Global Allocation Fund

July 2020

NOT FDIC INSURED – MAY LOSE VALUE – NO GUARANTEEUSRMH0720U-1237780-1/30

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Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2019. Source: BlackRock, Bloomberg. For illustrative purposes only. It is not possible to invest directly in an index. U.S. stocks are represented by the S&P 500 Index. *Half the up-half the down illustration captures 50% of bull markets and 50% of bear markets relative to the S&P 500 Index.

It’s not how much you make, it’s how much you keep

Half the up-half the down*

3/24/00$100K

-47% -55%

+121%

+498%

$53K10/9/02

10/9/07$117K

$53K3/9/09

12/31/19$317K

3/24/00$100K

-24%-28%

+61%

+249%

$76K10/9/02

10/9/07$122K

$88K3/9/09

12/31/19$307K

U.S. stocks: All the up-all the down

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The math behind the impact of losses

Source: BlackRock, Crestmont Research (www.crestmontresearch.com). For illustrative purpose only. Hypothetical example.

-10% -20%-30% -40% -50% -60%

-70% -80% -90%

11% 25% 43%67%

100%150%

233%

400%

900%

-100%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

1000%

Return needed to breakeven

Investment loss

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S&P Envy: Diversification can feel disappointing

• The U.S. stock market has delivered positive performance in 15 of the last 17 calendar years

• Clients fail to understand why a diversified portfolio makes sense when it loses money in a bear market and trails in a bull market

• In an extended bull market, this can leave clients feeling envious towards the stock market

Years S&P 500 Diversified Portfolio*

BlackRock Global Allocation Fund

8/2000-2002 -40.1% -18.6% ► “I lost money” -2.9%

2003-2007 +82.9% +73.8% ► “I didn’t make as much” +134.9%

2008 -37.0% -24.0% ► “I lost money” -20.4%

2009-2019 +351.0% +191.7% ► “I didn’t make as much” +114.1%

Total Return +211.4% +213.5% ► “Diversification wins even when it feels like it’s losing”

+288.8%

Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2019. Source: Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Institutional). Returns are net of fees and include reinvestment of dividends and capital gains. Other classes of shares with differing fees and expenses are available. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. U.S. stock market represented by the S&P 500 Index. * Diversified Portfolio is represented by 40% S&P 500 Index, 15% MSCI EAFE Index, 5% Russell 2000 Index, 30% Bloomberg Barclays U.S. Aggregate Bond Index, and 10% Bloomberg Barclays U.S. Corporate High Yield Index. 8/2000 represents the first stock market trough at the turn of the century.

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Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2019. Source: BlackRock, Bloomberg. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns are net of fees and include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. U.S. stocks represented by the S&P 500 Index.

It’s not how much you make, it’s how much you keep (part 2)

Global Allocation Fund (A)

3/24/00$100K

-12%

-30%+162%

+140%

$88K10/9/02

10/9/07$231K

$162K3/9/09

12/31/19$389K

GA_A

U.S. stocks: All the up-all the down

3/24/00$100K

-47% -55%

+121%

+498%

$53K10/9/02

10/9/07$117K

$53K3/9/09

12/31/19$317K

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1485%

787%

Global AllocationFund (A)

Global Stocks

Cum

. ret

urn

sin

ce

ince

ptio

n

The fund has outperformed…

9.7%

15.2%

Global Allocation Fund(A)

Global Stocks

…with less volatility

Upside capture

68%

Downside capture

45%

Global Allocation capture ratios vs. global stocks since inception

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will 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. Refer to blackrock.com for current month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursement. Total annual fund operating expenses as stated in the fund’s most recent prospectus are 1.15% for Investor A shares. Net annual fund operating expenses (including investment related expenses) are 1.08% for Investor A shares. The difference between the fund’s total and net expense ratios is due to fees that BlackRock has agreed to contractually waive through February 28, 2021, and any voluntary fee waivers. Such waivers may be terminated upon 90 days’ notice by the fund’s board of directors or by a shareholder vote. Any voluntary fee waivers may be terminated at any time without notice. As of June 30, 2020. Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Returns calculated from first full month post inception (February 28, 1989). For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns are net of fees and include reinvestment of dividends and capital gains. Up capture shows how much the fund gained, relative to a benchmark, when the benchmark rose. Down capture shows how much the fund lost, relative to the benchmark, when the benchmark decreased. Global stocks are represented by the FTSE World Index. The indexes are unmanaged. It is not possible to invest directly in an index.

BlackRock Global Allocation FundSeeks competitive returns with global stocks over a full market cycle with lower volatility• Historical returns in excess of global stocks with approximately 1/3rd less volatility

• Flexibility to deviate from benchmark to capture opportunity and manage risk

• Combines traditional and non-traditional asset classes to access the entire capital structure

Std. deviation sin

ce inception

GA_A

Average annual total returns (%) as of June 30, 2020 1 year 5 years 10 years Since Inception

Global Allocation Fund (A) with/without maximum sales of 5.25% 6.55/0.96 4.20/3.09 6.04/5.47 9.22/9.01

FTSE World Index 2.74 7.17 9.99 7.21

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What makes the Global Allocation Fund unique?

Unconstrained in search of opportunity

• Broadly diversified across more than 40 countries and 30 currencies

• Ability to invest in stocks, bonds, cash equivalents, and currencies around the world

A highly experienced and well-resourced investment team

• Dedicated investment team seeks to generate alpha through macro analysis, fundamental research and systematic strategies

• Maximizes BlackRock’s worldwide investment resources, technology, risk management & trading capabilities

Seeking returns competitive with global stocks with less volatility

• Compelling risk-adjusted results for more than three decades

• Strategy has weathered multiple bull and bear markets

As of June 30, 2020. Source: BlackRock.

An investment built for all generations“The BlackRock Global Allocation fund was designed as a core holding, whose broad universe of investments and flexible management style would provide its investors with the opportunity for both growth and income, while also remaining mindful ofdownside risks. These characteristics can make the fund a compelling consideration for investors whose goals range from saving for educational expenses to retirement costs.”

– Rick Rieder, Lead Portfolio Manager

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Unconstrained in search of opportunity

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At this point in the market cycle, investors may want to consider a broader opportunity set

Equities Fixed Income Cash/FX Non-Traditional

• Convertible bonds• Private placements • Real estate investment

trusts • Precious metals-related

securities• Structured notes

• Short sales (up to 20% of NAV)

• Common stock• Preferred stock• Single name options• Index options• Futures

• Dividend futures• Warrants • Developed markets• Emerging markets • Frontier markets• American depository receipts

• Locally listed shares

• U.S. Treasuries and agencies • Developed market

sovereigns

• Emerging markets (USD and local currency)

• Investment grade corporates• High yield bonds

• Distressed bonds• Inflation-linked bonds• Bank loans• Interest rate swaps• Yield curve trades• Credit default swaps (CDS)

• U.S. Treasury bills• Non-U.S. government bills• Foreign exchange forwards • Foreign exchange options

The BlackRock Global Allocation Fund is a globally diversified, multi-asset fund that seeks to provide a rate of return competitive with that of global stocks at a lower level of volatility over a full market cycle.

• Unconstrained in search of opportunity

• Diversified broadly across asset classes, countries, currencies, sectors, and securities

• Combination of bottom-up fundamental research and top-down asset allocation

As of June 30, 2020.

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• Benchmark represents a neutral asset mix. Used as a “scorecard” to communicate overweight and underweight positions.

• Portfolio is unconstrained relative to benchmark. Asset allocation is driven largely by relative valuations and absolute risk across asset classes, currencies, sectors, and securities.

• Real-time risk management. Integral to investment process and in structuring the portfolio, we are mindful of protecting downside risks; monitored daily through Global Allocation risk dashboard and BlackRock Risk & Quantitative Group (RQA) oversight.

9.7%9.2%

0%

2%

4%

6%

8%

10%

Global Allocation Fund (A) Reference Benchmark

Neutral asset class allocation Neutral regional allocation

• 60% Stocks

• 40% Bonds

• 60% U.S.

• 40% Non-U.S.

Reference benchmark serves as performance standard, not investable universe

GA_A

Annualized standard deviation since inception

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock. Standard deviation is calculated based on monthly returns for the BlackRock Global Allocation Fund (Investor A) from first full month post inception (February 28, 1989). Performance, fees and rankings for other share classes could be higher or lower. For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. The indexes are unmanaged and do not take transaction charges into consideration. It is not possible to invest directly in an index. Volatility is based on standard deviation, which is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility.

S&P 50036%

FTSE World ex-U.S.24%

ICE BofA/ML Current 5-Yr U.S. Treasury

24%

FTSE Non-USD World Gov't Bond

16%

Reference benchmark Comparable levels of volatility

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0%

20%

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80%

100%

Ben

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Equities Fixed Income Precious Metals Cash

Flexibility in practice

Portfolio composition

As of June 30, 2020. Source: BlackRock. Subject to change. The fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its characteristics will vary. Prior to 2015, the fund’s exposure was based on market value and adjusted for the economic value of futures and swaps. From 2015, the fund’s exposure is based on the economic value of securities and is adjusted for futures, options, swaps (except with respect to fixed income securities) and convertible bonds. Prior to 2015, precious metals exposure, which is comprised of precious metals ETFs, was included in equities. Overweight/underweight indicators are relative to fund’s reference benchmark, which consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

The fund was underweight equities relative to its benchmark for most of the 1990s

One of the largest equity overweights in the fund’s history was H2’01

Cash equivalents have regularly been held since inception

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Flexibility in practice

As of June 30, 2020. Source: BlackRock. Subject to change. Asset allocation strategies do not assure profit and do not protect against loss. Prior to 2015, the fund’s exposure was based on market value and adjusted for the economic value of futures and swaps. From 2015, the fund’s exposure is based on the economic value of securities and is adjusted for futures, options, swaps (except with respect to fixed income securities), and convertible bonds. Prior to 2006, precious metals exposure was included in equities. Precious metals is comprised of precious metals ETFs. *Prior to October 31, 2019, exposure to securitized debt was included within fixed income.

Portfolio composition

0%

20%

40%

60%

80%

100%

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Post-tech bubble:Increased exposure to

U.S. equities due to attractive valuations and a recovering global

economy.

Credit crisis:Added to convertible bonds during the global credit crisis as there was limited

liquidity available across the asset class due to distressed selling.

Current High Low

Cash Equivalents 5% 30% 0%

Securitized Debt* 3% 5% 0%

Non U.S. Credit 3% 25% 0%

Non U.S. Sovereign Debt 8% 25% 0%

U.S. Credit 7% 25% 0%

U.S. TIPS 4% 15% 0%

U.S. Treasuries& Agencies 2% 25% 0%

Precious Metals 4% 5% 0%

Emerging Market Equities 5% 15% 0%

Developed Equities ex-U.S. 17% 35% 10%

U.S. Equities 42% 45% 15%

Since Rick Rieder assumed leadershipDecreased exposure to cash following pivot in global central banks’ policy and added to U.S.

equities, U.S. Treasuries, and investment grade credit.

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A highly experienced and well-resourced investment team

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Global Allocation Portfolio Management Team

Backed by a roster of experienced & dedicated analysts

Macro Research

Macro analysts leverage BlackRock’s global resources, provide daily

market insights, and implement strategic & tactical trading positions

Fundamental Security Selection

Fundamental analysts, primarily segmented by global equity industry,

have the flexibility to recommend securities across the capital stack

Quantitative Strategies

Quantitative research analystsimplement systematic strategies & style factor tilts, calibrate portfolio

exposures, and monitor risk

Leverages the breadth and scale of BlackRock

BlackRock Investment Institute (BII) Aladdin® Trading & Liquidity Risk & Quantitative

Analysis (RQA)

As of June 30, 2020. Source: BlackRock. * Investment team leader.

Industry analysts cover opportunities across regions, sectors, and the corporate capital stack

Consumer Discretionary

Consumer Staples

Energy / Materials

Financials/REITS Healthcare Industrials /

UtilitiesMedia / Telecom Technology

Global Platform

Oversight

Product Strategy

Portfolio Managers

Rick Rieder* Russ Koesterich, CFA David Clayton, CFA

Kate MooreHead of Thematic Strategy

Incorporates specialized investment expertise from BLK Global Fixed Income

Global Rates U.S. IG Corp Credit U.S. HY Corp Credit Non-US Credit Securitized Emerging Markets

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Process integrates macro, sector and security selection

Macro Regime

• PMs examine global growthand inflation data, then forecast implications on economic policy

• Identify macro regimes associated with market conditions; determine drivers, direction, and pace of regime changes

• Daily interactions with fundamental analysts allows bottom-up research to inform & shape top-down views

• Build, evolve, and monitor thesis from deep fundamental research across the platform

Asset Allocation

• PMs determine opportunities based on economic regime and expected risk-adjusted returns.

• Macro views, coupled with fundamental bottom-up research, informs asset class, regional, sector, and currency decisions.

• Tactical application of additional exposures to adjust for style factor exposure and to hedge volatility

Security Selection

• Fundamental analyst-sourced securities provide foundation for core fundamental, high conviction corporate securities – inputs entered into proprietary “Mosaic” platform

• Optimization tools assist the sizing process of individual equities

• Extensive collaboration between GA and GFI in identifying corporate credit opportunities globally

• Asset backed and securitized assets leverage the specialized expertise of GFI

Analysis and Review

• Daily investment and risk dashboard review provides real time portfolio monitoring and insight to best risk/reward trade-offs.

• Investment team leverages BlackRock’s RQA & proprietary Aladdin platform for risk, scenario analysis and portfolio attribution.

Process leverages the breadth of BlackRock’s global macro resources, the depth & experience of the GA team, and the specialized expertise across GFI to deliver on investment objectives

Process integrates macro, industry, and security selection insights so as to budget risk to the highest quality alpha sources

Daily Performance and Risk Exposures Feedback LoopAs of June 30, 2020. Source: BlackRock.

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Risk & Quantitative Analysis (RQA) provides objectivity and independence*

As of June 30, 2020. * RQA has separate reporting lines from the portfolio management team.

• Review cumulative effect of investment decisions to identify factors contributing to, and subtracting from, alpha generation

• Comprehensive portfolio attribution includes asset class, country, sector, currency, and individual security analysis

Performance Attribution

• Allows the PM team to pro-actively estimate how changes in identified market prices affect the portfolio in relative and absolute terms

• Enables team to quantify portfolio effects of specific market scenarios rather, than relying on intuition

• Regularly scheduled meetings between RQA and Global Allocation team help ensure current portfolio positioning is consistent with team’s market views

• RQA monitors dozens of active risk factors globally on a continuous basis

• Helps Global Allocation team ensure the portfolio is not unintentionally overexposed to specific top-down factors

• Risk cannot (and should not) be entirely eliminated, but it can (and must) be identified

RiskAssessment

Stress Testing

Risk Alignment

RQA

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Seeking returns competitive with global stocks with less volatility

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Lower Return/Higher Volatility

Global Allocation Fund (A)

Gold

Commodities

5-Year Treasury Bonds

10-Year U.S Treasury Bonds

U.S. Credit

U.S. Convertibles

U.S. High Yield

World Gov't Bonds

Non-U.S. Gov't Bonds

Global Stocks

Small Cap U.S. Stocks

Developed ex-U.S. Stocks

European Stocks

Japanese Stocks

Asia ex-Japan Stocks

Emerging Market Stocks

Morningstar Category

Reference Benchmark*

Cash

0%

500%

1000%

1500%

0% 5% 10% 15% 20% 25%

Cum

ulat

ive

Ret

urn

Risk (Ann. Standard Deviation)

The benefits of active management

Proven record of growing & protecting over the long term (Inception through June 2020)

Higher Return/Lower Volatility Higher Return/Higher Volatility

Lower Return/Lower Volatility

GA_AGA_A

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns calculated from first full month post inception (February 28, 1989). For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns are net of fees and include reinvestment of dividends and capital gains. Morningstar category returns are based on total return and do not reflect sales charges. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. See ‘Important Notes’ for index descriptions. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

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Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns are net of fees and include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Global stocks represented by the FTSE World Index and U.S. stocks by the S&P 500 Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

TechnologyBubble

2000 - 2002

Global MarketRecovery

2003 - 2007

Global CreditCrisis

2008 - 2009

Global MarketRecovery

2010 - 2019

CoronavirusPandemic2020 YTD

CombinedPeriod

2000 - 6/30/20Global Allocation Fund (A) 1.82% 132.12% -3.37% 70.87% 0.36% 291.35%Reference Benchmark* -16.88% 79.67% -6.87% 102.43% -1.67% 176.84%Global Stocks -39.56% 133.92% -20.59% 148.91% -6.20% 161.76%U.S. Stocks -37.60% 82.86% -20.31% 256.66% -3.08% 214.22%Morningstar Category -7.72% 97.54% -13.39% 59.98% -8.21% 131.76%

-50%

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100%

150%

200%

250%

300%

Experience that has weathered bull & bear markets

Cumulative total returns

GA_AGA_A

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A history of competitive performance and limited drawdownsGA_A

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns calculated from first full month post inception (February 28, 1989). For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Global bonds represented by the FTSE World Government Bond Index, U.S. stocks by the S&P 500 Index, and global stocks by the FTSE World Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

85.6%

53.5%62.4% 66.5%

134.3%

95.1%

32%18% 25% 24%

38%28%

-7.2% -9.6%-19.4% -22.6%

-40.9% -43.4%

Global AllocationFund (A) Global Bonds

ReferenceBenchmark*

MorningstarCategory U.S. Stocks Global Stocks

Best 3-Year Return (Cumulative)

Average 3-Year Return (Cumulative)

Worst 3-Year Return (Cumulative)

# of Negative 3-Year Periods 7 32 37 39 59 66

GA_A

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Current portfolio positioning and performance

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Portfolio snapshot as of June 30, 2020

Equities: 64% (vs. 60% benchmark)

Overweight:

• Regions: U.S., Emerging Asia, Europe (ex-UK)

• Sectors: Consumer Discretionary, Healthcare, Communication Services

Underweight:

• Regions: Japan, U.K., Australia, Canada, Latin America

• Sectors: Consumer Staples, Real Estate, Financials

Fixed Income: 27% (vs. 40% benchmark)

Overweight:

• Corporates

Underweight:

• Developed ex-U.S. Government Bonds

Precious Metals: 4%• Gold-related securities

Cash Equivalents: 5%• Actively managed

Asset allocation (% of net assets*)

As of June 30, 2020. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Overweight/underweight indicators are relative to fund’s reference benchmark, which consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Numbers may not sum to 100% due to rounding. * % of net assets represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with respect to fixed income securities) and convertible bonds.

U.S. Equities

42%

Non-U.S. Equities

22%

U.S. Fixed Income

18%

Non-U.S. Fixed Income

9%

Precious Metals4%

Cash Equivalents5%

U.S. Dollar68%

Euro12%

British Pound Sterling

3%

Other Europe2%

Japanese Yen10%

Other Asia3%

Rest of the World

2%

Currency allocation (% of net assets*)

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Performance as of June 30, 2020

Annualized total returns

1 Year 3 Years 5 Years 10 Years 15 YearsGlobal Allocation Fund (A) 6.55% 4.62% 4.20% 6.04% 6.42%Reference Benchmark* 4.22% 6.08% 6.09% 7.59% 6.14%Global Stocks 2.74% 6.72% 7.17% 9.99% 7.09%Global Bonds 4.60% 3.98% 3.70% 2.37% 3.28%Morningstar Category -3.32% 1.54% 2.70% 5.44% 5.12%Global Allocation Fund (A) with MSC 0.96% 2.76% 3.09% 5.47% 6.00%

-5%

0%

5%

10%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will 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. Refer to blackrock.com for current month-end performance. Investment returnsreflect total fund operating expenses, net of all fees, waivers and/or expense reimbursement. Total annual fund operating expenses as stated in the fund’s most recent prospectus are 1.15% for Investor A shares. Net annual fund operating expenses (including investment related expenses) are 1.08% for Investor A shares. The difference between the fund’s total and net expense ratios is due to fees that BlackRock has agreed to contractually waive through February 28, 2021, and any voluntary fee waivers. Such waivers may be terminated upon 90 days’ notice by the fund’s board of directors or by a shareholder vote. Any voluntary fee waivers may be terminated at any time without notice. As of June 30, 2020. Source: BlackRock, Bloomberg, Lipper, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) without and with the deduction of current maximum initial sales charge of 5.25%. Performance, fees and rankings for other share classes could be higher or lower. Returns include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Global stocks represented by the FTSE World Index and global bonds by the FTSE World Government Bond Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

GA_AGA_A

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60% 58%63%

79%

97%

65%

82%

92%99% 100%

0%

20%

40%

60%

80%

100%

Rolling 1-Year Rolling 3-Year Rolling 5-Year Rolling 10-Year Rolling 15-Year

Global Allocation Fund (A) vs. Reference Benchmark* Global Allocation Fund (A) vs. Morningstar Category

The longer the time horizon, the higher the frequency of outperformance vs. the benchmark and peer group

Consistently outperformed over the long-term

Frequency of outperformance over rolling periods since inception

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns calculated from first full month post inception (February 28, 1989). For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns are net of fees and include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

GA_A

362 total observations

338 total observations

314 total observations

254 total observations

194 total observations

GA_A

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So what do I do with my money? ®

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$0

$30,000

$60,000

$90,000

$120,000

$150,000

$180,000

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Global Allocation Fund (A) Reference Benchmark* Global Stocks Global Bonds Morningstar Category Cash

Global Allocation Fund has provided growth over the long-term

Growth of a hypothetical $10,000 investment since inception

$158,436

$94,566

$79,035

$54,521

$88,403

$25,743

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) with the deduction of current maximum initial sales charge of 5.25%. Performance, fees and rankings for other share classes could be higher or lower. Illustration is based on a hypothetical investment of $10,000 on February 28, 1989 (first full month post inception). For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns are net of fees and include reinvestment of dividends and capital gains. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Global stocks represented by the FTSE World Index, global bonds by the FTSE World Government Bond Index, and cash by the ICE BofA/ML 3-Month T Bill Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.

GA_AGA_A

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$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Global Allocation Fund has served as a source of income

Inflation-adjusted withdrawal scenario for $100,000 investment in Global Allocation Fund

GA_A

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) with the deduction of initial sales charge of 3% for $100,000 investment. Performance, fees and rankings for other share classes could be higher or lower. For periods prior to Investor A inception on October 21, 1994, returns are based on the fund’s Institutional share returns and adjusted to reflect the higher Investor A fees. Returns are net of fees and include reinvestment of dividends and capital gains. Methodology: Assumes a $100,000 investment at first full month post inception (February 28, 1989) and a lump sum withdrawal on December 31 of each year. The size of the initial withdrawal is equal to the withdrawal rate times the initial investment, and each year that amount is increased by 3% to account for inflation. Does not consider taxes. Results are hypothetical and will vary based on selection of other time frames and over time as assumptions change. These figures are for illustrative purposes only.

Withdrawal Rate Total Withdrawals Ending Value

Buy & Hold $0 $1,536,912

2% $84,759 $1,232,660

4% $237,313 $795,731

6% $508,810 $148,435

GA_A

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28

Global Allocation Fund has improved the risk-adjusted return of a portfolio

Adding Global Allocation to a balanced portfolio (Inception through June 2020)

Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2020. Source: BlackRock, Morningstar. Returns calculated from first full month post inception (February 28, 1989). The performance depicted above is for the BlackRock Global Allocation Fund (Investor A). Performance, fees and rankings for other share classes could be higher or lower. Investor A share returns prior to inception on October 21, 1994 were calculated using Institutional share returns adjusted to reflect Investor A fees. Returns for the Global Allocation Fund are shown at NAV. Had sales charges been included, the returns would have been lower. Returns are net of fees and include reinvestment of dividends and capital gains. * Balanced portfolio is based on an allocation of 60% Morningstar World Stock category and 40% Morningstar World Bond category, rebalanced quarterly.

GA_A

100% GlobalAllocation Fund (A)

50% / 50%

100% Balanced portfolio*

6%

7%

8%

9%

10%

9.3% 9.5% 9.8% 10.0%

An

nua

lized

ret

urn

Risk (ann. standard deviation)

GA_A

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29

Global Allocation is a multi asset portfolio with the ability to invest across many different geographies, currencies, and sectors, including cash and commodities. The indexes mentioned are a subset of the Global Allocation opportunity set.

Asset classes referenced on slide 23 are represented by the below indices. Indexes are unmanaged. You cannot invest directly in an index.

Cash: ICE BofA/ML U.S. Treasury Bill 3-Month Index, 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. This index invests only in cash and cash equivalents. Gold: S&P GSCI Gold Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark tracking the COMEX gold future. This index invests only in gold-related securities. Commodities: S&P Goldman Sachs Commodity Index, a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. This index invests only in commodity futures. 5-Year Treasury Bonds and 10-Year Treasury Bonds: ICE BofA/ML 5-Year U.S. Treasury Bond Index and ICE BofA/ML 10-Year U.S. Treasury Bond Index, respectively, are unmanaged indices designed to track the total return of the current coupon 5-year U.S. Treasury bonds and 10-year U.S. Treasury bonds. U.S. Treasury securities are direct obligations of the U.S. government and are backed by the “full faith and credit” of the U.S. government if held to maturity. These indices invest only in short-term U.S. treasury bonds. U.S. Credit: Barclays U.S. Credit Index, an unmanaged index considered representative of publicly issued, SEC-registered U.S. corporate and specified foreign debentures and secured notes. This index invests only in U.S. corporate bonds. U.S. Convertibles: ICE BofA/ML All U.S. Convertible Bond Index, a market capitalization-weighted index of domestic U.S. corporate convertible securities including mandatory convertible preferreds. This index invests only in U.S. corporate convertible securities. U.S. High Yield: Barclays U.S. High Yield Index, which covers the universe of fixed rate, non-investment-grade debt. This index invests only in U.S. corporate, non-investment grade bonds. Global Government Bonds: FTSE 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 FTSE 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. This index invests only in sovereign bonds. Non-U.S. Government Bonds: FTSE Non-U.S. Dollar World Government Bond Index, an unmanaged, market-capitalization-weighted index that tracks 10 government bond indices, excluding the United States. This index invests only in sovereign bonds, not including those issued by the United States. Global Stocks: FTSE World Index, a broad based capitalization weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the United States. This index invests only in equities. Large Cap U.S. Stocks: S&P 500 Index, which covers 500 of the largest companies of the U.S. markets (mostly NYSE issues). The unmanaged index represents about 75% of NYSE market capitalization and 30% of NYSE issues. This index invests only in large-cap U.S. equities. Small Cap U.S. Stocks: Russell 2000 Index, a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization U.S. companies in a range of businesses. This index invests only in small-cap U.S. equities. Developed ex-U.S. Stocks: MSCI EAFE Index, a broad market cap-weighted index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. This index invests only developed market equities, excluding those issued in the United States. European Stocks: MSCI Europe Index, an unmanaged index considered representative of stocks in developed European countries. This index invests only in European equities. Japanese Stocks: MSCI Japan Index, an unmanaged index considered representative of stocks in Japan. This index invests only in Japanese equities. Asia ex-Japan Stocks: MSCI Pac-X Japan Index, an unmanaged index considered representative of stocks of Asia Pacific countries excluding Japan. This index invests only in Asian equities, excluding those issued in Japan. Emerging Market Stocks: MSCI Emerging Markets Index, an unmanaged index considered representative of stocks in developing countries. This index invests only in emerging market equities.

Material Differences between Global Allocation and referenced indices

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30

Principal risks: The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of yourinvestment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. 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. Non-investment grade debt securities (high yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Asset allocation strategies do not assure 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. 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.

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and 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 at blackrock.com. The prospectus and, if available, the summary prospectus should beread carefully before investing.

Prepared by BlackRock Investments, LLC, member FINRA.© 2020 BlackRock, Inc. All rights reserved. BLACKROCK, ALADDIN and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Important notes

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