BlackRock European Dynamic F D Acc

A & D units were closed to new money/subscriptions with effect from 7 November 2013. The only exception to this rule is for the continuation of direct regular savers subscriptions who have been invested in the fund prior to this date. Investors are directed to the FA & FD share class instead. The Fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) over the long term (5 or more consecutive years beginning at the point of investment). The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in Europe, but excluding the United Kingdom. Depending on market conditions, the Fund will invest in equity securities of companies that are, in the opinion of the investment adviser(IA), undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential. The IA may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE World Europe ex-UK Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment.