iShares S&P MidCap 400 Value Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the S&P MidCap 400/Citigroup Value Index (the Value Index). The Value Index measures the performance of the mid-capitalization value sector of the United States equity market. The Value Index is a subset of the S&P MidCap 400 Index and consists of those stocks in the S&P MidCap 400 Index exhibiting the strongest value characteristics within the S&P MidCap 400 Index, representing approximately 53% of the market capitalization of the S&P MidCap 400 Index. The Value Index consists of stocks from a range of industries. The Fund invests in a representative sample of securities included in the Value Index that collectively has an investment profile similar to the Value Index. The Fund’s investment advisor is BlackRock Fund Advisors.