0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103251Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103252Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:CommoditiesInvestmentRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:CommoditiesRegulatoryRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member us-gaap:CreditRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:DerivativesRisksMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:EmergingMarketsRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:EquitySecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:ForeignSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member us-gaap:InterestRateRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:LeverageRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:MarketRiskAndSelectionRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:MidCapSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:OperationalAndTechnologyRisksMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:PreciousMetalAndRelatedSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member oef:RiskLoseMoneyMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:SectorRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:SmallCapAndEmergingGrowthSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:SubsidiaryRiskMember 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:TaxRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:CommoditiesInvestmentRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:CommoditiesRegulatoryRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member us-gaap:CreditRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:DerivativesRisksMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:EmergingMarketsRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:EquitySecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:ForeignSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member us-gaap:InterestRateRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:LeverageRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:MarketRiskAndSelectionRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:MidCapSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:OperationalAndTechnologyRisksMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:PreciousMetalAndRelatedSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member oef:RiskLoseMoneyMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:SectorRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:SmallCapAndEmergingGrowthSecuritiesRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:SubsidiaryRiskMember 2026-05-31 2026-05-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:TaxRiskMember 2026-05-31 2026-05-31 0000844779 2026-05-31 2026-05-31 0000844779 bf1:ClassKMember bf1:BloombergCommodityIndexTotalReturnMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:BloombergCommodityIndexTotalReturnMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103251Member 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103252Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:MSCIAllCountryWorldIndexNetMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:MSCIAllCountryWorldIndexNetMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2016-01-01 2016-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2016-01-01 2016-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2017-01-01 2017-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2017-01-01 2017-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2018-01-01 2018-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2018-01-01 2018-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2019-01-01 2019-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2019-01-01 2019-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2020-01-01 2020-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2020-01-01 2020-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2021-01-01 2021-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2021-01-01 2021-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2022-01-01 2022-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2022-01-01 2022-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2023-01-01 2023-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2023-01-01 2023-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2024-01-01 2024-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2024-01-01 2024-12-31 0000844779 bf1:ClassKMember bf1:BloombergCommodityIndexTotalReturnMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:BloombergCommodityIndexTotalReturnMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103251Member 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103252Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:MSCIAllCountryWorldIndexNetMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:MSCIAllCountryWorldIndexNetMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:S000033601Member bf1:C000103250Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000033601Member bf1:C000198241Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:BloombergCommodityIndexTotalReturnMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:BloombergCommodityIndexTotalReturnMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103250Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103251Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000103252Member 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000198241Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:MSCIAllCountryWorldIndexNetMember 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:MSCIAllCountryWorldIndexNetMember 2016-01-01 2025-12-31 iso4217:USD pure 0000844779 false 485BPOS 2026-05-31 0.2297 0.0801 -0.1468 0.1119 0.0665 0.2211 0.1187 -0.0462 0.0418 0.2830 0.2318 0.2885 0.0828 -0.1444 0.1165 0.0685 0.2248 0.1213 -0.0427 0.0446 N-1A BLACKROCK FUNDS 2026-09-28 Fund Overview Key Facts About BlackRock Commodity Strategies Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Commodity Strategies Fund (the “Fund”), a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Trust”), is to seek total return.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Charge Waiver Policies” sections on pages </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">33</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A-1</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, respectively, of the Fund’s prospectus and in the “Purchase of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares” section on page </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">II-97</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of Part II of the Fund’s Statement of Additional Information (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SAI</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. 25000 Shareholder Fees (fees paid directly from your investment) 0.0525 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0062 0.0062 0.0062 0.0025 0.0100 0 0.0028 0.0027 0.0027 0.0000 0.0000 0.0000 0.0025 0.0024 0.0024 0.0003 0.0003 0.0003 0.0115 0.0189 0.0089 -0.0015 -0.0014 -0.0014 0.0100 0.0175 0.0075 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. June 30, 2028 For certain share classes, the Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 622 857 1111 1836 278 580 1008 2007 77 270 479 1083 You would pay the following expenses if you did not redeem your shares:  178 580 1008 2007 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">88</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.88 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deems it prudent to do so based on market conditions, trends or movements or other similar factors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with these derivative investments, and to invest excess cash, the Fund holds a portion of its portfolio in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment-grade short-term fixed-income securities. The other strategy focuses on equity investments in commodity-related</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in equity securities of such companies in order to complement the commodity exposures achieved </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investments in commodity-linked derivatives. Taken together, these two strategies offer broad exposure to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global commodities market trends across asset classes, industries, sectors, and regions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities are assets that have tangible properties, such as oil and other energy products, metals, and agricultural </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">products. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the commodities markets, without investing directly in physical commodities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">businesses and in associated businesses and companies that provide services or have exposure to such businesses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities, </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies that use commodities extensively in their products and companies that provide technology and services to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gas exploration and production, energy services and technology, chemicals and oil products, coal and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">farm land, alternative energy sources, environmental services and agricultural products (including crop growers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">owners of plantations, and companies that produce and process foods), as well as related transportation companies, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of commodity-related companies, and may invest without limitation in commodity-linked derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Return</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">caused by commodity term structures.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other instruments whose price is linked to the value of common stock, and equity interests in master limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of commodity-related companies. The Fund may also purchase convertible securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in both U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of commodity-related companies, and may invest without limitation in commodity-linked derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other instruments whose price is linked to the value of common stock, and equity interests in master limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of commodity-related companies. The Fund may also purchase convertible securities.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Commodities Investment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Investing in commodity-linked derivative instruments and equity securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodities markets have experienced periods of extreme volatility. Similar future market conditions may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in rapid and substantial valuation increases or decreases in the Fund’s holdings.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changing supply and demand relationships and levels of domestic production and imported commodities; the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of local, intrastate and interstate transportation systems; energy conservation; the success of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration projects; changes in international balances of payments and trade; domestic and foreign rates of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such changes cannot be predicted.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular </span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular contract or forcing the liquidation of contracts at disadvantageous times or prices.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Risks Specific to Certain Derivatives Used by the Fund</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Commodity-Linked Derivatives</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The value of a commodity-linked derivative investment typically is based upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price movements of a commodity, a commodity futures contract or commodity index, or some other readily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> derivatives will rise or fall in response to changes in the underlying commodity or related index. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can be no assurance that one will develop.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally invested. The Fund might receive interest payments that are more or less than the stated coupon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest payments.</span></div> <div style="line-height: 10.695pt; margin-left: 24pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit exposure to any one counterparty at all times.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Commodity-Linked Notes</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Commodity-linked notes involve substantial risks, including the risk of loss of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of greater volatility, that do not affect traditional equity and debt securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Futures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between the change in market value of the instruments held by the Fund and the price of the futures contract or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the performance of its obligations.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Swaps</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Swap agreements, including total return swaps that may be referred to as contracts for difference, are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Forward Foreign Currency Exchange Contracts</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Forward foreign currency exchange transactions are OTC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Commodities Regulatory Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Commodity-related companies are subject to significant federal, state and local </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government regulation in virtually every aspect of their operations, including how facilities are constructed, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maintained and operated, environmental and safety controls, and the prices they may charge for the products and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">services they provide. The Commodity Futures Trading Commission (the “CFTC”) and the U.S. commodities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the imposition of higher margin requirements, the establishment of daily limits and the suspension of trading. Any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decisions the Fund might otherwise make.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maximum net long or net short speculative positions that any person may hold or control in any particular futures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures contracts”), and on economically equivalent swaps. Certain position limits include an exemption from limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for bona fide hedging transactions or positions. As a consequence of these position limits, the size or duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">positions available to the Fund may be severely limited.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Precious Metal and Related Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Prices of precious metals and of precious metal related securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition of companies involved with precious metals. The production and sale of precious metals by governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or central banks or other larger holders can be affected by various economic, financial, social and political factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation and changes in industrial and commercial demand for precious metals.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s investment in that issuer.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In general, the market price of debt securities with longer maturities will go up or down more in response to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act, and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sector Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market sector or industry will cause the Fund to be more exposed to the price movements of companies in and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sector, there is the risk that the Fund will perform poorly during a downturn in that sector.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on the Fund than on an investment company that does not concentrate in the industries or businesses in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investments can be significantly affected by the supply of and demand for specific products and services, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration and production spending, government regulation, world events and economic conditions. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities Sector can also be significantly affected by events relating to international political developments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">energy conservation, the success of exploration projects, commodity prices, and tax and government regulations. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The stock prices of commodity-related companies may also experience greater price volatility than other types of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">international economic, political and regulatory developments. Fund management’s judgments about trends in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies in the Commodities Sector will lag behind the performance of other industries or the broader market as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a whole.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Small Cap and Emerging Growth Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Small cap or emerging growth companies may have limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depend on a more limited management group than larger capitalized companies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Subsidiary Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">does not invest in equity securities of commodity-related companies, and may invest without limitation in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could adversely affect the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in commodity-related instruments indirectly through the Subsidiary because income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from these investments, if made directly, might not be treated as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying income</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> for purposes of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issued by the U.S. Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) on which taxpayers may rely for taxable years beginning after </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances in which the Fund’s income with respect to the Subsidiary will be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying income,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to commodities. Fund shareholders could also experience adverse tax consequences in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index (Net) and the Bloomberg Commodity Index Total Return<span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span>. The Bloomberg Commodity Index Total Return<span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span> is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index (Net) and the Bloomberg Commodity Index Total ReturnSM. The Bloomberg Commodity Index Total ReturnSM is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Commodity Strategies Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 20.02% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">March 31, 2022) and the lowest return for a quarter was -23.31% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 9.96%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2002 2022-03-31 lowest return -0.2331 2020-03-31 year-to-date return 2026-06-30 0.0996 For the periods ended 12/31/25Average Annual Total Returns 0.2156 0.1053 0.0829 0.2028 0.0843 0.0710 0.1292 0.0738 0.0620 0.2636 0.1090 0.0822 0.2867 0.1202 0.0914 0.2234 0.1119 0.1172 0.1577 0.1064 0.0573 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Fund Overview Key Facts About BlackRock Commodity Strategies Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Commodity Strategies Fund (the “Fund”), a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Trust”), is to seek total return.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">fees, such as brokerage commissions and other fees to your financial professional or your selected securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">example below.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0062 0 0.0015 0.0000 0.0012 0.0003 0.0077 -0.0007 0.0070 June 30, 2028 Example: <div style="line-height: 10.695pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 72 239 421 948 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">88</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.88 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deems it prudent to do so based on market conditions, trends or movements or other similar factors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">associated with these derivative investments, and to invest excess cash, the Fund holds a portion of its portfolio in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment-grade short-term fixed-income securities. The other strategy focuses on equity investments in commodity-related</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in equity securities of such companies in order to complement the commodity exposures achieved </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through investments in commodity-linked derivatives. Taken together, these two strategies offer broad exposure to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global commodities market trends across asset classes, industries, sectors, and regions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities are assets that have tangible properties, such as oil and other energy products, metals, and agricultural </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">products. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the commodities markets, without investing directly in physical commodities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">businesses and in associated businesses and companies that provide services or have exposure to such businesses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies that use commodities extensively in their products and companies that provide technology and services to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gas exploration and production, energy services and technology, chemicals and oil products, coal and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">farm land, alternative energy sources, environmental services and agricultural products (including crop growers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">owners of plantations, and companies that produce and process foods), as well as related transportation companies, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of commodity-related companies, and may invest without limitation in commodity-linked derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Return</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">caused by commodity term structures.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other instruments whose price is linked to the value of common stock, and equity interests in master limited </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of commodity-related companies. The Fund may also purchase convertible securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in both U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of commodity-related companies, and may invest without limitation in commodity-linked derivative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other instruments whose price is linked to the value of common stock, and equity interests in master limited </span></div><div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of commodity-related companies. The Fund may also purchase convertible securities.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Commodities Investment Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Investing in commodity-linked derivative instruments and equity securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-related companies may subject the Fund to greater volatility than investments in traditional securities. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodities markets have experienced periods of extreme volatility. Similar future market conditions may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in rapid and substantial valuation increases or decreases in the Fund’s holdings.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">changing supply and demand relationships and levels of domestic production and imported commodities; the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">availability of local, intrastate and interstate transportation systems; energy conservation; the success of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration projects; changes in international balances of payments and trade; domestic and foreign rates of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such changes cannot be predicted.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular contract or forcing the liquidation of contracts at disadvantageous times or prices.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Derivatives Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Leverage Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exceed the amount originally invested.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives positions to lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Counterparty Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to such a counterparty.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Illiquidity Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficult for the Fund to value accurately.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Operational Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues, settlement issues, systems failures, inadequate controls and human error.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Legal Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">enforceability of a contract.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Volatility and Correlation Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Valuation Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments or quote prices for them.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Hedging Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in certain adverse tax consequences.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">realizes from its investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Risks Specific to Certain Derivatives Used by the Fund</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Commodity-Linked Derivatives</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The value of a commodity-linked derivative investment typically is based upon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price movements of a commodity, a commodity futures contract or commodity index, or some other readily </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> derivatives will rise or fall in response to changes in the underlying commodity or related index. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can be no assurance that one will develop.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally invested. The Fund might receive interest payments that are more or less than the stated coupon </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest payments.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit exposure to any one counterparty at all times.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Commodity-Linked Notes</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Commodity-linked notes involve substantial risks, including the risk of loss of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of greater volatility, that do not affect traditional equity and debt securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Futures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">between the change in market value of the instruments held by the Fund and the price of the futures contract or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default in the performance of its obligations.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Swaps</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Swap agreements, including total return swaps that may be referred to as contracts for difference, are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap” </span></div> <div style="line-height: 10.695pt; margin-left: 24pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">Forward Foreign Currency Exchange Contracts</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Forward foreign currency exchange transactions are OTC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Commodities Regulatory Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Commodity-related companies are subject to significant federal, state and local </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government regulation in virtually every aspect of their operations, including how facilities are constructed, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maintained and operated, environmental and safety controls, and the prices they may charge for the products and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">services they provide. The Commodity Futures Trading Commission (the “CFTC”) and the U.S. commodities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the imposition of higher margin requirements, the establishment of daily limits and the suspension of trading. Any </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decisions the Fund might otherwise make.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maximum net long or net short speculative positions that any person may hold or control in any particular futures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">futures contracts”), and on economically equivalent swaps. Certain position limits include an exemption from limits </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for bona fide hedging transactions or positions. As a consequence of these position limits, the size or duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">positions available to the Fund may be severely limited.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment Company Act</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Precious Metal and Related Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Prices of precious metals and of precious metal related securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition of companies involved with precious metals. The production and sale of precious metals by governments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or central banks or other larger holders can be affected by various economic, financial, social and political factors, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation and changes in industrial and commercial demand for precious metals.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s investment in that issuer.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidity than developed markets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">oversight.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payments position.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. securities laws.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; margin-left: 12pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 493.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which will adversely affect the Fund’s net asset value.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In general, the market price of debt securities with longer maturities will go up or down more in response to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Leverage Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to meet the applicable requirements of the Investment Company Act, and the rules thereunder. Increases and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Sector Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market sector or industry will cause the Fund to be more exposed to the price movements of companies in and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sector, there is the risk that the Fund will perform poorly during a downturn in that sector.</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on the Fund than on an investment company that does not concentrate in the industries or businesses in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investments can be significantly affected by the supply of and demand for specific products and services, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exploration and production spending, government regulation, world events and economic conditions. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Commodities Sector can also be significantly affected by events relating to international political developments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">energy conservation, the success of exploration projects, commodity prices, and tax and government regulations. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The stock prices of commodity-related companies may also experience greater price volatility than other types of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">international economic, political and regulatory developments. Fund management’s judgments about trends in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies in the Commodities Sector will lag behind the performance of other industries or the broader market as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a whole.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Small Cap and Emerging Growth Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Small cap or emerging growth companies may have limited </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">depend on a more limited management group than larger capitalized companies.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Subsidiary Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">does not invest in equity securities of commodity-related companies, and may invest without limitation in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could adversely affect the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Tax Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund invests in commodity-related instruments indirectly through the Subsidiary because income </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from these investments, if made directly, might not be treated as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying income</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> for purposes of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issued by the U.S. Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) on which taxpayers may rely for taxable years beginning after </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances in which the Fund’s income with respect to the Subsidiary will be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">qualifying income,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to commodities. Fund shareholders could also experience adverse tax consequences in such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than Institutional Shares. The table compares the Fund’s performance to that of the MSCI All Country World Index (Net) and the Bloomberg Commodity Index Total Return<span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span>. The Bloomberg Commodity Index Total Return<span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span>is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index (Net) and the Bloomberg Commodity Index Total ReturnSM. The Bloomberg Commodity Index Total ReturnSM is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Commodity Strategies Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 20.07% (quarter ended March 31, 2022) and the lowest return for a quarter was -23.26% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 10.04%. </span></div> highest return 0.2007 2022-03-31 lowest return -0.2326 2020-03-31 year-to-date return 2026-06-30 0.1004 For the periods ended 12/31/25Average Annual Total Returns 0.2885 0.1209 0.0919 0.2739 0.0988 0.0792 0.1726 0.0861 0.0694 0.2234 0.1119 0.1172 0.1577 0.1064 0.0573 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 49, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. 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 majority of the outstanding voting securities of the Fund. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate 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 the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information. The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Subsidiary”) were less than 0.01% for the most recent fiscal year. For certain share classes, the Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 49, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.97% (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. 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 majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate 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 the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information. There is no CDSC on Investor C Shares after one year. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 36, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. 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 majority of the outstanding voting securities of the Fund. The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Subsidiary”) were less than 0.01% for the most recent fiscal year. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 36, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.67% of average daily net assets through June 30, 2028. 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 majority of the outstanding voting securities of the Fund.