BlackRock Emerging Markets Flexi Dynamic 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. The Fund seeks to gain at least 70% of any investment exposure to fixed income (FI) securities and FI-related securities denominated in both emerging market and nonemerging market currencies, issued by, or giving exposure to, governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) of emerging market countries, and companies domiciled or the main business of which is in, emerging market countries. This is achieved by investing at least 70% of its total assets in FI securities, FI-related securities, deposits and cash. FI securities include bonds (which may be unrated or have a low credit rating) as well as money market instruments (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) which may generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed and the IA has discretion to select the Fund’s investments. The 3 Month Secured Overnight Financing Rate (SOFR) compounded in arrears and a composite benchmark comprising the JP Morgan EMBI Global Diversified Index (50%) and the JP Morgan GBI-EM Global Diversified Index (50%) should be used by shareholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months). The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield. The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets. 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 State Street Bank International GmbH, Luxembourg Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Strategic 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 distributing (i.e. dividend income will be paid quarterly on the shares). The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.