Common use of Principal Risks of Investing Clause in Contracts

Principal Risks of Investing. The Fund is subject to market risk, affiliated fund risk, allocation risk, equity securities risk, and the risks of fixed income investments as well as the risks and special considerations associated with investing in an index fund. Additional principal risks are identified in the Fund's prospectus. ALTERNATIVE INVESTMENT FUND‌ iShares Xxxxx & Steers REIT ETF Investment Objective, Strategy and Policies — The iShares Xxxxx & Steers REIT ETF seeks to track the investment results of the Xxxxx & Steers Realty Majors Index (the "Underlying Index"), which consists of real estate investment trusts ("REITs"). The objective of the Underlying Index is to represent relatively large and liquid REITs that may benefit from future consolidation and securitization of the U.S. real estate industry. REITs are selected for inclusion in the Underlying Index based on a review of several factors, including management, portfolio quality, capital structure and sector and geographic diversification. The REITs selected for inclusion in the Underlying Index must meet minimum market capitalization and trading volume requirements. The Underlying Index is weighted according to the total free float adjusted market value of each REIT's outstanding shares and is adjusted quarterly so that no REIT represents more than 8% of the Underlying Index. Within the REIT market, the Underlying Index is diversified across property sectors that represent the current market.

Principal Risks of Investing. The Fund is subject to market risk, affiliated fund risk, allocation risk, equity securities risk, and the risks of fixed income investments as well as the risks and special considerations associated with investing in an index fund. Additional principal risks are identified in the Fund's prospectus. ALTERNATIVE INVESTMENT FUND‌ FUND iShares Xxxxx & Steers REIT ETF Investment Objective, Strategy and Policies — The iShares Xxxxx & Steers REIT ETF seeks to track the investment results of an index composed of U.S. real estate investment trusts (“REITs”). The Fund seeks to track the investment results of the Xxxxx & Steers Realty Majors Index (the "“Underlying Index"”), which consists of real estate investment trusts ("30 REITs"). The objective of the Underlying Index is to represent relatively large and liquid REITs that may benefit from future consolidation and securitization of the U.S. real estate industry. REITs are selected for inclusion in the Underlying Index based on a review of several factors, including management, portfolio quality, capital structure structure, and sector and geographic diversification. The REITs selected for inclusion in the Underlying Index Constituents must meet minimum market capitalization and trading volume requirements. The Underlying Index is weighted according to the total free float adjusted market value of each REIT's ’s outstanding shares and is adjusted quarterly so that no REIT represents more than 8% of the Underlying Index. Within the REIT marketAs of April 30, 2022, a significant portion of the Underlying Index is diversified across property sectors represented by REITs. The components of the Underlying Index are likely to change over time. The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that represent have economic characteristics that are substantially identical to the current marketcomponent securities of its Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund will 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.

Principal Risks of Investing. The Fund is subject to market risk, affiliated fund risk, allocation risk, equity securities risk, and the risks of fixed income investments as well as the risks and special considerations associated with investing in an index fund. Additional principal risks are identified in the Fund's prospectus. ALTERNATIVE INVESTMENT FUND‌ iShares Xxxxx & Steers REIT ETF Investment Objective, Strategy and Policies — The iShares Xxxxx & Steers REIT ETF seeks to track the investment results of an index composed of U.S. real estate investment trusts (“REITs”). The Fund seeks to track the investment results of the Xxxxx & Steers Realty Majors Index (the "“Underlying Index"”), which consists of real estate investment trusts ("REITs"). The objective of the Underlying Index is to represent relatively large and liquid REITs that may benefit from future consolidation and securitization of the U.S. real estate industry. REITs are selected for inclusion in the Underlying Index based on a review of several factors, including management, portfolio quality, capital structure structure, and sector and geographic diversification. The REITs selected for inclusion in the Underlying Index must meet minimum market capitalization and trading volume requirements. The Underlying Index is weighted according to the total free float adjusted market value of each REIT's ’s outstanding shares and is adjusted quarterly so that no REIT represents more than 8% of the Underlying Index. Within the REIT market, the Underlying Index is diversified across property sectors that represent the current market. As of April 30, 2021, a significant portion of the Underlying Index is represented by REITs. The components of the Underlying Index are likely to change over time.