47f4-b824-bd9b578e9c13","block_type":"box","text":"protected bonds typically have lower yields than conventional","page_number":68,"box":{"x":83,"y":553,"width":393,"height":11}},{"id":"ede35fb1-4e93-48ec-ab7b-035466fbfec8","block_type":"box","text":"fixed-rate bonds.","page_number":68,"box":{"x":82,"y":567,"width":108,"height":9}},{"id":"35ff7bf6-c296-4f06-bb36-365c10d9af19","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":68,"box":{"x":82,"y":589,"width":399,"height":11}},{"id":"a4536cbd-be5c-45b4-8911-6379d1ac4607","block_type":"box","text":"U.S. dollars and have (1) a fixed coupon schedule, (2) a remaining","page_number":68,"box":{"x":83,"y":603,"width":416,"height":11}},{"id":"61e3bff9-99be-400f-9975-9c44a3918c34","block_type":"box","text":"term to final maturity of more than one day as of the monthly","page_number":68,"box":{"x":83,"y":617,"width":391,"height":11}},{"id":"40cf6451-8f7f-4b4d-8a3b-992048a4c0db","block_type":"box","text":"rebalancing date and (3) at least $1 billion of outstanding face","page_number":68,"box":{"x":83,"y":631,"width":396,"height":11}},{"id":"6a35a2a0-59a9-4bb4-9f79-9154c36204df","block_type":"box","text":"value (excluding amounts held by the Federal Reserve System","page_number":68,"box":{"x":82,"y":646,"width":396,"height":11}},{"id":"5fe67334-2c38-4596-a9df-ca5c9be52c9a","block_type":"box","text":"Open Market Account (“SOMA”)). 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Index constituents are market capitalization","page_number":68,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"48cbe505-21c0-4e51-9595-24205e4d48c2","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":68,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"06ef19e4-bdb3-44fe-8614-c343f721f1ae","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":68,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"70ac95e8-ed95-4245-810b-f6335ca85ac9","block_type":"box","text":"interest.","page_number":68,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"fafc7922-f73f-45f6-8029-81299b89e25d","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":68,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"7a6726d0-4999-415c-86d3-abc939b19e4f","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":68,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"4502dbaf-2ff2-4ec2-8d76-b0e1c53bad11","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":68,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"0c4a160a-485d-48d3-b7f1-d2bdbad15cb6","block_type":"box","text":"inclusion for such following month (","page_number":68,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"2fe5941f-b253-4878-b3f7-6f04192f23ec","block_type":"box","text":"e.g","page_number":68,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"f430aebb-6d4f-4746-ae79-b6dfe1231913","block_type":"box","text":"., an issue must settle on or","page_number":68,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"0d87e4cc-5d41-41e4-80b6-354c9b923f27","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":68,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"a0ff7941-5cd5-43ea-84a9-83794f46fd32","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":68,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"64de0fb8-771b-4d97-bf40-3d1c6ea92e9f","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":68,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"e2115ed1-e75f-47f3-84c4-16d1257f9c48","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":68,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"acf48b9b-bee1-4bdd-8746-98fd0bfb2e2c","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":68,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"aaccd45f-bda9-4954-b7b3-6add9dc8465f","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":68,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"160f5762-4831-4080-9d33-829dfa998403","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":68,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"312368d6-4c4e-4e3e-aae9-5bc06d32865f","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":68,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"83873fab-d1dc-4a15-a081-3e4a458beca7","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":68,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"94bf7336-de56-49a3-aa01-7087bcb8edb8","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":68,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"aebcc288-ba63-4b80-8df5-3d7a0d704b6a","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":68,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"51a3c737-3bc9-4967-aaed-d5efa29f9c92","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":68,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"07965c2f-814d-4c42-8ada-e09cbf8f875e","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":68,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"e3317ec5-2e16-4574-b675-56b892bda517","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":68,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"a4778716-f65f-411e-959f-c895562c8e70","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":68,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"25df58e4-7f3f-450f-bdc5-40a0a0b1ffc3","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":68,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"060a48cc-7e51-4cce-a17c-815c43375fc2","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":68,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"7a89a040-c142-4a16-840e-a85a697a96c9","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":68,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"613032dc-6704-42c3-9455-dbe16a7f631a","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":68,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"e0f83c93-ab4e-413a-9557-8e6b34d6dcee","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":68,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"e926346b-0ef5-49c4-953e-81035b3e2ba6","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":68,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"f114d000-7514-4cae-a77a-979d037ce9a6","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":68,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"7c8892ca-3300-4698-8c00-765eebf462a7","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":68,"box":{"x":550,"y":365,"width":423,"height":10}},{"id":"cd9be689-0b45-4318-a978-d18d2792cfe2","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":68,"box":{"x":549,"y":379,"width":419,"height":11}},{"id":"bff52d9a-0604-4d8e-937e-0e835b7353bf","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":68,"box":{"x":549,"y":393,"width":410,"height":11}},{"id":"529641e3-882b-429f-86b1-4b3c1038cc89","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":68,"box":{"x":549,"y":407,"width":409,"height":11}},{"id":"d8147517-6bfd-4761-b3a4-3c6ed7432a30","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":68,"box":{"x":549,"y":422,"width":395,"height":10}},{"id":"84dee1fb-1cde-4caa-8187-2f5d54a922b9","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":68,"box":{"x":550,"y":436,"width":395,"height":10}},{"id":"b8897661-49c4-4fc6-aebd-dcb3b40c91f6","block_type":"box","text":"fees and expenses of such funds.","page_number":68,"box":{"x":549,"y":450,"width":211,"height":11}},{"id":"4497aa95-a704-423a-8c14-15193e1349bc","block_type":"box","text":"By October 15, 2027, the Fund is expected to consist almost","page_number":68,"box":{"x":550,"y":472,"width":386,"height":11}},{"id":"72b49831-e7e2-462f-bde3-8d3b557255b3","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":68,"box":{"x":549,"y":486,"width":419,"height":11}},{"id":"7c27db17-2ddc-4167-9ec2-d4817c927f44","block_type":"box","text":"terminate. 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The Fund’s","page_number":68,"box":{"x":549,"y":528,"width":367,"height":11}},{"id":"daf1a163-2072-449e-8b67-2fb9cc494d0c","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":68,"box":{"x":549,"y":543,"width":398,"height":10}},{"id":"8d37e2a1-6e45-4154-a21c-13914b48544b","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":68,"box":{"x":549,"y":557,"width":423,"height":11}},{"id":"4e35c555-1f51-406a-b922-cbb8f08db32f","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":68,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"2665e472-b07e-4653-81bb-e8e0f2ebb77e","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":68,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"f7594acb-79e8-4101-a6cb-d6d8b4b2289d","block_type":"box","text":"interest of the Fund.","page_number":68,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"a9d6903e-dbe8-4a6e-afa2-070e13ea0a6b","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":68,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"8a3e9e1e-9c49-499d-8da0-237fd0b1df4f","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":68,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"5e541893-6fb8-4d13-8d9e-81762d051193","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":68,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"8b6f1d82-8c72-4e09-94c1-84e9ffc162da","block_type":"box","text":"markets decline or appear overvalued.","page_number":68,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"ef242ea3-b4db-4da8-baa9-0bf9107118a5","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":68,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"9762308a-3b01-4512-9cb3-7e052027e7e5","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":68,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"cd756cd3-9d9a-465d-9b2c-9c51e13d3db6","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":68,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"2ec848fe-4e96-415a-a52d-315b7c4d01a5","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":68,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"a253a0ad-cb39-43c1-92cd-1659c0e1e69d","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":68,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"d01b3b7a-f6a9-406a-a675-805e2e9e87ff","block_type":"box","text":"comparison to actively managed investment companies.","page_number":68,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"53992cd6-6d05-42f6-a944-ec1cecc88103","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":68,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"00a6b066-7bfd-4e12-a46f-44992dc93f36","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":68,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"d6888a60-8e10-464d-96dc-b80a422a2592","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":68,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"bdc2a269-0769-4818-ab36-c4b1c0c381c0","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":68,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"86b7a801-c400-47a6-92d9-359d349e82f6","block_type":"box","text":"that of an applicable underlying index. 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The Fund may","page_number":69,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"27433ed5-8260-438d-9b12-e2c5db584db0","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":69,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"e3cde0ca-1fbf-49d3-8e54-32e53f9e4488","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":69,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"bee2e1a9-68aa-4273-9c8c-8a03a15b39cf","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":69,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"5acc6a12-31c2-4e81-b53d-73abaedf4505","block_type":"box","text":"collateral received).","page_number":69,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"be8ee7b8-b6df-4916-b84a-4dd7f2e0f06b","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":69,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"aa5d628f-98eb-4526-91e8-dea775e09eb7","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":69,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"a5caab0e-af2c-4051-82b4-94a2195c2cad","block_type":"box","text":"is independent of the Fund and BFA. 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The","page_number":69,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"1d57a9ad-65e7-42d1-b818-c768650d8a1c","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":69,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"6e9cda9c-7274-4fa2-9302-6df983c53c76","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":69,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"21545ff2-e082-4c42-80a9-3cba9e209108","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":69,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"edb10c0d-c4a2-4522-b5ab-9c657f71b89d","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":69,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"8500a4fe-cce8-4512-afcd-6340efc269a1","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":69,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"86191422-cd70-4c68-9436-1313d0aa5dee","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":69,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"759df1aa-e54a-46ab-bc1b-77bf807fa35a","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":69,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"ce5c38a7-ed4c-4595-b6c0-4da7440c28a2","block_type":"box","text":"Interest Rate Risk","page_number":69,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"80b2cf45-e8fe-449d-99c9-bb93c2600350","block_type":"box","text":".","page_number":69,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"c5dedca9-980c-4ad0-aef0-efbeec84b706","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":69,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"4810b6ae-32c7-4d32-a52c-d02a8acb17c8","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":69,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"e511147a-70b6-45d9-adf1-03f8766829f0","block_type":"box","text":"in the general level of interest rates. 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An increase in interest rates generally will","page_number":69,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"1da2ad77-08d1-4802-b9f5-eede023ba947","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":69,"box":{"x":549,"y":66,"width":408,"height":8}},{"id":"a63ddae2-9655-4bc1-8565-ea81745ee429","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":69,"box":{"x":549,"y":80,"width":423,"height":11}},{"id":"b3ea0791-9305-441d-b640-61a530d4a99d","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":69,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"237aeb54-3d9f-4755-a286-2795085337d5","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":69,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"029b6cb8-b4e2-4129-80f9-f624190cb82a","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":69,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"6492f882-70dd-4f34-8966-18dceea2bf54","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":69,"box":{"x":549,"y":137,"width":363,"height":10}},{"id":"ac5e063a-6ba1-44e3-ae4f-8800aab7f5b7","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":69,"box":{"x":549,"y":151,"width":386,"height":11}},{"id":"9c9d5b9b-c979-4427-825c-27485d2f23b8","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":69,"box":{"x":549,"y":165,"width":404,"height":11}},{"id":"b7399c4b-3cbb-4f41-b98b-8031c6d1d84a","block_type":"box","text":"dividends to shareholders.","page_number":69,"box":{"x":549,"y":179,"width":168,"height":9}},{"id":"d7766452-0218-4650-ab62-932a1ecbefb0","block_type":"box","text":"Market Risk","page_number":69,"box":{"x":549,"y":202,"width":82,"height":9}},{"id":"5bb627c3-9cd4-4ac6-9f66-a5f72ccc40e6","block_type":"box","text":".","page_number":69,"box":{"x":631,"y":209,"width":3,"height":2}},{"id":"f5d83042-d8b0-48aa-98db-33368a966760","block_type":"box","text":"The Fund could lose money over short periods due","page_number":69,"box":{"x":639,"y":202,"width":322,"height":11}},{"id":"6fb9aa6a-fc5f-4d6a-9843-e2230ed7f44a","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":69,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"97e49e18-149e-40fe-bc46-5eba32272f07","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":69,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"e35da1e8-8de5-4e4f-9d61-86fe1026582e","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":69,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"47c7dcd2-ad24-48bd-95ae-feea2399678f","block_type":"box","text":"information will provide an accurate assessment of included","page_number":69,"box":{"x":549,"y":410,"width":384,"height":11}},{"id":"7e72f8c2-d06d-483a-a13b-932a96cd9b80","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":69,"box":{"x":549,"y":424,"width":388,"height":11}},{"id":"80205f7a-06a7-4805-b86a-25a359c38c6e","block_type":"box","text":"objective. 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While the Fund’s service","page_number":70,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"65e29f29-a709-4168-8764-9b608e61aa1a","block_type":"box","text":"providers are required to have appropriate operational,","page_number":70,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"862075fa-1d15-4a45-87c2-0607175955b9","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":70,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"d68e92a9-47e4-4c0b-b204-a417ee8e56a7","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":70,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"6f732241-53fb-4399-85da-a9ae7a1df8f1","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":70,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"ca943299-1ba0-4d6c-b9ef-b2fea56a2a13","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":70,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"b690129b-4167-4c0c-a136-11aa1843f059","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":70,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"e83f60d2-8ca7-4aff-af47-af5887bfcba0","block_type":"box","text":"investments in such issuers to lose value.","page_number":70,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"0924ce4f-95db-402d-bb65-d88edf88d1d7","block_type":"box","text":"Risk of Investing in the U.S","page_number":70,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"09e9b80d-3b32-46aa-a447-6a68bbdb0dd2","block_type":"box","text":".","page_number":70,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"2f7e36f5-54a9-452d-88b2-40d337c94de4","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":70,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"659b86a7-f1f3-4724-aab5-aec448909e2d","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":70,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"66cf30ca-8001-45be-9594-8f64ff36a210","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":70,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"788239ff-5aad-40b4-b95f-4f627453853a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":70,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"0e3980b0-718b-4ea2-ae11-a794dfbfaf7b","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":70,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"fd4ed0ce-5df0-4d30-be02-b9eac7985fc1","block_type":"box","text":"Securities Lending Risk.","page_number":70,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"9e6f026b-2fe5-4751-b0e2-93d15e69dd58","block_type":"box","text":"The Fund may engage in securities","page_number":70,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"0a9d9c39-29fd-4270-82fe-c45a0682b393","block_type":"box","text":"lending. 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Tracking error may occur due to a number of","page_number":70,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"ea764ce9-12f8-4864-9b85-d0f1e3c0db3c","block_type":"box","text":"factors, including differences between the securities and other","page_number":70,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"54b64fb3-4623-468c-9141-b667e29f3b6e","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":70,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"f339d043-346d-4b3b-aadf-be895f749e78","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":70,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"2acc7847-f9fb-46ad-997f-b08ba84948f7","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":70,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"b7fc566f-9f40-4d9b-81a3-06a4cd0613c4","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":70,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"69c9458e-cf90-4757-9d0e-d906e46adbd4","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":70,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"ea4de2be-9107-427c-82df-7fac33ba5708","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":70,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"c0a5e782-868b-4225-a177-683c27beb872","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":70,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"ab139f13-be9c-45cb-b6b6-15ff3bd48f4e","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":70,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"7cb5ca44-2f1a-46a1-8c97-719c1bf173a7","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":70,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"d500052c-b44f-4eef-9a29-b420a8256a76","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":70,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"0e3c8625-ecd8-4ae4-8390-31a98b845dd5","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":70,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"66cc6a7d-85ce-41b0-b4b8-5000ca4f36ac","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":70,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"bb6dfdd9-b86d-4d63-a88e-04cc232972a9","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":70,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"dd6b2699-2f71-48f7-a8e0-97098e5a8431","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":70,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"ee494d28-8cdf-4a86-80b7-74c7867719aa","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":70,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"67e4dcf5-fb25-4493-891d-6115c3f1b1b6","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":70,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"a22a0f13-63eb-43ff-9d86-0553e4db399c","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":70,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"283d0e50-0473-4888-8ac4-ff677d1f242c","block_type":"box","text":"unusual market conditions.","page_number":70,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"354dcaa9-3664-4af2-9fec-c2e4552c058a","block_type":"box","text":"S-60","page_number":70,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"51d3f331-bee8-48ee-a119-6c20584e24a1","block_type":"box","text":"Performance Information","page_number":71,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"74a46cf6-bac2-4c41-8487-f70c94a75931","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":71,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9abdb765-804c-4d21-bc2c-7d0194ba09d6","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":71,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b9a15e80-266c-4e99-967c-91f47911617b","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":71,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"7d10d55a-ff0f-4b76-bda0-48650a2df16e","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":71,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"2168f59a-5312-4433-a226-8bad693ddbe4","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":71,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"2eeec1a0-9a8d-4df1-8b21-5f050281ff24","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":71,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"ffc9aaad-059d-456e-9f27-94e83eb8894d","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":71,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"271af819-a23c-4643-aa25-a90bc22fc84b","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":71,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"8e9bc68b-0424-48d8-b0be-de6175ecd608","block_type":"box","text":"During the period shown in the chart:","page_number":71,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"b3c01968-9bc9-4545-b1df-5787649c0750","block_type":"box","text":"Best Quarter 3.04% March 31, 2025","page_number":71,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"04dee1ab-0a55-47e9-a457-2334087bdf5d","block_type":"box","text":"Worst Quarter -0.14% December 31, 2024","page_number":71,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"58a56d8c-463b-45d9-83c5-636874b272c6","block_type":"box","text":"Average Annual Total Returns","page_number":71,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"2d8476e1-f631-4c66-b560-d1329491a616","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":71,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"c50d26ea-5493-4244-a0f6-50c8d381f586","block_type":"box","text":"One Year","page_number":71,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"9a4fe130-b99b-48d1-be1d-862647f1a946","block_type":"box","text":"Since Fund","page_number":71,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"f992a5e2-7a61-4e03-bda1-76c46fcd25a6","block_type":"box","text":"Inception","page_number":71,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"b378feae-b589-481e-aae5-9fa2b6527644","block_type":"box","text":"(Inception Date: 9/13/2023)","page_number":71,"box":{"x":123,"y":482,"width":178,"height":9}},{"id":"96df29aa-fbed-45f2-b0c6-dc39f801ee48","block_type":"box","text":"Return Before Taxes","page_number":71,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"a18aad53-3ddb-4ffe-a969-82b34f26f968","block_type":"box","text":"5.75% 5.60%","page_number":71,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"43050f0b-dbcc-45d9-81f2-8f8d62fda2ae","block_type":"box","text":"Return After Taxes on Distributions","page_number":71,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"ef317c94-f38e-4c2c-948d-0000f387c89f","block_type":"box","text":"3.88% 3.85%","page_number":71,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"c171b87b-fa8c-4a8d-abcf-1c84d95e6846","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.39% 3.53%","page_number":71,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"51bf1b19-ad69-4bde-a8f6-b70640f5d580","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":71,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"4425f48d-69fb-476e-aa2e-23ae9f128677","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 5.79%","page_number":71,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"ecabcbf2-f46a-49f0-b4da-93e6bfeca51c","block_type":"box","text":"ICE 2027 Maturity US Inflation-Linked Treasury Index","page_number":71,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"151479a1-ed37-4c5c-a2f7-c80653753ab9","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":71,"box":{"x":459,"y":540,"width":303,"height":9}},{"id":"d0a94ee3-af9f-452a-a837-414ced2e7916","block_type":"box","text":"or taxes)","page_number":71,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"e2b7c292-4228-4b33-b4e2-efcc23f0e080","block_type":"box","text":"5.85% 5.70%","page_number":71,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"ceddb1ff-19d9-4b64-b539-73a7efe124a0","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":71,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"cb8a629b-fcff-41de-9e45-a4294a89d938","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":71,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"114e7cb2-4fb4-4e64-b253-cd650bd1a5ad","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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New issues must settle on or before the following","page_number":74,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"2e4751a1-659e-4a1a-9aaf-8ea8f88699b5","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":74,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"7987403b-1db0-4306-861a-c73a2f024084","block_type":"box","text":"inclusion for such following month (","page_number":74,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"60dfa681-37ba-42be-90a3-8be1e9bb7537","block_type":"box","text":"e.g","page_number":74,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"4ee43c12-f6b2-4f5c-a3a3-7e53e9eb274c","block_type":"box","text":"., an issue must settle on or","page_number":74,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"b7577a5c-6132-406f-b219-086bb60d74c6","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":74,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"4c66677e-bd72-4dcf-baa4-7b77602ff321","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":74,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"9eccfb2b-5f90-44c1-bcd5-3d5249c29f8a","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":74,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"fc3de9bf-3961-44d1-a971-1159452642da","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":74,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"b267903e-e438-4d65-ba90-88260d8ffb35","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":74,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"9963574c-70e4-42da-a57b-e57aa9e61fd0","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":74,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"e51f5338-ce7f-4726-8893-1b584495e60b","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":74,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"36642a29-9a10-4334-9acc-ce52a002fc94","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":74,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"d2084102-acd3-47f2-8463-5dfde830670a","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":74,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"23f7014d-c529-431e-af25-3c4f3bcfbadc","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":74,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"ef9f7ed5-e7f3-46ef-b2cd-0536bc8bc99f","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":74,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"f547c526-bd1c-454b-af4a-3890d4fc83c7","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":74,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"7661161f-1f05-47f1-ae8d-15bcd363f94a","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":74,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"0a756edd-62fd-4cf0-ab7d-c31595cb6f50","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":74,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"9c871a36-96dd-469f-a8b3-c95af40e3614","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":74,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"f3cf7a1e-4864-4d8f-8c40-eb6e34da129b","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":74,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"490f9ee7-0570-4e8a-9791-370b564f885d","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":74,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"e54d9da5-b3b8-4d21-82e4-b8b64ff13fc0","block_type":"box","text":"will help the Fund track the Underlying Index. 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The Index Provider","page_number":75,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"ff61e3af-3a39-45d7-a83f-f9a4611973a1","block_type":"box","text":"determines the composition and relative weightings of the","page_number":75,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"298a2b03-7626-4f0f-8a40-14474993eaa9","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":75,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"04dc335b-2f87-443b-a83d-184bd203f6e4","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":75,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"0a84be02-0b23-480e-906e-86a63068770d","block_type":"box","text":"Summary of Principal Risks","page_number":75,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"9fd82f04-052b-4b32-a879-b849b4ef8f50","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":75,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"0929546f-25e4-437c-a208-bbc3a51ef5ad","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":75,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"1b2a1f8c-26c7-4d8b-964e-a69cde28629b","block_type":"box","text":"that of other investments. 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Certain key risks are prioritized below (with others","page_number":75,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"1d7e5e0d-a06d-4341-80c7-8ff45817780d","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":75,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"092fdd2d-0f82-47da-8e81-ef41363216d6","block_type":"box","text":"risk is difficult to predict and may change over time. 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Depending on changes in inflation","page_number":75,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"349af1b8-d132-4bd9-9d86-ca46930ca3e7","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":75,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"94099033-100f-46f4-8a13-f4eb5aa0cfc9","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":75,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"eb7bf7cd-adb8-4c97-a19f-b309653898a8","block_type":"box","text":"Interest Rate Risk","page_number":75,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"5b09931e-1ee5-49e9-8aba-539954d5b320","block_type":"box","text":".","page_number":75,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"72e0551e-82af-4353-8347-2cbd04448264","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":75,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"70c3e3a6-fa05-4e52-949f-c5938627a003","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":75,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"4ee6921d-0517-431b-8734-dcad61292589","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":75,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"d733141f-6954-4808-9fe2-e2e484b39864","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":75,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"4ac2c930-e512-4e5d-9bf5-1de641056677","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":75,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"0b048beb-17c6-4f26-82f2-7c69f45b6590","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":75,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"ff58b412-019a-497a-801e-266783f4a36f","block_type":"box","text":"fixed-income securities. 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As the Fund will not fully replicate the","page_number":76,"box":{"x":83,"y":607,"width":362,"height":11}},{"id":"cffef38f-a042-4c18-bc7c-8a1e9f44736d","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":76,"box":{"x":83,"y":621,"width":388,"height":11}},{"id":"4980a9a8-1a24-4313-9b31-ca0e659fde3c","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":76,"box":{"x":83,"y":636,"width":409,"height":10}},{"id":"98eea0d9-d3b3-43a1-bfa2-758eadc2930d","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":76,"box":{"x":83,"y":650,"width":419,"height":10}},{"id":"6309f62a-2a53-4f66-80c5-9b24b2aaf94a","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":76,"box":{"x":82,"y":664,"width":420,"height":11}},{"id":"f3393b1d-8635-42aa-ad2d-261af647c08c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":76,"box":{"x":83,"y":678,"width":402,"height":11}},{"id":"2110e086-ba55-4bf1-84cd-90a1e2bfd320","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":76,"box":{"x":83,"y":692,"width":323,"height":11}},{"id":"7d9027cf-156c-4c9f-8c31-16eb73f7a1ce","block_type":"box","text":"Market Trading Risk","page_number":76,"box":{"x":83,"y":715,"width":136,"height":11}},{"id":"e100e9fd-69f5-44a1-9096-608450f1c020","block_type":"box","text":".","page_number":76,"box":{"x":219,"y":722,"width":2,"height":2}},{"id":"70c6f794-fbd6-40cb-8934-e084dcd828ed","block_type":"box","text":"The Fund faces numerous market trading","page_number":76,"box":{"x":226,"y":715,"width":263,"height":11}},{"id":"f018fc56-7e8a-470a-be67-0cc0552bf0d9","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":76,"box":{"x":83,"y":730,"width":394,"height":10}},{"id":"afc25fff-7229-4c01-a77d-f63619e03254","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":76,"box":{"x":83,"y":744,"width":401,"height":11}},{"id":"739a4ec6-26a7-4233-b0a6-24acccff518a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":76,"box":{"x":83,"y":758,"width":404,"height":11}},{"id":"f061a882-ca60-464e-818b-007caaa6bd49","block_type":"box","text":"the process of creating and redeeming Fund shares. 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Operational and technology risks for the","page_number":76,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"bbf5feff-163f-4aa9-810c-fddd996b2bd9","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":76,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"7b8bfe7a-a38b-48fd-9323-eefa6d8d6e7b","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":76,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"0ea30455-26d8-4235-b097-9a876df03b25","block_type":"box","text":"investments in such issuers to lose value.","page_number":76,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"f5192cb4-0193-4eb9-841c-bec29c3710f8","block_type":"box","text":"Risk of Investing in the U.S","page_number":76,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"f6b1ac95-7e70-4738-b6c5-ff67044a46ed","block_type":"box","text":".","page_number":76,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"d377ec8e-fb3d-4821-b401-d66a5141fb3b","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":76,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"4a786d50-9804-4640-a7a0-8e83ac90e5ea","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":76,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"a8a919a3-9e63-4012-bf60-00a40853cb4d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":76,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"887703e5-261c-4678-9fe7-0f70a6547fb3","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":76,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"6c7c4b14-5baa-4daa-acc4-ab7969f5f2bb","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":76,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"87883ffa-be33-4d8b-9127-e3c8619a06db","block_type":"box","text":"Securities Lending Risk.","page_number":76,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"6f088ddb-b0d4-406b-8a51-5317d74fe8c4","block_type":"box","text":"The Fund may engage in securities","page_number":76,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"264dddf5-7821-45f3-b7ba-b962fe450cde","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":76,"box":{"x":549,"y":391,"width":397,"height":10}},{"id":"1fec1348-7ef8-4b0e-8e2d-196abf8755b8","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":76,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"d52dd776-27f7-4704-aa45-ea60cc6d6470","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":76,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"c93b3c9a-9764-4ad6-a77c-192baafafc06","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":76,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"29b8bc4d-6109-456a-9bfe-92d2eee46f0b","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":76,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"19c26450-7e23-4155-a2e6-e218708f01d9","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":76,"box":{"x":549,"y":461,"width":406,"height":9}},{"id":"a2865db3-6974-4c60-8598-07b9fc3c4b11","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":76,"box":{"x":549,"y":476,"width":301,"height":10}},{"id":"c475b76a-10a3-4b97-b5d6-523234e113f1","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":550,"y":499,"width":128,"height":11}},{"id":"cb2e7364-eddd-404e-8764-4a6069188c92","block_type":"box","text":".","page_number":76,"box":{"x":678,"y":505,"width":3,"height":2}},{"id":"945231f9-8346-4170-8175-266bab4b14c2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":76,"box":{"x":686,"y":499,"width":284,"height":11}},{"id":"6526afb2-17fc-4beb-b2e7-08a99c691d8f","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":76,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"f64a205a-d1cf-4a62-871e-33f9748a7e70","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":76,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"714bfb46-8112-4784-a768-89636f71662c","block_type":"box","text":"factors, including differences between the securities and other","page_number":76,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"f2b54025-8bf3-4246-9f1d-849f47b9265a","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":76,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"2d3a701f-2188-4710-83a5-c20493bd1981","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":76,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"1509b702-4438-401f-85c9-8972835f038d","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":76,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"3da37673-c2ac-4287-ada3-2f532f58cfa0","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":76,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"718da311-6cbe-42ee-9f39-8a37f1153918","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":76,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"2d13f6a3-87ea-47ea-b47f-f2caa504c442","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":76,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"bd3a859f-c36b-4a39-903e-6a58eb7c205e","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":76,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"9c3ee9f2-f78a-415b-8328-46cf7457c87c","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":76,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"8c722c27-5aa7-4766-8657-a0443eab8882","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":76,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"d8d78a87-ff58-4843-95b3-6bdd68740349","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":76,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"96fa498d-678b-4eb9-9e2a-8aaffdb1fc2d","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":76,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"089ca314-eae2-4cf8-8339-a7cfdf8afef8","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":76,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"33fc55f9-a681-4e34-afc0-bf3b129d23e5","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":76,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"e79daba0-8d9f-4232-857f-957e36427aec","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":76,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"d76c4d6e-23f4-4952-b900-4a24df58ecde","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":76,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"7a2f0309-31bd-4c77-bce7-adb28bf24a06","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":76,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"f8c9deb6-c2de-4db9-bbb3-e2d5800306d0","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":76,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"2263ebe7-3b92-4668-930c-65859d9eebc5","block_type":"box","text":"unusual market conditions.","page_number":76,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"7d08a2f0-82f4-4e75-9843-c0112f494326","block_type":"box","text":"S-66","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c9c3cb94-858d-4673-bc0f-758cd1a891d6","block_type":"box","text":"Performance Information","page_number":77,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"881aad28-f632-41b4-8a74-5f0eb8a51b03","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":77,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"f7c3e7dd-b1b9-4f83-bf14-b43a4217ebba","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":77,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"ba36d66a-6566-45f5-b48f-612166d1d521","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":77,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"ba907c58-e6fd-4b2f-b6b9-ef857472dbcc","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":77,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"8536bb5e-3d25-4c38-a299-fd943a41d62e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Because of this inflation adjustment feature, inflation","page_number":80,"box":{"x":83,"y":539,"width":423,"height":10}},{"id":"d89ed5b0-74c7-424d-aefc-fa25307f7413","block_type":"box","text":"protected bonds typically have lower yields than conventional","page_number":80,"box":{"x":83,"y":553,"width":393,"height":11}},{"id":"5141f0dd-59c4-4d08-a1d4-fa9b2773387a","block_type":"box","text":"fixed-rate bonds.","page_number":80,"box":{"x":82,"y":567,"width":108,"height":9}},{"id":"03dbd553-1fe0-4579-8601-e02d607706c2","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":80,"box":{"x":82,"y":589,"width":399,"height":11}},{"id":"5a1e089b-0831-405e-8c42-f7a746885df5","block_type":"box","text":"U.S. dollars and have (1) a fixed coupon schedule, (2) a remaining","page_number":80,"box":{"x":83,"y":603,"width":416,"height":11}},{"id":"231b0b5c-25e4-429d-97b7-da74a522cdac","block_type":"box","text":"term to final maturity of more than one day as of the monthly","page_number":80,"box":{"x":83,"y":617,"width":391,"height":11}},{"id":"5c06c21c-acaa-4ec7-86b3-c78f97a755f1","block_type":"box","text":"rebalancing date and (3) at least $1 billion of outstanding face","page_number":80,"box":{"x":83,"y":631,"width":396,"height":11}},{"id":"edddafe1-59d0-48f6-9710-59a4a422721a","block_type":"box","text":"value (excluding amounts held by the Federal Reserve System","page_number":80,"box":{"x":82,"y":646,"width":396,"height":11}},{"id":"e3096d60-4936-4696-b4dc-530feb793126","block_type":"box","text":"Open Market Account (“SOMA”)). 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Index constituents are market capitalization","page_number":80,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"c83048d5-affd-4638-9f79-ec41c243ac40","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":80,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"fe40d586-60c6-4ba7-a992-2397939c8d22","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":80,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"38195ab1-a4f8-4507-bce4-479f66350e91","block_type":"box","text":"interest.","page_number":80,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"25547a47-614f-4b15-9c1d-e815fa59b2ac","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":80,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"dfce56a3-f63b-4df7-9be5-3055446c9afd","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":80,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"c1aaa542-7125-4c77-bef4-1d7b34f1809e","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":80,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"d0d2c980-90ee-4e67-b40d-5ceb900e5a32","block_type":"box","text":"inclusion for such following month (","page_number":80,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"f047fbff-0213-4190-a1ce-c69dc478fb97","block_type":"box","text":"e.g","page_number":80,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"c39025ae-dd86-4547-bbb1-1f712a3a3f69","block_type":"box","text":"., an issue must settle on or","page_number":80,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"77b4aa2f-3b6d-4923-8e16-4e9e5a067743","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":80,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"d7944582-8e52-4983-aaa5-9c6bee389452","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":80,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"3cef5981-f364-49dc-9b6f-cd018250f1d4","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":80,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"f501feb7-5328-4294-be58-f20ac67ca2bd","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":80,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"783e3e92-c6ce-4955-8f9f-ec91a6ffa12c","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":80,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"29b99d4c-5aa0-47fd-b38f-260a169a6fac","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":80,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"025a0dc3-dea9-48fc-906d-e87d3f5db9c0","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":80,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"0e5f6730-d547-42f1-94cc-843270ce72e6","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":80,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"ef3bb173-ef1e-4f4b-bfe7-6ebf5a670817","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":80,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"1a7f474a-5609-40cf-a892-5c7c11cc770e","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":80,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"73a8876f-2cd9-4862-a5d2-968f838d24f4","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":80,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"957397b1-f994-43d9-aacc-7f4f33f95abf","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":80,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"476ec428-8e64-4bae-9c68-144ffda4befb","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":80,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"b5791aed-47c5-4ed0-8e73-a733b5204e81","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":80,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"fd754ac4-46ed-4645-9b11-1b2bcee63ada","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":80,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"c98a92a6-cb83-4e1f-8fe4-baf9ea1d3933","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":80,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"0a08697a-1fba-4813-8a5e-b26a8ceabde8","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":80,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"08556016-975f-4550-aaa1-ce12234fb408","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":80,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"eeed7871-a16a-46ac-84ee-36dd4bef8fdf","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":80,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"b3ca47a0-5df9-4330-9b38-d435dd393015","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":80,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"98bbbecc-8795-4474-8b6a-f0d5dd75c9d3","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":80,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"0ba5acce-3468-4525-88b7-8221169f1760","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":80,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"46d93f6b-d975-408f-97fa-db2e1139a3b8","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":80,"box":{"x":550,"y":365,"width":423,"height":10}},{"id":"3468249b-3d03-44a6-9f9c-7a6e8a5a2c68","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":80,"box":{"x":549,"y":379,"width":419,"height":11}},{"id":"c51f4f27-5a90-4999-a1eb-2c5ff1e69df1","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":80,"box":{"x":549,"y":393,"width":410,"height":11}},{"id":"0c827321-832a-4e12-9000-615351d328b3","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":80,"box":{"x":549,"y":407,"width":409,"height":11}},{"id":"fe780f68-109a-45b4-a28c-8b5c52396fac","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":80,"box":{"x":549,"y":422,"width":395,"height":10}},{"id":"ecbebdb5-a97c-455d-a39a-f40a19310843","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":80,"box":{"x":550,"y":436,"width":395,"height":10}},{"id":"8efd06e3-99ee-4a9e-8586-939bda9ad745","block_type":"box","text":"fees and expenses of such funds.","page_number":80,"box":{"x":549,"y":450,"width":211,"height":11}},{"id":"d22e4d98-f73a-4622-a02f-4f28c27bc948","block_type":"box","text":"By October 15, 2029, the Fund is expected to consist almost","page_number":80,"box":{"x":550,"y":472,"width":386,"height":11}},{"id":"a0383c2e-0622-46b0-b7e3-ea28de35e2c5","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":80,"box":{"x":549,"y":486,"width":419,"height":11}},{"id":"d5cc1175-084d-489c-b105-c90badf1be14","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":80,"box":{"x":549,"y":500,"width":379,"height":11}},{"id":"20d6d7d1-9e45-4068-8193-946d9370c8b5","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":80,"box":{"x":549,"y":514,"width":368,"height":10}},{"id":"b0e7aa5d-fd49-45aa-a0ab-b69ceec9852c","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":80,"box":{"x":549,"y":528,"width":367,"height":11}},{"id":"af91bcfe-322e-48fe-a460-1b6d65f85904","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":80,"box":{"x":549,"y":543,"width":398,"height":10}},{"id":"2f3e36a2-d15b-4527-86a0-bf2ea503b028","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":80,"box":{"x":549,"y":557,"width":423,"height":11}},{"id":"7ba8c803-6147-4925-848f-3d0563d0684c","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":80,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"2f077f43-229c-4b07-9103-6b3e92dfaaae","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":80,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"2b1063e5-aff7-417d-861e-9002f1bc074e","block_type":"box","text":"interest of the Fund.","page_number":80,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"cc5653c4-3062-46e1-a42c-38225b7b93b1","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":80,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"452f777b-288e-4f9e-baa8-9363453aa19e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":80,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"d78dfe44-b8c1-4a38-92a9-922d95cde180","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":80,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"0b0a3af0-3527-4b1f-bba4-3fb6abaf1fba","block_type":"box","text":"markets decline or appear overvalued.","page_number":80,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"82e8b71b-2ba6-455e-b3f4-8c7aedabbf17","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":80,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"72152027-9d70-4afb-8ff2-90454f20d90c","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":80,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"91207fbd-74e3-4bda-8bc7-6305a340ed96","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":80,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"70623d42-4bf3-41e0-9dfe-ee67a3b451da","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":80,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"226ac360-7e06-408a-b017-8f4b59992934","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":80,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"515ce9de-ece7-4262-9de2-73cae9308bf5","block_type":"box","text":"comparison to actively managed investment companies.","page_number":80,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"edd266a1-5ed5-4b4f-bb43-0bf999239162","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":80,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"013e0e25-2cf7-48c3-a759-373ca47e9541","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":80,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"dde046aa-8ea8-48d7-92ff-5c7d964e4c60","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":80,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"0e225fba-f50b-4618-9453-9229575929f8","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":80,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"2d83c921-f886-41fb-9335-98af67f689fb","block_type":"box","text":"that of an applicable underlying index. 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The Fund may","page_number":81,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"3d55a90e-22d2-4758-bfcc-4e8dfe788103","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":81,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"6331f5a5-91fc-4048-ada7-7ee41c8e4e96","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":81,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"87a6c85d-ddb4-4479-b68e-b65e772d7d28","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":81,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"f6213963-a7e4-45ba-ac9d-b8b1ffdaa814","block_type":"box","text":"collateral received).","page_number":81,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"4b764c29-530f-49ff-94f6-897c0b4fed45","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":81,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"d4559639-a312-427c-a0e3-7020dacba783","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":81,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"32a98cf0-d7ab-4fd6-9931-72bf99ce974f","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":81,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"1c64161b-27a0-4811-a10a-dd9e3e5f60c3","block_type":"box","text":"determines the composition and relative weightings of the","page_number":81,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"0dda9ea8-a3d8-498e-a3e3-f920b28cf382","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":81,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"c84245be-73c6-47bb-ba63-5c549a7b295e","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":81,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"54fa44f5-c491-472b-9647-5243dbde5f2a","block_type":"box","text":"Summary of Principal Risks","page_number":81,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"05885761-45f3-4455-bf09-5dc965324416","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":81,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"f860e8b6-3efc-4cd4-94e6-911a607a988f","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":81,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"82274a16-807c-42e3-a4a4-99c20f48dd47","block_type":"box","text":"that of other investments. 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The","page_number":81,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"2b17daf1-4345-4d74-bcf7-c7210c40271c","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":81,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"e427317c-fa2f-4faf-a739-24a557c68f90","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":81,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"0fa1ef98-063e-4516-97ab-ff06059f8193","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":81,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"94d1fcc6-97eb-4d79-ad2d-f720325840ef","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":81,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"9614586e-026d-4b00-9c1f-8d3a359abe73","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":81,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"75a54b75-bddb-4d8a-936c-ecda229a5c48","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":81,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"53b8125f-ea50-4058-8b78-7e0fd381c422","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":81,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"f4848ace-82db-441b-b16c-106a90dce976","block_type":"box","text":"Interest Rate Risk","page_number":81,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"39330305-4d7a-4126-ad28-b8c77d9d9935","block_type":"box","text":".","page_number":81,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"7d631340-4138-4095-8783-d55f0962eec3","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":81,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"2f590aed-9696-497a-87b5-7c54242e2a6e","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":81,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"ff63e1ec-7d14-443b-9a26-28171516892e","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":81,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"ec348e46-bfd4-44fa-9abe-8af2e164d0ba","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":81,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"803b9a73-0110-45e3-b239-a4f67b8607b0","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":81,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"2218d26d-7713-4551-af73-5a146bc5aa15","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":81,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"39b8f0e1-fb18-4ab2-9441-7d415c401f67","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":81,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"acdbef46-f4d3-4edb-8423-860eaffb72f1","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":81,"box":{"x":549,"y":66,"width":408,"height":8}},{"id":"35907e30-d548-4976-a793-0505230079a3","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":81,"box":{"x":549,"y":80,"width":423,"height":11}},{"id":"2ced12fc-909c-4bbb-a213-f4b06e69a9c6","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":81,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"45bdbd63-1635-404c-ac66-3fdccf079e3e","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":81,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"beece6de-e9cf-4d2c-8415-c6b3b82bcd75","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":81,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"8a4d430d-80a6-4d24-a3d8-0b4eb559cdc5","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":81,"box":{"x":549,"y":137,"width":363,"height":10}},{"id":"def0b067-e28e-4e52-86e6-8d06688a63f7","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":81,"box":{"x":549,"y":151,"width":386,"height":11}},{"id":"a85ccfcb-3d91-435d-a474-c304485a327d","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":81,"box":{"x":549,"y":165,"width":404,"height":11}},{"id":"25a1b06e-3a96-4445-af0b-9ae4062d1b9c","block_type":"box","text":"dividends to shareholders.","page_number":81,"box":{"x":549,"y":179,"width":168,"height":9}},{"id":"adf5ea15-d32a-4ba0-aa8f-08e3c7b9869e","block_type":"box","text":"Market Risk","page_number":81,"box":{"x":549,"y":202,"width":82,"height":9}},{"id":"8411f939-de71-4f97-9f48-b87cf72858b1","block_type":"box","text":".","page_number":81,"box":{"x":631,"y":209,"width":3,"height":2}},{"id":"61b76d24-db21-4e24-8e60-f7eceef66f77","block_type":"box","text":"The Fund could lose money over short periods due","page_number":81,"box":{"x":639,"y":202,"width":322,"height":11}},{"id":"e27aef25-d4c4-42e9-a1c3-ba7e161bb75d","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":81,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"7425e8ed-735d-4f30-8968-6ac4ddeec997","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":81,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"3fff85ea-7438-4689-8587-c1dfef4bef62","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":81,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"effdabe7-2cda-4634-8c18-20c05b90c1ad","block_type":"box","text":"information will provide an accurate assessment of included","page_number":81,"box":{"x":549,"y":410,"width":384,"height":11}},{"id":"19f96194-e356-47cd-af78-1e693d0eedf3","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":81,"box":{"x":549,"y":424,"width":388,"height":11}},{"id":"39da87b7-f0dc-47ee-981b-4bf7c96fb32e","block_type":"box","text":"objective. 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While the Fund’s service","page_number":82,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"eed57720-1d14-46ec-a981-85771f66e796","block_type":"box","text":"providers are required to have appropriate operational,","page_number":82,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"eca51232-1f4b-4414-9558-ec2f929277af","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":82,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"57607f1c-4ce2-4a8c-b8e2-04ad806af09e","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":82,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"6e0c4399-96c2-4a68-a5fb-a8c767811ded","block_type":"box","text":"from those of the Fund. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":83,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2047d1f4-888d-47dd-b3af-91300951ffd0","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":83,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"1c810528-675c-4b36-bfa3-936d933f7dd0","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":83,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"87a58b86-8e38-4f18-a54f-ff394c51d085","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":83,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"b2d0aba7-0b2a-4b10-95bb-89ae621c339e","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":83,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"265ec4f1-e944-421e-9d7c-cbb28fa0855e","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":83,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"dab520ee-fc09-4a0e-9669-4135ad4ef66d","block_type":"box","text":"Calendar Year-by-Year 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2025)","page_number":83,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"a4991250-c00e-4a05-abac-baba78f2488a","block_type":"box","text":"One Year","page_number":83,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"6a9f895f-564b-4483-88bc-24bea9be2c80","block_type":"box","text":"Since Fund","page_number":83,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"cbbd7d17-66d3-4d2b-97a0-9ea1ff56f532","block_type":"box","text":"Inception","page_number":83,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"92afd9f8-d841-43b2-8e09-c573c4177f55","block_type":"box","text":"(Inception Date: 9/19/2023)","page_number":83,"box":{"x":123,"y":482,"width":178,"height":9}},{"id":"641bbfcb-c583-4b42-94ac-0740890210fa","block_type":"box","text":"Return Before Taxes","page_number":83,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"6c50fa9f-13eb-48e1-824c-b927a7eaefcc","block_type":"box","text":"7.32% 6.03%","page_number":83,"box":{"x":802,"y":493,"width":114,"height":8}},{"id":"9b66d4ca-49ea-445c-a111-6e7256aaae21","block_type":"box","text":"Return After Taxes on Distributions","page_number":83,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"2a19432c-b8cc-48df-910b-939cb7ae8740","block_type":"box","text":"5.39% 4.26%","page_number":83,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"9a4210c2-c6c1-4996-afae-e902ae30fcdc","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.32% 3.86%","page_number":83,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"814e9d9c-81f8-4a80-af2f-8864b6028ed1","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":83,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"0ca5b67a-3677-49c0-8499-06255862464d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.08%","page_number":83,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"50c391a8-553a-4a68-a28d-139ec4b46e73","block_type":"box","text":"ICE 2029 Maturity US Inflation-Linked Treasury Index","page_number":83,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"c0c62692-e1cb-4933-856b-2963a311cddc","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":83,"box":{"x":459,"y":540,"width":303,"height":9}},{"id":"f97507be-b092-4b70-980d-12e84166ccaa","block_type":"box","text":"or taxes)","page_number":83,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"5793bb3a-7578-4eb3-b6d2-a4d892ebfb3b","block_type":"box","text":"7.42% 6.12%","page_number":83,"box":{"x":802,"y":553,"width":114,"height":7}},{"id":"fc467353-b22f-460e-b3a2-11394b25cb28","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do 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New issues must settle on or before the following","page_number":86,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"97defdd8-7ac5-4bbd-a336-7cf46dd2c20b","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":86,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"23f256c2-89cf-42ed-b0ef-5ea9ce350360","block_type":"box","text":"inclusion for such following month (","page_number":86,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"b4d9340c-80b5-482f-a4fb-938aa7f2503b","block_type":"box","text":"e.g","page_number":86,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"c9b1f421-4c27-4454-a786-319c0fdb78f6","block_type":"box","text":"., an issue must settle on or","page_number":86,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"15546868-4eb8-4425-9cc5-bb864945a6ba","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":86,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"188e7a27-1297-4833-9114-b58f54274161","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":86,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"655b6747-9154-4bf0-af34-70186697b58a","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":86,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"e6d03603-da86-474f-84d0-b0b11ba3ac3f","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":86,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"a9059d14-87c1-4f8a-a3f5-09e08a7e679c","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":86,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"179f7aa3-9ccf-4970-960a-af934a653dad","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":86,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"6c908660-3fcc-4a2e-bdbb-20fc3d292a37","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":86,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"f19d5ebc-f1dd-4350-885f-c87a07f8e6de","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":86,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"2ddba6ea-797f-4b99-99c5-c1684f5a9908","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":86,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"babd903e-abc8-440d-812a-3ffb06d82135","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":86,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"ede4ab8c-fed5-489d-b221-a1055aa8731e","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":86,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"69107c12-0f11-47c9-adc0-ae2f01edd934","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":86,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"4175c450-e79b-4eb4-b604-5911eea39361","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":86,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"20b3d8c4-a2d2-48b1-ad60-12f764e2d092","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":86,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"644d3385-e715-442d-8b03-616789434b99","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":86,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"87f787dd-a1e3-4e86-b78e-fc8a1706d13c","block_type":"box","text":"described below. 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Cash and cash","page_number":86,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"d36dbc5d-3ca5-4ddf-9dc7-501829547082","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":86,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"553e428a-f3d4-494e-8d1b-5e32ede00100","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":86,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"95992e0c-a6e2-46e0-940b-ab25146cd943","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":86,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"9a75d8e6-3250-457b-8b71-3dca1e4f1ec5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":86,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"180c808e-8f2a-4725-9977-d174140e54fa","block_type":"box","text":"Index before fees and expenses of the Fund. 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The instruments selected","page_number":86,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"c5842099-2bbb-4602-b238-308a0cf64148","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":86,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"b1e51742-ac68-46c5-980a-a3b86d85800f","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":86,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"6334b8d2-9eab-4612-bea0-6620d9f21893","block_type":"box","text":"S-76","page_number":86,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"37391701-180a-4df0-bc12-cb529ee0c8e6","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":87,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"1c0ea12b-b6b9-4542-8023-0bc8ce4b5b6a","block_type":"box","text":"(","page_number":87,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"aa2f2c57-6c38-4638-b5a2-c17dd63ed9bc","block_type":"box","text":"i.e.","page_number":87,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"c906e0c6-186a-40f1-b9dd-ca676198242e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":87,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"ae23bd13-0add-476d-8b2a-53caf724217f","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":87,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"1174999f-b561-456b-9476-aa2cf8dbdea1","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":87,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"759bbd6a-6d71-4f34-bd2c-3b712bc659f7","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":87,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"1b59a7c5-1ead-4290-a219-41019ddd45d8","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":87,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"d83ba014-62c7-481a-a664-0ee0d359e10e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":87,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"0ec0c966-e75d-4bc7-9063-a1b9c320b9d9","block_type":"box","text":"collateral received).","page_number":87,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"ae88c868-af94-4163-809b-003a0d40b263","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":87,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"c821732c-3f43-4cce-accb-ca163e0fa9cd","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":87,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"bfde3e01-5c90-45b2-9499-78a63ad4986d","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":87,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"3aa7840e-c9ed-4488-a771-f8e167e1cf80","block_type":"box","text":"determines the composition and relative weightings of the","page_number":87,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"e890c49f-e050-4af7-8216-045146494469","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":87,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"32f224e2-4b19-4e66-a691-017314a6aecb","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":87,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"e3e66869-0081-4dc0-a045-ee2d6253b454","block_type":"box","text":"Summary of Principal Risks","page_number":87,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"6cf5a7c4-a0ef-4f9c-92c8-b5525f290952","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":87,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"858f7b48-5b96-4778-a42a-0421beffc078","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":87,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"c7c631d8-6d12-4f1c-9776-e67a67e08e05","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":87,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"5ca06438-cfe5-4639-bad5-3a89cd49af9f","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":87,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"71923ed3-8a19-4ba1-83ce-98378d6db806","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":87,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"640e30f1-45db-4d56-a334-f84fda0d4f30","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":87,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"03f1bea2-1e72-4640-b483-fd48acdd5e35","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":87,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"140121b7-7922-4afb-86c7-749ef07629e2","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":87,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"5dca27f7-2023-4f6f-8954-cea99677bcd5","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":87,"box":{"x":83,"y":393,"width":404,"height":11}},{"id":"b6986c9f-9a07-4714-8c53-223861dc5e34","block_type":"box","text":"review each risk factor carefully.","page_number":87,"box":{"x":83,"y":407,"width":206,"height":11}},{"id":"c80a9bdb-7acb-429d-859a-5ae7a63f1baa","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":87,"box":{"x":83,"y":430,"width":206,"height":11}},{"id":"60edcaf1-2235-40cc-9061-3364affa9dac","block_type":"box","text":"U.S. Treasury obligations may","page_number":87,"box":{"x":296,"y":431,"width":189,"height":10}},{"id":"e91eb1f3-d5df-4daf-8721-db744f0c93c9","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":87,"box":{"x":83,"y":445,"width":385,"height":10}},{"id":"6a7a3fb6-7ef5-4bf1-9042-14527ba81e73","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":87,"box":{"x":83,"y":459,"width":385,"height":11}},{"id":"ea7e003d-1084-48e5-b4e3-c98a623c9242","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":87,"box":{"x":83,"y":473,"width":417,"height":11}},{"id":"031ad4ed-5c90-463d-bf0e-fb3a44f1951c","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":87,"box":{"x":83,"y":487,"width":393,"height":11}},{"id":"b9c41d51-4566-456d-8218-8ad556a9b639","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":87,"box":{"x":83,"y":501,"width":392,"height":11}},{"id":"ec414c37-18d4-4ec1-952c-e047c4b4dfc4","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":87,"box":{"x":83,"y":516,"width":423,"height":10}},{"id":"c397c6f7-f52f-44ad-86c7-47dcd2b3a4b5","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":87,"box":{"x":83,"y":530,"width":424,"height":11}},{"id":"f0f6fa3a-30eb-4d2a-9d3a-db28ddfa179b","block_type":"box","text":"securities is not guaranteed and may fluctuate. 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The","page_number":87,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"ed0ed033-f340-4ef8-92d0-734d3d81c1d3","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":87,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"ffcec2f1-2aa3-470c-a1eb-83f9a3d01c74","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":87,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"e7a8a3d0-d0d6-413b-a92e-18c72c25c75d","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":87,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"226e3a6f-1d73-4f5f-add4-8c66c59dba04","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":87,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"80fb9327-1c76-4dcf-9c72-2f37fdf802f7","block_type":"box","text":"rate. In addition, interest payments on inflation-indexed securities","page_number":87,"box":{"x":83,"y":709,"width":421,"height":11}},{"id":"c786d86f-fde7-4ce1-8ee3-8652f4f780d9","block_type":"box","text":"generally vary up or down along with the rate of inflation. If the","page_number":87,"box":{"x":83,"y":723,"width":400,"height":11}},{"id":"ae94720a-4c87-4598-a111-b30773ef2b8f","block_type":"box","text":"Fund purchases TIPS in the secondary market and the bonds’","page_number":87,"box":{"x":84,"y":737,"width":391,"height":11}},{"id":"96696bb4-e3ad-47f2-8f73-22d5f7b70497","block_type":"box","text":"principal values previously were adjusted upward, but then there","page_number":87,"box":{"x":83,"y":752,"width":412,"height":10}},{"id":"e0bb899b-646c-40ae-b0d2-64bbbcac4d01","block_type":"box","text":"is a period of declining inflation rates, the Fund may receive at","page_number":87,"box":{"x":83,"y":766,"width":397,"height":11}},{"id":"18af0dff-5467-4937-8702-9a8d835dc9b9","block_type":"box","text":"maturity less than it invested. Depending on changes in inflation","page_number":87,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"06f256f0-bd31-4236-a275-4ee51f6337b4","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":87,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"850c4da9-5785-400d-8286-d38d0208ca96","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":87,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"e0fcf359-1bc1-492f-869c-26766c84782e","block_type":"box","text":"Interest Rate Risk","page_number":87,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"1393a2b9-45b1-4b8e-ae15-8884bcf33c81","block_type":"box","text":".","page_number":87,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"0e7d0af7-6d9c-47eb-a04f-8b94eb11047a","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":87,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"64a71a06-abdc-4dee-b507-5f0a011a0f9b","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":87,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"d1c316f5-33e6-4492-b1e6-e6e57f452a2e","block_type":"box","text":"in the general level of interest rates. 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While the Fund’s service","page_number":88,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"b4e99df8-dda8-4de5-8cf6-3422ec7ddcba","block_type":"box","text":"providers are required to have appropriate operational,","page_number":88,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"4237af9c-4984-4ab6-8c49-32e5735ec140","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":88,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"df599dc1-11fc-46eb-84ac-db2e5270815c","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":88,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"931b6be4-4f24-4c72-936a-fd7f026566c7","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":88,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"79e815bd-ce7b-42be-bf32-c9950b3342c1","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":88,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"1755383c-c218-43ce-a046-fa759763890a","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":88,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"4a806536-9c73-4a44-b487-f59063a63f87","block_type":"box","text":"investments in such issuers to lose value.","page_number":88,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"0d30b5fd-0952-4927-9931-28b715de57f4","block_type":"box","text":"Risk of Investing in the U.S","page_number":88,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"f4bf1852-482f-408e-8b17-b6cbebe37330","block_type":"box","text":".","page_number":88,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"0de3224c-dfa7-49f3-8838-49d9dc113ab7","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":88,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"ec56780c-e045-412b-88e0-72c3d81d1940","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":88,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"4c491951-9c0d-416f-b98f-a7f3f5910e2c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":88,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"454b3e72-2a07-4f3a-9e6b-23516942a3c4","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":88,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"caa0bb7a-6178-4968-b56b-54f271530b0f","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":88,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"20b22110-136f-46f9-b349-83619a905cfc","block_type":"box","text":"Securities Lending Risk.","page_number":88,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"ce07d65f-6284-4973-8611-899f360a414c","block_type":"box","text":"The Fund may engage in securities","page_number":88,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"59c71102-d1ae-4c54-8d1c-2b0e663b42e6","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":88,"box":{"x":549,"y":391,"width":397,"height":10}},{"id":"1aa4f195-0ecd-4ef1-b8df-2e9bd528874c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":88,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"05de9b16-14f2-4cbb-a327-e010a0fd8002","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":88,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"2f7deea3-16e9-4691-8db1-db03b60efda5","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":88,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"14b3084e-85bb-44e7-b445-0886d80820a0","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":88,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"a05a0532-5cf4-4c40-9b3d-4792ff311135","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":88,"box":{"x":549,"y":461,"width":406,"height":9}},{"id":"845c513f-7b3f-44e8-ab23-057c807b3e81","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":88,"box":{"x":549,"y":476,"width":301,"height":10}},{"id":"2bad7b6c-52cc-4c1b-8ea1-8ba448269b31","block_type":"box","text":"Tracking Error Risk","page_number":88,"box":{"x":550,"y":499,"width":128,"height":11}},{"id":"ceeadd4b-c397-47eb-85b2-a73027bf0556","block_type":"box","text":".","page_number":88,"box":{"x":678,"y":505,"width":3,"height":2}},{"id":"74802d89-a78a-406f-8768-dabc25977c8a","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":88,"box":{"x":686,"y":499,"width":284,"height":11}},{"id":"1f97562f-d6c0-4b2a-b691-fa997badc2fb","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":88,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"01432d7a-2c22-4192-bebb-9df9da94cc51","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":88,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"8c3a575c-d4a7-4a01-a84a-af8644acf625","block_type":"box","text":"factors, including differences between the securities and other","page_number":88,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"997d5da7-a3bf-4bee-92d4-dc37a7025a03","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":88,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"86729d8f-70c8-4da3-877d-ca2ca7193936","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":88,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"64e4515e-bf95-4fc0-b1c1-f05b77cf549f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":88,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"73128172-602c-47eb-afdb-d5528df3a256","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":88,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"4002ed57-235b-47c1-991d-1c28e4a9a0e5","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":88,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"fc9c144a-8374-4a2b-9d44-df0dda398f0f","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":88,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"9347eeec-01df-4356-aa2c-63b1c596f1c7","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":88,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"3bd37cee-859b-4ee6-9eb1-0e253bc9d09b","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":88,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"67c7e589-ee56-4062-8502-3c52f0d0d885","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":88,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"341da7a6-ac39-478e-9680-1c62d06c4ae1","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":88,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"0e187b50-0ef5-4a6e-84ea-28bdd0f29653","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":88,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"e428ed48-d177-4fcf-b258-48d139e0c55e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":88,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"2dc4c132-2ad1-4a87-9f62-54d67329f10f","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":88,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"1d99899c-6e02-41e4-a8bf-ba5a8c4cf24e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":88,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"0ad06cf5-493f-4100-aa99-f860b4041cbc","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":88,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"c8727ca9-7f7d-47fc-b00f-c1e885ec32c2","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":88,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"e45e065d-6cef-4cb6-bb53-4f40f0beb36c","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":88,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"5093d0c2-f1ed-4d3f-bf22-50b6eaaf3429","block_type":"box","text":"unusual market conditions.","page_number":88,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"b2c50efe-0edc-4ae1-8b75-60b103f57df7","block_type":"box","text":"S-78","page_number":88,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0efcdfb8-fb05-4a1c-b745-21dad08c59db","block_type":"box","text":"Performance Information","page_number":89,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"57b48af5-bf07-4250-a2f9-fffb6a23c652","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":89,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"a7894530-ba81-481f-8cb1-69dad8e6fc48","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":89,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"fd7cd122-23aa-4749-b018-aa0a2c720422","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":89,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3b501fc4-8584-4f24-9a26-a0287170a948","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":89,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"073aa068-66a2-421f-bb2c-220996e97a74","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Fund will invest no more than 10% of its","page_number":92,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"941e5049-57d7-4648-8be6-a2b50702656b","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":92,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"9201f8ef-94ba-4165-b390-e96715859fa8","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":92,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"1f831838-6031-437a-850d-d52f3ec66c0f","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":92,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"d21918c2-2000-44b2-aa27-c9453f31bcec","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":92,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"e5522478-5ce8-431c-9776-8a121ef8b94e","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":92,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"740af0e2-3c1e-40c2-8b24-e2ba8cdfe4de","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":92,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"fea4a55a-f2e4-4648-b6ce-580fd0298bef","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Board may extend the termination date if","page_number":92,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"415227b8-7d3b-4fd3-b6ad-69e5e90e7db2","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":92,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"df88515a-82e4-4521-9cc7-2b20197fd195","block_type":"box","text":"interest of the Fund.","page_number":92,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"4600b408-da3b-403d-ab9f-112083d4d957","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":92,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"b2bfe8ed-93da-4c18-b2fa-f87b9c522a23","block_type":"box","text":"investment objective. 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The instruments selected","page_number":92,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"916625eb-6199-4935-8846-aa2992cbe09a","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":92,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"8f27e79a-bc45-41f5-8a17-0048ff7ff1da","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":92,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"e3b021d7-b398-4b9a-908f-ead2f5df9915","block_type":"box","text":"S-82","page_number":92,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c7e8a305-cd17-4b8d-b179-ab594e294182","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":93,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"bdbd6da2-3697-4f16-abe4-94d26316e76a","block_type":"box","text":"(","page_number":93,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"8b3d95fa-6ea3-4215-b0d3-2c53b27cb7f5","block_type":"box","text":"i.e.","page_number":93,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"734335b0-c260-41d5-bf1a-337804360b42","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":93,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"bed43df8-10f5-4cfe-94f8-859c5b53a79f","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":93,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"6e73a1e1-ec3d-46a3-abe6-66015751eb20","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":93,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"28eba632-168a-4f04-a38d-aaa5c7950b8f","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":93,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"a86b4489-7e1b-4f4c-bb4f-459da9c31559","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":93,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"19cf4976-e048-4c99-ac45-6a90e38f44a9","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":93,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"9db42d65-0d22-4e8a-8d60-4e9558294d75","block_type":"box","text":"collateral received).","page_number":93,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"6cc54998-b9c9-4a16-8b9e-a9b3fed19e2f","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":93,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"cfa98323-e850-4b8d-8b11-761ce70bea5c","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":93,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"d01e98c6-0d68-4309-a5b6-3d8d9046433b","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":93,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"39081a0c-ec5d-4c63-9b7d-cf228e7ed9b5","block_type":"box","text":"determines the composition and relative weightings of the","page_number":93,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"3188f630-dc98-49fa-b5e8-1f912bf0f2cf","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":93,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"0b32d89a-dd5d-453e-b894-3ec700949f8a","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":93,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"e6948d6c-1569-4aa4-b808-8fd033ebdf9a","block_type":"box","text":"Summary of Principal Risks","page_number":93,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"40e663ae-59f8-4dad-9162-58147dac2b86","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":93,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"fc556299-c117-4d7f-9158-50dcab949c98","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":93,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"80afa5a2-9866-40f8-80a7-1238c92e33ac","block_type":"box","text":"that of other investments. 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The Fund could","page_number":94,"box":{"x":549,"y":353,"width":409,"height":11}},{"id":"038a9e43-3bcf-4676-b7ba-3b9ae06cdd73","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":94,"box":{"x":549,"y":367,"width":416,"height":11}},{"id":"e1b2bf43-3b66-452f-a9dc-d73fca87bba6","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":94,"box":{"x":549,"y":381,"width":389,"height":11}},{"id":"08470823-ecfd-4610-bc66-e93ab9ea4ae0","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":94,"box":{"x":549,"y":683,"width":425,"height":11}},{"id":"ba8c01ce-14b7-40de-8325-3085df863503","block_type":"box","text":"factors, including differences between the securities and other","page_number":94,"box":{"x":549,"y":697,"width":401,"height":11}},{"id":"01eab476-e610-4324-984a-933816d89fec","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":94,"box":{"x":549,"y":712,"width":381,"height":10}},{"id":"0509747b-e0cb-42be-a533-2f6febd56d15","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":94,"box":{"x":550,"y":726,"width":396,"height":11}},{"id":"b29543b2-7ad9-475b-b786-6313c58b6eb7","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":94,"box":{"x":549,"y":740,"width":407,"height":10}},{"id":"d41d7a87-5483-47cd-a60c-7cdcfd4a71ad","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":94,"box":{"x":549,"y":754,"width":400,"height":11}},{"id":"7a7efb71-322e-43c0-9380-9887abc7f4ca","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":94,"box":{"x":549,"y":768,"width":421,"height":11}},{"id":"b5c5942a-6b6c-4dae-ad5a-b93744274f90","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":94,"box":{"x":549,"y":782,"width":374,"height":11}},{"id":"1143f38b-1ceb-47b2-8cce-bc338097b88c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":94,"box":{"x":549,"y":797,"width":370,"height":10}},{"id":"f00d71dd-6b1f-4d0c-ab5e-1ea5e1962c26","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":94,"box":{"x":549,"y":811,"width":372,"height":11}},{"id":"8166f184-0a4d-4914-8b97-cc42c7366011","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":94,"box":{"x":549,"y":825,"width":420,"height":11}},{"id":"2c52bdb8-20ef-4a25-a72a-5a555d37aa49","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":94,"box":{"x":549,"y":839,"width":387,"height":11}},{"id":"8fa87a70-d819-4008-9935-731362765ec2","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":94,"box":{"x":549,"y":853,"width":377,"height":11}},{"id":"e776960c-5746-47c5-be2b-8ddda068f6a4","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":94,"box":{"x":549,"y":867,"width":380,"height":11}},{"id":"8a9e24f1-31c3-4388-a8c8-86457b68f673","block_type":"box","text":"S-84","page_number":94,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d8f3c489-88a6-4dd7-a634-ebef71d2c8ed","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":95,"box":{"x":83,"y":23,"width":366,"height":11}},{"id":"508ef8f1-46b4-45ee-bd3d-0dfffda57410","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":95,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"cfcbbebd-2670-4540-9707-f3e5f7bbb6ab","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":95,"box":{"x":83,"y":51,"width":387,"height":11}},{"id":"0473498b-09b0-4081-baf4-bfa184bab5c3","block_type":"box","text":"certain regulatory requirements or limits. 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The Fund will invest no more than 10% of its","page_number":98,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"b3c9a71a-d081-447c-896f-184cf8b51209","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":98,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"91d6b39b-69c2-434a-abb2-718fd1b0d749","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":98,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"9e5dc3fb-f52e-4755-8414-517ee17884fc","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":98,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"cde07c99-02ce-468c-a983-57a3e4a69a85","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":98,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"4063b508-4b2d-4582-bbd7-029b7622224e","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":98,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"d43303ca-ac56-4ed9-ba2b-607554bb543e","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":98,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"308df486-1d49-42ed-905f-2d762712d91c","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Board may extend the termination date if","page_number":98,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"393cbb2f-f707-4b80-a198-2205adabc206","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":98,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"243c3b4e-4ba9-46ac-af48-e652bc7874e0","block_type":"box","text":"interest of the Fund.","page_number":98,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"0f38b4cc-c7d1-4e4c-810c-600510609392","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":98,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"24d5d511-c283-48ef-a4c6-9bc6ec0d548e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":98,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"f1263bf0-fbc4-47df-9b34-5d5dfc2d7a0d","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":98,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"c7c70cb0-22ef-43ad-a971-44a55cddab04","block_type":"box","text":"markets decline or appear overvalued.","page_number":98,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"48422122-95c2-4524-8bcb-90d1316b5af1","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":98,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"12440107-b044-49db-be0a-4a02cd9aeb0d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":98,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"3fd94d6c-0434-471e-b63c-16a93a5681a8","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":98,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"ba1bea19-b51a-4a50-a01b-f148a8367a22","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":98,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"5ed092fc-3d2f-4340-bcd1-f82aec51de7a","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":98,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"228940fd-26b3-485e-a3e4-cd283626c79d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":98,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"0eebe1cf-0fee-478a-994b-f29b11032e33","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":98,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"99c51fa6-23e6-4c2e-b431-83d12f7ce8e2","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":98,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"8e753f97-ec5d-4257-b14d-b358fb3abe9a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":98,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"3e1c5ed2-ca19-4673-8d30-60930d47b968","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":98,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"e7bf560b-d4fd-462c-9992-a2e4b1984f87","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":98,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"a30ad7f7-6036-4e09-a2da-7ee729bb1274","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":98,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"b8c4e6de-2859-4088-bc8f-3b3993ebf897","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":98,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"89e5ab58-3a27-452b-b116-a1a7cb1e527d","block_type":"box","text":"S-88","page_number":98,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c6f32f58-bb28-4caa-9d32-25e8bbdfb823","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":99,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"9b788608-8bd6-49f6-ba49-82f4e90de9e1","block_type":"box","text":"(","page_number":99,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"e8244d9b-3e30-4b01-9f1f-36699e6f299a","block_type":"box","text":"i.e.","page_number":99,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"df3016f6-07cc-4b60-ab75-5a3a0a732552","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":99,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"7d343938-dc85-46c1-b37f-71633e3fbe96","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":99,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"f3bf6053-4955-4f79-8f33-ef15a9e39061","block_type":"box","text":"similar to those of an applicable underlying index. 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The Index Provider","page_number":99,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"2dfc8967-de17-4514-b59a-0582cc7da7e9","block_type":"box","text":"determines the composition and relative weightings of the","page_number":99,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"6bbe9619-4ab2-4155-b77d-ed7a4ba42d94","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":99,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"36309a6e-d4f2-451a-9292-80f7dd3cb20d","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":99,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"293ef905-0cb9-4ef2-bab5-98451aa0e95f","block_type":"box","text":"Summary of Principal Risks","page_number":99,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"bf752d72-412d-4862-911b-f60e9ab37ee4","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":99,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"13faeb45-4d9c-48ea-bcdc-ac247a69f32f","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":99,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"dae0e58b-3b30-410f-896d-bd85bc893a45","block_type":"box","text":"that of other investments. 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The Fund could","page_number":100,"box":{"x":549,"y":353,"width":409,"height":11}},{"id":"58885d3c-7c2d-4535-99d4-c8af997b1da3","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":100,"box":{"x":549,"y":367,"width":416,"height":11}},{"id":"0be06c4c-76c8-41ba-994b-06dbcfcbe34c","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":100,"box":{"x":549,"y":381,"width":389,"height":11}},{"id":"85026af4-2dba-46d3-b39e-7de811519f75","block_type":"box","text":"investments made with cash collateral. 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Cash does not earn any reinvestment","page_number":104,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"b4ca3361-93b3-4168-bb42-b7e08e4c8bc8","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":104,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"c5eeff59-2fa2-4cd1-aaf2-48e838884afb","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":104,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"a31d71a1-5c72-4fde-94f4-b5d40e97fea7","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":104,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"a893e0bf-80c9-4c8b-a1a0-b4ba0441d445","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":104,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"24be5256-3b82-4f55-99dc-69ee33ed4588","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":104,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"643a3a39-ed23-4d92-a8bf-7aca4c2e7c36","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":104,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"b09714b2-70cd-423a-bfb7-1fa0ac5bf2ee","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":104,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"8f9b22aa-0f29-4bce-a8e1-a23f582dfc02","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":104,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"458d465f-4dd0-48a4-abc9-7d6fd3b9b292","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":104,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"71a0839b-0f72-4d58-98ec-ca54811f9ccc","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":104,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"abe23813-6bc4-4c98-81c1-d112696b5502","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":104,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"f4845667-2128-4b6c-81ea-6398151a38c8","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":104,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"4b4d0b88-9552-4872-a1c7-a69ee2d3ed8a","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Board may extend the termination date if","page_number":104,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"f6d81922-10b7-4c60-a11c-3a0ac715818b","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":104,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"32e00aa1-2259-4354-a40f-0de396185658","block_type":"box","text":"interest of the Fund.","page_number":104,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"8ad57c22-68f1-4478-8978-7289cc86b901","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":104,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"dc50f478-bd7f-4cd2-a869-4920889ee6fe","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":104,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"51c328ee-8b36-45cb-a4ca-e9b17092d8fe","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":104,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"3409a64b-020e-4ba9-b98f-e8fbf9a23f97","block_type":"box","text":"markets decline or appear overvalued.","page_number":104,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"d6e2d7fc-cdd9-4d34-a0ef-5dd9f381a1fe","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":104,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"eecd5009-4096-4865-a59f-3dff0786ee72","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":104,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"ca587f91-91d6-4d62-9390-60add30bec9a","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":104,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"e90e8a82-86dc-4455-9be2-f0bf89d3645f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":104,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"ba977ed7-1e61-4d3f-ab23-46ea2051330c","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":104,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"f2c0cdc2-f7e7-4bfa-ad2e-5f75bcccdb7d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":104,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"cddf002f-1f14-4e23-8b91-f115b8391671","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":104,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"e757ccbc-eefd-4539-9dfc-2f8a684dac97","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":104,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"3845ef48-f2cf-43ad-98e5-ca2190477695","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":104,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"ae1cc364-ae0c-4a93-904f-0df788cf7bad","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":104,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"a32922cd-15b8-41e4-99c8-70740101bfb5","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":104,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"5b6bfc7b-ed74-4bbb-8a7d-e95aa407e928","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":104,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"5e754cbd-1de1-403b-a2bb-650fb350136e","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":104,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"0cd63f9d-d2c3-404b-8313-de5ee3da28c2","block_type":"box","text":"S-94","page_number":104,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"80a985c4-1952-4ace-8ec5-6b3c632142ca","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":105,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"ca70df7e-1e60-4dd5-b22e-c6e0b7206097","block_type":"box","text":"(","page_number":105,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"d1207874-b0b8-4454-80a1-fac068be9393","block_type":"box","text":"i.e.","page_number":105,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"da53fc41-10c2-46ae-98ec-f95a7a78473d","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":105,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"54a7dbf0-d7ed-4426-ba64-d14c91fd434b","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":105,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"344d450c-0a5d-4b4b-8e8c-d6ee2ce300d7","block_type":"box","text":"similar to those of an applicable underlying index. 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The Index Provider","page_number":105,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"752870d0-d9cf-4718-a1a9-738133d70a6f","block_type":"box","text":"determines the composition and relative weightings of the","page_number":105,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"1b0dc274-ebc7-4475-bed5-d8cc01ba11b0","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":105,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"66c30ee3-93c9-40c2-a3e3-14876d9519a1","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":105,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"c6edaf1c-514a-4cdb-9eb1-5b12735197be","block_type":"box","text":"Summary of Principal Risks","page_number":105,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"42b7365b-a371-4bf1-85c5-2f7dd0a9f5ac","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":105,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"257b9260-e456-4307-84f9-8b866a284af5","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":105,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"521efd9f-7286-41ae-a2c4-98ec419d1129","block_type":"box","text":"that of other investments. 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Errors in index data, index computations or the","page_number":105,"box":{"x":549,"y":438,"width":366,"height":11}},{"id":"a375cd36-74e3-4caf-b0f2-83167244c5cc","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":105,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"33e9dd71-9706-4318-a41b-5b95bdcafd0b","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":105,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"41c0239b-82ca-4adc-a168-9adaa84133b8","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":105,"box":{"x":549,"y":481,"width":396,"height":11}},{"id":"8e57c3ca-7f96-4996-ba9b-ef8a75fa5c7f","block_type":"box","text":"impact on the Fund and its shareholders. 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Cash does not earn any reinvestment","page_number":110,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"b1b38555-d797-4a74-94ca-4b9fa803f331","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":110,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"357d87ce-3339-49fb-901b-044850e2d5a4","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":110,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"7ebde208-11f0-4863-a250-fd27a15c65d8","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":110,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"e7ac7356-60d6-4193-8731-dcc34f4246d7","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":110,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"63b9a3cf-4890-45fe-b3c8-3dd3c7f4347c","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":110,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"ec4f8eee-aca0-4f5b-9a3d-a109a6f06bcb","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":110,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"8ec8ee79-d246-46ce-83ce-cbc3205c7379","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":110,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"783bc1b0-3b9a-45a1-a76b-6b5a6ddd3971","block_type":"box","text":"will help the Fund track the Underlying Index. 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The Board may extend the termination date if","page_number":110,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"0c9aceda-12df-4886-b6a4-d09215598a32","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":110,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"82449863-bfe4-47a5-83f8-dfd77b5d0afd","block_type":"box","text":"interest of the Fund.","page_number":110,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"13409475-50fc-4468-bc76-f7177cbfe5d6","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":110,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"47feed5d-f0c8-4fa6-9d4f-753e75554e14","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":110,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"27d8ae29-5be9-4b6c-b4f6-fe8ff3a52aa4","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":110,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"a4e196ca-0e6b-4336-9652-56135b45e190","block_type":"box","text":"markets decline or appear overvalued.","page_number":110,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"0b70d379-cb09-4cbb-801e-f7bb7089d7e0","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":110,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"d37cafc0-6bda-4edd-bac0-0900ec34488d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":110,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"a77b99f5-81df-43f4-98b7-66679291085b","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":110,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"49b91c61-bf77-4469-bff7-733b8899453f","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":110,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"db41c56d-badd-423e-83c0-2c72ace9c0db","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":110,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"984a874c-48dd-4d10-a486-7afd3ad1ab54","block_type":"box","text":"comparison to actively managed investment companies.","page_number":110,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"4c890399-d54c-436e-adff-09a97ea2b820","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":110,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"c70c25d4-8166-4875-b4d9-5c7359219def","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":110,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"61a1a910-0e13-4ba7-899f-ca99ef029c8b","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":110,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"26984c46-687c-401c-ad38-5dd107687c4d","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":110,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"bb984491-0d9f-483b-992f-d753b403c380","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":110,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"848b2874-d63d-47d2-9a84-b9f4a5cefc10","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":110,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"47263093-7e30-4d49-9ff9-2220e9725df3","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":110,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"e76f48ce-d3fd-4cc1-9c3c-26803b469271","block_type":"box","text":"S-100","page_number":110,"box":{"x":518,"y":920,"width":36,"height":9}},{"id":"450fbd16-fc8a-4cb6-a783-1538fe0c66e4","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":111,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"1cd645d6-3fcb-40d9-8a60-125b2ac7a668","block_type":"box","text":"(","page_number":111,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"6d6233c4-887d-4c52-9248-228ef3e58afe","block_type":"box","text":"i.e.","page_number":111,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"174d1a14-aa63-47f9-b6b8-c5f9f086190d","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":111,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"ad97517c-82c8-4d72-8bc2-a2c480f228f8","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":111,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"f2a1bdc1-726f-431b-8735-fb901c43d06b","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":111,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"b2664e89-1dbd-428d-9841-c03e1874167d","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":111,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"4b3343d8-9274-422b-94e6-5572718ff005","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":111,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"78c4b788-663e-4649-ac00-14fc1be3654b","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":111,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"229637c7-b400-4055-92f7-b38db27ca60d","block_type":"box","text":"collateral received).","page_number":111,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"f7a3964f-ccbb-4c24-b597-7c37225bc7da","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":111,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"9b21776d-a3af-4a0f-9797-4f11750e60db","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":111,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"3d68b2c3-d6fd-4940-9146-a912a2c73c94","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":111,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"5c5db917-4596-446e-ae85-d040b6d10989","block_type":"box","text":"determines the composition and relative weightings of the","page_number":111,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"b7cfdd12-4ba8-42a8-83e1-240fa6a2127f","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":111,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"3c80f723-bc3e-46d3-bbf2-c1df14194140","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":111,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"b500c30c-1cb2-4e5e-87a8-09a1f4e4db7e","block_type":"box","text":"Summary of Principal Risks","page_number":111,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"0665a4ba-ca73-4d5a-8595-3659838968bd","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":111,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"21357851-ec12-4538-9bef-b3220410638e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":111,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"4e996301-cc28-40cf-804a-3ab09c26b110","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":111,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"91200e77-0254-4705-b8ae-48f3bf9db441","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":111,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"b6eabd94-11c3-4fe4-b1ac-909f3a6cccd1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":111,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"54ff99cb-4e70-4a73-92cb-ca70e8e9ad29","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":111,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"08700dc3-8865-4b05-93f2-bd4878587ebf","block_type":"box","text":"objective. 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Errors in index data, index computations or the","page_number":111,"box":{"x":549,"y":438,"width":366,"height":11}},{"id":"733e5a92-b852-49c2-92e0-1a2e42834c97","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":111,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"597c80ea-111e-4023-83c3-74202b8a0aec","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":111,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"39ef27e4-8041-47a1-9cda-4866c1cad6e9","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":111,"box":{"x":549,"y":481,"width":396,"height":11}},{"id":"57fd7db9-dc9e-4e07-9690-e381653c2f39","block_type":"box","text":"impact on the Fund and its shareholders. 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While the Fund’s service","page_number":112,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"0f09f02d-b9ae-451a-97e6-ca0a3575ff49","block_type":"box","text":"providers are required to have appropriate operational,","page_number":112,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"6762ba05-e1a7-4b59-b9c5-27c3731e969b","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":112,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"aa9620bb-49b9-4050-ae51-492a3156a6fe","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":112,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"2deaee44-8afc-440f-b47c-cbb2a782f71a","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":112,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"f90621ce-8f5c-4fda-8636-293bd56e4484","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":112,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"f477c22c-112b-450d-b2dc-ec7f98e98d5b","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":112,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"61969f5d-d2ab-4408-9bed-913ff8c745fa","block_type":"box","text":"investments in such issuers to lose value.","page_number":112,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"c494b449-905b-43a9-8240-1f12aa71fd26","block_type":"box","text":"Risk of Investing in the U.S","page_number":112,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"ca6cdebd-1f57-4338-81ca-5ce2f2db6c22","block_type":"box","text":".","page_number":112,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"0988afa9-733c-414d-b4a1-7b75481880b4","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":112,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"54b7e4f4-b0c8-41db-8121-cc98ce2ae3c5","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":112,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"f8dec0cf-7133-4b16-9c94-c1c1542d36f0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":112,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"11c6cbea-56b2-40d6-a76c-f831d6525c5d","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":112,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"83e9bb1b-ae58-4966-8a82-d66b588695ed","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":112,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"9e77a433-7b57-4e86-a8ff-c75c8215a2ba","block_type":"box","text":"Securities Lending Risk.","page_number":112,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"62ad8167-c904-4f03-b2ae-871c41d0a8cd","block_type":"box","text":"The Fund may engage in securities","page_number":112,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"238690d9-9454-473e-869a-4ba946886f04","block_type":"box","text":"lending. 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The Fund could","page_number":112,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"68440db8-be5d-45b7-b51f-32c89777f6dc","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":112,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"717dd20b-199c-4a95-b5b0-f972f7fddfdc","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":112,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"947271df-0125-47a8-8241-acdb63ecc021","block_type":"box","text":"investments made with cash collateral. 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Tracking error may occur due to a number of","page_number":112,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"a05e4686-18f9-4101-899a-9c577d5bec84","block_type":"box","text":"factors, including differences between the securities and other","page_number":112,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"9c6dd2a1-7470-4b78-9537-dce0bd94dfe4","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":112,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"efe1b9c7-0b91-47b3-80df-f5371a45eee6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":112,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"9d0102fb-f8e8-43ad-b5ce-841d25f2fa96","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":112,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"8224a266-d57d-4d30-8a30-fbd9205d8289","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":112,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"b9b0386e-a032-4bf6-872e-a200cc562b26","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":112,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"77ffa2b2-209f-43e2-918b-ba07f2b509eb","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":112,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"d15beeac-1285-4b90-a55f-3ccabd2f0189","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":112,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"483d97b9-d074-4556-b8c9-1eeffe06004a","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":112,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"6103eecd-5943-426c-a767-9e6480dbc385","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":112,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"23269b9b-7e69-4b2c-96e9-8ec6fe397a72","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":112,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"80923bdf-b38a-4cbb-8e6f-8fc840ef858c","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":112,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"f0af547c-f83e-4cce-ae4b-09ee45909c55","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":112,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"0b5136b1-9c65-48fa-b278-fedee924fa5a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":112,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"cb577110-d0ce-4528-b3e1-9a710121b1e2","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":112,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"1ae962ee-bb46-4b7a-97e6-897fc85c9b61","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":112,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"6a0b22f3-73aa-44ed-ae6e-2674e67b4d23","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":112,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"e18d1b51-e078-4584-967c-862a4eac010a","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":112,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"e310a511-b194-4e6f-8c5d-8dc4a9602a70","block_type":"box","text":"unusual market conditions.","page_number":112,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"e1cd0bb9-f413-4c97-b52a-9847ece7d85e","block_type":"box","text":"S-102","page_number":112,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"c7d379da-0564-47ab-a12a-6ea64e13af88","block_type":"box","text":"Performance Information","page_number":113,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"507a9fa4-0fa1-41e5-843c-6c0182841b57","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":113,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"954ff418-f9f5-4eff-950f-fae77ee3e008","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":113,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"7e8896c2-1c8e-4055-ac8c-f7c7dbc7cddc","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":113,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"4b428d1f-a296-4767-a1d8-7a6d6f99acac","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":113,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"92efbd27-bb24-4ac7-8079-3f50bd4ce38c","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":113,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"4712a0c6-386a-4bbf-993f-33c11885f0cb","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":113,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"d97e5be4-6f3f-4a18-8943-19a1cb77ab1e","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":113,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"61692bb3-7229-4693-b733-1cbd16feeba3","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":113,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"d3f9c5c5-e549-403d-9812-6ce2ae73e8b7","block_type":"box","text":"During the periods shown in the chart:","page_number":113,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"71facfd2-566a-4d29-966f-ff81589354e2","block_type":"box","text":"Best Quarter 5.22% March 31, 2025","page_number":113,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"17b36803-3169-4545-81c8-8cbdb7bd1697","block_type":"box","text":"Worst Quarter 0.18% December 31, 2025","page_number":113,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"865bb588-c496-4664-bb25-26646b6dd82f","block_type":"box","text":"Average Annual Total Returns","page_number":113,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"ba6a1978-28ad-47ee-8160-ccbaf70634a0","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":113,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"9581f910-314f-48b9-b9c4-54ea99443659","block_type":"box","text":"One Year","page_number":113,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"e03d4049-ef1a-4ff4-8101-c89cb333d5b4","block_type":"box","text":"Since Fund","page_number":113,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"3e4628d6-0267-49c6-b790-d4d7d79f9e58","block_type":"box","text":"Inception","page_number":113,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"15523c5f-3bb5-480b-aef5-042324c4b2d4","block_type":"box","text":"(Inception Date: 5/22/2024)","page_number":113,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"a1945666-3694-4d01-8923-c4ff0e9f1d3f","block_type":"box","text":"Return Before Taxes","page_number":113,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"8793d876-11d0-4583-bcb6-16d2927326ae","block_type":"box","text":"8.76% 6.01%","page_number":113,"box":{"x":801,"y":493,"width":115,"height":8}},{"id":"1431a91f-e32e-43c7-b9e2-815e88cc8339","block_type":"box","text":"Return After Taxes on Distributions","page_number":113,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"b3ccc7ea-b16b-4dda-bf05-5aa1504aa0af","block_type":"box","text":"6.83% 4.15%","page_number":113,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"1b46197f-aab4-44e7-8814-fbe8b4c328de","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.17% 3.80%","page_number":113,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"37479085-92cf-4b71-bb69-df6785e1d924","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":113,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"544f4c2f-7eeb-4cc8-9055-b4125a26278b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.13%","page_number":113,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"783ea4ec-e91d-4b8a-a5ca-13a15110f70c","block_type":"box","text":"ICE 2034 Maturity US Inflation-Linked Treasury Index","page_number":113,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"99607438-dd4c-46de-af3f-f0a5972a0d3d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":113,"box":{"x":459,"y":540,"width":303,"height":9}},{"id":"8cced758-f856-4089-bfe1-e0c3357a789e","block_type":"box","text":"or taxes)","page_number":113,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"7c725f40-f681-4815-8510-d2025d14b303","block_type":"box","text":"8.86% 6.11%","page_number":113,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"3e8a8906-e757-4775-85fb-7f4e9764590d","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":113,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"bbe2be5b-50f6-4928-8794-997ea880f30f","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":113,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"90e55d97-e568-4562-9d36-3fb85aa97e3c","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":113,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"3838d400-2bae-4ed5-8b74-0c69b161b046","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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From inception (March","page_number":116,"box":{"x":84,"y":108,"width":407,"height":11}},{"id":"76db3dac-29c2-4fbb-88d1-e3cb06efb7f9","block_type":"box","text":"25, 2025) to the most recent fiscal year end, the Fund’s portfolio","page_number":116,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"adc69804-fbed-49ce-8537-92269dc8c4ae","block_type":"box","text":"turnover rate was 51% of the average value of its portfolio.","page_number":116,"box":{"x":83,"y":137,"width":371,"height":10}},{"id":"f034978e-d012-4f3e-9bea-f56371dd120f","block_type":"box","text":"Principal Investment Strategies","page_number":116,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"5d6e32f6-ae28-4214-85a3-0fc11bc378c8","block_type":"box","text":"The Fund seeks to track the investment results of the ICE 2035","page_number":116,"box":{"x":82,"y":191,"width":404,"height":8}},{"id":"7cbb94fb-361d-4583-af3f-cd7631974b07","block_type":"box","text":"Maturity US Inflation-Linked Treasury Index (the “Underlying","page_number":116,"box":{"x":83,"y":205,"width":385,"height":11}},{"id":"9c5bf25a-d1c0-4ee5-b424-150838aa7e50","block_type":"box","text":"Index”), which consists of inflation-protected public obligations of","page_number":116,"box":{"x":83,"y":219,"width":420,"height":11}},{"id":"654348ca-e1df-410a-9fbb-cb9f18f47ddd","block_type":"box","text":"the U.S. Treasury, commonly known as “TIPS,” that are scheduled","page_number":116,"box":{"x":83,"y":233,"width":420,"height":11}},{"id":"b1b944f0-993b-4716-ab55-104516357e99","block_type":"box","text":"to mature between January 1, 2035 and October 15, 2035,","page_number":116,"box":{"x":83,"y":247,"width":373,"height":11}},{"id":"4a8d732a-dba8-4a2b-ae52-b6c79765b043","block_type":"box","text":"inclusive. The Fund is a term fund that will terminate on or about","page_number":116,"box":{"x":83,"y":262,"width":412,"height":8}},{"id":"1cb56d63-3f7e-499a-8373-fa7d5147c72e","block_type":"box","text":"October 15, 2035, at which time it will distribute its remaining net","page_number":116,"box":{"x":83,"y":276,"width":420,"height":11}},{"id":"1b76b0d5-19eb-440e-8601-1f7bdddd2c4c","block_type":"box","text":"assets to shareholders pursuant to a plan of liquidation. The Fund","page_number":116,"box":{"x":83,"y":290,"width":418,"height":11}},{"id":"80dfb09e-4355-4ed4-99d5-b00f8f9a597c","block_type":"box","text":"does not seek to return any predetermined amount at maturity or","page_number":116,"box":{"x":83,"y":304,"width":418,"height":11}},{"id":"d7066b0d-b009-468b-b46f-0d12c56cbd8d","block_type":"box","text":"in periodic distributions. 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TIPS are income","page_number":116,"box":{"x":83,"y":369,"width":387,"height":10}},{"id":"cbb92051-1206-49e5-b713-90c66d99e41f","block_type":"box","text":"generating instruments whose interest and principal payments are","page_number":116,"box":{"x":83,"y":383,"width":424,"height":11}},{"id":"1a90fe7a-0e73-45a7-861b-79d9cd42e7cb","block_type":"box","text":"adjusted for inflation—a sustained increase in prices that erodes","page_number":116,"box":{"x":83,"y":397,"width":411,"height":11}},{"id":"fc33ef7c-8e61-4e68-b98e-331b602ffab4","block_type":"box","text":"the purchasing power of money. 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A fixed","page_number":116,"box":{"x":83,"y":468,"width":404,"height":11}},{"id":"6135c28c-45bc-45d4-b73f-ecbf5c047e26","block_type":"box","text":"coupon rate is applied to the inflation-adjusted principal so that,","page_number":116,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"57ad4149-6ee9-487d-b4cc-582767613d83","block_type":"box","text":"as inflation rises, both the principal value and the interest","page_number":116,"box":{"x":83,"y":496,"width":367,"height":11}},{"id":"cc65012d-b89e-40bb-b994-829969897477","block_type":"box","text":"payments increase. This can provide investors with a hedge","page_number":116,"box":{"x":83,"y":510,"width":380,"height":11}},{"id":"6c33b6a6-55b7-4dc4-a7f2-71a19383479a","block_type":"box","text":"against inflation, as it helps preserve the purchasing power of an","page_number":116,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"b6c2e2fa-04a8-4641-b614-8b2598337681","block_type":"box","text":"investment. Because of this inflation adjustment feature, inflation","page_number":116,"box":{"x":83,"y":539,"width":423,"height":10}},{"id":"81c1e28f-475d-4d39-832e-b5cd45d1abbb","block_type":"box","text":"protected bonds typically have lower yields than conventional","page_number":116,"box":{"x":83,"y":553,"width":393,"height":11}},{"id":"8cd916cf-7346-49ac-ac3e-45ff90f4a890","block_type":"box","text":"fixed-rate bonds.","page_number":116,"box":{"x":82,"y":567,"width":108,"height":9}},{"id":"e4ad5b20-e46a-4e2b-b6fa-2164c86f6d75","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":116,"box":{"x":82,"y":589,"width":399,"height":11}},{"id":"2d6612c1-ec75-4da5-ae88-432b60211668","block_type":"box","text":"U.S. dollars and have (1) a fixed coupon schedule, (2) a remaining","page_number":116,"box":{"x":83,"y":603,"width":416,"height":11}},{"id":"22c4a66a-b88e-4150-bf80-ae2c712817da","block_type":"box","text":"term to final maturity of more than one day as of the monthly","page_number":116,"box":{"x":83,"y":617,"width":391,"height":11}},{"id":"d387287f-d45e-43d4-8af4-05e6ebf89f5d","block_type":"box","text":"rebalancing date and (3) at least $1 billion of outstanding face","page_number":116,"box":{"x":83,"y":631,"width":396,"height":11}},{"id":"6853b3a4-5933-4fca-b263-2aa4cf9e6d4c","block_type":"box","text":"value (excluding amounts held by the Federal Reserve System","page_number":116,"box":{"x":82,"y":646,"width":396,"height":11}},{"id":"406fd010-72f0-415f-8cb9-18135d6820f1","block_type":"box","text":"Open Market Account (“SOMA”)). 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Index constituents are market capitalization","page_number":116,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"e45d5603-9360-4d6c-b3d4-8ef929b28183","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":116,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"aef727fa-dc29-43da-85c5-b05ee5f0afa3","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":116,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"aff57d6c-1a6b-4809-b182-082a49126270","block_type":"box","text":"interest.","page_number":116,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"7d2ceec5-a5cc-4035-9fe4-ba4c1ed85663","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":116,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"c400c2e8-11b2-4ab9-8623-da17bfc41d17","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":116,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"abf673ab-edbe-4d03-aff7-60dbda4f0e5a","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":116,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"c5729750-3b6b-40ce-952d-a7473f3082eb","block_type":"box","text":"inclusion for such following month (","page_number":116,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"832f25dd-f1b1-4ae8-90e6-00516fe52f08","block_type":"box","text":"e.g","page_number":116,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"29de4be8-0ca2-4607-81c9-d759325d42ed","block_type":"box","text":"., an issue must settle on or","page_number":116,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"d13c8afe-5163-4393-b741-79cb2bb195af","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":116,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"9087f682-3cd4-48ae-a141-760d44142932","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":116,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"747d2a8b-ae4d-46cf-acef-40c8cf685796","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":116,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"ff0acb8d-7fae-454b-998c-877f8fcd7593","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":116,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"690f12ea-7853-4be5-9f42-c313e8201234","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":116,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"3832da3a-e2c5-4623-9b54-8799c3094bbe","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":116,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"a3633a75-d92c-41c6-b03e-e47aef2393db","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":116,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"f95372de-ad02-4f21-99bf-2fd443786e85","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":116,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"9e71a52b-6473-43be-8fc8-2ee72f189c48","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":116,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"4bfb79de-5c42-4383-8a56-3f3a68533118","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":116,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"f02fb919-1e09-40a4-9be1-d393deaa3212","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":116,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"3ef575cd-eec2-41a1-a0cd-bd6642d0fec0","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":116,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"0b94c5ca-fb7e-4702-b2d5-db48aa0f9c11","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":116,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"dcc4c6d6-a2fb-49a6-9f23-44191e2f3e1f","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":116,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"269bec39-a690-4ec6-b148-f9b7e609d480","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":116,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"e46a4ab5-3d4c-4274-b5d9-a29e39101ca5","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":116,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"11690130-534d-428d-8778-5ffbeffbd6ee","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":116,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"b52f3f88-4c14-4ef5-841a-948d8a0bd105","block_type":"box","text":"will help the Fund track the Underlying Index. 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The Fund may","page_number":117,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"f0281989-b90a-4141-b07d-c765a4dac5bf","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":117,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"abcadf82-394f-43c3-ad7c-8f501a7c7f96","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":117,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"cd63b8bb-0227-4104-8f64-34a6be84fa73","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":117,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"bb0a21f5-eec0-468a-95ac-02a870f94b95","block_type":"box","text":"collateral received).","page_number":117,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"3330ce5b-af37-4810-ab5a-2b4373390a54","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":117,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"2bb727a8-bdfb-425d-895c-45d8f994fde7","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":117,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"7f862518-1241-4fe0-be03-13f0e31ed64e","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":117,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"5ccb3e92-eb98-4a9d-b254-0397e6cc2223","block_type":"box","text":"determines the composition and relative weightings of the","page_number":117,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"da7f352d-5813-4cfe-97b4-2bf7a9e60c14","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":117,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"1816533f-8a27-49a6-afb1-40ea1babc39d","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":117,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"5c693f98-2982-4bd3-9584-46c8dd2ca05f","block_type":"box","text":"Summary of Principal Risks","page_number":117,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"2faa8097-0623-40e2-873d-9fdc2699841d","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":117,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"d51de609-4273-4b00-8395-056474b2a023","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":117,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"32eaf7ed-64af-448a-81cf-540846f38bb7","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":117,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"5994c7de-d03a-43f1-8c24-fe55992f362a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":117,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"5e61fc77-2b2a-4d26-9d89-b37089d8961d","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":117,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"f2ee682b-5931-4710-bb68-31c81509c8fb","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":117,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"27938918-0b15-43ce-98da-91385f046f21","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":117,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"0e234827-ef3c-4ae3-b486-bb492b4b6d24","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":117,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"2a282f2d-fe03-49aa-b5b9-dbd7b179a13c","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":117,"box":{"x":83,"y":393,"width":404,"height":11}},{"id":"4db8c48c-8ead-4ebb-aa32-18ff806e2aa3","block_type":"box","text":"review each risk factor carefully.","page_number":117,"box":{"x":83,"y":407,"width":206,"height":11}},{"id":"ea68d69c-2a30-4c06-a508-2ef9fa85b676","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":117,"box":{"x":83,"y":430,"width":206,"height":11}},{"id":"699c02fd-7dfd-4b7b-a383-ac0f93db6a53","block_type":"box","text":"U.S. Treasury obligations may","page_number":117,"box":{"x":296,"y":431,"width":189,"height":10}},{"id":"06bdb95d-2058-4430-8972-5231bc6cfbad","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":117,"box":{"x":83,"y":445,"width":385,"height":10}},{"id":"f8abe8de-07f6-4dd7-a182-72acabd74fd6","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":117,"box":{"x":83,"y":459,"width":385,"height":11}},{"id":"a27aecf9-6ee3-44f4-96b1-2f79dcab4329","block_type":"box","text":"relatively lower returns than those of other securities. 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Direct","page_number":117,"box":{"x":83,"y":501,"width":392,"height":11}},{"id":"1b0f3bac-9895-47b8-ab0b-1cb1e1abe298","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":117,"box":{"x":83,"y":516,"width":423,"height":10}},{"id":"6ea1e042-c3f9-4f79-bb60-a9e3cf1f624e","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":117,"box":{"x":83,"y":530,"width":424,"height":11}},{"id":"72a08410-fdb8-4475-9b68-cd244b17b033","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":117,"box":{"x":83,"y":544,"width":392,"height":11}},{"id":"4a504cda-3e7d-40ee-82f6-4df543d4b6e6","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":117,"box":{"x":82,"y":558,"width":412,"height":11}},{"id":"c184b096-54ee-4d65-9cd5-5883bf0312b0","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":117,"box":{"x":83,"y":572,"width":407,"height":11}},{"id":"bca7d861-afd3-44c8-a51a-8266e42c761e","block_type":"box","text":"timely payment of interest or principal.","page_number":117,"box":{"x":83,"y":586,"width":247,"height":11}},{"id":"c967053e-f322-4f84-9dae-cc21b7c8f135","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":117,"box":{"x":83,"y":610,"width":197,"height":8}},{"id":"54ee60ec-0e69-4756-b53c-edbd2d614fa7","block_type":"box","text":"The principal value of an","page_number":117,"box":{"x":286,"y":610,"width":154,"height":10}},{"id":"fd1a7740-05ab-429d-9726-574e353e5585","block_type":"box","text":"investment in the Fund is not protected or otherwise guaranteed","page_number":117,"box":{"x":83,"y":624,"width":412,"height":11}},{"id":"8cd35867-fd53-41a1-ba62-7602084ec3c3","block_type":"box","text":"by virtue of the Fund’s investments in inflation-indexed bonds. The","page_number":117,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"441d35cf-3456-4315-abf2-cb39b4275419","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":117,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"d4b50021-8450-4e2b-a898-33653aa15ee7","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":117,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"cb4810fc-9cdf-44b6-868c-26bc8c2a297d","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":117,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"540b57d8-6f8f-479f-9332-466a4375e01e","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":117,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"bb509fe9-fb3d-4305-9dfd-af319f6546e9","block_type":"box","text":"rate. In addition, interest payments on inflation-indexed securities","page_number":117,"box":{"x":83,"y":709,"width":421,"height":11}},{"id":"69ddce4f-469e-4518-8256-28fa6d411484","block_type":"box","text":"generally vary up or down along with the rate of inflation. If the","page_number":117,"box":{"x":83,"y":723,"width":400,"height":11}},{"id":"4011d113-e3e9-4ff4-91d9-cfed09d465a8","block_type":"box","text":"Fund purchases TIPS in the secondary market and the bonds’","page_number":117,"box":{"x":84,"y":737,"width":391,"height":11}},{"id":"a8a1d05e-260d-40c9-aa5e-132a495be441","block_type":"box","text":"principal values previously were adjusted upward, but then there","page_number":117,"box":{"x":83,"y":752,"width":412,"height":10}},{"id":"ec24f7c0-19a4-4a2f-bdf5-23dbf996ada3","block_type":"box","text":"is a period of declining inflation rates, the Fund may receive at","page_number":117,"box":{"x":83,"y":766,"width":397,"height":11}},{"id":"498e4db2-5aee-4506-a148-29c5ea8fe0e4","block_type":"box","text":"maturity less than it invested. Depending on changes in inflation","page_number":117,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"1522f372-6b16-4af7-986c-c7d8708f68a1","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":117,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"ecf787cc-113c-4cd2-9825-49d14b9020c0","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":117,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"ef540c58-c915-4cc4-acc5-764f6f89c13a","block_type":"box","text":"Interest Rate Risk","page_number":117,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"cb53de50-c0bc-4bb0-8266-5540e0c62f77","block_type":"box","text":".","page_number":117,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"9972eee9-172e-4bb6-926b-130c03ed241b","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":117,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"59ae1d36-5eeb-4f2f-a3a6-16afd88bde3e","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":117,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"dddbedd5-e127-4fb7-943e-d4952cf9c18f","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":117,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"6259947d-9389-4ca6-87f7-9d2b5e3a61de","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":117,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"7fb7f570-917b-43a5-9ab8-80e76c18ab48","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":117,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"c67dd016-b05d-48f8-ae9a-d530bbacfede","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":117,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"d950349f-e96a-4c25-8cc8-1607cadea665","block_type":"box","text":"fixed-income securities. 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of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":120,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"d4b12394-d4ce-4d43-b617-578fdf6987dc","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":120,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"5612ee24-c0fe-4d1c-8322-737fcf7eeb9f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":120,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"b47b23bf-b068-434d-96fc-6e014a50015f","block_type":"box","text":"the tables and examples below.","page_number":120,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"3c31f2a5-c801-4108-bda8-2dff4121ec62","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":120,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"64f1247e-228f-44e1-9a17-a1b9f3e2a6a9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":120,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"cb719073-6cbd-494b-9e0b-46f2d8df07e4","block_type":"box","text":"$18 $58 $101 $230","page_number":120,"box":{"x":203,"y":548,"width":648,"height":9}},{"id":"3ab2e587-3ba8-4929-8186-3623b62ece29","block_type":"box","text":"S-110","page_number":120,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"6ea05791-e947-4f3e-b231-c197b58f2d14","block_type":"box","text":"Portfolio Turnover.","page_number":121,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"016c6571-ad32-4637-9881-d08270f6a0a0","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":121,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"6e8b7a15-50af-45f0-b8bd-00001077e832","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":121,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"1cd90d08-6a1d-40ee-9c09-ea3baadb9d5f","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":121,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"7cb672d6-6b74-4c14-a8e8-ee0eb1489d44","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":121,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"7e8d1bff-ef7c-401e-a8e0-3702eb89d5e0","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":121,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"0fd6ab34-192b-4bff-9e08-4adc7e41eae6","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":121,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"f4879be3-5d1b-424d-90aa-967ab9406b63","block_type":"box","text":"Example, affect the Fund’s performance. 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A fixed coupon rate is applied to the inflation-adjusted","page_number":121,"box":{"x":83,"y":375,"width":376,"height":11}},{"id":"626d7e12-9f5a-476e-b1d2-eb877ee71ca6","block_type":"box","text":"principal so that, as inflation rises, both the principal value and","page_number":121,"box":{"x":83,"y":389,"width":400,"height":11}},{"id":"aa278303-e894-49db-b1ab-066f6b019560","block_type":"box","text":"the interest payments increase. This can provide investors with a","page_number":121,"box":{"x":83,"y":403,"width":414,"height":11}},{"id":"537e5d21-d060-41e5-ba11-3e096d16ae7b","block_type":"box","text":"hedge against inflation, as it helps preserve the purchasing power","page_number":121,"box":{"x":83,"y":418,"width":420,"height":10}},{"id":"cacd0109-e670-4079-9860-8b29de706a0e","block_type":"box","text":"of an investment. 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The instruments selected","page_number":121,"box":{"x":549,"y":117,"width":408,"height":11}},{"id":"c9dca234-65ba-452e-9a0f-f348341b1b43","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":121,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"486e954f-9ce3-4205-b61e-f3cc7ec4bbfb","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":121,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"017744bc-86ae-4af7-abab-dabf5361f697","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":121,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"ba2997da-5ddd-4f47-ae73-0774b74d5942","block_type":"box","text":"(","page_number":121,"box":{"x":549,"y":174,"width":3,"height":11}},{"id":"aabfb674-12d6-4689-b563-ecda96539f56","block_type":"box","text":"i.e.","page_number":121,"box":{"x":553,"y":174,"width":17,"height":8}},{"id":"06ab18d4-d712-44de-8ea4-f23b786a7c4e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":121,"box":{"x":573,"y":174,"width":358,"height":11}},{"id":"19324321-2c3e-444e-92bb-9ee1e1e98869","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":121,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"de359f50-f006-4490-8f63-92580256688f","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":121,"box":{"x":549,"y":202,"width":410,"height":11}},{"id":"b95582fb-1572-4ebc-81a8-f056fbe20be8","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":121,"box":{"x":549,"y":216,"width":399,"height":11}},{"id":"7aab4bd0-2467-4e83-a2aa-660e6a737377","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":121,"box":{"x":549,"y":240,"width":404,"height":10}},{"id":"460d4f2d-3f15-49f8-9d21-a2f5339ebae2","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":121,"box":{"x":549,"y":254,"width":424,"height":11}},{"id":"d00202b6-93c4-444e-bfe9-ecc88e30cd1a","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":121,"box":{"x":549,"y":268,"width":415,"height":11}},{"id":"388fb913-c9f1-4688-9145-a6725772869c","block_type":"box","text":"help the Fund track the Underlying Index. The Fund will invest no","page_number":121,"box":{"x":549,"y":282,"width":413,"height":11}},{"id":"d8fd10b4-1591-4547-b9ac-7cc50e1b32ec","block_type":"box","text":"more than 10% of its assets in futures, options and swaps","page_number":121,"box":{"x":549,"y":296,"width":366,"height":11}},{"id":"f1315a95-31eb-4958-8762-2f04082c5839","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":121,"box":{"x":549,"y":311,"width":352,"height":10}},{"id":"3cac986c-3fd0-4227-83ef-f4f87e3fd102","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments","page_number":121,"box":{"x":550,"y":325,"width":359,"height":11}},{"id":"6a8310ff-0799-4a68-809d-ab419701a1a6","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":121,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"c4db7e86-e226-42ad-804f-fb089557910a","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":121,"box":{"x":549,"y":353,"width":368,"height":11}},{"id":"9a5c3d24-85aa-4b4c-8318-abaa41a87629","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":121,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"852f40e2-cfdd-47f5-b888-9e76330c2b25","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":121,"box":{"x":549,"y":381,"width":408,"height":11}},{"id":"f53f827b-afdf-49c6-a081-88bbc116d554","block_type":"box","text":"and expenses of the Fund.","page_number":121,"box":{"x":549,"y":396,"width":167,"height":10}},{"id":"c046feac-a3cf-4f1b-8e54-72f4e3cf82ae","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":121,"box":{"x":549,"y":419,"width":411,"height":11}},{"id":"f58c1f89-7691-455a-9a01-1c65817abab5","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":121,"box":{"x":548,"y":433,"width":371,"height":11}},{"id":"5484b93c-fce0-4637-bb12-21660d302e89","block_type":"box","text":"collateral received).","page_number":121,"box":{"x":549,"y":447,"width":125,"height":11}},{"id":"4c9ac51d-eb4f-427f-8214-9697f6c54f6a","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":121,"box":{"x":549,"y":470,"width":408,"height":11}},{"id":"622c0aeb-ec56-48a6-bb1a-4c04066f6d06","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":121,"box":{"x":550,"y":485,"width":374,"height":10}},{"id":"bcea0306-ad5f-452e-8e30-b27c9caabc32","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":121,"box":{"x":549,"y":499,"width":354,"height":11}},{"id":"22c02bc6-29a5-425c-890c-6e8011e03af5","block_type":"box","text":"determines the composition and relative weightings of the","page_number":121,"box":{"x":549,"y":513,"width":372,"height":11}},{"id":"40899880-85fd-4140-9c8f-e4efb0602313","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":121,"box":{"x":549,"y":527,"width":401,"height":11}},{"id":"6cf898b0-2406-4100-8ece-56cb879aa5e9","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":121,"box":{"x":549,"y":541,"width":327,"height":11}},{"id":"29a5bffa-470a-469c-bb59-c6851114ce10","block_type":"box","text":"Summary of Principal Risks","page_number":121,"box":{"x":549,"y":570,"width":235,"height":14}},{"id":"73e1d4ef-bb05-424c-b439-f47baa203690","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":121,"box":{"x":549,"y":596,"width":362,"height":10}},{"id":"e767ddb1-07b4-4905-8d5c-4e1a6941e172","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":121,"box":{"x":549,"y":610,"width":402,"height":10}},{"id":"522ec889-c989-440b-8fd7-957f528cb4ea","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":121,"box":{"x":549,"y":624,"width":396,"height":11}},{"id":"17ff04eb-db82-4374-ba0c-daac43cf05ee","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":121,"box":{"x":549,"y":638,"width":376,"height":11}},{"id":"e302d735-48b6-4b61-a295-28a23cfb2df7","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":121,"box":{"x":549,"y":652,"width":392,"height":11}},{"id":"35cdb772-0eba-4594-857d-f5983664b9d6","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":121,"box":{"x":549,"y":666,"width":416,"height":11}},{"id":"a48e4d00-b5a9-460a-916a-1b79c0a89519","block_type":"box","text":"objective. 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Depending on changes in inflation","page_number":122,"box":{"x":83,"y":231,"width":409,"height":11}},{"id":"93676c8e-057f-4d38-965b-cbca0196a875","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":122,"box":{"x":83,"y":245,"width":417,"height":11}},{"id":"7d2b2138-f327-4db7-aff3-5fc44e14a401","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":122,"box":{"x":83,"y":259,"width":376,"height":11}},{"id":"4a958d8d-5a4c-421b-8d5e-c5148e675967","block_type":"box","text":"Interest Rate Risk","page_number":122,"box":{"x":83,"y":282,"width":121,"height":9}},{"id":"ca293167-8680-47a3-b3ac-0810f188e680","block_type":"box","text":".","page_number":122,"box":{"x":204,"y":289,"width":2,"height":2}},{"id":"500b0df0-9249-4d89-9956-f7845c093b53","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":122,"box":{"x":212,"y":282,"width":233,"height":9}},{"id":"b6357cc2-156b-49ae-8b6c-92089687ffd6","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":122,"box":{"x":82,"y":296,"width":425,"height":11}},{"id":"efc2a663-4a23-42a3-9a77-0c7cc75555f7","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":122,"box":{"x":83,"y":311,"width":417,"height":10}},{"id":"b1032c6d-7181-4603-a662-38b71c85ac76","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":122,"box":{"x":83,"y":325,"width":388,"height":11}},{"id":"de442407-7947-4672-9d19-c55c018389ac","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":122,"box":{"x":82,"y":339,"width":402,"height":11}},{"id":"e819ff24-d0fb-4b1b-b52d-fa76811506c5","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":122,"box":{"x":83,"y":353,"width":391,"height":11}},{"id":"b9051005-d738-4dc3-a27a-7f29f0e6dc38","block_type":"box","text":"fixed-income securities. 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During periods of very low or negative interest","page_number":122,"box":{"x":83,"y":467,"width":386,"height":10}},{"id":"e7ff855e-9d92-489e-acea-bad0df9ab93e","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":122,"box":{"x":83,"y":481,"width":404,"height":11}},{"id":"e6a08fe6-d660-4a8d-b29c-ea83d9416a8f","block_type":"box","text":"dividends to shareholders.","page_number":122,"box":{"x":83,"y":495,"width":168,"height":8}},{"id":"1f6d9e7b-a85d-4254-b776-1884b6fcac4d","block_type":"box","text":"Market Risk","page_number":122,"box":{"x":83,"y":518,"width":82,"height":9}},{"id":"04c43b78-e281-4700-8180-484e432842c4","block_type":"box","text":".","page_number":122,"box":{"x":165,"y":525,"width":2,"height":2}},{"id":"4996ba1c-02b0-4f69-855d-b03c9996e4a9","block_type":"box","text":"The Fund could lose money over short periods due","page_number":122,"box":{"x":172,"y":518,"width":323,"height":11}},{"id":"e204468b-75ad-4861-8d1f-8e369e06f1cb","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":122,"box":{"x":83,"y":532,"width":413,"height":11}},{"id":"7b88f62e-b021-47fe-9bbb-c7854a47aa47","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":122,"box":{"x":83,"y":697,"width":406,"height":11}},{"id":"78fbee10-fe04-4fa9-abe3-2c2c20bed628","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":122,"box":{"x":83,"y":712,"width":408,"height":10}},{"id":"7459f5e2-0d0d-4077-b05e-f2367a40a02a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":122,"box":{"x":83,"y":726,"width":384,"height":10}},{"id":"125c203c-e852-44b5-a830-286afa4ca23e","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":122,"box":{"x":83,"y":740,"width":387,"height":11}},{"id":"33f7c7c0-1feb-47a9-918e-0e74eb277044","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":122,"box":{"x":83,"y":754,"width":366,"height":11}},{"id":"fe0972ad-0f15-4ef4-b083-8b8cd2e0a395","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":122,"box":{"x":83,"y":768,"width":377,"height":11}},{"id":"f2e6b65e-1bfc-4c62-bed8-21220999d652","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":122,"box":{"x":83,"y":782,"width":413,"height":11}},{"id":"d706b40c-e1f9-4610-914a-479be3b7d458","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":122,"box":{"x":83,"y":797,"width":396,"height":10}},{"id":"e3c55a7d-1087-4040-bf96-3d1e063d490c","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":122,"box":{"x":83,"y":811,"width":367,"height":11}},{"id":"cf91bcd5-04ae-4fa1-b346-a74833d89b89","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":122,"box":{"x":83,"y":825,"width":400,"height":11}},{"id":"e924d7d2-4abd-4f01-81d5-61246a8a9370","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":122,"box":{"x":83,"y":839,"width":409,"height":11}},{"id":"27eacce0-3b4b-4872-b477-84af439a561b","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":122,"box":{"x":83,"y":853,"width":414,"height":11}},{"id":"2d468728-6d26-4d8e-80e1-e864d0c1841c","block_type":"box","text":"to postpone a scheduled rebalance. 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Operational and technology risks for the","page_number":123,"box":{"x":82,"y":202,"width":411,"height":11}},{"id":"f7bb55c6-07f7-45d8-8339-26c973067178","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":123,"box":{"x":83,"y":217,"width":391,"height":8}},{"id":"9a89cf3f-1dbc-41b6-a592-c85cf280965b","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":123,"box":{"x":83,"y":231,"width":421,"height":10}},{"id":"879c0013-0bcb-48e9-a24d-1b05501bab67","block_type":"box","text":"investments in such issuers to lose value.","page_number":123,"box":{"x":83,"y":245,"width":264,"height":8}},{"id":"bc8cfc3e-8468-4cd1-b5f0-fb00d763b1b8","block_type":"box","text":"Risk of Investing in the U.S","page_number":123,"box":{"x":83,"y":268,"width":182,"height":11}},{"id":"b27efc4c-6fe1-4e40-9706-f3d4a1a33312","block_type":"box","text":".","page_number":123,"box":{"x":266,"y":275,"width":2,"height":1}},{"id":"f27fa673-1643-424f-9956-adc42ed68342","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":123,"box":{"x":274,"y":268,"width":210,"height":11}},{"id":"5eef83c5-0f36-44da-bdbb-64e529c80322","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":123,"box":{"x":83,"y":282,"width":391,"height":11}},{"id":"b3e0e527-83c1-448f-b25c-060811872e78","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":123,"box":{"x":83,"y":296,"width":423,"height":11}},{"id":"088f2153-68c7-4f7a-ae7c-824ef162f989","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":123,"box":{"x":83,"y":311,"width":413,"height":10}},{"id":"99467b39-f819-4abc-8c36-c2f2c8828b5d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":123,"box":{"x":82,"y":325,"width":397,"height":11}},{"id":"6ead5484-37e2-448a-9ae8-a997edb7a340","block_type":"box","text":"Securities Lending Risk.","page_number":123,"box":{"x":82,"y":348,"width":162,"height":11}},{"id":"2eb4e63f-aba7-44bf-a30d-9203f909ad83","block_type":"box","text":"The Fund may engage in securities","page_number":123,"box":{"x":249,"y":348,"width":221,"height":11}},{"id":"263a1087-5134-4cca-b566-4b27cf0d1d4f","block_type":"box","text":"lending. 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The Fund could","page_number":123,"box":{"x":83,"y":391,"width":408,"height":10}},{"id":"08035914-fe7f-4141-9c8c-22635fbac309","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":123,"box":{"x":83,"y":405,"width":416,"height":11}},{"id":"acbb667d-00ec-4e16-ae4a-b75fe613b2c6","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":123,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"651f0617-ff09-4632-ad92-2c9763766458","block_type":"box","text":"investments made with cash collateral. 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This may cause a Fund","page_number":130,"box":{"x":76,"y":855,"width":900,"height":11}},{"id":"0363f963-0e86-47a6-b535-7de718eeffd9","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":130,"box":{"x":76,"y":869,"width":512,"height":11}},{"id":"13846e7b-2ec7-4f9e-a69c-422f08af01d4","block_type":"box","text":"5","page_number":130,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"880d6d19-29b8-44cf-903b-19417448d443","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":131,"box":{"x":76,"y":23,"width":273,"height":11}},{"id":"ad1a4377-60ac-4b09-ad88-92d532543c67","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":131,"box":{"x":355,"y":23,"width":613,"height":11}},{"id":"b19b2b68-d5b9-4868-9213-6094e09fc95b","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":131,"box":{"x":76,"y":37,"width":879,"height":11}},{"id":"f0e0a284-2307-4ad1-b48d-7aae3fbcd1d3","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":131,"box":{"x":76,"y":51,"width":841,"height":11}},{"id":"cf97c789-6034-43c9-a265-0b0f098c1dd2","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":131,"box":{"x":76,"y":66,"width":426,"height":11}},{"id":"80b700d7-0c26-4b04-859d-9e073000dd5f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":131,"box":{"x":76,"y":89,"width":296,"height":11}},{"id":"cf5a4fb0-e749-4120-a2b3-11bd42374b03","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":131,"box":{"x":378,"y":89,"width":578,"height":11}},{"id":"ed5da9b9-6798-4fbd-a762-8ae1bc7feb11","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":131,"box":{"x":76,"y":103,"width":894,"height":11}},{"id":"2e0adab1-d327-4660-bcf2-c5c270f3c973","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":131,"box":{"x":76,"y":117,"width":882,"height":11}},{"id":"58fca249-1d3d-45c1-b463-831860f17c05","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":131,"box":{"x":76,"y":131,"width":888,"height":11}},{"id":"32145c82-72d7-4836-993c-e36016aca4bf","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":131,"box":{"x":76,"y":146,"width":889,"height":10}},{"id":"c19ea163-8def-4876-bcdb-899b3b276f1a","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":131,"box":{"x":77,"y":160,"width":885,"height":11}},{"id":"d4766158-4ee8-4381-8b0a-20568e98852f","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":131,"box":{"x":76,"y":174,"width":893,"height":11}},{"id":"9884365c-ed29-4480-93aa-1d3e30dd8c70","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":131,"box":{"x":76,"y":188,"width":521,"height":11}},{"id":"54e55971-b34a-46cb-830f-03c478154dcc","block_type":"box","text":"Call Risk.","page_number":131,"box":{"x":76,"y":211,"width":63,"height":9}},{"id":"b9f7c5db-030f-4d02-9a14-a0ad0f1e511c","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by a Fund may “call” or repay the debt obligation","page_number":131,"box":{"x":145,"y":211,"width":834,"height":11}},{"id":"6f07f250-603e-4334-a7c0-5d4a18d0d8c5","block_type":"box","text":"before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in","page_number":131,"box":{"x":76,"y":226,"width":905,"height":10}},{"id":"6b541128-8af7-4114-86cd-9b724304d7c7","block_type":"box","text":"a Fund’s income, or in instruments with greater risks or with other less favorable features.","page_number":131,"box":{"x":76,"y":240,"width":575,"height":11}},{"id":"12cf97d2-0085-40c1-8641-0b933db9f707","block_type":"box","text":"Cash Management Risk.","page_number":131,"box":{"x":76,"y":263,"width":166,"height":11}},{"id":"2fd0e31e-f099-40f1-9415-8d90fd008f42","block_type":"box","text":"A Fund may maintain cash and cash equivalent positions as part of its investment strategy, for other portfolio","page_number":131,"box":{"x":247,"y":263,"width":700,"height":11}},{"id":"4e30968f-b801-4209-9c65-bfbaacf4acc8","block_type":"box","text":"management purposes and/or as collateral for derivative instruments. These cash and cash equivalent positions could constitute a","page_number":131,"box":{"x":76,"y":277,"width":839,"height":11}},{"id":"eac9ba92-c1b2-4685-85b2-cfac788e5f6a","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":131,"box":{"x":76,"y":291,"width":890,"height":11}},{"id":"c0a25e00-0d8e-4bf3-8a96-f8f276c795f2","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":131,"box":{"x":76,"y":305,"width":830,"height":11}},{"id":"dda69d50-2dbb-459a-ac70-6e08c85f68ad","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":131,"box":{"x":77,"y":320,"width":886,"height":10}},{"id":"c6acadea-6298-4f5a-96db-f2f8ec42d7eb","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":131,"box":{"x":76,"y":334,"width":901,"height":11}},{"id":"c16a4b88-201d-4ad4-8083-0df61c613551","block_type":"box","text":"its obligations.","page_number":131,"box":{"x":76,"y":348,"width":92,"height":11}},{"id":"a9774338-07fb-42eb-9e91-71baf6f9ce73","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":131,"box":{"x":76,"y":371,"width":904,"height":11}},{"id":"269310c6-f476-4b00-90cd-ec1847ac4b99","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":131,"box":{"x":76,"y":385,"width":875,"height":11}},{"id":"b00fd002-8dbb-419d-8040-9c773587ee5d","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":131,"box":{"x":76,"y":400,"width":864,"height":10}},{"id":"20d816dc-f6d2-4c7e-ba66-4b3a7a68adcc","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":131,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"0ff6a4dc-db2c-4be2-a6d4-057fb06b1a28","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":131,"box":{"x":76,"y":428,"width":319,"height":11}},{"id":"61b55fee-fd03-44c1-aed3-a5342d9ddfd5","block_type":"box","text":"Cash Transactions Risk.","page_number":131,"box":{"x":76,"y":451,"width":164,"height":9}},{"id":"0a166f39-0418-4752-ba0c-f49fc5645200","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":131,"box":{"x":245,"y":451,"width":668,"height":11}},{"id":"6cf6f307-aa0a-4931-aa60-b79cf68effa6","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":131,"box":{"x":76,"y":465,"width":838,"height":11}},{"id":"d1652c07-55c1-4dda-963f-608b1d4c235c","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":131,"box":{"x":76,"y":480,"width":869,"height":10}},{"id":"b7dc5243-40cb-4b64-9169-2b4936beff08","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":131,"box":{"x":76,"y":494,"width":897,"height":11}},{"id":"fae7bcb4-0ef5-4ea1-b663-b5ef752dd625","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":131,"box":{"x":77,"y":508,"width":902,"height":11}},{"id":"8b8ff1a4-87c8-4b52-95da-5f2d56f830c8","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":131,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"61b9ce55-61d4-4e03-81b1-b53b0357677f","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":131,"box":{"x":76,"y":536,"width":876,"height":11}},{"id":"bd5ca5a4-ba01-4f04-9142-0c18db4e9a62","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":131,"box":{"x":77,"y":550,"width":873,"height":11}},{"id":"f0f2a868-4a0f-4666-ab41-96650302d181","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":131,"box":{"x":76,"y":565,"width":888,"height":10}},{"id":"19eeb6b0-06ad-4eca-a110-b28916a86129","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":131,"box":{"x":76,"y":579,"width":606,"height":11}},{"id":"63e635ab-8993-4155-a313-1d304d0e2ec9","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":131,"box":{"x":76,"y":602,"width":336,"height":8}},{"id":"14e7c415-63d8-416d-b890-ab1a44242b70","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":131,"box":{"x":418,"y":602,"width":562,"height":11}},{"id":"cbf02081-97e7-4977-9fc9-5ba250196335","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":131,"box":{"x":76,"y":616,"width":880,"height":11}},{"id":"facbae1c-a9eb-43ec-a9df-ed5cc2023c2e","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":131,"box":{"x":76,"y":630,"width":881,"height":11}},{"id":"afc4eb04-f01d-40bc-96dc-480f033480d9","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":131,"box":{"x":76,"y":644,"width":896,"height":11}},{"id":"cb163dd4-e35a-4158-b6bd-f4fe1d4f5ed0","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":131,"box":{"x":76,"y":659,"width":889,"height":11}},{"id":"3827704e-91b7-4130-acc9-976086826eff","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":131,"box":{"x":76,"y":673,"width":903,"height":11}},{"id":"c516198f-2369-4ab5-976a-cb6a8b06ab86","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":131,"box":{"x":76,"y":687,"width":231,"height":9}},{"id":"588ed2d0-cb00-4ed8-84b3-d130b1106415","block_type":"box","text":"Concentration Risk.","page_number":131,"box":{"x":76,"y":710,"width":136,"height":9}},{"id":"86bd7a8c-74d9-48cf-b824-3a3f55afd6a0","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":131,"box":{"x":217,"y":710,"width":744,"height":11}},{"id":"d7259ae8-06c1-4d82-b00b-537bd5618375","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":131,"box":{"x":76,"y":724,"width":903,"height":11}},{"id":"5a58c6a7-70fc-4b55-9a0e-f2832c71acda","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":131,"box":{"x":76,"y":739,"width":853,"height":10}},{"id":"1a4d5c0e-f074-4c3b-ac54-56e417382821","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":131,"box":{"x":76,"y":753,"width":897,"height":11}},{"id":"f512e4a4-67d8-4cbf-8128-2071ad1a64d1","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":131,"box":{"x":76,"y":767,"width":905,"height":11}},{"id":"c9bf9386-7fbe-4d44-8185-f3017d151414","block_type":"box","text":"its investments.","page_number":131,"box":{"x":76,"y":781,"width":100,"height":9}},{"id":"e07ada95-c7ac-4e43-8b42-f6258fa5c8d5","block_type":"box","text":"Credit Risk.","page_number":131,"box":{"x":76,"y":804,"width":79,"height":9}},{"id":"ef7490cd-5a12-4b40-80fe-b9413cec567e","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":131,"box":{"x":161,"y":804,"width":818,"height":11}},{"id":"21fa0c7c-7fb8-4145-be7e-4442013bcf00","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":131,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"405f8573-af0a-4f64-b384-509900a44ebb","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":131,"box":{"x":76,"y":833,"width":877,"height":11}},{"id":"56873525-76f2-454a-9ffb-a036f763d050","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":131,"box":{"x":76,"y":847,"width":858,"height":11}},{"id":"36549fc7-f0dc-429f-a76a-5a586f445fb4","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":131,"box":{"x":76,"y":861,"width":853,"height":11}},{"id":"442bf2d2-b633-4890-af5a-e59f688ae4a8","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":131,"box":{"x":76,"y":875,"width":906,"height":11}},{"id":"2df00d1e-24bc-49a1-95a9-05f88661d031","block_type":"box","text":"6","page_number":131,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"7c2f7ba9-a2d9-4563-8461-04ec139b327e","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":132,"box":{"x":76,"y":23,"width":872,"height":11}},{"id":"5e2a2b9d-c762-4d5b-97f8-43b2ceb1ffdc","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":132,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"a2b27c41-4365-4a27-89e0-04646530ba74","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":132,"box":{"x":76,"y":51,"width":903,"height":11}},{"id":"32534662-ede8-47ae-9903-29d0defbe34f","block_type":"box","text":"experiences a downgrade or a default.","page_number":132,"box":{"x":76,"y":66,"width":244,"height":11}},{"id":"275bcb33-d934-45c0-8c2c-e6a936623e48","block_type":"box","text":"Declining Yield Risk.","page_number":132,"box":{"x":77,"y":89,"width":139,"height":11}},{"id":"0c674275-b1e7-40f3-a3a1-256966ada702","block_type":"box","text":"For a Fund with a planned termination date, in the months leading up to the termination, the Fund’s yield may move","page_number":132,"box":{"x":222,"y":89,"width":738,"height":11}},{"id":"add8ea71-7be6-4639-9b86-55d58de51d05","block_type":"box","text":"toward prevailing money market rates and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing","page_number":132,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"aab75d8f-296b-419e-a511-8e38ec406b27","block_type":"box","text":"yields for bonds in the market.","page_number":132,"box":{"x":76,"y":117,"width":194,"height":11}},{"id":"27767841-5a67-4b07-ac19-cc67dc4e56a7","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk.","page_number":132,"box":{"x":77,"y":140,"width":342,"height":11}},{"id":"76d9f2c6-beea-4749-9ac2-8cd81521e1bd","block_type":"box","text":"A Fund, unlike a direct investment in a municipal bond that has a level coupon","page_number":132,"box":{"x":424,"y":140,"width":501,"height":11}},{"id":"d8ed2c8d-cd89-4425-a4cf-59b0f4e87951","block_type":"box","text":"payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in a Fund, if","page_number":132,"box":{"x":76,"y":155,"width":903,"height":10}},{"id":"5b2a8b69-d67c-4e74-b6e5-c30ba40de273","block_type":"box","text":"held through maturity, will produce aggregate returns comparable to a direct investment in a group of municipal bonds of similar credit","page_number":132,"box":{"x":77,"y":169,"width":862,"height":11}},{"id":"a829a7a4-0494-407b-84d5-747366b688d4","block_type":"box","text":"quality and maturity to those held by the Fund, but unlike a direct investment in municipal bonds, the breakdown of returns between Fund","page_number":132,"box":{"x":76,"y":183,"width":881,"height":11}},{"id":"9a002e65-eb6a-46da-bab4-7336faf6cd89","block_type":"box","text":"distributions and liquidation proceeds will not be predictable at the time of your investment. A Fund may make distributions at a greater (or","page_number":132,"box":{"x":76,"y":197,"width":891,"height":11}},{"id":"0d5d3953-5976-45a8-aa77-426d1ca3e3aa","block_type":"box","text":"lesser) rate than the coupon payments received on the Fund’s portfolio, which would result in the Fund returning a lesser (or greater) amount","page_number":132,"box":{"x":77,"y":211,"width":903,"height":11}},{"id":"aca3e089-2faa-4b48-a18f-077a2d19bf37","block_type":"box","text":"on liquidation than would otherwise be the case. The breakdown between Fund distribution payments and the amount of liquidation proceeds","page_number":132,"box":{"x":76,"y":226,"width":905,"height":10}},{"id":"53b2f9df-a9d3-4001-9a9e-2dcc235291af","block_type":"box","text":"may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in municipal","page_number":132,"box":{"x":76,"y":240,"width":867,"height":11}},{"id":"764caef1-3c9e-41df-9ba4-2a08ec37208c","block_type":"box","text":"bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may","page_number":132,"box":{"x":76,"y":254,"width":857,"height":11}},{"id":"75fa2877-0646-44ef-b336-42ecf4d1c79e","block_type":"box","text":"experience a gain or loss for tax purposes. In addition, the yield on your investment (","page_number":132,"box":{"x":76,"y":268,"width":540,"height":11}},{"id":"caddeef6-6373-42f4-85e9-c7289b002d93","block_type":"box","text":"i.e.","page_number":132,"box":{"x":617,"y":268,"width":17,"height":9}},{"id":"db036452-e230-47e6-87ac-1257c02ad079","block_type":"box","text":", the return on your purchase price) may be lower (or","page_number":132,"box":{"x":637,"y":268,"width":338,"height":11}},{"id":"1e4c229c-a8e4-48fd-9692-de2795f7bfa8","block_type":"box","text":"higher) than the Fund’s published yields, which are based on the Fund’s NAV.","page_number":132,"box":{"x":77,"y":282,"width":489,"height":11}},{"id":"2b78a420-361e-499e-abfa-ee3ec9935cfa","block_type":"box","text":"Geographic and Security Risks.","page_number":132,"box":{"x":76,"y":305,"width":216,"height":11}},{"id":"6905d51a-2e4e-4cb4-a7fc-093b7ec7de42","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":132,"box":{"x":298,"y":305,"width":668,"height":11}},{"id":"c647afb3-582f-45f9-85d9-1eeed03cff0c","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":132,"box":{"x":76,"y":320,"width":885,"height":10}},{"id":"af68af29-3906-46da-9156-5cd87993d503","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":132,"box":{"x":76,"y":334,"width":840,"height":11}},{"id":"61b8b07f-6da6-4255-a6f3-5624e1dff531","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":132,"box":{"x":76,"y":348,"width":845,"height":11}},{"id":"be810b2d-f7a4-43d6-9dd2-d63aa326038c","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":132,"box":{"x":76,"y":362,"width":570,"height":11}},{"id":"fc09c80c-f065-44b8-9a08-ecb676610241","block_type":"box","text":"Illiquid Investments Risk.","page_number":132,"box":{"x":77,"y":385,"width":174,"height":11}},{"id":"7925f185-183b-4be7-bda2-ffef1a995f2d","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":132,"box":{"x":256,"y":385,"width":719,"height":11}},{"id":"e23b95b8-cf35-4318-a41e-8f80b263c440","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":132,"box":{"x":76,"y":400,"width":883,"height":10}},{"id":"aa760ceb-dd44-47f6-bc4f-f3df320554eb","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":132,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"cf0e6ecd-996b-4665-9a37-66b1ae94cd7b","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":132,"box":{"x":76,"y":428,"width":902,"height":11}},{"id":"21ba3133-dc41-4e01-a404-6f4ddf61879b","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":132,"box":{"x":76,"y":442,"width":890,"height":11}},{"id":"f1b19f52-38a8-4892-bd08-d09d6dddeecc","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":132,"box":{"x":77,"y":456,"width":751,"height":11}},{"id":"97a31f1c-7011-4dbc-9ae1-99ae66d61eac","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":132,"box":{"x":77,"y":479,"width":884,"height":11}},{"id":"aa0f4b15-b105-4186-abca-e5dda8c30466","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":132,"box":{"x":76,"y":494,"width":900,"height":11}},{"id":"94a48c86-306f-4870-8b1d-fe6b623ec322","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":132,"box":{"x":76,"y":508,"width":867,"height":11}},{"id":"7d34b728-622f-44ca-9b46-9edd8e21388b","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":132,"box":{"x":77,"y":531,"width":900,"height":11}},{"id":"1c28594e-7e90-4ac3-bcef-2f5f3c864d10","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":132,"box":{"x":76,"y":545,"width":890,"height":11}},{"id":"b9af14cd-2b48-44b0-bfe5-b63bb6ec9512","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":132,"box":{"x":76,"y":559,"width":828,"height":11}},{"id":"2507d209-733b-40c5-a6b4-705d537b012d","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":132,"box":{"x":77,"y":574,"width":873,"height":10}},{"id":"37745dd9-4848-4767-8aff-868c34dcc18c","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":132,"box":{"x":77,"y":588,"width":887,"height":11}},{"id":"9b95f71b-ac12-4ed7-a36a-ae3733746ba6","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":132,"box":{"x":77,"y":602,"width":896,"height":11}},{"id":"c0928e4d-4157-4b8e-80b1-9d3a7214fe7a","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":132,"box":{"x":76,"y":616,"width":869,"height":11}},{"id":"d586a3a8-887d-4706-9034-bb38e2ac3cdd","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":132,"box":{"x":77,"y":630,"width":886,"height":11}},{"id":"3f4838f5-3d3a-446b-8373-bc21444b55a2","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":132,"box":{"x":77,"y":644,"width":858,"height":11}},{"id":"0a5b0a48-04f6-47e8-ade2-848b5484aade","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":132,"box":{"x":76,"y":659,"width":254,"height":10}},{"id":"5dce0581-23f3-49d2-80bc-3fabb35ba996","block_type":"box","text":"Income Risk.","page_number":132,"box":{"x":77,"y":682,"width":87,"height":8}},{"id":"166a4009-cd3c-4988-833d-4abb3bd07ac4","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":132,"box":{"x":169,"y":682,"width":811,"height":11}},{"id":"a2f41cb5-8397-43af-8f15-a14c4b321326","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":132,"box":{"x":76,"y":696,"width":843,"height":11}},{"id":"11bb2450-43b7-460c-805b-5612e1487c91","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":132,"box":{"x":76,"y":710,"width":752,"height":11}},{"id":"6b0bf70e-b7dc-432b-86d9-044a094b0863","block_type":"box","text":"Index-Related Risk.","page_number":132,"box":{"x":77,"y":733,"width":132,"height":9}},{"id":"4d85e2ea-df29-4427-8bd6-bd26c34be73f","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":132,"box":{"x":214,"y":733,"width":728,"height":11}},{"id":"a50699b2-5558-4ff9-9d3b-b40c896d40cb","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":132,"box":{"x":76,"y":748,"width":869,"height":10}},{"id":"85e33d3e-3bf8-47ef-91f6-00e3758acae1","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":132,"box":{"x":77,"y":762,"width":872,"height":11}},{"id":"3d77e931-c478-471e-ac6e-b2a975d4b6f9","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":132,"box":{"x":77,"y":776,"width":862,"height":11}},{"id":"e633e781-a8bd-4736-98b6-0547cd8185a6","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":132,"box":{"x":76,"y":790,"width":897,"height":11}},{"id":"60381819-dff7-4aa5-888e-a19bebab0b0a","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":132,"box":{"x":76,"y":804,"width":881,"height":11}},{"id":"79bde3ed-792a-46e1-9894-c9691a379c6d","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":132,"box":{"x":76,"y":828,"width":852,"height":10}},{"id":"432591d9-6651-4b2c-91c7-33c98b292a72","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":132,"box":{"x":76,"y":842,"width":850,"height":11}},{"id":"593e5fef-6ed9-4f14-9afd-f42cba50fb7b","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":132,"box":{"x":76,"y":856,"width":877,"height":11}},{"id":"eddb9d8f-c483-4a95-8a4f-e55f078a5e94","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":132,"box":{"x":76,"y":870,"width":906,"height":11}},{"id":"7ba4daa2-e7f5-4f91-87fe-ad9d71930812","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":132,"box":{"x":76,"y":884,"width":904,"height":11}},{"id":"0884bb10-6267-491a-9536-ddb8821b9b35","block_type":"box","text":"7","page_number":132,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d39779e2-32be-4067-a976-f3fe7905bcdb","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":133,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"a6cde8e9-1300-4f90-87c0-3515c3e8df0b","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":133,"box":{"x":76,"y":37,"width":877,"height":11}},{"id":"9ddff525-1cdd-4c9c-a29d-470eaab11d75","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":133,"box":{"x":76,"y":51,"width":881,"height":11}},{"id":"1b1a5dc6-e45f-44c8-bef2-8d76e1611482","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":133,"box":{"x":76,"y":66,"width":844,"height":11}},{"id":"da2fb596-6172-4027-964f-5bee45780c03","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":133,"box":{"x":77,"y":80,"width":879,"height":11}},{"id":"7214f840-8963-42a8-9db5-389db0303484","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":133,"box":{"x":76,"y":94,"width":340,"height":11}},{"id":"220a83ef-e1ad-400a-b314-4cf698738ec5","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":133,"box":{"x":77,"y":117,"width":857,"height":11}},{"id":"f01c17e2-8f75-49fc-aae6-cb8d01214f54","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":133,"box":{"x":77,"y":131,"width":880,"height":11}},{"id":"e821481a-c1b6-456e-aa6c-e88b6fb69783","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":133,"box":{"x":76,"y":146,"width":902,"height":10}},{"id":"2cc86aa2-cfb4-4775-b635-38f5876470f7","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":133,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"9ccf195b-7be3-4d77-960a-1162955008df","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":133,"box":{"x":76,"y":174,"width":889,"height":11}},{"id":"9334259a-2d71-40bb-8666-65727e8a1e50","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":133,"box":{"x":76,"y":188,"width":890,"height":11}},{"id":"834aa8c9-5c75-4ada-b7c3-1fc6176fb799","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":133,"box":{"x":76,"y":202,"width":723,"height":11}},{"id":"83b41c52-ceef-425f-9a8c-3f522de603b9","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":133,"box":{"x":77,"y":226,"width":899,"height":10}},{"id":"d58f08f2-452b-4814-bc4e-a8bfaa94f4ff","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":133,"box":{"x":76,"y":240,"width":876,"height":10}},{"id":"d86f10b0-2b11-4807-8311-ed43f5caa42d","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":133,"box":{"x":76,"y":254,"width":865,"height":11}},{"id":"3aa98e8f-4be3-4c33-82bd-de7a2149731f","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":133,"box":{"x":76,"y":268,"width":897,"height":11}},{"id":"f48842cc-6128-40d2-947a-b6a768e6cdb7","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":133,"box":{"x":76,"y":282,"width":213,"height":11}},{"id":"ec9d55b4-a587-4644-877c-9c8f00fe6435","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":133,"box":{"x":77,"y":305,"width":201,"height":9}},{"id":"569e14a8-48c0-4ebc-ae5f-b173575fbfe6","block_type":"box","text":"The principal value of an investment in a Fund is not protected or otherwise guaranteed by virtue of any","page_number":133,"box":{"x":283,"y":305,"width":663,"height":11}},{"id":"9ce3ace2-132a-493c-a803-3a9929b3592b","block_type":"box","text":"investments by the Fund in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with changes in real interest","page_number":133,"box":{"x":76,"y":320,"width":904,"height":10}},{"id":"01067377-1d45-41f2-ac67-e9e15461c8eb","block_type":"box","text":"rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated)","page_number":133,"box":{"x":77,"y":334,"width":886,"height":11}},{"id":"e0db03a0-71e7-44d9-90fe-506bd70987e7","block_type":"box","text":"interest rates minus the inflation rates. If a Fund purchases TIPS in the secondary market and the bonds’ principal values previously were","page_number":133,"box":{"x":76,"y":348,"width":877,"height":11}},{"id":"8c7341dd-601d-4b9f-be15-1f51de580c28","block_type":"box","text":"adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it invested.","page_number":133,"box":{"x":76,"y":362,"width":801,"height":11}},{"id":"1cfe3585-ba9e-4489-b7f6-0ef739c7e76e","block_type":"box","text":"In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation, and inflation-indexed","page_number":133,"box":{"x":77,"y":385,"width":894,"height":11}},{"id":"76bae97f-51b2-4451-9ed5-366b3118167a","block_type":"box","text":"bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index measuring inflation falls, the principal value of","page_number":133,"box":{"x":76,"y":400,"width":869,"height":10}},{"id":"c17f1b7c-ccf8-422b-b897-8abd770bf4ac","block_type":"box","text":"inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a","page_number":133,"box":{"x":76,"y":414,"width":888,"height":11}},{"id":"eb27bd96-7fe8-4e26-b414-bcbec9c17ed0","block_type":"box","text":"smaller principal amount) will be reduced.","page_number":133,"box":{"x":76,"y":428,"width":267,"height":11}},{"id":"d6216078-b43d-47ed-aeec-2a2808f1d8ee","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not","page_number":133,"box":{"x":76,"y":451,"width":889,"height":11}},{"id":"84336be3-26d3-4c4c-98ab-9faccbb90401","block_type":"box","text":"receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to","page_number":133,"box":{"x":77,"y":465,"width":888,"height":11}},{"id":"3ca1c523-4951-4760-ab6d-f809f5d754db","block_type":"box","text":"original issue discount, which will be includable in a Fund’s gross income. Due to original issue discount, a Fund may be required to make","page_number":133,"box":{"x":76,"y":480,"width":877,"height":10}},{"id":"508f55f8-7223-4bfe-a76b-c78ecf936106","block_type":"box","text":"annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not","page_number":133,"box":{"x":76,"y":494,"width":901,"height":10}},{"id":"60609e2b-add8-46f5-a604-8a7219a54b86","block_type":"box","text":"advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously","page_number":133,"box":{"x":76,"y":508,"width":882,"height":11}},{"id":"3b27337f-4c84-4b88-80a6-14eb60ee1015","block_type":"box","text":"distributed in the taxable year may be characterized in some circumstances as a return of capital.","page_number":133,"box":{"x":76,"y":522,"width":624,"height":11}},{"id":"9714c04c-7adf-43f7-b70e-50e8e6d423e6","block_type":"box","text":"Interest Rate Risk.","page_number":133,"box":{"x":77,"y":545,"width":127,"height":9}},{"id":"b988a1f5-3d1e-4974-9fe6-43e56d0ac428","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":133,"box":{"x":210,"y":545,"width":770,"height":11}},{"id":"b3add340-7dd2-4ffb-83d4-a71f4ba62caa","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":133,"box":{"x":76,"y":559,"width":889,"height":11}},{"id":"8b628328-dfd5-4be4-a550-65c86c87f89e","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":133,"box":{"x":77,"y":574,"width":837,"height":10}},{"id":"381f87b8-76d5-4cbb-999e-193115acc2c9","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":133,"box":{"x":76,"y":588,"width":854,"height":11}},{"id":"900fbf67-f0c9-4a86-a9ac-6168ddf23ae2","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":133,"box":{"x":76,"y":602,"width":892,"height":11}},{"id":"24ea542e-d99c-4050-bdfd-c14ef9477237","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":133,"box":{"x":76,"y":616,"width":876,"height":11}},{"id":"6e1126c8-53c0-4f13-944e-448203ad4d8d","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":133,"box":{"x":76,"y":630,"width":902,"height":11}},{"id":"be710a7c-6739-4d7f-83b5-a21b5a5ccfb5","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":133,"box":{"x":76,"y":644,"width":883,"height":11}},{"id":"9704be0e-d6d2-469a-88c6-2ea3c6105974","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":133,"box":{"x":76,"y":659,"width":869,"height":11}},{"id":"4747d7bc-c6d7-4739-8161-88eef15d023c","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":133,"box":{"x":76,"y":673,"width":345,"height":11}},{"id":"5d161eda-02f2-4739-ae2d-fa9998fba1a2","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":133,"box":{"x":77,"y":696,"width":896,"height":11}},{"id":"87709ab7-6569-40c1-8099-939840927d8e","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":133,"box":{"x":77,"y":710,"width":848,"height":11}},{"id":"b0bab299-e731-498c-98de-ca64e527337a","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":133,"box":{"x":76,"y":724,"width":900,"height":11}},{"id":"bc573a99-19b0-4847-945c-0e3c4bc081d7","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":133,"box":{"x":76,"y":739,"width":875,"height":10}},{"id":"6bf18648-6aeb-4bd4-a1d2-fcb2d29c4e3b","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":133,"box":{"x":76,"y":753,"width":534,"height":11}},{"id":"fbde19ac-40af-4b8b-85dc-1a01fe15de60","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":133,"box":{"x":77,"y":776,"width":902,"height":11}},{"id":"be806801-86ef-4293-8bd1-bc5ba2e72b73","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":133,"box":{"x":76,"y":790,"width":389,"height":11}},{"id":"cd3fd7d5-a9af-4cca-90db-3e6d977c98a1","block_type":"box","text":"Issuer Risk.","page_number":133,"box":{"x":77,"y":813,"width":79,"height":9}},{"id":"e9ee390e-b567-4a9d-b863-7c7bbee7d952","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":133,"box":{"x":161,"y":813,"width":755,"height":11}},{"id":"166eebad-157e-4b83-bc9c-4df165e2da29","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":133,"box":{"x":76,"y":828,"width":861,"height":10}},{"id":"4aebce84-bc62-4735-8f48-c0f8d4423b62","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":133,"box":{"x":76,"y":842,"width":406,"height":11}},{"id":"da4a2453-9897-45a7-b868-acd7288ca995","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":133,"box":{"x":77,"y":865,"width":368,"height":11}},{"id":"ea972b1c-46d5-4192-9c7e-8fb385dca295","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":133,"box":{"x":450,"y":865,"width":518,"height":11}},{"id":"0d28b8bb-220c-47d7-867d-a0a35e516ada","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":133,"box":{"x":76,"y":879,"width":875,"height":11}},{"id":"f436abf0-5c97-48a9-a8ea-f4b0c5dcb826","block_type":"box","text":"8","page_number":133,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cd4dcc19-540c-4e5b-a51d-18e6a105933c","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":134,"box":{"x":76,"y":23,"width":899,"height":11}},{"id":"17dc1659-7e3c-4030-90ac-f48be951e1d8","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":134,"box":{"x":76,"y":37,"width":901,"height":11}},{"id":"ef66e0c2-70f6-4085-a0f8-1b2705d215af","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":134,"box":{"x":76,"y":51,"width":888,"height":11}},{"id":"f6ae57bf-d4e1-4fea-8d9c-48ca9d6dc7a4","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":134,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"725bb95f-a46c-4154-b6d7-2c5ece40df6d","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":134,"box":{"x":76,"y":80,"width":889,"height":11}},{"id":"cec68ff7-4422-47d7-ad02-f1c0d575d111","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":134,"box":{"x":76,"y":94,"width":906,"height":11}},{"id":"271fb250-c722-4fae-a4be-b2ee976e3813","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":134,"box":{"x":76,"y":108,"width":904,"height":11}},{"id":"4111ef13-49ed-4da4-8bd6-3f487aa6034f","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":134,"box":{"x":76,"y":122,"width":855,"height":11}},{"id":"db0d4737-449b-4cf3-ad0e-10aff04d09a6","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":134,"box":{"x":77,"y":137,"width":892,"height":10}},{"id":"9264d46e-d7bd-4041-9f84-e647dfb9982a","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":134,"box":{"x":77,"y":151,"width":901,"height":11}},{"id":"d09f5072-be9e-41e2-a630-76bde26c2628","block_type":"box","text":"to price.","page_number":134,"box":{"x":76,"y":165,"width":52,"height":11}},{"id":"518fdf6b-515f-4891-8100-31cd77e566d6","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":134,"box":{"x":76,"y":188,"width":840,"height":11}},{"id":"a3850fab-d725-4fe7-b7cb-f40002c28510","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":134,"box":{"x":76,"y":202,"width":898,"height":11}},{"id":"40b693cc-8cf0-440e-80af-2c863715bc09","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":134,"box":{"x":76,"y":216,"width":878,"height":11}},{"id":"4e870c39-6df3-479c-ab10-10b1f8cd2175","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":134,"box":{"x":76,"y":231,"width":792,"height":11}},{"id":"7d1ee920-cbb0-4020-b7db-e48af943d6cb","block_type":"box","text":"Management Risk.","page_number":134,"box":{"x":77,"y":254,"width":126,"height":11}},{"id":"093e8473-d13e-4b4a-8453-5ee563efd404","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":134,"box":{"x":208,"y":254,"width":757,"height":11}},{"id":"13e3f28e-b9d3-4789-bced-4562781038b1","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":134,"box":{"x":76,"y":268,"width":863,"height":11}},{"id":"341470b7-365d-413f-b146-82308e687593","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":134,"box":{"x":76,"y":282,"width":864,"height":11}},{"id":"39d7cefb-7cd6-41f5-b74f-d3cb17eb0c90","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":134,"box":{"x":77,"y":296,"width":898,"height":11}},{"id":"320f0af9-77ce-4076-8a00-38b015d842e7","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":134,"box":{"x":76,"y":311,"width":837,"height":10}},{"id":"07381b47-c7b0-40e4-b90f-722e1a293569","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":134,"box":{"x":77,"y":325,"width":888,"height":11}},{"id":"a4f96012-bf60-4d57-a38c-19213242657a","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":134,"box":{"x":77,"y":339,"width":883,"height":11}},{"id":"4a3df86d-571d-42ce-b1e6-c05ef71838c6","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":134,"box":{"x":76,"y":353,"width":889,"height":11}},{"id":"e1876969-be90-45cd-a659-2040ec04a455","block_type":"box","text":"its investment objective.","page_number":134,"box":{"x":76,"y":367,"width":156,"height":11}},{"id":"e8be0ff7-9eb2-431e-975b-3fc389686fd2","block_type":"box","text":"Market Risk.","page_number":134,"box":{"x":77,"y":391,"width":85,"height":8}},{"id":"fcfaff1a-6615-43bb-873b-c3cc0e264ea8","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":134,"box":{"x":167,"y":391,"width":764,"height":10}},{"id":"0a0a0c1c-2939-4364-ae74-33b37ea4cf82","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":134,"box":{"x":76,"y":405,"width":879,"height":11}},{"id":"eaef4b0c-852a-4b3f-896d-a37fc8cf75a3","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":134,"box":{"x":76,"y":419,"width":884,"height":11}},{"id":"15484fb1-1b39-4311-b6a8-9457873f1f9b","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":134,"box":{"x":76,"y":433,"width":904,"height":11}},{"id":"86fc91dd-77ee-4d67-ac1e-a4ab6878e359","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":134,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"8b8d4dae-fdfc-455d-97b4-e97cfa0bb0fc","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":134,"box":{"x":76,"y":461,"width":869,"height":11}},{"id":"7e07e3d4-c47d-4387-999b-905ba886d43a","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":134,"box":{"x":76,"y":476,"width":885,"height":10}},{"id":"fd91c05b-904a-49c3-8183-a93e12eb7960","block_type":"box","text":"and assets.","page_number":134,"box":{"x":76,"y":490,"width":71,"height":8}},{"id":"039ae0fc-2ee6-468d-8a31-9120562317c6","block_type":"box","text":"It is possible that prices throughout the economy may decline over time, resulting in “deflation.” If this occurs, the principal and income of","page_number":134,"box":{"x":77,"y":513,"width":883,"height":11}},{"id":"6ff17285-9f60-447c-8b1a-95a578ae77b1","block_type":"box","text":"inflation-protected bonds held by a Fund would likely decline in value, which could result in losses for a Fund.","page_number":134,"box":{"x":76,"y":527,"width":697,"height":11}},{"id":"908c6810-8adb-412f-8b9c-1d89f5ec5aff","block_type":"box","text":"Market Trading Risk.","page_number":134,"box":{"x":77,"y":550,"width":140,"height":11}},{"id":"5da3a510-6959-48a7-a803-1a4147a6bc02","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":134,"box":{"x":222,"y":550,"width":753,"height":11}},{"id":"8069c9f0-3143-415a-add3-668822bcd38c","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":134,"box":{"x":76,"y":565,"width":896,"height":10}},{"id":"70a46bd4-5c2d-4732-9d46-e7643d8ecff6","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":134,"box":{"x":76,"y":579,"width":877,"height":11}},{"id":"840ccb84-8d5c-4167-a057-7d3a9b62770d","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":134,"box":{"x":77,"y":593,"width":446,"height":11}},{"id":"6cb57967-66d9-4e6c-92ca-fb1d7c85296c","block_type":"box","text":"Absence of an Active Primary Market.","page_number":134,"box":{"x":75,"y":616,"width":236,"height":11}},{"id":"1fbc866c-ea3f-468f-b950-1652329bee4a","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":134,"box":{"x":317,"y":616,"width":663,"height":11}},{"id":"0abe4bec-4b82-4929-a70f-e96cce298909","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":134,"box":{"x":76,"y":630,"width":826,"height":11}},{"id":"494f421c-6b91-4af0-982b-9d3df28b8494","block_type":"box","text":"Secondary Listing Risks.","page_number":134,"box":{"x":76,"y":654,"width":151,"height":10}},{"id":"19ead8e7-780a-4596-b82d-55dbe5497489","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":134,"box":{"x":233,"y":654,"width":732,"height":10}},{"id":"25b91a2d-29c7-45b7-8914-53aa61af539d","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":134,"box":{"x":76,"y":668,"width":841,"height":11}},{"id":"5c56db00-aff7-4033-bb0b-5a4b73ae257d","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":134,"box":{"x":76,"y":682,"width":890,"height":11}},{"id":"fe145fb0-32d9-4ab4-82c0-41289737219a","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":134,"box":{"x":76,"y":696,"width":880,"height":11}},{"id":"74be9ed4-64af-4512-8bb1-f5ed20266349","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":134,"box":{"x":76,"y":710,"width":872,"height":11}},{"id":"081ab7fe-b2f3-433e-99f3-d1d0cf884ef4","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":134,"box":{"x":76,"y":724,"width":897,"height":11}},{"id":"77e6746b-df1e-479f-bbe0-d4ca76fb21f9","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":134,"box":{"x":76,"y":739,"width":862,"height":10}},{"id":"dfba90a2-1c76-405e-bef7-3982ed5c249e","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":134,"box":{"x":76,"y":753,"width":579,"height":11}},{"id":"56af9520-fd89-4808-a40b-f53f0ce7cffb","block_type":"box","text":"Secondary Market Trading Risk.","page_number":134,"box":{"x":76,"y":776,"width":196,"height":11}},{"id":"fb5d7d8f-3475-4e09-afb3-7e0221a19400","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":134,"box":{"x":279,"y":776,"width":703,"height":11}},{"id":"3b2e8b92-f9ad-4920-be90-fad5ce824e1f","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":134,"box":{"x":76,"y":790,"width":896,"height":11}},{"id":"91b10ec8-8095-4423-a4b2-cac8cc9c6958","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":134,"box":{"x":76,"y":804,"width":880,"height":11}},{"id":"81073300-8454-4b6c-9d93-3da3c7c63a52","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":134,"box":{"x":76,"y":819,"width":900,"height":10}},{"id":"37ac06b2-bb3c-44e9-a5ab-b29e68da417a","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":134,"box":{"x":76,"y":833,"width":893,"height":11}},{"id":"96246291-eaed-436d-9281-991693f6fa21","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":134,"box":{"x":76,"y":847,"width":581,"height":11}},{"id":"683fce17-82a0-4c24-99bc-e237e75bd188","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":134,"box":{"x":77,"y":870,"width":900,"height":11}},{"id":"30dbbf41-a64f-48f7-a88f-8be72422f309","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":134,"box":{"x":76,"y":884,"width":547,"height":11}},{"id":"d2a21bad-b37d-41df-93c7-0a332b9ae4d0","block_type":"box","text":"9","page_number":134,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"332a0174-705c-4ac6-9bfc-83419a4da200","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":135,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"e56982d7-6072-442c-bede-6840afc762e0","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":135,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"998b14b3-391c-468c-ae6e-fe43aeff21ae","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":135,"box":{"x":77,"y":51,"width":874,"height":11}},{"id":"4691cb6f-bbeb-428f-98ce-a8134f715b7c","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":135,"box":{"x":76,"y":66,"width":890,"height":11}},{"id":"4380d5a0-b801-484d-a46e-f2c7403ce32f","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":135,"box":{"x":76,"y":80,"width":857,"height":11}},{"id":"42251956-5dbb-4564-9bab-7a329d22ca87","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":135,"box":{"x":76,"y":94,"width":891,"height":11}},{"id":"2a79fc64-3909-43de-b342-cc8bd3ebd24d","block_type":"box","text":"substantial trading losses.","page_number":135,"box":{"x":76,"y":108,"width":166,"height":11}},{"id":"3b04bdaa-ef2d-4951-99fc-88829cfd2a30","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":135,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"22e0d30c-db98-4fd9-8dac-2e141e1b920f","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":135,"box":{"x":76,"y":146,"width":893,"height":10}},{"id":"8827a47d-83af-4429-9d03-e932c94d1bcb","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":135,"box":{"x":76,"y":160,"width":658,"height":11}},{"id":"0fb0787d-a8bc-432b-b5a3-42816949f374","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":135,"box":{"x":76,"y":183,"width":310,"height":11}},{"id":"24623e9e-a24e-4082-ad8a-7848302efaf1","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":135,"box":{"x":385,"y":183,"width":572,"height":11}},{"id":"8a9e5d46-fa60-41d6-9902-f9fdf39d08be","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":135,"box":{"x":77,"y":197,"width":852,"height":11}},{"id":"e47c6253-0bb8-406b-a5ae-0f943ca14fe3","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":135,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"77cae7ba-6c40-4ddd-943a-17dc33c19bbb","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":135,"box":{"x":77,"y":226,"width":885,"height":10}},{"id":"a8fbee44-146f-492b-a671-ed10b0fbf7c5","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":135,"box":{"x":76,"y":240,"width":792,"height":11}},{"id":"cdebdaba-b67f-4fbd-8d02-355ccddc1295","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":135,"box":{"x":77,"y":263,"width":886,"height":11}},{"id":"6021745d-57ae-4a7d-b3af-acebda394373","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":135,"box":{"x":77,"y":277,"width":891,"height":11}},{"id":"421cfb46-3505-41c8-99ea-b1bea8612376","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":135,"box":{"x":76,"y":291,"width":899,"height":11}},{"id":"0765dfc6-178f-4f55-bbdd-c2d3f4d3d779","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":135,"box":{"x":77,"y":305,"width":899,"height":11}},{"id":"36d45730-3b90-4222-88b7-000edadca963","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":135,"box":{"x":76,"y":320,"width":878,"height":10}},{"id":"6898c6aa-0341-49a5-9e4a-eb17cfaa8aeb","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":135,"box":{"x":76,"y":334,"width":902,"height":11}},{"id":"4b1d97bc-6007-4258-aaf7-38d1d3eb9dbf","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":135,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"dcc1d2f4-a3b4-465f-828f-8a6ff846f255","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":135,"box":{"x":76,"y":362,"width":849,"height":11}},{"id":"6291a0c5-2728-47c3-8b0a-cb2e56ce69a2","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":135,"box":{"x":76,"y":376,"width":622,"height":11}},{"id":"85398f30-9884-494b-92fa-7ca0af5af8ee","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":135,"box":{"x":76,"y":400,"width":245,"height":10}},{"id":"9ebdf931-7b1c-436f-9f88-2d66bce46501","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":135,"box":{"x":328,"y":400,"width":636,"height":10}},{"id":"3321a96a-0c36-4794-ab0d-6a7d0860d300","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":135,"box":{"x":76,"y":414,"width":853,"height":11}},{"id":"d5c2c776-e618-4a86-961f-85de94a7193b","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":135,"box":{"x":76,"y":428,"width":895,"height":11}},{"id":"5bf67424-98f0-4270-b98b-a846106cc451","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":135,"box":{"x":76,"y":442,"width":865,"height":11}},{"id":"cf5bd6d4-f964-471b-aa15-f1988b293ec8","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":135,"box":{"x":76,"y":456,"width":885,"height":11}},{"id":"608ede9a-51e2-4ce8-a380-5bbf0a7dfa53","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":135,"box":{"x":77,"y":470,"width":891,"height":11}},{"id":"d41c01b6-7e4b-4981-9bcb-18c64a9fdc40","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":135,"box":{"x":76,"y":485,"width":901,"height":10}},{"id":"a60ae6b4-5aad-4ac1-bf04-3131fd600d80","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":135,"box":{"x":76,"y":499,"width":858,"height":11}},{"id":"afb6ae00-a7d0-4c41-a5e6-402432c40f01","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":135,"box":{"x":77,"y":513,"width":418,"height":11}},{"id":"f4d6c905-b712-4f0f-8b29-63c56d546a99","block_type":"box","text":"Municipal Securities Risk.","page_number":135,"box":{"x":77,"y":536,"width":178,"height":11}},{"id":"1a35256d-3b1e-4df7-81f1-89614f927b3f","block_type":"box","text":"Municipal securities include both general obligation bonds (bonds secured by the full faith and credit of the","page_number":135,"box":{"x":261,"y":536,"width":684,"height":11}},{"id":"74dfcc53-1e26-486e-81ea-bf03bedfa5de","block_type":"box","text":"issuer) and limited obligation bonds (or “Revenue Bonds”). All municipal securities are subject to the risk that litigation, legislation or other","page_number":135,"box":{"x":76,"y":550,"width":888,"height":11}},{"id":"107d8234-ffcc-447f-8ae4-c26f546e8547","block_type":"box","text":"political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant","page_number":135,"box":{"x":76,"y":565,"width":876,"height":10}},{"id":"44d411e7-e320-4f2c-b668-219efc456fed","block_type":"box","text":"effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Additionally,","page_number":135,"box":{"x":76,"y":579,"width":863,"height":11}},{"id":"9efae0c1-12f4-4a08-b645-eb15ad5d1a71","block_type":"box","text":"certain municipal securities may be issued by entities with limited taxing authority, which could limit or prevent tax increases necessary to","page_number":135,"box":{"x":76,"y":593,"width":885,"height":11}},{"id":"6890642f-5f32-46fd-813d-6be90740ebfd","block_type":"box","text":"make continued payments of principal and interest.","page_number":135,"box":{"x":76,"y":607,"width":328,"height":11}},{"id":"0ba19813-6103-4507-92a6-0140c1e85b8b","block_type":"box","text":"Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the","page_number":135,"box":{"x":77,"y":630,"width":888,"height":11}},{"id":"9e713ead-8fab-4326-9c6b-b925c2308bf5","block_type":"box","text":"securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders,","page_number":135,"box":{"x":76,"y":644,"width":900,"height":11}},{"id":"79ecbf61-727e-4ebe-ad0f-630abbd33b28","block_type":"box","text":"including in connection with an issuer insolvency. There is also the risk that corruption may negatively affect municipal issuers, including","page_number":135,"box":{"x":76,"y":659,"width":873,"height":11}},{"id":"e461340e-8072-4aa5-ae33-1d7752f56bf3","block_type":"box","text":"corruption related to a particular project from which payments on a security are derived, resulting in delays and cost overruns.","page_number":135,"box":{"x":76,"y":673,"width":808,"height":11}},{"id":"745b4700-8ef3-4bb7-98c0-e66e13d72b6e","block_type":"box","text":"There may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.","page_number":135,"box":{"x":76,"y":696,"width":886,"height":11}},{"id":"cf36f85c-1efb-4d23-8ebf-a97c8ca390ba","block_type":"box","text":"As a result, municipal securities may be more difficult for the Fund to value accurately than the securities of public companies. Municipal","page_number":135,"box":{"x":76,"y":710,"width":875,"height":11}},{"id":"79cdc9cd-599b-4a0e-a49e-2d193230fd95","block_type":"box","text":"securities may also be harder to buy and sell compared to taxable bonds and non-municipal securities, especially on short notice. If a Fund","page_number":135,"box":{"x":76,"y":724,"width":888,"height":11}},{"id":"302690bc-05f7-4975-904c-4434daa1338a","block_type":"box","text":"invests a significant portion of its portfolio in municipal securities, the Fund’s portfolio is subject to greater exposure to illiquidity risk than","page_number":135,"box":{"x":76,"y":739,"width":883,"height":10}},{"id":"6ccb4549-c311-40ec-aa2f-5c410c07cfc5","block_type":"box","text":"a","page_number":135,"box":{"x":964,"y":741,"width":6,"height":6}},{"id":"f7a2283c-4875-4f59-a5b5-da41b41ee0a6","block_type":"box","text":"fund that invests in comparable taxable bonds or non-municipal securities.","page_number":135,"box":{"x":76,"y":753,"width":477,"height":11}},{"id":"82d1738f-f755-483c-8f83-06d90ddb39ea","block_type":"box","text":"A Fund and BFA will rely on the opinion of issuers’ bond counsel on the tax-exempt status of interest on municipal bonds. Neither the Fund","page_number":135,"box":{"x":76,"y":776,"width":886,"height":11}},{"id":"8d4dcbc3-17fd-4154-ae91-6fcd8fd0ff6c","block_type":"box","text":"nor BFA will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect, potentially resulting","page_number":135,"box":{"x":76,"y":790,"width":897,"height":11}},{"id":"8bd9064e-9f5d-4938-bda7-75907e8c6c35","block_type":"box","text":"in the Fund and its shareholders being subject to substantial tax liabilities. In addition, changes in the financial condition of an individual","page_number":135,"box":{"x":76,"y":804,"width":869,"height":11}},{"id":"4ce4fde6-39b9-4e08-9864-bb50f1f95bc0","block_type":"box","text":"municipal issuer can affect the overall municipal market.","page_number":135,"box":{"x":76,"y":819,"width":361,"height":10}},{"id":"eb1418de-3697-4576-8a0a-a8732dd960f5","block_type":"box","text":"Revenue Bonds are backed by current or anticipated revenues from a specific project or specific assets and can be negatively affected by the","page_number":135,"box":{"x":77,"y":842,"width":904,"height":11}},{"id":"8c47d1f7-7e7c-4eeb-bdcd-b38359cf4e87","block_type":"box","text":"discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues from the project or the assets.","page_number":135,"box":{"x":76,"y":856,"width":847,"height":11}},{"id":"35a3e99b-7917-429c-98cc-b3c985ead195","block_type":"box","text":"Additionally, the market values of Revenue Bonds may decline in times of higher inflation to the extent that revenues are fixed income","page_number":135,"box":{"x":76,"y":870,"width":856,"height":11}},{"id":"211a0d2d-cb1e-4efa-9c67-ea1d86330b83","block_type":"box","text":"streams. In other instances, the prices that an issuer is able to charge users of its assets may be linked to inflation, whether by government","page_number":135,"box":{"x":76,"y":884,"width":892,"height":11}},{"id":"c81a6d19-1267-48a6-a483-eda1d1517f4f","block_type":"box","text":"10","page_number":135,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"98766715-9886-4873-889b-064b5ca3fe19","block_type":"box","text":"regulation, contractual arrangement or other factors. Rising interest rates could result in higher costs of capital for certain issuers, which","page_number":136,"box":{"x":77,"y":23,"width":875,"height":11}},{"id":"84d86115-53d2-42cf-b0db-eefbd0bff1f4","block_type":"box","text":"could negatively impact their ability to meet payment obligations. In this case, changes in the rate of inflation may affect the issuer’s","page_number":136,"box":{"x":76,"y":37,"width":847,"height":11}},{"id":"5c023dfc-da9f-4687-ab36-50305cc94365","block_type":"box","text":"revenues. Because many municipal securities are issued to finance projects, such as those related to education, health care, housing,","page_number":136,"box":{"x":77,"y":51,"width":854,"height":11}},{"id":"b9dc60e2-85c8-46d2-9eed-b1db35e46123","block_type":"box","text":"transportation, utilities, and water and sewer, conditions in one or more of these sectors can affect the overall municipal market. Adverse","page_number":136,"box":{"x":76,"y":66,"width":880,"height":10}},{"id":"8e75724c-3432-4d12-be66-58ff731ce590","block_type":"box","text":"conditions and developments affecting a particular project can result in lower revenues to an issuer of the municipal securities and, by","page_number":136,"box":{"x":76,"y":80,"width":861,"height":11}},{"id":"0de8d94e-6df6-4322-bb31-7bc7fdd89c2b","block_type":"box","text":"extension, adversely affect payments of principal and interest on, or the market value of, such securities.","page_number":136,"box":{"x":76,"y":94,"width":671,"height":11}},{"id":"3a10d267-4b80-48c4-8c12-fe879cf74ef4","block_type":"box","text":"Additionally, certain municipal securities are issued by entities dependent on revenue from a particular sector and thus are subject to the","page_number":136,"box":{"x":76,"y":117,"width":878,"height":11}},{"id":"76006466-66f7-438e-914c-3cef752866e5","block_type":"box","text":"specific risks associated with that sector.","page_number":136,"box":{"x":76,"y":131,"width":263,"height":11}},{"id":"251cc0c6-369d-4d57-bcd0-3b14bdc1208f","block_type":"box","text":"Risk of Investing in Infrastructure-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":155,"width":394,"height":10}},{"id":"814fdf25-0eb1-4933-aee8-b6fa821fc585","block_type":"box","text":"Entities that issue municipal securities related to infrastructure (“infrastructure","page_number":136,"box":{"x":477,"y":155,"width":504,"height":10}},{"id":"3976f67d-86b4-4992-8d13-ebc31a3e207f","block_type":"box","text":"issuers”) may be subject to a variety of factors that could adversely affect their capacity to make principal and interest payments, such as","page_number":136,"box":{"x":76,"y":169,"width":881,"height":11}},{"id":"0a2290e1-ff6a-4039-8e0b-4eab90a44699","block_type":"box","text":"high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental,","page_number":136,"box":{"x":77,"y":183,"width":842,"height":11}},{"id":"9f333235-acb3-4b0f-9a55-d1191d46f32d","block_type":"box","text":"environmental and other regulations, the effects of economic slowdowns, increased competition from other providers of services,","page_number":136,"box":{"x":76,"y":197,"width":830,"height":11}},{"id":"1bdaed08-c7f5-42fc-82bf-001238496bfe","block_type":"box","text":"uncertainties concerning costs, the level of government spending on infrastructure projects, and other factors. Such issuers may be","page_number":136,"box":{"x":77,"y":211,"width":843,"height":11}},{"id":"afd8e883-ea78-4ac6-a740-2a60ff42abb6","block_type":"box","text":"adversely affected by commodity price volatility, changes in exchange rates, import controls, depletion of resources, technological","page_number":136,"box":{"x":76,"y":226,"width":834,"height":10}},{"id":"b49103d1-81ac-4c04-b54e-7ab06363ce3f","block_type":"box","text":"developments, and labor relations. Infrastructure issuers can be significantly affected by government spending policies.","page_number":136,"box":{"x":76,"y":240,"width":764,"height":11}},{"id":"30566a9a-cc75-46e4-b6c0-52cea95db9b9","block_type":"box","text":"Leverage Risk.","page_number":136,"box":{"x":96,"y":259,"width":89,"height":11}},{"id":"87ba3393-362b-4823-a7d7-84cec07ff95b","block_type":"box","text":"Infrastructure issuers can be highly indebted, which increases investment risk and other risks normally associated with","page_number":136,"box":{"x":192,"y":259,"width":760,"height":11}},{"id":"77237304-ee7e-425d-80bf-d69d5b6c9e80","block_type":"box","text":"debt financing, which could adversely affect such an issuer’s operations and the market value of related municipal securities in periods of","page_number":136,"box":{"x":96,"y":273,"width":880,"height":11}},{"id":"9e04409c-f6fe-4d46-a503-3e7f2e9d0eff","block_type":"box","text":"rising interest rates.","page_number":136,"box":{"x":97,"y":287,"width":126,"height":11}},{"id":"811cebc8-21c4-42f4-ae4a-c095f99d3da9","block_type":"box","text":"Operations Risk.","page_number":136,"box":{"x":97,"y":307,"width":100,"height":10}},{"id":"cc8eecbc-ef30-4a45-900d-4bc48949490f","block_type":"box","text":"The failure of an infrastructure issuer to carry adequate insurance or to operate its assets appropriately could lead to","page_number":136,"box":{"x":203,"y":307,"width":748,"height":11}},{"id":"0605a04a-200d-4e00-86b4-fb5e01ab0bf3","block_type":"box","text":"significant losses. Infrastructure may be adversely affected by environmental clean-up costs and catastrophic events such as","page_number":136,"box":{"x":96,"y":321,"width":800,"height":11}},{"id":"8df9413a-75ba-4f20-8896-1fac0235b9b8","block_type":"box","text":"earthquakes, hurricanes and terrorist acts.","page_number":136,"box":{"x":96,"y":335,"width":273,"height":11}},{"id":"a1113849-3b43-46c4-8d89-5c2748dfd63c","block_type":"box","text":"Regulatory Risk.","page_number":136,"box":{"x":96,"y":354,"width":100,"height":11}},{"id":"bba1904e-dae8-4450-88fc-ccbc6837100c","block_type":"box","text":"Infrastructure projects may be subject to significant regulation by various governmental authorities and also may be","page_number":136,"box":{"x":203,"y":354,"width":741,"height":11}},{"id":"45fc27c6-0c7d-464d-9fb0-55ab30b52d01","block_type":"box","text":"affected by regulation of rates charged to customers, service interruption due to environmental, operational or other events, the","page_number":136,"box":{"x":96,"y":369,"width":820,"height":10}},{"id":"6015d0b7-425f-4157-9808-fdcfe746e4c5","block_type":"box","text":"imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.","page_number":136,"box":{"x":97,"y":383,"width":628,"height":11}},{"id":"5244162d-1d47-47c6-8615-117830d07067","block_type":"box","text":"Strategic Asset Risk.","page_number":136,"box":{"x":96,"y":402,"width":128,"height":11}},{"id":"fb00a045-d0ce-4a45-9cd2-5072ef3a5ca9","block_type":"box","text":"Infrastructure issuers may control significant strategic assets (","page_number":136,"box":{"x":231,"y":402,"width":399,"height":11}},{"id":"f5503db3-99da-4881-97ea-b51dc9498452","block_type":"box","text":"e.g.,","page_number":136,"box":{"x":631,"y":405,"width":25,"height":8}},{"id":"3260b76a-ea76-4348-915d-11b0d3654dce","block_type":"box","text":"major pipelines or highways), which are assets","page_number":136,"box":{"x":663,"y":402,"width":297,"height":11}},{"id":"3ad7f8fb-42dc-42ba-b9f7-84219749b9c8","block_type":"box","text":"that have a national or regional profile, and may have monopolistic characteristics. Given their national or regional profile or irreplaceable","page_number":136,"box":{"x":96,"y":416,"width":879,"height":11}},{"id":"a04ed93b-3fa0-4c9a-9272-26625772598e","block_type":"box","text":"nature, strategic assets could generate additional risk not common in other industry sectors and they may be targeted for terrorist acts or","page_number":136,"box":{"x":97,"y":430,"width":883,"height":11}},{"id":"7f660494-dff5-4098-9bae-2c5ce584f7f5","block_type":"box","text":"adverse political actions.","page_number":136,"box":{"x":96,"y":445,"width":158,"height":10}},{"id":"88e6fa1c-1606-49af-8759-deef4865cb19","block_type":"box","text":"User Risk.","page_number":136,"box":{"x":96,"y":464,"width":61,"height":9}},{"id":"0b2d5ef1-b20e-4cf6-8bce-17abdadb1263","block_type":"box","text":"Infrastructure issuers can be dependent upon a narrow user base. If these users do not patronize infrastructure projects as","page_number":136,"box":{"x":164,"y":464,"width":787,"height":11}},{"id":"94eaf933-1719-4254-bfc1-1add630c01c0","block_type":"box","text":"expected, significant revenues could be lost and may not be replaceable, in which case infrastructure issuers may fail to pay their","page_number":136,"box":{"x":96,"y":478,"width":828,"height":11}},{"id":"d56d7cd7-f277-4b73-9534-226f4c13918d","block_type":"box","text":"obligations.","page_number":136,"box":{"x":96,"y":492,"width":73,"height":11}},{"id":"cc25cc02-741b-433d-92a5-32b318e067cc","block_type":"box","text":"Risk of Investing in Municipal Securities Issued By School Districts.","page_number":136,"box":{"x":76,"y":516,"width":419,"height":10}},{"id":"75186034-08e8-4cad-bc3b-8248b1c58391","block_type":"box","text":"School districts rely, in part, on funding appropriations from, among","page_number":136,"box":{"x":501,"y":516,"width":433,"height":10}},{"id":"878c4dba-e2aa-49cd-9c9d-87c55c429964","block_type":"box","text":"others, the federal government and state governments. As a result, municipal securities issued by school districts may be adversely affected","page_number":136,"box":{"x":76,"y":530,"width":899,"height":11}},{"id":"07768488-b797-4c5d-a18b-6beabf40c9d1","block_type":"box","text":"by political and economic changes at the state or federal levels, such as decreased tax or other revenues, spending reductions or changes in","page_number":136,"box":{"x":76,"y":544,"width":899,"height":11}},{"id":"982c999d-dd19-49f5-833a-693d32e8ebde","block_type":"box","text":"appropriations. Municipal securities that are issued to finance a particular school district project often depend on revenues from ad valorem","page_number":136,"box":{"x":76,"y":558,"width":896,"height":11}},{"id":"bd820e4a-8cd1-40a9-af91-04ea9440eea4","block_type":"box","text":"taxes (i.e., property taxes) to make principal and interest payments. Investors in these securities, similar to investors in municipal securities","page_number":136,"box":{"x":76,"y":572,"width":895,"height":11}},{"id":"a4a99688-e2ae-4e61-824d-99e96378fb17","block_type":"box","text":"generally, face heightened risk of loss upon insolvency of the school district issuers because there is often no ready source of funding to pay","page_number":136,"box":{"x":76,"y":586,"width":899,"height":11}},{"id":"9bb0e400-e3f0-4e9c-b3a9-da1f87616d92","block_type":"box","text":"principal and interest other than the local tax base, which a bankruptcy court or administrator does not control.","page_number":136,"box":{"x":76,"y":601,"width":712,"height":10}},{"id":"6defb619-016a-4cb6-9c9b-dac76b70bea2","block_type":"box","text":"Risk of Investing in Transportation Infrastructure-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":624,"width":489,"height":11}},{"id":"77457b9e-165f-459e-bc92-29f4a7ec70b9","block_type":"box","text":"The transportation infrastructure industry may be adversely","page_number":136,"box":{"x":571,"y":624,"width":381,"height":11}},{"id":"481707ce-86c4-4f55-ac15-31bbeee53ea7","block_type":"box","text":"affected by economic changes, increases in fuel and other operating costs, labor relations, insurance costs, and, in many jurisdictions, the","page_number":136,"box":{"x":76,"y":638,"width":885,"height":11}},{"id":"6635ba31-3df3-46ff-884c-5243c11d41ef","block_type":"box","text":"effects of regulatory changes or other government decisions. Municipal securities that are issued to finance a particular transportation","page_number":136,"box":{"x":76,"y":652,"width":862,"height":11}},{"id":"8cbc1463-1c27-4550-a2c7-fa81820b94ec","block_type":"box","text":"project (e.g., toll roads) often depend on revenues from that project to make principal and interest payments.","page_number":136,"box":{"x":76,"y":666,"width":700,"height":11}},{"id":"5c839fd5-220a-4b35-bcbe-be2140e05da5","block_type":"box","text":"Risk of Investing in Utility-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":690,"width":344,"height":10}},{"id":"fb1534bd-5bac-4238-a29e-abca2ac259aa","block_type":"box","text":"Certain municipal securities are issued by public bodies, including state and municipal","page_number":136,"box":{"x":426,"y":690,"width":550,"height":10}},{"id":"886b3710-d1fb-48ef-874d-50bb2c027388","block_type":"box","text":"utility authorities, to, among other things, finance the operation or expansion of utility entities. Various future economic and other conditions","page_number":136,"box":{"x":77,"y":704,"width":899,"height":11}},{"id":"2f9a8e31-68fd-4bf8-afc8-9fb785154201","block_type":"box","text":"may adversely affect utility entities, including inflation, increases in financing requirements, increases in raw material costs and other","page_number":136,"box":{"x":76,"y":718,"width":853,"height":11}},{"id":"0a5cd0f7-9e72-43a1-92c8-960dc3df6419","block_type":"box","text":"operating costs, changes in demand for services and the effects of environmental and other governmental regulations. Certain utilities are","page_number":136,"box":{"x":76,"y":732,"width":885,"height":11}},{"id":"c2ab969b-98f7-42c6-8a11-ed06f28e2762","block_type":"box","text":"subject to specific risks. For example, gas utilities are subject to risks of supply conditions and increased competition from other providers of","page_number":136,"box":{"x":76,"y":746,"width":905,"height":11}},{"id":"4b93f016-3fb6-4475-80bd-e7748a49219d","block_type":"box","text":"utility services. In addition, gas utilities are affected by gas prices, which may be magnified to the extent that a gas utility enters into long","page_number":136,"box":{"x":77,"y":761,"width":881,"height":10}},{"id":"397687ff-2a8e-4b6b-8e80-426f8ab65816","block_type":"box","text":"term contracts for the purchase or sale of gas at a fixed price, since such prices may change significantly and to the disadvantage of the gas","page_number":136,"box":{"x":76,"y":775,"width":897,"height":11}},{"id":"aa71c951-ca89-4abd-bda4-dace75a8d9d4","block_type":"box","text":"utility.","page_number":136,"box":{"x":77,"y":789,"width":36,"height":11}},{"id":"fef04ac4-1b93-497b-9e11-7c9573212b4f","block_type":"box","text":"Non-Diversification Risk.","page_number":136,"box":{"x":77,"y":812,"width":170,"height":9}},{"id":"feea248e-4185-4c2d-a40e-83947bb77879","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":136,"box":{"x":252,"y":812,"width":711,"height":11}},{"id":"8823abcb-1190-45e4-9d1c-0702802c29f8","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":136,"box":{"x":76,"y":826,"width":855,"height":11}},{"id":"3bb85d44-6e31-4f4f-8c39-51c1aefbd9a2","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":136,"box":{"x":76,"y":840,"width":886,"height":11}},{"id":"4a755eac-eb85-463c-9938-74f77839c069","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":136,"box":{"x":76,"y":855,"width":879,"height":10}},{"id":"c0ce30c5-f45b-4c7a-b2a4-333af610f1fc","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":136,"box":{"x":77,"y":869,"width":390,"height":11}},{"id":"c9239d0d-435a-4fca-a65c-c28e55999acc","block_type":"box","text":"11","page_number":136,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"65081f9b-3a8a-46c0-8f70-ec74616f3b62","block_type":"box","text":"Operational and Technology Risks.","page_number":137,"box":{"x":76,"y":23,"width":239,"height":11}},{"id":"9ee18b87-d859-4720-afb9-d3a71eeb913b","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":137,"box":{"x":320,"y":23,"width":648,"height":11}},{"id":"8f32f5d5-2973-43c7-aec2-02f0b64d05ae","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":137,"box":{"x":76,"y":37,"width":842,"height":11}},{"id":"b47163dc-f84c-49a3-a98b-260c6390d6b5","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":137,"box":{"x":76,"y":51,"width":877,"height":11}},{"id":"b6ba6317-498e-42f3-ae03-fa79d4db40db","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":137,"box":{"x":76,"y":66,"width":844,"height":10}},{"id":"9f043e13-4cfc-4fd3-8e7a-957a2d898977","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":137,"box":{"x":76,"y":80,"width":866,"height":11}},{"id":"71a7d44a-2950-4000-92a8-27fddde64a92","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":137,"box":{"x":76,"y":94,"width":892,"height":11}},{"id":"04c326b4-7784-43e4-80cf-b35e09b34187","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":137,"box":{"x":76,"y":108,"width":889,"height":11}},{"id":"f8a40556-5a08-4a57-a8b7-6980277fb02d","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":137,"box":{"x":76,"y":122,"width":870,"height":11}},{"id":"b6743e8b-f5b5-4b7b-bed4-10e04c51b5af","block_type":"box","text":"risks.","page_number":137,"box":{"x":77,"y":137,"width":32,"height":8}},{"id":"bea437c9-9023-4d3f-9b6f-93b52592944a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":137,"box":{"x":76,"y":160,"width":895,"height":11}},{"id":"6e4e4916-f449-4d58-befa-b41d265b895e","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":137,"box":{"x":76,"y":174,"width":878,"height":11}},{"id":"dee2f097-f30a-4da0-ad4b-cf25363f8280","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":137,"box":{"x":76,"y":188,"width":905,"height":11}},{"id":"d0489c6b-6d05-4af6-9d61-896fa13d8158","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":137,"box":{"x":76,"y":202,"width":885,"height":11}},{"id":"274922dd-56d5-4319-aafd-99e95bb52caf","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":137,"box":{"x":76,"y":216,"width":828,"height":11}},{"id":"d1fb54f9-e366-4710-93e4-9f3c84f368e2","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":137,"box":{"x":76,"y":231,"width":898,"height":11}},{"id":"723a4a27-bf3b-49b0-b1bb-3f00856fd93a","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":137,"box":{"x":76,"y":245,"width":884,"height":11}},{"id":"4ec0416f-8b85-4ffe-a4c1-726ddb2b5f85","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":137,"box":{"x":77,"y":259,"width":880,"height":11}},{"id":"372f8877-0234-456d-9a73-d13d7fab064c","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":137,"box":{"x":77,"y":273,"width":898,"height":11}},{"id":"b576cff0-c028-415e-90df-0e8c5035a801","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":137,"box":{"x":76,"y":287,"width":866,"height":11}},{"id":"a204f1e5-2751-4274-8bd2-c54519959639","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":137,"box":{"x":76,"y":302,"width":906,"height":10}},{"id":"5046a302-6316-43c4-9676-44d61e801b8a","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":137,"box":{"x":76,"y":316,"width":904,"height":11}},{"id":"4128141e-d6ac-4b20-8d44-309e1fd469d3","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":137,"box":{"x":76,"y":330,"width":885,"height":11}},{"id":"2104678b-4e6b-41b3-9a55-e019c530c4b9","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":137,"box":{"x":77,"y":344,"width":872,"height":11}},{"id":"9d92270b-7f8b-4aaa-9e15-70944f860e76","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":137,"box":{"x":76,"y":358,"width":855,"height":11}},{"id":"59ec6115-ea8f-42e5-b0e0-578cb9efe731","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":137,"box":{"x":76,"y":373,"width":857,"height":10}},{"id":"478cbcfe-df1a-4ac5-a338-45cde0e869ad","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":137,"box":{"x":76,"y":387,"width":897,"height":11}},{"id":"4c1b35be-7338-4feb-964c-a94ef592b245","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":137,"box":{"x":76,"y":401,"width":886,"height":11}},{"id":"6ac16a53-7544-4c5b-a676-95c10598f429","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":137,"box":{"x":76,"y":415,"width":876,"height":11}},{"id":"1d07b135-2e2a-4e76-84da-32a32de4824b","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":137,"box":{"x":76,"y":429,"width":585,"height":11}},{"id":"24827bb9-a417-40a9-afee-887f315c7d68","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":137,"box":{"x":76,"y":452,"width":864,"height":11}},{"id":"5f3bd194-f5b8-456d-8159-84f0de592b06","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":137,"box":{"x":76,"y":467,"width":889,"height":10}},{"id":"3ca329ef-9ad8-4103-b4c6-f1cef791c288","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":137,"box":{"x":77,"y":481,"width":839,"height":11}},{"id":"d603381a-555f-447c-8cdf-18d06ce0a8a7","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":137,"box":{"x":76,"y":495,"width":862,"height":11}},{"id":"960fc9c6-eaa4-40cb-bd05-b63e52a02c39","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":137,"box":{"x":77,"y":509,"width":863,"height":11}},{"id":"e13719ee-0d36-443b-9a9d-accd48dffe49","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":137,"box":{"x":76,"y":523,"width":871,"height":11}},{"id":"ce20298b-763f-438e-beee-d70cf4f6f9b2","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":137,"box":{"x":76,"y":537,"width":895,"height":11}},{"id":"213abcf1-0ad2-4f54-8374-d61e972faab1","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":137,"box":{"x":76,"y":552,"width":882,"height":11}},{"id":"618daa29-4d51-4309-9847-7cbaae6c635a","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":137,"box":{"x":76,"y":566,"width":659,"height":11}},{"id":"44984d67-a930-44ef-951c-cfe8cb44a42a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":137,"box":{"x":77,"y":589,"width":830,"height":11}},{"id":"bbd31696-f352-4830-8116-443fed8f4d9d","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":137,"box":{"x":75,"y":603,"width":905,"height":11}},{"id":"606a33e8-8916-4cf5-9ceb-04a92f2841d6","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":137,"box":{"x":77,"y":617,"width":756,"height":11}},{"id":"09cd0206-fd21-49a5-8b47-a06b5ea32a67","block_type":"box","text":"Ownership Limitations Risk.","page_number":137,"box":{"x":76,"y":641,"width":195,"height":10}},{"id":"5b55af07-2b65-4986-8709-a78c83bcd32d","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":137,"box":{"x":277,"y":641,"width":697,"height":10}},{"id":"d3aa3ee6-b26d-47b9-9e4f-07c18e6cf827","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":137,"box":{"x":77,"y":655,"width":900,"height":11}},{"id":"4da2c04b-e31e-4bd1-8836-d8a65d15c7ed","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":137,"box":{"x":76,"y":669,"width":851,"height":11}},{"id":"d14622a1-a309-4f6b-9803-54863f098561","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":137,"box":{"x":77,"y":683,"width":866,"height":11}},{"id":"e896865c-2d77-474a-975d-d725461d087f","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":137,"box":{"x":76,"y":697,"width":903,"height":11}},{"id":"dd035364-34d6-4a19-b03b-4b19c6fa3ee2","block_type":"box","text":"holdings.","page_number":137,"box":{"x":77,"y":712,"width":55,"height":10}},{"id":"21a8e704-e97f-407d-ab0a-fe8d9fdd8892","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":137,"box":{"x":77,"y":735,"width":851,"height":11}},{"id":"ff020675-e97a-4172-8b1b-076a49a315bf","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":137,"box":{"x":76,"y":749,"width":890,"height":11}},{"id":"155c4ea7-a336-4dad-a172-6f6b33b2bbff","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":137,"box":{"x":76,"y":763,"width":870,"height":11}},{"id":"2c2e6828-31bd-4e9d-8757-21a01b894009","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":137,"box":{"x":76,"y":777,"width":884,"height":11}},{"id":"58c92dbc-ef94-4fe7-8c27-2232c12d1c1f","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":137,"box":{"x":76,"y":791,"width":906,"height":11}},{"id":"b43a9424-9d33-4a7e-9f02-1f68aa0b9fc2","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":137,"box":{"x":76,"y":806,"width":886,"height":10}},{"id":"115c0bfd-bf55-44e5-adb5-53cbaeaeaf7f","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":137,"box":{"x":76,"y":820,"width":896,"height":11}},{"id":"d0efb88a-ccbf-4837-9cdf-53df62192bc9","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":137,"box":{"x":76,"y":843,"width":885,"height":11}},{"id":"01812729-e20c-4c50-9cdc-ee305da4a48c","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":137,"box":{"x":76,"y":857,"width":854,"height":11}},{"id":"2039cddc-3638-40f6-ba9a-baea4987597d","block_type":"box","text":"disapproval that was obtained.","page_number":137,"box":{"x":76,"y":871,"width":195,"height":11}},{"id":"89168c2c-0c38-4b36-a236-d2b055d9c2ff","block_type":"box","text":"12","page_number":137,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"8a01ee46-ce86-4b77-9b12-9450997070b9","block_type":"box","text":"Risk of Investing in the U.S.","page_number":138,"box":{"x":77,"y":23,"width":190,"height":11}},{"id":"6d7e8def-bc5e-447f-9cdf-fa6fc669efa8","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":138,"box":{"x":273,"y":23,"width":683,"height":11}},{"id":"e1fba9eb-ab76-4dba-8a10-d179dc4d079a","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":138,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"68b82cce-d8bf-4cc6-b5ce-5eed3c53bc54","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":138,"box":{"x":76,"y":51,"width":902,"height":11}},{"id":"7926ab62-7fda-470e-8809-fb94ca4279a6","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":138,"box":{"x":76,"y":66,"width":887,"height":11}},{"id":"f0896f59-6c98-40b2-aa02-3b368d6e23ae","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":138,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"7723f300-3f6a-48f7-9f12-e99a840a8754","block_type":"box","text":"financial markets or issuers.","page_number":138,"box":{"x":76,"y":94,"width":179,"height":9}},{"id":"1e827065-073b-400f-bd7f-fbdec5a6b503","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":138,"box":{"x":76,"y":117,"width":868,"height":11}},{"id":"a957fc32-f58b-4a40-bb09-514bf3e4474c","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":138,"box":{"x":77,"y":131,"width":867,"height":11}},{"id":"6eaf6a65-9c4b-44f1-9d51-e54d2a81120d","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":138,"box":{"x":76,"y":146,"width":868,"height":10}},{"id":"659c1c6c-cfa3-4603-8deb-6e679b9209fd","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":138,"box":{"x":77,"y":160,"width":899,"height":11}},{"id":"961c19b8-48c5-4929-b147-a9513505b63f","block_type":"box","text":"system.","page_number":138,"box":{"x":76,"y":175,"width":49,"height":10}},{"id":"3d34a212-a07e-4722-a6c7-14cf88dcfe4d","block_type":"box","text":"Securities Lending Risk.","page_number":138,"box":{"x":76,"y":197,"width":166,"height":11}},{"id":"3324412f-1143-4dd7-96ff-c27712d4056a","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":138,"box":{"x":247,"y":197,"width":730,"height":11}},{"id":"3e9f240f-10ac-4066-b5f4-1e57dbb67fa9","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":138,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"9c654f32-649a-454b-8715-29a7a38a2a18","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":138,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"430f9c66-1718-4b29-8a53-e462527e00bd","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":138,"box":{"x":76,"y":240,"width":403,"height":11}},{"id":"3aa68f43-8dea-4165-bfc2-aaeb11e99135","block_type":"box","text":"Small Fund Risk.","page_number":138,"box":{"x":76,"y":263,"width":114,"height":8}},{"id":"c4676ce7-6a1c-489d-88a5-306e2592174f","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":138,"box":{"x":195,"y":263,"width":704,"height":11}},{"id":"75a960cc-7033-46a4-8e5f-3141a70b94bf","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":138,"box":{"x":76,"y":277,"width":898,"height":11}},{"id":"a96cbc8d-8ee3-4181-b41d-0436a3d3fdab","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":138,"box":{"x":76,"y":291,"width":880,"height":11}},{"id":"2a3d005e-814c-4b92-a82d-1977eadd1a3a","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":138,"box":{"x":77,"y":305,"width":898,"height":11}},{"id":"38e3fd19-edec-4262-844f-a2dba72a3dd6","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":138,"box":{"x":76,"y":320,"width":894,"height":10}},{"id":"bd349bb2-8f99-4db2-9545-1e0673736b46","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":138,"box":{"x":76,"y":334,"width":890,"height":11}},{"id":"8106b41a-20bf-4e5b-a62a-355a3ef5f64c","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":138,"box":{"x":77,"y":348,"width":893,"height":11}},{"id":"503d10ce-e2a2-4bb2-b198-9c2e3a7d23c3","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":138,"box":{"x":76,"y":362,"width":530,"height":11}},{"id":"c87becaf-a6cc-468d-a853-9b1c23173549","block_type":"box","text":"Sustainability Risk.","page_number":138,"box":{"x":76,"y":385,"width":132,"height":11}},{"id":"08f5b51e-a590-4d6f-b586-fdfe4191b6a6","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":138,"box":{"x":214,"y":385,"width":762,"height":11}},{"id":"9a23c6be-0f8f-4c43-9e2f-8f13be671848","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":138,"box":{"x":77,"y":400,"width":732,"height":10}},{"id":"e339122c-66cf-4f4d-ac70-22a5a8a2a5f8","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":138,"box":{"x":76,"y":423,"width":874,"height":11}},{"id":"907ab188-8fee-4f68-bfe8-d101a1310413","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":138,"box":{"x":76,"y":437,"width":875,"height":11}},{"id":"790ec38a-ac90-4e93-974b-d7b2090b211d","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":138,"box":{"x":76,"y":451,"width":901,"height":11}},{"id":"b14669c0-d321-4f53-930e-84dde5dd80f2","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":138,"box":{"x":76,"y":465,"width":883,"height":11}},{"id":"3d38f380-1334-4623-9660-126f263a5351","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":138,"box":{"x":76,"y":480,"width":863,"height":10}},{"id":"8b7a6954-c148-4f7f-91c1-ed527544ab9d","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":138,"box":{"x":76,"y":494,"width":864,"height":11}},{"id":"914ff21d-6273-46e5-b28e-29c2b22d8682","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":138,"box":{"x":76,"y":508,"width":886,"height":11}},{"id":"465a85cb-af06-49f8-98a1-acb17494dc58","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":138,"box":{"x":76,"y":531,"width":905,"height":11}},{"id":"27a90027-d3f8-430b-8905-d244953c67da","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":138,"box":{"x":76,"y":545,"width":851,"height":11}},{"id":"09c7209b-23f4-4497-8e26-fe5ac362c1e9","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":138,"box":{"x":76,"y":568,"width":875,"height":11}},{"id":"227f087f-0ca5-4f1c-a8de-11af81dce4fe","block_type":"box","text":"edit","page_number":138,"box":{"x":952,"y":568,"width":24,"height":9}},{"id":"f45d6558-6b38-457b-8d81-2eb761c6d8e0","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":138,"box":{"x":76,"y":583,"width":890,"height":10}},{"id":"b8b70053-b0d5-42df-ac15-50f4cdbbfdf9","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":138,"box":{"x":76,"y":597,"width":343,"height":11}},{"id":"40f93dbf-f138-4df3-98b6-14544b258f3c","block_type":"box","text":"e.g","page_number":138,"box":{"x":420,"y":599,"width":19,"height":9}},{"id":"8feb5fcc-5367-4b42-b882-5e1b1d3bdc55","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":138,"box":{"x":440,"y":597,"width":534,"height":11}},{"id":"27e90e33-5cd4-4fa6-bd6d-57db031ae721","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":138,"box":{"x":76,"y":611,"width":468,"height":11}},{"id":"4dd50821-d5e7-4f3c-80ae-436460cf53a2","block_type":"box","text":"e.g","page_number":138,"box":{"x":545,"y":613,"width":19,"height":9}},{"id":"fc0b9320-1908-41ea-92c4-652b15a82d38","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":138,"box":{"x":565,"y":611,"width":410,"height":11}},{"id":"f0fbb584-ba26-48ef-ac2e-33793030c56f","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":138,"box":{"x":76,"y":625,"width":845,"height":11}},{"id":"100d97c9-a037-4fb6-aca6-100dca7326b0","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":138,"box":{"x":76,"y":639,"width":777,"height":11}},{"id":"d21881b5-670a-4607-9c01-dd67d8454c45","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":138,"box":{"x":76,"y":663,"width":903,"height":10}},{"id":"c820dd4f-e61d-4604-9728-924e41a719c0","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":138,"box":{"x":76,"y":677,"width":840,"height":11}},{"id":"b8ffcb18-349f-4d3c-b13b-8efcb4808390","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":138,"box":{"x":76,"y":691,"width":898,"height":11}},{"id":"152cada0-fe9c-49af-b7cd-1c33aa1ddcc3","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":138,"box":{"x":77,"y":705,"width":873,"height":11}},{"id":"5e3ca742-11e7-4c74-82e6-1b1828d9d817","block_type":"box","text":"transition risks.","page_number":138,"box":{"x":76,"y":719,"width":98,"height":9}},{"id":"07dfc1f1-b63f-45d6-8bf8-ea92217a94ee","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":138,"box":{"x":76,"y":742,"width":869,"height":11}},{"id":"dd0e09c5-93e6-40fc-86b4-2c5a9f003828","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":138,"box":{"x":76,"y":757,"width":443,"height":10}},{"id":"73eb2974-3e27-4ec7-a64f-beba66757971","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":138,"box":{"x":76,"y":780,"width":850,"height":11}},{"id":"beb21d95-f241-4ffa-842b-c5ac2b882e16","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":138,"box":{"x":76,"y":794,"width":889,"height":11}},{"id":"213f1073-9c17-4c0e-94c9-9d8cf12471cb","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":138,"box":{"x":76,"y":808,"width":903,"height":11}},{"id":"32c40de6-c407-450b-8a1e-509098391cd6","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":138,"box":{"x":76,"y":822,"width":252,"height":11}},{"id":"b60dab1d-e39b-4297-b74c-28dc13e3e90d","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":138,"box":{"x":76,"y":846,"width":829,"height":10}},{"id":"cd3de7ab-47e5-479d-a1b7-feb68d3881fd","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":138,"box":{"x":76,"y":860,"width":477,"height":11}},{"id":"d9e0b4f1-1452-45e1-954f-7aa869696891","block_type":"box","text":"13","page_number":138,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"e31433f0-4b5b-4a7f-9862-b151900d2577","block_type":"box","text":"Tax Risk.","page_number":139,"box":{"x":76,"y":23,"width":59,"height":9}},{"id":"85e51182-cb50-4229-84d7-557201f263b6","block_type":"box","text":"For a Fund that invests in tax-exempt municipal bonds, there is no guarantee that the Fund’s income will be exempt from U.S.","page_number":139,"box":{"x":141,"y":23,"width":803,"height":11}},{"id":"28be0893-cce9-4271-90aa-6b4a7cf9dc19","block_type":"box","text":"federal, state or local income taxes, the federal AMT or the federal Medicare contribution tax of 3.8% on “net investment income.” The Index","page_number":139,"box":{"x":76,"y":37,"width":897,"height":10}},{"id":"36dcc711-c228-49ce-9be1-19bb78d95e17","block_type":"box","text":"Provider relies on the bond issuer’s prospectus disclosure of the opinion from its counsel as to the bond’s tax-exempt status. Similarly, for","page_number":139,"box":{"x":77,"y":51,"width":884,"height":11}},{"id":"0fce1f2e-8bc0-4d95-9207-fac30c1cc145","block_type":"box","text":"municipal bonds not represented in the Underlying Index, BFA will rely on prospectus disclosure of the opinion from the bond issuer’s","page_number":139,"box":{"x":76,"y":66,"width":852,"height":11}},{"id":"7f76521b-ca52-42a5-89a5-2244f1e18ad2","block_type":"box","text":"counsel. Neither BFA nor a Fund guarantees that these opinions are correct, and there is no assurance that the IRS will agree with the bond","page_number":139,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"2ae00d37-058e-4624-a7a0-73024a522425","block_type":"box","text":"counsel’s opinion.","page_number":139,"box":{"x":76,"y":94,"width":114,"height":11}},{"id":"0fcd8d8e-0010-4941-9fb1-d373f0ae866e","block_type":"box","text":"Issuers of tax-exempt securities or other parties generally enter into covenants requiring continuing compliance with U.S. federal tax","page_number":139,"box":{"x":77,"y":117,"width":849,"height":11}},{"id":"7f100f8b-e7ee-4bf1-a187-28c85416e59f","block_type":"box","text":"requirements to preserve the tax-free status of interest payments over the life of the security. If at any time the covenants are not complied","page_number":139,"box":{"x":77,"y":131,"width":892,"height":11}},{"id":"7fce5cf6-2f70-4d9a-b8b6-b89ee4066e3e","block_type":"box","text":"with, or if the IRS otherwise determines that the issuer did not comply with relevant tax requirements, interest payments from a security","page_number":139,"box":{"x":76,"y":146,"width":873,"height":10}},{"id":"d5fb2205-36b0-4490-a47b-bba5762063f0","block_type":"box","text":"could become federally taxable, possibly retroactively to the date the security was issued, and the security could decline significantly in","page_number":139,"box":{"x":76,"y":160,"width":866,"height":11}},{"id":"4c0a8241-f5fa-4175-8ab1-92e600c5e07c","block_type":"box","text":"value. For municipal bonds not included in the Underlying Index, BFA will generally seek to obtain bonds that pay interest that is exempt from","page_number":139,"box":{"x":76,"y":174,"width":902,"height":11}},{"id":"1a4b700a-e328-4249-b793-3c5eb88127e7","block_type":"box","text":"U.S. federal income taxes, the relevant state income taxes and the federal AMT. The interest on money market instruments, other cash","page_number":139,"box":{"x":77,"y":188,"width":861,"height":11}},{"id":"dc137eda-6244-4a0a-a2d6-8847ddc1b24e","block_type":"box","text":"equivalents and derivatives held by a Fund may be subject to federal, state and local income taxes and the federal Medicare contribution tax.","page_number":139,"box":{"x":76,"y":202,"width":902,"height":11}},{"id":"89e4e9e8-aafd-4d0b-80da-5ef9f8f05641","block_type":"box","text":"Events occurring after a municipal bond is issued or is acquired by a Fund may result in a determination that the bond’s interest is includible","page_number":139,"box":{"x":77,"y":226,"width":895,"height":10}},{"id":"8778dd39-653a-435e-8271-a7c7e06e2888","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal","page_number":139,"box":{"x":76,"y":240,"width":859,"height":11}},{"id":"5cc75625-c9c6-4046-aab3-155606fda7db","block_type":"box","text":"Medicare contribution tax. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to","page_number":139,"box":{"x":77,"y":254,"width":871,"height":11}},{"id":"33bc2ed8-6584-4565-8ea4-ca973e8f07fb","block_type":"box","text":"those shareholders in the year of receipt. Also, although a Fund does not expect to do so, its investment policies permit it to invest up to 20%","page_number":139,"box":{"x":76,"y":268,"width":904,"height":11}},{"id":"f668a194-e106-46c3-9782-f3400fded1f1","block_type":"box","text":"of its assets in securities whose interest is subject to ordinary income tax, the federal AMT or the federal Medicare contribution tax. Changes","page_number":139,"box":{"x":76,"y":282,"width":903,"height":11}},{"id":"f02ba4b7-3b75-443f-84ee-25aba472872e","block_type":"box","text":"in U.S. federal, state or local income taxes, the federal AMT or the federal Medicare contribution tax or in the tax treatment of municipal","page_number":139,"box":{"x":76,"y":296,"width":870,"height":11}},{"id":"1d940180-c9cf-45ed-8302-91a01cfba591","block_type":"box","text":"bonds may make municipal bonds less attractive as investments and cause them to lose value.","page_number":139,"box":{"x":76,"y":311,"width":606,"height":10}},{"id":"aa1ebadb-5e36-4aa2-9fad-6adbe65140c7","block_type":"box","text":"Tracking Error Risk.","page_number":139,"box":{"x":76,"y":334,"width":135,"height":11}},{"id":"8287e40c-1106-482e-a733-f81f05dd0b4c","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":139,"box":{"x":216,"y":334,"width":749,"height":11}},{"id":"ed06cdb5-425a-4ea8-9e0b-9e48252c731a","block_type":"box","text":"from that of the Underlying Index. 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Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to","page_number":139,"box":{"x":76,"y":527,"width":876,"height":11}},{"id":"bc4c3ece-e241-4102-905e-ba96897a6bb7","block_type":"box","text":"maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the","page_number":139,"box":{"x":76,"y":541,"width":891,"height":11}},{"id":"79c7df09-1b2e-4c46-a593-314ec15c1276","block_type":"box","text":"full faith and credit of the United States, circumstances (","page_number":139,"box":{"x":76,"y":556,"width":362,"height":10}},{"id":"e7fcdf9f-0146-4072-971a-51aed29397e1","block_type":"box","text":"e.g","page_number":139,"box":{"x":439,"y":558,"width":19,"height":8}},{"id":"4a0e382d-75a8-4d77-81f6-9aa2dc0854c6","block_type":"box","text":"., reaching the legislative “debt ceiling”) could arise that could prevent the timely","page_number":139,"box":{"x":459,"y":556,"width":515,"height":10}},{"id":"95a13c3a-3e31-491b-a3fe-1576e04f42ec","block_type":"box","text":"payment of interest or principal. An actual or threatened failure of the U.S. government to pay its obligations would result in losses to a Fund","page_number":139,"box":{"x":76,"y":570,"width":899,"height":11}},{"id":"cbcebcbe-71fc-45d8-860e-173ad8ca9e2a","block_type":"box","text":"holding such securities as well as substantial negative consequences for the U.S. economy and the global financial system.","page_number":139,"box":{"x":77,"y":584,"width":786,"height":11}},{"id":"e02adffd-3c17-4401-802d-7eed41e1b76a","block_type":"box","text":"Changes in the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Because","page_number":139,"box":{"x":76,"y":607,"width":881,"height":11}},{"id":"c096b353-14fd-4f74-8b80-2fdd05c8af6c","block_type":"box","text":"U.S. government debt obligations are often used as a benchmark for other borrowing arrangements, a downgrade to the credit rating of the","page_number":139,"box":{"x":77,"y":621,"width":891,"height":11}},{"id":"539b7cf9-a8dc-40f1-8e7b-05ed179f4e69","block_type":"box","text":"U.S. could result in higher interest rates for a range of borrowers, cause disruptions in the international bond markets and have a substantial","page_number":139,"box":{"x":77,"y":635,"width":898,"height":11}},{"id":"4f2f70b3-924a-49b6-94e6-e5f908bf6d16","block_type":"box","text":"adverse effect on the U.S. and global economies.","page_number":139,"box":{"x":76,"y":650,"width":313,"height":10}},{"id":"ff70a92a-6d69-47ec-84af-7c827c5db316","block_type":"box","text":"A high national debt level may increase market pressures to meet government funding needs, which may drive debt costs higher and lead the","page_number":139,"box":{"x":76,"y":673,"width":904,"height":11}},{"id":"5465d1e2-ff3d-41cc-bfc6-e5adb5009e62","block_type":"box","text":"government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government","page_number":139,"box":{"x":76,"y":687,"width":896,"height":11}},{"id":"8978c231-8f60-462c-b08b-c420ff5379c8","block_type":"box","text":"will not be able to make principal or interest payments when they are due. If market participants determine that U.S. sovereign debt levels","page_number":139,"box":{"x":76,"y":701,"width":884,"height":11}},{"id":"e17e1877-2281-48e0-bc47-24adf7c3a8ae","block_type":"box","text":"are unsustainable, the value of the U.S. dollar could decline, thus increasing inflationary pressures and constraining the U.S. government’s","page_number":139,"box":{"x":76,"y":715,"width":885,"height":11}},{"id":"02a4342a-b59d-4d7e-b890-15ec2250ad7f","block_type":"box","text":"ability to implement effective countercyclical fiscal policy in economic downturns.","page_number":139,"box":{"x":76,"y":730,"width":523,"height":10}},{"id":"603c4d5b-59a5-4a70-a350-740cd16a548f","block_type":"box","text":"Valuation Risk.","page_number":139,"box":{"x":76,"y":753,"width":102,"height":8}},{"id":"120a1509-cca9-4efa-aba2-658ba12d5f42","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":139,"box":{"x":183,"y":753,"width":756,"height":11}},{"id":"2c412d1d-7e18-4d5b-8498-185ccf43e284","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":139,"box":{"x":77,"y":767,"width":889,"height":11}},{"id":"c44497be-a7d3-42a3-83e4-3b020b630e90","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":139,"box":{"x":76,"y":781,"width":857,"height":11}},{"id":"f07c604d-ae53-4b47-851d-ca55c695d7b6","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":139,"box":{"x":76,"y":795,"width":898,"height":11}},{"id":"7aa81c91-3a16-4049-bb87-098a9ba23e49","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":139,"box":{"x":76,"y":809,"width":849,"height":11}},{"id":"348c5e8f-075f-4c30-a52a-bce58a5b4514","block_type":"box","text":"purchase or sell Fund shares.","page_number":139,"box":{"x":76,"y":824,"width":187,"height":10}},{"id":"a4d4df62-6878-4bce-a878-3b3bf2a6172f","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":139,"box":{"x":77,"y":847,"width":886,"height":11}},{"id":"81e82fb4-49e8-4f03-afe7-18cfbc86a7d6","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":139,"box":{"x":76,"y":861,"width":890,"height":11}},{"id":"ee417512-16cf-448d-b7cf-9263248a84e9","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":139,"box":{"x":76,"y":875,"width":847,"height":11}},{"id":"58633de2-e152-4500-aaaa-cf8971c1d502","block_type":"box","text":"14","page_number":139,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"0e165137-1cb1-43e0-9fd9-039bd39c081e","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":140,"box":{"x":76,"y":23,"width":895,"height":11}},{"id":"1ed55b42-2330-4f98-af1d-f9ea6df3fd48","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":140,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"7771100c-5cf7-493b-ac44-2241276ccdcd","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":140,"box":{"x":77,"y":51,"width":857,"height":11}},{"id":"ef085b02-c3b1-4ec6-aba4-964ab3e34a80","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":140,"box":{"x":76,"y":66,"width":772,"height":11}},{"id":"f6946d4c-9107-41f8-8ffb-722f1279526f","block_type":"box","text":"Portfolio Holdings Information","page_number":140,"box":{"x":78,"y":95,"width":296,"height":16}},{"id":"2fc142de-fd82-4d42-abd7-bf0efbb89161","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":140,"box":{"x":76,"y":124,"width":896,"height":10}},{"id":"3e63266e-6f83-43b0-ad6a-ac967e55f5a4","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":140,"box":{"x":76,"y":138,"width":906,"height":11}},{"id":"edbca568-381e-46d7-9897-9decc6a0d8f4","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":140,"box":{"x":77,"y":152,"width":893,"height":11}},{"id":"ebd5002c-a26b-410d-999c-d6ec81ef9bdf","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":140,"box":{"x":76,"y":166,"width":256,"height":11}},{"id":"d6a2905c-fd2c-42a2-ac37-de49392e5d90","block_type":"box","text":"Management of the Funds","page_number":140,"box":{"x":78,"y":195,"width":258,"height":17}},{"id":"b50add85-b77f-44ef-ad8a-205e9a21ce84","block_type":"box","text":"Investment Adviser","page_number":140,"box":{"x":77,"y":224,"width":135,"height":9}},{"id":"caad6b52-3d4a-4246-b790-d9a42fb52584","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. 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This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":140,"box":{"x":77,"y":290,"width":852,"height":11}},{"id":"146f46b9-1a9b-4893-9be6-4f6a5b751fd1","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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They do not necessarily represent the","page_number":140,"box":{"x":76,"y":365,"width":885,"height":11}},{"id":"153d1ad9-ce1a-4677-8169-f86ecdafdd5c","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":140,"box":{"x":76,"y":379,"width":892,"height":11}},{"id":"d443ee51-e3e9-4fbe-a428-502eb911c410","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":140,"box":{"x":76,"y":393,"width":886,"height":11}},{"id":"dcd5f94d-7898-49a6-ad80-2c6f75133fd8","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":140,"box":{"x":76,"y":407,"width":299,"height":11}},{"id":"f0d3bba5-ff54-440b-b8dd-46d630594739","block_type":"box","text":"Fees and Expenses","page_number":140,"box":{"x":77,"y":431,"width":131,"height":10}},{"id":"86eb1b27-c10e-44df-b145-352fb6ca2e43","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":140,"box":{"x":77,"y":454,"width":867,"height":11}},{"id":"37f93b97-44a9-4a45-adb7-3f812c5364a1","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":140,"box":{"x":76,"y":468,"width":858,"height":11}},{"id":"d44e062a-580b-4621-806e-71db577397e6","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":140,"box":{"x":76,"y":482,"width":891,"height":11}},{"id":"00ac7996-76fb-47a7-bb21-293996fe38a7","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":140,"box":{"x":76,"y":496,"width":838,"height":11}},{"id":"11de8930-e5c2-4375-a9c9-acc68f441d00","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":140,"box":{"x":76,"y":510,"width":886,"height":11}},{"id":"e9b2917f-66bd-48b2-9f99-d646847ee4cb","block_type":"box","text":"and Expenses, if any.","page_number":140,"box":{"x":76,"y":525,"width":132,"height":10}},{"id":"11ec47fd-04e8-4ba7-adea-8a1ad4c6950f","block_type":"box","text":"A discussion regarding the basis for the approval by the Trust’s Board of Trustees (the “Board”) of the Investment Advisory Agreement with","page_number":140,"box":{"x":76,"y":548,"width":886,"height":11}},{"id":"0ce64c62-570f-4d39-bf52-d162517d813e","block_type":"box","text":"BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended October 31 or, for iShares iBonds Dec 2031 Term Muni","page_number":140,"box":{"x":77,"y":562,"width":874,"height":11}},{"id":"499d7a2c-5962-46ff-8a4e-3c52cda1d8da","block_type":"box","text":"Bond ETF and iShares iBonds Oct 2035 Term TIPS ETF, for the period ended April 30 and in the applicable financial statements and additional","page_number":140,"box":{"x":77,"y":576,"width":903,"height":11}},{"id":"acf5b5c2-6e5b-40ee-b62b-ea0e8f725fff","block_type":"box","text":"information documents posted at www.iShares.com.","page_number":140,"box":{"x":76,"y":590,"width":335,"height":11}},{"id":"ddff4847-19a4-41d7-baaf-c3278d5ca832","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended October 31, 2025, BFA was paid a management fee from each","page_number":140,"box":{"x":77,"y":614,"width":878,"height":10}},{"id":"acc5904e-341b-4490-833d-20854fa5739a","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. 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This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":142,"box":{"x":77,"y":340,"width":855,"height":10}},{"id":"f368f880-53cd-4389-b3fb-927ad3877947","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":142,"box":{"x":76,"y":354,"width":868,"height":11}},{"id":"477dbd63-fc24-4831-84d0-3a467035734f","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":142,"box":{"x":76,"y":368,"width":855,"height":11}},{"id":"ce154f6e-6bf7-4473-b7e4-832531e7ed6d","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":142,"box":{"x":76,"y":382,"width":861,"height":11}},{"id":"34c31f8b-3dce-4855-8b27-9b9fa88c3877","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":142,"box":{"x":76,"y":396,"width":411,"height":11}},{"id":"d4665e88-4f82-49ad-ae1a-014f55b7385b","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":142,"box":{"x":76,"y":420,"width":891,"height":10}},{"id":"4513c2cf-b6a0-4a8a-bd7c-6931de95bd6e","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":142,"box":{"x":76,"y":434,"width":864,"height":11}},{"id":"074a5572-cc35-44e8-8342-aad906519402","block_type":"box","text":"compensated for providing advisory, cash management or other services. 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As a result, an","page_number":142,"box":{"x":77,"y":523,"width":891,"height":11}},{"id":"ff7f8163-8c4d-4af0-9176-5eddd7d038d8","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":142,"box":{"x":76,"y":537,"width":873,"height":11}},{"id":"2a73ea48-6989-42f4-b2b4-8dd957a7e83f","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":142,"box":{"x":76,"y":551,"width":903,"height":11}},{"id":"2510ea49-4e35-4f1b-8e39-cf12dc498400","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":142,"box":{"x":76,"y":565,"width":897,"height":11}},{"id":"271ec8fb-48e8-4f2d-9df9-31575ca16afa","block_type":"box","text":"possible.","page_number":142,"box":{"x":76,"y":579,"width":56,"height":11}},{"id":"26b2a2a4-af5c-437f-839d-1bbefde37b0b","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":142,"box":{"x":77,"y":603,"width":888,"height":10}},{"id":"b9c178c0-ca08-457a-88c8-5e46ab6f50ff","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":142,"box":{"x":76,"y":617,"width":857,"height":11}},{"id":"9390f60d-ac9d-4c1e-a1a7-86e5e895c552","block_type":"box","text":"employees or clients.","page_number":142,"box":{"x":76,"y":631,"width":135,"height":11}},{"id":"8ed5c75c-f75a-430e-9a40-83b04b11de09","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":142,"box":{"x":77,"y":654,"width":876,"height":11}},{"id":"7dfef345-5882-4a1c-9136-96419be8d3bd","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":142,"box":{"x":76,"y":668,"width":851,"height":11}},{"id":"7a599a6b-9055-4ded-83b1-f7db1de4ffdf","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":142,"box":{"x":76,"y":683,"width":440,"height":10}},{"id":"4e7f1ba7-f885-402c-962b-b8b907252d04","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":142,"box":{"x":76,"y":706,"width":901,"height":11}},{"id":"b6006e99-5fc0-4f80-9d39-a636f9df5864","block_type":"box","text":"such restrictions.","page_number":142,"box":{"x":76,"y":720,"width":110,"height":8}},{"id":"ff541ed2-c6d4-453a-b582-347a5cc1cc4c","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":142,"box":{"x":77,"y":743,"width":863,"height":11}},{"id":"aedcabbe-7dcb-4d6d-9c08-e3adadc4a277","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":142,"box":{"x":77,"y":757,"width":854,"height":11}},{"id":"9ad1b1b0-d18b-4051-be19-c36780470f60","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":142,"box":{"x":77,"y":771,"width":862,"height":11}},{"id":"133b9087-af1b-469e-bd88-85723672ccfd","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":142,"box":{"x":77,"y":786,"width":876,"height":10}},{"id":"d8af8549-6330-4149-96e2-dd879b18f928","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":142,"box":{"x":76,"y":800,"width":363,"height":11}},{"id":"4056dd3b-cd34-4404-82a2-e7777b2aa823","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":142,"box":{"x":77,"y":823,"width":894,"height":11}},{"id":"7531aba4-f5e9-4862-8260-5839bbabbb68","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":142,"box":{"x":76,"y":837,"width":860,"height":11}},{"id":"44da4278-52e6-42f2-a376-ed1fa9cc3202","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":142,"box":{"x":77,"y":851,"width":854,"height":11}},{"id":"946f2270-f82d-4e4d-b86e-c56eaf6876b1","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":142,"box":{"x":76,"y":866,"width":894,"height":10}},{"id":"0dc2a1f3-cb0b-45ca-bf99-217f9b6939b0","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":142,"box":{"x":76,"y":880,"width":871,"height":11}},{"id":"eb345a9d-c1f1-4903-94eb-1b44b0fb1090","block_type":"box","text":"17","page_number":142,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"5765a096-c9ee-4a1d-9983-07e983176bf9","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":143,"box":{"x":76,"y":23,"width":848,"height":11}},{"id":"6d186ef0-7a30-408b-b168-ee6cee7f7a87","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":143,"box":{"x":77,"y":37,"width":342,"height":11}},{"id":"7649874a-edf2-4106-90db-dab3ea4a09d8","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":143,"box":{"x":77,"y":61,"width":893,"height":10}},{"id":"c397dd8e-16f3-448b-b2e1-859131ba2668","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":143,"box":{"x":76,"y":75,"width":885,"height":11}},{"id":"34df4ea5-6c2d-44f0-a283-3a48e5741ebc","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":143,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"20048a2f-c7da-4cbc-b93f-20c71ede973d","block_type":"box","text":"licensees.","page_number":143,"box":{"x":77,"y":103,"width":61,"height":9}},{"id":"ccc0ce8f-2605-4a6a-a0f6-300b25005cba","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":143,"box":{"x":76,"y":126,"width":875,"height":11}},{"id":"60fa70c6-66b0-42fe-902c-85614ff092b1","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":143,"box":{"x":76,"y":140,"width":886,"height":11}},{"id":"b14d734c-2e4d-402d-87f5-e948c51d9189","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":143,"box":{"x":76,"y":155,"width":326,"height":8}},{"id":"3f469967-17a9-457c-a27c-775153d57fe3","block_type":"box","text":"Shareholder Information","page_number":143,"box":{"x":77,"y":183,"width":240,"height":14}},{"id":"8c7b934f-4cb4-43c9-9c8d-3df79ac9b5f8","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":143,"box":{"x":75,"y":213,"width":821,"height":10}},{"id":"c0f78cb6-2b9c-4158-b828-a50d0c7d4bc8","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":143,"box":{"x":78,"y":227,"width":383,"height":11}},{"id":"4f665de7-8e8b-4205-bd36-4f4d561dc862","block_type":"box","text":"Buying and Selling Shares","page_number":143,"box":{"x":77,"y":250,"width":180,"height":11}},{"id":"8328a08d-b005-4f40-ae0a-acfbc85bdb38","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":143,"box":{"x":76,"y":273,"width":839,"height":11}},{"id":"6a4db5fc-b931-4f68-8835-55b236a2752e","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":143,"box":{"x":76,"y":287,"width":584,"height":11}},{"id":"639da93e-9a99-45c0-b695-9d43ae13a0b0","block_type":"box","text":"i.e","page_number":143,"box":{"x":661,"y":287,"width":14,"height":9}},{"id":"39639881-67d9-43e2-a7af-11f039031529","block_type":"box","text":"., financial institutions that are authorized to","page_number":143,"box":{"x":677,"y":287,"width":282,"height":11}},{"id":"a48e20ba-4a6b-4e38-ac27-40607a81a209","block_type":"box","text":"participate in such transactions), as described in the","page_number":143,"box":{"x":76,"y":302,"width":335,"height":10}},{"id":"8748c9dd-c463-4743-97fb-1ace67145e5e","block_type":"box","text":"Creations and Redemptions","page_number":143,"box":{"x":417,"y":302,"width":173,"height":10}},{"id":"7275f1c1-9d73-49cd-96ce-70a434d9f123","block_type":"box","text":"section below.","page_number":143,"box":{"x":595,"y":302,"width":90,"height":8}},{"id":"4b365e4f-9f64-495b-9bfb-b9048daaaa0d","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":143,"box":{"x":77,"y":325,"width":904,"height":11}},{"id":"7dd48d70-5e1b-4ee0-b7cb-0aa59c4421b2","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":143,"box":{"x":77,"y":339,"width":860,"height":11}},{"id":"c0f06f73-9f3e-4199-9cb5-fbe381d789aa","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":143,"box":{"x":76,"y":353,"width":857,"height":11}},{"id":"90e90ed9-bcbc-4302-946d-44b7d5df952c","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":143,"box":{"x":76,"y":367,"width":598,"height":11}},{"id":"ad316c8b-74a4-4cae-a896-4ea982e36492","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":143,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"ff12fe1e-f398-42d4-a71b-76ab12b13839","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":143,"box":{"x":76,"y":405,"width":869,"height":11}},{"id":"f260c4dd-8473-4446-903d-ef171a2c9d87","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":143,"box":{"x":76,"y":419,"width":888,"height":11}},{"id":"cd7d9095-2564-416d-91a8-91d4cc8ef00e","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":143,"box":{"x":76,"y":433,"width":884,"height":11}},{"id":"76ea474f-67fb-4107-a148-25113c00e958","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":143,"box":{"x":76,"y":447,"width":904,"height":11}},{"id":"e69cae77-e5ad-4304-8eee-61f856bcbcfb","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":143,"box":{"x":76,"y":461,"width":897,"height":11}},{"id":"8ea4b8b6-ffc7-42b6-a45a-33288d4c95a4","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":143,"box":{"x":76,"y":476,"width":887,"height":10}},{"id":"e3e53472-3404-4cf9-b11e-60c14b59539c","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":143,"box":{"x":76,"y":490,"width":713,"height":11}},{"id":"34f11b6d-6edd-4d2f-b0ce-415d2781d0b2","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":143,"box":{"x":76,"y":513,"width":902,"height":11}},{"id":"bff2a767-95f3-47f4-904c-4caab64b4cec","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":143,"box":{"x":76,"y":527,"width":856,"height":11}},{"id":"22944ddc-4124-4a77-bc51-5c0acde01710","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":143,"box":{"x":77,"y":541,"width":612,"height":11}},{"id":"1fa9cf67-f01d-4d9e-8cd4-4f14f0b0b3b1","block_type":"box","text":"Investments in Investment Companies","page_number":143,"box":{"x":77,"y":565,"width":268,"height":10}},{"id":"b4e71e9f-00d7-4627-95d7-87083bb2b4d3","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":143,"box":{"x":76,"y":588,"width":873,"height":11}},{"id":"38e8b1e9-8e13-4457-91ac-758fdd9c6685","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":143,"box":{"x":76,"y":602,"width":889,"height":11}},{"id":"c78b2138-be73-4717-b04e-b491d4d1a8f4","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":143,"box":{"x":76,"y":616,"width":847,"height":11}},{"id":"26100f43-85f1-4ee8-8fd3-d90fd5401757","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":143,"box":{"x":76,"y":630,"width":897,"height":11}},{"id":"a1f621bc-53ed-4c59-9cca-6aa6e37e985b","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":143,"box":{"x":76,"y":644,"width":890,"height":11}},{"id":"107f970d-20a6-41ce-a0e8-e1a2c61336e4","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":143,"box":{"x":76,"y":659,"width":904,"height":11}},{"id":"75a163b4-2254-4795-9aaf-04ae8f949ff4","block_type":"box","text":"investment companies and companies controlled by them.","page_number":143,"box":{"x":76,"y":673,"width":374,"height":11}},{"id":"0bb9364e-5e49-4374-a46e-3c46f3c66849","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":143,"box":{"x":77,"y":696,"width":867,"height":11}},{"id":"e5c5c8f8-5328-4349-83d5-1d22b6284f8e","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":143,"box":{"x":78,"y":710,"width":871,"height":11}},{"id":"0513eba5-6e3d-4fe2-8843-470cb8bc0258","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":143,"box":{"x":77,"y":724,"width":855,"height":11}},{"id":"039e5481-14b3-4c06-a8c6-aac34427aa3f","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":143,"box":{"x":76,"y":739,"width":874,"height":10}},{"id":"f4724fb2-12ef-4e47-ad4c-1024bfaf6436","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":143,"box":{"x":78,"y":753,"width":894,"height":11}},{"id":"a462725b-09c7-43d8-b2d8-717999a5bbe5","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":143,"box":{"x":76,"y":767,"width":367,"height":11}},{"id":"feb48dbc-8b50-44c3-9564-9703ddccf144","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":143,"box":{"x":77,"y":790,"width":883,"height":11}},{"id":"f51675c0-9f41-45da-9236-0fe631fd4add","block_type":"box","text":"SEC no-action relief.","page_number":143,"box":{"x":76,"y":804,"width":130,"height":9}},{"id":"f71869b3-87a3-4701-bd20-12245b9bdca6","block_type":"box","text":"Book Entry","page_number":143,"box":{"x":77,"y":828,"width":76,"height":10}},{"id":"ac7f64b3-496e-43b6-a34f-67cb5ea46e0d","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":143,"box":{"x":76,"y":851,"width":892,"height":11}},{"id":"2ae704bc-c610-406a-9d27-c62a91bf25e7","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":143,"box":{"x":76,"y":865,"width":832,"height":11}},{"id":"47ceb244-562a-4123-a1f1-71b72fff15c7","block_type":"box","text":"outstanding shares of the Funds.","page_number":143,"box":{"x":76,"y":879,"width":209,"height":11}},{"id":"e1efcc6c-4d26-471f-8c08-b96f6547d922","block_type":"box","text":"18","page_number":143,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"dc635997-65e0-411c-ad72-4a5cec0e0844","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":144,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"209415d9-ed89-491e-94af-b6896454175a","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":144,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"f65986b0-46f9-4b5f-89e8-ebc8ffc6d44f","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":144,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"661eaa33-e0f3-43b3-92c7-e564f89ab2cc","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":144,"box":{"x":76,"y":66,"width":874,"height":11}},{"id":"1aeab966-de8d-45db-bb0f-323120d3e285","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":144,"box":{"x":77,"y":80,"width":899,"height":11}},{"id":"3dcc1e8f-63ee-4c49-ae2d-d58ab7819317","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":144,"box":{"x":76,"y":94,"width":330,"height":11}},{"id":"bb3dfd3a-be9f-4d80-ba78-5592a9f9199e","block_type":"box","text":"Share Prices","page_number":144,"box":{"x":76,"y":117,"width":87,"height":9}},{"id":"c06384f3-4a67-4b8c-b16f-5c463f904efd","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":144,"box":{"x":76,"y":140,"width":894,"height":11}},{"id":"68971f64-6ecd-4b2d-a1f9-42b489b3b783","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":144,"box":{"x":76,"y":155,"width":876,"height":10}},{"id":"7b15ad64-b83d-479c-9b11-3ee9c78e6d12","block_type":"box","text":"conditions.","page_number":144,"box":{"x":76,"y":169,"width":69,"height":8}},{"id":"f0183f5e-1334-4ca5-a5f1-c89d014690df","block_type":"box","text":"Determination of Net Asset Value","page_number":144,"box":{"x":77,"y":192,"width":233,"height":9}},{"id":"55f26951-adaf-429a-86c6-7054336d07ea","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":144,"box":{"x":76,"y":215,"width":872,"height":11}},{"id":"1749ef8e-b691-4bf5-b2a4-c94b1728f1f3","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":144,"box":{"x":76,"y":229,"width":904,"height":11}},{"id":"4230882c-02ce-46c7-b6f0-9f104bf9a9ab","block_type":"box","text":"on prices at the time of closing.","page_number":144,"box":{"x":76,"y":244,"width":201,"height":10}},{"id":"fe5631ea-9492-425c-8eeb-6d97fb9ac062","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":144,"box":{"x":76,"y":267,"width":883,"height":11}},{"id":"0471fe9f-33fc-4412-b131-a3fe536411fc","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":144,"box":{"x":76,"y":281,"width":554,"height":11}},{"id":"a86e71fa-3197-4bd5-b8ef-0172642e7352","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":144,"box":{"x":76,"y":304,"width":501,"height":11}},{"id":"d04f524e-1b79-4f81-a41e-8d3b71e39a45","block_type":"box","text":"i.e","page_number":144,"box":{"x":578,"y":304,"width":14,"height":9}},{"id":"0122628c-92f4-4b7e-b25e-21eace4c70aa","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":144,"box":{"x":594,"y":304,"width":353,"height":11}},{"id":"0d8428ed-c595-44ee-ba77-2d33bbc7f99b","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":144,"box":{"x":77,"y":318,"width":857,"height":11}},{"id":"c3adc39b-fed8-4ca8-8eac-65d86b101845","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":144,"box":{"x":77,"y":333,"width":883,"height":10}},{"id":"da759f2f-ce41-49a3-a094-57bb6aee2356","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":144,"box":{"x":77,"y":347,"width":881,"height":11}},{"id":"999418d0-b9f3-4bd8-bddb-4022a912860e","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":144,"box":{"x":77,"y":370,"width":867,"height":11}},{"id":"24485eea-0374-4b9c-ae18-0e2cb94bf28e","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":144,"box":{"x":76,"y":384,"width":896,"height":11}},{"id":"6abc76fd-fc17-46b1-a1e3-37b80fb19564","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":144,"box":{"x":77,"y":398,"width":903,"height":11}},{"id":"abc7ed94-29f8-45d9-a755-545bd8256986","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":144,"box":{"x":76,"y":412,"width":897,"height":11}},{"id":"6047d6c6-55e9-46af-841a-c1535d052ca4","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":144,"box":{"x":76,"y":427,"width":887,"height":10}},{"id":"3c60d707-d52a-4a72-ac2d-15cc2883eb76","block_type":"box","text":"price.","page_number":144,"box":{"x":76,"y":441,"width":35,"height":11}},{"id":"2dcd01c1-f026-47d5-b1da-01b056a20061","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":144,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"fbf7338b-e8e7-442b-9675-4da14c0269fa","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":144,"box":{"x":76,"y":478,"width":891,"height":11}},{"id":"e68612fa-61d9-4efe-8994-c8a96b6b7cea","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":144,"box":{"x":76,"y":492,"width":861,"height":11}},{"id":"6b916c4a-585c-4370-a202-2ff8caa2bc82","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":144,"box":{"x":76,"y":507,"width":901,"height":10}},{"id":"a8e3d203-743b-44a7-8cd0-d19834626e11","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":144,"box":{"x":77,"y":521,"width":904,"height":11}},{"id":"aaeb5f5c-8b74-4286-a4fc-4074964b7f77","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":144,"box":{"x":77,"y":535,"width":899,"height":11}},{"id":"d0197e68-5bb7-49c7-a033-2de4c1fc5454","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":144,"box":{"x":77,"y":549,"width":902,"height":11}},{"id":"40e35382-54bb-463e-9f4d-d00ce3a10592","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":144,"box":{"x":77,"y":563,"width":491,"height":11}},{"id":"b5e1ff47-a5b6-490c-b0e4-1a6699459d06","block_type":"box","text":"Generally, trading in certain instruments (","page_number":144,"box":{"x":76,"y":586,"width":265,"height":11}},{"id":"25fc40dd-7784-447e-b967-e1c9d2eb7506","block_type":"box","text":"e.g","page_number":144,"box":{"x":343,"y":589,"width":19,"height":8}},{"id":"d770077d-a350-4b04-b4c2-322d55c710c8","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":144,"box":{"x":362,"y":586,"width":599,"height":11}},{"id":"47d5fb40-6416-4121-badb-c5761a7c49e9","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":144,"box":{"x":76,"y":601,"width":869,"height":11}},{"id":"772330cc-63f0-4ec9-a256-bea884fd59fc","block_type":"box","text":"determined as of such times.","page_number":144,"box":{"x":76,"y":615,"width":185,"height":8}},{"id":"a96c8c39-c1fb-40fb-a0ec-c29ba4c1093a","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":144,"box":{"x":77,"y":638,"width":885,"height":11}},{"id":"74a45e44-4388-4816-a95b-21be14e65d4a","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":144,"box":{"x":76,"y":652,"width":901,"height":11}},{"id":"40151f26-8241-4124-86e2-bfec135f56e2","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":144,"box":{"x":76,"y":666,"width":904,"height":11}},{"id":"ea110b38-a182-45c3-b729-82685a1dcbff","block_type":"box","text":"a Fund’s pricing time.","page_number":144,"box":{"x":76,"y":681,"width":136,"height":10}},{"id":"6da2fbc4-9b55-48d4-8843-e6aaf03c4300","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":144,"box":{"x":76,"y":704,"width":877,"height":11}},{"id":"be06c7a5-029a-48c8-b66a-f7e2f58b98e6","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":144,"box":{"x":76,"y":718,"width":392,"height":11}},{"id":"01d54df6-4dbc-42e5-a1f5-78bc6744c068","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":144,"box":{"x":76,"y":741,"width":837,"height":11}},{"id":"127c6202-a000-4118-a411-1909c47dfb57","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":144,"box":{"x":76,"y":755,"width":874,"height":11}},{"id":"b5dee8f9-ffce-44c3-a58a-875493689ad6","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":144,"box":{"x":76,"y":770,"width":879,"height":10}},{"id":"7cbec4e4-0de8-4e9d-b861-dab5a629e89b","block_type":"box","text":"length transaction.","page_number":144,"box":{"x":77,"y":784,"width":118,"height":11}},{"id":"d54ccf64-495b-41ff-b257-3bf6593d539d","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":144,"box":{"x":77,"y":807,"width":531,"height":11}},{"id":"df412d20-0b05-49f1-8f78-068e964fcd69","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":144,"box":{"x":113,"y":825,"width":582,"height":11}},{"id":"237dfca5-435f-4c7f-8065-b635436072a6","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":144,"box":{"x":113,"y":843,"width":767,"height":11}},{"id":"335b3221-7651-4387-b55b-a320b5a79105","block_type":"box","text":"An asset or liability is thinly traded;","page_number":144,"box":{"x":113,"y":861,"width":223,"height":11}},{"id":"b8bddf4a-f2bf-4147-af28-ec733efae944","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":144,"box":{"x":113,"y":879,"width":508,"height":11}},{"id":"3b549e96-6f00-4f87-a76c-2cffac1dfebb","block_type":"box","text":"19","page_number":144,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"52a97ff8-3518-41fa-8fb5-8a12fcd81e09","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":145,"box":{"x":113,"y":23,"width":853,"height":11}},{"id":"f9ada027-f630-42cb-bb2f-9271c11bbebc","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":145,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"8afc983c-7380-4d86-a74d-374aa596a3ac","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":145,"box":{"x":76,"y":61,"width":876,"height":10}},{"id":"5f2e134e-7b6e-4d1a-b0b1-4963bc270f02","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":145,"box":{"x":76,"y":75,"width":246,"height":8}},{"id":"b9b49e78-820b-4e1c-8fde-b152ce91d265","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":145,"box":{"x":76,"y":98,"width":890,"height":11}},{"id":"8716b6f3-61ee-4edb-b82e-13ed01d05d40","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":145,"box":{"x":76,"y":112,"width":888,"height":11}},{"id":"40087217-597a-4db0-8b19-fce06048a3bb","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":145,"box":{"x":76,"y":126,"width":896,"height":11}},{"id":"34e913b7-4728-4728-8dbe-d7a3cd44148f","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":145,"box":{"x":77,"y":140,"width":870,"height":11}},{"id":"42ef75d0-bbac-46c6-b833-4a1decaebb9d","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":145,"box":{"x":77,"y":155,"width":414,"height":10}},{"id":"2955b7a2-711c-41fe-abed-54221246aaf6","block_type":"box","text":"Dividends and Distributions","page_number":145,"box":{"x":77,"y":178,"width":192,"height":8}},{"id":"42c335ef-29c4-4d69-82ea-1a09754fda29","block_type":"box","text":"General Policies.","page_number":145,"box":{"x":76,"y":201,"width":103,"height":9}},{"id":"881124c6-fc1c-4201-be27-2e893a58a030","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":145,"box":{"x":185,"y":201,"width":782,"height":11}},{"id":"8f6ce2df-c07d-4dba-869c-939e79602c98","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":145,"box":{"x":77,"y":215,"width":887,"height":11}},{"id":"7e233766-fd28-4542-9648-b910c2607f0e","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":145,"box":{"x":76,"y":229,"width":904,"height":11}},{"id":"745d3083-c486-41c8-83b6-36cc1237764c","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":145,"box":{"x":76,"y":244,"width":893,"height":10}},{"id":"725ba760-3474-452a-84bc-b2d8bc0b7670","block_type":"box","text":"or realized gains.","page_number":145,"box":{"x":76,"y":258,"width":107,"height":11}},{"id":"fb424d4b-e11c-47ba-8682-a43573abb93e","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":145,"box":{"x":77,"y":281,"width":885,"height":11}},{"id":"3b778f9e-a59a-4a32-a642-0d1a773021aa","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":145,"box":{"x":76,"y":295,"width":856,"height":11}},{"id":"226fcc56-8977-4510-a868-5a1a116f5b9b","block_type":"box","text":"received from the Funds.","page_number":145,"box":{"x":77,"y":309,"width":157,"height":9}},{"id":"a96f30d4-2fa5-489a-b1fc-0e77095db4d7","block_type":"box","text":"Dividend Reinvestment Service.","page_number":145,"box":{"x":76,"y":333,"width":197,"height":8}},{"id":"ddb69f6d-f731-45ac-8811-3a34b31f96b5","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":145,"box":{"x":280,"y":333,"width":667,"height":10}},{"id":"6bece0ba-fa95-4dbf-91d3-f3eb773c1bfa","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":145,"box":{"x":77,"y":347,"width":899,"height":11}},{"id":"048fb739-8f66-4c4d-bfb3-2885986edb70","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":145,"box":{"x":76,"y":361,"width":869,"height":11}},{"id":"ebeec9b6-2d01-480e-ac75-d17744e9daa3","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":145,"box":{"x":76,"y":375,"width":895,"height":11}},{"id":"ed1bf860-0696-4fd1-8b70-16dcab7504fa","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":145,"box":{"x":76,"y":389,"width":617,"height":11}},{"id":"db6cab60-5129-46ca-b42b-ea476b47f830","block_type":"box","text":"Note on Tax Information.","page_number":145,"box":{"x":76,"y":412,"width":167,"height":9}},{"id":"1240e523-fcc0-4269-9e94-bdf6b9fada81","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":145,"box":{"x":249,"y":412,"width":723,"height":11}},{"id":"37804fe2-3230-497a-bbaf-8884608a233c","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":145,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"98135742-9bbd-43e3-bc9e-7a043fc3dd8f","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":145,"box":{"x":76,"y":441,"width":893,"height":11}},{"id":"9bbb1f8a-d0a6-4d2e-be5d-960dd4216448","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":145,"box":{"x":76,"y":455,"width":893,"height":11}},{"id":"66898f52-dea0-4ac6-9764-654c71ff48ac","block_type":"box","text":"laws.","page_number":145,"box":{"x":76,"y":469,"width":30,"height":9}},{"id":"701032e5-c092-4355-b2c0-636bcd42cb64","block_type":"box","text":"Taxes","page_number":145,"box":{"x":76,"y":493,"width":38,"height":8}},{"id":"9eb4a010-4ede-4868-bcc7-d4d1aa7d28e1","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":145,"box":{"x":76,"y":516,"width":874,"height":10}},{"id":"a0fe72ce-0c3a-4899-970a-4748559d1cd3","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":145,"box":{"x":76,"y":530,"width":877,"height":11}},{"id":"c1b2b815-855b-4fa9-a029-58819a9e0b87","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":145,"box":{"x":76,"y":544,"width":895,"height":11}},{"id":"1bc7b568-e92b-40c9-94e5-eb21e0ab73c7","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":145,"box":{"x":76,"y":558,"width":594,"height":11}},{"id":"994aa4fc-81f0-4a31-8689-bed5d8811349","block_type":"box","text":"Taxes on Fund Distributions","page_number":145,"box":{"x":76,"y":581,"width":194,"height":9}},{"id":"7c71a1d6-0b21-4bb4-96fb-e80c2c33ade7","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":145,"box":{"x":76,"y":605,"width":863,"height":10}},{"id":"44004c0e-037e-4033-86fc-92596c972cee","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":145,"box":{"x":76,"y":619,"width":873,"height":11}},{"id":"a4c19f34-a624-4cde-9a06-eb74d54cd4cc","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":145,"box":{"x":76,"y":633,"width":713,"height":11}},{"id":"7d470249-f31e-4cb6-8fa1-615b6db4d766","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":145,"box":{"x":77,"y":656,"width":902,"height":11}},{"id":"37bb74d6-d2b6-45f8-bb19-cf457ea2ba0f","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":145,"box":{"x":76,"y":670,"width":365,"height":11}},{"id":"f549ddb5-0e42-4b53-b7bc-0f2bb49b850c","block_type":"box","text":"Capital Gains.","page_number":145,"box":{"x":76,"y":693,"width":86,"height":11}},{"id":"e69bf735-d7fe-4a5c-b30f-3f806900e478","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":145,"box":{"x":169,"y":693,"width":785,"height":11}},{"id":"984de84d-65aa-4e03-854d-fd4f1d4e8201","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":145,"box":{"x":76,"y":708,"width":857,"height":11}},{"id":"922e0d58-bb97-4f49-9154-983d2cc8569a","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":145,"box":{"x":76,"y":722,"width":878,"height":11}},{"id":"207312c3-d251-45ea-b64c-3cca37a35bb1","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":145,"box":{"x":77,"y":736,"width":871,"height":11}},{"id":"67a7de4b-c511-4fda-8783-e84576ad0d4a","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":145,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"731dcc69-584e-4c65-98b2-5097527fa4bd","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":145,"box":{"x":76,"y":764,"width":878,"height":11}},{"id":"f01b7b25-8994-47c3-b591-9a0413ce7cd5","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":145,"box":{"x":77,"y":779,"width":289,"height":10}},{"id":"b691403a-5e09-42f1-9c65-7f0808a509c0","block_type":"box","text":"Return of Capital.","page_number":145,"box":{"x":76,"y":802,"width":108,"height":10}},{"id":"637ef030-c597-4111-a072-f5c40136e822","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":145,"box":{"x":191,"y":802,"width":775,"height":11}},{"id":"2a783022-ee94-47ae-8863-2bf1148d31eb","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":145,"box":{"x":76,"y":816,"width":904,"height":11}},{"id":"9a2ebe5f-f57f-40ea-b9cd-6d70e752b4f7","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":145,"box":{"x":76,"y":830,"width":888,"height":11}},{"id":"a2c7edd9-8901-4678-bea6-1ae1cc3a282e","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":145,"box":{"x":76,"y":844,"width":843,"height":11}},{"id":"63d8ad4e-3c07-4802-9395-2bd2e7707139","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":145,"box":{"x":76,"y":858,"width":874,"height":11}},{"id":"acf54924-3b3d-4358-9ecb-5c5a104a8988","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":145,"box":{"x":76,"y":873,"width":803,"height":11}},{"id":"c36eec56-950a-442a-8604-829fda2db9b5","block_type":"box","text":"20","page_number":145,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"d4d1d8e1-ece9-46f1-9454-9c52c5ac97ec","block_type":"box","text":"Qualified Dividend Income.","page_number":146,"box":{"x":76,"y":23,"width":167,"height":9}},{"id":"3583d13f-5241-40c3-996c-3e6588cfd443","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":146,"box":{"x":249,"y":23,"width":702,"height":11}},{"id":"603224ef-1366-40a1-a07e-c84c237d1dab","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":146,"box":{"x":76,"y":37,"width":848,"height":11}},{"id":"3c95e209-9d70-4861-a876-3871470ded09","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":146,"box":{"x":76,"y":51,"width":846,"height":11}},{"id":"bed709ba-df6f-4979-a5d3-c04eaea917f6","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":146,"box":{"x":76,"y":66,"width":872,"height":11}},{"id":"53f73baa-44e8-44a2-8660-8dff73ff15fa","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":146,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"428b4130-aef2-4310-b311-0c4e0e703146","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":146,"box":{"x":76,"y":94,"width":886,"height":11}},{"id":"d4c59fd7-d8f1-492a-8ce9-b0ef1c0bf74c","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":146,"box":{"x":76,"y":108,"width":854,"height":11}},{"id":"7f4c222c-f98e-4ee4-8ce0-85009bde2890","block_type":"box","text":"company.","page_number":146,"box":{"x":76,"y":125,"width":60,"height":8}},{"id":"897a396f-5c1d-472c-b8b5-abb61efde4a9","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":146,"box":{"x":77,"y":146,"width":904,"height":10}},{"id":"30e61a7b-edaf-4571-83dd-b7b9e3fdac83","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":146,"box":{"x":76,"y":160,"width":901,"height":11}},{"id":"6c5b3f24-1745-4307-baf9-90502f0a094b","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":146,"box":{"x":76,"y":174,"width":865,"height":11}},{"id":"7c42bdc8-f293-47ea-8769-b0594140e2fc","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":146,"box":{"x":76,"y":188,"width":895,"height":11}},{"id":"728e10a7-106b-4378-be5d-57d13f957061","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":146,"box":{"x":76,"y":202,"width":428,"height":11}},{"id":"608cfae1-4a81-4efe-9c15-17e3d5f2fbff","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":146,"box":{"x":77,"y":226,"width":891,"height":10}},{"id":"2aa432a0-de3e-4577-87ad-bfe20a013604","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":146,"box":{"x":77,"y":240,"width":861,"height":11}},{"id":"0c8822b9-6c6a-4729-bb5f-86296b4cc6fa","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":146,"box":{"x":76,"y":254,"width":883,"height":11}},{"id":"4741cd8d-4191-4587-a83a-519b54d90001","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":146,"box":{"x":76,"y":268,"width":682,"height":11}},{"id":"863890a1-3d7b-43fa-84c7-e913791be0ad","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":146,"box":{"x":77,"y":291,"width":872,"height":11}},{"id":"03713747-388f-4cde-a656-85bfcd259898","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":146,"box":{"x":77,"y":305,"width":603,"height":11}},{"id":"78b14d9f-6e8c-415f-8170-a6b0a86e0146","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":146,"box":{"x":76,"y":329,"width":876,"height":10}},{"id":"5a493925-c8a5-429a-bd1c-ed85135798c2","block_type":"box","text":"Medicare Tax.","page_number":146,"box":{"x":76,"y":352,"width":85,"height":8}},{"id":"7b3835a0-7d89-43f2-bbb0-cb306f7d494b","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":146,"box":{"x":167,"y":352,"width":791,"height":11}},{"id":"df55662d-f40b-454a-a45a-c861e25e9efc","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":146,"box":{"x":76,"y":365,"width":876,"height":12}},{"id":"a360fa1c-9ec9-4eee-95d7-d9b219a60af3","block_type":"box","text":"trusts.","page_number":146,"box":{"x":76,"y":381,"width":40,"height":8}},{"id":"4b9f8a66-ad54-4975-90c4-fa974bf87b63","block_type":"box","text":"Alternative Minimum Tax.","page_number":146,"box":{"x":75,"y":403,"width":157,"height":9}},{"id":"1615d68f-75f7-4d93-9f95-951a2e1ef7a3","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":146,"box":{"x":238,"y":403,"width":738,"height":11}},{"id":"28c0254c-ba33-4fc2-ac4e-6f04fca1ecf7","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":146,"box":{"x":76,"y":418,"width":833,"height":10}},{"id":"f3a629bb-2ad1-4f24-8d29-6dc5ed13fb43","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":146,"box":{"x":76,"y":432,"width":877,"height":11}},{"id":"fe481344-31e5-41e9-8705-1f72e0718a0f","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":146,"box":{"x":77,"y":446,"width":903,"height":11}},{"id":"5320fae0-5f26-49f9-ba3b-8dc3cb9821aa","block_type":"box","text":"liability and the regular income tax liability.","page_number":146,"box":{"x":77,"y":460,"width":271,"height":11}},{"id":"848ba1c8-205a-4a17-af38-595aa36ab36a","block_type":"box","text":"Tax-Exempt Dividends","page_number":146,"box":{"x":76,"y":483,"width":153,"height":11}},{"id":"7519a55d-a37e-4749-8ff1-0a8d38b8f2a4","block_type":"box","text":"For each Fund listed below, dividends paid by the Fund that are properly reported as tax-exempt interest dividends will not be subject to","page_number":146,"box":{"x":77,"y":505,"width":870,"height":11}},{"id":"54a32a6b-b29d-469a-9a7e-209dca5eceea","block_type":"box","text":"regular U.S. federal income tax. Each Fund intends to invest its assets in a manner such that dividend distributions to its shareholders","page_number":146,"box":{"x":77,"y":519,"width":855,"height":11}},{"id":"a72df22b-19ad-4988-8cd3-45337d66e38a","block_type":"box","text":"generally will be exempt from U.S. federal income taxation, including the federal AMT. Dividends paid by a Fund will be exempt from U.S.","page_number":146,"box":{"x":76,"y":534,"width":873,"height":10}},{"id":"63f07a56-2be4-4fcc-b632-cbed17f732d6","block_type":"box","text":"federal income tax (though not necessarily exempt from state and local taxation) to the extent of the Fund’s tax-exempt interest income as","page_number":146,"box":{"x":76,"y":548,"width":890,"height":11}},{"id":"1ab838ed-bf5d-4a51-8ba2-24d796103d2b","block_type":"box","text":"long as 50% or more of the value of the Fund’s assets at the end of each quarter is invested in state, municipal and other bonds whose","page_number":146,"box":{"x":77,"y":562,"width":858,"height":11}},{"id":"478703a1-4ef4-42dc-9c0a-45732dc8396c","block_type":"box","text":"interest is excluded from gross income for U.S. federal income tax purposes and as long as the Fund properly reports such dividends as tax","page_number":146,"box":{"x":76,"y":576,"width":896,"height":11}},{"id":"d1977528-9e86-4d9b-8176-795c5b48182d","block_type":"box","text":"exempt interest dividends.","page_number":146,"box":{"x":76,"y":590,"width":169,"height":11}},{"id":"12c9d6e1-8a12-4176-9abe-97ea31e75c73","block_type":"box","text":"Exempt interest dividends from interest earned on the municipal securities of a state or its political subdivisions may be exempt from income","page_number":146,"box":{"x":77,"y":612,"width":901,"height":11}},{"id":"8a737799-fe57-4b8c-bf57-ae4846de38dd","block_type":"box","text":"tax in that state. However, income from the municipal securities of one state generally will not qualify for tax-free treatment in other states.","page_number":146,"box":{"x":76,"y":626,"width":892,"height":11}},{"id":"9fd4d2cf-5815-4852-a95d-578e8faea81c","block_type":"box","text":"iShares iBonds Dec 2026 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":641,"width":296,"height":8}},{"id":"b41098e6-b6ab-4a69-950c-517a4dc6680d","block_type":"box","text":"iShares iBonds Dec 2027 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":655,"width":296,"height":8}},{"id":"4b8d5353-b77f-4b19-9c90-5e4c351d85ff","block_type":"box","text":"iShares iBonds Dec 2028 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":669,"width":296,"height":8}},{"id":"81e22bd2-e16e-4707-a91e-fbd1a51e5d98","block_type":"box","text":"iShares iBonds Dec 2029 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":683,"width":296,"height":9}},{"id":"d793277a-1ae8-4bf0-a796-6d65ca10d3de","block_type":"box","text":"iShares iBonds Dec 2030 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":697,"width":296,"height":9}},{"id":"7ef4446c-1a7b-4eaa-ac85-4bd4e238094e","block_type":"box","text":"iShares iBonds Dec 2031 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":712,"width":295,"height":8}},{"id":"113babbc-4ba3-4d3f-b154-557164c33412","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":146,"box":{"x":76,"y":735,"width":406,"height":11}},{"id":"241d0904-5a7d-43f3-a584-bf0f54bebf47","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":146,"box":{"x":76,"y":758,"width":892,"height":11}},{"id":"b692f191-83af-46b3-ae8a-a200255d5b1e","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":146,"box":{"x":76,"y":772,"width":874,"height":11}},{"id":"f9ac708b-30b6-4bd0-8c2e-796295e57460","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":146,"box":{"x":76,"y":786,"width":864,"height":11}},{"id":"5037313f-1bdb-4bd6-b32a-171e897f4395","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":146,"box":{"x":76,"y":801,"width":895,"height":10}},{"id":"3c887e49-af82-4cdb-a21b-0e60c89b0778","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":146,"box":{"x":77,"y":815,"width":896,"height":11}},{"id":"6c3c2ed3-0786-4a82-bde0-c5d219d4a302","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":146,"box":{"x":76,"y":829,"width":905,"height":11}},{"id":"30946b81-4f2e-461e-81e9-48838df9b152","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":146,"box":{"x":76,"y":843,"width":707,"height":11}},{"id":"4e8cb407-f723-4f13-875d-3be992f62b8f","block_type":"box","text":"21","page_number":146,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"69e6875c-bb25-4074-bff1-0a4fc0dee311","block_type":"box","text":"Market Discount Bonds","page_number":147,"box":{"x":77,"y":23,"width":162,"height":9}},{"id":"3f94ce94-76c7-41f9-be3b-93551bb872f2","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":147,"box":{"x":76,"y":46,"width":898,"height":11}},{"id":"52390a6e-5eed-462d-804d-d80cc6808ceb","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":147,"box":{"x":76,"y":61,"width":903,"height":10}},{"id":"2e34acd3-285d-49a6-9f64-0aae23338986","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":147,"box":{"x":76,"y":75,"width":898,"height":11}},{"id":"2bacfc54-2509-4b70-8078-3c318ccb0ebf","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":147,"box":{"x":76,"y":89,"width":626,"height":11}},{"id":"387cc2a6-0112-45bd-a304-eeb05cd67617","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":147,"box":{"x":77,"y":112,"width":307,"height":11}},{"id":"73d696a9-4aad-48f0-a0d4-4764e9ec1a70","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":147,"box":{"x":76,"y":135,"width":874,"height":11}},{"id":"011ef25e-13e7-4641-9ec5-923a440920f6","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":147,"box":{"x":76,"y":149,"width":860,"height":11}},{"id":"7202b3e2-0a5b-480d-b4ce-a700b9542228","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":147,"box":{"x":77,"y":164,"width":852,"height":10}},{"id":"b32affc4-aa6e-4115-877c-fc2b1ceb0356","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":147,"box":{"x":76,"y":178,"width":863,"height":11}},{"id":"530733ae-4e8d-4e04-8fec-a20c67a092a1","block_type":"box","text":"Non-U.S. Income Taxes","page_number":147,"box":{"x":77,"y":201,"width":158,"height":9}},{"id":"2b03950c-754a-4a01-abcf-02a9edd550a1","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":147,"box":{"x":77,"y":224,"width":837,"height":11}},{"id":"50d8846d-c74b-4d62-a56e-0487412c6e89","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":147,"box":{"x":76,"y":238,"width":863,"height":11}},{"id":"84328678-7feb-472d-9260-0dc08b952619","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":147,"box":{"x":77,"y":253,"width":865,"height":10}},{"id":"096455c9-ea1a-4cfa-beec-2c4fae8ad4a2","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":147,"box":{"x":77,"y":267,"width":875,"height":11}},{"id":"2c5c821b-7f8b-4f7e-945f-54d048750876","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":147,"box":{"x":77,"y":281,"width":895,"height":11}},{"id":"cca70550-a05f-4478-8c28-603e74b24835","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":147,"box":{"x":76,"y":295,"width":888,"height":11}},{"id":"372c9c2c-616d-4b96-b90d-2aba680c434a","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":147,"box":{"x":76,"y":309,"width":875,"height":11}},{"id":"2f57da82-c9bf-42c3-8ac1-851b74e3d14e","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":147,"box":{"x":76,"y":323,"width":896,"height":11}},{"id":"b107c24d-f11d-41c0-9341-4873a5208a88","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":147,"box":{"x":76,"y":338,"width":635,"height":11}},{"id":"e018fb66-2cd2-4c84-ba8e-ba46e144d3e4","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":147,"box":{"x":77,"y":361,"width":896,"height":11}},{"id":"e7b9b54e-5fc1-447b-a63c-18ba5c2bf56d","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":147,"box":{"x":76,"y":375,"width":903,"height":11}},{"id":"168dba28-69be-4fea-9f27-08472828e2a9","block_type":"box","text":"could be reduced.","page_number":147,"box":{"x":76,"y":389,"width":114,"height":9}},{"id":"20b53c96-4683-42be-afda-1dd31e5e19d8","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":147,"box":{"x":77,"y":412,"width":853,"height":11}},{"id":"0255119a-26b2-423c-9ea0-990e4edebaf9","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":147,"box":{"x":76,"y":427,"width":900,"height":10}},{"id":"23af6cf9-bf5e-4b67-9e9d-e3009f976290","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":147,"box":{"x":76,"y":441,"width":876,"height":11}},{"id":"5c230f82-9147-46ee-9dac-225ce06dcf7e","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":147,"box":{"x":76,"y":455,"width":509,"height":11}},{"id":"8be0afe6-3187-4fd6-b45f-025922f85676","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":147,"box":{"x":77,"y":478,"width":879,"height":11}},{"id":"2960cd0b-957f-4276-80f6-9681829e69d5","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":147,"box":{"x":76,"y":492,"width":407,"height":11}},{"id":"27dc3860-8809-4453-975b-ba62925702e6","block_type":"box","text":"Non-U.S. Shareholders","page_number":147,"box":{"x":77,"y":516,"width":156,"height":8}},{"id":"97936517-4f3f-4fd7-9f35-9f5845895962","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":147,"box":{"x":77,"y":539,"width":888,"height":11}},{"id":"d84c9b82-4e54-4678-84d7-eaebef4a16c0","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":147,"box":{"x":77,"y":553,"width":904,"height":11}},{"id":"fb7456de-26c2-448c-8cdd-5bfee3f44ee8","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":147,"box":{"x":77,"y":567,"width":868,"height":11}},{"id":"94fec9e0-cabb-42e3-8aa4-296e2a2804b6","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":147,"box":{"x":76,"y":581,"width":903,"height":11}},{"id":"c4d11a78-2880-4e63-99c9-153cea59f2f7","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":147,"box":{"x":76,"y":596,"width":468,"height":10}},{"id":"d2e45da4-d7a9-4de4-8d0e-e58004e6b397","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":147,"box":{"x":76,"y":619,"width":896,"height":11}},{"id":"6d70aacb-f509-4e5a-9b1a-4fc14e5625c7","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":147,"box":{"x":76,"y":633,"width":894,"height":11}},{"id":"f79db5ab-2b72-4271-ab80-765184bf93d1","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":147,"box":{"x":77,"y":647,"width":262,"height":11}},{"id":"37c446a9-1b7c-4051-919b-c9c7ac355034","block_type":"box","text":"Backup Withholding","page_number":147,"box":{"x":77,"y":670,"width":139,"height":11}},{"id":"ac58a2cc-9fa4-4f79-bc2f-7d8aa7314691","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":147,"box":{"x":77,"y":693,"width":890,"height":11}},{"id":"0e4acdd8-aa94-46f8-bd3f-2e97a6febcb3","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":147,"box":{"x":76,"y":708,"width":789,"height":11}},{"id":"49410e30-db94-4326-a9c1-264abde52f7a","block_type":"box","text":"Securities Lending","page_number":147,"box":{"x":76,"y":731,"width":129,"height":11}},{"id":"aa1d24a6-ca78-4a91-812a-ed448cf204ec","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":147,"box":{"x":77,"y":754,"width":901,"height":11}},{"id":"c1aa6f71-f953-4e20-aad1-8bdeecadfdea","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":147,"box":{"x":76,"y":768,"width":892,"height":11}},{"id":"44a50680-9ad8-43be-9124-944b6f6c4f17","block_type":"box","text":"through by the Fund.","page_number":147,"box":{"x":76,"y":783,"width":132,"height":10}},{"id":"a07aede3-0f2f-4d84-b034-f045400343fe","block_type":"box","text":"Fund of Funds","page_number":147,"box":{"x":77,"y":806,"width":98,"height":8}},{"id":"b8f45cb5-6aa6-442d-b017-fc7665b94bdf","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":147,"box":{"x":77,"y":829,"width":844,"height":11}},{"id":"e55b7a17-e3cd-4443-9930-236006148966","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":147,"box":{"x":76,"y":843,"width":870,"height":11}},{"id":"a2a26c9a-6f93-44fa-9fb5-da98e5854208","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":147,"box":{"x":77,"y":857,"width":864,"height":11}},{"id":"ae7fdde8-bb56-4209-8867-f318207c0e87","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":147,"box":{"x":76,"y":871,"width":643,"height":11}},{"id":"f7d4ebd1-ad5a-48b8-a7c7-0d585e330659","block_type":"box","text":"22","page_number":147,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"746b07b6-1171-4e48-9441-2ac1abfb4bb5","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":148,"box":{"x":76,"y":23,"width":350,"height":11}},{"id":"86624a6b-d937-4217-9a5b-bc3aee66cb04","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":148,"box":{"x":76,"y":46,"width":876,"height":11}},{"id":"99e4246a-7fa0-4f6b-ba72-b04374ac68e7","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":148,"box":{"x":77,"y":61,"width":896,"height":10}},{"id":"0e8b126d-9125-48fe-9f94-e7a6ffb62afe","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":148,"box":{"x":76,"y":75,"width":870,"height":11}},{"id":"69d3c32e-bb15-4668-9f23-2d9c3b4c843d","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":148,"box":{"x":77,"y":89,"width":892,"height":11}},{"id":"ccdea118-b01b-433b-8f5b-923351377f89","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":148,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"f667373a-1576-4328-b7d5-b8eadc5cd23e","block_type":"box","text":"contribution tax mentioned above.","page_number":148,"box":{"x":76,"y":117,"width":219,"height":9}},{"id":"0e5d485c-8ec1-4432-be58-5b81e1627ac2","block_type":"box","text":"Creations and Redemptions","page_number":148,"box":{"x":76,"y":140,"width":193,"height":11}},{"id":"e6b50170-1c1a-4691-b7bf-413b43865d4e","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":148,"box":{"x":77,"y":164,"width":693,"height":10}},{"id":"b2379dab-a068-46d9-881d-34a094b8c5a4","block_type":"box","text":"i.e.","page_number":148,"box":{"x":771,"y":164,"width":17,"height":8}},{"id":"271da2fe-b19e-4280-9bb5-c103aaaa4194","block_type":"box","text":", market makers, large","page_number":148,"box":{"x":790,"y":164,"width":143,"height":10}},{"id":"4c51a535-eb23-4af5-b273-6fed304656c0","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":148,"box":{"x":76,"y":178,"width":866,"height":11}},{"id":"b16da804-b412-4428-83e7-4ff589563db7","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":148,"box":{"x":76,"y":192,"width":650,"height":11}},{"id":"91775c5d-25e9-4134-be31-2fb7c5900eb5","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":148,"box":{"x":77,"y":215,"width":832,"height":11}},{"id":"9c22813c-4dea-4cd4-8131-6e873748162d","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":148,"box":{"x":76,"y":229,"width":891,"height":11}},{"id":"4522780e-3a98-4724-aa57-308418ed2443","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":148,"box":{"x":76,"y":244,"width":874,"height":10}},{"id":"381fc21b-54c1-4144-9e4e-ed4941722f3c","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":148,"box":{"x":76,"y":258,"width":904,"height":11}},{"id":"77712029-e0b9-4b2a-b03b-8e30ed5f9549","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":148,"box":{"x":76,"y":281,"width":875,"height":11}},{"id":"0421a2c9-41d2-46e7-886f-ca7f393d2d6c","block_type":"box","text":"cash.","page_number":148,"box":{"x":76,"y":295,"width":33,"height":9}},{"id":"dc653c3c-1869-4554-9ba8-056c1b94abc4","block_type":"box","text":"In-Kind","page_number":148,"box":{"x":76,"y":318,"width":45,"height":9}},{"id":"839e9e7e-8c07-4558-b6b9-ad3a55511cce","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":148,"box":{"x":122,"y":318,"width":860,"height":11}},{"id":"ca02b8e2-2c5a-487b-ad72-be3a5a762d8d","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":148,"box":{"x":76,"y":333,"width":898,"height":10}},{"id":"f9c4f921-83f1-4019-b060-52d74cfbd819","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":148,"box":{"x":77,"y":347,"width":851,"height":10}},{"id":"fefbb25b-1e6e-4242-b2c7-cd202330904b","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":148,"box":{"x":76,"y":361,"width":686,"height":11}},{"id":"ef220086-bd92-4aac-905c-e8ed60e48ca3","block_type":"box","text":"Partial Cash","page_number":148,"box":{"x":76,"y":384,"width":74,"height":9}},{"id":"d67bd154-c192-4321-a6ff-84c6467356fe","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":148,"box":{"x":152,"y":384,"width":806,"height":11}},{"id":"d4005151-293a-4025-846f-407bde979894","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":148,"box":{"x":76,"y":398,"width":870,"height":11}},{"id":"faa9d4bf-d839-433a-99c5-77697a2df121","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":148,"box":{"x":77,"y":412,"width":870,"height":11}},{"id":"0dc2b4c3-8961-4d27-893f-0a9ab9e039bf","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":148,"box":{"x":77,"y":427,"width":380,"height":10}},{"id":"2e0239ae-2b24-4555-b036-e207be037cbc","block_type":"box","text":"All Cash","page_number":148,"box":{"x":75,"y":450,"width":51,"height":8}},{"id":"8fdedadf-01fd-4632-9fcb-c65ce6c0f0cb","block_type":"box","text":". 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In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":148,"box":{"x":76,"y":464,"width":869,"height":11}},{"id":"66a1e0ea-b652-4f43-98fb-8dec18f916d9","block_type":"box","text":"specified amount of cash.","page_number":148,"box":{"x":76,"y":478,"width":164,"height":11}},{"id":"3f0afd79-355b-4ad7-bd3b-d2d9cac88cd5","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":148,"box":{"x":76,"y":501,"width":845,"height":11}},{"id":"65d7115a-0b2f-41a8-9523-3bb2abaffbd5","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":148,"box":{"x":76,"y":516,"width":408,"height":10}},{"id":"0154b2d0-e3ed-4d74-9cd6-dc4c331c99e9","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. 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Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":149,"box":{"x":76,"y":300,"width":900,"height":10}},{"id":"960eebbd-9f26-4097-a0cd-e2b098a9c455","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":149,"box":{"x":77,"y":314,"width":892,"height":11}},{"id":"656dda40-cf87-4f0a-a57a-7b20ca276b84","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":149,"box":{"x":76,"y":337,"width":898,"height":11}},{"id":"7bda1dd2-0386-47b3-9ee0-920228bd8404","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":149,"box":{"x":76,"y":351,"width":896,"height":11}},{"id":"45d839bb-cbc5-47ab-b1b2-81987088e8d9","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":149,"box":{"x":76,"y":365,"width":844,"height":11}},{"id":"7089eda4-4cd1-4fe2-aa80-1e5a14e4dafa","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). 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Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":149,"box":{"x":77,"y":431,"width":902,"height":11}},{"id":"8ecf5fb9-0ea1-4158-8271-1f172fb51d7e","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":149,"box":{"x":76,"y":445,"width":868,"height":11}},{"id":"3dc9af43-745c-4365-a860-056c86fcb0de","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. 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Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":149,"box":{"x":76,"y":809,"width":871,"height":11}},{"id":"4b9bb01a-1109-49b2-a758-1cdb11c1851d","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":149,"box":{"x":77,"y":823,"width":894,"height":11}},{"id":"811c5fb8-fb3f-4c62-a08f-1737b3e7db68","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. 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Therefore, such payments or other financial incentives that are offered or","page_number":149,"box":{"x":76,"y":866,"width":896,"height":10}},{"id":"f807390c-3c32-49ea-9132-7f259f63ad0a","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":149,"box":{"x":76,"y":880,"width":844,"height":11}},{"id":"f51095b6-b16e-4078-8ba7-8d91c1631c10","block_type":"box","text":"24","page_number":149,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"760d3c17-9f94-4612-830c-659e03380f73","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":150,"box":{"x":77,"y":23,"width":814,"height":11}},{"id":"eaff7905-438c-4936-b5f2-2f9855b55d04","block_type":"box","text":"Please","page_number":150,"box":{"x":897,"y":23,"width":44,"height":9}},{"id":"56153481-6e81-403a-b821-c7839370a4a5","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":150,"box":{"x":76,"y":37,"width":879,"height":11}},{"id":"2ee1b48e-c6df-4f0e-880b-fafa59f43c44","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":150,"box":{"x":76,"y":51,"width":263,"height":11}},{"id":"d9540b17-9b31-479e-83c8-35f857f069fe","block_type":"box","text":"Financial Highlights","page_number":150,"box":{"x":78,"y":80,"width":191,"height":17}},{"id":"4f72ee5a-9d07-4343-9c88-aefe54185cd9","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":150,"box":{"x":76,"y":109,"width":895,"height":11}},{"id":"973166cc-7854-401a-9d93-63a8cf692c75","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. 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