Latin America Fund Inst: MALTX A: MDLTX C: MCLTX Commentary as of 06/30/21 Portfolio management ● The fund posted returns of 13.16% (Institutional shares) and 13.09% (Investor A shares, Ed Kuczma without sales charge) for the second quarter of 2021. ● Positioning in Colombia contributed the most to relative returns. Conversely, stock selection in Brazil detracted from performance. Top 10 holdings (%) ● At quarter-end, the fund maintained overweight positions in Chile, Panama, and Vale Sa 11.41 Argentina, and underweight holdings in Colombia, Mexico, and Peru. At the sector level, Petroleo Brasileiro Sa Petrobras 8.42 the fund maintained overweight exposures to the industrials and health care sectors, Banco Bradesco Sa 7.07 and underweight positions in consumer staples and communication services. B3 Sa Brasil Bolsa Balcao 4.33 Itaú Unibanco 3.63 Contributors Detractors Notre Dame Intermedica Participa- 3.09 An overweight position in Brazilian retail An overweight exposure to Empresas coes Sa company Via Varejo was the top CMPC, a Chilean pulp and paper Wal-Mart de Mexico 3.07 contributor to returns as management company, detracted from performance as Cemex 3.04 has been supportive of the company's the stock declined following a period of turnaround narrative. An off-benchmark strong performance. Elsewhere, an Grupo Mexico Sab de Cv 2.57 holding in Afya, a leader in the Brazilian overweight position in Sociedad Quimica Grupo Financiero Banorte 2.52 medical-education sector, also added y Minera, a Chilean chemical company, value, as the company announced plans also hurt returns as the Chilean lithium to further consolidate its dominant sector has become a target for higher Investment approach industry position through acquisitions taxation to pay for additional social Invests primarily in Latin American equity and the development of digital solutions. programs. and debt securities. Further insight While the global recovery gains traction, a more nuanced picture emerges among Latin American countries. Dealing with the prolonged shock of the pandemic is proving to be a challenge and, while the cyclical rebound drives the market narrative, prospects beyond 2021 are not very clear. The fund's country positioning favors economies with better fundamentals that display a healthier sovereign credit profile and are better placed to benefit from the strong rebound in the United States and China. blackrock.com USRRMH0721U/S-1736342-1/2 Average annual total returns (%) as of 6/30/21 2Q21 YTD Since (not annualized) (not annualized) 1 Year 3 Year 5 Years 10 Years Inception1 Institutional 13.16 6.56 37.26 5.23 5.75 -2.65 5.93 Investor A (Without Sales Charge) 13.09 6.41 36.84 4.90 5.42 -2.93 7.38 Investor A (With Sales Charge) 7.15 0.83 29.66 3.04 4.29 -3.45 7.19 Morningstar Latin America Stock Category Avg. 18.04 9.82 44.35 11.12 9.82 -1.82 — MSCI Emerging Markets Latin Amer- ica1 15.01 8.89 44.92 5.05 5.89 -2.45 — Expenses for Institutional shares: Total 1.43%. For Investor A shares: Total 1.74%. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of dividends and cap- ital gains. Refer to www.blackrock.com for current month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Important Risks: The fund is actively managed and its characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. Stock and bond values fluctuate in price so the value of your investment can go down depending on market condi- tions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. International invest- ing involves special risks including, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Non-diversification of investments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because each investment has a greater effect on performance. Short-sell- ing entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity. The opinions expressed are those of the fund’s portfolio management team as of June 30, 2021, and may change as subsequent conditions vary. Information and opinions are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. 1 Morgan Stanley Capital International (MSCI) Emerging Markets (EM) — Latin America Index comprises Latin American emerging market equities. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing. ©2021 BlackRock, Inc. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. Not FDIC Insured • May Lose Value • No Bank Guarantee 07/21 — Latin America Fund Want to know more? blackrock.com USRRMH0721U/S-1736342-2/2.