QMM Actively Managed Global Investment Grade Corp Bd Fd Q USDHDis

Objectives and Investment Policy The Fund aims to outperform the Bloomberg MSCI Global Green Corp and Global Corp SRI Screened Composite Index (Euro Hedged) (the Benchmark Index) over a rolling three year period. The Fund invests at least 80% of its total assets in fixed income (FI) securities (such as bonds, notes, debentures) issued in global developed markets and emerging markets by corporate issuers or government-related issuers (including governments, foreign agencies, supranational bodies (e.g. the International Bank for Reconstruction and Development) and local authorities) which are investment grade (i.e. meet a specified level of credit worthiness) and instruments related to such FI securities, including financial derivative instruments (FDI) (i.e. investments the prices of which are based on one or more underlying assets). The Fund may invest up to 25% of its total assets in emerging markets and up to 5% in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt). The Fund may also invest in FI securities which are high yield (i.e. non-investment grade) and instruments related to such FI securities, money market instruments (i.e. debt securities with short term maturities), deposits and cash. The investment manager (IM) will seek to take into account certain environmental, social and governance (ESG) related characteristics when determining whether an investment is appropriate for the Fund (although ESG is not the sole consideration). The IM will do this by investing in stainable investments and by seeking to limit and/or exclude direct investment (as applicable) in issuers which are identified using available data from an external ESG research provider as being involved in certain activities including but not limited to issuers engaged in, or are otherwise exposed to, the production of weapons, issuers deriving a portion of their revenue from thermal coal extraction and issuers deriving a portion of their revenue from oil and gas production. Such activities are set out in full in the prospectus supplement and at [https://www.blackrock.com]. The Fund may obtain indirect exposure (e.g. through certain FDIs) to securities considered not to satisfy these ESG criteria. The Fund is actively managed. The IM has discretion to select the Fund’s investments by allocating the Fund’s assets to one or more Sub-Investment Managers (Sub- IM). In doing so, the IM and/or such Sub-IM will refer to the Benchmark 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 Benchmark Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IM is not bound to the components or weighting of the Benchmark Index when selecting investments. The IM may also use its discretion to invest in securities not included in the Benchmark Index in order to take advantage of specific investment opportunities. The Fund is designed to provide investors with a relative gross return in excess of the Benchmark Index by typically taking a conservative level of active risk relative to the Benchmark Index in order to seek a commensurate return with respect to management fees over the medium term (i.e. 3 years or more). The Benchmark Index should be used by investors to compare the performance of the Fund. The IM may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund is expected, via FDIs, to generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be distributing shares (i.e. dividend income will be paid on the shares quarterly based on the income received on the Fund’s assets). The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. FDIs, including FX forward contracts, will be used for currency hedging purposes. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. You can buy and sell your shares daily. The minimum initial investment for this share class is $200,000,000. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com