Document:

Amended and Restated Futures and Options Account Agreement.

 Exhibit 10.4 
 FUTURES AND OPTIONS ACCOUNT AGREEMENT 
 GOLDMAN, SACHS & CO. 

200 WEST STREET 
 NEW YORK, NEW YORK
10282 
 ATTENTION: FUTURES SERVICES DEPARTMENT 
 The undersigned customer (“Customer”) agrees that all transactions that Goldman, Sachs & Co. or any of its affiliates (collectively, “Goldman”, unless otherwise specified) may
execute, clear and/or carry on Customer’s behalf for the purchase or sale of futures contracts (“Futures Contracts”) or options on Futures Contracts (“Option Contracts”), and any customer accounts carried by Goldman in
connection therewith (each, an “Account”), shall be subject to the terms and conditions set forth in this agreement (the “Agreement”), dated March 1, 2013. Futures Contracts and Option Contracts are referred to collectively in
this Agreement as “Contracts”. 
 1. Applicable Law. 
 Each Account and Contract shall be subject to (i) the Commodity Exchange Act, as amended (the “CEA”), and all rules and interpretations of the Commodity Futures Trading Commission (the
“CFTC”) and the National Futures Association (“NFA”); (ii) the constitution, by-laws, rules, interpretations and customs of any applicable exchange or clearing organization (each of which is referred to as an
“Exchange”); and (iii) any other laws or rules applicable to Customer’s trading of Contracts (collectively, “Applicable Law”). Neither Goldman nor any of its partners, officers, employees or agents shall be liable as a
result of any action taken by Goldman, or any clearing brokers or floor brokers, to comply with Applicable Law. 
 2. General Agreements.

 Customer acknowledges and agrees that: 
 (a) Goldman’s Responsibility. Goldman is responsible solely for the execution, clearing and/or carrying of Contracts in each Account in accordance with the terms of this Agreement. Customer
and Customer’s advisor (“Advisor”), if any, are solely responsible for all investment and trading decisions for the Account. Goldman is not acting as a fiduciary or advisor with respect to Customer or any Contract or Account and
Goldman shall have no responsibility for compliance with any law or regulation governing the conduct of any such fiduciary or advisor or for Customer’s compliance with any law or regulation governing or affecting Customer’s trading
hereunder. 
 (b) Advice and Positions. Any advice provided by Goldman with respect to any Account or Contract is
incidental to its business as a futures commission merchant (“FCM”) and such advice shall not serve as the primary basis for any decision by or on behalf of Customer in respect of any Contract or Account. Goldman makes no representation as
to the reliability, accuracy or completeness of such advice or any information on which it is based. Goldman and its partners, officers, employees and agents may take or hold positions in, or advise other customers with respect to, Contracts that
are the subject of advice furnished by Goldman to Customer, and such positions or advice may be inconsistent with any advice to Customer. 
 (c) Conclusiveness of Reports. All written and oral reports related to the Accounts, including but not limited to confirmations, purchase and sale statements and monthly statements, given to
Customer shall be conclusive and binding on Customer unless Customer notifies Goldman of any objection as follows: (i) in the case of any oral communication, at the time such report is given to Customer, and (ii) in the case of any written
communication, before the opening of trading on the business day following the day on which Customer received such written communication, provided however, that with respect to monthly statements, Customer will notify Goldman of any objection within
three (3) business days after receipt. 
 (d) Reliance on Instructions. Goldman shall be entitled to rely on any
instruction, notice or communication that it reasonably believes to have originated from Customer or Customer’s duly authorized agent (including Customer’s Advisor, if any) and Customer shall be bound thereby. 

(e) Financial and Other Information. Customer shall provide to Goldman such financial and other information regarding Customer as
Goldman may from time to time reasonably request. Customer shall notify Goldman promptly of any material adverse changes to the financial condition of Customer, regardless of whether Customer has previously furnished financial information to
Goldman. 
 (f) Floor Brokers and Clearing Brokers. Goldman, for and on behalf of Customer, is authorized in its sole
discretion to select floor brokers and, on Exchanges where Goldman is not a clearing member, unaffiliated clearing brokers, which will act as brokers and agents in connection with transactions in Contracts for the Accounts. 

  
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 (g) Give-Ups. Absent a separate written agreement with Customer with respect to
give-ups, Goldman, in its sole discretion, may, but shall not be obligated to, accept from other brokers Contracts executed by such brokers and to be given up to Goldman for clearance or carrying in any Account. 

(h) Limitation of Liability. Absent Goldman’s negligence or willful misconduct, Goldman shall not be liable for any loss,
liability, expense, fine or tax caused directly or indirectly by any events beyond Goldman’s control, including without limitation any (i) governmental, judicial, Exchange or other self-regulatory organization action or order,
(ii) suspension or termination of trading, (iii) breakdown or failure of transmission or communication facilities, or (iv) failure or delay by any Exchange to enforce its rules or to pay or return any amounts owed to Goldman with
respect to any Contracts executed and/or cleared for Customer’s Accounts. In no event shall Goldman be liable for consequential, incidental or special damages. Nothing in this paragraph 2(h) shall in any manner restrict Goldman’s rights
pursuant to Section 8 hereof. 
 (i) Foreign Exchange Risk. Customer acknowledges and agrees that, if Customer
enters into a transaction in any Contract that is denominated in a currency (the “Contract Currency”) other than the currency of Customer’s jurisdiction, any profit or loss on such Contract arising from changes in the exchange rate
between the Contract Currency and the currency of Customer’s jurisdiction shall be for Customer’s Account and risk. 

(j) Transmission of Orders. If Customer has been approved by Goldman for the transmission of orders directly to affiliates of
Goldman located outside the United States (the “Affiliates”), for execution and clearance on non-U.S. exchanges, Customer acknowledges and agrees that (i) it will transmit orders directly to Affiliates identified by Goldman only in
accordance with any conditions or instructions furnished by Goldman and solely for Customer’s own Account, (ii) any orders transmitted by Customer to an Affiliate will be executed and cleared through omnibus accounts maintained by the
appropriate Affiliate in the name of Goldman and not for an account of Customer with the Affiliate, and (iii) notwithstanding its transmission of orders to the Affiliates, Customer will continue to be a customer of Goldman and will not be a
customer of the Affiliate. For purposes of this Section 2(j), the term “Goldman” shall mean Goldman, Sachs & Co. 
 3.
Margin and Other Obligations. 
 (a) Customer agrees to deposit and to maintain initial and variation margin and to make any
premium payments with respect to each Contract, in such form and in such amounts as may be required from time to time by Applicable Law or by Goldman in its sole discretion. Customer acknowledges and agrees that Goldman has no obligation to
establish uniform margin, commission or fee requirements and that margin requirements imposed by Goldman may exceed those of the applicable Exchange. Customer further acknowledges and agrees that Goldman shall have the right, in accordance with
Applicable Law, to transfer or pledge margin deposited by Customer to any Exchange, or to transfer or pledge other property to any Exchange in substitution for such margin, in order to satisfy obligations incurred by Goldman on behalf of its
customers, and that any such transfer, pledge or substitution shall not diminish Customer’s obligations pursuant to Section 3(b) of this Agreement. 
 (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to each Contract executed, cleared and/or carried by Goldman on Customer’s behalf or to any Account maintained
by Customer with Goldman, in each case in such manner and at such rates as may be agreed upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes,
incurred or imposed with respect to each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or
clearing of Contracts for Customer’s Accounts hereunder, provided that such losses are not due to the negligence or willful misconduct of Goldman; and (v) interest on any debit balances or deficiencies in any Account and on any monies
advanced to Customer at the rates charged from time to time to Goldman’s securities margin account customers. 
 (c)
Customer acknowledges and agrees that Goldman may (but shall not be obligated to) accept from Customer margin deposits in the form of cash or securities denominated in a currency other than the Contract Currency (the “Base Currency”). In
that event, Goldman shall determine Customer’s margin requirements in the Base Currency on any day in a commercially reasonable manner based on current exchange rates between the Base Currency and the Contract Currency. Furthermore, Customer
shall pay Goldman’s fees as in effect from time to time for Goldman’s deposit of margin in the Contract Currency with the applicable Exchange. 

  
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 (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or
substitute any margin delivered to Goldman from time to time without notice to Customer (i) in accordance with Section 3(a) of this Agreement, and (ii) otherwise, to the extent permitted by Applicable Law. Upon Customer’s written
request to Goldman, Goldman shall return excess Collateral (as defined below) (i.e., Collateral in excess of margin requirements hereunder) in the Account to Customer provided that (i) there are no outstanding obligations or margin calls owed
by Customer to Goldman pursuant to this Agreement, (ii) no event of default, has occurred, and (iii) such transfer does not or would not, in Goldman’s good faith discretion, following the transfer, result in a margin or collateral
deficiency in the Account. 
 4. Exercise and Delivery. 
 (a) Customer agrees to give Goldman notice, not later than the time specified by Goldman and in any event at least two days before the close of trading in the Contract in question, if Customer intends to
make or take delivery under any Futures Contract or to exercise any Option Contract. Customer shall furnish Goldman with sufficient funds to take delivery pursuant to, or to exercise and provide initial margin for, any such Contract and/or deliver
to Goldman any property required to be delivered by Customer under any such Contract at such time and in such manner as may be required by Goldman. 
 (b) Certain Option Contracts sold by Customer are subject to exercise at any time. Exercise notices received by Goldman from the applicable Exchange with respect to any Option Contract sold by
Goldman’s customers will be allocated among such customers (including Customer) pursuant to a random allocation procedure and Customer shall be bound by any allocation made to it pursuant to such procedure. Such notices may be allocated to
Customer after the close of trading on the day on which such notices have been allocated to Goldman by the applicable Exchange. Goldman shall use reasonable efforts to contact Customer promptly upon its allocation of an exercise notice to Customer.

 (c) Goldman shall have no responsibility for any action that it takes or fails to take with respect to any Option Contracts
(and, without limiting the foregoing, shall have no responsibility to exercise any Option Contract purchased by Customer) unless and until Goldman receives acceptable and timely instructions from Customer indicating the action to be taken.

 5. Position Limits. 

Goldman shall have the right, whenever in its discretion it deems it necessary, to limit the size and number of open Contracts (net or
gross) that Goldman will at any time execute, clear and/or carry for Customer, to require Customer to reduce open positions carried with Goldman, and to refuse acceptance of orders to establish new positions. Customer shall comply with all position
limit rules imposed by Applicable Law. Customer shall promptly notify Goldman if Customer is required to file any position report with any regulatory or self-regulatory authority and shall promptly file and provide Goldman with copies of any such
report. 
 6. Lien. 

All funds, securities, credit balances, Contracts and other property of Customer (owned either individually or jointly with others) that
may from time to time be held by, to the order of or on behalf of Goldman, and all amounts due to Goldman for Customer’s Account from any Exchange or clearing broker in respect of any Contracts, and all proceeds thereof (collectively,
“Collateral”) are hereby pledged to Goldman and shall be subject to a security interest and lien in Goldman’s favor to secure all obligations of Customer to Goldman pursuant to this Agreement. 

7. Customer Representations. 

(a) Customer represents and warrants as of the date hereof and on the date of each transaction executed hereunder that: 

(i) Lawful Agreement. Customer is duly authorized and empowered to execute and deliver this Agreement and to effect purchases and
sales of Contracts through Goldman. Such transactions and this Agreement do not and will not violate any Applicable Law, any judgment, order or agreement to which Customer or its property is subject or by which it or its property is bound or any
documents or instruments governing the investment and trading activities of Customer. This Agreement is a valid and binding agreement of Customer, enforceable against Customer in accordance with its terms. Customer has made and will make any
disclosures regarding its trading of Contracts which are required under Applicable Law. 

  
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 (ii) Interest in or Control of Accounts. No person or entity other than Customer has,
nor during the term of this Agreement will have, any ownership interest of ten percent or more in any Account, and no person other than Customer and Advisor, if any, has or will have any control over any Account, except as otherwise disclosed to
Goldman in writing. 
 (iii) CEA Registration Requirements. Customer has reviewed the registration requirements of the
CEA and the NFA pertinent to commodity pool operators and commodity trading advisors and has determined that it and any person that has trading authority or control over any or all of its Accounts are in compliance with such requirements.

 (iv) Financial Information. Any financial or other information provided to Goldman by Customer in connection with this
Agreement is and will be accurate and complete in every material respect at the time provided. 
 (v) Employees of FCMs,
Self-Regulatory Organizations or the CFTC. If Customer is an individual, Customer is not a partner, officer, director, employee or owner of more than ten percent of the equity interest of an FCM, an introducing broker or any self-regulatory
organization, or an employee of the CFTC, except as otherwise disclosed to Goldman in writing. 
 (vi) Compliance with the
Federal Deposit Insurance Act. If Customer is an insured depository institution subject to the Federal Deposit Insurance Act, Customer has taken all action and maintained all such records required to be taken or maintained by it to effect and
maintain the enforceability of this Agreement pursuant to the Federal Deposit Insurance Act. 
 (b) Customer agrees to promptly
notify Goldman in writing if any representation or warranty made by Customer ceases to be accurate and complete in any material respect. 
 8.
Customer Default. 
 (a) In the event that: (i) Customer breaches or fails to timely and fully perform any of its
obligations hereunder or otherwise in respect of any Contract; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any
Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the
protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its
property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or
order of attachment is issued against any Account or a judgment is levied against any Account; or (vi) Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a
reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts;
(B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Goldman as immediately due and payable; (D) set off any obligations of Goldman to Customer against any obligations of
Customer to Goldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to Goldman; (F) borrow or buy any options, securities, Contracts or
other property for any Account; and/or (G) terminate any or all of Goldman’s obligations for future performance to Customer. 
 (b) So long as Goldman’s rights or position would not be jeopardized thereby, Goldman shall make a good faith effort to notify Customer of its intention to take any of the actions specified in
(A) through (G) of Section 8(a) above before taking any such action, provided that Goldman shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made
in any manner determined by Goldman to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Goldman’s right to take any action provided for herein and that Customer shall
be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees). 

  
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 9. Compensation for Losses. 
 Customer hereby agrees to compensate Goldman and its partners, officers, employees and agents for any and all loss, liability or cost (including reasonable attorneys’ fees), penalty or tax incurred
by Goldman as a result, directly or indirectly, of Customer’s failure to comply with any provision of, or to perform any obligation under, this Agreement. 
 10. Communications. 
 (a) Unless otherwise specified in this Agreement, all
reports, instructions and other communications by any party to another under this Agreement may be oral or written. All oral communications shall promptly be confirmed in writing. 

(b) Any report, instruction or other communication transmitted pursuant to this Agreement shall be transmitted to Customer at the address
or telecopier or telephone number provided to Goldman in writing or to Goldman at 200 West Street, New York, New York 10282, Attention: Administrator, Futures Services Department, by telecopier at the number provided to Customer or by telephone at
(212) 902-7520 or at such other address or number as either party hereto notifies each other party hereto in writing. 
 11. Severability.

 If any provision of this Agreement is or at any time becomes inconsistent with or invalid under any present or future
Applicable Law, such inconsistent or invalid provision shall be deemed to be superseded or modified to conform to such Applicable Law, but in all other respects this Agreement shall continue in full force and effect. 

12. Entire Agreement. 
 This
Agreement constitutes the entire agreement between Customer, Advisor, if any, and Goldman with respect to the subject matter hereof and supersedes any prior agreements between the parties with respect to such subject matter. For purposes of this
Section 12, the term “Goldman” shall mean Goldman, Sachs & Co. 
 13. Termination. 

This Agreement shall continue in force until written notice of termination is given in accordance with Section 10 of this Agreement
by Customer or Goldman. Termination of this Agreement shall not affect any transaction entered into before receipt of notice of such termination and shall not relieve any party hereto of any obligations incurred before such receipt. Customer, upon
giving or receiving notice of termination, shall promptly take all action necessary either to close out all open positions in any Account or to transfer all such positions to another FCM. Upon satisfaction by Customer of all obligations to Goldman
arising hereunder (including payment obligations with respect to the transfer of Contracts to another FCM), Goldman shall transfer to the FCM specified by Customer all Contracts, cash, securities and other property, then held for any Account,
whereupon this Agreement shall terminate. 
 14. Amendment or Waiver. 
 No provision of this Agreement shall in any respect be waived or modified unless such waiver or modification is in writing and signed by authorized representatives of each of Goldman and Customer. The
rights and remedies of Goldman and Customer under this Agreement are cumulative and no waiver or modification of this Agreement or of any such right or remedy may be inferred from any failure by Goldman or Customer to exercise any right or remedy
under this Agreement. 
 15. Successors; Binding Effect. 
 (a) This Agreement shall inure to the benefit of, and be binding upon, each of the parties and their respective successors and assigns. 

(b) This Agreement and the obligations of Customer hereunder may not be assigned or delegated by Customer without the prior written
consent of Goldman, and any purported assignment or delegation without such consent shall be void. Goldman may not assign its rights nor delegate its obligations under this Agreement, in whole or part, without the prior written consent of Customer,
and any purported assignment or delegation without such consent shall be void, except for an assignment and delegation of all of Goldman’s rights and obligations hereunder in whatever form Goldman determines may be appropriate to a partnership,
corporation, trust or other organization in whatever form that succeeds to all or substantially all of Goldman’s assets and business and that assumes such obligations by contract, operation of law or otherwise (a “Successor Entity”),
provided that the creditworthiness of the Successor Entity immediately after the assignment shall not be materially weaker than the creditworthiness of Goldman immediately prior to such assignment. In addition to and not in lieu of the preceding

  
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transfer of rights, Goldman may transfer this agreement in whole or in part to any of its affiliates organized or acting through a branch in the United Kingdom, the United States of America or
Japan provided that, in the case where such successor is not The Goldman Sachs Group, Inc., or its successor, upon request of the Customer, The Goldman Sachs Group, Inc. shall provide a guarantee in form and substance satisfactory to the Customer
(it being understood that a customary form of guarantee provided by The Goldman Sachs Group, Inc. to the Customer or its affiliates shall be satisfactory). Upon any such assignment and delegation of obligations, Goldman shall be relieved of and
fully discharged from all obligations hereunder, whether such obligations arose before or after such assignment and delegation. 
 16.
Governing Law. 
 The construction, validity, performance and enforcement of this Agreement shall be governed by the laws
of the State of New York (without giving effect to conflicts of law principles). 
 17. Consent to Jurisdiction. 

Customer submits to the non-exclusive jurisdiction of the courts of the State of New York and of the Federal courts in the Southern
District of New York with respect to any proceeding arising out of or relating to this Agreement or any transaction in connection herewith, and consents to the service of process by the mailing to Customer of copies thereof by certified mail to the
address of Customer as it appears on the books and records of Goldman, such service to be effective ten days after mailing. Customer hereby waives irrevocably (i) any objection to the jurisdiction of any such court which it might otherwise be
entitled to assert in any proceeding arising out of or relating to this Agreement or any transaction in connection herewith; and (ii) any defense of sovereign immunity or other immunity from suit or enforcement, whether before or after
judgment. 
 18. Counterparts. 
 This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

19. Benefits of BlackRock Advisory Relationship. 
 Notwithstanding any provision to the contrary herein, Goldman agrees that for so long as BlackRock Fund Advisors is serving as commodity trading advisor to Customer, and any master futures agreement is in
place between Goldman and BlackRock Fund Advisors on behalf of its customers, this Agreement shall govern; provided, that Goldman shall be permitted to (i) modify the amount of margin, fees, charges or any other amounts Customer is obligated to
deliver or pay to Goldman, (ii) refuse to accept Customer orders or (iii) liquidate any open positions of Customer, in each case, only if such modification, refusal or liquidation would also be expressly permitted (taking into account any
timing, notice and similar requirements) under the terms of such master futures agreement if Customer were the customer thereunder. 
 20.
Customer Disclosure Obligations. 
 Notwithstanding any provision to the contrary that may be contained herein or in any other
agreement between the parties, Goldman acknowledges that Customer is subject to disclosure obligations under Applicable Law and applicable securities laws, including disclosure obligations that may require disclosure of information relating to
Goldman, and hereby consents to such disclosure. Customer agrees to provide copies of any such disclosure documents to Goldman upon its reasonable request, and agrees to cooperate with Goldman to modify any such disclosure as Goldman may reasonably
request, to the extent permitted by Applicable Law and applicable securities laws. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Futures and Options Account
Agreement as of the date set forth above. 
  

			
	 iShares® S&P GSCITM Commodity-Indexed Investing Pool, as Customer

		
	By:	 	BlackRock Asset Management International Inc., in its capacity as Manager of the Customer
		
	By:	 	 /s/ Jack Gee

		 	Name: Jack Gee
		 	Title: Managing Director
	
	Goldman, Sachs & Co.
		
	By:	 	 /s/ Michael Dawley

		 	Name: Michael Dawley
		 	Title: Managing Director

  
 7Service Module for Custodial Services.

 Exhibit 10.5 
 SERVICE MODULE 
 FOR 

CUSTODIAL SERVICES 
 between 
 BTC RECIPIENTS 

and 
 STATE
STREET 

  

			
	 Custodial Services Service Module
	  	| State Street CONFIDENTIAL

 This Service Module for Custodial Services (the “Service Module”), dated as of
February 28, 2013 (the “Service Module Effective Date”), is made and entered into by and between each BTC Recipient listed in Schedule 11-A (each a “BTC Recipient” and collectively the “BTC Recipients”) and State
Street Bank and Trust Company (“State Street”). The BTC Recipients and State Street are collectively referred to as the “Parties” and individually as a “Party.” 
 WHEREAS, each BTC Recipient desires to place and maintain all or a portion of its portfolio securities and other assets including cash in the custody of State Street; 

WHEREAS, State Street has indicated its willingness to so act, subject to the terms and conditions of this Service Module; 

NOW, THEREFORE, for and in consideration of the agreements set forth below and intending to be legally bound, the Parties hereby agree as follows:

  

	1.	BACKGROUND. 

  

	1.1	Purpose. This Service Module is made and entered into with reference to the following: 

 

	 	(a)	Each of the BTC Recipients and State Street entered into a Master Services Agreement dated as of April 21, 2011 (the “Master Services Agreement”),
via a Participation Agreement, which will form the basis for the Parties understanding with respect to the terms and conditions applicable to this Service Module. 

 

	 	(b)	Except as otherwise specified herein, this Service Module will incorporate the terms of the Master Services Agreement. 

 

	 	(c)	The Parties wish to enter into this Service Module under and pursuant to the Master Services Agreement to cover the certain custodial services described in more detail
in this Service Module, and the schedules hereto (the “Custodial Services”). 

  

	1.2	Objectives. Each BTC Recipient and State Street agrees that the purposes and objectives of the Master Services Agreement apply to this Service Module, subject to
the limitations set forth therein. 

  

	2.	OVERVIEW AND STRUCTURE. 

  

	2.1	Overview. Subject to the terms and conditions of the Master Services Agreement and this Service Module, as of the Service Module Effective Date, State Street
will provide the Custodial Services described in this Service Module, and the schedules hereto to each BTC Recipient. This Service Module will include the following Schedules: 

 

							
		  	 Schedule 11-A
	 	BTC Recipients	  	
		  	 Schedule 11-B
	 	Service Levels	  	
		  	 Schedule 11-C
	 	KPIs	  	
		  	 Schedule 11-D
	 	Fee Schedule	  	

  

	3.	DEFINITIONS. 

  

	3.1	Generally. Defined terms used in this Service Module and the Schedules hereto and the Appendices thereto, have the meanings set forth in the Master Services
Agreement, unless otherwise defined in this Service Module. 

  
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	3.2	Defined Terms. Whenever used herein, the terms listed below will have the following, meaning: 

 

	 	(a)	“1933 Act” will mean the United States Securities Act of 1933, as amended. 

 

	 	(b)	“Portfolio Security” will mean any Security owned by a BTC Recipient. 

 

	 	(c)	“Security” will have the same meaning as when such term is used in the 1933 Act including, without limitation, any note, stock, treasury stock, bond,
debenture, evidence of indebtedness, certificate of interest or participation in any profit sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust
certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including
any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to a foreign currency, or, in general, any interest or instrument commonly known as a
“security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to, or option contract to purchase or sell any of the foregoing, and futures,
forward contracts and options thereon. 

  

	4.	TERM. 

 The term of this
Service Module will commence on the Service Module Effective Date and will continue until May 15, 2014, unless terminated earlier or extended in accordance with the terms of this Service Module or the Master Services Agreement. This Agreement
shall terminate upon the termination of: (a) the Master Services Agreement; or (b) the iGroup Module. 
  

	5.	TERMS OF APPOINTMENT. 

  

	5.1	State Street Appointed as Custodian. Each BTC Recipient hereby appoints State Street as a custodian of such BTC Recipient’s portfolio securities and cash
delivered to State Street as hereinafter described, and State Street agrees to act as such upon the terms and conditions hereinafter set forth. For the services rendered pursuant to this Service Module, the BTC Recipients agree to pay to State
Street fees as may be agreed to from time to time in writing between the Parties. As custodian, State Street shall have general responsibility for the safekeeping of all securities, cash and other property of each BTC Recipient that are received by
State Street. Except as otherwise provided herein, State Street will receive and hold pursuant to the terms hereof, in a separate account or accounts and physically segregated (solely with respect to physical assets and only to the extent reasonably
practicable) at all times from those of other persons, any and all property which may be received by it for the account of any BTC Recipient. All such property will be held or disposed of by State Street only upon receipt of Proper Instructions
(which may be standing instructions), including with respect to the posting of initial or variation margin from time to time identified by the BTC Recipient pursuant to Proper Instructions. 

 

	5.2	Use of Depositories. State Street may deposit and/or maintain securities owned by a BTC Recipient in a Depository in compliance with the conditions of Rule 17f-4
under the 1940 Act. 

  

	6.	SERVICE LEVELS. 

Schedules 11-B and C set forth the Service Levels and Key Performance Indicators applicable to the Services under this
Service Module. State Street will perform the Services under this Service Module in accordance with such Service Levels and Key Performance Indicators and Section 3 of the Master Services Agreement. 

  
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	7.	SEGREGATION AND REGISTRATION. 

  

	7.1	State Street will, upon receipt of Proper Instructions on behalf of the applicable BTC Recipient, establish and maintain a segregated account or accounts for and on
behalf of such BTC Recipient, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by State Street: (a) in accordance with the provisions of any agreement among the applicable
BTC Recipient, State Street and a broker-dealer registered under the Exchange Act and a member of FINRA or any futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of The Options Clearing
Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the BTC
Recipient; (b) for purposes of segregating U.S. cash, U.S. Government securities, or other U.S. securities in connection with swaps or other transactions by such BTC Recipient related to an ISDA Master Agreement; (c) for purposes of
segregating U.S. cash or U.S. Government securities in connection with options purchased, sold or written by the BTC Recipient or commodity futures contracts or options thereon purchased or sold by such BTC Recipient; (d) for the purposes of
achieving the equivalent of compliance by such BTC Recipient with the procedures required by 1940 Act Release No. 10666, or any subsequent release of the SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of
segregated accounts by registered investment companies; and (e) for any other purpose upon receipt of Proper Instructions from or on behalf of such BTC Recipient. 

 

	7.2	Domestic securities held by State Street (other than bearer securities) will be registered in the name of the applicable BTC Recipient or in the name of any nominee of
the applicable BTC Recipient or of any nominee of State Street which nominee will be assigned exclusively to a BTC Recipient, unless such BTC Recipient has authorized in writing the appointment of a nominee to be used in common with other entities
having the same commodity trading advisor or other advisor as such BTC Recipient, or in the name or nominee name of any agent or in the name or nominee name of any delegee of State Street that is properly appointed. All securities accepted by State
Street on behalf of a BTC Recipient under the terms of this Service Module will be in “street name” or other good delivery form. 

  

	8.	REDEMPTIONS. 

 In the case
of payment of assets of a BTC Recipient held by State Street in connection with redemptions and repurchases by a BTC Recipient of outstanding shares, State Street will rely on notification by such BTC Recipient’s transfer agent (or equivalent)
of receipt of a request for redemption before such payment is made. Payment will be made in accordance with the organizational documents of the applicable BTC Recipients from assets available for said purpose. 

 

	9.	MAINTENANCE OF RECORDS. 

  

	9.1	State Street will create and maintain all records relating to its Services and obligations under this Service Module in such manner as will meet the obligations of each
BTC Recipient under the State Street Laws and State Street known laws. All such records will remain the property of the applicable BTC Recipient and will at all times during the regular business hours of State Street be open for inspection by duly
authorized officers, employees, agents or representatives of such BTC Recipient (including those of its commodity pool operator and commodity trading advisor) and employees and agents of the SEC, the CFTC and the National Futures Association. State
Street will, at a BTC Recipient’s request, supply such BTC Recipient with a tabulation of securities owned by such BTC Recipient and held by State Street and will, when requested to do so by such BTC Recipient, include certificate numbers in
such tabulations. 

  
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	9.2	State Street will furnish each BTC Recipient with such daily information regarding the cash, securities positions and activity of such BTC Recipient as State Street and
such BTC Recipient will from time to time agree. 

  

	9.3	State Street will provide each BTC Recipient, at such times as such BTC Recipient may reasonably require, with reports by independent public accountants on the
accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities
System, relating to the services provided by State Street under this Service Module; such reports, will be of sufficient scope and in sufficient detail, as may reasonably be required by such BTC Recipient to provide reasonable assurance that any
material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports will so state. 

  

	9.4	State Street will assist generally in the preparation of reports to shareholders and others, audits of accounts, and other ministerial matters of like nature.

  

	10.	REPORTS. 

 State Street
will provide each BTC Recipient with a 38a-1 certificate on a quarterly basis, and a 38a-1 auditor’s report on at least an annual basis. 
  

	11.	AGENTS AND SUB-CUSTODIANS WITH RESPECT TO PROPERTY OF THE PORTFOLIOS HELD IN THE UNITED STATES. 

 

	11.1	State Street may employ agents in the performance of its duties hereunder, including sub-custodians, provided that any such sub-custodian meets at least the minimum
qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of the property of the BTC Recipients held in the United States. State Street will notify each affected BTC Recipient in writing of the identity and the
qualifications of such sub-custodians. State Street will be responsible for the acts and omissions of its agents hereunder as if performed by State Street hereunder. The employment of such agents will be in accordance with Section 4.4 of
the Master Services Agreement. Without limiting the foregoing, certain duties of State Street hereunder may be performed by one or more Affiliates of State Street. 

 

	11.2	Upon receipt of Proper Instructions, State Street may employ sub-custodians selected by a BTC Recipient, provided that: (a) any such sub-custodian meets at least
the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of the property of such BTC Recipient held in the United States. State Street will notify each affected BTC Recipient in writing of any change in the
identity and the qualifications of such sub-custodians. State Street will not be responsible for the acts or omissions of sub-custodians selected by or at the direction of a BTC Recipient. In addition, State Street will not be permitted to use as
sub-custodians entities that are affiliates of the BTC Recipients. The BTC Recipients shall provide State Street with a current list of the identities of their affiliates on a quarterly basis or more frequently if such list of affiliates is revised
during a quarter. 

  

	11.3	The BTC Recipients acknowledge that State Street may use domestic Depositories and their related nominees to hold, receive, exchange, release, lend, deliver and
otherwise deal with Securities and to receive and remit, on behalf of a BTC Recipient, all income and other payments thereon and to take all steps necessary and proper in connection with the collection thereof. 

  
 4 

	12.	REPRESENTATIONS AND WARRANTIES. 

 State Street warrants that it has and will maintain at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act in connection with acting as custodian of the Portfolio Securities
of each BTC Recipient. 
  

	13.	FEES, EXPENSES AND ADVANCES. 

  

	13.1	Fees and Expenses of State Street. Each BTC Recipient will pay State Street the fees set forth in Schedule 11-D hereto for the Services provided by State
Street under this Service Module. Any payment obligations of any BTC Recipient hereunder shall be deemed satisfied if paid by BlackRock Asset Management International Inc. on their behalf. 

 

	13.2	Advances by State Street. State Street may, in its sole discretion, advance funds on behalf of a BTC Recipient to make any payment permitted by this Service
Module upon receipt of any Proper Instruction required by this Service Module for such payments. Should such a payment(s) with advanced funds, result in an overdraft (due to insufficiencies of a BTC Recipient’s account with State Street, or for
any other reason) any such overdraft or related indebtedness will be deemed a loan made by State Street to the BTC Recipient payable on demand and bearing interest from the date incurred at the rate agreed upon by State Street and the BTC Recipients
as of the date hereof. Each BTC Recipient agrees that State Street shall have a continuing lien and security interest to the extent of any overdraft or indebtedness, in and to any property at any time held by it for such BTC Recipient’s benefit
or in which the BTC Recipient has an interest and which is then in State Street’s possession or control (or in the possession or control of any third party acting on State Street’s behalf). Each BTC Recipient authorizes State Street, in
its sole discretion, at any time to charge any overdraft or indebtedness, together with interest due thereon against any balance of account standing to the credit of such BTC Recipient on State Street’s books. 

 

	14.	MISCELLANEOUS 

  

	14.1	Notices. Any formal notice, consent, approval, acceptance, agreement or other communication given pursuant to this Service Module will be in writing and will be
effective either when delivered personally to the Party for whom intended, facsimile (with confirmation of delivery), or overnight delivery services (with confirmation of delivery) (unless delivered after normal business hours, in which case it will
be deemed the next Business Day), addressed to such Parties as specified below. A Party may designate a different address by notice to the other Party given in accordance herewith. 

 

					
		 	 For a BTC Recipient:
	  	 BlackRock Asset Management International Inc.
 400 Howard Street
 San Francisco, CA 94105

			
		 	 With Copy To:
	  	 BlackRock Fund Advisors
 400
Howard Street
 San Francisco, CA 94105

  
 5 

					
			
		 	 For State Street:
	  	 State Street Bank and Trust Company
 800 Boylston Street
 Boston, MA 02116
 Facsimile: (617) 662-8427
 Attention: Michael Fontaine, Senior Vice President

			
		 	 With Copy To:
	  	 State Street Bank and Trust Company
 GSA Legal Division
 2 Avenue de Lafayette – 2nd Floor

Boston, MA 02111
 Facsimile: (617)
662-2702
 Attention: Senior Managing Counsel, Legal Department

  

	14.2	Survival. Notwithstanding anything to the contrary in this Service Module, each Party’s obligations under Sections 9 and 14 hereof will continue and remain
in full force and effect after the termination of this Service Module. In addition, Sections 1, 2, 3 and 5 through 13 will continue and remain in full force and effect during the period during which State Street is required to provide Disengagement
Assistance with respect to the Services hereunder after termination or expiration of this Service Module. 

  

	14.3	Single Agreement. This Service Module (including any exhibits, appendices and schedules hereto), together with the iGroup Module, the License Agreements and the
Master Services Agreement, including any exhibits, appendices and schedules thereto, constitutes the entire agreement between State Street and the BTC Recipients as to the subject matter hereof and supersedes any and all agreements, representations
and warranties, written or oral, regarding such subject matter made prior to the time at which this Service Module has been executed and delivered between State Street and the BTC Recipients. 

 

	14.4	Prior Service Modules. This Service Module supersedes and terminates, as of the date hereof, all prior service modules for custodial services between State
Street and the parties identified as BTC Recipients on Schedule 11-A hereto. 

 [Signature Page Follows]

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Service Module to be
executed in their names and on their behalf under their seals by and through their duly authorized officers, as of the day and the year first above written. 
  

					
	 EACH BTC RECIPIENT LISTED ON SCHEDULE 11-A (1)
	 		  	STATE STREET BANK AND TRUST COMPANY
			
	By: BlackRock Asset Management International Inc., its manager	 		  	
			
	 /s/ Jack Gee
	 		  	 /s/ Michael F. Rogers

	 Name:   Jack Gee

Title:     Managing Director
	 		  	 Name:   Michael F. Rogers
 Title:     Executive Vice President

			
	 EACH BTC RECIPIENT LISTED ON SCHEDULE 11-A (2)
	 		  	
			
	 By: BlackRock Institutional Trust Company, N.A., as trustee
	 		  	
			
	 /s/ Jack Gee
	 		  	
	 Name:   Jack Gee

Title: Managing Director
	 		  	

  
 7 

 SCHEDULE 11-A 
 TO 
 SERVICE MODULE 

FOR 

CUSTODIAL SERVICES 
 (BTC RECIPIENTS) 
 SCHEDULE 11-A (1) 

iShares®
 S&P GSCITM Commodity Indexed Investing Pool LLC 
 SCHEDULE 11-A (2) 

iShares®
 S&P GSCITM Commodity Indexed Trust 

  
 1

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