The Fund aims to achieve a total return on your investment through a combination of capital growth and income on the Fund's assets. The Fund seeks to achieve its objective by investing at least 80% of its assets in fixed income ("FI") securities (such as bonds) issued by corporate issuers which are high yield (i.e. non-investment grade or unrated) and instruments related to such FI securities, including financial derivative instruments ("FDIs") (i.e. investments the prices of which are based on one or more underlying assets), and issued in developed markets. The Fund may invest up to 20% of its assets in emerging markets. The Investment Manager ("IM") considers certain environmental, social and governance ("ESG") characteristics when selecting securities to be held directly by the Fund. and the Fund's total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens. The Fund may invest in FI securities issued by governments, government agencies and supranationals and/or FI securities which are investment grade (. meet a specified level of credit worthiness), instruments related to such FI securities, money market instruments (debt securities with short-term maturities), deposits and cash. The Investment Manager (IM) uses a 'credit screening' strategy to minimise exposure to the FI securities seen to be most at risk of a sharp deterioration in price and quantitative (i.e. mathematical or statistical) models to rank securities broadly according to: fundamental information about the issuer of a security (e.g. financial reports), market sentiment towards the security and comparison of the its market price with its intrinsic value. The lowest-scoring securities are then analysed for exclusion from the Fund's portfolio.

The Fund aims to achieve a total return on your investment through a combination of capital growth and income on the Fund's assets.