Global Fixed Income Managed Account Strategy

Investment Strategy

This investment strategy seeks total return derived primarily from capital appreciation, and secondarily, coupon interest. It generally invests in investment grade fixed income securities of US and foreign governments. It gains currency exposure through investment in non-US dollar denominated government securities. Government securities include securities issued or guaranteed by a government or a government agency or instrumentality. It also may invest in securities issued by certain international organizations designated or supported by governments or government agencies to promote economic reconstruction or development (including but not limited to the International Bank for Reconstruction and Development (the World Bank) and the Inter-American Development Bank). It also may invest in mutual funds and other pooled investment vehicles, which may pay fees and expenses to BlackRock that are in addition to the fees payable to BlackRock for managing the account. Selection of this strategy indicates a willingness to assume the additional risks involved with global investing, particularly currency fluctuations and changes in global interest rates. More detailed information on this strategy is available upon request.

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Investment Process^*

• BlackRock's Fixed Income Investment approach blends top-down and bottom-up investment ideas
• Investment Teams are responsible for research, analysis, security selection, and execution
• Rick Rieder as Chief Investment Officer of Fixed Income, Fundamental Portfolios, leads the investment strategy meetings
• Portfolio Teams are each independently accountable for asset allocation and portfolio construction