BlackRock ESG Emerging Markets Local Currency Bond Fund

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing. The investment adviser (IA) has discretion to select the Fund's investments, provided that the Fund invests at least 70% of its total assets in fixed income (FI) securities within the J.P. Morgan ESG Government Bond Index-Emerging Market Global Diversified (“Index”), which comprises FI securities issued by governments of emerging market countries. The Fund will also refer to the Index for performance comparison for risk management purposes as further described in the prospectus. The Fund will also refer to J.P. Morgan Government Bond Index-Emerging Market Global Diversified (ESG Reporting Index) only to assess the impact of ESG screening on the Fund’s investment universe. The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens. The Fund may obtain indirect exposure (through, including but not limited to, financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) and units in collective investment schemes) to securities which may not satisfy these ESG criteria. The FI securities in which the Fund invests may include bonds and money market instruments (i.e. debt securities with short term maturities) which may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. Investments in high yield FI securities are expected to exceed 50% of the Fund’s net asset value. The IA may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The IA will also use instruments for the management of currency exposure and exposure to interest rates. Such instruments may be denominated in non-emerging market currencies. The price of FI securities may be affected by changing interest rates which in turn may affect the value of your investment. FI securities prices move inversely to interest rates. Therefore, the market value of FI securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on FI securities; the better the credit rating the smaller the yield. The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”). The depositary of the Fund is The Bank of New York Mellon SA/NV, Luxembourg Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Global Funds. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the BlackRock website at: www.blackrock.com or by calling the International Investor Servicing team on +352 46268 5111. Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.