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prospectus beginning on page 49, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":768,"width":837,"height":9}},{"id":"182155ee-1d80-4aa1-b4d3-6a4803d7e4f2","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":778,"width":854,"height":10}},{"id":"4b47ee21-5ba9-42d1-9950-c0a436b6293b","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":789,"width":810,"height":9}},{"id":"645615b1-2dd8-447f-8ee7-33b7d0681661","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":799,"width":832,"height":9}},{"id":"77731047-a654-4412-9b63-9337d1c876bb","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":809,"width":847,"height":10}},{"id":"2d76f68a-b4c9-4444-837d-d4374770a93e","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":820,"width":834,"height":9}},{"id":"717bd351-cfc1-4588-9886-bc64a7f03138","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":830,"width":330,"height":9}},{"id":"3cf47554-911d-45f4-ae92-4d504372e036","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":843,"width":4,"height":4}},{"id":"dfd3bf5e-aa36-416e-8531-5971de3b9f3d","block_type":"box","text":"The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Subsidiary”) were less than 0.01% for the most recent","page_number":2,"box":{"x":81,"y":843,"width":825,"height":9}},{"id":"503392f2-261f-40cc-9829-fdf41afc9c60","block_type":"box","text":"fiscal year.","page_number":2,"box":{"x":81,"y":853,"width":61,"height":9}},{"id":"2ea5c31c-72ed-4944-8135-62725c55ff80","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":866,"width":3,"height":4}},{"id":"3d366a48-8e68-48f9-bcfc-da8beb25e328","block_type":"box","text":"For cer tain share classes, the Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in","page_number":2,"box":{"x":81,"y":866,"width":834,"height":9}},{"id":"b46d963e-e6b2-495e-9284-78803e521ded","block_type":"box","text":"the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":80,"y":876,"width":804,"height":9}},{"id":"b59a05f6-d788-4219-ac17-7f140256db61","block_type":"box","text":"6","page_number":2,"box":{"x":61,"y":889,"width":3,"height":4}},{"id":"b45000bf-ef13-41b4-8298-39c9ab89fec1","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 49, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":889,"width":837,"height":10}},{"id":"c12ee01c-2b5f-4600-94e9-be334b40bbb1","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":900,"width":771,"height":9}},{"id":"c62b48b4-2de0-4613-87f1-e7c999ebba17","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.97%","page_number":2,"box":{"x":81,"y":910,"width":844,"height":9}},{"id":"6302f8bb-169b-406b-82cf-23cd7c2a54a3","block_type":"box","text":"(for Investor A Shares), 1.72% (for Investor C Shares) and 0.72% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":920,"width":833,"height":9}},{"id":"296ca9b8-6954-4ea3-9f0e-27df7bc90d49","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"18632eba-0a8f-433f-879c-ac7164a3f520","block_type":"box","text":"NM1026U-5981169-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8f23e186-c33b-4ed8-802c-1df3107a5e37","block_type":"box","text":"The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":42,"width":827,"height":10}},{"id":"03ba91bf-fa7d-4cdd-a994-ea6baafc8577","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":53,"width":330,"height":9}},{"id":"4f3b242e-fb0f-40e9-aebc-37cc62294d78","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":71,"width":74,"height":12}},{"id":"ccdc0932-91b7-4eb6-875e-99dc62767902","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":87,"width":830,"height":11}},{"id":"05189c33-89ab-4cd1-b422-57657c4a1858","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":132,"width":859,"height":11}},{"id":"6812cb5c-19f3-45c5-a9bf-8495535a13e5","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":146,"width":436,"height":12}},{"id":"ba6c5ae9-fb88-4be8-9ff6-7d0ceda4541d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":175,"width":292,"height":8}},{"id":"ff17e503-5495-4d54-8edc-980b31757a2d","block_type":"box","text":"Investor A Shares $622 $857 $1,111 $1,836","page_number":3,"box":{"x":70,"y":192,"width":848,"height":11}},{"id":"b4c3892d-4948-408a-bbea-96568e1af77e","block_type":"box","text":"Investor C Shares $278 $580 $1,008 $2,007","page_number":3,"box":{"x":70,"y":210,"width":848,"height":11}},{"id":"5ead5c9a-b64f-4049-b291-ed7f7d74c217","block_type":"box","text":"Institutional Shares $ 77 $270 $ 479 $1,083","page_number":3,"box":{"x":70,"y":228,"width":848,"height":11}},{"id":"b7cb0ebd-bb2b-4c8a-a2de-5368e86b4c70","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":261,"width":532,"height":11}},{"id":"c616de6c-b85c-4fce-97e9-350010a93b4e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":290,"width":292,"height":8}},{"id":"7508e893-9cab-45b6-a5eb-108051fde06a","block_type":"box","text":"Investor C Shares $178 $580 $1,008 $2,007","page_number":3,"box":{"x":70,"y":307,"width":848,"height":10}},{"id":"cc327f77-fbbc-4104-b902-146dd480423a","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":332,"width":151,"height":10}},{"id":"82cf170e-77f3-46fb-adfb-ad67387da182","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":349,"width":800,"height":11}},{"id":"97236847-88e4-4e27-9730-657f3a8aa5ae","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":3,"box":{"x":62,"y":363,"width":850,"height":12}},{"id":"19218e58-3cf8-4f4e-9f9e-7891cb3a386e","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":3,"box":{"x":61,"y":378,"width":870,"height":12}},{"id":"5de62bbe-5ec5-4398-8a68-ca7e0694e6c1","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":393,"width":839,"height":12}},{"id":"8decec21-bee3-4ee3-99c0-2ebf8227832b","block_type":"box","text":"88% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":408,"width":298,"height":11}},{"id":"9351d916-daee-4cd9-a520-5a3f80c065c9","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":447,"width":394,"height":13}},{"id":"ce79ebfe-db85-41ff-a135-469079954cec","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":473,"width":850,"height":12}},{"id":"6ce58b7d-83e8-416b-8bb2-694812a370d5","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":488,"width":847,"height":11}},{"id":"3e0ed089-c434-4292-a9a8-52d941998031","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":503,"width":778,"height":11}},{"id":"6167a29e-6c0c-4afd-8f90-813e66ed91d2","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":518,"width":828,"height":11}},{"id":"0e51e6b9-3d61-40e7-b581-094a15a4af74","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":532,"width":866,"height":12}},{"id":"6c39f306-52f1-432e-90f0-4f07999985ef","block_type":"box","text":"such securities.","page_number":3,"box":{"x":61,"y":547,"width":114,"height":9}},{"id":"ebc28568-daad-4d32-886a-1bf0f2f8008c","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":570,"width":834,"height":11}},{"id":"145697b6-f68d-4fb7-9d73-1e94d8cd6c8c","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":592,"width":832,"height":12}},{"id":"527da6d5-5ee8-44d5-8785-2507bf608e22","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":607,"width":843,"height":12}},{"id":"20cd03d3-546c-40a8-834f-f3502fa93514","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":622,"width":743,"height":11}},{"id":"aa7f0d9c-a8b1-4a48-a35e-41cb41276326","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":644,"width":852,"height":12}},{"id":"ead801a3-6e44-46c7-b415-5277ef639f73","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":659,"width":848,"height":12}},{"id":"0caab6c5-594d-42ce-adab-208b3c0c6ed0","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":674,"width":857,"height":12}},{"id":"f96e7207-ba87-4261-87a2-5ca5dc41bd2c","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":689,"width":850,"height":11}},{"id":"f887322c-1e7b-4039-9c56-0d47ee91b20a","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":704,"width":851,"height":11}},{"id":"9cf61723-dde4-4495-8feb-51d2d4b2d02a","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":719,"width":840,"height":11}},{"id":"1f01d00f-3f80-49dc-a412-98dee2452d42","block_type":"box","text":"global commodities market trends across asset classes, industries, sectors, and regions.","page_number":3,"box":{"x":60,"y":734,"width":660,"height":11}},{"id":"cb973461-567a-4771-bfb7-a996a9a3b306","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":756,"width":867,"height":12}},{"id":"8695cc66-12d6-4925-8490-58198e22b993","block_type":"box","text":"products. 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These companies include, without limitation, companies engaged in the","page_number":3,"box":{"x":61,"y":853,"width":827,"height":11}},{"id":"042346a3-a046-43a2-a99e-513185d9cf60","block_type":"box","text":"exploration, ownership, production, refinement, processing, transpor tation, distribution or marketing of commodities,","page_number":3,"box":{"x":61,"y":867,"width":857,"height":12}},{"id":"d6a57262-b1bc-470e-b30e-45db8876d97e","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":883,"width":866,"height":11}},{"id":"32f878c0-191d-4644-b9b9-27bb95899668","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":897,"width":870,"height":12}},{"id":"0fe13edb-352d-4d19-ad76-29656af8c866","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":912,"width":790,"height":12}},{"id":"575aced7-6f9c-414f-89fe-403cc65da264","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"32a0af6b-54a1-4f3d-ac42-5bcf4290dbbc","block_type":"box","text":"NM1026U-5981169-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3161878d-0815-4eac-835a-697232ddddd5","block_type":"box","text":"consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services,","page_number":4,"box":{"x":61,"y":42,"width":872,"height":11}},{"id":"ceefae30-78d6-47ca-b756-cebcb15b0d75","block_type":"box","text":"farm land, alternative energy sources, environmental services and agricultural products (including crop growers,","page_number":4,"box":{"x":60,"y":57,"width":821,"height":11}},{"id":"39d25734-2659-4be8-8dfc-85729fd89928","block_type":"box","text":"owners of plantations, and companies that produce and process foods), as well as related transpor tation companies,","page_number":4,"box":{"x":61,"y":71,"width":863,"height":12}},{"id":"c4b9ceb0-29b6-4ee3-8323-117a51049553","block_type":"box","text":"equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.","page_number":4,"box":{"x":61,"y":86,"width":826,"height":12}},{"id":"59e14e73-464c-4889-bd77-fafc8ea91f17","block_type":"box","text":"The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the","page_number":4,"box":{"x":60,"y":109,"width":850,"height":11}},{"id":"e4b74c8b-02f5-4406-9ed9-56e9e4e4884b","block_type":"box","text":"Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective","page_number":4,"box":{"x":62,"y":124,"width":864,"height":11}},{"id":"ca7f6f42-1466-4550-b80f-8bf538cd180d","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":4,"box":{"x":61,"y":138,"width":860,"height":12}},{"id":"fe03d90b-3f72-44fa-ae49-702b950b9bca","block_type":"box","text":"the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity","page_number":4,"box":{"x":60,"y":153,"width":824,"height":12}},{"id":"84330ac8-feb3-4adf-9154-91a8fe20b7cf","block_type":"box","text":"securities of commodity-related companies, and may invest without limitation in commodity-linked derivative","page_number":4,"box":{"x":61,"y":168,"width":790,"height":12}},{"id":"8692b2c0-22b0-4123-9ee7-e29b6cbb9c87","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":4,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"e30dacb9-12f7-45af-91b9-887eb4671c0b","block_type":"box","text":"Subsidiary.","page_number":4,"box":{"x":61,"y":198,"width":79,"height":11}},{"id":"3993c817-392e-4477-b1c9-b5b68042707f","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":4,"box":{"x":60,"y":220,"width":814,"height":12}},{"id":"015c765b-5bf5-429f-a86b-85dbd952e2b7","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":4,"box":{"x":61,"y":235,"width":870,"height":12}},{"id":"305820d8-416b-4b05-8e10-a7febf120f3a","block_type":"box","text":"Return","page_number":4,"box":{"x":62,"y":250,"width":46,"height":9}},{"id":"cd314e5a-f8d6-476e-9f3a-28e3fcbe5909","block_type":"box","text":"SM","page_number":4,"box":{"x":109,"y":250,"width":11,"height":5}},{"id":"d45b2ea6-c3be-4b58-a564-c5e08986b582","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":4,"box":{"x":123,"y":250,"width":805,"height":11}},{"id":"5bac36d6-c3b1-424f-b2a6-0e6d25c75613","block_type":"box","text":"caused by commodity term structures.","page_number":4,"box":{"x":61,"y":265,"width":281,"height":11}},{"id":"8814deb2-3dd0-49f2-a946-365be254fbce","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and","page_number":4,"box":{"x":62,"y":287,"width":851,"height":12}},{"id":"057d0d29-f124-4ff4-9ea1-bd442f251070","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":4,"box":{"x":61,"y":302,"width":797,"height":12}},{"id":"8a330184-dc89-4961-9d2f-2352d7066130","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":4,"box":{"x":62,"y":317,"width":866,"height":11}},{"id":"df0b1f2f-fe59-4ffa-8c73-1f3863168b56","block_type":"box","text":"of commodity-related companies. The Fund may also purchase conver tible securities.","page_number":4,"box":{"x":61,"y":332,"width":625,"height":11}},{"id":"c4fafe40-bc58-4363-8142-c710e516eefd","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":4,"box":{"x":60,"y":354,"width":875,"height":12}},{"id":"9b371818-de9e-4ff8-b8e7-ab20f3f9f593","block_type":"box","text":"both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated","page_number":4,"box":{"x":61,"y":369,"width":859,"height":12}},{"id":"ea89ddb1-a16a-4bcc-a5b8-806f6ef7de6a","block_type":"box","text":"in both U.S. dollars and foreign currencies.","page_number":4,"box":{"x":62,"y":384,"width":313,"height":12}},{"id":"9c763de5-5880-461d-88d1-b5f317c951ac","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":423,"width":354,"height":14}},{"id":"2f753069-aa2c-4292-ba3f-2930c1815d76","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":449,"width":860,"height":12}},{"id":"88bddd63-67a9-4521-9526-5afbb762debb","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":464,"width":802,"height":12}},{"id":"68456e7d-365a-4134-b8be-75d7a5c3fe95","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":479,"width":842,"height":11}},{"id":"235e530a-5468-45fa-b983-66a0b473a7df","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":494,"width":857,"height":11}},{"id":"1be651bb-0d9d-49ab-ac51-79a584cdef96","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":508,"width":515,"height":12}},{"id":"cad7af60-ae72-43cc-addd-9969b8276f7c","block_type":"box","text":"Commodities Investment Risk","page_number":4,"box":{"x":81,"y":529,"width":227,"height":9}},{"id":"a4f698d9-5c31-46aa-91bd-a202fccb0061","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":4,"box":{"x":312,"y":528,"width":582,"height":12}},{"id":"87160642-959e-45e2-8dda-3b780bcee53f","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":544,"width":831,"height":11}},{"id":"8db219ce-361d-491c-9135-32572433466e","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":558,"width":810,"height":12}},{"id":"8764c952-616f-4348-8818-bf6d7cd7b0d6","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":573,"width":639,"height":11}},{"id":"dca1322f-a023-405b-9086-af4456990ecd","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":593,"width":842,"height":11}},{"id":"2c63a470-9943-4ce3-8519-f27930cc28ef","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":608,"width":849,"height":11}},{"id":"bed7396c-4f8e-434f-8b32-aa674a9d52bc","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":4,"box":{"x":82,"y":623,"width":784,"height":11}},{"id":"dcd97166-7230-4014-8418-0e38b79a48db","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":638,"width":845,"height":11}},{"id":"5714e3b3-3302-454d-84f5-90ff237fa9ee","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":652,"width":802,"height":12}},{"id":"c0344844-3a5a-4e2e-bcf2-1c5f21057b83","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":667,"width":776,"height":12}},{"id":"4cf6a488-031b-4a74-90a0-7005390579ac","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":682,"width":800,"height":11}},{"id":"c502bc38-4090-4ec0-81d5-e38e927ce30a","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":697,"width":850,"height":11}},{"id":"3917dcc2-323a-4ef0-b782-5234400e0ecb","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":711,"width":811,"height":12}},{"id":"5d6d6626-9115-421c-9e66-c4d860935b6d","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":726,"width":838,"height":12}},{"id":"707cd264-0995-4e49-a30b-884ad6c44179","block_type":"box","text":"conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and","page_number":4,"box":{"x":81,"y":741,"width":772,"height":12}},{"id":"03154843-7358-44f9-8efe-f7f0d9d9cd83","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":756,"width":847,"height":12}},{"id":"0c7ca934-2619-412e-8c13-1f0da3e45eb5","block_type":"box","text":"such changes cannot be predicted.","page_number":4,"box":{"x":81,"y":771,"width":256,"height":11}},{"id":"f1776b35-d384-4564-b035-299173da5cb3","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":791,"width":822,"height":11}},{"id":"9579daf2-d2ec-4c0f-a341-e4ac58dacd2a","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":806,"width":785,"height":11}},{"id":"4a1cdf0b-c86f-4bb9-8531-009bde2ed8a8","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":820,"width":852,"height":12}},{"id":"324d413b-01cf-49e0-af3d-8857089da6cf","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":835,"width":844,"height":12}},{"id":"1d41c8b0-ef34-4c26-b4af-ebe3a683d40e","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":850,"width":853,"height":11}},{"id":"57a19eb4-c5a9-4db5-b5e3-79d70dab223d","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":865,"width":804,"height":11}},{"id":"abff2e47-194c-4b37-bac0-d4980255cce8","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":880,"width":676,"height":11}},{"id":"9fc5b5ac-ea3e-4d94-9b97-1b84a97805bc","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":900,"width":166,"height":11}},{"id":"659083a1-e00e-4514-9783-f283c7bd937c","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":900,"width":685,"height":11}},{"id":"af90ce4e-b272-4d4b-9142-6897163a54ff","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":915,"width":550,"height":11}},{"id":"83b11126-60b0-4e0d-a3be-7ad6aa4f3201","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"4ac92c75-2e81-4593-961f-c3424ecde0ba","block_type":"box","text":"NM1026U-5981169-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"fe73d9f5-ee12-40b6-bdc4-c59e08c8510c","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":42,"width":123,"height":9}},{"id":"0aa39c05-62cf-4ea9-8116-976a731d5436","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":42,"width":664,"height":11}},{"id":"eb6c3896-6cbf-47d6-a97e-caf6bea49d37","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":57,"width":469,"height":11}},{"id":"e5a6900b-791c-4ce5-bc05-cc8bfa9bae49","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":77,"width":102,"height":11}},{"id":"3e69d351-d473-45d2-a15d-5e006e18f438","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":77,"width":723,"height":11}},{"id":"6d95bf95-791a-4775-a803-dec91a6f2c7b","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":5,"box":{"x":82,"y":91,"width":832,"height":12}},{"id":"260e612c-03fd-40dc-9c9c-72c73957dced","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":106,"width":280,"height":12}},{"id":"4cb3e9de-6890-46e4-9167-d1b543b87e7d","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":126,"width":87,"height":9}},{"id":"2c360e7c-5ac8-4dad-a12c-6e94a8e749fb","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":126,"width":728,"height":12}},{"id":"e0ce857c-c039-4d0b-abd6-8cd892f1cdb8","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":141,"width":834,"height":11}},{"id":"c9f9d9e4-41bc-45d2-9129-7ec30a0ba8aa","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":156,"width":832,"height":11}},{"id":"2652cb0a-50a8-4283-a4a5-405e10b06fac","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":171,"width":779,"height":11}},{"id":"576261c5-0d01-4157-b38f-ea8c7383c169","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":186,"width":253,"height":11}},{"id":"eb18e41c-267b-480b-b96b-9a1c39c2c1a1","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":206,"width":131,"height":11}},{"id":"67b50573-b480-4c07-b0a4-6bd82b935f99","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":5,"box":{"x":217,"y":206,"width":697,"height":11}},{"id":"f3d76953-3166-4910-b807-219bd5601b63","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":220,"width":855,"height":12}},{"id":"7d9434c7-5a04-4c3c-9809-43200dab9563","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":235,"width":240,"height":12}},{"id":"35b60d70-9d7f-4263-8152-d8673041ab2f","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":255,"width":100,"height":12}},{"id":"3aad1f60-bf76-4557-b9b6-c916efa23964","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":255,"width":750,"height":12}},{"id":"b44355c4-389a-400a-8243-b06610139a96","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":5,"box":{"x":80,"y":270,"width":839,"height":11}},{"id":"f9dfb98b-9a7f-4aa9-aa87-d6098008b21a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":285,"width":293,"height":11}},{"id":"4206e91e-67ec-43e2-90de-d2cbcb84fb32","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":305,"width":120,"height":11}},{"id":"ca3f307b-4ea3-4f74-8b72-31d17c8aec29","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":305,"width":727,"height":11}},{"id":"11e9cd3b-a914-4995-8f21-671d58c0f6d9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":320,"width":607,"height":11}},{"id":"d761168b-ee19-4a66-a5b5-6202aa96cbcd","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":340,"width":75,"height":11}},{"id":"5af1018b-8c5c-475c-9cbc-040091b72e47","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":340,"width":761,"height":11}},{"id":"61bce3a8-6233-4685-a610-7e11923de69d","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":354,"width":198,"height":12}},{"id":"db68d943-963e-4cb6-995e-6de0f95ce5fd","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":375,"width":214,"height":11}},{"id":"7f14bd4d-02e8-4e12-91d1-9dbb88c7a430","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":374,"width":590,"height":12}},{"id":"9f5ea221-b494-4454-a31e-d874272cd3a7","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":5,"box":{"x":81,"y":389,"width":775,"height":12}},{"id":"1f22659d-3894-459a-ba4d-f029ac0d04eb","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":404,"width":589,"height":11}},{"id":"a5f8b29d-1225-4676-b21f-b854c5237dfc","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":424,"width":102,"height":9}},{"id":"4eb96156-c614-48a1-a9de-a250dc9a1b87","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":424,"width":747,"height":11}},{"id":"be576ba9-861f-40c9-930d-304da603545b","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":439,"width":783,"height":11}},{"id":"2c5a2926-deda-4f7c-b4d0-4e672977dd0e","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":454,"width":273,"height":11}},{"id":"8a106ef9-8ca7-49b9-892b-74f67bd718ac","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":474,"width":95,"height":11}},{"id":"dd45dc48-a685-4be9-9813-e74e161823b4","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":474,"width":728,"height":11}},{"id":"5d44e2e5-f9d5-4ace-93bc-9249ba285005","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":488,"width":839,"height":12}},{"id":"6a7d7216-0989-4fac-900f-f728629a592f","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":504,"width":354,"height":11}},{"id":"20768639-10e3-4227-9b54-d4466799296c","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":524,"width":59,"height":8}},{"id":"c3fc3795-3929-4c47-80f8-ae0d7689f77a","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":523,"width":719,"height":12}},{"id":"506d2e01-f800-4505-b4f3-501200e321e4","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":538,"width":801,"height":12}},{"id":"541980d3-5ceb-47ce-a2a0-e6a3d102565d","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":553,"width":802,"height":11}},{"id":"4b78581d-a461-4dd4-8836-c030fc7b69b2","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":568,"width":830,"height":11}},{"id":"18b1c99b-163d-438f-a04d-9713a6e9c67c","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":583,"width":215,"height":9}},{"id":"a1bea3c8-85bf-4822-b74c-0467047cc463","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":5,"box":{"x":82,"y":603,"width":399,"height":11}},{"id":"66920cc6-e152-46c4-ac50-8e279b42c4c7","block_type":"box","text":"Commodity-Linked Derivatives","page_number":5,"box":{"x":102,"y":623,"width":218,"height":11}},{"id":"5e1bb07d-e842-46ed-b63f-e0eadfd3531c","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":5,"box":{"x":325,"y":623,"width":588,"height":11}},{"id":"410f1b5b-ecb5-47e2-913e-6e40f4f7a656","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":637,"width":809,"height":12}},{"id":"30a32c07-2765-4ae4-ad43-f769cc46b3c6","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":652,"width":833,"height":12}},{"id":"8accb790-ba55-4fc2-8fab-b96f8c616713","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":667,"width":781,"height":12}},{"id":"d00f9cb1-0c8c-4884-875b-ca4ec27bd923","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":682,"width":768,"height":11}},{"id":"88d7b028-63d4-40e3-b692-c5e706539790","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":5,"box":{"x":101,"y":697,"width":813,"height":11}},{"id":"c2bb3886-9794-4ea2-9c1b-8877b711a0a8","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":711,"width":744,"height":12}},{"id":"004dba89-ea9c-428d-af73-94db766f8190","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":727,"width":772,"height":11}},{"id":"8eaa76df-d24b-4537-9333-0bee26e466f2","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":741,"width":815,"height":12}},{"id":"c469b16c-8ee9-4c83-a3c9-270eebe17051","block_type":"box","text":"can be no assurance that one will develop.","page_number":5,"box":{"x":101,"y":756,"width":313,"height":11}},{"id":"62796a7b-51a3-47f9-b012-cf46697e3ec8","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":776,"width":785,"height":12}},{"id":"94249e2a-46ab-44cc-a5af-9c390f297dce","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":791,"width":789,"height":11}},{"id":"b319745d-04a4-4992-a893-151a94a1c5b0","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":806,"width":784,"height":11}},{"id":"461759eb-8ad5-4350-8a38-0e3e7a62dc4d","block_type":"box","text":"interest payments.","page_number":5,"box":{"x":102,"y":821,"width":135,"height":11}},{"id":"87402df4-947f-4d50-b51e-932b5f1fee6b","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":841,"width":781,"height":11}},{"id":"3228fab8-9e39-4ac3-a377-86d614d2e237","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":855,"width":835,"height":12}},{"id":"d3a1a630-37b5-4ce5-9583-357ed55df837","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":870,"width":833,"height":11}},{"id":"ab58c615-e771-4cf1-8e01-a19c0b4337ae","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":885,"width":820,"height":11}},{"id":"1427018b-7991-4fac-89b1-4fc414aaf978","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":900,"width":783,"height":11}},{"id":"a1f43713-9525-480b-9f4d-48a49e7611ee","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"3198644e-7c31-429b-9e33-334a7adcfeec","block_type":"box","text":"NM1026U-5981169-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"eb6ba8e6-4154-41a1-8087-6b5c68bd1e44","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":6,"box":{"x":102,"y":42,"width":830,"height":11}},{"id":"196a9b31-7c0a-4b9b-a40c-eaa06e2c9d44","block_type":"box","text":"limit exposure to any one counterpar ty at all times.","page_number":6,"box":{"x":102,"y":57,"width":373,"height":11}},{"id":"5b0ae248-e88a-4ab0-a550-1f577c48cc40","block_type":"box","text":"Commodity-Linked Notes","page_number":6,"box":{"x":102,"y":77,"width":180,"height":11}},{"id":"0dbe88c2-4254-4f9b-b03f-8f3f3ab662cf","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":6,"box":{"x":287,"y":77,"width":602,"height":11}},{"id":"e0585196-77a6-4d90-9fc4-0c3523223034","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":6,"box":{"x":101,"y":91,"width":827,"height":12}},{"id":"79e79a92-98cd-40f9-b573-113d85f1b16e","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":6,"box":{"x":101,"y":106,"width":807,"height":12}},{"id":"d70c0790-738e-4718-8182-04ce4a871db7","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":6,"box":{"x":102,"y":121,"width":581,"height":12}},{"id":"0f8c2fb8-663f-46d4-9e53-f6425fb2d18f","block_type":"box","text":"Futures","page_number":6,"box":{"x":102,"y":141,"width":54,"height":9}},{"id":"fe01cd45-f788-4d65-a533-5d614c429f72","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":6,"box":{"x":161,"y":141,"width":765,"height":12}},{"id":"a2ea01f4-05f1-439a-a647-ffea69892e73","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":6,"box":{"x":101,"y":156,"width":786,"height":11}},{"id":"8e5e3377-46ec-4939-887d-dc2df3adc984","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imper fect correlations","page_number":6,"box":{"x":102,"y":171,"width":769,"height":11}},{"id":"767092e5-ea01-4a40-842e-16b89675e7d2","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":6,"box":{"x":102,"y":185,"width":822,"height":12}},{"id":"e0ccd222-b486-4062-9733-4fc49a32bfcf","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":6,"box":{"x":101,"y":200,"width":832,"height":12}},{"id":"5b898139-c3bd-451d-8b2b-62343a4a76af","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":6,"box":{"x":101,"y":215,"width":806,"height":12}},{"id":"0514c522-b98d-4ee6-8a8b-f95213a9a7f2","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":6,"box":{"x":102,"y":230,"width":793,"height":11}},{"id":"f675c8de-0f5f-4276-987b-691baa1e0c7a","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterpar ty will","page_number":6,"box":{"x":102,"y":245,"width":787,"height":11}},{"id":"97b7698d-d94d-4083-bdbd-8b861e2312b9","block_type":"box","text":"default in the per formance of its obligations.","page_number":6,"box":{"x":101,"y":260,"width":327,"height":11}},{"id":"129a5f31-b4d0-473c-a157-c244acd5b301","block_type":"box","text":"Swaps","page_number":6,"box":{"x":102,"y":280,"width":47,"height":11}},{"id":"0730a67e-bc79-4c4f-a63e-380dd2306ab4","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":6,"box":{"x":154,"y":280,"width":775,"height":11}},{"id":"9c2fce8b-7a6b-4311-9121-c6ca75bb6f9b","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":6,"box":{"x":101,"y":294,"width":829,"height":12}},{"id":"aca241d8-f51b-4cb4-b325-5db152864253","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":6,"box":{"x":101,"y":309,"width":807,"height":12}},{"id":"e009cc98-9e0d-4ba8-9343-44990a09b4ac","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":6,"box":{"x":102,"y":324,"width":811,"height":12}},{"id":"d0a13f99-3f71-4522-8092-45b036804967","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":6,"box":{"x":101,"y":339,"width":820,"height":11}},{"id":"580574a0-db26-4c79-884d-dcef3c58cc07","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":6,"box":{"x":102,"y":354,"width":791,"height":11}},{"id":"11a416e6-9cee-4020-88f7-14869105dafe","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":6,"box":{"x":101,"y":369,"width":789,"height":11}},{"id":"fa3a2846-ae9d-4b22-819b-0f98635e14ca","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":6,"box":{"x":101,"y":384,"width":796,"height":11}},{"id":"14ebd74d-b532-4f88-9bc2-530ad5318410","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":6,"box":{"x":102,"y":404,"width":335,"height":11}},{"id":"5373a719-0b9f-41d7-ba34-4ae003927615","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":6,"box":{"x":442,"y":403,"width":437,"height":12}},{"id":"51413d5b-374b-4ce0-8792-f2fa554d4d20","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":6,"box":{"x":101,"y":418,"width":820,"height":12}},{"id":"f4f0a678-c08a-4c01-8117-5b4ff74afa22","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":433,"width":801,"height":12}},{"id":"85401d78-c634-4af0-bcbc-6113d1950627","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":448,"width":824,"height":11}},{"id":"89e7a338-2c2b-4ce1-8b13-dc9c520f4135","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":463,"width":831,"height":11}},{"id":"f560c0d6-2b09-467e-a5b8-91d23cc11902","block_type":"box","text":"Commodities Regulatory Risk","page_number":6,"box":{"x":81,"y":483,"width":224,"height":11}},{"id":"c5ef889c-d0b6-4745-8718-037885b46546","block_type":"box","text":"— Commodity-related companies are subject to significant federal, state and local","page_number":6,"box":{"x":309,"y":483,"width":603,"height":11}},{"id":"33ceb8bd-083d-4901-887c-b4ad37a43572","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":497,"width":782,"height":12}},{"id":"c9c993a8-6bc4-47a0-9991-51ade7ca1836","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":512,"width":836,"height":12}},{"id":"d681e77e-d65f-4294-a241-33f075803ff0","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":527,"width":784,"height":12}},{"id":"15f064bb-5f34-4a0a-ab77-f85a82346904","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":542,"width":843,"height":12}},{"id":"5873739c-094e-413f-9b99-82c352aaec7b","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":557,"width":839,"height":11}},{"id":"f53eea67-ccb7-4f59-a921-92c523e6ca5c","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":572,"width":794,"height":11}},{"id":"6a256449-a12c-4dd1-a654-8f22d347549c","block_type":"box","text":"decisions the Fund might otherwise make.","page_number":6,"box":{"x":81,"y":587,"width":310,"height":11}},{"id":"38320caf-2d97-46ed-ac07-9c7f68e957d7","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":609,"width":820,"height":12}},{"id":"5a32d375-7373-4eb1-993a-901bbcc7ba59","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":624,"width":836,"height":11}},{"id":"4a140ee4-3786-48b1-b833-c249b917cc19","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":639,"width":852,"height":11}},{"id":"043b3f6e-d2c8-4059-9c8e-48fba3948234","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":653,"width":841,"height":12}},{"id":"a0720eea-6d3a-42f3-911f-5fdf73bd8c8d","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":668,"width":846,"height":12}},{"id":"3471a563-0c0a-45e2-9301-ed9f05553bb6","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":683,"width":833,"height":12}},{"id":"448c1014-4e54-4a7b-ac08-b85e831065e1","block_type":"box","text":"positions available to the Fund may be severely limited.","page_number":6,"box":{"x":82,"y":698,"width":405,"height":11}},{"id":"8c707a76-868c-4444-a4e6-fb0447a9efa1","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":721,"width":836,"height":11}},{"id":"8e81e7aa-f8a9-45aa-ab32-7053543c5d79","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":735,"width":853,"height":12}},{"id":"975e94c8-bab1-40ab-bb3f-1f764bc7ba22","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":750,"width":742,"height":12}},{"id":"4bddacf1-6d26-4666-a49a-f509eabd5852","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":6,"box":{"x":81,"y":770,"width":329,"height":9}},{"id":"674d7282-5652-4b6c-848e-24b11c4c112e","block_type":"box","text":"—","page_number":6,"box":{"x":415,"y":776,"width":17,"height":0}},{"id":"f03a601e-46a3-4fcf-9613-6179f760933c","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":6,"box":{"x":437,"y":770,"width":483,"height":11}},{"id":"eabf90c6-879a-429a-9460-466f210e4b20","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":785,"width":820,"height":12}},{"id":"1a387b69-5d7e-4ed6-8895-7b17449337d9","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":800,"width":842,"height":11}},{"id":"b2bae516-4580-4f44-9d55-e8862f9f7299","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":815,"width":840,"height":11}},{"id":"ea40bca8-d836-44a0-941c-af74c246aa66","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":829,"width":843,"height":12}},{"id":"98ef9066-63c0-4847-a60f-ac9ce834184e","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":844,"width":846,"height":12}},{"id":"913ff3d7-f2eb-45ee-9011-5cd78042b159","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":6,"box":{"x":82,"y":859,"width":584,"height":12}},{"id":"1cfea9da-d1cf-48d6-b3c3-6cce89fc96f3","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":81,"y":879,"width":85,"height":9}},{"id":"845b614f-545d-40c8-99e0-9eaaacc0805d","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":879,"width":763,"height":11}},{"id":"8e04341b-7161-42db-8e69-0c88bd261af7","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":894,"width":797,"height":11}},{"id":"749b5dc0-f203-4f28-a0eb-db068157bc94","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"a8fd3ab0-844c-4c89-a42f-8eea2210fa5b","block_type":"box","text":"NM1026U-5981169-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"49d2fcbf-ac9d-4f2e-857b-1d6e60eb6473","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":7,"box":{"x":81,"y":42,"width":842,"height":11}},{"id":"103cd14a-af18-4c73-b31f-1e4206322046","block_type":"box","text":"value of the Fund’s investment in that issuer.","page_number":7,"box":{"x":80,"y":57,"width":332,"height":9}},{"id":"69aa1887-db8d-40ae-9175-f0b1b43cd9eb","block_type":"box","text":"Emerging Markets Risk","page_number":7,"box":{"x":81,"y":77,"width":178,"height":11}},{"id":"5fafe9af-3bbe-433e-895c-037429620b3f","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":7,"box":{"x":263,"y":77,"width":617,"height":11}},{"id":"549cabad-a660-492a-8ced-351a3bbf1b49","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":7,"box":{"x":81,"y":91,"width":825,"height":12}},{"id":"8ba9333b-7e15-494c-aa02-7a513afa7bab","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":7,"box":{"x":82,"y":106,"width":822,"height":12}},{"id":"2972ae42-84ae-4d7d-8637-52cf7ffac70c","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":7,"box":{"x":82,"y":121,"width":816,"height":12}},{"id":"480e87ea-6d5a-46cc-8dd2-d35af8946e00","block_type":"box","text":"liquidity than developed markets.","page_number":7,"box":{"x":82,"y":136,"width":240,"height":11}},{"id":"727acdf9-900e-47d9-b2e7-8a1815eb3380","block_type":"box","text":"Foreign Securities Risk","page_number":7,"box":{"x":81,"y":156,"width":176,"height":11}},{"id":"c09d3820-9b24-4fd2-8ec7-ce6e223758dc","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":7,"box":{"x":260,"y":156,"width":668,"height":11}},{"id":"d5169927-f6de-4a3e-82dd-8ef6f2dafd12","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":7,"box":{"x":82,"y":171,"width":531,"height":11}},{"id":"2e0c98ee-77dc-42bc-812a-6d258db4ed51","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":7,"box":{"x":101,"y":191,"width":823,"height":11}},{"id":"0d0c38a2-153e-4f9c-bde9-118cc5264fcf","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":7,"box":{"x":102,"y":205,"width":823,"height":12}},{"id":"03478192-217f-4712-b92b-1dce2235e84b","block_type":"box","text":"oversight.","page_number":7,"box":{"x":101,"y":221,"width":70,"height":11}},{"id":"5c67a128-9345-4f0e-9000-1197530be20a","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":7,"box":{"x":101,"y":240,"width":644,"height":12}},{"id":"0885687b-50de-49a9-8853-7b90636f62e8","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":7,"box":{"x":101,"y":260,"width":830,"height":12}},{"id":"1c13f8a7-a620-4657-8c02-ac1e5c2bc755","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":7,"box":{"x":102,"y":275,"width":808,"height":12}},{"id":"5c9a46aa-c403-462f-8717-c51ad659f7a2","block_type":"box","text":"payments position.","page_number":7,"box":{"x":102,"y":290,"width":137,"height":11}},{"id":"44f3b163-e825-40a5-b51b-04a845c0bdb0","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":7,"box":{"x":101,"y":310,"width":821,"height":11}},{"id":"362df842-7e64-4242-a93f-281336b968e5","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":7,"box":{"x":102,"y":325,"width":809,"height":11}},{"id":"23a3fe38-6332-4c39-bef8-89e6cd4a009c","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":7,"box":{"x":102,"y":340,"width":784,"height":11}},{"id":"5813417d-261c-4cfe-8d41-221bffe2e0dc","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":7,"box":{"x":101,"y":355,"width":352,"height":11}},{"id":"11cafb60-531c-440d-a2d5-033df3170180","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":7,"box":{"x":102,"y":374,"width":823,"height":12}},{"id":"5e321bcc-73f1-4224-992c-6bff642110d8","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":7,"box":{"x":101,"y":389,"width":811,"height":12}},{"id":"1f4d876f-0ab0-45b4-b2f9-e0ca75461aa4","block_type":"box","text":"U.S. securities laws.","page_number":7,"box":{"x":102,"y":404,"width":148,"height":9}},{"id":"55f68fa3-044f-441e-b506-265c68223864","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":7,"box":{"x":101,"y":424,"width":834,"height":12}},{"id":"1d20a371-acbd-488c-8962-cb794bb6ca9a","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":7,"box":{"x":101,"y":439,"width":628,"height":11}},{"id":"cb635550-4829-4284-806d-ebf4c6025505","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":459,"width":830,"height":11}},{"id":"2e2fd036-5f5f-4f99-bf66-5de3ba4b6ab2","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":474,"width":831,"height":11}},{"id":"2c20cc2a-889d-4999-9270-a408eb904bfb","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":488,"width":813,"height":12}},{"id":"f56fc1d8-57f7-482f-893e-c1e47637d86d","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":503,"width":395,"height":12}},{"id":"38305b5e-6e90-4d42-be34-e37d233a3182","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":81,"y":523,"width":139,"height":9}},{"id":"8c98d7b7-7cbb-43b7-b70a-21f9afd7cf5e","block_type":"box","text":"—","page_number":7,"box":{"x":225,"y":529,"width":17,"height":0}},{"id":"af9a4425-c6e0-4d62-b579-d9cb78bd2bb3","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":523,"width":683,"height":12}},{"id":"d6cd927a-4ad4-4126-bc70-2157fac11d42","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":538,"width":854,"height":12}},{"id":"cf756ccd-b26e-4064-b822-c8fad506de0e","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":553,"width":832,"height":11}},{"id":"4f8d26ad-3d0f-4e76-818a-d8579b02abd6","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":568,"width":809,"height":11}},{"id":"969e6894-d2af-4e15-a528-d1383d99730c","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":583,"width":842,"height":11}},{"id":"ff3ad8ab-57e7-4a23-953f-e32778e79536","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":598,"width":824,"height":11}},{"id":"a49fd9cb-10bb-420a-97bd-9cb26102849b","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":612,"width":820,"height":12}},{"id":"9ec845c1-113a-4d42-a332-ce4378dcd152","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":627,"width":846,"height":12}},{"id":"5e91c216-eeff-46f9-a81e-7d0def472c3e","block_type":"box","text":"investment objective.","page_number":7,"box":{"x":82,"y":642,"width":153,"height":11}},{"id":"5e47e783-c340-4ff9-924a-4a019832eb65","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":662,"width":107,"height":11}},{"id":"8286fefa-22d9-4039-9f04-e42b26c4abf0","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":662,"width":741,"height":11}},{"id":"2abf450c-f99d-4e55-a64a-efa26dec6755","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":677,"width":853,"height":11}},{"id":"ed034b44-a4bf-4d7d-a48f-64aff279aa0c","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":691,"width":856,"height":12}},{"id":"dea063de-70e5-47d7-95c6-28e442bd7b8a","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":706,"width":807,"height":12}},{"id":"da9bd998-f60b-4202-b647-2e1c67df56a4","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":721,"width":686,"height":12}},{"id":"61b4fd27-6600-46ea-a86d-0a881c78a8dc","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":741,"width":240,"height":9}},{"id":"c9e97fef-0214-4437-8e10-6d846c77f72a","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":741,"width":593,"height":9}},{"id":"9a452c25-10c6-41b5-a6ae-79b3a013ab25","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":756,"width":851,"height":12}},{"id":"cdce9dcd-9612-4c98-91b3-06437b1fd528","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":771,"width":824,"height":11}},{"id":"29d9ec72-c46c-4ef4-bcf0-a76d6a13b082","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":786,"width":851,"height":11}},{"id":"f489dd7d-bbbe-4233-bc92-0f34cb465545","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":800,"width":802,"height":12}},{"id":"ed3340e2-308d-46b6-966e-d9ed42f2442f","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":815,"width":849,"height":12}},{"id":"87d9b3ac-0c97-4bf8-975b-a1814b71eb6e","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":830,"width":843,"height":12}},{"id":"24958cf9-3cba-4528-ad0b-83b83d4c6a50","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":845,"width":830,"height":11}},{"id":"94967c9d-66c3-4a64-abfe-9447834d5f04","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":860,"width":840,"height":11}},{"id":"04f08677-d215-4b22-a750-e683d2ceb09c","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":875,"width":789,"height":11}},{"id":"c41f9781-fd88-44a4-aa60-641d7dc10832","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":889,"width":823,"height":12}},{"id":"3d079e24-1845-4133-bf2b-094f23b70992","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"3f030b7b-08b9-4672-be53-14aa85a67769","block_type":"box","text":"NM1026U-5981169-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f13076f0-ef30-4d1b-865b-31690ff7b82a","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":8,"box":{"x":81,"y":42,"width":784,"height":11}},{"id":"c021070a-6e1d-444b-8a99-971b339cc6de","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":8,"box":{"x":81,"y":57,"width":844,"height":11}},{"id":"66503ebf-6daa-457a-b62b-7c3ffba5fa04","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":8,"box":{"x":82,"y":77,"width":818,"height":11}},{"id":"16bc41f7-faeb-4e2e-ab02-f0010d40d668","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":8,"box":{"x":80,"y":92,"width":819,"height":11}},{"id":"163d29cc-211d-48f1-9d29-9eea0e2ac21f","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":8,"box":{"x":81,"y":106,"width":819,"height":12}},{"id":"60e19a22-111b-4478-a7b8-b50d0399debc","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":8,"box":{"x":81,"y":121,"width":846,"height":12}},{"id":"78f39324-b55d-4990-bb33-8e32a99c294e","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":136,"width":848,"height":11}},{"id":"773cabad-02b9-49f7-9147-c4d1c59e2949","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":151,"width":125,"height":9}},{"id":"4f16440a-ba22-40fd-b7ba-748802dbc3bc","block_type":"box","text":"Mid Cap Securities Risk","page_number":8,"box":{"x":81,"y":171,"width":182,"height":11}},{"id":"fbd46cb4-0c2d-4c24-9c60-591ab6a7c101","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":8,"box":{"x":267,"y":171,"width":665,"height":11}},{"id":"87e93605-c933-43e1-92ac-a89444f2a58c","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":8,"box":{"x":81,"y":185,"width":789,"height":12}},{"id":"19200de8-5723-4d83-b287-7a9df17eb13b","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":206,"width":254,"height":11}},{"id":"a626a74a-60e6-4fdb-b134-d4ed71aec504","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":206,"width":578,"height":11}},{"id":"64dcdb34-dfee-4d8c-b5a3-b1c07fa8da36","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":220,"width":779,"height":12}},{"id":"36b151b2-41cc-4822-982a-e12cc780d70a","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":8,"box":{"x":81,"y":235,"width":848,"height":12}},{"id":"abaccb97-1878-4634-9fb4-fd0effd0d747","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":8,"box":{"x":81,"y":250,"width":806,"height":11}},{"id":"c4c47335-3ecb-41c6-8f6d-e7e84f81e7bb","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":8,"box":{"x":82,"y":265,"width":807,"height":11}},{"id":"98d828bf-1beb-4a3b-b94b-64059a2b6cf6","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":8,"box":{"x":82,"y":280,"width":846,"height":11}},{"id":"1bf5708f-1a68-4253-8214-34ccdcb933da","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":8,"box":{"x":81,"y":294,"width":836,"height":12}},{"id":"5d9d9f2d-25d7-46de-a646-a33629eba841","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":8,"box":{"x":82,"y":310,"width":474,"height":11}},{"id":"2bd9fd93-d85a-48e2-8309-57342a746bc2","block_type":"box","text":"Sector Risk","page_number":8,"box":{"x":81,"y":329,"width":88,"height":9}},{"id":"39144ef0-26b9-4530-9913-f86fa9c549d9","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":8,"box":{"x":173,"y":329,"width":720,"height":11}},{"id":"ff6cf3fc-78fc-410a-afa9-1a8e6652fdb9","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":8,"box":{"x":82,"y":344,"width":814,"height":12}},{"id":"80c98829-0024-4453-a977-a869fbc03828","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":8,"box":{"x":81,"y":359,"width":842,"height":11}},{"id":"a11f0040-bb20-4a5e-a330-5bebf93090ef","block_type":"box","text":"sector, there is the risk that the Fund will per form poorly during a downturn in that sector.","page_number":8,"box":{"x":81,"y":374,"width":656,"height":11}},{"id":"305a2368-0c7f-4426-9b9b-af197585d309","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":8,"box":{"x":81,"y":391,"width":790,"height":12}},{"id":"8ac27465-90d4-4ed6-892b-e3af565d3cb8","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":8,"box":{"x":82,"y":406,"width":847,"height":11}},{"id":"015d2b5e-2626-468c-83a8-18cb363c29f4","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":8,"box":{"x":82,"y":421,"width":853,"height":11}},{"id":"535afc93-e820-464b-80cc-778d64d441fd","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":8,"box":{"x":81,"y":436,"width":801,"height":11}},{"id":"ac33131f-0eda-4f6a-a8fd-a7063778d7b2","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":8,"box":{"x":81,"y":451,"width":836,"height":9}},{"id":"169b06be-4249-4917-9f74-637772ac602a","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":8,"box":{"x":82,"y":465,"width":798,"height":12}},{"id":"bb0afe44-6c40-4b76-aa05-3177765517cc","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":8,"box":{"x":81,"y":480,"width":767,"height":12}},{"id":"5bd81b79-606d-4a11-95c3-f7913f83d7a1","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":495,"width":820,"height":11}},{"id":"36f233f4-d659-447c-8099-1fa0ce69d273","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":510,"width":832,"height":11}},{"id":"b147e80a-8969-4d7c-b6a1-8b3543230390","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":525,"width":825,"height":11}},{"id":"34c8f104-776a-45a2-a3bf-db55713ec532","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":539,"width":853,"height":12}},{"id":"acd3e116-6d42-4841-b95e-0ba174f4e2ca","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":554,"width":846,"height":12}},{"id":"57f5236e-50cf-4b1b-b452-83470bf3f781","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":569,"width":849,"height":12}},{"id":"56989f52-fa01-49ef-ad60-4b98ddfb9988","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":584,"width":769,"height":11}},{"id":"68bd057c-e817-4151-9cf1-75d176113f1c","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":599,"width":837,"height":11}},{"id":"3e989e9e-122f-4a07-9017-2b5b89a88555","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":613,"width":827,"height":12}},{"id":"ba560855-5edb-4253-bf73-14c352752bc5","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":628,"width":844,"height":12}},{"id":"5f23eecb-df3f-4895-81b4-b7dc1c0382e8","block_type":"box","text":"a whole.","page_number":8,"box":{"x":81,"y":643,"width":59,"height":9}},{"id":"02e32362-c47a-4dc4-a4f4-088809e26604","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":8,"box":{"x":81,"y":663,"width":363,"height":12}},{"id":"9b3ac022-af4c-4fb7-a7a3-49cc3e41e6ea","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":8,"box":{"x":448,"y":663,"width":453,"height":12}},{"id":"0c10fd46-3b17-46d0-9412-6aa0d8b14b07","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":678,"width":833,"height":12}},{"id":"4982d66e-aff6-4c89-8726-5bd5f2e05144","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":8,"box":{"x":81,"y":693,"width":591,"height":11}},{"id":"e52b2cd8-913d-4dca-8f38-9891455e978e","block_type":"box","text":"Subsidiary Risk","page_number":8,"box":{"x":81,"y":713,"width":117,"height":11}},{"id":"e3dd22de-65c5-473d-be42-6e74eb1675c9","block_type":"box","text":"—","page_number":8,"box":{"x":202,"y":718,"width":17,"height":1}},{"id":"749aede8-e8ee-49e4-a0de-108da4b66702","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":713,"width":679,"height":11}},{"id":"b1219fc1-a51b-4073-8534-c01d42434d5c","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":728,"width":841,"height":11}},{"id":"baa5dcd8-a971-4ef5-933a-d53c7231f3fb","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":742,"width":851,"height":12}},{"id":"9fb5a1fa-f90f-4244-82d9-c6359b6a2c06","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":757,"width":825,"height":12}},{"id":"f44a41a0-8ff2-4228-8ec6-8fe8be4e598b","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":772,"width":766,"height":12}},{"id":"9baf970a-f8f2-4aa6-9021-e67610743a26","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":787,"width":840,"height":11}},{"id":"303cd817-cab4-45d3-ba41-d249797af0f6","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":802,"width":811,"height":11}},{"id":"010319be-ecdd-41ab-aa80-5876a3ca9a93","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":817,"width":824,"height":11}},{"id":"1e9dc86f-50d5-42a6-beb3-e5fc58299c6e","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":831,"width":845,"height":12}},{"id":"26e2507d-08a2-4146-bd2f-bcc4713cec97","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":846,"width":853,"height":12}},{"id":"b999127c-63a7-48fa-81ec-1e5ae076382c","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":861,"width":845,"height":11}},{"id":"eb73d79c-ba94-4836-b53e-037fe7f41a0a","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":876,"width":768,"height":11}},{"id":"1357fe6d-d85e-496d-9998-4b284fb18703","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":891,"width":855,"height":11}},{"id":"3fdd4aeb-4a38-4ba7-8e3f-7cc0de982185","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"bc216564-6b44-438b-9e75-8bee6d93d4f6","block_type":"box","text":"NM1026U-5981169-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f8c6c914-1b59-4f08-88c5-7f8cdcc3f0dd","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":9,"box":{"x":82,"y":42,"width":841,"height":11}},{"id":"4ef5403d-8f3c-46b1-b8fb-2b0abd8ad786","block_type":"box","text":"could adversely affect the Fund.","page_number":9,"box":{"x":81,"y":57,"width":233,"height":11}},{"id":"b5019225-e227-4d17-b722-611d14f8c77a","block_type":"box","text":"Tax Risk","page_number":9,"box":{"x":82,"y":77,"width":64,"height":9}},{"id":"b43550d4-4736-41fd-84cb-4957f5ec6ae3","block_type":"box","text":"—T","page_number":9,"box":{"x":151,"y":82,"width":17,"height":1}},{"id":"bf2aedf8-6e1c-43fc-8d53-28ffdca09816","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":9,"box":{"x":167,"y":77,"width":742,"height":11}},{"id":"e6513a52-dfc3-4e05-b284-b49c537b5590","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":9,"box":{"x":81,"y":91,"width":811,"height":12}},{"id":"d49bbda0-2be3-4fb5-bd15-8cb05f800c5f","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":9,"box":{"x":81,"y":106,"width":812,"height":12}},{"id":"d9679c16-e3c7-466b-a31e-d89aae08012c","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":9,"box":{"x":82,"y":121,"width":830,"height":12}},{"id":"00b6d17c-47d8-4c65-9b6b-51db147be765","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":9,"box":{"x":81,"y":136,"width":824,"height":11}},{"id":"175d6206-c08d-4281-8832-499a12bd3bd7","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":9,"box":{"x":81,"y":151,"width":752,"height":11}},{"id":"0efc2b41-bd1c-424d-b97f-f5320f94122d","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":9,"box":{"x":81,"y":166,"width":854,"height":11}},{"id":"9392ffc4-2685-43b8-9f08-ebdd9f06f096","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":9,"box":{"x":82,"y":181,"width":847,"height":11}},{"id":"12ab95ac-aad4-4983-a7a4-dd24b0a37a10","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":9,"box":{"x":81,"y":195,"width":754,"height":11}},{"id":"0314c4eb-9ac8-4d70-af6f-83a0804711d1","block_type":"box","text":"circumstances.","page_number":9,"box":{"x":81,"y":210,"width":110,"height":9}},{"id":"6c8bd015-a4bb-4d82-b9b9-686f43f9cfcc","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":249,"width":224,"height":11}},{"id":"26e7ada2-a23c-45d0-bc35-f8a9eb02f45e","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":9,"box":{"x":60,"y":275,"width":855,"height":12}},{"id":"a0d6ea91-629e-484f-9901-79ee5f7af8dd","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the MSCI All Country World Index","page_number":9,"box":{"x":61,"y":290,"width":868,"height":12}},{"id":"c148c281-5d6b-4a55-8b6d-705c8b8cb20a","block_type":"box","text":"(Net) and the Bloomberg Commodity Index Total Return","page_number":9,"box":{"x":61,"y":305,"width":402,"height":11}},{"id":"2166d860-7f27-4d40-8848-079ad50b1cfc","block_type":"box","text":"SM","page_number":9,"box":{"x":464,"y":305,"width":11,"height":5}},{"id":"07602dc7-9fce-4ae5-87df-f34e4b3b6c06","block_type":"box","text":". The Bloomberg Commodity Index Total Return","page_number":9,"box":{"x":477,"y":305,"width":341,"height":11}},{"id":"ebfac77c-0b1b-490d-a1f6-8477fa337020","block_type":"box","text":"SM","page_number":9,"box":{"x":820,"y":305,"width":11,"height":5}},{"id":"d20bf85e-baac-4589-92dd-5a6fe02464df","block_type":"box","text":"is relevant to","page_number":9,"box":{"x":838,"y":305,"width":93,"height":9}},{"id":"16e30c50-fcc5-4537-938e-3f09b4fb8bd0","block_type":"box","text":"the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and","page_number":9,"box":{"x":60,"y":320,"width":840,"height":11}},{"id":"b490cc73-4f44-4fed-9634-c7be2d961606","block_type":"box","text":"distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes","page_number":9,"box":{"x":61,"y":334,"width":848,"height":12}},{"id":"5e81dfee-6b45-4e8e-9328-6c7bbb70f327","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after","page_number":9,"box":{"x":61,"y":349,"width":835,"height":12}},{"id":"ed4f9d78-7930-4b97-847a-48062310e624","block_type":"box","text":"taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they were, returns","page_number":9,"box":{"x":60,"y":364,"width":831,"height":12}},{"id":"2ab8cb4c-4c86-4743-bd15-886950f75c68","block_type":"box","text":"would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and","page_number":9,"box":{"x":60,"y":379,"width":861,"height":11}},{"id":"d625f4d0-d1bf-4406-89dc-682f2f1e18c1","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":9,"box":{"x":62,"y":394,"width":869,"height":11}},{"id":"f7c3c091-6fa3-4c6e-aba7-d940012613fb","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":409,"width":867,"height":11}},{"id":"375ed1f0-276b-400f-ae7f-70355868784e","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":423,"width":561,"height":12}},{"id":"fb6d9683-6ca9-457a-85c4-1db32ad3fad8","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":446,"width":144,"height":10}},{"id":"de475a60-33f3-46df-a552-5df32e839f0f","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":463,"width":212,"height":10}},{"id":"20cce7c9-b3b5-4f1e-b1eb-697440f59a83","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":9,"box":{"x":337,"y":479,"width":323,"height":12}},{"id":"48933877-64b0-4f93-9b68-5430c4eab04b","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":495,"width":103,"height":12}},{"id":"61d44a68-0c4e-4a8b-97ce-d9129e5e71d5","block_type":"box","text":"22.97%","page_number":9,"box":{"x":291,"y":554,"width":45,"height":8}},{"id":"78c71dfa-dc53-4e00-991b-2e3200c31888","block_type":"box","text":"8.01%","page_number":9,"box":{"x":343,"y":593,"width":37,"height":7}},{"id":"c9c7ba4c-25b3-427d-af6e-f519ca6787ee","block_type":"box","text":"-14.68%","page_number":9,"box":{"x":385,"y":667,"width":49,"height":7}},{"id":"51f25157-2ae7-4a94-a312-ed841af3581c","block_type":"box","text":"11.19%","page_number":9,"box":{"x":436,"y":585,"width":45,"height":7}},{"id":"b360a997-5a25-4251-bb90-25e198e1490e","block_type":"box","text":"6.65%","page_number":9,"box":{"x":488,"y":597,"width":37,"height":7}},{"id":"201cf75b-a081-4266-8a4d-c430088c08d4","block_type":"box","text":"22.11%","page_number":9,"box":{"x":532,"y":557,"width":45,"height":7}},{"id":"6b416dc7-1c54-4f87-921a-abd7e701287b","block_type":"box","text":"11.87%","page_number":9,"box":{"x":581,"y":583,"width":44,"height":7}},{"id":"74b0d07d-7d7a-458f-8e7d-ede0e65814bb","block_type":"box","text":"-4.62%","page_number":9,"box":{"x":630,"y":641,"width":41,"height":7}},{"id":"271efd4b-2239-449a-83ca-99ba280cb307","block_type":"box","text":"4.18%","page_number":9,"box":{"x":680,"y":603,"width":37,"height":7}},{"id":"503522f1-7fb3-47e0-a252-35341236e87d","block_type":"box","text":"28.30%","page_number":9,"box":{"x":725,"y":541,"width":45,"height":7}},{"id":"d509334c-7914-414a-8a82-ef167bbb77c5","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":673,"width":28,"height":8}},{"id":"71b2605f-ffd8-4eca-92ee-fd4a20b4197f","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":647,"width":28,"height":8}},{"id":"47395f61-413e-46a7-b8fb-2163659551c0","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":622,"width":17,"height":7}},{"id":"09b1ddfe-1ff2-419d-940e-d4271031ad6e","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":596,"width":24,"height":7}},{"id":"a84192e3-57fb-4ce6-8f62-77d8f67f9d23","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":570,"width":25,"height":7}},{"id":"e0d5aa4f-e9db-43fb-90aa-ae39a4b84ef6","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":544,"width":25,"height":7}},{"id":"b511e3df-ba5c-4ac4-b892-2dc0d98f487d","block_type":"box","text":"40%","page_number":9,"box":{"x":240,"y":518,"width":25,"height":7}},{"id":"c7db521d-20a0-4c11-9230-73e3b8279d9d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":683,"width":465,"height":7}},{"id":"277b1f07-8517-44b2-9f6e-57d92739ec1e","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 20.02% (quar ter ended","page_number":9,"box":{"x":62,"y":704,"width":806,"height":11}},{"id":"f879642a-cbc2-4c93-8b88-0f7be6a92ec5","block_type":"box","text":"March 31, 2022) and the lowest return for a quar ter was -23.31% (quar ter ended March 31, 2020). 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Such indices use withholding tax rates that are often at a higher rate","page_number":10,"box":{"x":61,"y":165,"width":870,"height":9}},{"id":"7656186e-52c1-409d-82f3-995420da2aae","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":10,"box":{"x":60,"y":175,"width":862,"height":9}},{"id":"c8c800b7-1037-446a-acbb-d8b104ffb629","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":10,"box":{"x":60,"y":185,"width":834,"height":10}},{"id":"c8877f9b-1622-4295-b754-8252b5c25c51","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":10,"box":{"x":61,"y":196,"width":718,"height":9}},{"id":"92539510-136f-456d-9ff1-ea655e9e4570","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":10,"box":{"x":60,"y":221,"width":840,"height":12}},{"id":"103df9b5-a9ba-4719-a678-8aa5befd2af0","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":10,"box":{"x":61,"y":236,"width":835,"height":11}},{"id":"ffdd7229-377c-4daf-aeca-729590a38fcf","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":10,"box":{"x":61,"y":251,"width":851,"height":11}},{"id":"356dbd4d-aa5f-41b8-a2cd-f37124f1bfc8","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":10,"box":{"x":60,"y":265,"width":840,"height":12}},{"id":"413b9867-a84f-4d53-aa94-5fadef4747d2","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":10,"box":{"x":62,"y":280,"width":700,"height":12}},{"id":"b5c925d2-118c-445a-8b19-f272de55abc9","block_type":"box","text":"Investment Manager","page_number":10,"box":{"x":62,"y":319,"width":187,"height":14}},{"id":"052b35b7-a1a9-4811-80b5-a538d51918f3","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":10,"box":{"x":60,"y":345,"width":832,"height":12}},{"id":"d8c4baa8-66e9-47c8-b721-0757e15690f6","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":10,"box":{"x":61,"y":360,"width":835,"height":11}},{"id":"d26b5c87-3c18-4927-a1e4-724461ee24fd","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":10,"box":{"x":61,"y":375,"width":219,"height":9}},{"id":"da41a9a7-8ebf-4cdf-a4df-d3b5720f128a","block_type":"box","text":"Portfolio Managers","page_number":10,"box":{"x":61,"y":414,"width":173,"height":13}},{"id":"2519abf7-1c08-4925-9ad3-01bd88261074","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":70,"y":458,"width":121,"height":10}},{"id":"b2e720e7-79fa-4095-ad80-4cb3e17becd6","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":373,"y":446,"width":121,"height":10}},{"id":"f1c21df3-9097-4ac0-a9db-f2b5758746a1","block_type":"box","text":"of the Fund Since Title","page_number":10,"box":{"x":374,"y":458,"width":416,"height":8}},{"id":"15d2dee1-fc94-42f9-b8c3-aa761b6fca36","block_type":"box","text":"Alastair Bishop 2017 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":476,"width":826,"height":10}},{"id":"0223961f-59cb-43bb-9913-4cbcae4c3f16","block_type":"box","text":"Hannah Johnson, CFA 2016 Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":494,"width":757,"height":10}},{"id":"3294fdf3-234d-42f8-89af-5d231dd39f30","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":534,"width":309,"height":11}},{"id":"e4f5e8a7-5c49-40b3-9457-ffee65df66eb","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":10,"box":{"x":60,"y":561,"width":857,"height":11}},{"id":"4cdf73c8-e223-4c99-ab4b-4ecaa5d00c07","block_type":"box","text":"shares, you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should","page_number":10,"box":{"x":61,"y":575,"width":818,"height":12}},{"id":"f82b5ce8-d9c1-4a30-876f-aec2b977cf01","block_type":"box","text":"contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh,","page_number":10,"box":{"x":61,"y":590,"width":791,"height":12}},{"id":"04177450-c820-4b8c-b86c-119bca40e0ec","block_type":"box","text":"Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment","page_number":10,"box":{"x":61,"y":605,"width":848,"height":12}},{"id":"eb42631d-a859-4e47-893c-e4a595a5098a","block_type":"box","text":"minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":10,"box":{"x":61,"y":620,"width":777,"height":12}},{"id":"031421c0-6951-4174-98a9-f524112ef2fb","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":10,"box":{"x":232,"y":648,"width":480,"height":8}},{"id":"c8b5402e-79c8-4ab6-8a1b-93cb81f069a1","block_type":"box","text":"Minimum Initial","page_number":10,"box":{"x":61,"y":665,"width":104,"height":9}},{"id":"9bd136d7-c63f-4bc2-83fd-d0e354784285","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":679,"width":75,"height":8}},{"id":"b4ea333a-0e4c-40e6-9dc6-8e88d9bcb131","block_type":"box","text":"$1,000 for all accounts except:","page_number":10,"box":{"x":232,"y":665,"width":207,"height":10}},{"id":"b68ecd40-bbcf-405b-b6ab-0d3fada74900","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":682,"width":4,"height":3}},{"id":"5abb72be-4190-408e-9677-ba039096a885","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":10,"box":{"x":243,"y":678,"width":296,"height":11}},{"id":"e363094e-0219-4d4f-95f3-45fa0cdd333d","block_type":"box","text":"Plan.","page_number":10,"box":{"x":243,"y":693,"width":30,"height":8}},{"id":"9093a7f0-bbe9-4fcd-872e-8cf4bc0e25aa","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":709,"width":4,"height":3}},{"id":"c8a42f86-ef45-4c6c-9f42-7f150b64c3cc","block_type":"box","text":"There is no investment minimum for employer","page_number":10,"box":{"x":242,"y":706,"width":306,"height":10}},{"id":"5df045ba-8eaf-4509-8333-01c965f6ee85","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":10,"box":{"x":242,"y":720,"width":306,"height":10}},{"id":"4b1e6176-5d06-452c-b545-a646d2cefe82","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":10,"box":{"x":243,"y":733,"width":213,"height":10}},{"id":"92f1dd76-7f8c-4bf4-9c34-914fce32894b","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":749,"width":4,"height":3}},{"id":"a6300c33-6316-430a-b083-3d58be51213c","block_type":"box","text":"There is no investment minimum for cer tain fee","page_number":10,"box":{"x":242,"y":747,"width":318,"height":8}},{"id":"896229d4-33cd-4321-9079-e389be289776","block_type":"box","text":"based programs.","page_number":10,"box":{"x":243,"y":760,"width":109,"height":11}},{"id":"76a9af00-1f63-4b91-b2eb-d9bb6426b744","block_type":"box","text":"There is no minimum initial investment 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Financial","page_number":10,"box":{"x":606,"y":787,"width":317,"height":11}},{"id":"a9124785-1998-4757-a95a-8b31cf33a08b","block_type":"box","text":"Intermediary that has entered into an agreement","page_number":10,"box":{"x":606,"y":801,"width":322,"height":10}},{"id":"6c0e91ea-0073-4491-8861-6b81ad3408b0","block_type":"box","text":"with the Fund’s distributor to purchase such","page_number":10,"box":{"x":605,"y":814,"width":290,"height":10}},{"id":"1daa051e-ed42-4dea-83a8-ee93be0e0d51","block_type":"box","text":"shares.","page_number":10,"box":{"x":605,"y":828,"width":48,"height":8}},{"id":"0d832c02-7690-4f88-905b-50d91009f1f2","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":844,"width":4,"height":3}},{"id":"e86736ee-396b-49d2-8ead-00f3b3488fef","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge","page_number":10,"box":{"x":605,"y":841,"width":326,"height":11}},{"id":"2bc46f1d-ad16-49f7-b779-a968cfe1f003","block_type":"box","text":"such clients a fee for advisory, investment","page_number":10,"box":{"x":605,"y":855,"width":280,"height":10}},{"id":"3ee66f0c-81ad-40ac-a8fd-a5b53fe56fc5","block_type":"box","text":"consulting, or similar services or (ii) have entered","page_number":10,"box":{"x":605,"y":869,"width":326,"height":10}},{"id":"11d12ed8-1930-4f49-8d73-b25d452a35f2","block_type":"box","text":"into an agreement with the Fund’s distributor to","page_number":10,"box":{"x":606,"y":882,"width":313,"height":10}},{"id":"e7ca9af4-b2e1-43bd-98c2-dd66de838cdc","block_type":"box","text":"offer Institutional Shares through a no-load","page_number":10,"box":{"x":605,"y":895,"width":283,"height":11}},{"id":"2a3de75d-d813-4715-b670-0448f352d671","block_type":"box","text":"program or investment platform.","page_number":10,"box":{"x":606,"y":909,"width":211,"height":10}},{"id":"676f02f8-bf92-4252-a73a-dad6377c0b28","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":947,"width":19,"height":9}},{"id":"c230fde2-24be-4e86-a3ea-2527a5f2fec9","block_type":"box","text":"NM1026U-5981169-10/12","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3afbf776-f49b-4094-ac99-45e1121f5099","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":11,"box":{"x":232,"y":46,"width":480,"height":8}},{"id":"9c2de735-f969-447e-9c28-1dcd34517173","block_type":"box","text":"Minimum 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such","page_number":11,"box":{"x":606,"y":91,"width":324,"height":9}},{"id":"f9fb582f-402b-46b8-b8d1-f72cb056a319","block_type":"box","text":"program offers only mutual fund options and that","page_number":11,"box":{"x":606,"y":104,"width":324,"height":10}},{"id":"35dd6be5-0c33-4501-8507-e728c5526447","block_type":"box","text":"the program maintains an account with the Fund","page_number":11,"box":{"x":605,"y":118,"width":319,"height":10}},{"id":"16e56045-8641-4c52-ba8e-7e5f3c5e04f7","block_type":"box","text":"on an omnibus basis.","page_number":11,"box":{"x":605,"y":131,"width":141,"height":8}},{"id":"8499b2d7-1be8-4943-b22a-5c0081556f08","block_type":"box","text":"$2 million for individuals and “Institutional","page_number":11,"box":{"x":595,"y":148,"width":279,"height":9}},{"id":"6136f80e-d70e-4dd6-90ea-74ec9e837b1b","block_type":"box","text":"Investors,” which include, but are not limited 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