The Fund seeks to achieve its investment objective by investing in both equity and debt securities, including money market securities and other short-term securities or instruments, of issuers located around the world.

The Fund aims to provide high total investment returns through a fully managed investment policy utilising international equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.

Benefits of investing in the BlackRock Global Allocation Fund (Aust) (Class D)

The benefits of investing in the Fund include:

• Broad universe: the Fund's global flexible investment approach offers an extensive universe of securities from which to choose. The breadth of coverage provides the Fund with flexibility to move between asset classes, markets and securities in order to take advantage of a wide range of investment opportunities worldwide.

• Diversification: the high degree of diversification within the Fund has the potential to provide attractive risk/return opportunities.

• Flexibility: the global flexible approach offers investors direct exposure to global markets, while retaining the flexibility to move into safer instruments when conditions demand.

• Access to the expertise of the Fund's investment team and BlackRock's global investment resources: the Fund draws on the expertise of BlackRock Investment Management, LLC, which has a significant long standing track record of following the Fund's flexible investment approach. Additionally, the Fund benefits from the BlackRock Group's genuinely global research capabilities.

Investor suitability

The Fund should be considered by investors seeking a single fund that offers broad global exposure, or an investment that is not constrained by MSCI benchmarks.

About the Fund

The Fund is a "one stop shop. Investors will benefit from the active security selection, which aims to take advantage of global investment opportunities wherever and whenever they arise.

Investment Objective

The Fund aims to provide high total investment return through a fully managed investment policy utilising international equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. Total return means the combination of capital growth and investment income. Currency is actively managed in the Fund around a fully hedged Australian Dollar benchmark.

Key dependencies underlying the Fund's investment strategy

The success of the Fund is dependent upon a number of factors which may include, but is not limited to:

• Ability of the investment manager. The Fund is highly diversified, with a flexible investment strategy, which means that its success is not dependent on any particular asset class, geography or sector. The success of the Fund is, however, dependent on the ability of the Fund's investment manager to implement an investment strategy that allocates Fund assets to securities, geographies and sectors that will outperform the markets, the relevant benchmark indices or the securities selected by other funds with similar investment objectives and investment strategies. Should the Fund's investment manager allocate assets to underperforming securities, geographies or sectors, the Fund may not meet its investment objective.

• Limits of risk mitigation. While the Fund benefits from the BlackRock Group's global expertise and risk management practices, it is not always possible to eliminate all applicable risks. An exposure to certain risks could cause underperformance.

How we invest your money

The types of securities and markets the Fund invests in will vary in response to changing market conditions and economic trends. For example, the Fund may be substantially invested in Japanese shares when they appear undervalued relative to other world share markets. Alternatively greater emphasis may be placed on fixed income securities when the risk of owning shares appears significant. With this approach, the Global Allocation Team strives to achieve attractive total returns, while spreading the risks associated with investing in only one asset class or market.

Given its broad investment remit, the Fund is permitted to invest in the full spectrum of asset classes on a global basis (including both developed and emerging markets) including equities, debt securities (including junk securities), derivatives, cash and cash equivalents, money market securities and other assets (including REITS, commodities and precious metals).

Assets of the Fund may be denominated in any global currency and may be located in any country around the world. While active currency positions may be taken, overall currency exposure is hedged to Australian dollars.

Diversification guidelines and asset allocation

(Asset sector: Minimum / Benchmark / Maximum)

• Equities: 0% / 60% / 100%

• Fixed income: 0% / 60% / 100%

• Cash: 0% / 0% / 100%

The Fund is not bound by specific asset allocation ranges or diversification targets and has full flexibility to invest at any spectrum of its asset allocation range (as shown in the above table). Consideration and monitoring of asset diversification does, however, form an integral part of the management of the investment strategy. The flexible investment strategy allows for a portfolio to be created that consists of assets that, over time, tend to be relatively balanced between equity and debt securities and that is widely diversified among many individual investments.

The Fund may engage in short selling.

The Fund may use derivatives.

The Fund does not enter into borrowing arrangements for investment purposes, other than temporary overdrafts which may be used as a means of managing certain cash flows.