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BlackRock Global Allocation Fund April 2015 NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE USR-5870.

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Presentation on theme: "BlackRock Global Allocation Fund April 2015 NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE USR-5870."— Presentation transcript:

1 BlackRock Global Allocation Fund April 2015 NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE USR-5870

2 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%. 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 Annualized total return as of March 31, Year5 Years10 YearsCapture ratios vs. MCSI World since inception BlackRock Global Allocation Fund (I)4.35%6.80%7.44%Upside capture67% Performance data quoted represents past performance and does not guarantee future results.Downside capture47% GA_I Competitive returns1/3 rd less volatility Annualized standard deviation since inceptionAnnualized total return since inception 2 USR-5870

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 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 ‡ Unconstrained in search of opportunity  Diversified portfolio invested in 700+ 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 * 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%. 3 USR-5870

4 Unconstrained in search of opportunity USR-5870

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 EquitiesFixed IncomeCash/FXNon-Traditional Convertible fixed income Private placements Real estate investment trusts Precious metal-related securities Structured products Short sales (up to 20% of NAV) 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 As of March 31, Source: BlackRock. 5 USR-5870

6 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 Neutral asset class allocationNeutral regional allocation 60% Equity 40% Fixed income 60% US 40% Non-US BlackRock Global Allocation’s reference benchmark 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. Comparable levels of volatility (March 1989 to March 2015) GA_I 6 USR-5870

7 Portfolio composition (December 1989 through December 2014) Flexibility in practice 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 Cash equivalents have regularly been held since inception 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. 7 USR-5870

8 Portfolio composition (March 1995 through March 2015) Flexibility in practice 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 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. 8 USR-5870

9 The most experienced global multi-asset team* * As of March 31, Source: Morningstar. Portfolio managers have the longest tenure among funds within its category. USR-5870

10 BlackRock Global Allocation portfolio management team Nicole Apostol Christine Garvey Lisa Gill Wendy Held Lisa Peterson Portfolio Administration Marie Dwyer Mike Carlucci Pete Mathern Kim Moore Andy Nielsen Portfolio Transactions Daniel Daniel, CFA, CMT 18 years experience Equity & Fixed Income Information Technology, Technical Analysis Kevin McKenna, co-COO 32 years experience Lisa O’Donnell, JD, co-COO 28 years experience Team Development, Risk, Operations, Compliance Mike Trudel, CFA, JD Global Strategist 18 years experience Macro Strategy & Analysis Kate Rauscher, CFA 29 years experience Equity & Fixed Income Utilities, Consumer, Insurance Lisa Walker, CFA 29 years experience Equity & Fixed Income Financial Services, Banks Ben Moyer, CFA 34 years experience Asia Pacific Investments, Industrials, Autos Eric Mitofsky 32 years experience Quantitative Analysis Derivatives, Risk Management 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 Mike Walsh, CFA 24 years experience Fixed Income, Derivatives 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 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 Portfolio Management Product Strategist Team Oscar Pulido, CFA Matt Estes Noah Kroll Brian Miller, CFA Meghan Colarusso, CFA Melissa Barnett Quantitative Strategy Randy Berkowitz, CFA * Sam Indyawan, CFA Judy Rice Erica Quinn, CFA Matt Callahan Marketing Strategy & Communications Kent Hogshire, CFA 13 years experience Equity & Fixed Income Industrials, Special Situations, Macro Strategy Senior Analysts Research Associates Patrick Edelmann, CFA 16 years experience Equity & Fixed Income Healthcare, Materials, Convertibles Senior Analysts As of March 31, * Randy Berkowitz has a dual role. 10 USR-5870

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 overlay applied with relative value comparison among and within asset classes Portfolio Construction Buy/Sell Approval Security Selection Bottom-up Research Monitoring  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 Top-Down Asset Allocation 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. 11 USR-5870

12 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 Risk & Quantitative Analysis (RQA) provides objectivity & independence Performance Attribution 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 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 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 Risk Assessment Stress Testing Risk Alignment RQA As of March 31, USR-5870

13 Proven record of protecting and growing assets USR-5870

14 Seeking to preserve and reward over the long term (March 1989 through March 2015) The benefits of active management Higher Return/Lower VolatilityHigher Return/Higher Volatility Lower Return/Higher VolatilityLower Return/Lower 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. GA_I 14 USR-5870

15 Cumulative total returns (January 2000 through March 2015) A diversified fund designed to perform in all market conditions 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. GA_I 15 USR-5870

16 The fund has more than doubled your initial investment over every 10-year period A proven record of growing client assets +100% Double your money +200% Triple your money 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. Even during the “Lost Decade” ( ) investors still more than doubled their money. GA_I  Visit gachart.com to see for yourself 16 USR-5870

17 Current portfolio positioning and performance USR-5870

18 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) Overweight:  Corporates, Emerging Market Debt, Convertibles Underweight:  US Treasuries, Japanese Government Bonds, European Sovereign Debt Cash (20% ~ Overweight)  Actively managed, both USD and non-USD Asset allocation (as % of net assets) Portfolio snapshot as of March 31, 2015 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. Currency allocation (as % of net assets) 18 USR-5870

19 Performance as of March 31, 2015 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 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. Annualized total returns GA_I 19 USR-5870

20 So what do I do with my money?  USR-5870

21 Hypothetical performance of $10,000 (March 1989 through March 2015) BlackRock Global Allocation Fund has provided capital appreciation over the long-term $137,216 $45,995 $62,245 $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. GA_I 21 $71,132 $70,442 USR-5870

22 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 GA_I Withdrawal RateTotal WithdrawalsEnding Value ̶̶ ̶̶ ̶ Buy & Hold $0$1,336,167 ̶̶ ̶̶ ̶ 4% $154,045$828,266 ̶̶ ̶̶ ̶ 6% $231,308$574,025 ̶̶ ̶̶ ̶ 8% $299,966$328,587 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. Inflation-adjusted withdrawal scenario for $100,000 investment in Global Allocation 22 USR-5870

23 Global Allocation has improved risk-adjusted returns (March 1989 through December 2014) BlackRock Global Allocation Fund has improved the risk-adjusted return of a portfolio 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. GA_I  Build and test your own allocation at gachallenge.com 23 USR-5870

24 What makes the BlackRock Global Allocation Fund unique? 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 ‡ Unconstrained in search of opportunity  Diversified portfolio invested in 700+ 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 * 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%. 24 USR-5870

25 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. Important notes 25 USR-5870

26 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. Important notes 26 USR-5870


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