1. BlackRock Global Allocation Fund
April 2015
NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE
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2. Delivering on our objective for over 26 years
GA_I
Delivering on our objective for over 26 years
Our Mission: Provide a core holding, suitable for a broad range of clients, and deliver
a competitive rate of return with less volatility than a traditional equity portfolio
Competitive returns
1/3rd less volatility
Annualized total return since inception
Annualized standard deviation since inception
Since inception, we’ve sought to provide a competitive rate of return over a full market cycle at a volatility level that is meaningfully lower than that of an all-equity alternative.
Annualized total return as of March 31, 2015
1 Year
5 Years
10 Years
Capture ratios vs. MCSI World since inception
BlackRock Global Allocation Fund (I)
4.35%
6.80%
7.44%
Upside capture
67%
Performance data quoted represents past performance and does not guarantee future results.
Downside capture
47%
As of March 31, Source: BlackRock, Bloomberg. Fund inception is February 3, The indexes are unmanaged. It is not possible to invest directly in an index. See ‘Important Notes’ for additional information.
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 the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Total annual operating expenses as stated in this fund's most recent prospectus are: Institutional, 0.88%.
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3. What makes the BlackRock Global Allocation Fund unique?
The strategy was incepted in February 1989, partially in response to the October 1987 stock market crash, and remains one of the original global multi-asset portfolios The team combines a fundamental, bottom-up process with top-down asset allocation in order to find undervalued investment opportunities around the globe while seeking to mitigate macro risks
Unconstrained in search of opportunity
Diversified portfolio invested in securities across 40+ countries
Combines traditional and non-traditional asset classes and investments across the capital structure
Ability to deviate from benchmark to capture opportunity and manage risk
The most experienced global multi-asset team*
40+ person dedicated team with proven stability
Continuous PM management since fund inception in 1989
PMs and Senior Analysts average over 20 years of investment experience
Proven record of protecting
and growing assets
Compelling risk-adjusted results for more than 26 years
Superior downside capture history relative to 60/40 portfolios†
Independent risk management
Investors may find the BlackRock Global Allocation Fund attractive for some of the following reasons:
The fund is unconstrained in search of opportunity
The fund is managed by the most experienced team in the global multi-asset space
The fund has a proven record of protecting and growing assets
Flexibility in practice — adapting as markets change
Experience through bull and bear markets
Returns in excess of world stocks
and bonds with one-third less
volatility than world stocks‡
* As March 31, Source: Morningstar. Portfolio managers have the longest tenure among funds within its category.
† From March 1989 through December 2014, downside capture of the Fund relative to the MSCI World Index is 46%. Over the same period, downside capture of a hypothetical portfolio comprised of 60% Morningstar World Stock category and 40% Morningstar World Bond category is 65%.
‡ Volatility is measured by standard deviation. From March 1989 through March 2015, annualized standard deviation of the Fund is 9.8% and standard deviation of global equity markets (represented by the FTSE World Index) is 15.4%.
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4. Unconstrained in search of opportunity
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5. Ability to invest across the full opportunity set
Benefits of a 40+ person team leveraging BlackRock’s resources:
Breadth of exposures: Ability to invest in traditional and difficult to access asset classes, regions, countries, and securities (including private placements)
Exposure to complex strategies: Ability to implement hedging (FX, credit, duration, equity beta), FI curve trades (steepeners, flatteners, forward markets), interest rate swaps, short sales
Flexibility to trade in real time: Ability to rebalance portfolio as warranted in an attempt to capitalize on security price changes
Directly holds securities: This is not a “fund of funds” portfolio, securities are purchased and held directly by the Fund
The fund has a broad investment universe that is not limited to traditional stocks, bonds, and cash instruments. The team has the flexibility to look across the entire capital structure and can access investments that are less frequently used by retail clients or other actively managed funds.
Equities
Fixed Income
Cash/FX
Non-Traditional
Common stock
Preferred stock
Single name options
Index options
Futures
Warrants
Developed markets
Emerging markets
Frontier markets
ADRs
Locally listed shares
US Treasuries/Agency
Developed market sovereigns
Emerging markets (USD and local currency)
Investment grade corporates
High yield fixed income
Distressed fixed income
Inflation-linked
Bank loans
Interest rate swaps
Yield curve trades
Credit default swaps (CDS)
US Treasury Bills
Non-US government bills
Foreign exchange forwards
Foreign exchange options
Convertible fixed income
Private placements
Real estate investment trusts
Precious metal-related securities
Structured products
Short sales (up to 20% of NAV)
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As of March 31, Source: BlackRock.

6. BlackRock Global Allocation’s reference benchmark
GA_I
BlackRock Global Allocation’s reference benchmark
The reference benchmark serves as a performance standard. It does not, however, represent the team’s entire investment universe.
Portfolio may deviate significantly from benchmark: Asset allocation is driven largely by relative valuations and absolute risk across asset classes, currencies, sectors, and securities
Consistent benchmark since the Fund’s inception in 1989: Represents a neutral asset mix and a way to communicate overweight and underweight positions
Risk is primarily defined as “the chance of permanent loss of capital”: Relative risk measures, such as standard deviation and beta, are closely monitored, but are not comprehensive risk indicators. The Fund and the reference benchmark’s realized volatility have tracked each other very closely across market cycles.
Reference benchmark
Comparable levels of volatility (March 1989 to March 2015)
The fund’s benchmark is a traditional 60/40 blend. While this does not define the investment universe, the standard deviation of the fund has been approximately in line with this benchmark over time.
Neutral asset class allocation
Neutral regional allocation
60% Equity
40% Fixed income
60% US
40% Non-US
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As of March 31, Source: BlackRock. The indexes are unmanaged and do not take transaction charges into consideration. It is not possible to invest directly in an index. Volatility is based on standard deviation, which is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility.

7. Flexibility in practice
Portfolio composition (December 1989 through December 2014)
Cash equivalents have regularly been held since inception
The fund was underweight equities relative to its benchmark for most of the 1990s
One of the largest equity overweights in the fund’s history was H2’01
Despite wide flexibility in the fund’s prospectus, there have been no wild swings in the stock/bond/cash mix despite very different market environments the past quarter century. Overall portfolio adjustments take place incrementally, and changes to the portfolio are often more visible at the sub-asset class, regional, sector, and security level. The investment process is often defined as “global micro” rather than “global macro” given the emphasis on security selection.
As of December 31, 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 reference benchmark, which consists of 36% S&P 500, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non- USD World Gov’t Bond Index.
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8. Flexibility in practice
Portfolio composition (March 1995 through March 2015)
The team emphasized high- quality government bonds in response to tightening spreads and concerns around financial and household leverage
The team increased exposure to precious metals-related securities prior to the global credit crisis and further added as central bank balance sheets expanded
The team added to US equities at attractive valuations after successfully avoiding the technology bubble
The team added to non-US stocks due to attractive valuations and accommodative monetary policies
Here we can see some of the incremental changes to the portfolio at the sub-asset class and regional levels.
As of March 31, Source: BlackRock. Subject to change. Asset allocation strategies do not assure profit and do not protect against loss. US credit includes US convertible bonds, US corporate bonds, US preferreds, and US bank loans net of credit default swaps.
* Prior to 2006, precious metals-related securities are included in equities.
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9. The most experienced global multi-asset team*
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* As of March 31, Source: Morningstar. Portfolio managers have the longest tenure among funds within its category.

10. BlackRock Global Allocation portfolio management team
Product Strategist Team
Oscar Pulido, CFA
Matt Estes
Noah Kroll
Brian Miller, CFA
Meghan Colarusso, CFA
Melissa Barnett
Quantitative Strategy
Marketing Strategy & Communications
Randy Berkowitz, CFA* Sam Indyawan, CFA
Judy Rice
Erica Quinn, CFA
Matt Callahan
Senior Analysts
Ben Moyer, CFA 34 years experience
Asia Pacific Investments, Industrials, Autos
Eric Mitofsky 32 years experience
Quantitative Analysis Derivatives, Risk Management
Kate Rauscher, CFA 29 years experience
Equity & Fixed Income Utilities, Consumer, Insurance
Lisa Walker, CFA 29 years experience
Equity & Fixed Income Financial Services, Banks
Greg Spencer 26 years experience
Equity & Fixed Income Telecom, Media, Consumer, High Yield
David Clayton, CFA, JD 25 years experience
Equity & Fixed Income Energy, Real Estate, Private Placements, Distressed Debt
Portfolio Management
Kevin McKenna, co-COO 32 years experience
Lisa O’Donnell, JD, co-COO 28 years experience
Team Development, Risk, Operations, Compliance
Dan Chamby, CFA Portfolio Manager 27 years experience
Asset Allocation & Investment Strategy
Dennis Stattman, CFA Portfolio Manager 35 years experience
Asset Allocation & Investment Strategy
Aldo Roldan, Ph.D Portfolio Manager 31 years experience
Asset Allocation & Investment Strategy
Mike Trudel, CFA, JD Global Strategist 18 years experience
Macro Strategy & Analysis
This seasoned management team of more than 40 professionals is dedicated to the Global Allocation strategy.
Senior Analysts
Research Associates
Senior Analysts
Mike Walsh, CFA 24 years experience
Fixed Income, Derivatives
Daniel Daniel, CFA, CMT 18 years experience
Equity & Fixed Income Information Technology, Technical Analysis
Randy Berkowitz, CFA* – Healthcare
Kevin Bynum, CFA – Fixed Income / Fx
Miguel Crivelli, CFA – Financials
Martin Fransson, Ph.D, CFA – Materials, Precious Metals
Matt Gerard – Generalist
Lindsay Klitsch, CFA – Consumer
Matt Litwin, CFA – Energy
Jonathan Lux, CFA – Industrials
Chirayu Patel, CFA – Materials
Reid Ross, CFA – Generalist
Sonia Wang, CFA – Japan, Healthcare
Angela Yu, CFA – China, Information Technology
Patrick Edelmann, CFA 16 years experience
Equity & Fixed Income Healthcare, Materials, Convertibles
Kent Hogshire, CFA 13 years experience
Equity & Fixed Income Industrials, Special Situations, Macro Strategy
Portfolio
Transactions
Portfolio
Administration
Marie Dwyer
Mike Carlucci
Pete Mathern
Kim Moore
Andy Nielsen
Nicole Apostol
Christine Garvey
Lisa Gill
Wendy Held
Lisa Peterson
As of March 31, 2015.
* Randy Berkowitz has a dual role.
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11. Investment process combines security selection and asset allocation
Flexible, price-sensitive process seeks opportunities across broad investment universe
Significant team interaction and knowledge sharing
Top-Down Asset Allocation
Top-down overlay applied with relative value comparison among and within asset classes
Bottom-up Research
Security Selection
Buy/Sell Approval
Portfolio Construction
Monitoring
The team employs a process that is driven primarily by bottom-up security selection which helps inform the portfolio managers’ top-down perspective. Senior analysts and research associates are categorized by global sector along with some regional specialization, and focus on individual security selection. They conduct independent research, primarily fundamentally-driven and are free to pursue ideas across the capital structure.
Evaluates the relative attractiveness of securities within various global market sectors and asset classes
Securities evaluated based on expected risk/return profiles
Ongoing research of over 1,000 companies
Based on fundamental research, not benchmark composition
Valuation screens include EV/EBITDA, P/E, P/CF, P/B, and a large variety of other metrics
Proprietary tools facilitate information sharing
Analysts conduct independent research and rate securities
Process is designed to give individual analysts discretion to make incremental changes in the portfolio
Initial security purchases typically involve PM approval/collaboration
Typically +700 securities across 40+ countries
No min/max industry or country constraints.
Max 35% in non-IG FI
Derivatives primarily used to hedge against adverse market movements
Turnover 30-50% per annum
Partnership with firm’s internal risk team (RQA)
Stress testing
Risk alignment
Attribution analysis
As of March 31, Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objectives and policies. Subject to change based on market conditions, portfolio manager’s opinion and other factors.
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12. Risk & Quantitative Analysis (RQA) provides objectivity & independence
RQA monitors dozens of active risk factors globally on a continuous basis
Helps Global Allocation team ensure 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
Allows the PM team to pro-actively estimate how changes in identified market prices affect the portfolio in relative and absolute terms
Enables team to quantify portfolio effects of specific market scenarios rather, than relying on intuition
Risk Assessment
Stress Testing
BlackRock’s emphasis on risk management serves to meet the Team’s objective of generating excess return within a risk-controlled investment framework. BlackRock’s Risk & Quantitative Analysis (RQA) group partners with the Team to ensure risk is deliberate, diversified and scaled. RQA independently produces and provides risk assessment, performance attribution, stress testing, and risk alignment for the portfolio. RQA acts as an independent risk manager within the firm and has separate reporting lines.
RQA
Regularly scheduled meetings between RQA and Global Allocation team help ensure current portfolio positioning is consistent with team’s market views
In addition to traditional purchases and sales, derivatives can be used to hedge away undesired top-down exposures
Review cumulative effect of investment decisions to identify factors contributing to, and subtracting from, alpha generation
Comprehensive portfolio attribution includes country, sector, currency, and individual security analysis
Performance Attribution
Risk Alignment
As of March 31, 2015.
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13. Proven record of protecting and growing assets
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14. The benefits of active management
GA_I
The benefits of active management
Seeking to preserve and reward over the long term (March 1989 through March 2015)
Higher Return/Lower Volatility
Higher Return/Higher Volatility
Global Allocation has outperformed many asset classes over the past 25+ years with meaningfully lower volatility than equities.
Lower Return/Lower Volatility
Lower Return/Higher Volatility
Performance data quoted represents past performance and does not guarantee future results.
As of March 31, Source: BlackRock, Bloomberg, Morningstar, Lipper. Returns calculated from first full month post inception (February 28, 1989). Fund Inception is February 3, Returns include reinvestment of dividends and capital gains. Morningstar category returns are based on total return and do not reflect sales charges. The indexes are unmanaged and do not take transaction charges into consideration. It is not possible to invest directly in an index. See ‘Important Notes’ for index descriptions.
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15. A diversified fund designed to perform in all market conditions
GA_I
A diversified fund designed to perform in all market conditions
Cumulative total returns (January 2000 through March 2015)
The fund has been tested through various market cycles, including both bull and bear markets. By protecting on the downside and participating on the upside, the fund has generated very compelling results over long-term periods.
Performance data quoted represents past performance and does not guarantee future results.
Source: BlackRock, Morningstar. Total returns are cumulative, based on NAV 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.
* Reference benchmark consists of 36% S&P 500, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Gov’t Bond Index.
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16. A proven record of growing client assets
GA_I
A proven record of growing client assets
The fund has more than doubled your initial investment over every 10-year period
Even during the “Lost Decade” ( ) investors still more than doubled their money.
+200%
Triple your money
The chart above shows the cumulative returns of the fund for the preceding decade at any given point in time. Even if you invested your money at the start of the “Lost Decade”—from before the Tech Bubble burst through the Global Credit Crisis—this still holds true. An investment in global stocks, meanwhile, was still negative over those ten years.
+100%
Double your money
 Visit gachart.com to see for yourself
Performance data quoted represents past performance and does not guarantee future results.
As of February 28, Source: BlackRock, Bloomberg. First period shown is February 1999 to account for 10-year rolling return window. The performance depicted above is for the BlackRock Global Allocation Fund (Institutional). Returns include reinvestment of dividends and capital gains.
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17. Current portfolio positioning and performance
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18. Portfolio snapshot as of March 31, 2015
Equity Strategy (54% ~ Underweight)
Overweight:
Regions: Japan and Emerging Markets
Sectors: Materials, Healthcare, Energy, Industrials
Underweight:
Regions: US and Europe
Sectors: Consumer Staples, Financials, Consumer Discretionary, Technology, Telecommunications, Utilities
Fixed Income Strategy (26% ~ Underweight)
Corporates, Emerging Market Debt, Convertibles
US Treasuries, Japanese Government Bonds, European Sovereign Debt
Cash (20% ~ Overweight)
Actively managed, both USD and non-USD
Asset allocation (as % of net assets)
Positioning of the portfolio
Currency allocation (as % of net assets)
As of March 31, 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, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Gov’t Bond Index.
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19. Performance as of March 31, 2015
GA_I
Performance as of March 31, 2015
Annualized total returns
Annualized total returns
Morningstar Analyst Rating™
Morningstar has awarded the Fund a Gold rating, its highest level of conviction (effective 1/13/15). See ‘Important Notes’ for additional information.
Performance of the portfolio over standard trailing periods
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 the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Total annual operating expenses as stated in this fund's most recent prospectus are: Institutional, 0.88%. The performance depicted above is for the BlackRock Global Allocation Fund (Institutional). Returns include reinvestment of dividends and capital gains. Other classes of shares with differing fees and expenses are available. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. Source: BlackRock, Morningstar.
* Reference benchmark consists of 36% S&P 500, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Gov’t Bond Index.
† Periods less than 1 year are not annualized.
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20. So what do I do with my money?
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21. GA_I
BlackRock Global Allocation Fund has provided capital appreciation over the long-term
Hypothetical performance of $10,000 (March 1989 through March 2015)
$137,216
$71,132
$70,442
$62,245
The fund has a long history of growing assets.
$45,995
$24,261
Performance data quoted represents past performance and does not guarantee future results.
As of March 31, Source: BlackRock, Morningstar. This illustration is based on an initial hypothetical investment of $10,000 in Institutional shares made first full month post inception (February 28, 1989). Fund Inception is February 3, Assumes reinvestment of dividends and capital gains. The indexes are unmanaged and do not take transaction charges into consideration. 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, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Gov’t Bond Index.
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22. BlackRock Global Allocation Fund has served as a source of income
GA_I
BlackRock Global Allocation Fund has served as a source of income
$100,000 invested in BlackRock Global Allocation Fund (I) on February 28, 1989
Annual withdrawals increased by 3% each year to account for inflation
Inflation-adjusted withdrawal scenario for $100,000 investment in Global Allocation
Withdrawal Rate
Total Withdrawals
Ending Value
̶̶ ̶̶ ̶ Buy & Hold $0
$1,336,167
̶̶ ̶̶ ̶ 4%
$154,045
$828,266
̶̶ ̶̶ ̶ 6%
$231,308
$574,025
̶̶ ̶̶ ̶ 8%
$299,966
$328,587
The fund can be used a source of income through a systematic withdrawal plan.
Performance data quoted represents past performance and does not guarantee future results.
As of December 31, Source: BlackRock. The performance depicted above is for the BlackRock Global Allocation Fund (Institutional). Returns include reinvestment of dividends and capital gains. Methodology: Each example assumes a $100,000 investment at 2/28/89 and a lump sum withdrawal on 12/31 of every year until 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. 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.
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23.  Build and test your own allocation at gachallenge.com
GA_I
BlackRock Global Allocation Fund has improved the risk-adjusted return of a portfolio
Global Allocation has improved risk-adjusted returns (March 1989 through December 2014)
Historically, adding Global Allocation to a traditional 60/40 portfolio has resulted in less risk or more return - or both.
 Build and test your own allocation at gachallenge.com
Performance data quoted represents past performance and does not guarantee future results.
As of December 31, Source Zephyr Style Advisor, BlackRock. Returns calculated from first full month post inception (February 28, 1989). The performance depicted above is for the BlackRock Global Allocation Fund (Institutional). Returns include reinvestment of dividends and capital gains.
* Traditional Balanced Portfolio is based on an allocation of 60% Morningstar World Stock category and 40% Morningstar World Bond category. Rebalanced quarterly.
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24. What makes the BlackRock Global Allocation Fund unique?
Unconstrained in search of opportunity
Diversified portfolio invested in securities across 40+ countries
Combines traditional and non-traditional asset classes and investments across the capital structure
Ability to deviate from benchmark to capture opportunity and manage risk
The most experienced global multi-asset team*
40+ person dedicated team with proven stability
Continuous PM management since fund inception in 1989
PMs and Senior Analysts average over 20 years of investment experience
Proven record of protecting
and growing assets
Compelling risk-adjusted results for more than 25 years
Superior downside capture history relative to 60/40 portfolios†
Independent risk management
Investors may find the BlackRock Global Allocation Fund attractive for some of the following reasons:
The fund is unconstrained in search of opportunity
The fund is managed by the most experienced team in the global multi-asset space
The fund has a proven record of protecting and growing assets
Flexibility in practice — adapting as markets change
Experience through bull and bear markets
Returns in excess of world stocks
and bonds with one-third less
volatility than world stocks‡
* As March 31, Source: Morningstar. Portfolio managers have the longest tenure among funds within its category.
† From March 1989 through December 2014, downside capture of the Fund relative to the MSCI World Index is 46%. Over the same period, downside capture of a hypothetical portfolio comprised of 60% Morningstar World Stock category and 40% Morningstar World Bond category is 65%.
‡ Volatility is measured by standard deviation. From March 1989 through March 2015, annualized standard deviation of the Fund is 9.8% and standard deviation of global equity markets (represented by the FTSE World Index) is 15.4%.
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25. 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.
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26. Important notes
Cash is represented by the BofA/ML US Treasury Bill 3-Month Index, an unmanaged index based on the value of a 3-month Treasury bill assumed to be purchased at the beginning of the month and rolled into another single issue at the end of the month. US Consumer Price Index (CPI) is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. It is a price index that tracks the prices of a specified basket of consumer goods and services, providing a measure of inflation. The CPI is a fixed quantity price index and considered by some a cost-of-living index. Commodities are represented by the S&P Goldman Sachs Commodity Index, a composite of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Gold is represented by the S&P GSCI Gold Index, which provides investors with a reliable and publicly available benchmark tracking the COMEX gold future. 10-year US Treasuries are represented by the BofA/ML 10-Year US Treasury Bond Index is an unmanaged index designed to track the total return of the current coupon 10-year US Treasury bonds. US Treasury securities are direct obligations of the US government and are backed by the “full faith and credit” of the US government if held to maturity. US Credit is represented by the Barclays US Credit Index, an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes. US High Yield is represented by the Barclays US High Yield Index, an index that covers the universe of fixed rate, non-investment-grade debt. World Government Bonds are represented by the Citigroup World Government Bond Index, a market capitalization-weighted index including the most significant and liquid government bond markets globally that carry an investment grade rating. Currently, this includes all countries in the Citigroup EMU Governments Index and Australia, Canada, Denmark, Japan, Sweden, Switzerland, United Kingdom and the US. World Stocks are represented by the FTSE World Index, a broad based capitalization-weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the US. Large Cap US Stocks are represented by the S&P 500 Index, which covers 500 of the largest companies of the US markets (mostly NYSE issues). The unmanaged index represents about 75% of NYSE market capitalization and 30% of NYSE issues. Small Cap US Stocks are represented by the Russell 2000 Index, a market-weighted index composed of approximately 2,000 common stocks issued by small-cap US companies in a range of businesses. European Stocks are represented by the MSCI Europe Index, an unmanaged index considered representative of stocks in developed European countries. Japanese Stocks are represented by the MSCI Japan Index, an unmanaged index considered representative of stocks in Japan. Asia ex-Japan Stocks are represented by the MSCI Pac-X Japan Index, an unmanaged index considered representative of stocks of Asia Pacific countries excluding Japan. Emerging Market Stocks are represented by the MSCI Emerging Markets Index, an unmanaged index considered representative of stocks in developing countries. Non-US equities are represented by the MSCI All Country World ex-US Index, a market capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies.
Up/down capture measures relative performance in up and down markets. 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.
The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. Analyst Ratings are reevaluated at least every 14 months. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected. For more detailed information, please go to morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf.
You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling or at blackrock.com. The prospectus and, if available, the summary prospectus should be read carefully before investing.
Prepared by BlackRock Investments, LLC, member FINRA.
© 2015 BlackRock, Inc. All rights reserved. BLACKROCK and SO WHAT DO I DO WITH MY MONEY are registered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
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