Changes to the underlying BlackRock funds

We have been notified by BlackRock Global Funds (the “Company”) of a number of changes to the underlying funds into which the following named funds invest.

1. P70 BlackRock World Mining
2. M82 BlackRock World Gold
3. J77 BlackRock US Flexible Equity
4. P56 BlackRock Japan Opportunities
5. P69 BlackRock New Energy

The Company has advised of an addendum to the underlying fund Prospectus and the following changes are effective from 13 July 2017 (the “Effective Date”).

“Investment Objectives and Policies

The following sentence is added after the first sentence of the fourth paragraph under the section “General” on page 41 of the Prospectus:

“Appendix G specifies, for each Fund, the maximum and expected proportion of the Net Asset Value that can be subject to total return swaps and contracts for differences. The expected proportion is not a limit and the actual percentage may vary over time depending on factors including, but not limited to, market conditions.”

The other part of that paragraph is moved to be a separate paragraph and will become the sixth paragraph.

A new paragraph will be added in-between and reads as follows:

“The Funds may use securities financing transactions to help meet the investment objective of a Fund and/or as part of efficient portfolio management. For further detail please refer to Appendix G.”

Repurchase and Reverse Repurchase Transactions

Two new paragraphs shall be added below the paragraph of the section headed “Securities Lending”, such insertion to be made at page 17 of the Prospectus and shall read as follows:

“Risks Relating to Repurchase Agreements

In the event of the failure of the counterparty with which collateral has been placed, the Funds may suffer loss as there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to inaccurate pricing of the collateral or market movements.

Risks Relating to Reverse Repurchase Agreements

In the event of the failure of the counterparty with which cash has been placed, the Funds may suffer loss as there may be delay in recovering cash placed out or difficulty in realising collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inaccurate pricing of the collateral or market movements.”