div style="margin-top: 3pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund seeks to meet its investment /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"objective generally by investing in /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"individual securities which satisfy the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"criteria of the ICE 2044 Maturity US /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Treasury Index (the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"). /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund may also invest in short-term /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"paper, cash and cash equivalents, /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"including shares of money market funds /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"advised by BFA or its affiliates. The Fund /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"is a term fund that will terminate on or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"about December 15, 2044, at which /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"time it will distribute its remaining net /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"assets to shareholders pursuant to a /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"plan of liquidation. The Fund does not /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"seek to return any predetermined /span/div div style="line-height: 10.45pt; text-align: left;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"amount at maturity or in periodic /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"distributions. The Underlying Index /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"consists of publicly-issued U.S. Treasury /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"securities that are scheduled to mature /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"between January 1, 2044 and December /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"15, 2044, inclusive./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"Qualifying securities are U.S. Treasury /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"notes and bonds having $1 billion or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"more of outstanding face value, /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"excluding amounts held by the Federal /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Reserve System Open Market Account /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"(/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"SOMA/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"). In addition, the securities in /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Underlying Index must have a fixed /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"coupon schedule and be denominated /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"in U.S. dollars. Excluded from the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index are inflation-linked /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"securities, Treasury bills, cash /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"management bills, any government /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"agency debt issued with or without a /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"government guarantee and zero-coupon /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"issues that have been stripped from /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"coupon-paying bonds. However, the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"amounts outstanding of qualifying /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"securities in the Underlying Index are /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"not reduced by any individual /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"components of such securities (/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;"i.e./spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;", /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"coupon or principal) that have been /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"stripped after inclusion in the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index. Securities issued or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"marketed primarily to retail investors do /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"not qualify for inclusion in the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Underlying Index is market value-weighted/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;" based on amounts /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"outstanding reduced by amounts held /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"by the Federal Reserve SOMA times /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"price plus accrued interest. Accrued /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"interest is calculated assuming next-day /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"settlement. The Underlying Index is /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"rebalanced on the last calendar day of /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the month, based on information /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"available up to and including the third /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"business day before the last business /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"day of the month. New issues must /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"settle on or before the following /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"calendar month end rebalancing date in /span/div div style="line-height: 10.45pt; text-align: left;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"order to qualify for inclusion for such /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"following month (/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;"e.g./spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;", an issue must /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"settle on or before November 30 in /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"order to be included in the index on /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"October 31). The securities in the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index are updated on the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"last calendar day of each month until /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"June 30, 2044. Cash flows from bond /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"payments that are received during the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"month are retained in the Underlying /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Index until the end of the month and /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"then are removed as part of the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"rebalancing. Beginning June 30, 2044, /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Underlying Index will not remove /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"interest payments and matured /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"securities at each rebalancing but /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"instead will retain those amounts as a /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"growing cash position throughout the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"remaining life of the Underlying Index./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"BFA uses an indexing approach to try to /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"achieve the Fund’s investment /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"objective. Unlike many investment /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"companies, the Fund does not try to /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"beat/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;" the index it tracks and does not /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"seek temporary defensive positions /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"when markets decline or appear /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"overvalued./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"Indexing may eliminate the chance that /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Fund will substantially outperform /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Underlying Index but also may /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"reduce some of the risks of active /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"management, such as poor security /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"selection. Indexing seeks to achieve /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"lower costs and better after-tax /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"performance by aiming to keep portfolio /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"turnover low in comparison to actively /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"managed investment companies./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"BFA uses a representative sampling /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"indexing strategy to manage the Fund. /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Representative sampling/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;" is an /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"indexing strategy that involves investing /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"in a representative sample of securities /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"that collectively has an investment /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"profile similar to that of an applicable /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"underlying index. The securities /span/div div style="line-height: 10.45pt; text-align: left;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"selected are expected to have, in the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"aggregate, investment characteristics /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"(based on factors such as market value /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"and industry weightings), fundamental /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"characteristics (such as return /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"variability, duration (/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;"i.e./spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;", a security's /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"price sensitivity to a change in interest /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"rates), maturity or credit ratings and /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"yield) and liquidity measures similar to /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"those of an applicable underlying index. /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund may or may not hold all of the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"securities in the Underlying Index./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund will invest at least 80% of its /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"assets in the component securities of /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Underlying Index, and the Fund will /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"invest at least 90% of its assets in U.S. /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Treasury securities that BFA believes /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"will help the Fund track the Underlying /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Index, in each case except during the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"last months of the Fund's operations, as /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"described below. The Fund will invest no /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"more than 10% of its assets in futures, /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"options and swaps contracts that BFA /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"believes will help the Fund track the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index. Cash and cash /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"equivalent investments associated with /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"a derivative position will be treated as /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"part of that position for the purposes of /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"calculating the percentage of /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"investments included in the Underlying /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Index./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund seeks to track the investment /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"results of the Underlying Index before /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"fees and expenses of the Fund. In the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"last months of operation, as the bonds /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"held by the Fund mature, the proceeds /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"will not be reinvested by the Fund in /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"bonds but instead will be held in cash /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"and cash equivalents. To the extent that /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"the Fund invests in money market or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"similar funds, it will incur the fees and /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"expenses of such funds. By December /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"15, 2044, the Underlying Index is /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"expected to consist almost entirely of /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"cash earned in this manner. On or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"around this date, the Fund will wind up /span/div div style="line-height: 10.45pt; text-align: left;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"and terminate, and its net assets will be /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"distributed to then-current shareholders /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"pursuant to a plan of liquidation./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Fund may lend securities /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"representing up to one-third of the value /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"of the Fund's total assets (including the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"value of any collateral received)./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial; font-size: 8.55pt;"The Underlying Index is owned, /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"maintained and administered by ICE /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Data Indices, LLC (the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Index Provider/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;" /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"or /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"“/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"IDI/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"”/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"), which is/spanspan style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;" /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"independent of the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Fund and BFA. The Index Provider /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"determines the composition and relative /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"weightings of the securities in the /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"Underlying Index and publishes /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"information regarding the market value /spanspan style="color: #000000; font-family: arial; font-size: 8.55pt;"of the Underlying Index./span/div