{"annotation_id":"799fdaa7-ebb5-4480-b597-41ecb7a76164","file_hash":"37f1cf740fd942c87bf20b6f4907909265eadac15d2d5a10b14d0b99c5708f33","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"70d0672a-485c-4a48-9761-ea366c3effda","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"08468427-ca2c-41c9-8e15-2dcb973b8933","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"c04dc5c8-cca9-4d35-8a73-c9d690c3596c","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"54d18d24-deb8-4557-aeec-bca9d4464a82","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"2a0035c6-22e2-43fa-884f-08f5589fb46b","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"baaba2b1-b153-4843-a968-5e42302688c9","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"570f3a86-699d-4bf8-8040-711f52805c32","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"3ec0cb86-75e8-4d57-b36b-6ec4a61c23cc","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":1,"box":{"x":84,"y":321,"width":319,"height":12}},{"id":"82abffbf-6027-441b-8584-4b43e5a8b178","block_type":"box","text":"Class K: BCSKX","page_number":1,"box":{"x":83,"y":339,"width":96,"height":7}},{"id":"1a8e1385-40c5-4b1b-b8e5-610e6f620099","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"57c438dc-e5bc-4398-9807-4e45bb658d2a","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"2dcef24b-ee22-4ea1-90c6-dafc3aeed9fd","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"08a9094d-f343-4279-b210-93bb475c1f33","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"b57e7298-e9ca-4574-9c1a-0d4931eba496","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"59dae38f-ce15-4d03-b544-65d8e4cf6946","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"925ddcf1-dd63-4394-9b59-154396f33595","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"8e87eb0a-c7c4-402b-8670-e3af7b8aced4","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"e382d2e0-a87a-4f7f-919e-1469df7368d2","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"c9ff36a3-3f6e-4fbe-af18-b7af79bd4e6e","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":803,"width":774,"height":11}},{"id":"a53863c7-83ec-4a5d-8a26-5df32d9f94a3","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":819,"width":477,"height":10}},{"id":"cb9df804-a952-4947-93d7-993541f7bd38","block_type":"box","text":"The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved","page_number":1,"box":{"x":63,"y":839,"width":773,"height":11}},{"id":"92e84952-f813-4405-ab09-a6c3264d2b4e","block_type":"box","text":"or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation","page_number":1,"box":{"x":63,"y":855,"width":766,"height":11}},{"id":"c8c74c42-16d0-4d4f-91f8-28028e87ab90","block_type":"box","text":"to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":248,"height":11}},{"id":"b6c17135-91c2-4298-aa25-ea0ff0171ae7","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"5a87c7f1-533b-42ab-8947-d9690d3bee1a","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"4279f423-2ece-4596-83a4-ad7bcb77c2f3","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"46c7f6a7-f5c4-4dc7-b01b-58ddaebce9a2","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"85855dc6-582a-4d35-8947-f6af1780e731","block_type":"box","text":"No Bank 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Funds","page_number":2,"box":{"x":60,"y":178,"width":802,"height":12}},{"id":"cf350377-22c3-4f9e-8b3d-82fd129d6f06","block_type":"box","text":"SM","page_number":2,"box":{"x":863,"y":179,"width":11,"height":4}},{"id":"bbcca36f-c5c3-43de-a8df-04e23a7b1589","block_type":"box","text":"(the","page_number":2,"box":{"x":880,"y":179,"width":27,"height":11}},{"id":"4f5d3712-478d-42fc-9a3a-1e42adc6133b","block_type":"box","text":"“Trust”), is to seek total return.","page_number":2,"box":{"x":62,"y":194,"width":229,"height":11}},{"id":"6234c5fa-fc1d-4132-90f2-1c2a3e44794c","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"70b6e310-9763-4ff1-bd35-47973dc60216","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":746,"width":832,"height":12}},{"id":"78861eca-7ae1-41b0-8a07-8912ca551764","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":762,"width":832,"height":11}},{"id":"94c210c6-9422-4971-a989-36cccf809718","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":777,"width":859,"height":11}},{"id":"c87d0a2a-c43a-4e07-971a-e861b0d64025","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":792,"width":436,"height":11}},{"id":"f3964a77-ad89-4bc8-b67e-ce06c7a21663","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":820,"width":292,"height":8}},{"id":"24ac31e2-3d3c-445c-b0a8-86f2d7b84600","block_type":"box","text":"Class K Shares $72 $239 $421 $948","page_number":2,"box":{"x":69,"y":837,"width":843,"height":10}},{"id":"6744adaf-0319-4077-8216-01f156894162","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":863,"width":151,"height":10}},{"id":"051b1469-699d-4102-8c4b-69dcccc67271","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":879,"width":800,"height":11}},{"id":"ce10d9e6-9142-4eeb-9212-8dd103e6727f","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":894,"width":850,"height":11}},{"id":"4009aa9f-9a33-4e5b-9b27-8c70957cb261","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":2,"box":{"x":61,"y":909,"width":870,"height":11}},{"id":"70b920fa-2a4f-4210-bc1f-b0c0e775e85b","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"d14e222f-2dc0-470b-9d3c-2f174b32daba","block_type":"box","text":"NM1026U-5981144-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5bfba81e-9cc7-4ddd-9703-af15c67a6da2","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":42,"width":839,"height":11}},{"id":"85fdc34d-44ff-478e-a791-18de30dfb6fb","block_type":"box","text":"88% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":57,"width":298,"height":11}},{"id":"168033ba-db4e-4bff-854b-7834658c094d","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":95,"width":394,"height":14}},{"id":"0994786d-9aa1-4177-b11e-ba960bdc220d","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":3,"box":{"x":62,"y":122,"width":850,"height":11}},{"id":"13d75deb-0d56-421b-b6ef-b30f97593f45","block_type":"box","text":"purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not","page_number":3,"box":{"x":62,"y":137,"width":847,"height":11}},{"id":"69cd64f1-f536-476f-8eec-45916336e5ab","block_type":"box","text":"limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity","page_number":3,"box":{"x":62,"y":152,"width":778,"height":11}},{"id":"24d32b3e-87d4-495d-a0fe-6841e83caf9e","block_type":"box","text":"investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide","page_number":3,"box":{"x":62,"y":166,"width":828,"height":12}},{"id":"f1ac780c-3fb4-4ba1-b011-91eb8919f82b","block_type":"box","text":"investment exposure to the securities included within that policy or to one or more market risk factors associated with","page_number":3,"box":{"x":62,"y":181,"width":866,"height":11}},{"id":"91121273-3658-40ed-9420-a6c2291e4000","block_type":"box","text":"such securities.","page_number":3,"box":{"x":61,"y":196,"width":114,"height":9}},{"id":"db62884b-f3c4-4aaa-8797-9a21fff0d186","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":3,"box":{"x":60,"y":218,"width":834,"height":12}},{"id":"60836d21-ea4d-4df5-92d1-1b68bbef3c8e","block_type":"box","text":"The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total","page_number":3,"box":{"x":60,"y":241,"width":832,"height":12}},{"id":"bc7c4061-9b27-4e94-a010-cd96eec46a1f","block_type":"box","text":"assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it","page_number":3,"box":{"x":61,"y":256,"width":843,"height":11}},{"id":"5cced031-b0af-4870-bca5-9af07709b261","block_type":"box","text":"deems it prudent to do so based on market conditions, trends or movements or other similar factors.","page_number":3,"box":{"x":61,"y":271,"width":743,"height":11}},{"id":"5493bc34-c636-49aa-b79a-2667288fc67b","block_type":"box","text":"One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements","page_number":3,"box":{"x":61,"y":293,"width":852,"height":12}},{"id":"ff27bfe3-63d8-47b3-b916-21f6e8160944","block_type":"box","text":"associated with these derivative investments, and to invest excess cash, the Fund holds a por tion of its por tfolio in","page_number":3,"box":{"x":61,"y":308,"width":848,"height":11}},{"id":"c9fb85be-877b-4ec3-a22f-8fe933054429","block_type":"box","text":"investment-grade shor t-term fixed-income securities. The other strategy focuses on equity investments in commodity","page_number":3,"box":{"x":62,"y":323,"width":857,"height":11}},{"id":"312e6ed3-9f18-49c1-a612-242efb6648ca","block_type":"box","text":"related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors.","page_number":3,"box":{"x":61,"y":338,"width":850,"height":11}},{"id":"071a8f48-bc37-45c6-b4c1-1cc25e38fe3c","block_type":"box","text":"The Fund invests in equity securities of such companies in order to complement the commodity exposures achieved","page_number":3,"box":{"x":60,"y":352,"width":851,"height":12}},{"id":"c6af297c-84f3-442f-90b1-b9fc0437e329","block_type":"box","text":"through investments in commodity-linked derivatives. Taken together, these two strategies offer broad exposure to","page_number":3,"box":{"x":60,"y":367,"width":840,"height":12}},{"id":"6baa93bb-e809-4af3-8905-a31fe650ca20","block_type":"box","text":"global commodities market trends across asset classes, industries, sectors, and regions.","page_number":3,"box":{"x":60,"y":382,"width":660,"height":12}},{"id":"78015536-a100-4640-9290-875610df339a","block_type":"box","text":"Commodities are assets that have tangible proper ties, such as oil and other energy products, metals, and agricultural","page_number":3,"box":{"x":61,"y":405,"width":867,"height":11}},{"id":"22642ce2-83b7-486c-830a-13e4673db9ec","block_type":"box","text":"products. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap","page_number":3,"box":{"x":62,"y":420,"width":823,"height":11}},{"id":"8dd68531-bdb5-4014-91f6-f23b9c054172","block_type":"box","text":"agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of","page_number":3,"box":{"x":61,"y":434,"width":850,"height":12}},{"id":"7dc45c21-a9ca-4438-ab87-9038a88537ba","block_type":"box","text":"the commodities markets, without investing directly in physical commodities.","page_number":3,"box":{"x":60,"y":449,"width":563,"height":12}},{"id":"7f1f1290-9b1a-4306-9a88-142aba45eacc","block_type":"box","text":"Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy","page_number":3,"box":{"x":61,"y":472,"width":876,"height":11}},{"id":"9beda2f3-2700-483d-a38f-e84d9829d94e","block_type":"box","text":"businesses and in associated businesses and companies that provide services or have exposure to such businesses","page_number":3,"box":{"x":61,"y":487,"width":865,"height":11}},{"id":"6da887e5-c49e-42b5-ad9e-24e6dd2375c0","block_type":"box","text":"(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the","page_number":3,"box":{"x":61,"y":501,"width":827,"height":12}},{"id":"e9b0be9b-5ee7-43a9-826a-7de5ee641b9d","block_type":"box","text":"exploration, ownership, production, refinement, processing, transpor tation, distribution or marketing of commodities,","page_number":3,"box":{"x":61,"y":516,"width":857,"height":12}},{"id":"3e5e5254-7434-4fc4-a1a0-30c9d647b6d0","block_type":"box","text":"companies that use commodities extensively in their products and companies that provide technology and services to","page_number":3,"box":{"x":61,"y":531,"width":866,"height":12}},{"id":"aebb747c-a0f2-4fcb-8780-bc04aa8b40f3","block_type":"box","text":"commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and","page_number":3,"box":{"x":61,"y":546,"width":870,"height":11}},{"id":"6ae87e3f-6557-46ac-ab81-864912b52409","block_type":"box","text":"gas exploration and production, energy services and technology, chemicals and oil products, coal and other","page_number":3,"box":{"x":60,"y":561,"width":790,"height":11}},{"id":"2fd3f023-72ec-4dfc-bab9-fb0e50aa3acd","block_type":"box","text":"consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services,","page_number":3,"box":{"x":61,"y":575,"width":872,"height":12}},{"id":"7692dae3-2581-42b0-99c7-8f6288b7577e","block_type":"box","text":"farm land, alternative energy sources, environmental services and agricultural products (including crop growers,","page_number":3,"box":{"x":60,"y":590,"width":821,"height":12}},{"id":"a81e771c-ffea-4032-9fe6-0e6269a4d82d","block_type":"box","text":"owners of plantations, and companies that produce and process foods), as well as related transpor tation companies,","page_number":3,"box":{"x":61,"y":605,"width":863,"height":11}},{"id":"cf3aa622-2a79-4396-a5eb-8d4c0edbb4b7","block_type":"box","text":"equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.","page_number":3,"box":{"x":61,"y":620,"width":826,"height":12}},{"id":"c63e9862-e197-403b-9494-1f70423e1b4b","block_type":"box","text":"The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the","page_number":3,"box":{"x":60,"y":642,"width":850,"height":12}},{"id":"7d5cff34-71ec-4877-a6ef-f60c3dc5cbb8","block_type":"box","text":"Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective","page_number":3,"box":{"x":62,"y":657,"width":864,"height":12}},{"id":"2a83f73b-be36-418d-8413-a6b90ea49c4b","block_type":"box","text":"as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow","page_number":3,"box":{"x":61,"y":672,"width":860,"height":12}},{"id":"1239d6d3-fee8-4bdc-975a-8525dddfe987","block_type":"box","text":"the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity","page_number":3,"box":{"x":60,"y":687,"width":824,"height":11}},{"id":"bfca44a3-4206-4827-9ab2-cb599e800d72","block_type":"box","text":"securities of commodity-related companies, and may invest without limitation in commodity-linked derivative","page_number":3,"box":{"x":61,"y":702,"width":790,"height":11}},{"id":"a994f6f3-39be-4dc2-9f16-53f5da3de721","block_type":"box","text":"instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the","page_number":3,"box":{"x":62,"y":717,"width":846,"height":11}},{"id":"e096afb9-99e0-4dca-8ac5-192ee4f5602a","block_type":"box","text":"Subsidiary.","page_number":3,"box":{"x":61,"y":732,"width":79,"height":11}},{"id":"068adc5f-f1bb-4104-ab0d-357a670610f1","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":3,"box":{"x":60,"y":754,"width":814,"height":12}},{"id":"547a525a-8661-43a8-b7b7-e8898c609ae8","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":3,"box":{"x":61,"y":769,"width":870,"height":11}},{"id":"526f55ff-f42f-4854-8987-519e888d9c56","block_type":"box","text":"Return","page_number":3,"box":{"x":62,"y":784,"width":46,"height":9}},{"id":"364066ba-1266-4b8f-b97c-844f0fc80039","block_type":"box","text":"SM","page_number":3,"box":{"x":109,"y":784,"width":11,"height":5}},{"id":"4d1b688d-c894-4670-9969-55b5484c27c8","block_type":"box","text":". This is done in an effor t to achieve efficient investment results and minimize any adverse effects on returns","page_number":3,"box":{"x":123,"y":784,"width":805,"height":11}},{"id":"85a1a362-ba58-4e76-8fcc-c04256adacc7","block_type":"box","text":"caused by commodity term structures.","page_number":3,"box":{"x":61,"y":799,"width":281,"height":11}},{"id":"6b5bc298-84aa-4e76-9621-4e94ef67a165","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and","page_number":3,"box":{"x":62,"y":821,"width":851,"height":11}},{"id":"42e3ff8e-bc1e-4f2e-9e2d-d8ca9c73351e","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":3,"box":{"x":61,"y":836,"width":797,"height":11}},{"id":"4e0d4abe-f4fb-4e4e-8262-4b8c050f3f57","block_type":"box","text":"par tnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration)","page_number":3,"box":{"x":62,"y":851,"width":866,"height":11}},{"id":"efdb118d-9551-4114-af76-e55f3d02cfc5","block_type":"box","text":"of commodity-related companies. The Fund may also purchase conver tible securities.","page_number":3,"box":{"x":61,"y":866,"width":625,"height":11}},{"id":"93ddd874-587f-4bc6-b20b-da706b3ed5e2","block_type":"box","text":"There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in","page_number":3,"box":{"x":60,"y":888,"width":875,"height":12}},{"id":"2ebfced4-3743-41a4-8ef3-cd2da939eded","block_type":"box","text":"both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated","page_number":3,"box":{"x":61,"y":903,"width":859,"height":11}},{"id":"07832c14-113b-454c-80d4-67928e932a86","block_type":"box","text":"in both U.S. dollars and foreign currencies.","page_number":3,"box":{"x":62,"y":918,"width":313,"height":11}},{"id":"c4c5d186-3d5e-4e06-99d8-cc74fa947d4a","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"0e9fc455-1e06-43f7-906f-e422f5b40abb","block_type":"box","text":"NM1026U-5981144-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a7f63b3a-65ea-4a7c-a2ba-c69a37ece630","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"dd5e44d1-d60d-4be3-9c8c-10291ef3e612","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":69,"width":860,"height":11}},{"id":"4f575ce3-e250-4a36-b1f5-fdd17ab12db6","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":84,"width":802,"height":11}},{"id":"463c6565-ac34-4139-9861-993aab674e29","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":98,"width":842,"height":12}},{"id":"d4965928-08b6-45d3-ac31-aa1800f1d2d7","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":113,"width":857,"height":12}},{"id":"c9d5d505-38f6-434f-a165-79722848fdfa","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":128,"width":515,"height":12}},{"id":"3fc7f037-71e2-475b-88e8-655aa68aac3a","block_type":"box","text":"Commodities Investment Risk","page_number":4,"box":{"x":81,"y":148,"width":227,"height":9}},{"id":"13d846c5-b8c1-4017-88ba-2a218bdeec2f","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":4,"box":{"x":312,"y":148,"width":582,"height":12}},{"id":"24199a27-9f03-429c-ad24-1fa7017b5a46","block_type":"box","text":"commodity-related companies may subject the Fund to greater volatility than investments in traditional securities.","page_number":4,"box":{"x":81,"y":163,"width":831,"height":12}},{"id":"61b63241-33be-4a61-8f4c-da40d7147801","block_type":"box","text":"The commodities markets have experienced periods of extreme volatility. Similar future market conditions may","page_number":4,"box":{"x":81,"y":178,"width":810,"height":11}},{"id":"6bca6be3-64cb-4483-a21a-6d29b4b41637","block_type":"box","text":"result in rapid and substantial valuation increases or decreases in the Fund’s holdings.","page_number":4,"box":{"x":82,"y":193,"width":639,"height":11}},{"id":"6b3972af-6291-4c2f-b26f-1f175550af05","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment","page_number":4,"box":{"x":81,"y":213,"width":842,"height":11}},{"id":"4d353e33-ac11-431d-8a99-c713af97a506","block_type":"box","text":"prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be","page_number":4,"box":{"x":82,"y":227,"width":849,"height":12}},{"id":"eb93aae2-e237-48d5-b133-0f1cc4792c44","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":4,"box":{"x":82,"y":242,"width":784,"height":12}},{"id":"12be0434-9301-4b8d-9ba6-244d0a3d4956","block_type":"box","text":"programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions;","page_number":4,"box":{"x":82,"y":257,"width":845,"height":12}},{"id":"e50f4693-68cd-44ff-a2d5-ef8eb5d9e336","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and impor ted commodities; the","page_number":4,"box":{"x":81,"y":272,"width":802,"height":11}},{"id":"1b89de66-09c1-4b5c-b43d-c9daccfe2f4d","block_type":"box","text":"availability of local, intrastate and interstate transpor tation systems; energy conservation; the success of","page_number":4,"box":{"x":81,"y":287,"width":776,"height":11}},{"id":"5107fb8f-3e6c-46b7-bd11-8b1f2be5533c","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of","page_number":4,"box":{"x":81,"y":302,"width":800,"height":11}},{"id":"c2c4dc38-071a-4fd3-8eda-720b0709860c","block_type":"box","text":"inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and","page_number":4,"box":{"x":82,"y":316,"width":850,"height":12}},{"id":"8004658d-0868-45c9-9d66-a53206a3cd4a","block_type":"box","text":"foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates;","page_number":4,"box":{"x":81,"y":331,"width":811,"height":12}},{"id":"d4eaddf9-995e-411e-884c-eaa4a91f7d13","block_type":"box","text":"domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and","page_number":4,"box":{"x":81,"y":346,"width":838,"height":12}},{"id":"ac255eba-8049-4cec-b1d9-e87ea04bc6ec","block_type":"box","text":"conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and","page_number":4,"box":{"x":81,"y":361,"width":772,"height":11}},{"id":"db06705c-5a2c-4cd1-9881-23e7e32cf7ed","block_type":"box","text":"commodities funds; changes in philosophies and emotions of market par ticipants. The frequency and magnitude of","page_number":4,"box":{"x":81,"y":376,"width":847,"height":11}},{"id":"30a3e310-5a61-41d3-85c4-385af8ba30bb","block_type":"box","text":"such changes cannot be predicted.","page_number":4,"box":{"x":81,"y":391,"width":256,"height":11}},{"id":"88ee40b8-e8d1-410d-b5a7-ac9e21aeaccf","block_type":"box","text":"The commodity markets are subject to temporary distor tions and other disruptions due to, among other factors,","page_number":4,"box":{"x":81,"y":410,"width":822,"height":12}},{"id":"aefe97da-3b6a-44bd-b706-bd4d155fb7d3","block_type":"box","text":"lack of liquidity, the par ticipation of speculators, and government regulation and other actions. U.S. futures","page_number":4,"box":{"x":82,"y":425,"width":785,"height":12}},{"id":"6028d662-fbb2-4d3a-b9b4-5e87868baa38","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in","page_number":4,"box":{"x":81,"y":440,"width":852,"height":12}},{"id":"e69b8314-e6d8-4eca-bd5d-f8985f8082bf","block_type":"box","text":"a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a","page_number":4,"box":{"x":81,"y":455,"width":844,"height":12}},{"id":"9f784e3b-d228-4cc4-9277-4f595899007c","block_type":"box","text":"contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a par ticular","page_number":4,"box":{"x":81,"y":470,"width":853,"height":11}},{"id":"a0a0e668-1b24-4fb6-ad91-cd622e26329c","block_type":"box","text":"contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a","page_number":4,"box":{"x":81,"y":485,"width":804,"height":11}},{"id":"bc23df05-62a1-4ce8-91d4-f44def4d42a7","block_type":"box","text":"par ticular contract or forcing the liquidation of contracts at disadvantageous times or prices.","page_number":4,"box":{"x":82,"y":499,"width":676,"height":12}},{"id":"6b0e7629-97dd-4852-a5b9-eae8fa911e1f","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":520,"width":166,"height":11}},{"id":"234d4bc5-08e3-4124-a336-03872318326b","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":519,"width":685,"height":12}},{"id":"fe43c573-cd5d-4888-89e3-505412aa9968","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":534,"width":550,"height":12}},{"id":"74ddaba6-9e83-47fd-af13-9d898420783d","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":554,"width":123,"height":9}},{"id":"582e0d90-177c-4fb0-b0b7-73dc4f129ba5","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":554,"width":664,"height":12}},{"id":"08e0cc5f-718a-4e60-a1a1-2787abba5233","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":569,"width":469,"height":12}},{"id":"53bf85bb-8c1b-4fbd-956e-dba7eb8076af","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":589,"width":102,"height":12}},{"id":"9c875475-1975-43d8-abb1-211aebd1969f","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":589,"width":723,"height":12}},{"id":"5e4b92ab-f735-4572-988e-e8eeec1d75c8","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":4,"box":{"x":82,"y":604,"width":832,"height":11}},{"id":"facf6af7-723f-4934-b2f2-84feebfd6a9d","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":619,"width":280,"height":11}},{"id":"a3668b96-0bd5-4b5c-9059-54307a6f921f","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":639,"width":87,"height":9}},{"id":"0591673b-e06f-4998-950a-9e0863ad752b","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":639,"width":728,"height":11}},{"id":"60da9438-a3ba-4c54-ad9f-13456b26c21b","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":653,"width":834,"height":12}},{"id":"bc346a28-bff5-45d2-9dd3-b36dccfecaf1","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":669,"width":832,"height":11}},{"id":"6d764e2b-b05a-46a1-9339-14d15cfd3c0b","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":683,"width":779,"height":11}},{"id":"73162f55-a3c7-4d98-bfe1-1f81b564c44e","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":698,"width":253,"height":11}},{"id":"1f25125c-163f-413a-9f92-37cf58704d7c","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":718,"width":131,"height":11}},{"id":"aef996af-9c0e-403d-8646-58b7f09a9c6f","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":718,"width":697,"height":11}},{"id":"9ad93b86-5aa8-435f-99d9-aaaed4644308","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":733,"width":855,"height":11}},{"id":"2d0cef8a-d36f-4df3-8979-37ea8ae075a7","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":748,"width":240,"height":11}},{"id":"544d7b76-43f0-4372-afd9-7422116f62ca","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":768,"width":100,"height":11}},{"id":"4021c023-cd52-4a30-870a-c8619feb6570","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":4,"box":{"x":186,"y":768,"width":750,"height":11}},{"id":"877c43a3-8d5d-416f-826d-263e02e417e9","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":4,"box":{"x":80,"y":783,"width":839,"height":11}},{"id":"42b1ae3a-afb0-490a-95df-b2cc493c943a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":797,"width":293,"height":12}},{"id":"0aee77d5-e4f6-409f-8223-24210541d185","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":817,"width":120,"height":11}},{"id":"87d048d8-f2ca-4565-bd58-4d3f9f2828ab","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":817,"width":727,"height":12}},{"id":"d542a866-bd8e-494a-85f1-cf71a229c0cb","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":832,"width":607,"height":11}},{"id":"03421cdc-f7f7-491d-863d-522ace1fce88","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":852,"width":75,"height":12}},{"id":"8f9d082f-e5f0-4e4e-b2d7-9692d364642d","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":4,"box":{"x":161,"y":852,"width":761,"height":12}},{"id":"b90ee3a2-eb4c-4594-83d7-dee990c69e78","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":867,"width":198,"height":11}},{"id":"7621866c-3016-4adf-8e4e-1071aa241537","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":887,"width":214,"height":11}},{"id":"05f8762d-8804-4a8d-8281-962da318d9f7","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":4,"box":{"x":300,"y":887,"width":590,"height":11}},{"id":"004f9c44-6eda-4a4f-b8ed-ec654c452710","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":4,"box":{"x":81,"y":902,"width":775,"height":11}},{"id":"6f30790f-11e0-4b59-bb11-628752c5d18b","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":916,"width":589,"height":12}},{"id":"3619cee9-ae15-40f4-a8a0-c5b226193ce3","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"96f59ad4-8423-4af7-8d0e-d040182221fd","block_type":"box","text":"NM1026U-5981144-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dadbbd4e-01ff-45fd-a5dd-668ef3996f20","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":42,"width":102,"height":9}},{"id":"5261dd39-284c-4e86-a6b7-b27229ce04f3","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":42,"width":747,"height":11}},{"id":"292f285f-967b-4344-8609-bebe1ed0d76b","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":57,"width":783,"height":11}},{"id":"71523afd-5ed2-4e51-a052-602de6bdc4f4","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":71,"width":273,"height":12}},{"id":"72a6c48f-df23-4b4d-b377-1c34302b6187","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":92,"width":95,"height":11}},{"id":"1f92204e-7289-497f-bb45-ec8f07945ab4","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":91,"width":728,"height":12}},{"id":"c66bbd20-ef56-4adc-b79c-c41d6d6cff16","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":106,"width":839,"height":12}},{"id":"ee7e9c77-fd0b-4dd5-8021-fdba8514d7b3","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":121,"width":354,"height":11}},{"id":"5bf24400-2b2f-4f3d-988a-cddabe664207","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":141,"width":59,"height":9}},{"id":"4593d9ed-6a91-4956-afd9-9eff3a6c89dd","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":141,"width":719,"height":12}},{"id":"18e0bc05-ff14-4c0a-9e1d-dd4d12de0ab0","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":156,"width":801,"height":11}},{"id":"b822dd05-d202-438b-a907-1fd4cc8100d6","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":171,"width":802,"height":11}},{"id":"3374c1b7-e167-4b4e-85a1-45720b1ebeeb","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":185,"width":830,"height":12}},{"id":"ec9c5379-4f53-4fd0-9aa2-082880940039","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":200,"width":215,"height":10}},{"id":"2b83c2c6-2191-4a7c-855c-cfa56e487162","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":5,"box":{"x":82,"y":220,"width":399,"height":12}},{"id":"41063af2-a7c2-45e9-84b5-ded3c7f3bf29","block_type":"box","text":"Commodity-Linked Derivatives","page_number":5,"box":{"x":102,"y":240,"width":218,"height":12}},{"id":"cf8d4b3e-9100-47d0-8c88-83b850968225","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":5,"box":{"x":325,"y":240,"width":588,"height":12}},{"id":"73fb05b7-1f50-4fb8-8f23-a3adb643ea28","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":5,"box":{"x":101,"y":255,"width":809,"height":12}},{"id":"4f22f18d-b676-4715-8742-3aad4ae85a4b","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":5,"box":{"x":102,"y":270,"width":833,"height":12}},{"id":"0e102a14-e299-4f9f-8d8c-887f61fbd986","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":5,"box":{"x":102,"y":285,"width":781,"height":11}},{"id":"185ead83-b613-46ed-9cd6-a051ef672a58","block_type":"box","text":"factors affecting a par ticular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":5,"box":{"x":101,"y":300,"width":768,"height":11}},{"id":"711fc089-7a82-4076-84c1-0143aede204c","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":5,"box":{"x":101,"y":314,"width":813,"height":12}},{"id":"0934b91f-5f18-42ad-85d8-3ee1c28cf623","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":5,"box":{"x":102,"y":329,"width":744,"height":12}},{"id":"255ab68c-962a-45b2-91a3-476c9c6504f9","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":5,"box":{"x":102,"y":344,"width":772,"height":12}},{"id":"34b472ac-2f3f-4024-88cb-5c90bbf821ea","block_type":"box","text":"investments. A highly liquid secondary market may not exist for cer tain commodity-linked derivatives, and there","page_number":5,"box":{"x":102,"y":359,"width":815,"height":11}},{"id":"67dade15-3585-4e6c-99f4-23a07e6581a2","block_type":"box","text":"can be no assurance that one will develop.","page_number":5,"box":{"x":101,"y":374,"width":313,"height":11}},{"id":"6a0dbd8f-9ee5-4206-9301-955a87f371f1","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":5,"box":{"x":101,"y":394,"width":785,"height":11}},{"id":"d66f4600-8067-4a2f-8634-d5adc117c1e5","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":5,"box":{"x":101,"y":409,"width":789,"height":11}},{"id":"96c58f8a-7eb1-4c64-8bf3-548c4fdfa3be","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":5,"box":{"x":101,"y":424,"width":784,"height":11}},{"id":"a38a0df5-f4fc-4ae5-9147-287fdebd130b","block_type":"box","text":"interest payments.","page_number":5,"box":{"x":102,"y":438,"width":135,"height":12}},{"id":"2a875184-c050-4575-9471-484b605d91b6","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":5,"box":{"x":102,"y":458,"width":781,"height":12}},{"id":"0ac77f29-f159-4b75-979e-4e0aebcbb9f9","block_type":"box","text":"attempt to manage its counterpar ty exposure so as to limit its exposure to any one counterpar ty. However, due to","page_number":5,"box":{"x":101,"y":473,"width":835,"height":12}},{"id":"ab07e106-e7d8-4002-9e53-8aaad3757dd2","block_type":"box","text":"the limited number of entities that may serve as counterpar ties (and which the Fund believes are creditwor thy) at","page_number":5,"box":{"x":101,"y":488,"width":833,"height":11}},{"id":"459992da-d6f7-4a8d-9aaa-d6efeda5e635","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterpar ties and may invest","page_number":5,"box":{"x":101,"y":503,"width":820,"height":11}},{"id":"e2540bd6-f49c-47d8-be89-80352b037d35","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterpar ties, which may","page_number":5,"box":{"x":102,"y":517,"width":783,"height":12}},{"id":"0e3bec95-18ed-483c-ac6b-033ac9163712","block_type":"box","text":"increase the Fund’s exposure to counterpar ty credit risk. There can be no assurance that the Fund will be able to","page_number":5,"box":{"x":102,"y":533,"width":830,"height":11}},{"id":"af5dcc3e-f0d6-4065-a302-b98df1680569","block_type":"box","text":"limit exposure to any one counterpar ty at all times.","page_number":5,"box":{"x":102,"y":547,"width":373,"height":12}},{"id":"5902d036-601f-4ed8-a2c4-ad65c27d140f","block_type":"box","text":"Commodity-Linked Notes","page_number":5,"box":{"x":102,"y":567,"width":180,"height":12}},{"id":"c3157c68-58ad-4cfe-9f42-457ca3c9b3e2","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":5,"box":{"x":287,"y":567,"width":602,"height":12}},{"id":"99a58c29-4b8a-4863-8d39-59f765e1bba6","block_type":"box","text":"significant por tion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":5,"box":{"x":101,"y":582,"width":827,"height":11}},{"id":"7a2983bd-db8b-4493-b17c-78811172e5e0","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":5,"box":{"x":101,"y":597,"width":807,"height":11}},{"id":"a89c2af9-f496-4fed-999a-d564618ccbd0","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":5,"box":{"x":102,"y":612,"width":581,"height":11}},{"id":"32cb37ea-e219-41c8-ac22-bb7b6a2ab2d9","block_type":"box","text":"Futures","page_number":5,"box":{"x":102,"y":632,"width":54,"height":9}},{"id":"b88dbd3e-bb00-4dc5-b841-c48956fe8450","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":5,"box":{"x":161,"y":632,"width":765,"height":11}},{"id":"d86fd3de-a522-4e0f-aad8-438412b999f2","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":5,"box":{"x":101,"y":646,"width":786,"height":12}},{"id":"2e2aa6b2-8caf-48fd-b109-5a75aeeb0e58","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imper fect correlations","page_number":5,"box":{"x":102,"y":661,"width":769,"height":12}},{"id":"dfee0948-959b-4508-8563-1057302b089a","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":5,"box":{"x":102,"y":676,"width":822,"height":12}},{"id":"e5166eb6-a0a5-496c-856e-721ded8d841e","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":5,"box":{"x":101,"y":691,"width":832,"height":11}},{"id":"4e8010bb-67e3-4b63-8623-cb37f86a1e88","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":5,"box":{"x":101,"y":706,"width":806,"height":11}},{"id":"6796454e-7643-49fa-9418-148521d56670","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":5,"box":{"x":102,"y":720,"width":793,"height":12}},{"id":"e46a147c-1048-4ddb-9ff4-eacd120aac86","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterpar ty will","page_number":5,"box":{"x":102,"y":735,"width":787,"height":12}},{"id":"a91d3908-324e-4824-87e3-f566db17427e","block_type":"box","text":"default in the per formance of its obligations.","page_number":5,"box":{"x":101,"y":750,"width":327,"height":12}},{"id":"7d1b707d-72e8-4d47-bd39-667c6a956ce9","block_type":"box","text":"Swaps","page_number":5,"box":{"x":102,"y":770,"width":47,"height":11}},{"id":"46e08111-0018-47cb-913a-d1f416f85bb7","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":5,"box":{"x":154,"y":770,"width":775,"height":12}},{"id":"dee42065-ccd5-430f-b7a8-2f3ea3bf7496","block_type":"box","text":"two-par ty contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":5,"box":{"x":101,"y":785,"width":829,"height":12}},{"id":"37f20335-2729-4a38-9187-bd9caa06fd28","block_type":"box","text":"transaction, two par ties agree to exchange the value(s) or cash flow(s) of one asset for another over a cer tain","page_number":5,"box":{"x":101,"y":800,"width":807,"height":11}},{"id":"45fdcf68-5868-4dc1-89dd-82639c95f429","block_type":"box","text":"period of time. Swap agreements involve the risk that the par ty with whom the Fund has entered into the swap","page_number":5,"box":{"x":102,"y":815,"width":811,"height":11}},{"id":"7bfdefdc-f72c-4e59-a640-c900aee2073e","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":5,"box":{"x":101,"y":829,"width":820,"height":12}},{"id":"e2366b84-d201-41c7-b258-51f9c14ffba2","block_type":"box","text":"pay the other par ty to the agreement. Swap agreements may also involve the risk that there is an imper fect","page_number":5,"box":{"x":102,"y":844,"width":791,"height":12}},{"id":"e018baa3-7e47-49b8-aa57-18a12e247fff","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterpar ty and the return on the referenced","page_number":5,"box":{"x":101,"y":859,"width":789,"height":12}},{"id":"9e2a200e-cbbf-4d82-b676-556cc0dabaa5","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":5,"box":{"x":101,"y":874,"width":796,"height":11}},{"id":"e08775e0-dc0b-4b5e-9b8b-4be6f3c1f4f5","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":5,"box":{"x":102,"y":894,"width":335,"height":11}},{"id":"31207cbf-c3e3-43c3-9311-17fc6c344213","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":5,"box":{"x":442,"y":894,"width":437,"height":11}},{"id":"1569f7e5-08e2-4c05-b7ab-7b09963dc5e6","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":5,"box":{"x":101,"y":909,"width":820,"height":11}},{"id":"30f83989-a32a-43da-b450-44fdc3a92756","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"29e5f1de-8a9d-4799-afa6-fe101274eda6","block_type":"box","text":"NM1026U-5981144-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"43d26ae6-b5ba-467e-9037-7511a587e948","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":6,"box":{"x":101,"y":42,"width":801,"height":11}},{"id":"0d144be0-67f4-4276-a158-504e6a9c7398","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":6,"box":{"x":101,"y":57,"width":824,"height":11}},{"id":"2d7cacc7-6e41-4848-a173-f5cf73aa215b","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing oppor tunities for gain.","page_number":6,"box":{"x":101,"y":71,"width":831,"height":12}},{"id":"25d54526-a11d-40f1-9fc0-a59237405a79","block_type":"box","text":"Commodities Regulatory Risk","page_number":6,"box":{"x":81,"y":92,"width":224,"height":11}},{"id":"833ca745-6166-411f-8517-a7b5af8f0d92","block_type":"box","text":"— Commodity-related companies are subject to significant federal, state and local","page_number":6,"box":{"x":309,"y":91,"width":603,"height":12}},{"id":"98fa53f9-d54c-48c2-bb53-52987b0448d1","block_type":"box","text":"government regulation in vir tually every aspect of their operations, including how facilities are constructed,","page_number":6,"box":{"x":81,"y":106,"width":782,"height":12}},{"id":"9b116dc8-8e47-49a0-9a8a-e2032bf04c39","block_type":"box","text":"maintained and operated, environmental and safety controls, and the prices they may charge for the products and","page_number":6,"box":{"x":82,"y":121,"width":836,"height":12}},{"id":"a49b6913-1d76-4d96-a274-84cc500c214e","block_type":"box","text":"services they provide. The Commodity Futures Trading Commission (the “CFTC”) and the U.S. commodities","page_number":6,"box":{"x":81,"y":136,"width":784,"height":11}},{"id":"bbb63ac5-4df2-485c-8a9b-18f8324515ba","block_type":"box","text":"exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example,","page_number":6,"box":{"x":81,"y":151,"width":843,"height":11}},{"id":"6e7f1141-f8e3-4f6c-b55a-853d59e2767a","block_type":"box","text":"the imposition of higher margin requirements, the establishment of daily limits and the suspension of trading. Any","page_number":6,"box":{"x":80,"y":166,"width":839,"height":11}},{"id":"8ec15099-a363-4a34-bdfb-ff3f064d7f61","block_type":"box","text":"of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment","page_number":6,"box":{"x":81,"y":180,"width":794,"height":12}},{"id":"e40e128d-5a10-4921-9b86-534e59b10a98","block_type":"box","text":"decisions the Fund might otherwise make.","page_number":6,"box":{"x":81,"y":195,"width":310,"height":12}},{"id":"33aea9ee-4993-44a8-8cd4-6511c96b298d","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the","page_number":6,"box":{"x":81,"y":218,"width":820,"height":11}},{"id":"6b6f2623-50d7-453e-a660-974d36792301","block_type":"box","text":"maximum net long or net shor t speculative positions that any person may hold or control in any par ticular futures,","page_number":6,"box":{"x":82,"y":233,"width":836,"height":11}},{"id":"f8009f2b-7488-4f75-9e77-3047b3326f79","block_type":"box","text":"options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on","page_number":6,"box":{"x":81,"y":247,"width":852,"height":12}},{"id":"9ee3275d-1c7b-4287-a043-a7fe0a5f7d0c","block_type":"box","text":"futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced","page_number":6,"box":{"x":81,"y":262,"width":841,"height":12}},{"id":"8261a649-a452-4df1-932a-60f2c6165014","block_type":"box","text":"futures contracts”), and on economically equivalent swaps. Cer tain position limits include an exemption from limits","page_number":6,"box":{"x":81,"y":277,"width":846,"height":11}},{"id":"5d6f879a-4309-40f5-876f-4913b3c03a79","block_type":"box","text":"for bona fide hedging transactions or positions. As a consequence of these position limits, the size or duration of","page_number":6,"box":{"x":81,"y":292,"width":833,"height":11}},{"id":"151a107b-22e0-45d7-8cd6-f2314322c540","block_type":"box","text":"positions available to the Fund may be severely limited.","page_number":6,"box":{"x":82,"y":307,"width":405,"height":11}},{"id":"72c6bf0e-0964-4df0-84cf-67695fd94716","block_type":"box","text":"In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment","page_number":6,"box":{"x":82,"y":329,"width":836,"height":12}},{"id":"d7246044-100d-4a81-bc4e-43e0df38eeeb","block_type":"box","text":"of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is","page_number":6,"box":{"x":81,"y":344,"width":853,"height":12}},{"id":"f08d5dcb-8997-4bd5-b2c2-fcc75dc3eb78","block_type":"box","text":"a security under the Investment Company Act of 1940, as amended (the “Investment Company Act”).","page_number":6,"box":{"x":81,"y":359,"width":742,"height":11}},{"id":"3fadee95-d421-429e-9327-aadd5ee0fdc4","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":6,"box":{"x":81,"y":379,"width":329,"height":9}},{"id":"7ed4268d-c695-4376-bfb2-a952b0719d61","block_type":"box","text":"—","page_number":6,"box":{"x":415,"y":384,"width":17,"height":1}},{"id":"aeadf647-e4ab-4d06-918d-cb15c06dac82","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":6,"box":{"x":437,"y":379,"width":483,"height":11}},{"id":"6215e5de-0fb7-4bed-abf0-6613e6acea48","block_type":"box","text":"historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial","page_number":6,"box":{"x":82,"y":394,"width":820,"height":11}},{"id":"2edccfbf-1a94-4ab4-9f1b-1e1f11230f5d","block_type":"box","text":"condition of companies involved with precious metals. The production and sale of precious metals by governments","page_number":6,"box":{"x":81,"y":409,"width":842,"height":11}},{"id":"9cccc1b2-7471-4db1-ab1c-9613103fbc40","block_type":"box","text":"or central banks or other larger holders can be affected by various economic, financial, social and political factors,","page_number":6,"box":{"x":81,"y":423,"width":840,"height":12}},{"id":"0b186d75-d4db-4e19-b579-f5adf5be57ad","block_type":"box","text":"which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that","page_number":6,"box":{"x":80,"y":438,"width":843,"height":12}},{"id":"812221cd-e6e1-4a4c-95cb-3d9d93171f70","block_type":"box","text":"may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for","page_number":6,"box":{"x":82,"y":453,"width":846,"height":12}},{"id":"40cfcca8-5b2f-4a30-9b8a-b1c79639bc71","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":6,"box":{"x":82,"y":468,"width":584,"height":11}},{"id":"22c9da72-00aa-4b0f-8afe-4e4eaa969f78","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":81,"y":488,"width":85,"height":9}},{"id":"e7b1f1b7-0f05-4b17-8ec5-97ec0573edf3","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable","page_number":6,"box":{"x":170,"y":488,"width":763,"height":11}},{"id":"244ffab9-1f96-41c9-9504-d293a13829bf","block_type":"box","text":"or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations.","page_number":6,"box":{"x":81,"y":503,"width":797,"height":11}},{"id":"24a6e132-be34-4d18-be48-03075a11bcc9","block_type":"box","text":"Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditwor thiness may also affect the","page_number":6,"box":{"x":81,"y":517,"width":842,"height":12}},{"id":"129bad17-f6dc-49b2-af6d-c72ff62ec16f","block_type":"box","text":"value of the Fund’s investment in that issuer.","page_number":6,"box":{"x":80,"y":532,"width":332,"height":10}},{"id":"0a390e09-35bc-4736-9a03-62714dfcb350","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":552,"width":178,"height":12}},{"id":"c0158010-0b7b-41ec-a592-55cfc8ea0ad0","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":553,"width":617,"height":11}},{"id":"de6abcf7-5497-49d8-8654-7114feee30c3","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":567,"width":825,"height":12}},{"id":"dc74aec1-53ec-4d8b-b302-1cd878d66487","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":582,"width":822,"height":11}},{"id":"e2da4d4c-9b7b-4b85-927f-254ba8758553","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":597,"width":816,"height":11}},{"id":"4feadb8e-2576-4cf8-a284-d2172c030a96","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":612,"width":240,"height":11}},{"id":"b560b67b-b80d-49f9-adf9-0ef2904ef61e","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":632,"width":176,"height":11}},{"id":"42adecd3-cfa3-498d-98cf-3525d92de726","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":632,"width":668,"height":11}},{"id":"7a6a7f65-79ed-4ac0-805f-f5e352d4ccb8","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":647,"width":531,"height":11}},{"id":"46282304-8fa6-44ca-a6b2-2213f834e278","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":666,"width":823,"height":12}},{"id":"fb07047a-d79e-40a5-a1e0-8d5747a7c7bd","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":681,"width":823,"height":12}},{"id":"76d09f05-d911-4358-9791-6b51254d8b94","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":696,"width":70,"height":12}},{"id":"4fb1f06f-fe78-4079-a898-805567facff0","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":6,"box":{"x":101,"y":716,"width":644,"height":12}},{"id":"1c8a96c7-4737-4a8a-8819-4b085682bc36","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":736,"width":830,"height":12}},{"id":"2ed6ff18-ae5f-48f1-89d3-cdad438d0295","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":751,"width":808,"height":11}},{"id":"e3676bf6-3e57-4bff-8e43-76a68373d906","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":766,"width":137,"height":11}},{"id":"debbf30f-150c-4ef9-8389-1902b86c014f","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":6,"box":{"x":101,"y":786,"width":821,"height":11}},{"id":"1c1a8404-f402-4657-bdb1-41aa60959ed6","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":800,"width":809,"height":12}},{"id":"dcee7d9e-9153-4fad-91cd-1d8cda53cb12","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":815,"width":784,"height":12}},{"id":"82800608-95a7-40bc-8406-f12b40da6736","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":830,"width":352,"height":12}},{"id":"a4986f21-cc7a-4bd0-99f5-513005964c54","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":850,"width":823,"height":12}},{"id":"a48260fb-7432-4228-b564-1912a472c388","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":865,"width":811,"height":11}},{"id":"457ce8b8-e684-48d6-8375-f942f9fa8a84","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":880,"width":148,"height":9}},{"id":"6402e392-36a7-4b75-b04a-3612b981e195","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":900,"width":834,"height":11}},{"id":"55adeda7-aaeb-4805-a30f-b55c62e27f40","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":915,"width":628,"height":11}},{"id":"1066828d-9872-43db-918c-b385d0148ff7","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"627a2aeb-3936-449d-9be5-7f85d9924344","block_type":"box","text":"NM1026U-5981144-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"13b34c7e-817c-4a50-923f-b780f7b8ef11","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":7,"box":{"x":101,"y":42,"width":830,"height":11}},{"id":"5bc1eba5-5a1e-4ab8-98a8-f051cba52b7a","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":7,"box":{"x":101,"y":57,"width":831,"height":11}},{"id":"59ae49a8-42e7-4f05-958c-e17087dfb123","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":7,"box":{"x":101,"y":71,"width":813,"height":12}},{"id":"91c138a6-8219-4cf8-b476-9e6b258b4117","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":86,"width":395,"height":12}},{"id":"3a700053-1d19-416b-8cc2-70bff98f3edc","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":81,"y":106,"width":139,"height":9}},{"id":"573ac035-7514-4751-bc79-8244dedd2883","block_type":"box","text":"—","page_number":7,"box":{"x":225,"y":112,"width":17,"height":0}},{"id":"f08e160c-6333-4ca7-85ea-f266902ac058","block_type":"box","text":"Interest rate risk is the risk that the value of a debt security may fall when interest rates rise.","page_number":7,"box":{"x":247,"y":106,"width":683,"height":12}},{"id":"dd18948e-79db-4614-9eda-78a477d09191","block_type":"box","text":"In general, the market price of debt securities with longer maturities will go up or down more in response to changes","page_number":7,"box":{"x":82,"y":121,"width":854,"height":12}},{"id":"0864e097-1e41-4b87-adde-f353307c9811","block_type":"box","text":"in interest rates than the market price of shor ter-term securities. Due to fluctuations in interest rates, the market","page_number":7,"box":{"x":82,"y":136,"width":832,"height":11}},{"id":"adc56788-0152-4c0d-a667-8552bee89df8","block_type":"box","text":"value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative","page_number":7,"box":{"x":80,"y":151,"width":809,"height":11}},{"id":"90d9793a-54b6-4506-8684-078d41fd1225","block_type":"box","text":"interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be","page_number":7,"box":{"x":82,"y":166,"width":842,"height":11}},{"id":"cc3e2607-26c1-4a07-8fca-b185c867cf1d","block_type":"box","text":"unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater","page_number":7,"box":{"x":82,"y":181,"width":824,"height":11}},{"id":"4a2ec9d3-22ae-4ad9-ba9a-7e306de22208","block_type":"box","text":"risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable","page_number":7,"box":{"x":82,"y":195,"width":820,"height":12}},{"id":"56e34ce5-8e04-4d27-ac23-396c46398b63","block_type":"box","text":"effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its","page_number":7,"box":{"x":81,"y":210,"width":846,"height":12}},{"id":"ea89d3b7-8544-42d3-87e6-23b247142825","block_type":"box","text":"investment objective.","page_number":7,"box":{"x":82,"y":225,"width":153,"height":11}},{"id":"0b83fec2-e0af-4887-b5f9-f7d1b656f0d6","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":245,"width":107,"height":11}},{"id":"f95a1359-3070-430d-8dab-05646e7d2a5f","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":245,"width":741,"height":11}},{"id":"3b10735c-9e60-4559-879a-1ef246f3450f","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":260,"width":853,"height":11}},{"id":"760a3066-859c-4dd9-9fca-9e2452593bbe","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":274,"width":856,"height":12}},{"id":"71e63417-f06e-44a5-b378-a8a49678963d","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act, and the rules thereunder. Increases and","page_number":7,"box":{"x":80,"y":289,"width":807,"height":12}},{"id":"f38d2a53-5819-4c1a-80b3-25bc58679ab5","block_type":"box","text":"decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":7,"box":{"x":81,"y":304,"width":686,"height":12}},{"id":"20372216-57f7-4872-8cbf-293ad967d6de","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":324,"width":240,"height":9}},{"id":"44ac7631-1d62-430f-90f1-9398fc9ef352","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":324,"width":593,"height":9}},{"id":"cb20d9a6-5df4-4d2d-aff9-5e8197637006","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":7,"box":{"x":81,"y":339,"width":851,"height":11}},{"id":"ea913c05-2a79-4db8-94a2-4c5d2167799a","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":7,"box":{"x":82,"y":354,"width":824,"height":11}},{"id":"edd8090d-6460-4777-bef0-2cfc4be12832","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":369,"width":851,"height":11}},{"id":"068e0a47-0261-4c9b-8643-ab82b12fa6ce","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":383,"width":802,"height":12}},{"id":"8de23c23-551a-41b4-b17d-6b1ebca61f6e","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":7,"box":{"x":81,"y":398,"width":849,"height":12}},{"id":"230133d7-d1c0-4984-a5e9-d82668124fda","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":7,"box":{"x":81,"y":413,"width":843,"height":12}},{"id":"381a717e-7664-4887-af60-4e84caafd6ad","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":7,"box":{"x":81,"y":428,"width":830,"height":11}},{"id":"326ac8b2-0787-4edc-b439-4eb8dce76aea","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":443,"width":840,"height":11}},{"id":"844d0b1e-f76f-4f8e-93bf-b6ae2f7f5a38","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":7,"box":{"x":81,"y":458,"width":789,"height":11}},{"id":"81f5dfd4-f35e-4cc2-b161-9afa3e97187f","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":472,"width":823,"height":12}},{"id":"359e7007-f63f-46a6-81b1-8564e2aad6ab","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":487,"width":784,"height":12}},{"id":"52508af7-3639-43c4-be4f-fbc3f2d03d1f","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":502,"width":844,"height":11}},{"id":"b4fb80ff-05f2-435e-95a6-44c8a9ab81a3","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":522,"width":818,"height":12}},{"id":"a9178e95-3017-4e58-bac4-2824b00e6a15","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":7,"box":{"x":80,"y":537,"width":819,"height":11}},{"id":"9d5748ae-1dab-4454-be05-04bef9e8e6c5","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":7,"box":{"x":81,"y":552,"width":819,"height":11}},{"id":"6ae80b1c-be20-428e-b442-fe8594e5b89e","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":566,"width":846,"height":12}},{"id":"47358a33-5a19-46be-9aa1-1ad240feeadf","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":581,"width":848,"height":12}},{"id":"4c64e36d-15a5-4009-a80d-4336ef8cf44a","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":596,"width":125,"height":9}},{"id":"11a7e831-2b7e-4c6e-b5ea-eb87cbbb4145","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":616,"width":182,"height":11}},{"id":"9731125d-9800-4b81-850b-604353ee46d3","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":616,"width":665,"height":12}},{"id":"67130c4f-7514-437a-a5ee-8579cb54908c","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":631,"width":789,"height":11}},{"id":"60725463-65f2-485a-b6d2-9f9d16a95be5","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":651,"width":254,"height":11}},{"id":"d0d0bca6-5153-4a16-82f2-81d6c63b3bc6","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":651,"width":578,"height":11}},{"id":"bff9e99b-9b50-41bd-a87a-181bf8a5a092","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":666,"width":779,"height":11}},{"id":"a5d1d7be-bc06-48d5-9d81-ce9365fe4496","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":681,"width":848,"height":11}},{"id":"d22e8cae-c038-4101-9cfa-96dfacaf910c","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":695,"width":806,"height":12}},{"id":"813eeba9-ce69-40a4-b950-71f6a286bdc6","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":710,"width":807,"height":12}},{"id":"537de0af-e3bf-4901-a1ab-be04cc0abe0f","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":725,"width":846,"height":12}},{"id":"359fa3e9-ac99-4b3f-a7ab-28d69e8b017a","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":740,"width":836,"height":11}},{"id":"ed5bf474-e314-480e-b8bc-03973124b88e","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":755,"width":474,"height":11}},{"id":"bac4300a-7ef2-4530-91bd-9dee510e2516","block_type":"box","text":"Sector Risk","page_number":7,"box":{"x":81,"y":775,"width":88,"height":9}},{"id":"0faf09aa-ef66-4042-8344-bfdfbd336205","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":7,"box":{"x":173,"y":775,"width":720,"height":11}},{"id":"99ca088b-2393-4d2e-bd71-8b47e5aa8d54","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":7,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"4e3b4dc7-86c4-4de0-98f4-21a8460e8e52","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":7,"box":{"x":81,"y":804,"width":842,"height":12}},{"id":"16423382-d962-4f22-b623-11db2bd17f55","block_type":"box","text":"sector, there is the risk that the Fund will per form poorly during a downturn in that sector.","page_number":7,"box":{"x":81,"y":819,"width":656,"height":12}},{"id":"9b422eb9-eff2-41dc-aecd-077fa91bf3ed","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":7,"box":{"x":81,"y":837,"width":790,"height":11}},{"id":"ea1fb4bd-eb78-42dd-8315-a4d71f49c817","block_type":"box","text":"Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over","page_number":7,"box":{"x":82,"y":851,"width":847,"height":12}},{"id":"b79e06b1-9da7-4663-b246-966318f922d0","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":7,"box":{"x":82,"y":866,"width":853,"height":12}},{"id":"a66c6c30-5fc1-4b9a-92e9-655ab8eb8b03","block_type":"box","text":"on the Fund than on an investment company that does not concentrate in the industries or businesses in the","page_number":7,"box":{"x":81,"y":881,"width":801,"height":11}},{"id":"5854a894-fc6c-4e3c-a3b8-0d3d6c24b1a4","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":7,"box":{"x":81,"y":896,"width":836,"height":9}},{"id":"1e2fe21b-1203-46fb-818c-26cb6d39d027","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":7,"box":{"x":82,"y":911,"width":798,"height":11}},{"id":"27121d93-19cc-4368-a0e0-0e3480976212","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"6bb12b53-dea2-4f53-b21d-9668a1fec3c3","block_type":"box","text":"NM1026U-5981144-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c0d9e14e-a941-4ad7-9787-d2f8ddc77ce4","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":8,"box":{"x":81,"y":42,"width":767,"height":11}},{"id":"99e44e04-92d5-474c-8787-0dc0c4cdd1fe","block_type":"box","text":"Commodities Sector can also be significantly affected by events relating to international political developments,","page_number":8,"box":{"x":81,"y":57,"width":820,"height":11}},{"id":"51760f9e-4cf1-49fb-9f7f-15d70dfce252","block_type":"box","text":"energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.","page_number":8,"box":{"x":81,"y":71,"width":832,"height":12}},{"id":"1683355c-f6f7-40e8-9c59-1c0b4e193816","block_type":"box","text":"The stock prices of commodity-related companies may also experience greater price volatility than other types of","page_number":8,"box":{"x":81,"y":86,"width":825,"height":12}},{"id":"45f4afda-64de-44b5-89d9-218878bc925c","block_type":"box","text":"common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in","page_number":8,"box":{"x":81,"y":101,"width":853,"height":12}},{"id":"fa20adf6-e3af-4b74-a40c-617d3f769df8","block_type":"box","text":"supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies","page_number":8,"box":{"x":81,"y":116,"width":846,"height":11}},{"id":"7a8c076a-9d56-431b-990a-22be1df3de6c","block_type":"box","text":"may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a","page_number":8,"box":{"x":82,"y":131,"width":849,"height":11}},{"id":"ed3df903-578b-4f70-9998-bb45198a4996","block_type":"box","text":"par ticular industry or commodity, such as weather, embargoes, tariffs, policies of commodity car tels and","page_number":8,"box":{"x":82,"y":146,"width":769,"height":11}},{"id":"b6cfa12c-fffe-48cf-895c-623aa73bb0af","block_type":"box","text":"international economic, political and regulatory developments. Fund management’s judgments about trends in the","page_number":8,"box":{"x":82,"y":161,"width":837,"height":11}},{"id":"2f1cd6bf-721c-42ec-9d8f-704c01714320","block_type":"box","text":"prices of these securities and commodities may prove to be incorrect. At times, the per formance of securities of","page_number":8,"box":{"x":82,"y":175,"width":827,"height":12}},{"id":"f8eb7826-9bab-4d57-b23f-b314f277a48b","block_type":"box","text":"companies in the Commodities Sector will lag behind the per formance of other industries or the broader market as","page_number":8,"box":{"x":81,"y":190,"width":844,"height":12}},{"id":"9f71ce78-9579-4732-bbbe-f546a54b6fc4","block_type":"box","text":"a whole.","page_number":8,"box":{"x":81,"y":205,"width":59,"height":9}},{"id":"6dcf9b55-6380-479b-9fd1-8717ad698043","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":8,"box":{"x":81,"y":225,"width":363,"height":11}},{"id":"3a4570d4-839b-46be-a341-9cbe869c58d4","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":8,"box":{"x":448,"y":225,"width":453,"height":11}},{"id":"7c30ba2f-50ef-4c88-abc1-2cdd98e8e8c2","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":8,"box":{"x":82,"y":240,"width":833,"height":11}},{"id":"ad321983-2fb6-4da9-b639-966509f5c9a7","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":8,"box":{"x":81,"y":255,"width":591,"height":11}},{"id":"8ed3a167-3539-4c68-a369-3dac64d720fe","block_type":"box","text":"Subsidiary Risk","page_number":8,"box":{"x":81,"y":275,"width":117,"height":11}},{"id":"6cd5a206-08d4-4097-818c-210da2887323","block_type":"box","text":"—","page_number":8,"box":{"x":202,"y":280,"width":17,"height":1}},{"id":"670f898c-e2eb-408a-bc38-91575c81c091","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":8,"box":{"x":225,"y":275,"width":679,"height":11}},{"id":"489272f3-4b69-4b4e-a6fb-fd4b1f183a09","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":8,"box":{"x":81,"y":289,"width":841,"height":12}},{"id":"8357e052-6f55-4c89-a072-1574746f298e","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":8,"box":{"x":80,"y":304,"width":851,"height":12}},{"id":"5501e954-a74f-4046-bdad-b634b4882136","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved.","page_number":8,"box":{"x":81,"y":319,"width":825,"height":11}},{"id":"4b5e39c4-163d-4e2f-9b32-112f01c8e5a4","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this","page_number":8,"box":{"x":81,"y":334,"width":766,"height":11}},{"id":"9a9865e1-0ed9-47c0-a7fb-94adfa940575","block_type":"box","text":"prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly","page_number":8,"box":{"x":82,"y":349,"width":840,"height":11}},{"id":"035616f3-c500-4121-a157-fe73526dcea0","block_type":"box","text":"owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it","page_number":8,"box":{"x":81,"y":364,"width":811,"height":11}},{"id":"b1efe1a7-92b1-4424-80d5-e73fb3e97ae2","block_type":"box","text":"unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board","page_number":8,"box":{"x":82,"y":378,"width":824,"height":12}},{"id":"288373e6-2958-44c1-aa83-50545831ccfe","block_type":"box","text":"has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and","page_number":8,"box":{"x":82,"y":393,"width":845,"height":12}},{"id":"77c4464a-c6ca-4eeb-aac2-75f09f5b48d1","block_type":"box","text":"the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions","page_number":8,"box":{"x":80,"y":408,"width":853,"height":11}},{"id":"e782bfe5-ba75-4ba8-be71-402bc062610f","block_type":"box","text":"and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary","page_number":8,"box":{"x":81,"y":423,"width":845,"height":11}},{"id":"0e843e22-4a80-45c6-8d26-7e72d2c278c8","block_type":"box","text":"does not invest in equity securities of commodity-related companies, and may invest without limitation in","page_number":8,"box":{"x":81,"y":438,"width":768,"height":11}},{"id":"1e1b5d14-35d5-4566-b0d9-d7859eaf107c","block_type":"box","text":"commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could","page_number":8,"box":{"x":81,"y":452,"width":855,"height":12}},{"id":"93b1c64d-b8bc-4a17-b12c-6eb51d70792e","block_type":"box","text":"result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and","page_number":8,"box":{"x":82,"y":467,"width":841,"height":12}},{"id":"7fc3e110-1c8b-4b42-bb7d-fbdb36589d41","block_type":"box","text":"could adversely affect the Fund.","page_number":8,"box":{"x":81,"y":482,"width":233,"height":11}},{"id":"9c0ed1ad-8b6d-442d-952f-79a09e607304","block_type":"box","text":"Tax Risk","page_number":8,"box":{"x":82,"y":502,"width":64,"height":9}},{"id":"0862fcc3-1dc3-4104-919f-6e0a8d40fbfa","block_type":"box","text":"—T","page_number":8,"box":{"x":151,"y":507,"width":17,"height":1}},{"id":"72ced425-e232-412c-a52f-deba5fa8c5ce","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":8,"box":{"x":167,"y":502,"width":742,"height":12}},{"id":"eb86ad15-2595-4fd0-9575-888a7adcd9ca","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":8,"box":{"x":81,"y":517,"width":811,"height":11}},{"id":"06c7c013-5934-4414-9984-ce7df898c8fe","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":8,"box":{"x":81,"y":532,"width":812,"height":11}},{"id":"ea8d485d-fc2a-4213-84e0-40d0372f4f80","block_type":"box","text":"issued by the U.S. Internal Revenue Service (“IRS”) on which taxpayers may rely for taxable years beginning after","page_number":8,"box":{"x":82,"y":546,"width":830,"height":12}},{"id":"feb83589-c172-41e6-ab50-b04a4728d0bf","block_type":"box","text":"September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the","page_number":8,"box":{"x":81,"y":561,"width":824,"height":12}},{"id":"dd00ec9f-a713-4cbb-9426-f18126348b95","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":8,"box":{"x":81,"y":576,"width":752,"height":12}},{"id":"bf2ccb96-1406-4470-ac49-7a44d8331a81","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":8,"box":{"x":81,"y":591,"width":854,"height":12}},{"id":"981f8c10-eeff-4bcd-9613-a503b3ed3be2","block_type":"box","text":"Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":8,"box":{"x":82,"y":606,"width":847,"height":11}},{"id":"a70d0548-dbf2-4e55-bccc-632d931d6619","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":8,"box":{"x":81,"y":621,"width":754,"height":11}},{"id":"fdc8f4ce-b4c6-496f-928e-5d0adaa548c8","block_type":"box","text":"circumstances.","page_number":8,"box":{"x":81,"y":636,"width":110,"height":9}},{"id":"1c596903-6f64-488b-8303-a9c6c7194186","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":674,"width":224,"height":11}},{"id":"7a210dba-2393-4c6b-b707-004336ffd0f3","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":8,"box":{"x":60,"y":701,"width":855,"height":11}},{"id":"2c500d9c-930e-49a5-a33f-e2715419f75f","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":8,"box":{"x":61,"y":715,"width":852,"height":12}},{"id":"2ea56166-3d09-4328-8a31-bbc5e263e263","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":8,"box":{"x":61,"y":730,"width":866,"height":12}},{"id":"d7812d62-5af5-4e76-b3b1-232154fd61f9","block_type":"box","text":"offered in this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares","page_number":8,"box":{"x":61,"y":745,"width":853,"height":11}},{"id":"df9a8814-e343-427e-a691-977c9f446f9b","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance","page_number":8,"box":{"x":61,"y":760,"width":842,"height":11}},{"id":"e9f5bf7c-80a9-4f5d-a840-0d140d12a2ca","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":8,"box":{"x":60,"y":775,"width":820,"height":11}},{"id":"5864989a-08d1-456e-ac3b-d1a8acf4bd94","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":8,"box":{"x":61,"y":789,"width":873,"height":12}},{"id":"a73740df-fc0b-4f4f-a5bf-5789cef87f8d","block_type":"box","text":"lower expenses than Institutional Shares. The table compares the Fund’s per formance to that of the MSCI All Country","page_number":8,"box":{"x":62,"y":804,"width":866,"height":12}},{"id":"a7d4ed35-dd89-41f2-aab7-9ffeb78e00cd","block_type":"box","text":"World Index (Net) and the Bloomberg Commodity Index Total Return","page_number":8,"box":{"x":60,"y":819,"width":494,"height":12}},{"id":"bd244ab1-a2fb-4546-ac4a-4c09d7f1d23f","block_type":"box","text":"SM","page_number":8,"box":{"x":555,"y":820,"width":11,"height":4}},{"id":"54694c53-9edc-4ad1-a7f1-5c06fb571b3d","block_type":"box","text":". The Bloomberg Commodity Index Total Return","page_number":8,"box":{"x":568,"y":819,"width":342,"height":12}},{"id":"7d2a47a3-bbec-4575-aad8-32d9eef92443","block_type":"box","text":"SM","page_number":8,"box":{"x":912,"y":820,"width":11,"height":4}},{"id":"dc09b5c5-9932-491f-8dcf-ba8cd1345c3b","block_type":"box","text":"is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that","page_number":8,"box":{"x":62,"y":834,"width":833,"height":12}},{"id":"82c955b0-e628-4d36-b6ff-49ee307716b6","block_type":"box","text":"dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and","page_number":8,"box":{"x":61,"y":849,"width":840,"height":11}},{"id":"ff93dcc8-fe1c-4afb-8cfd-93a5c5272d0c","block_type":"box","text":"table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance","page_number":8,"box":{"x":60,"y":864,"width":821,"height":11}},{"id":"b2e7afc5-6791-49d3-b6a1-ad98ab8e7624","block_type":"box","text":"(before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and","page_number":8,"box":{"x":61,"y":878,"width":855,"height":12}},{"id":"4930add4-c40e-487e-9784-8d3d26d64d37","block_type":"box","text":"its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have","page_number":8,"box":{"x":62,"y":893,"width":869,"height":12}},{"id":"4366cab6-2723-4645-b3bf-f4c12775c839","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"14189f77-4b5a-459b-8ffb-b20facd72aa7","block_type":"box","text":"NM1026U-5981144-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"890e5b63-3d0e-4964-a892-afc247a6efdb","block_type":"box","text":"been lower. Updated information on the Fund’s per formance, including its current net asset value, can be obtained by","page_number":9,"box":{"x":61,"y":42,"width":867,"height":11}},{"id":"28ec0013-8ad4-4fd8-9f5c-dd7f1933aa32","block_type":"box","text":"visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":9,"box":{"x":60,"y":57,"width":561,"height":11}},{"id":"a20e529a-20ef-4963-8fdd-66cd9f5c95c8","block_type":"box","text":"Class K Shares","page_number":9,"box":{"x":437,"y":80,"width":124,"height":10}},{"id":"69239c85-4586-42dd-ae31-0b43eb8460c3","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":96,"width":212,"height":10}},{"id":"5192f91c-4ee2-4f25-9d1b-6e956214bd77","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":9,"box":{"x":337,"y":112,"width":323,"height":12}},{"id":"5b6d678e-d05d-4e95-b3b3-a8150c4a56b6","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":128,"width":103,"height":12}},{"id":"19f54e43-85f5-4a4d-a768-6160be924eb5","block_type":"box","text":"23.18%","page_number":9,"box":{"x":291,"y":187,"width":45,"height":7}},{"id":"59070049-4ccb-4424-9033-b0f40ced9d57","block_type":"box","text":"8.28%","page_number":9,"box":{"x":343,"y":226,"width":37,"height":7}},{"id":"f776e3ed-a7e4-428b-b7e3-b16b9714e2ec","block_type":"box","text":"-14.44%","page_number":9,"box":{"x":385,"y":300,"width":49,"height":7}},{"id":"c17de134-5af9-4b6a-8505-427ccd86cb06","block_type":"box","text":"11.65%","page_number":9,"box":{"x":436,"y":217,"width":45,"height":7}},{"id":"f65a6683-de2a-470b-aa2c-05d856777511","block_type":"box","text":"6.85%","page_number":9,"box":{"x":488,"y":229,"width":37,"height":8}},{"id":"c9a9e57c-81ca-466c-b5e2-2a481bf208e5","block_type":"box","text":"22.48%","page_number":9,"box":{"x":532,"y":189,"width":45,"height":7}},{"id":"8c416a92-3bc0-4b34-893b-d8e7ebf64fce","block_type":"box","text":"12.13%","page_number":9,"box":{"x":581,"y":216,"width":44,"height":7}},{"id":"c4e86f75-5b17-4900-85d9-b0032a5637e1","block_type":"box","text":"-4.27%","page_number":9,"box":{"x":630,"y":273,"width":41,"height":8}},{"id":"cd7eed7d-f26b-45e0-b8e3-aad9b17eca11","block_type":"box","text":"4.46%","page_number":9,"box":{"x":680,"y":236,"width":37,"height":7}},{"id":"7fb412d4-b666-4689-bf3c-7bc94a1a91e7","block_type":"box","text":"28.85%","page_number":9,"box":{"x":725,"y":172,"width":45,"height":8}},{"id":"12720605-06f6-4467-8e73-398170a794b5","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":307,"width":28,"height":7}},{"id":"e8827db9-6ceb-4f50-8ed2-25e278a41276","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":281,"width":28,"height":7}},{"id":"e7b93cbf-3239-4732-ba76-de20f8a12a25","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":255,"width":17,"height":7}},{"id":"ce6cc89a-a4a8-4c3b-91ac-af5dbaa35d69","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":229,"width":24,"height":7}},{"id":"a61ec6b7-4dd5-448f-a8f3-b4588a1aea9f","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":203,"width":25,"height":7}},{"id":"8c85d3e5-03ed-4d93-b9cc-b43f059aebe8","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":177,"width":25,"height":7}},{"id":"6bdcf884-d7aa-4a7b-85ed-b3c715fcaa85","block_type":"box","text":"40%","page_number":9,"box":{"x":240,"y":151,"width":25,"height":7}},{"id":"cb3d0fee-5523-49fd-8310-15a6f0363f26","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":316,"width":465,"height":8}},{"id":"3e7f55bc-d4bc-43f4-b481-20797eba8745","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 20.07% (quar ter ended","page_number":9,"box":{"x":62,"y":337,"width":806,"height":12}},{"id":"c75a6c8f-7739-4a19-bc41-5f6af38bebed","block_type":"box","text":"March 31, 2022) and the lowest return for a quar ter was -23.26% (quar ter ended March 31, 2020). The year-to-date","page_number":9,"box":{"x":62,"y":352,"width":856,"height":11}},{"id":"5dd4ff9e-f795-429d-a3f7-62feb78da854","block_type":"box","text":"return as of June 30, 2026 was 10.04%.","page_number":9,"box":{"x":61,"y":367,"width":299,"height":10}},{"id":"8b8b6401-a569-4d41-8d13-d7e58c8a6b0f","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":395,"width":223,"height":10}},{"id":"80751b57-df98-4ae5-ba2f-ad3f8a3eb84f","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":407,"width":854,"height":10}},{"id":"b6c6da18-62a0-4a4c-a1a6-a34b34648905","block_type":"box","text":"BlackRock Commodity Strategies Fund — Class K Shares","page_number":9,"box":{"x":70,"y":425,"width":379,"height":10}},{"id":"0c953d3d-1765-419d-8dc2-8bc1892a9f86","block_type":"box","text":"Return Before Taxes 28.85% 12.09% 9.19%","page_number":9,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"f50e15a0-4491-4f10-929a-4cd1004fe46a","block_type":"box","text":"Return After Taxes on Distributions 27.39% 9.88% 7.92%","page_number":9,"box":{"x":85,"y":451,"width":840,"height":8}},{"id":"5aa94b44-159b-438b-b943-c7d72a16d066","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":464,"width":228,"height":8}},{"id":"6ae3d10c-fef8-4335-92fd-4ad7eacd828e","block_type":"box","text":"and Sale of Fund Shares 17.26% 8.61% 6.94%","page_number":9,"box":{"x":85,"y":475,"width":840,"height":8}},{"id":"e4a57054-c43f-4b88-851c-ffd8acbc52cb","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":9,"box":{"x":70,"y":493,"width":227,"height":11}},{"id":"7be1162e-cda3-44b3-8d93-40e54b7b710f","block_type":"box","text":"1","page_number":9,"box":{"x":298,"y":493,"width":4,"height":4}},{"id":"8ea0dd45-6993-4360-8339-b314f324f0a3","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes,","page_number":9,"box":{"x":69,"y":507,"width":337,"height":10}},{"id":"368919fb-54e2-4fc6-bbd0-881c463418ab","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":9,"box":{"x":69,"y":520,"width":856,"height":11}},{"id":"2e0f9f14-543d-45ce-91be-83f45d694987","block_type":"box","text":"Bloomberg Commodity Index Total Return","page_number":9,"box":{"x":70,"y":538,"width":270,"height":11}},{"id":"5e10380a-4873-4ef4-900d-8a7e42f2cb97","block_type":"box","text":"SM","page_number":9,"box":{"x":342,"y":538,"width":10,"height":4}},{"id":"e0cb8f78-8afa-40c0-a571-56e0d0beecf8","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.77% 10.64% 5.73%","page_number":9,"box":{"x":69,"y":552,"width":856,"height":10}},{"id":"8680a102-8ddc-4ba8-9716-bd5def6fe22e","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":572,"width":3,"height":3}},{"id":"6794cd24-fdb3-41e0-83ed-a2edc1863c59","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":9,"box":{"x":69,"y":571,"width":819,"height":10}},{"id":"7e5a91a7-37df-4b6e-b14c-48a3c458fc22","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":9,"box":{"x":61,"y":582,"width":870,"height":9}},{"id":"377321f4-ab9d-418c-bb1a-a37d9d767a32","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":9,"box":{"x":60,"y":592,"width":862,"height":9}},{"id":"f70943c8-9266-4ebf-953e-b008081748c6","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":9,"box":{"x":60,"y":602,"width":834,"height":10}},{"id":"4a964128-af21-475b-a9fe-987dfc790b36","block_type":"box","text":"per formance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":9,"box":{"x":61,"y":613,"width":718,"height":9}},{"id":"f5d53f76-8a6b-4921-8690-c6e5c336128a","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":638,"width":840,"height":12}},{"id":"f042252f-06ac-4c1b-a195-6239820d2a81","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":9,"box":{"x":61,"y":653,"width":835,"height":11}},{"id":"fdabd315-56cb-4187-8c01-935d95cc25ad","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":9,"box":{"x":61,"y":668,"width":851,"height":11}},{"id":"74998ede-e199-4e23-b63e-b8775d534b74","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":9,"box":{"x":60,"y":682,"width":611,"height":12}},{"id":"410be1fc-d29d-4186-9dce-9c9dd736998e","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":722,"width":187,"height":13}},{"id":"f261fd65-a806-4127-8e18-5c957b908e1d","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":9,"box":{"x":60,"y":748,"width":832,"height":11}},{"id":"7cb4ce91-cac4-49ef-88ac-cd874d39edd1","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":9,"box":{"x":61,"y":762,"width":835,"height":12}},{"id":"2bef7387-7705-4784-8031-633ab58b6c69","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":9,"box":{"x":61,"y":777,"width":219,"height":9}},{"id":"103074c5-82f6-46c0-86d1-ad95df33b4f5","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":816,"width":173,"height":14}},{"id":"5af9b8ce-dc02-4430-b766-37bc536c027b","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":860,"width":121,"height":10}},{"id":"34a07f98-fe34-497c-a5f8-ee50bd3ed1be","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":373,"y":848,"width":121,"height":11}},{"id":"2b03806c-98fb-43f2-87e1-50c5cb4d3a12","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":374,"y":860,"width":416,"height":8}},{"id":"f983d882-6754-4e9c-9a12-c8fbe00687ab","block_type":"box","text":"Alastair Bishop 2017 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":878,"width":826,"height":10}},{"id":"a04d3f14-c857-4ba2-96cb-2645b5d7f9bb","block_type":"box","text":"Hannah Johnson, CFA 2016 Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":896,"width":757,"height":10}},{"id":"15a7e87a-7689-438c-9c4c-adddd65b87fd","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"4133d6ee-394c-484f-80c6-7e0e9b8876d2","block_type":"box","text":"NM1026U-5981144-9/12","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"89275652-d680-451a-a0e0-23a8191782bd","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"c5dcd58e-9151-477a-96ab-e479e8b67f34","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":10,"box":{"x":61,"y":69,"width":859,"height":11}},{"id":"ac65a1c9-7b86-40da-a22f-3d21b582f0d3","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":10,"box":{"x":61,"y":84,"width":844,"height":11}},{"id":"df05d001-c3f2-4357-849e-fb7baa3fffa4","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":10,"box":{"x":62,"y":98,"width":791,"height":12}},{"id":"4c1863aa-a69e-464b-8d61-05447c68efde","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary (as defined","page_number":10,"box":{"x":62,"y":113,"width":834,"height":12}},{"id":"72d15440-98fc-4bea-b23c-a0974edc5a4e","block_type":"box","text":"below) that has entered into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional","page_number":10,"box":{"x":61,"y":128,"width":828,"height":12}},{"id":"6b568c4e-4c8e-409f-8916-ff4a5c69ef81","block_type":"box","text":"Investors,” which include, but are not limited to, endowments, foundations, family offices, banks and bank trusts,","page_number":10,"box":{"x":62,"y":143,"width":835,"height":11}},{"id":"23728825-3d03-4689-9af8-7568e12dc61f","block_type":"box","text":"local, city, and state governmental institutions, corporations and insurance company separate accounts, each of which","page_number":10,"box":{"x":62,"y":158,"width":869,"height":11}},{"id":"676de549-2a55-497a-88b2-021b2d6dc82a","block_type":"box","text":"may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":10,"box":{"x":61,"y":173,"width":871,"height":11}},{"id":"cd8f1d18-413e-4022-b2be-3223e1b016d9","block_type":"box","text":"distributor to purchase such shares, (iv) clients of private banks that purchase shares of the Fund through a Financial","page_number":10,"box":{"x":61,"y":187,"width":863,"height":12}},{"id":"4f03b1c4-5042-486a-8b31-8b62deeb77af","block_type":"box","text":"Intermediary that has entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory","page_number":10,"box":{"x":62,"y":202,"width":871,"height":12}},{"id":"9d02040d-3684-497e-9518-bc2c6648d630","block_type":"box","text":"platforms of a Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s","page_number":10,"box":{"x":62,"y":217,"width":839,"height":12}},{"id":"3247c5b0-878b-4ed1-8fff-6c2adfb63afc","block_type":"box","text":"distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients","page_number":10,"box":{"x":61,"y":232,"width":853,"height":11}},{"id":"438fe2f2-a267-45b0-a9ec-f121b0cdc236","block_type":"box","text":"through an omnibus account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that","page_number":10,"box":{"x":60,"y":247,"width":861,"height":11}},{"id":"ed8aaefd-f769-4cd8-96e9-4fa2eb93d049","block_type":"box","text":"has executed such an agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or","page_number":10,"box":{"x":61,"y":262,"width":850,"height":11}},{"id":"af78f0db-66f3-4215-85b8-b5943a78c32c","block_type":"box","text":"Class K Shares prior to August 15, 2016 and have continually held Class K Shares of the Fund in the same account","page_number":10,"box":{"x":61,"y":276,"width":854,"height":12}},{"id":"969242ba-ce4e-4e86-82b3-e8a6f6e0b6fc","block_type":"box","text":"since August 15, 2016.","page_number":10,"box":{"x":61,"y":291,"width":172,"height":12}},{"id":"bfe7a616-3a8f-400f-bf97-139a5c162648","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":10,"box":{"x":60,"y":314,"width":874,"height":11}},{"id":"b7e70d72-401d-4c22-85c2-376583b9a8aa","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":10,"box":{"x":61,"y":329,"width":868,"height":11}},{"id":"e8f3363c-1788-47ac-ae0a-318f1d26d6d1","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":10,"box":{"x":61,"y":343,"width":857,"height":12}},{"id":"bcc3ba29-884c-4cd7-9b7c-ababa3a5a9e1","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":10,"box":{"x":61,"y":358,"width":842,"height":12}},{"id":"8535d2fb-40c6-41ff-bbce-53345fc231d9","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":10,"box":{"x":61,"y":373,"width":586,"height":11}},{"id":"5bf4c01c-05f4-4b49-a2fa-890a55ffb49e","block_type":"box","text":"Tax Information","page_number":10,"box":{"x":63,"y":412,"width":138,"height":11}},{"id":"5efa0559-cf6d-4aae-a0bb-96c5e86328a6","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":10,"box":{"x":62,"y":438,"width":865,"height":12}},{"id":"a4ac6385-801d-4269-acb2-af274b57d16a","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":10,"box":{"x":62,"y":453,"width":842,"height":12}},{"id":"7945a1ff-f8ff-4260-adb0-844efea5550e","block_type":"box","text":"Fund shares are not “debt-financed proper ty” to the plan), then the dividends paid by the Fund and the gain realized","page_number":10,"box":{"x":62,"y":468,"width":850,"height":11}},{"id":"455f7697-4ef4-411c-a778-ee5de82a9978","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":10,"box":{"x":60,"y":483,"width":833,"height":11}},{"id":"67be0d34-ce77-4c64-9460-85b386f6e6d4","block_type":"box","text":"withdraw or receive distributions from the plan. 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