ISHARES J.P. MORGAN EM LOCAL CURRENCY BOND

The investment seeks to track the investment results of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index composed of local currency denominated, emerging market sovereign bonds. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The index tracks the performance of local currency-denominated sovereign bond markets of emerging market countries. The fund is non-diversified.