0000930667 2025-08-31 2025-08-31 0000930667 isi:S000004250Member 2025-08-31 2025-08-31 false 2025-08-31 497 0000930667 2025-12-30 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares, Inc. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Supplement dated October 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">to the currently effective Summary Prospectus, Prospectus, and </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Statement of Additional Information (the “SAI”) for the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">iShares MSCI Malaysia ETF (EWM) (the “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around December 1, 2026: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The Fund’s Underlying Index will change as described in the table below. All references to the Underlying Index for the Fund will refer to the new Underlying Index. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:96%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:49%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Current Underlying Index</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"><span style="font-weight:bold">New Underlying Index</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">MSCI Malaysia Index</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;">MSCI Malaysia 25/50 Index</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left;">2.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund will be deleted and replaced with the following: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid‑capitalization segments of the equity market in Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">As of August 31, 2026, the Underlying Index had approximately 21 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">In accordance with Rule 35d‑1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"> investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund may lend securities representing up to one‑third of the value of the Fund’s total assets (including the value of any collateral received). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Industry Concentration Policy.</span> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares, Inc. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Supplement dated October 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">to the currently effective Summary Prospectus, Prospectus, and </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Statement of Additional Information (the “SAI”) for the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">iShares MSCI Malaysia ETF (EWM) (the “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around December 1, 2026: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The Fund’s Underlying Index will change as described in the table below. All references to the Underlying Index for the Fund will refer to the new Underlying Index. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:96%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:49%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:49%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Current Underlying Index</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"><span style="font-weight:bold">New Underlying Index</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">MSCI Malaysia Index</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;">MSCI Malaysia 25/50 Index</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left;">2.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund will be deleted and replaced with the following: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid‑capitalization segments of the equity market in Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">As of August 31, 2026, the Underlying Index had approximately 21 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">In accordance with Rule 35d‑1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"> investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund may lend securities representing up to one‑third of the value of the Fund’s total assets (including the value of any collateral received). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Industry Concentration Policy.</span> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> iShares, Inc. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid‑capitalization segments of the equity market in Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">As of August 31, 2026, the Underlying Index had approximately 21 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">In accordance with Rule 35d‑1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"> investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund may lend securities representing up to one‑third of the value of the Fund’s total assets (including the value of any collateral received). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Industry Concentration Policy.</span> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid‑capitalization segments of the equity market in Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;">In accordance with Rule 35d‑1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:arial;"> investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders. </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.