IMPORTANT RISKS OF THE FUND

Past performance is no guarantee of future results. The fund is actively managed and its characteristics will vary. 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. The fund may actively engage in short selling, which 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. Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

* Investor B shares are generally not available for purchase, except for exchanges and certain other exceptions. Please see the fund’s prospectus for further details.

† 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 fund’s monthly performance (including the effects of sales 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 percentages.) The BlackRock Global Allocation Fund was rated against the following number of US-domiciled World Allocation funds over the following time periods: 157 in the last 3 years, 99 in the last 5 years and 50 in the last 10 years. With respect to these World Allocation funds, BlackRock Global Allocation Fund received a Morningstar Rating of 3 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period. Morningstar Rating is for the Investor A share class only; other classes may have different performance characteristics. Past performance does not guarantee future results. ©2010 Morningstar, Inc. All rights reserved. For the most current rating, refer to www.morningstar.com.

‡ BlackRock Global Allocation Fund ranked 8 out of 33 funds for the 5-year time period and 3 out of 21 funds for the 10-year time period ending December 31, 2009. Rankings do not take sales charge into account and are based on total return, net of expenses and include reinvested distributions. Consistent Return is computed for all Lipper classifications with five or more distinct portfolios for the 3-, 5- and 10-year periods ending 12/31/09.

¹ Source: InvestmentNews, 7/7/10. The Advisers' Choice Awards recognize outstanding fund managers and fund management companies, based upon the subjective opinions of financial advisers.

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The fund’s prospectus contains this and other information about the fund and is available, along with information on other BlackRock funds, by calling 800-882-0052 or your financial professional. The prospectus should be read carefully before investing.

BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

Prepared by BlackRock Investments, LLC, member FINRA.