January 2025

Global Allocation
Fund

NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE

FFIM0125U/S-4155347-1/17
 2
MDLOX
Overall Rating*, out of 335 Analyst-Driven %3
Global Allocation funds 100%
Data-Coverage %3
100%

The fund embraces a flexible, risk-

1. Flexible alpha aware style of investing……
Pursue a book of high conviction equities with
systematic tilts and thematic strategies
Global
2. Diversified risk
Combined with a diversified fixed income allocation
Allocation
in an effort to provide cushion and carry to the
portfolio …..Seeks competitive returns with
global stocks over a full market cycle
with lower volatility
3. Risk-aware process Overall Ratings are determined monthly and subject to change. The BlackRock Global Allocation
Fund (Investor A) was rated against 335 Global Allocation Funds for the 3-year period. Ratings
are based on risk-adjusted total returns. * The Overall Morningstar Rating for a fund is derived
Hedge tail risk and manage volatility from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if
applicable) Morningstar Rating metrics. As of December 31, 2024, the Global Allocation Fund
received a Morningstar Rating of 2 stars for the 3-year period, 4 stars for the 5-year period and
4 stars for the 10-year period, rated against 335, 319 and 244 Global Allocation Funds,
respectively. Morningstar Rating is for the A share class only; other classes may have different
performance characteristics. 1
Past performance is no guarantee of future results. More information available in “Important
Notes” section. Morningstar has awarded the Fund (Investor A) a Silver Medal as of May 16,
2024. 2

FFIM0125U/S-4155347-2/17 2
 Seeking competitive returns with global stocks over a full
market cycle with lower volatility
• Historical returns in excess of global stocks with approximately 1/3 less volatility
• Flexibility to deviate from benchmark to capture opportunity and avoid areas of the market that are believed to be inefficient
• Combines traditional and non-traditional asset classes to access the entire capital stack

The fund has outperformed… …with less volatility Global Allocation capture ratios

Std. deviation since inception

Cum. return since inception

15.3%
vs. global stocks since inception

1987%

1506% 10.0%
Upside
capture
67%

Downside
capture
Global Allocation Global Stocks Global Allocation Global Stocks 49%
Fund (A) Fund (A)

Average annual total returns (%) as of December 31, 2024 1 year 5 years 10 years Since Inception
Global Allocation Fund (A) with/without maximum sales of
5.25% 9.01 / 3.28 5.74 / 4.61 5.23 / 4.66 8.80 / 8.64

FTSE World Index 17.96 11.19 10.17 8.06

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 1.13% for Investor A Shares. Net annual fund
operating expenses (including investment related expenses) are 1.09% for Investor A Shares. As described in the “Management of the Fund” section of the
Fund’s prospectus beginning on page 54, BlackRock has contractually agreed to waive a portion of its management fee payable by the Fund so that BlackRock
receives a fee as a percentage of average daily net assets at various asset levels through June 30, 2026. The contractual agreement may be terminated upon 90
days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Any voluntary fee
waivers may be terminated at any time without notice. Returns with sales charge reflect the deduction of current maximum initial sales charge of 5.25%. As of
December 31, 2024. 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.

FFIM0125U/S-4155347-3/17 3
 Global Allocation Portfolio Management Team
Portfolio Managers
Rick Rieder* Russ Koesterich, CFA, JD
38 years of experience 30 years of experience
Portfolio Manager Portfolio Manager

Tom Walsh Ariana Berry

35 years of Dez Desai Sarah Thompson, CFA Randy Berkowitz, CFA
16 years of
experience 25 years of experience 30 years of experience 22 years of experience
experience
Head of Private Head of Thematic Strategies Head of Fundamental Strategies Head of Quantitative Strategies
Head of Legal
Equity Investment Strategies
Committee
Backed by a roster of experienced & dedicated analysts

Macro Research Fundamental Security Selection Quantitative Strategies

Global Macro analysts leverage BlackRock’s Fundamental analysts, primarily Quantitative research analysts Product
Platform global resources, provide daily segmented by global equity industry, implement systematic strategies & Strategy
Oversight market insights, and implement have the flexibility to recommend style factor tilts, calibrate portfolio
strategic & tactical trading positions securities across the capital stack exposures, and monitor risk

Industry analysts cover opportunities across regions, sectors, and the corporate capital stack
Consumer Consumer Energy / Financials/ Industrials / Media /
Healthcare Technology
Discretionary Staples Materials REITS Utilities Telecom

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

Leverages the breadth and scale of BlackRock

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

As of December 31, 2024. Source: BlackRock. * Investment team leader.

FFIM0125U/S-4155347-4/17 4
Global Allocation has the flexibility to adapt to changing markets

Portfolio composition

Post-tech bubble: Credit crisis: Since Rick Rieder assumed leadership

Increased exposure to Added to convertible bonds during the Decreased exposure to cash following pivot in
U.S. equities due to attractive global credit crisis as there was limited global central banks’ policy and added to U.S.
valuations and a recovering global liquidity available across the asset class equities, U.S. Treasuries, and investment grade
economy. due to distressed selling. credit.

Current High Low

100%
Cash Equivalents 8% 30% 0%
Securitized Debt* 5% 15% 0%

80% Non U.S. Credit 9% 25% 0%

Non U.S.
3% 25% 0%
Sovereign Debt
60% U.S. Credit 8% 25% 0%

U.S. TIPS 1% 15% 0%

40% U.S. Treasuries,

Agencies 1% 25% -3%
& Municipals

Precious Metals 2% 5% 0%
20%
Emerging
4% 15% 0%
Market Equities
Developed
0% 17% 35% 10%
Equities ex-U.S.
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
U.S. Equities 42% 48% 15%

As of December 31, 2024. 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. Commodity-related is comprised of precious metals ETFs. *Prior to October 31, 2019, exposure to securitized debt was included within fixed income. Numbers may not add to 100% due to
rounding.

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Current portfolio
positioning and
performance

FFIM0125U/S-4155347-6/17
 Portfolio Snapshot as of December 31, 2024
Equity Asset Allocation (% of net assets*)
Overweight: Beta
• Regions: U.S. Portfolio 0.71
63.1% Benchmark 0.63
• Sectors: Consumer Discretionary, Financials, 60.0%
Active 0.08
Communication Services, Information Technology and
Healthcare 40.0%
Underweight: 26.5%
• Regions: Europe and developed Asia
• Sectors: Consumer Staples, REITs, and Materials 8.1%
2.2%

Fixed Income Equity Fixed Income Commodities Cash

Equivalents
Overweight:
• Corporate credit (notably high yield) and  Fund  Benchmark
securitized assets Duration
Underweight:
• Developed Market Government Bonds
2.3
Commodities, Cash and FX
• Commodities: Gold-related and bitcoin-related securities 2.2
• Cash Equivalents: Actively managed
• FX:
– Overweight: U.S. Dollar Duration

– Underweight: Chinese Yuan, Hong Kong Dollar, Euro

As of December 31, 2024. 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.

FFIM0125U/S-4155347-7/17 7
Areas of focus among core and thematic positions

Software and Cloud computing AI Related Infrastructure / Support

Platform providers transforming global commerce, Companies positioned to power growth across
software as a service (SaaS), cyber security and open AI platforms, notably in heating/cooling
data management and power generation

Medical Devices Resilient Consumer

Long-term tailwinds from aging demographics U.S. consumer spending has held up despite
and the desire for many to maintain a high quality environment of slowing growth. Propensity to
of life through time spend in select retailers known for value and
brands.

Media and e-commerce

U.S. Money Centers and Payment Companies
Companies positioned to benefit from a more
U.S. has diversified business models that exhibit
stable digital advertising environment and
growth via consumer centered funding.
continued growth of online shopping

As of December 31, 2024. The opinions presented are those of the BlackRock Global Allocation team as of December 31, 2024 and may change as subsequent conditions vary. Individual portfolio managers for BlackRock may have opinions
and / or make investment decisions that may, in certain respects, not be consistent with the information contained in this presentation. This is not intended to be relied upon as a forecast, research or investment advice, and is not a
recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

FFIM0125U/S-4155347-8/17 8
GA_I

A history of competitive performance and limited drawdowns

Global
Global Allocation Global Reference
Reference Morningstar
Morningstar U.S. Global
Allocation
Fund Bonds Benchmark* Category Stocks Stocks
Fund(A)(A) Global Bonds Benchmark* Category U.S. Stocks Global Stocks

134.3%

95.1%
Best 3-year return 85.6%
(Cumulative) 62.4% 66.5%
53.5%
39%
Avg. 3-year return 30% 29%
(Cumulative) 25% 23%
15%

Worst 3-year return -7.2%

(Cumulative) -24.7% -19.4% -22.6%
-40.9% -43.4%

# negative 10 66 37 39 59 66
3-year periods
(out of 395)

Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2024. Source: BlackRock, Bloomberg, Morningstar. Data reflects a time series of rolling three year cumulative returns based on
calendar month-ends. Date range represents the life of the fund (Investor A inception (2/28/89) through the recent quarter-end) and is applied across all categories. The best 3-year return represents the highest 3-year return within the time
series for each category. The average 3 year return represents the average 3-year return over the time series for each category. The worst 3-year return represents the lowest 3-year return with the time series for each category. The number of
negative of periods represents the total number of periods where the 3-year return was <0.00% for each category. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A). Other share classes will vary. Returns
include reinvestment of dividends and capital gains. Returns calculated from first full month post inception (February 28, 1989). There are 392 3-year periods since inception. Index performance is shown for illustrative purposes only. It is
not possible to invest directly in an index. Global bonds are represented by the FTSE World Government Bond Index, Morningstar category by the Global Allocation Funds average, U.S. stocks by the S&P 500 Index, and global stocks by the
FTSE World Index. * 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.

FFIM0125U/S-4155347-9/17 9
GA_A
GA_A

Performance as of December 31, 2024

Annualized total returns
30%

20%

10%

0%

-10%
YTD† 1 Year 3 Years 5 Years 10 Years 15 Years
Global Allocation Fund (A) 9.01% 9.01% 0.93% 5.74% 5.23% 5.58%
Reference Benchmark* 9.09% 9.09% 2.13% 5.87% 6.25% 6.82%
Global Stocks 17.96% 17.96% 6.50% 11.19% 10.17% 10.11%
Global Bonds -2.87% -2.87% -5.83% -3.08% -0.55% 0.18%
Morningstar Category 7.57% 7.57% 1.48% 4.43% 4.55% 5.80%
Global Allocation Fund (A) with MSC 3.28% 3.28% -0.87% 4.61% 4.66% 5.20%

30 Day SEC Yield / Unsubsidized Yield

Global Allocation Fund (A) 1.68% / 1.65%

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 1.13% for Investor A Shares. Net annual fund
operating expenses (including investment related expenses) are 1.09% for Investor A Shares. As described in the “Management of the Fund” section of the
Fund’s prospectus beginning on page 54, BlackRock has contractually agreed to waive a portion of its management fee payable by the Fund so that BlackRock
receives a fee as a percentage of average daily net assets at various asset levels through June 30, 2026. The contractual agreement may be terminated upon 90
days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Any voluntary fee
waivers may be terminated at any time without notice. Returns with sales charge reflect the deduction of current maximum initial sales charge of 5.25%. As of
December 31, 2024. 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. † Periods of less than one year are not annualized. Index performance is shown for illustrative purposes only. It is not
possible to invest directly in an index. * 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. Yield figures are as of November 30, 2024. 30 Day SEC Yield is a standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the
interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the
income collected during the past 30 days. Unsubsidized yield represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.

FFIM0125U/S-4155347-10/17 10
So what do I do with my
money? ®

FFIM0125U/S-4155347-11/17
GA_A
GA_A

Global Allocation Fund has provided growth over the long-

term
Growth of a hypothetical $10,000 investment since inception

$210,000
$197,685

$180,000
$160,137
$150,000

$127,884
$120,000
$104,595
$90,000

$60,000
$44,798
$30,000 $28,902

$0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023

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

Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2024. 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.

FFIM0125U/S-4155347-12/17 12
GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)

Designed to deliver high total return…

Global Allocation is a global multi-asset fund, whose objective is to deliver high total investment return. The fund has a flexible,
diversified and risk aware mandate, with the ability to invest across asset class, geography, sector, industry or security.

35%

25% Average calendar year return: 9.5%

15%

5%

-5%

-15%

-25%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Calendar Year Return
Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2024. 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 are net of fees and include reinvestment of dividends and
capital gains. *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.

FFIM0125U/S-4155347-13/17 13
GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)

…But has also delivered cash flow

Generating income for clients is increasingly important, creating a need to seek alternative forms of cash flow. In the pursuit of total
return, investors can choose to receive or reinvest the various cash flows that comprise the fund’s annual distributions (income +
capital gains) – a sum that has averaged ~7% per year. Range of distributions over time (as % of NAV)*
Income 0% - 12.5%
Capital gains (pre 2000) 0% - 8.4%
20%
Long-term capital gains 0% - 9.8%
Short-term capital gains 0% - 6.5%
15% Total Distribution 1% - 15.5%

30 Day SEC Yield/Unsubsidized Yield (11/30/2024) 1.68% / 1.65%

10%

6.9%
5%

0%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Income Capital gains (pre 2000)
Long-term capital gains (2000 - present) Short-term capital gains (2000 - present)
Average annual distribution since 1989
Performance data quoted represents past performance and does not guarantee future results Source: BlackRock, Bloomberg as of 12/31/2024. Yield figures as of 11/30/2024. Information shown for the BlackRock Global Allocation
Fund (Investor A) at NAV. Investor A inception on October 21, 1994. Distributions prior to the 1995 calendar year reflect the Institutional Share Class; with the income distribution % reduced to account for the approximate 30 bps
difference in expense ratios.. *Annual distribution represented by the sum of all distributions paid out during the calendar year as a percentage of the Fund’s NAV as of 12/31 of each calendar year. Distributions include income, short-
term, and long-term capital gains. 30 Day SEC Yield is a standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses
during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. Unsubsidized yield
represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. This information must be preceded or accompanied by a
current prospectus. Investors should read and consider it carefully before investing. Fund Prospectus: MDLOX.

FFIM0125U/S-4155347-14/17 14
GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)

Using the Fund as a source of income

Inflation-adjusted withdrawal scenario for $100,000 investment in Global Allocation Fund. An annual withdrawal rate of
2 – 7.0% has allowed for capital appreciation.

Withdrawal Rate Total Withdrawals Ending Value

$1,800,000 ̶ ̶ ̶ Buy & Hold $0 $1,900,029
̶ ̶ ̶ 2.0% $126,552 $1,389,596
$1,500,000 ̶ ̶ ̶ 4.0% $253,104 $973,424
̶ ̶ ̶ 6.0% $379,656 $557,251

$1,200,000 ̶ ̶ ̶7.0% $458,751 $349,165

$900,000

$600,000

$300,000

$0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2024. Source: BlackRock, Morningstar. 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.

FFIM0125U/S-4155347-15/17 15
Important notes
1 The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity
and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.
Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated
based on a Morningstar Risk-Adjusted Return measure (excluding any applicable sales charges) that accounts for variation in a
managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is
derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar
Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating
for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of
total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-
year period actually has the greatest impact because it is included in all three rating periods.

2 The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as
offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments
Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products
are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s
conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below
Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the
analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic
techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or
passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the
oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either
indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their
methodology, please go to global.morningstar.com/managerdisclosures/. The Morningstar Medalist Ratings are not statements of fact, nor
are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii)
involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are
not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the
return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate
development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or
changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A
change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

3 Analyst Driven % is the analyst input into the overall rating assignment, including direct analyst coverage and inheritance of an analyst-
rated pillar. Data Coverage % is available input data for rating calculation at the Pillar level.

FFIM0125U/S-4155347-16/17 16
Important notes

Principal risks: 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. 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.

BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings.

This information must be preceded or accompanied by a current prospectus. Investors should read and consider it carefully before
investing. Fund Prospectus: MDLOX.

Prepared by BlackRock Investments, LLC, member FINRA.

© 2025 BlackRock, Inc. All rights reserved. BLACKROCK, ALADDIN and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock,
Inc. or its affiliates. All other trademarks are those of their respective owners.

FFIM0125U/S-4155347-17/17 17