Not FDIC Insured May Lose Value No Bank Guarantee

1 US Stocks are represented by the S&P 500 Index, which is an unmanaged index that covers 500 industrial, utility, transportation and financial companies of the US markets (mostly New York Stock Exchange (the NYSE) issues), representing about 75% of NYSE market capitalization and 30% of NYSE issues. 2 World Stocks are represented by the FTSE World Index, which is a broad-based capitalization-weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the United States. 3 World Government Bonds are represented by the Citigroup World Government Bond Index, which includes the most significant and liquid government bond markets globally that carry at least an investment-grade rating. Currently, this includes all countries in the Citigroup EMU Governments Index (EGBI) and Australia, Canada, Denmark, Japan, Sweden, Switzerland, United Kingdom and the United States. Index weights are based on the market capitalization of qualifying outstanding debt stocks. 4 The Internal Reference Benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bond Index and 16% Citigroup Non-US Dollar World Government Bond Index. The FTSE World Index ex-US is an unmanaged capitalization-weighted index comprised of 1,630 companies in 28 countries, excluding the United States. The BofA ML 5-Year US Treasury Bond Index is an unmanaged index designed to track the total return of the current coupon 5-Year US Treasury bond. The Citigroup Non-USD World Government Bond Index is an unmanaged, market capitalization-weighted index that tracks 10 government bond indices, excluding the United States. 5 Lipper average returns are according to Lipper, Inc. Lipper Global Flexible Portfolio Category Average classification consists of all funds tracked by Lipper that allocate their investments across various asset classes, including both domestic and foreign stocks, bonds and money market instruments, with a focus on total return. At least 25% of each fund is invested in securities traded outside the United States, including shares of gold mines, gold-oriented mining finance houses, gold coins or bullion. The average reflects the average total return performance of those funds that make up the investment classification and does not take sales charges into consideration. 6 Cash is represented by the BofA ML US Treasury Bill 3-Month Index, which is an unmanaged index based on the value of a 3-month Treasury bill assumed to be purchased at the beginning of the month and rolled into another single issue at the end of the month. US Treasury securities are direct obligations of the US government and are guaranteed by the US government. Indices are not available for direct investment.

This brochure must be accompanied by the BlackRock Global Allocation Funds most recent quarterly fund fact sheet.

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 and, if available, the summary prospectus should be read carefully before investing.

FOR MORE INFORMATION: www.blackrock.com

2012 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered 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.

Lit. No. GA-BR-1112 OE6000-1112 / USR-0813

GLOBAL ALLOCATION FUNDA PORTFOLIO FOR ALL SEASONS

[ 2 ] G lobal a l locat ion Fund

A Portfolio for All Seasons

Global economies are more interconnected than ever. At BlackRock, we believe this changing global landscape presents investors with an opportunity to shift their investment perspective, establishing a global strategy as the core of their investment portfolios.

For more than 23 years, the BlackRock Global Allocation Fund has helped investors achieve their long-term financial goals:

Equity (Small-, Mid- and Large-Capitalization)

Fixed Income(Across

Quality and Maturity)

Tactical(Regional and/or Sector)

BlackRockGlobal

AllocationFund

International(Equity and Fixed Income)

buildinG a PortFolio around the blackrock Global allocation Fund

A CORE-SATELLITE AppROACh

A core-satellite approach to portfolio construction provides a framework for implementing an asset allocation model. establishing a core portfolio that is highly diversified among asset classes, market capitalizations and regions can help protect investors during market downturns, while participating in positive markets. Investors can enhance and further customize their core portfolios by adding tactical satellite investments, which are designed to opportunistically take advantage of market trends or special investment situations.

1Unconstrained in Search of Opportunity 2

The Most Experienced Global Multi-Asset Team*

3proven Record of protecting and Growing Assets

* Source: Morningstar. Portfolio managers have the longest tenure among funds within its category.

a PortFol io For a l l Se aSonS [ 3 ]

the BlackRock Global Allocation Fund is a highly diversified, actively managed fund. Its flexible investment mandate enables the funds management team to seek the best opportunities across the globe. the fund typically invests in more than 700 securities across domestic and international stocks, bonds and cash, allowing the fund to manage risk through diversification.

the chart below illustrates how the fund has performed relative to various indices through different market environments. the fund has provided more downside protection in bear marketssuch as the technology bubble and global credit crisisthan US and world stocks, and has participated more favorably in bull markets, such as the global market recovery, relative to US stocks and world government bonds.

SeekinG to reward and PreServe over the lonG term

BlackRock Global Allocation Fund Investor A shares outperformed US and world stocks and government bonds over a combination of weaker and stronger market environments.

-50

0

50

100

150%

Market Recovery1/1/0312/31/07

Technology Bubble1/1/0012/31/02

Global Credit Crisis1/1/0812/31/11

Combined period1/1/0012/31/11

Internal Reference Benchmark4 BlackRock Global Allocation (A with maximum sales charge)

World Stocks2BlackRock Global Allocation (A at NAV) US Stocks1

World Govt. Bonds3

1.80

-39.56 20.19

-16.88

-3.54*

131.98

133.92

39.03

79.67

131.98

141.49

18.20

112.56

55.66

128.56

*

2.19

-16.28 27.1

8

4.23

2.19

82.83

-6.40

-37.59

6.80

PerFormance throuGh market cYcleS% cumulative total returns 20002011

Sources: Lipper; Bloomberg. All data through 12/31/11. * Maximum initial sales charge of 5.25% for Investor A shares deducted at the beginning of investment period only on 1/1/00. Total return is based on net asset value (NAV) and assumes initial investment on 1/1/00. 1 US Stocks are represented by the S&P 500 Index. 2 World Stocks are represented by the FTSE World Index. 3 World Govt. Bonds are represented by the Citigroup World Government Bond Index. 4 The Internal Reference Benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bond Index and 16% Citigroup Non-US Dollar World Government Bond Index. Refer to footnotes on back cover for benchmark definitions.

Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. All returns assume reinvestment of all dividends and capital gains distributions. Available in multiple share classes with different sales charges, ongoing account maintenance and distribution fees. Index performance shown is for illustrative purposes only. You cannot invest directly in an index. This brochure must be accompanied by the BlackRock Global Allocation Funds most recent quarterly fund fact sheet.

Unconstrained in Search of opportunity1

[ 4 ] G lobal a l locat ion Fund

the Global Allocation team consists of more than 40 professionals committed to the management and administration of the fund. Portfolio managers Dennis Stattman, CFA, Dan Chamby, CFA, and Aldo Roldan, PhD, oversee the overall asset mix, geography, industry and currency allocation strategies. the team includes 10 senior analysts and 10 research associates. the senior analysts have a wide degree of flexibility in the development of investment ideas and have both equity and fixed income expertise. Strong team interaction and use of BlackRocks worldwide resources for investment ideas, fundamental analysis, technology and risk analysis drive performance.

INVESTMENT pROCESS

universeGlobal stocks and bonds (across all company sizes and qualities) and cash equivalents.

researchthe team generates investment ideas by analyzing market trends, central bank policies, demographics and corporate financial statements and meeting with company management.

asset allocationtop-down consideration of asset classes, regions and industries, combined with bottom-up security selection. the funds reference benchmark is 60% equities, 40% fixed income and 60% US, 40% non-US.

Portfolio constructionIdentify investments that the team believes offer the best risk/return trade-off. typically more than 700 holdings, broadly diversified.

Sell discipline} Valuation significantly above historic averages.

} Change in company fundamentals.

} Risk impact on fund.

The investment process described for the fund in this brochure represents the fund managers current process for selecting investments in the funds portfolio in accordance with the funds stated investment objectives and policies. Processes are subject to change based on market conditions, the opinions of the portfolio manager and other factors.

We have the flexibility to go wherever in the

world we find the best

investment opportunity

and believe in the power

of diversification to

limit risk.

the Most experienced Global Multi-Asset team2

- Dennis Stattman, Portfolio Manager

Pictured left to right, Portfolio Managers Dan Chamby, Aldo Roldan and Dennis Stattman.

a PortFol io For a l l Se aSonS [ 5 ]

pORTFOLIO MANAGEMENT TEAM

our three portfolio managers have more than 80 years of cumulative experience. Many of the teams portfolio managers and senior analysts have worked together for at least a decade.

dennis Stattman, cFaPortfolio Manager

32 years experience

dan chamby, cFaPortfolio Manager

24 years experience

aldo roldan, PhdPortfolio Manager

28 years experience

kevin mckennaCo-Chief Operating Officer

29 years experience

lisa odonnell, JdCo-Chief Operating Officer

25 years experience

mike trudel, cFa, Jd Global Strategist

15 years experience

Quantitative Strategyrandy berkowitz

Sam indyawan

Senior analysts

ben moyer, cFa31 years experience

eric mitofsky29 years experience

karen morely-wescott, cFa26 years experience

kate brady-rauscher, cFa26 years experience

lisa walker, cFa 26 years experience

Greg Spencer 23 years experience

david clayton, cFa, Jd22 years experience

michael walsh, cFa21 years experience

Patrick edelmann, cFa13 years experience

kent hogshire, cFa12 years experience

Product and research StrategyJudy rice

erica Quinn, cFa

reid ross, cFa

research associateskevin bynum, cFa

miguel crivelli, cFa

daniel daniel, cFa, cmt

martin Fransson, Phd, cFa

lindsay klitsch, cFa

matt litwin

Jonathan lux, cFa

chirayu Patel, cFa

Sonia wang, cFa

angela Yu, cFa

Portfolio transactionsmarie dwyer

Pete mathern

kim moore

mike carlucci

the blackrock Global allocation team

[ 6 ] G lobal a l locat ion Fund

0

40,000

$80,000

1998LONG-TERM CAPITAL

MANAGEMENT FAILURE

1989S&L CRISIS

1991GULF WAR

1993FORMATION OF EU

1995OKLAHOMA CITY BOMBING

1997ASIAN STOCK

MARKET CRISIS

2000PEAK OF TECHNOLOGY BUBBLE

2001SEPTEMBER 11

2003WAR IN IRAQ BEGINS

2007SUBPRIME LOAN

ISSUES EMERGE

2008GLOBAL CREDITCRISIS BEGINS

2010EUROPEAN DEBTCRISIS DEEPENS

Yearly Total Returns (%) 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Global Allocation: A* 15.32 1.62 28.43 11.91 20.71 -2.15 23.29 15.96 11.12 0.37 27.43 8.57 1.88 -7.96 35.98 14.27 10.33 15.94 16.71 -20.56 21.64 9.85 -3.71Lipper Average5 14.76 -1.91 20.67 6.18 22.97 -2.44 20.26 14.79 14.27 6.25 34.44 1.13 -3.24 -8.11 32.57 15.37 11.25 13.16 12.51 -29.03 26.90 11.23 -5.16

Internal Ref. Benchmark4 14.68 -2.26 20.53 1.67 16.05 2.49 23.00 10.85 12.93 19.99 13.15 -4.34 -7.80 -5.77 23.24 11.57 4.15 13.76 10.30 -21.88 19.22 11.06 0.77

World Govt. Bonds3 5.80 11.98 15.81 5.53 13.27 2.35 19.04 3.62 0.23 15.31 -4.27 1.59 -0.99 19.49 14.91 10.35 -6.88 6.12 10.95 10.89 2.55 5.17 6.35

World Stocks2 14.12 -17.06 19.67 -5.14 22.60 5.83 19.61 13.21 15.39 23.04 26.00 -11.08 -16.14 -19.06 33.91 16.06 11.32 21.47 11.32 -40.91 34.38 12.73 -6.48

Cash6 7.53 8.42 6.38 3.93 3.19 4.19 6.03 5.31 5.33 5.23 4.85 6.18 4.42 1.78 1.15 1.33 3.06 4.86 5.00 2.06 0.20 0.13 0.13

historical Fund Asset Allocation (%)

equities 45 55 53 39 36 39 32 34 40 49 55 60 66 63 60 56 61 55 57 58 58 64 64

Fixed Income 49 40 44 40 43 59 55 41 49 50 34 31 26 21 21 20 23 31 32 32 31 28 27

Cash equivalents 6 5 3 21 21 2 13 25 11 1 11 9 8 16 19 24 16 14 11 10 11 8 9

Performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. This illustration should be read along with the average annual total returns for the 1-, 5- and 10-year periods depicted in the enclosed fund fact sheet. It is not possible to invest directly in an index. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. The two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. Investments in non-investment-grade debt securities (high-yield bonds or junk bonds) may be subject to greater market fluctuations and risk of default or loss of income and principal than securities in higher rating categories. Asset allocation strategies do not ensure profit and do not protect against loss. Short-selling 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.

Sources: BlackRock; Lipper, Inc.; Bloomberg. * Based on a hypothetical investment of $10,000 in Investor A shares on 2/28/89 with an initial sales charge of 5.25%, resulting in a net investment of $9,475, and assuming reinvestment of all distributions. Performance for other share classes will vary. The actual inception date for Investor A shares is 10/21/94. Total returns for periods prior to Investor A inception are based on the funds Institutional share returns, adjusted to reflect the higher A share fees. The inception date for the Institutional shares is 2/3/89. This information may be considered when assessing the funds performance, but does not represent actual performance of the share class. Refer to footnotes on back cover for benchmark definitions.

Proven Record of Protecting and Growing Assets3

a PortFol io For a l l Se aSonS [ 7 ]

0

40,000

$80,000

1998LONG-TERM CAPITAL

MANAGEMENT FAILURE

1989S&L CRISIS

1991GULF WAR

1993FORMATION OF EU

1995OKLAHOMA CITY BOMBING

1997ASIAN STOCK

MARKET CRISIS

2000PEAK OF TECHNOLOGY BUBBLE

2001SEPTEMBER 11

2003WAR IN IRAQ BEGINS

2007SUBPRIME LOAN

ISSUES EMERGE

2008GLOBAL CREDITCRISIS BEGINS

2010EUROPEAN DEBTCRISIS DEEPENS

Yearly Total Returns (%) 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Global Allocation: A* 15.32 1.62 28.43 11.91 20.71 -2.15 23.29 15.96 11.12 0.37 27.43 8.57 1.88 -7.96 35.98 14.27 10.33 15.94 16.71 -20.56 21.64 9.85 -3.71Lipper Average5 14.76 -1.91 20.67 6.18 22.97 -2.44 20.26 14.79 14.27 6.25 34.44 1.13 -3.24 -8.11 32.57 15.37 11.25 13.16 12.51 -29.03 26.90 11.23 -5.16

Internal Ref. Benchmark4 14.68 -2.26 20.53 1.67 16.05 2.49 23.00 10.85 12.93 19.99 13.15 -4.34 -7.80 -5.77 23.24 11.57 4.15 13.76 10.30 -21.88 19.22 11.06 0.77

World Govt. Bonds3 5.80 11.98 15.81 5.53 13.27 2.35 19.04 3.62 0.23 15.31 -4.27 1.59 -0.99 19.49 14.91 10.35 -6.88 6.12 10.95 10.89 2.55 5.17 6.35

World Stocks2 14.12 -17.06 19.67 -5.14 22.60 5.83 19.61 13.21 15.39 23.04 26.00 -11.08 -16.14 -19.06 33.91 16.06 11.32 21.47 11.32 -40.91 34.38 12.73 -6.48

Cash6 7.53 8.42 6.38 3.93 3.19 4.19 6.03 5.31 5.33 5.23 4.85 6.18 4.42 1.78 1.15 1.33 3.06 4.86 5.00 2.06 0.20 0.13 0.13

historical Fund Asset Allocation (%)

equities 45 55 53 39 36 39 32 34 40 49 55 60 66 63 60 56 61 55 57 58 58 64 64

Fixed Income 49 40 44 40 43 59 55 41 49 50 34 31 26 21 21 20 23 31 32 32 31 28 27

Cash equivalents 6 5 3 21 21 2 13 25 11 1 11 9 8 16 19 24 16 14 11 10 11 8 9

Performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than performance data quoted. This illustration should be read along with the average annual total returns for the 1-, 5- and 10-year periods depicted in the enclosed fund fact sheet. It is not possible to invest directly in an index. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. The two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. Investments in non-investment-grade debt securities (high-yield bonds or junk bonds) may be subject to greater market fluctuations and risk of default or loss of income and principal than securities in higher rating categories. Asset allocation strategies do not ensure profit and do not protect against loss. Short-selling 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.

Sources: BlackRock; Lipper, Inc.; Bloomberg. * Based on a hypothetical investment of $10,000 in Investor A shares on 2/28/89 with an initial sales charge of 5.25%, resulting in a net investment of $9,475, and assuming reinvestment of all distributions. Performance for other share classes will vary. The actual inception date for Investor A shares is 10/21/94. Total returns for periods prior to Investor A inception are based on the funds Institutional share returns, adjusted to reflect the higher A share fees. The inception date for the Institutional shares is 2/3/89. This information may be considered when assessing the funds performance, but does not represent actual performance of the share class. Refer to footnotes on back cover for benchmark definitions.

GROwTh OF A hYpOThETICAL $10 ,000 INVESTMENT FROM 2/28/89 TO 12/31/11*

as the chart illustrates, since its inception in 1989, the BlackRock Global Allocation Fund (Investor A shares) has outperformed its peer group, its internal reference benchmark, world government bonds, world stocks and cash investments.

$92,512Global allocation Fund: a*

$66,220lipper avg.5

$53,169ref. benchmark4

$48,694world Govt. bonds3

$39,918world Stocks2

$24,213cash6

[ 8 ] G lobal a l locat ion Fund

Year

initial investment

withdrawals on december 31

investment value*

2/28/89 $100,000 $97,000

12/31/89 $6,000 $105,864

12/31/90 $ 6,180 $101,407

12/31/91 $6,365 $123,882

12/31/92 $6,556 $132,101

12/31/93 $6,753 $152,688

12/31/94 $6,956 $142,447

12/31/95 $7,164 $168,470

12/31/96 $7,379 $187,964

12/31/97 $7,601 $201,250

12/31/98 $7,829 $194,172

12/31/99 $8,063 $239,363

12/31/00 $8,305 $251,569

12/31/01 $8,555 $247,799

12/31/02 $8,811 $219,256

12/31/03 $9,076 $289,079

12/31/04 $9,348 $321,039

12/31/05 $9,628 $344,658

12/31/06 $9,917 $389,728

12/31/07 $10,215 $444,571

12/31/08 $10,521 $342,607

12/31/09 $10,837 $405,835

12/31/10 $11,162 $434,667

12/31/11 $11,497 $407,072

Total value as of 12/31/11 $194,718 $407,072

Sources: BlackRock; Lipper, Inc.

SUppLEMENTING RETIREMENT INCOME

the BlackRock Global Allocation Fund offers investors an efficient way to supplement retirement income and other long-term goals. As illustrated below, the BlackRock Global Allocation Fund (Investor A shares) has generated a steady stream of income that kept pace with inflation, while still growing investment principal.

the $100,000 hypothetical lump-sum investment yielded a total of $194,718 through annual withdrawals and still had an ending value of $407,072 in December of 2011.

This illustration should be read along with the average annual total returns for the 1-, 5- and 10-year periods depicted in the enclosed fund fact sheet.

Past performance does not guarantee future results. * Growth of a hypothetical $100,000 investment on February 28, 1989 and assumed reinvestment of all distributions with yearly $6,000 (6%) withdrawals. The withdrawals were increased by 3% each year to compensate for inflation. Since the associated sales charge of 3% was taken out of the $100,000 up front, the net investment was $97,000. Returns for periods prior to Investor A inception (10/21/94) are based on the funds Institutional share (inception: 2/3/89) returns adjusted to reflect the higher Investor A share fees.

Provided healthY withdrawalS while Still GrowinG aSSetS

total inveStment: $100,000

total withdrawalS: $194,718

endinG value: $407,072

a PortFol io For a l l Se aSonS [ 9 ]

SAVING FOR COLLEGE

As a highly diversified core holding, the BlackRock Global Allocation Fund is an attractive option for a college savings plan. As illustrated in the table below, a hypothetical annual investment of $5,000 for 10 years to save for college and withdrawals of $30,000 annually for tuition to a 4-year college or university yielded a substantial investment that can potentially provide for other life events.

Sources: BlackRock; Lipper, Inc.

Year

initial investment beginning of Year

withdrawals on december 31

investment value* end of Year

1991 $5,000 $6,084

1992 $5,000 $12,111

1993 $5,000 $20,338

1994 $5,000 $24,536

1995 $5,000 $36,122

1996 $5,000 $47,410

1997 $5,000 $58,015

1998 $5,000 $63,048

1999 $5,000 $86,458

2000 $5,000 $99,079

2001 $100,942

2002 $92,907

2003 $126,335

2004 $144,363

2005 $159,276

2006 $184,664

2007 $215,522

2008 $30,000 $141,210

2009 $30,000 $141,768

2010 $30,000 $125,732

2011 $30,000 $91,080

Total value as of 12/31/11 $50,000 $120,000 $91,080

This illustration should be read along with the average annual total returns for the 1-, 5- and 10-year periods depicted in the enclosed fund fact sheet.

Past performance does not guarantee future results. * Based on a hypothetical investment in Investor A shares and assumed reinvestment of all distributions. Returns for periods prior to Investor A inception (10/21/94) are based on the funds Institutional share (inception 2/3/89) returns adjusted to reflect the higher Investor A share fees. Since the sales charge of 5.25% (the maximum sales charge) was taken out of the $5,000 up front, the net investment was $4,737.50. Since the sales charge of 4.75% (reflecting the reduced sales charge for account values of $25,000 to $49,999) was taken out of the $5,000 up front, the net investment was $4,762.50. Since the sales charge of 4.00% (reflecting the reduced sales charge for account values of $50,000 to $99,999) was taken out of the $5,000 up front, the net investment was $4,800.

total inveStment: $50,000 ($5,000 over a 10-Year Period)

total withdrawalS: $120,000 ($30,000 annuallY 20082011)

endinG value: $91,080

Fund colleGe tuition and Grow Your aSSet baSe over time

[ 1 0 ] G lobal a l locat ion Fund

BlackRock Global Allocation Fund For more than 23 years, the highly diversified BlackRock Global Allocation Fund has helped provide investors with a solid foundation for their long-term investment portfolios.

unconstrained in Search of opportunity A go-anywhere, flexible investment solution that typically invests in more than 700 securities, across 40 countries in 30 currencies across traditional and non-traditional asset classes, sectors and capital structures.

the most experienced Global multi-asset team A seasoned management team, comprised of more than 40 dedicated professionals with over 300 years of combined experience, employs a research-intensive approach that combines a fundamental, bottom-up process with top-down asset allocation in order to find undervalued investment opportunities around the globe.

Proven record of Protecting and Growing assets over its 23-year history, the fund has delivered returns in excess of global stocks and bonds with one-third less volatility than global equity markets, providing investors a long history of protecting on the downside and rewarding on the upside.

talk to your financial professional today about making the BlackRock Global Allocation Fund the core of your investment portfolio. You can begin investing today in the BlackRock Global Allocation Fund with a minimum $1,000 investment and subsequent purchases of $50 or more.

talk to Your Financial ProFeSSional todaY

Not FDIC Insured May Lose Value No Bank Guarantee

1 US Stocks are represented by the S&P 500 Index, which is an unmanaged index that covers 500 industrial, utility, transportation and financial companies of the US markets (mostly New York Stock Exchange (the NYSE) issues), representing about 75% of NYSE market capitalization and 30% of NYSE issues. 2 World Stocks are represented by the FTSE World Index, which is a broad-based capitalization-weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the United States. 3 World Government Bonds are represented by the Citigroup World Government Bond Index, which includes the most significant and liquid government bond markets globally that carry at least an investment-grade rating. Currently, this includes all countries in the Citigroup EMU Governments Index (EGBI) and Australia, Canada, Denmark, Japan, Sweden, Switzerland, United Kingdom and the United States. Index weights are based on the market capitalization of qualifying outstanding debt stocks. 4 The Internal Reference Benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bond Index and 16% Citigroup Non-US Dollar World Government Bond Index. The FTSE World Index ex-US is an unmanaged capitalization-weighted index comprised of 1,630 companies in 28 countries, excluding the United States. The BofA ML 5-Year US Treasury Bond Index is an unmanaged index designed to track the total return of the current coupon 5-Year US Treasury bond. The Citigroup Non-USD World Government Bond Index is an unmanaged, market capitalization-weighted index that tracks 10 government bond indices, excluding the United States. 5 Lipper average returns are according to Lipper, Inc. Lipper Global Flexible Portfolio Category Average classification consists of all funds tracked by Lipper that allocate their investments across various asset classes, including both domestic and foreign stocks, bonds and money market instruments, with a focus on total return. At least 25% of each fund is invested in securities traded outside the United States, including shares of gold mines, gold-oriented mining finance houses, gold coins or bullion. The average reflects the average total return performance of those funds that make up the investment classification and does not take sales charges into consideration. 6 Cash is represented by the BofA ML US Treasury Bill 3-Month Index, which is an unmanaged index based on the value of a 3-month Treasury bill assumed to be purchased at the beginning of the month and rolled into another single issue at the end of the month. US Treasury securities are direct obligations of the US government and are guaranteed by the US government. Indices are not available for direct investment.

This brochure must be accompanied by the BlackRock Global Allocation Funds most recent quarterly fund fact sheet.

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 and, if available, the summary prospectus should be read carefully before investing.

FOR MORE INFORMATION: www.blackrock.com

2012 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered 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.

Lit. No. GA-BR-1112 OE6000-1112 / USR-0813

GLOBAL ALLOCATION FUNDA PORTFOLIO FOR ALL SEASONS

www.blackrock.com

Fact Sheet

Global Allocation Fund

33QQ 2012

Investor A: MDLOX Investor C: MCLOX Institutional: MALOX Class R: MRLOX

Fund Highlights

Unconstrained in Search of Opportunity: A go-anywhere, flexible investment solution thattypically invests in more than 700 securities, across 40 countries in 30 currencies acrosstraditional and non-traditional asset classes, sectors and capital structures.

The Most Experienced Global Multi-Asset Team: A seasonedmanagement team, comprised ofmore than 40 dedicated professionals with over 300 years of combined experience, employs aresearch-intensive approach that combines a fundamental, bottom-up process with top-downasset allocation in order to find undervalued investment opportunities around the globe.

Proven Record of Protecting and Growing Assets: Over its 23 year history, the fund has deliveredreturns in excess of global stocks and bonds with 1/3 less volatility than global equity markets,providing investors a long history of protecting on the downside and rewarding on the upside.

%Average Annual Total Returns (9/30/12)1

10.1710.672.245.4512.83Class R10.7311.252.876.1213.60Institutional9.6110.111.825.0412.42Investor C10.4510.962.595.8313.29Investor A

Inception210 Years5 Years3 Years1 YearWithout Sales Charge

9.6110.111.825.0411.42Investor C10.2010.361.493.947.34Investor A

Inception210 Years5 Years3 Years1 YearWith Sales Charge

8.102.818.0015.78Internal Ref. Benchmark66.716.454.293.29Citigroup World Govt. Bond59.16-1.387.7521.98FTSEWorld48.291.557.1913.75Morningstar Avg.8.010.706.1512.80Lipper Avg.3

%Calendar Year Returns (Fund PerformanceWithout Sales Charges)1

4.718.17-4.019.4521.26-20.8316.33Class R4.918.70-3.4310.1521.99-20.3517.00Institutional4.647.85-4.409.0020.81-21.2115.85Investor C4.848.48-3.719.8521.64-20.5616.71Investor A

3Q12YTD20112010200920082007

4.959.800.7711.0619.22-21.8810.30Internal Ref. Benchmark62.993.416.355.172.5510.8910.95Citigroup World Govt. Bond57.0213.56-6.4812.7334.38-40.9111.32FTSEWorld44.868.77-3.9910.5824.37-28.9811.39Morningstar Avg.4.718.40-5.1611.2326.90-29.0312.51Lipper Avg.3

Performance data quoted represents past performance and is no guarantee of future results.Investment returns and principal values may fluctuate so that an investors shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower orhigher than that shown. All returns assume reinvestment of all dividend and capital gain distribu-tions. Refer to www.blackrock.com for current month-end performance. Inception date andrestated performance for R shares are based on Institutional shares. Index performance is shownfor illustrative purposes only. You cannot invest directly in an index.The share classes have different sales charges, ongoing account maintenance and distribution fees and other features. Average annual total returns withsales charge reflect the deduction of current maximum initial sales charge of 5.25% for Investor A shares and applicable contingent deferred salescharges (CDSC) for Investor C shares. The maximum CDSC of 1% for Investor C shares is reduced to 0% after 1 year. Institutional shares and Class Rshares, if applicable, have no front- or back-end load.Minimum initial investment for Institutional shares is $2 million. Institutional shares also are available to clients of registered investment advisors with$250,000 invested in the fund, and offered to participants in various wrap fee programs and other sponsored arrangements at various minimums.

Lipper Classification3

Global Flexible Portfolio Funds

Morningstar Category

World Allocation

Overall Morningstar Rating Institutional

Rated against 258 World Allocation Funds, as of 9/30/12, based on risk-adjusted total return. Ratings are determined monthly and subject tochange. The Overall Morningstar Rating for a fund is derived from aweighted average of the performance figures associated with its 3-, 5-and 10-year (if applicable) Morningstar Rating metrics.

Objective

Seeks to provide high total return.

RiskMeasures (3-year)7

0.430.50Sharpe Ratio94.23%R-Squared1.000.63Beta

17.60%11.34%Standard DeviationBenchmark4Fund

Portfolio Statistics

Semi-AnnualDividend Frequency

$53.7 BSize of Fund$79.4 B$76.0 BWeighted Avg. Mkt. Cap2,313535Number of Issuers

12/31/932/3/892Inception DateBenchmark4Fund

Annual Operating Expenses (% of Assets)

1.381.49Class R0.780.89Institutional1.811.92Investor C1.061.16Investor ANetTotal

Expenses stated as of the fund's most recentprospectus. Net operating expenses excludeinvestment interest expenses, acquired fundfees and certain other fund expenses net of allwaivers and reimbursements. Investor A,Investor C, Institutional and Class R have vol-untary waivers terminable at any time withoutnotice.

Lipper andMorningstar Rankings (9/30/12)3

Quartile RankingsLipper Rankings10 Year5 Year3 Year1 Year10 Year5 Year3 Year1 Year

Out of 51Out of 113Out of 191Out of 3471132620105158Institutional1132825117168Investor A

Quartile RankingsMorningstar Rankings

Out of 85Out of 171Out of 258Out of 4681233745190266Institutional12431058202279Investor A

Lipper Category: Global Flexible Portfolio Funds. As of 9/30/12 and may not accurately represent the current composition of the portfolio. All shareclasses of the fund are invested in a common portfolio. Lipper rankings are based on total return excluding sales charges. Data shown represents pastperformance and is not an indication of future results. Morningstar Category: World Allocation.

Geographic Allocation (% of Net Assets)United States 44.6

Developed Europe 15.1

Asia Pacific ex-Japan 5.5

Japan 5.3

Emerging Asia 4.2

Latin America 3.9

Canada 3.2

Africa/Middle East 1.1

Emerging Europe 0.7

Cash/Cash Equivalents 16.4

Asset Allocation (% of Net Assets)US Stocks 34.8

Non-US Stocks 24.8

Cash/Cash Equivalents*16.4

Non-US Bonds 14.1

US Bonds 9.9

*Actively managed as part of the funds investment strategy. Can beconsidered Zero Duration Fixed Income; includes US dollar and non-USdollar short-term securities and other money-market type instruments.

Top 10 Equity Holdings (% of Net Assets)

0.6Qualcomm10.0.6Samsung9.0.6Pfizer8.0.6Johnson & Johnson7.0.6Occidental Petroleum6.0.6AT&T5.0.7General Electric4.0.9Oracle3.1.7Apple2.1.8SPDR Gold Shares1.

Portfolio Management

Aldo Roldan, PhDDan ChambyDennis Stattman

Important Risks of the Fund: The fund is actively managed and its characteristics will vary. Any holdings shown are for information only and should notbe deemed as a recommendation to buy or sell the securities mentioned. Stock and bond values fluctuate in price so the value of your investment can godown depending on market conditions. The twomain risks related to fixed income investing are interest-rate and credit risk. Typically, when interestrates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the bond issuer will not be able to makeprincipal and interest payments. International investing involves risks related to foreign currency, limited liquidity, less government regulation and pos-sibility of substantial volatility due to adverse political, economic or other developments. Investments in non-investment-grade debt securities (high-yield or junk bonds) may be subject to greater market fluctuations and risk of default or loss of income and principal than securities in higher ratingcategories. Asset allocation strategies do not assure profit and do not protect against loss. The fundmay actively engage in short-selling, which entailsspecial risks. If the fundmakes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not beoffset by investing short-sale proceeds in other investments. Investing in derivatives entails specific risks relating to liquidity, leverage and credit thatmay reduce returns and/or increase volatility.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, bycalling 800-882-0052 or from your financial professional. The prospectus and, if available, the summary prospectus should be read carefully beforeinvesting. Unless noted, all information is as of the publication date of this fact sheet.

1 Institutional and Class R shares are sold to a limited group of investors, including certain retirement plans. Institutional shares also are sold to certain investment programs. See prospectus for details. 2 Before 1/3/03, R share per-formance is that of Institutional shares (which have no distribution fees) restated for R share distribution fees. Performance for R shares after their inception reflects actual class performance. Performance for Investor A and C sharesbefore their inception (10/21/94) is based on Institutional share performance adjusted to reflect class-specific fees of Investor A and C shares at the time of their launch. This information may be considered when assessing fund per-formance, but does not represent actual performance of those share classes. 3 Lipper funds average returns and rankings are according to Lipper, Inc. Lipper Global Flexible Portfolio Funds classification consists of all funds tracked byLipper that allocate investments across various asset classes, including domestic and foreign stocks, bonds and money market instruments, with a focus on total return. At least 25% of their portfolio is in securities (including shares ofgold mines, gold-oriented mining finance houses, gold coins or bullion) traded outside of the United States. Lipper category average and rankings reflect total return performance of those funds excluding sales charges. 4 The capital-ization-weighted FTSE World Index comprises 2,200 equities from 24 countries in 12 regions, including the United States. 5 The Citigroup World Govt Bond Index includes the most significant and liquid government bond markets glob-ally with at least an investment-grade rating. Index weights are based on the market capitalization of qualifying outstanding debt stocks. 6 The Internal Reference Benchmark is 36% S&P 500 Index, 24% FTSE World (ex-US) Index, 24%BofA Merrill Lynch 5-year US Treasury Bond Index and 16% Citigroup Non-US Dollar World Government Bond Index. The unmanaged S&P 500 Index covers 500 industrial, utility, transportation and financial companies of the US markets.It represents about 75% of NYSE market capitalization and 30% of NYSE issues. The unmanaged, capitalization-weighted FTSE World (ex-US) Index comprises 1,630 companies in 28 countries, excluding the United States. The unman-aged BofA ML 5-year US Treasury Bond Index tracks the total return of the current coupon 5-year US Treasury bond. The unmanaged, market-capitalization-weighted Citigroup Non-US Dollar World Government Bond Index tracks 10government bond indices, excluding the United States. 7 Risk statistics, if any, are measured based on Investor A class monthly returns for the 3-year period at quarter-end. These measures of past risk are not complete or, necessarilyrepresentative measures of future risk and cannot predict a funds performance. Benchmark-related risk measures are calculated in relation to the FTSE World. Standard Deviation is a statistical measure of the volatility of the fundsreturns. The Sharpe Ratio uses a funds standard deviation and its excess return (the difference between the funds return and risk-free return of 90-day Treasury Bills) to determine reward per unit of risk. Beta is a measure of afunds sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fundsmovements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure also is helpful in assessing how likely it is that beta is statistically significant. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects ofsales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution per-centages.) BlackRock Global Allocation Fund was rated against the following numbers of US-domiciled World Allocation funds over the following time periods: 258 in the last 3 years, 171 in the last 5 years and 85 in the last 10 years.With respect to these World Allocation funds, BlackRock Global Allocation Fund received a Morningstar Rating of 3, 4 and 5 stars for the 3-, 5- and 10-year periods, respectively. Morningstar Rating is for the Institutional share classonly; other classes may have different performance characteristics. 2012 Morningstar, Inc. All rights reserved.

FORMORE INFORMATION: www.blackrock.com

2012 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered 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

10/12 - Global Allocation Fund / MDLOX-0912-R USR-0948