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| FORM 485BPOS |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| Performance as of February 29, 2012 |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Taxes on Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Fees Fees Expenses Expenses Expenses Fee ... |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Taxes on Distributions |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Fees and Expenses |
| OPERATING EXPENSES |
| Principal Investment Strategies |
| Summary of Principal Risks |
| Performance Information |
| Management |
| Investment Adviser. BlackRock Fund Advisors. |
| A Further Discussion of Principal Risks |
| Management |
| Shareholder Information |
| Dividends and Distributions |
| Financial Highlights |
| FINANCIAL HIGHLIGHTS TABLE |
| FUND PERFORMANCE |
| Investment Strategies and Risks |
| Additional Information |
| Other Factors - Earthquake Risk |
| Management |
| NAME AND TITLE |
| NAME AND TITLE |
| NAME AND TITLE |
| NAME AND TITLE |
| TRUSTEE OWNERSHIP |
| TRUSTEE OWNERSHIP |
| TRUSTEE OWNERSHIP |
| Control Persons and Principal Holders of Securities. |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| BENEFICIAL OWNERS |
| Investment Advisory, Administrative and Distribution Services |
| Additional Information Concerning the Trust |
| Financial Statements |
| Appendix A |
| Part C |
| Item 28. Exhibits: |
| Item 29. Persons Controlled By or Under Common Control with ... |
| Item 30. Indemnification: |
| Item 31. Business and Other Connections of the Investment ... |
| Item 32. Principal Underwriters: |
| NAME AND TITLE |
| Item 33. Location of Accounts and Records: |
| Item 34. Management Services: |
| Item 35. Undertakings: |
| SIGNATURES |
| Exhibit Index |
| EXHIBIT 99.(I) |
| EXHIBIT 99.(J) |