Liquidating a mutual fund

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In addition, effective immediately, the Manager will begin an orderly transition of the Trust’s portfolio investments to cash and cash equivalents and the Fund will thereafter no longer be pursuing its investment objective.

At any time prior to the Distribution Date, investors may redeem shares of the Fund.

On Friday, February 20, 2009, the Black Rock Florida Municipal Bond Fund reorganized into the Black Rock National Municipal Fund.

Black Rock Commodity Strategies Fund Liquidation Liquidation Date: October 31, 2008 On Friday, September 12, 2008, the Black Rock Technology Fund reorganized into the Black Rock Global Science & Technology Opp. In addition, the Black Rock Global Science & Technology Opportunities Portfolio was renamed the Black Rock Science & Technology Opportunities Portfolio.

The IRS considers fund earnings as short-term gains, which require higher tax rates than long-term earnings.

Typically, the IRS considers long-term capital gains as earnings from investments held for one year or more at the time you sell shares.

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While many of the managers and traders at these funds will go on to work for other firms, many of these managers and traders will start new hedge funds and potentially with some of the same investors.Generally there will be some sort of liquidation and then final accounting.The timing of these will be determined by the offering documents.The redemption, sale, exchange, or liquidation of your shares may be a taxable event to the extent that your tax basis in the shares is lower than the liquidation proceeds per share that you receive.You should consult your personal tax advisor concerning your particular tax situation.

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