bgf global allocation fund

BlackRock Global Funds (BGF)Global Allocation Fund

April 2012

Rating as of February 2011

Rating as of May 2011

FOR PROFESSIONAL INTERMEDIARIES ONLY© 2012 BlackRock, Inc. All rights reserved

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BGF Global Allocation: Investment Philosophy

Broadly diversified across asset classes, countries, sectors and market capitalizations

Seeks to offer investors competitive returns at lower than equity market risk

• We believe that arbitrary categorizations (size/style boxes/target weights) make little sense in a global financial economy that is becoming increasingly integrated

An experienced investment team can exploit inefficiencies in corners of the global capital markets that most specialized managers typically ignore, or are precluded from investing in

A “total return” investment approach coupled with a broad investment mandate allows for capital appreciation opportunities in many market conditions with less risk than typical equity-only investments

• Philosophy is fundamentally distinct from most long-only managers, who measure performance, conformity, and risk relative to passive indices – this approach can result in sizeable absolute losses during difficult market conditions

• By comparison, most absolute return managers who seek consistent, annualized target performance goals, may sacrifice long-term upside potential in more favorable market environments

As of 31 March 2012.

“Competitive returns with low-to-moderate levels of risk can be achieved through a flexible, research-intensive, value-oriented approach that seeks the best investment opportunities worldwide, broadly diversified across asset classes, countries and securities.”

– Global Allocation Portfolio Management Team

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BGF Global Allocation Fund: Portfolio Management Team

Global Allocation team manages more than $85 billion in open-end funds and sub-advisory portfolios

Experienced and deep investment management team

• Portfolio Managers have more than 90 years cumulative experience

• PMs and Senior Analysts average over 20 years of investment experience

• More than half of the team’s PMs and/or Senior Analysts have worked on the portfolio for over a decade

Analysts have a wide degree of flexibility in the development of investment ideas

• Responsibilities are only loosely categorized by global sector

• Can explore opportunities across a firm’s total capital structure; having both equity and fixed income expertise

• Strong team interaction and knowledge sharing

Team utilizes worldwide BlackRock resources for investment ideas, fundamental analysis, technology, risk analysis and cash management

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As of 31 March 2012.

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BGF Global Allocation Fund: Portfolio Management Team

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*Lisa O’Donnell and Kevin Bynum are currently on leave.As of 29 February 2012.

Nicole EverettChristine Garvey

Lisa GillWendy Held

Lisa Peterson

PortfolioAdministration

Marie DwyerPete Mathern

Kim MooreMike Carlucci

PortfolioTransactions

Product Specialist Team

Oscar Pulido, CFAPatrick Sewards

Matt EstesBrian Miller, CFA

Meghan Heil

Quantitative Strategy

Randy BerkowitzSam Indyawan

Judy RiceErica Quinn, CFAReid Ross, CFA

Product and Research Strategy

Kent Hogshire, CFA12 years experience

Equity & Fixed Income, Converts, Derivatives, Materials, Industrials

Consumer

Patrick Edelmann, CFA13 years experience

Equity & Fixed Income, Converts, Derivatives,

Technology, Healthcare, Energy

Senior Analysts

Kevin McKenna, co-COO29 years experience

Lisa O’Donnell, JD, co-COO*25 years experience

Team Development, Risk,Operations, Compliance

Mike Trudel, CFA, JDGlobal Strategist

15 years experience

Global Macro Strategy,Quantitative Analysis,

Risk Evaluation

Senior Analysts

Kate Rauscher, CFA26 years experience

Equity & Fixed Income, Utilities, Industrials, Alternative Energy

Karen Morely, CFA26 years experience

Equity & Fixed Income,Healthcare, Energy,

Defense

Lisa Walker, CFA26 years experience

Equity & Fixed Income, Financial Services,

Banks, REITS

Ben Moyer, CFA31 years experience

Asia PacificInvestments

Eric Mitofsky29 years experience

Quantitative Analysis, Derivatives,

Risk Management

Greg Spencer23 years experience

Equity & Fixed Income, Telecom, Media,

Technology

David Clayton, CFA, JD22 years experience

Equity & Fixed Income, Private Placements,

Distressed Debt

Senior Analysts

Mike Walsh, CFA21 years experience

Fixed Income, Derivatives, Risk Management

Kevin Bynum, CFA* – MacroDaniel D. Daniel, CMT – Technology

Martin Fransson, Ph.D – Materials & Precious MetalsLindsay Klitsch, CFA – Consumer & Derivatives

Matt Litwin – Energy & IndustrialsJonathan Lux, CFA – Industrials & Generalist

Chirayu Patel, CFA – Asia Pacific, IndiaSonia Wang – Asia Pacific, Japan

Angela Yu, CFA – Asia Pacific, China

Research Associates

Dan Chamby, CFAPortfolio Manager24 years experience

Asset Allocation &Investment Strategy

Dennis Stattman, CFAPortfolio Manager32 years experience


Aldo Roldan, Ph.D Portfolio Manager28 years experience


Portfolio Management

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Leveraging BlackRock’s Global Investment Capabilities Worldwide

*AUM as of 31 December 2011.

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The Global Allocation Team benefits directly and materially from BLK’s worldwide investment operations

• Headquartered in NYC with investment centers across asset classes worldwide

• Operating in 24 countries and more than 60 cities

• Daily investment research calls involving various areas of the firm including global equity, fixed income, currencies, commodities, real estate, and alternative investments representing over $3.5 trillion in AUM*

BlackRock Solutions

• Pioneer in risk management and technology

• Provides risk management and enterprise investment services for $9 trillion in assets

• BlackRock Solutions® offers independent risk management products

Risk & Quantitative Analytics

• Team of over 130 Quantitative Analysts worldwide, led by Ben Golub, Ph.D, and Ed Fishwick

• RQA partners with BLK investment teams to analyze and manage portfolio risks

• Andrew Damm, Managing Director, is based in Princeton, NJ alongside the Global Allocation Team

Global Multi-Asset Investment Platform

• Investment operations in London, New York, Princeton, and San Francisco in both traditional long-only and alternativeasset classes

• Innovative strategies and services within and across asset classes

• Client dialogues have resulted in advisory assignments

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BGF Global Allocation Fund: Portfolio Construction

Asset allocation is driven largely by relative valuations and absolute risk across asset classes, currencies, sectors and securities

Entire asset classes, countries, and/or sectors can be omitted based on valuations

Internal reference benchmark serves as a neutral asset mix and performance standard

• Created to reflect global opportunity set, does not necessarily reflect our perception of value at a given point in time

• The portfolio can deviate significantly from the reference benchmark

• Benchmark has remained consistent since inception

Universe of Securities

36%

24%

24%

16%

S&P 500

FTSE World ex-US

BofA ML 5-Yr US Treasuries

Citigroup Non-USD World Gov’t Bond

In addition to conventional securities, the portfolio has the flexibility to invest in

• Private placements

• High yield fixed income

• Distressed fixed income

• Convertible fixed income

• Inflation-linked bonds

• Preferred equity

• Equity and fixed income index futures

• Structured products

• Options

• Warrants

• Real estate investment trusts (REITS)

• Precious metal-related securities

Internal Reference Benchmark

Neutral asset class allocation

• 60% Equity

• 40% Fixed Income

Neutral regional allocation

• 60% US

• 40% Non-US

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As of 31 March 2012. Subject to change. This fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its characteristics will vary. Benchmark referred to is the Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD World Gov’t Bonds. It is not possible to invest directly in an index.

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BGF Global Allocation Fund: Investment Process

• Equity: Bottom-up, value-driven, fundamental process

• Fixed Income: Focus on total return and credit analysis

• Ongoing research of over 1,000 companies

Research

• Combine top-down asset, currency and sector allocation with bottom-up security selection

• Utilize a variety of valuation metrics

• Compare relative value among and within asset classes

• Avoid overvalued asset classes

Asset Allocation

• Diversified across many holdings (700+) and many countries (~40)

• No min/max industry or country allocation constraints

• Maximum of 35% assets in non-investment grade fixed income

• Derivatives are employed primarily to hedge (protect) the value of assets against adverse movements in the markets

Portfolio Construction

As of 31 March 2012. Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market conditions, portfolio manager’s opinion and other factors.

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Top-down strategy targets an attractive risk/return trade-off across asset classes, countries andmarket capitalizations

Bottom-up fundamental research evaluates the relative attractiveness of securities within various global market sectors and asset classes

• Securities are evaluated based on their expected risk/return profiles

Fundamental analysis, valuation metrics, and quantitative screening identify opportunities for analysts to pursue

• Valuation screens include EV/EBITDA, P/E, P/CF, P/B, and a large variety of other metrics

• Security selection based on fundamental research, not benchmark composition

Flexible, price-sensitive process designed to add value from a very broad investment universe

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BGF Global Allocation Fund: Sell Discipline

Security weightings are a trade-off between discount to intrinsic value and contribution to risk; sale triggers include:

• Nearing estimated intrinsic value

• Deteriorating fundamentals

• Re-balancing as necessary for risk management

• More compelling investment opportunity

Turnover has historically ranged between 40–60% per annum

Fixed income may turnover more rapidly than equity

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Risk & Quantitative Analysis (RQA) Provides Objectivity & Independence

Performance Attribution

• Periodically reviews the cumulative effect of investment decisions to identify those factors contributing to, and subtracting from,alpha generation

• Attribution is comprehensive to the portfolio as a whole and includes country, sector, currency, and individual security analysis

Stress Testing

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

• Stress testing allows the GA team to quantify the portfolio effects of specific market scenarios rather, than relying on intuition

Risk Assessment

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

• Helps the GA team ensure that 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

Risk Alignment

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

• In addition to traditional purchases and sales, derivatives can be used to hedge away undesired top-down exposures

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BGF Global Allocation Fund: Flexibility in Practice

Flexible investment style offers opportunities in a variety of market environments

Cash is actively managed

• Cash assets may be diversified across global currencies: not solely USD-denominated

• Cash is currently considered primarily “zero duration” fixed income

The chart demonstrates management's allocation strategy since inception, highlighting the fund's flexibility and active management

As of 31 December 2011. Source: BlackRock. Subject to change. This fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its characteristics will vary. Benchmark referred to is the Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD World Gov’t Bonds. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The investment team uses the same investment process for the BGF Global Allocation.

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BGF Global Allocation Fund: Flexibility in Practice

As of 31 December 2011. Source: BlackRock. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The investment team uses the same investment process for the BGF Global Allocation.

Portfolio Composition (December 1993 to December 2011)

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BGF Global Allocation Fund: Currency Flexibility

As of 31 March 2012. Source: BlackRock, Bloomberg. Subject to change. Data begins first quarter-end after inception March 31, 1989. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The investment team uses the same investment process for the BGF Global Allocation.*The DXY Index indicates the general international value of the USD. The index averages the exchange rates between the USD and 6 major currencies (Euro, Yen, Pound, Swiss Franc, Canadian Dollar, Swedish Krona).

USD Exposure (March 1989 to March 2012)

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BGF Global Allocation Fund: Portfolio Snapshot as of 31 March 2012

Asset Allocation

Currency Allocation

64%

4%

10%

6%3%

3%

4%

6%

US Dollar

Japanese Yen

Other Asia

British Pound Sterling

Euro

Other Europe

Latin America

Rest of the World

Equity Strategy (64% ~ Overweight)

• Overweight:

– Regions: Asia (Japan & Asia-ex) and Latin America

– Sectors: Materials, Energy, Telecom Services, Information Technology, Healthcare, and Utilities

• Underweight:

– Regions: Europe and US

– Sectors: Financials, Consumer Staples, Consumer Discretionary, and Industrials

Fixed Income Strategy (25% ~ Underweight)

• Overweight:

– Convertibles (4%) and Corporates (4%)

• Underweight:

– Nominal US Treasuries, European Sovereign Debt, and Japanese Government Bonds

Cash (11% ~ Overweight)

• Actively Managed, both USD and non-USD

36%

28%

10%

15%

11%

US Equities

Non-US Equities

US Fixed Income

Non-US Fixed Income

Cash

As of 31 March 2012. Note: Portfolio allocation subject to change. The asset allocations illustrated are shown as a percentage of net assets. Asset allocation strategies do not assure profit and do not protect against loss. Overweight/Underweight indicators are relative to fund’s Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML US 5-Year Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.

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BGF Global Allocation Fund: Characteristics as of 31 March 2012

All data as of 31 March 2012. The fund is actively managed and it's characteristics will vary. Holdings are provided for informational purposes only and should not be deemed as recommendations to buy or sell securities or sectors mentioned in the industries shown.* Internal Reference Benchmark is comprised of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.† Please see ‘Important Notes’ for further information on credit quality.

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Apple Inc. 1.6% Number of Countries in Portfolio 40

Exxon Mobil Corp. 1.2% Portfolio Holdings 700+

SPDR Gold Shares 1.1% Turnover ~40-50%

Microsoft Corp. 0.9% Duration 3.82 years

Oracle Corp. 0.7% Price/Earnings (FY1) 12.3

International Business Machines Co. 0.7% Price/Book 1.7

General Electric Co. 0.6% Price/Cash Flow 7.2

Johnson & Johnson 0.6% Market Capitalization (Sm / Mid / Lg) 4% / 18% / 78%

AT&T Inc. 0.6%

JPMorgan Chase & Co. 0.6%

TOTAL 8.60%

Total Fixed Income Weight = 25%

Equity Regions (% of Net Assets) Equity Sectors (% of Net Assets) Fixed Income Regions (% of Net Assets)

Fixed Income Credit Quality (% of Net Assets)† Top 10 Equity Holdings (% of Net Assets) Characteristics

2.1

6.4

2.3

6.4

6.5

5.8

4.1

6.4

11.0

9.0

2.5

4.1

4.2

4.8

5.5

7.1

8.0

8.4

8.5

10.5

Utilities

Cons. Staples

Telecom Services

Cons. Discretionary

Industrials

Healthcare

Materials

Energy

Financials

Info Technology

0.8

1.4

5.1

3.6

11.5

37.6

0.9

2.8

6.3

6.5

9.7

37.6

Africa/MiddleEast/Other

Latin America

Asia ex-Japan

Japan

Europe

North America

0.0

7.0

0.1

0.3

8.1

24.5

0.0

0.3

1.8

3.8

4.2

14.7

Africa/MiddleEast/Other

Japan

Latin America

Asia ex-Japan

Europe

North America

BGF Global Allocation FundInternal Reference Benchmark*

7%

6%1%

2%

3%

1%

2%

3%

US Gov't

AAA

AA

A

BBB

BB

B

NR

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Average Annual Total Return Performance

BGF Global Allocation Fund: Performance as of 31 March 2012

As of 31 March 2012. Source: BlackRock, Morningstar. Inception date: January 3, 1997. Fund size US $14,015 M. Launch date: 3 January 1997 ‘A’ shares. Basis: NAV prices, with gross dividends reinvested, net of expenses. Performance figures are calculated net of annual fees. Past performance is not a guide to future performance. ISIN code: LU0072462426. * Internal Reference Benchmark is comprised of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.

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7.54%

-0.57%

12.92%

3.53%

7.75%

-5%

0%

5%

10%

15%

20%

25%

BGF Global Allocation Fund 7.54% -0.57% 12.92% 3.53% 7.75%

Internal Reference Benchmark* 6.99% 4.51% 15.53% 3.86% 6.34%

FTSE World Index 12.01% 0.12% 21.23% 0.36% 5.82%

Morningstar Mod. Allocation Peer Group (USD) 6.48% -0.92% 12.35% -1.25% 3.13%

YTD 1 Year 3 Years 5 Years Since Inception

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Seeking to Preserve and Reward Over the Long Term (January 1997 to March 2012)

BGF Global Allocation Fund: The Benefits of Active Management

As of 31 March 2012. Source: Lipper, Bloomberg, Morningstar. Bid to bid prices with income reinvested, net of fees. Returns data quoted is based on the cumulative returns in US$. Sector: Morningstar Moderate Allocation (US$). Benchmark is 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD Gov’t Bonds.

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BGF Global Allocation Fund: Historical Perspective as of 31 March 2012

Annualized Return (%) Annualized Standard Deviation (%) Sharpe Ratio

BGF Global Allocation Fund Distribution of Monthly Returns (January 1997 to March 2012)

% of Months Positive: 64%% of Months Negative: 36%

% of Months Positive: 59%% of Months Negative: 41%

As of 31 March 2012. Source: BlackRock, Zephyr Style Advisor.* 3-Month US Treasury Bills are used as a proxy for cash.

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BGF Global Allocation Fund: A Diversified Fund Designed to Perform in allMarket Conditions

-2.17%

5.27%

117.41%111.10%

-50%

0%

50%

100%

150%

BGF Global Allocation Fund A -2.17% 111.10% 5.27% 117.41%

Internal Reference Benchmark -16.88% 79.67% 11.52% 66.54%

FTSE World Index -39.56% 133.92% -6.23% 32.39%

MSCI World Index -42.14% 118.86% -9.15% 15.05%

Citigroup World Gov't Bond Index 20.19% 39.03% 26.53% 111.48%

1/1/2000 - 12/31/2002 1/1/2003 - 12/31/2007 1/1/2008 - 3/31/2012 1/1/2000 - 3/31/2012

Source: BlackRock, Morningstar, Bloomberg. Performance in US$ terms as at 31 March 2012. Past performance is not a guarantee of future results. Basis: NAV prices, with gross dividends reinvested, net of expenses. Performance figures are cumulative returns.

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Cumulative Total Returns (January 2000 to March 2012)

Technology Bubble

Global Market Recovery

Combined PeriodGlobal Credit

Crisis

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BGF Global Allocation Fund Investor A and FTSE World Index (January 1997 to March 2012)Growth of a Hypothetical Investment of $100,000*

BGF Global Allocation Fund: Drawdown Periods

Technology Bubble and 2001-2002 Recession

BGF Global Allocation Fund A

FTSE World Index

Time Period Jun 2001 – Sept 2002 Apr 2000 – Sept 2002

Drawdown -18.53% -44.72%

Return Needed to Breakeven 22.74% 80.90%

Number of Monthsto Breakeven

9 38

Global Credit Crisis

BGF Global Allocation Fund A

FTSE World Index

Time Period Jun 2008 – Feb 2009 Nov 2007 – Feb 2009

Drawdown -30.24% -54.01%

Return Since the Low 40.41% 72.66%

Number of Months to Breakeven

20 TBD*

$312,109

$236,782

As of 31 March 2012. Source: BlackRock, Bloomberg.* As of 31 March 2012, the FTSE World Index needed 12.64% to breakeven.

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Why Choose BGF Global Allocation Fund?

BGF Global Allocation Fund is a unique portfolio which offers its shareholders

• A highly-diversified core holding, selections from equities, fixed income and cash equivalents worldwide

• Proven long-term returns relative to global equities at about 1/3rd less volatility

• Flexible and consistent investment style able to capitalize on opportunities in many market environments

• Experienced and consistent management team possessing a high degree of cohesiveness

• Disciplined risk management process and capabilities

• Ability to leverage BlackRock resources worldwide

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Important Notes

Principal risks

• Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions

• 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

• 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

• The fund may also invest in non-investment-grade debt securities (those rated below Baa by Moody’s Investors Service, Inc., or below BBB by Standard & Poor’s). These securities, commonly referred to as “junk bonds,” generally involve greater volatility ofprice and risks to principal and income than securities in higher rating categories

• The fund’s equity holdings, industries and asset mix are subject to change as the fund is actively managed

• Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/orincrease volatility

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Appendix

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BlackRock Global Allocation Team

Dennis Stattman, CFA, Managing Director and portfolio manager, is head of the Global Allocation team within BlackRock’s Portfolio Management Group and a member of the BlackRock PMG Executive Committee, Leadership Committee and Central Strategy Group.

Mr. Stattman’s service with the firm dates back to 1989, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Stattman joined Merrill Lynch Investment Managers in 1989 as an Associate Portfolio Manager of the Merrill Lynch Global Allocation Fund, and was named Portfolio Manager of the Fund in 2002. He has been a manager of the BlackRock Global Allocation Fund since its inception. From 1989 through 1996, he was also a Portfolio Manager of the Merrill Lynch Special Value Fund. Prior to joining MLIM, Mr. Stattman served as the Director of Research for Meridian Management Company, and as Pension Investment Officer for the World Bank, supervising the management of U.S. equities in the Bank’s Retirement Plan.

Mr. Stattman earned a BS degree in commerce from the University of Virginia in 1973 and an MBA degree, with honors, from the University of Chicago in 1980. He is a CFA® Charterholder.

Dennis Stattman, CFAPortfolio Manager

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Dan Chamby, CFAPortfolio Manager

Aldo Roldan, Ph.DPortfolio Manager

Dan Chamby, CFA, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group.

Mr. Chamby’s service with the firm dates back to 1993, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Chamby joined Merrill Lynch Investment Managers in 1993 as a Research Analyst for the Merrill Lynch Global Allocation Fund. He was named Associate Portfolio Manager of the Fund in 2003 and named Portfolio Manager of the Fund in 2011. Prior to joining Merrill Lynch Investment Managers, he worked for Fujitsu Ltd. in their Tokyo headquarters as a Research Analyst. He began his investment career at Mellon Bank in 1982 as an Asia/Pacific Credit Analyst, and later managed the International Money Market Desk.

Mr. Chamby received his BA degree in political science and French literature from Duquesne University in 1982, and an MBA degree from the Wharton School, University of Pennsylvania in 1988. Mr. Chamby speaks Japanese and French, and is a CFA® Charterholder.

Aldo Roldan, Ph.D, Managing Director and portfolio manager, is a member Global Allocation team within BlackRock’s Portfolio Management Group.

Mr. Roldan’s service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Roldan joined Merrill Lynch Investment Managers in 1998 as Portfolio Manager for various Global Fixed Income portfolios, including the Merrill Lynch World Income Fund in 1999, and was also Head of Emerging Market Debt. Mr. Roldan joined the BlackRock Global Allocation Fund as an Associate Portfolio Manager in 2006 and was named Portfolio Manager of the Fund in 2011. Prior to joining MLIM, he was a Senior Vice President at Santander Investments, and earlier was a global economic analyst at JP Morgan Chase. Mr. Roldan began his investment career at Chase Econometrics, where he founded and managed the emerging markets research group.

Mr. Roldan earned a BA degree in economics from the University of Chile in 1973, and a Ph.D. in economics and econometrics from the Wharton School, University of Pennsylvania in 1978. Mr. Roldan is fluent in Spanish.

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Kevin McKenna, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for team development, risk operations and compliance.

Mr. McKenna joined the BlackRock Global Allocation team in January 2011. Prior to joining BlackRock, he was Head of US Agent Securities Lending and Cash Products at Credit Suisse and was responsible for the Bank’s agent securities lending business. Previously, he served as Global Head of Short Duration Products for Credit Suisse Asset Management. Mr. McKenna began his investment career at Merrill Lynch Investment Managers (MLIM) in 1982. At MLIM also, Mr. McKenna was Portfolio Manager of Money Market Funds (1983-1986), Senior Portfolio Manager of Institutional Fixed Income (1986-1990), Senior Portfolio Manager and Head of Money Market Funds (1990-2000), culminating with his role as Head of Fixed Income MLIM (Americas) from 2000-2006.

Mr. McKenna earned a BS degree, summa cum laude, in economics from Fordham University in 1979.

Kevin McKennaCo-Chief Operating Officer

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Lisa O’Donnell, JDCo-Chief Operating Officer

Mike Trudel, CFA, JDGlobal Strategist

Lisa O’Donnell, JD, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for team development, risk operations and compliance.

Ms. O’Donnell’s service with the firm dates back to 1991, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. O’Donnell joined Merrill Lynch Investment Managers in 1991 as an attorney in the legal department. She joined the Merrill Lynch Global Allocation Fund in 1995 as a Senior Analyst and was named Chief Operating Officer of the Fund in 2010. Prior to joining Merrill Lynch Investment Management, she was an associate of the law firm Dilworth, Paxson, Kalish, and Kauffman in Philadelphia, Pennsylvania.

Ms. O’Donnell earned a BA degree from the College of William and Mary in 1984 and a JD degree, cum laude, from Rutgers University School of Law in 1987.

Michael Trudel, CFA, JD, Managing Director and global strategist, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for global macro strategy, quantitative analysis, and risk evaluation.

Mr. Trudel's service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Trudel joined Merrill Lynch Investment Managers in 1998 as a Senior Analyst in MLIM's Managed Solutions Group. Mr. Trudel joined the Merrill Lynch Global Allocation Fund in 2005 as a Portfolio Specialist and become a Senior Analyst for the Fund in 2010. Prior to joining MLIM, he was a Vice President in the media and telecommunications corporate lending area at the Bank of New York.

Mr. Trudel earned a BS degree in political science and psychology, cum laude, from the University of Massachusetts in 1991, a JD degree, cum laude, from Suffolk University in 1994, and an MBA degree from Boston University in 1997. Mr. Trudel is a CFA® Charterholder.

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Ben Moyer, CFA, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for Asia Pacific.

Mr. Moyer’s service with the firm dates back to 1994, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Moyer joined Merrill Lynch Investment Managers in 1994 as a Senior Fund Analyst for the ML Pacific Fund and was named Senior Portfolio Manager of the fund in 1996. Mr. Moyer joined the BlackRock Global Allocation team in 2008 as a Senior Analyst. From 1991 to 1994, Mr. Moyer was a senior industry analyst for Merrill Lynch Japan where he was primarily responsible for the Japanese automobile and machinery industries. Mr. Moyer began his investment career as a junior equity analyst with Okasan Securities in Tokyo in 1981.

Mr. Moyer earned a BA degree in sociology and anthropology from Haverford College in 1979, and studied Japanese at the University of Pennsylvania and Middlebury College from 1978 to 1980. Mr. Moyer is fluent in Japanese and is a CFA® Charterholder.

Ben Moyer, CFASenior Analyst

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Eric MitofskySenior Analyst

Karen Morely-Westcott, CFASenior Analyst

Eric Mitofsky, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for quantitative analysis, derivatives, and risk management.

Mr. Mitofsky’s service with the firm dates back to 1992, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Mitofsky joined Merrill Lynch Investment Managers in 1992 to manage the Index Fund platform. Mr. Mitofsky joined the Merrill Lynch Global Allocation Fund in 2004 as a Quantitative Analyst. Previously, he was with Merrill Lynch, initially with the Quantitative Analysis Group in Equity Research, and then as a desk analyst on Merrill’s program trading desk in 1987.

Mr. Mitofsky earned a BS degree in applied mathematics and statistics from the State University of New York at Stony Brook in 1975 and an MS degree in Economics while enrolled in the doctoral program at New York University in 1978.

Karen Morely-Westcott, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for healthcare, energy, and defense.

Ms. Morely-Westcott’s service with the firm dates back to 1987, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Morely-Westcott joined Merrill Lynch Investment Managers in 1990 as a Senior Credit Analyst on the Insurance Company Portfolio Management Group. Ms. Morely-Westcott joined the Merrill Lynch Global Allocation Fund in 1992 as a Senior Analyst. Previously, she worked at Merrill Lynch, Pierce, Fenner & Smith Incorporated as a Thrift Institutions Analyst in Securities Research and began her investment career began as a Bank Stock Analyst at Tucker, Anthony & R.L. Day in 1985.

Ms. Morely-Westcott earned a BA degree in European history from the University of Massachusetts and an MBA in finance from Boston College in 1984. She is a CFA® Charterholder.

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Kate Brady-Rauscher, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for utilities, industrials and alternative energy.

Ms. Brady-Rauscher’s service with the firm dates back to 1994, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Brady-Rauscher joined Merrill Lynch Investment Managers in 1994 as a Senior Analyst for the Merrill Lynch Global Allocation Fund. Previously, she was a Vice President and Manager of the Bank Group in the Corporate Bond Research Department at Salomon Brothers, Inc. Ms. Brady-Rauscher began her investment career in 1986 at Provident National Bank as an Investment Officer in Fixed Income Research.

Ms. Brady-Rauscher earned a BS degree in administrative management from the Pennsylvania State University in 1984 and an MBA in finance from St. Joseph’s University in 1986. She is a member of the Association for Investment Management Research, the New York Society of Securities Analysts and the Bank and Financial Analysts Association. She is a CFA® Charterholder.

Kate Brady-Rauscher, CFASenior Analyst

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Lisa Walker, CFASenior Analyst

Greg SpencerSenior Analyst

Lisa Walker, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for financial services, banks and REITs.

Ms. Walker’s service with the firm dates back to 1997, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Walker joined Merrill Lynch Investment Managers in 1997 as a Fundamental Analyst for the Developed Capital Markets Fund. Ms. Walker joined the BlackRock Global Allocation Fund in 2010. Previously she was a member of BlackRock’s Global Small Cap Equity team where she was responsible for coverage of the financial and telecom services sectors. From 2000 to 2004, she was the portfolio manager for LDM Investments, LLC, which focused on the US equity markets. Ms. Walker began her investment career in 1986 at JP Morgan, working in equity research, capital markets and mergers and acquisitions corporate finance.

Ms. Walker earned a BSBA degree in accounting from Georgetown University in 1986 and an MBA degree, with honors, from Harvard Business School in 1995. She is a CFA® Charterholder.

Greg Spencer, Director and senior analyst, is a member of the BlackRock Global Allocation team. He is primarily responsible for telecom and media.

Mr. Spencer joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was a high yield fixed income analyst at MacKay Shields. Prior to joining MacKay Shields, Mr. Spencer spent thirteen years at Merrill Lynch Investment Managers (MLIM), initially as a high yield fixed income analyst and most recently as a portfolio manager for the Global High Yield Bond and the MLIIF US Dollar funds.

Mr. Spencer received a BBA degree in business administration from The George Washington University and an MBA degree from the Simon School of Business at the University of Rochester.

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David Clayton, CFA, JD, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for private placements and distressed debt.

Mr. Clayton joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was Of Counsel in the Financial Restructuring Group at Milbank, Tweed, Hadley & McCloy LLP. Previously he was a Managing Director and analyst with The Blackstone Group, responsible for distressed and special situations investments across multiple industries. Prior to joining Blackstone, Mr. Clayton spent six years at Merrill Lynch Investment Managers (MLIM), initially as an attorney specializing in corporate finance transactions and restructurings, and most recently as a Vice President and analyst in the Global High Yield Bond & Bank Debt Group. Mr. Clayton began his career as an attorney specializing in corporate finance transactions, first at Blake, Cassels & Graydon in Toronto and then at Milbank in New York.

Mr. Clayton earned a BA degree, with honors, in economics from the University of Western Ontario in 1990 and MBA and LLB degrees from Dalhousie University in 1994. He is a CFA® Charterholder.

David Clayton, CFA, JDSenior Analyst

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Mike Walsh, CFASenior Analyst

Patrick Edelmann, CFASenior Analyst

Mike Walsh, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for fixed income analytics.

Mr. Walsh joined the BlackRock Global Allocation Team in 2011. Prior to joining BlackRock, he was the head of cash strategies at Oppenheimer Funds and most recently, a fixed income portfolio manager at Credit Suisse Asset Management. Prior to joining Oppenheimer Funds, Mr. Walsh spent fifteen years at Merrill Lynch Investment Managers (MLIM), where he served most recently as a portfolio manager of a range of short term fixed income funds.

Mr. Walsh received a BA degree in economics from Villanova University in 1990. He is a CFA® Charterholder.

Patrick Edelmann, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for convertible bonds, derivatives, technology, healthcare and energy.

Mr. Edelmann joined the BlackRock Global Allocation team in 2007. Prior to BlackRock, he was on the Institutional Sales Desk at UBS AG. Prior to pursuing his MBA, Mr. Edelmann was a member of the Global Allocation Fund from 2001 to 2002 at Merrill Lynch Investment Managers (MLIM). He began his career at MLIM in 1999, where he worked on the Variable Series Funds as a research associate.

Mr. Edelmann earned a BS degree from Vanderbilt University in 1999 and an MBA degree from The Darden School at the University of Virginia in 2004. He is a CFA® Charterholder.

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Kent Hogshire, CFA Senior Analyst

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Kent Hogshire, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for convertible bonds, derivatives, materials, industrials and consumer.

Mr. Hogshire’s service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Hogshire began his investment career in 2000 at MLIM, initially as a research associate on Merrill Lynch Global Allocation Fund.

Mr. Hogshire earned a BA degree in international affairs from Princeton University in 2000. He is a CFA® Charterholder.

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Daniel Daniel, CMTResearch Associate

Daniel Daniel, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for technology.

Mr. Daniel joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, he was a special situations analyst at Wall Street Access and responsible for identifying and evaluating investment opportunities for the firm's clients. Previously, Mr. Daniel was special situations analyst and global hedge fund sales director at UBS.

Mr. Daniel earned a BS in finance from the University of Utah in 1999, and an MBA from the Wharton School of the University of Pennsylvania in 2002.

Kevin Bynum, CFAResearch Associate

Kevin Bynum, CFA, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for macroeconomic research and data analysis.

Mr. Bynum joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock he was an associate at Aqueren, LLC where he was responsible for advising private financial services firms on business development and strategic initiatives. Previously, Mr. Bynum spent three years at BlackRock, including his years with Merrill Lynch Investment Managers (MLIM) which merged with BlackRock in 2006, where he held a number of roles within the Global Client Group advising retail and institutional clients on investment solutions and asset allocation.

Mr. Bynum earned a BBA degree in finance and mathematics from Emory University in 2005. He is a CFA® Charterholder.

Martin Fransson, Ph.D Research Associate

Martin Fransson, Ph.D, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for materials and precious metals.

Mr. Fransson joined BlackRock and the Global Allocation team in 2007 as a research associate.

Mr. Fransson earned a MS degree from Chalmers University of Technology in Sweden in 1999, a MA degree in Chemistry from Princeton University in 2001, and a Ph.D. in Physical Chemistry from Princeton University in 2005. He is fluent in Swedish.

Lindsay Klitsch, CFAResearch Associate

Lindsay Klitsch, CFA, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for consumer and derivatives.

Ms. Klitsch’s service with the firm dates back to 2006, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Klitsch joined Merrill Lynch Investment Managers in 2006 as a research associate on the Merrill Lynch Global Allocation Fund.

Ms. Klitsch earned a BA in economics from Princeton University in 2006. She is a CFA® Charterholder.

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Matt LitwinResearch Associate

Matt Litwin, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for industrials and energy.

Mr. Litwin joined BlackRock and the Global Allocation team in 2008 as research associate.

Mr. Litwin earned a BS degree in operations research from Cornell University in 2007 and a MS in financial engineering from Cornell University in 2008.

Jonathan Lux Research Associate

Jonathan Lux, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for industrials.

Mr. Lux joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, he was a research analyst at Aberdeen Asset Management where he supported global equity funds. Previously Jonathan worked for Zebra Capital Management, a quantitative equity hedge fund managed by Yale University Professor Roger Ibbotson. Prior to that Jonathan worked with Professor Ibbotson as his Research Assistant at Yale University.

Mr. Lux earned a BBA in finance from Loyola University in 1998, and an MBA from the Yale School of Management in 2006. He is a CFA® Charterholder.

Chirayu Patel, CFA Research Associate

Chirayu Patel, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for Asia Pacific and India.

Mr. Patel joined BlackRock in 2006 as an analyst in the Portfolio Analytics Group. Mr. Patel joined the BlackRock Global Allocation team in 2008. Prior to joining the fund, he was a research associate on the BlackRock Pacific Fund.

Mr. Patel earned a BS degree, cum laude, in finance from the Pennsylvania State University in 2006. He is fluent in Gujarati. He is a CFA® Charterholder.

Sonia WangResearch Associate

Sonia Wang, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for Asia Pacific and Japan.

Ms. Wang joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, she was an equity analyst at Ironbound Capital Management LP where she covered Japan and Asia. Previously, Ms. Wang worked within the pharmaceutical industry doing global market analytics for Pfizer, Inc., TargetRx and Eli Lilly & Company.

Ms. Wang earned a BA and MA in commerce from Kansai University in Japan in 1996 and an MBA from the Wharton School of the University of Pennsylvania in 2002. She is fluent in Mandarin and Japanese.

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Angela Yu, CFAResearch Associate

Angela Yu, CFA, Vice President and research associate, is a member of the BlackRock Global Allocation team. She is primarily responsible for Asia Pacific and China.

Ms. Yu joined BlackRock in 2007 as a research associate for the BlackRock Pacific Fund. Ms. Yu joined the BlackRock Global Allocation team in 2008 as a research associate.

Ms. Yu earned a BBA degree from Stephen M. Ross School of Business, University of Michigan in 2007. She is fluent in Mandarin. She is a CFA® Charterholder.

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Randy BerkowitzQuantitative Strategist

Randy Berkowitz, Vice President and quantitative strategist, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for overseeing the development and integration of the team’s research management system and quantitative platform.

Mr. Berkowitz joined BlackRock in 2004 as an analyst in the Portfolio Analytics Group. Mr. Berkowitz joined the BlackRock Global Allocation team in 2008. Prior to this, he helped manage the MLIM/BlackRock Equity integration for the Portfolio Analytics Group. Previously, he led strategic initiatives to improve BlackRock's Green Package analytic suite.

Mr. Berkowitz earned a BA degree in astrophysics from Columbia University in 2004.

Sam IndyawanQuantitative Strategist

Sam Indyawan, Associate, is a quantitative specialist on the Global Allocation Team within BlackRock’s Portfolio Management Group. He is primarily responsible for overseeing the development and integration of the quantitative platform and augmenting the Team’s reporting capabilities.

Mr. Indyawan joined BlackRock in 2009 as an analyst in the Portfolio Management Tools group. Mr. Indyawan joined the BlackRock Global Allocation Team in 2011. Prior to this, he helped develop custom applications to analyze risk across the firm within the Portfolio Management Tools group.

Mr. Indyawan earned a BS degree in electrical and computer engineering from Cornell University in 2008. He speaks Indonesian.

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Judy Rice Product & Research Strategist

Judy Rice, Director and product & research strategist is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for the team’s internal communications, product information, and team development.

Ms. Rice’s service with the firm dates back to 1998, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Rice joined Merrill Lynch Investment Managers in 1998 as a research associate on the Merrill Lynch Global Allocation Fund.

Ms. Rice earned a BA degree in finance and marketing from the University of South Florida in 1982, and an MBA degree from Drexel University in 1995.

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Erica Quinn, CFAProduct & Research Strategist

Erica Quinn, CFA, Associate and product & research strategist, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for the team’s internal communications, product information, and team development.

Ms. Quinn joined BlackRock in 2007. Prior to her current role, Ms. Quinn was a product specialist for the Global Allocation Fund.

Ms. Quinn earned a BS degree, cum laude, in finance and economics from Villanova University in 2007. She is a CFA® Charterholder.

Reid Ross, CFAProduct & Research Strategist

Reid Ross, CFA, Associate, is a quantitative specialist on the Global Allocation Team within BlackRock’s Portfolio Management Group. He is primarily responsible for overseeing the development and integration of the team’s research management system and augmenting the team’s reporting capabilities.

Mr. Ross joined BlackRock in 2007 as an analyst in the Portfolio Analytics Group. Mr. Ross joined the BlackRock Global Allocation team in 2011. Prior to this, he supported various equity portfolio management teams within the Portfolio Analytics Group. Previously, Mr. Ross was part of the Global Wealth Management Group at Morgan Stanley.

Mr. Ross earned a BA degree in Government from Wesleyan University in 2005. He is a CFA® Charterholder.

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Kim MooreTransaction Center

Kim Moore, Vice President, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. As a member of the Transaction Center, she is primarily responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash.

Ms. Moore’s service with the firm dates back to 1986, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Moore joined the Global Allocation team in 1993. Previously, she was the Fund Accountant for the Global Allocation and Euro Funds.

Ms. Moore earned an associates degree in business administration from Mercer County Community College in 1999.

Marie DwyerTransaction Center

Marie Dwyer, Vice President and Transaction Center manager, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for overseeing the Transaction Center, responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash.

Ms. Dwyer’s service with the firm dates back to 1985, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Dwyer joined the Global Allocation team in 2008. Prior to this, Ms. Dwyer headed the Ops-PCS team and Equity Custody Operations. At MLIM, Ms. Dwyer served several roles including Business Manager for the Fixed Income Department and Portfolio Manager for various Money Market Funds.

Ms. Dwyer earned a BS degree in finance from Rider University in 1992.

Pete Mathern Transaction Center

Pete Mathern, Vice President, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. As a member of the Transaction Center he is primarily responsible implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash.

Mr. Mathern's service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Mathern joined Merrill Lynch Investment Managers in 2000 as the manager of the Quantitative Advisors Operations group. Mr. Mathern joined the Global Allocation team in 2010. Previously, he was responsible for managing equity index funds as part of BlackRock's Quantitative Investments team, and was the manager of Americas Equity Operations. Prior to joining MLIM, Mr. Mathern was with Prudential Global Asset Management in investment operations and accounting.

Peter earned a BS degree in business economics from Rutgers University in 1987.

Mike CarlucciTransaction Center

Mike Carlucci, Associate, is a member for the Global Allocation team within BlackRock’s Portfolio Management Group. As a member of the Transaction Center, he is primarily responsible implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash.

Mr. Carlucci joined BlackRock in 2008 as an analyst in BlackRock Operations. Mr. Carlucci joined the BlackRock Global Allocation team in 2011.

Mr. Carlucci earned a BSBA in finance and economics from Rider University in 2008.

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Patrick SewardsProduct Specialist

Patrick Sewards, Vice President and product specialist, is a member of the Fundamental Equity division of BlackRock's Portfolio Management Group. He is a product specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds, responsible for representing the investment team on a global basis to both retail and institutional clients.

Mr. Sewards' service with the firm dates back to 2006, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Sewards worked on the Global Sales desk as an Associate Asset Management Advisor where he assisted financial advisors with portfolio strategies for separately managed accounts, alternative investments, and mutual funds.

Mr. Sewards earned a BS degree in economics from Pennsylvania State University in 2003.

Oscar Pulido, CFASenior Product Specialist

Oscar Pulido, CFA, Managing Director and product specialist, is a member of the Fundamental Equity division of BlackRock's Portfolio Management Group. He is a senior product specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds, responsible for representing the investment team on a global basis to both retail and institutional clients.

Mr. Pulido's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was the lead product manager for the retail separately managed account business. He began his career with MLIM as an asset manager advisor on the Global Sales desk.

Mr. Pulido earned a BBA degree with a concentration in finance and international business from George Washington University in 2001 and is currently pursuing his MBA degree at New York University's Stern School of Business. He is a CFA® Charterholder and a member of the CFA Institute and NYSSA.

Matt EstesProduct Specialist

Matt Estes, CIMA, Director and product specialist, is a member of the Fundamental Equity division of BlackRock's Portfolio Management Group. He is a product specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds, providing a link between the investment team and account managers.

Prior to assuming his current responsibilities in 2010, Mr. Estes served as a relationship manager in the Strategic Alliances Group responsible for covering variable annuity, variable life and retirement platforms across US insurers. Within this role he was responsible for analyzing investment lineups and recommending strategies for sub-advised opportunities. Mr. Estes' service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM, Mr. Estes was with Pioneer Investments, where he was a senior market research analyst in the firm's product specialist group.

Mr. Estes earned a BA degree, cum laude, in political science from Union College in 1996.

Meghan HeilProduct Specialist

Meghan Heil, Associate and product specialist, is a member of the Fundamental Equity division of BlackRock's Portfolio Management Group. She is a product specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds, responsible for representing the investment team on a global basis to both retail and institutional clients.

Ms. Heil's service with the firm dates back to 2009, when she joined the firm as part of BlackRock's Analyst Program.

Ms. Heil earned a BS degree in finance, magna cum laude, from Boston College in 2009.

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Brian Miller, CFAProduct Specialist

Brian Miller, CFA, Vice President and product specialist, is a member of the Fundamental Equity division of BlackRock's Portfolio Management Group. He is a product specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds, responsible for representing the investment team on a global basis to both retail and institutional clients.

Mr. Miller’s service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to assuming his current responsibilities in 2012, he supported various equity portfolio management teams within the Portfolio Analytics Group and was the primary relationship manager for Global Allocation for the migration to the Aladdin trading system.

Mr. Pulido earned a BS degree with a concentration in information sciences and technology from Pennsylvania State University in 2005. He is a CFA® Charterholder.

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The following notes should be read in conjunction with the attached document:

1. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Services Authority. Registered office: 12 Throgmorton Ave London EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Issued in Switzerland by the representative office, BlackRock Asset Management Switzerland Limited, Claridenstrasse 25, Postfach 2118 CH-8022 Zürich, from where the Company's Prospectus, Simplified Prospectus, Articles of Association, Annual Report and Interim Report are available free of charge. Paying Agent in Switzerland is JPMorgan Chase Bank, National Association, Columbus, Zurich Branch Switzerland, Dreikönigstrasse 21, CH-8002 Zurich. For further information, the prospectus, simplified prospectuses, annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9.Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time

2. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment

3. The fund invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate

4. The fund typically invests in smaller company shares which can be more unpredictable and less liquid than those of larger company shares

5. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a distributor status A sterling share class that seeks to comply with UK Distributor Status requirements. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Simplified Prospectus which are available on our website. Prospectuses, Simplified Prospectuses and application forms may not be available to investors in certain jurisdictions where the fund in question has not been authorised. Any research in this document has been procured and may have been acted on by BlackRock Investment Management (UK) Limited for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy

6. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation

7. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock

THIS MATERIAL IS FOR DISTRIBUTION TO PROFESSIONAL CLIENTS AND SHOULD NOT BE RELIED UPON BY ANY OTHER PERSONS.

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