Commodity Strategies Fund | BCSAX

Overview

Investment Approach

Invests in two strategies, approximately equally. One strategy focuses on commodity-linked derivatives, the other focuses on equity investments in commodity-related companies, including mining, energy and agricultural companies.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-14.68	4.26	-6.18	-	-4.77
Return w/ Sales Charge (%) Max Sales Charge: -	-19.16	2.40	-7.18	-	-5.48
Benchmark (%) Index: Bloomberg Commodity Index Total Return.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-11.25	0.30	-8.80	-	-7.55
Morningstar Category Avg. (%) Commodities Broad Basket	-8.63	3.52	-7.55	-3.50	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	97/118	9/103	13/85	-	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	4	1	1	-	-
Lipper Category Avg. (%) Commodities General	-12.07	0.81	-8.54	-4.11	-
Lipper Ranking Rankings are based on total return excluding sales charges.	96/121	10/108	14/88	-	-
Lipper Quartile Rankings are based on total return excluding sales charges.	4	1	1	-	-

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-14.68	-5.61	-12.12	-14.68	13.32	-27.30	-	-29.83
Return w/ Sales Charge (%) Max Sales Charge: -	-19.16	-10.56	-16.74	-19.16	7.38	-31.12	-	-33.51
Benchmark (%) Index: Bloomberg Commodity Index Total Return.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-11.25	-6.89	-9.41	-11.25	0.89	-36.92	-	-43.37
Morningstar Category Avg. (%) Commodities Broad Basket	5.36	5.36	-3.43	-8.63	10.93	-32.46	-29.99	-
Lipper Category Avg. (%) Commodities General	-12.07	-5.31	-12.23	-12.07	2.58	-34.05	-32.01	-

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-14.26	-25.19	22.97	8.01	-14.68
Annual w/ Sales Charge (%) Max Sales Charge: -	-18.76	-29.11	16.51	2.34	-19.16
Benchmark (%) Index: Bloomberg Commodity Index Total Return<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-17.01	-24.66	11.77	1.70	-11.25
Morningstar Category Avg. (%) Commodities Broad Basket	-17.98	-23.99	12.16	3.66	-11.52

Missing calendar year returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Commodity Strategies Fund ($)

Cum. Fund Perf. Since Inception: -24.86

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

Chart
Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Net Assets as of Feb 15, 2019 $39,419,391

Size of Fund (Millions) $218.8 M

Base Currency U.S. Dollar

Share Class launch date Oct 03, 2011

Asset Class Commodity

Domicile United States

Portfolio Characteristics

P/E Ratio The price to earnings ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holdings' P/E is the latest closing price divided by the latest 12 months' earnings per share. Negative earnings are excluded, extraordinary items are excluded, and P/E ratios over 60 are set to 60. as of Dec 31, 2018 16.57

P/B Ratio The price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a company's assets are worth assuming the company's debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25. as of Dec 31, 2018 1.57

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Dec 31, 2018 $ 52,344.9 M

Alpha (3y) Compared to Bloomberg Commodity Index Total Return. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Jan 31, 2019 0.40

R-Squared (3y) as of Jan 31, 2019 72.79

Beta (3y) as of Jan 31, 2019 1.02

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Dec 31, 2018 0.12 yrs

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Dec 31, 2018 1.47%

Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2016 20.54%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -12.12%

Fund Standard Deviation (3y) as of Jan 31, 2019 12.10

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	1.44%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Nov 30, 2019.	1.01%

Net Expense Ratio excluding Investment Related Expenses is 0.97%

Ratings

Morningstar Rating

Overall Commodity Strategies Fund received a Morningstar Rating of 5 stars for the 3-year period, 4 stars for the 5-year period and - stars for the 10-year period, rated against 104, 86 and 25 Commodities Broad Basket Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for Commodity Strategies Fund, Class A, as of Jan 31, 2019 rated against 104 Commodities Broad Basket Funds.

Lipper Leader

Lipper Leader Ratings

Consistent Return Commodity Strategies Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (108 funds), 5 (93 funds), and - ( funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Tax Efficiency Commodity Strategies Fund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 4 (108 funds), 4 (93 funds), and - ( funds). Lipper ratings for Tax Efficiency (US) reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Total Return Commodity Strategies Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (108 funds), 5 (93 funds), and - ( funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Jan 31, 2019 out of 108, 12,205, 108, 39 and 108 Funds, respectively in Lipper's Commodities General classification.

Top Holdings

Holdings

Top Equity Holdings as of 31-Jan-2019

Name	Fund Weight (%)
BHP GROUP PLC	2.09%
ROYAL DUTCH SHELL PLC	2.01%
DEERE & CO	1.69%
NUTRIEN LTD	1.66%
EXXON MOBIL CORP	1.59%
GLENCORE PLC	1.46%
RIO TINTO PLC	1.41%
ARCHER DANIELS MIDLAND CO	1.31%
BP PLC	1.28%
TOTAL SA	1.25%

*% of Market Value

Exposure Breakdowns

Sectors as of 31-Jan-2019

Name	Equity Exposure	Commodity Index Related Instruments*	Total	Benchmark
Energy	15.72%	14.04%	29.76%	28.29%
Agriculture & Livestock	17.35%	22.64%	39.99%	45.63%
Metals and Mining	12.77%	8.79%	21.56%	17.72%
Precious Metals	4.54%	4.15%	8.69%	8.36%
TOTAL	50.38%	49.62%	100.0%	100.0%

*this column reflects the sector exposures of the Bloomberg Commodity Benchmark. Please note that in practice, exposures may differ slightly due to enhanced index techniques.

% of Market Value

Portfolio Managers

Alastair Bishop

Rob Shimell

Hannah Gray

Elliott Char

Portfolio Manager

Read the Team's Commentary

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

Futures trading can lead to large losses. Trading losses can sharply reduce the value of an interest in the fund. The fund may trade foreign futures contracts. Transactions on markets outside the United States may be subject to regulations that offer different or diminished protection.

Commodity futures exposure is achieved through investments in, but not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures.

Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity.

Investing in long/short strategies presents the opportunity for significant losses, including the loss of your total investment. Such strategies have the potential for heightened volatility and in general, are not suitable for all investors.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations.

Investing in commodity-linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the funds control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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