BlackRock Managed Volatility Fund IV

The Fund aims to manage the volatility (i.e. the degree of fluctuation of the returns) of its portfolio at or around 15% and provide a return on your investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets). Volatility, for this purpose, is measured as the volatility of the Fund’s daily portfolio returns over the previous 60 business days, with each relevant business day’s volatility given equal weight in such measurement, converted into an annual rate. There can be no guarantee that the Fund will achieve its objective of managing volatility at or around 15%. The Fund aims to invest directly or indirectly in equity securities (e.g. shares) globally, money market instruments (MMIs) (i.e. debt securities with short term maturities), deposits and cash. The Fund may invest in derivatives (i.e. investments the prices of which are based on one or more underlying assets) units of collective investment schemes (i.e. other investment funds). Such derivatives may include equity futures (derivatives traded on an exchange which lock in the price at which an equity can be bought or sold at a future date) and foreign exchange forward contracts (derivatives that lock in the exchange rate for the purchase or sale of a particular currency at a future date). At any time, in exceptional market circumstances, 80% or even all of the assets of the Fund may be held in cash.