BlackRock Global Allocation Fund
NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE
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March 2015
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Delivering on our objective for over 25 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
1/3rd less volatility
Competitive returns
Annualized total return since inception
12%
10.25%
10.35%
8%
Annualized standard deviation since inception
7.35%
18%
15.42%
14.56%
12%
9.81%
6%
4%
0%
0%
BlackRock Global FTSE World Index
Allocation Fund (A)
S&P 500 Index
BlackRock Global FTSE World Index
Allocation Fund (A)
S&P 500 Index
As of February 28, 2015. Source: BlackRock, Bloomberg. Fund inception is February 3, 1989. 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. The returns for the Global Allocation Fund are shown at NAV. Had sales charges been included the returns
would have been lower. The indexes are unmanaged. It is not possible to invest directly in an index. See ‘Important Notes’ for additional information.
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Annualized total return as of December 31, 2014
1 Year
5 Years 10 Years
Capture ratios vs. MCSI World since inception
BlackRock Global Allocation Fund (A) @ NAV
1.86%
6.29%
6.95%
Upside capture
67%
BlackRock Global Allocation Fund (A) w/Max Sales Charge
-3.47%
5.15%
6.37%
Downside capture
47%
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. Annual
operating expenses as stated in the fund’s most recent prospectus are: Investor A, 1.14%. Returns with sales charge reflect the deduction of current
maximum initial sales charge of 5.25%.
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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
The most experienced global
multi-asset team*
Proven record of protecting
and growing assets
 Diversified portfolio invested in 700+
securities across 40+ countries
 40+ person dedicated team with
proven stability
 Compelling risk-adjusted results for
more than 25 years
 Combines traditional and non-traditional
asset classes and investments across
the capital structure
 Continuous PM management since
fund inception in 1989
 Superior downside capture history
relative to 60/40 portfolios†
 PMs and Senior Analysts average over
20 years of investment experience
 Independent risk management
 Ability to deviate from benchmark to
capture opportunity and manage risk
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 February 28, 2015. 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 February 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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†
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Unconstrained in search of opportunity
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
•
•
•
•
•
•
•
•
•
•
•
Common stock
Preferred stock
Single name options
Index options
Futures
Warrants
Developed markets
Emerging markets
Frontier markets
ADRs
Locally listed shares
Fixed Income
• 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)
Cash/FX
•
•
•
•
US Treasury Bills
Non-US government bills
Foreign exchange forwards
Foreign exchange options
Non-Traditional
•
•
•
•
•
•
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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Equities
As of February 28, 2015. Source: BlackRock.
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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 Feb. 2015)
16%
12%
9.8%
36%
24%
S&P 500
FTSE World ex-US
BoA ML Current 5-Yr US Treasury
Citi Non-USD World Gov't Bond
Neutral asset class allocation
6%
Neutral regional allocation
• 60% Equity
• 60% US
• 40% Fixed income
• 40% Non-US
0%
Global Allocation Fund (A)
Reference Benchmark
As of February 28, 2015. 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.
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24%
9.3%
Flexibility in practice
Portfolio composition (December 1989 through December 2014)
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
100%
80%
60%
40%
20%
BM
Dec-89
Jun-90
Dec-90
Jun-91
Dec-91
Jun-92
Dec-92
Jun-93
Dec-93
Jun-94
Dec-94
Jun-95
Dec-95
Jun-96
Dec-96
Jun-97
Dec-97
Jun-98
Dec-98
Jun-99
Dec-99
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
0%
Fixed Income
Cash
Benchmark
As of December 31, 2014. 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 NonUSD World Gov’t Bond Index.
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Equities
Flexibility in practice
Portfolio composition (March 1995 through December 2014)
The team added to US equities
at attractive valuations after
successfully avoiding the
technology bubble
The team emphasized highquality 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 non-US
stocks due to attractive
valuations and accommodative
monetary policies
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
Mar-95
Sep-95
Mar-96
Sep-96
Mar-97
Sep-97
Mar-98
Sep-98
Mar-99
Sep-99
Mar-00
Sep-00
Mar-01
Sep-01
Mar-02
Sep-02
Mar-03
Sep-03
Mar-04
Sep-04
Mar-05
Sep-05
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
0%
Developed Equities ex-US
US TIPS
Cash Equivalents
Emerging Market Equities
US Credit
Precious Metals-Related*
Non US Sovereign Debt
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US Equities
US Treasuries & Agencies
Non US Credit
As of December 31, 2014. 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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* As of February 28, 2015. Source: Morningstar. Portfolio managers have the longest tenure among funds within its category.
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The most experienced global multi-asset team*
BlackRock Global Allocation portfolio management team
Product Strategist Team
Quantitative
Strategy
Randy Berkowitz, CFA*
Sam Indyawan, CFA
Oscar Pulido, CFA
Matt Estes
Noah Kroll
Brian Miller, CFA
Meghan Colarusso, CFA
Melissa Barnett
Marketing Strategy
& Communications
Judy Rice
Erica Quinn, CFA
Matt Callahan
Senior Analysts
Ben Moyer, CFA
Eric Mitofsky
Kate Rauscher, CFA
Lisa Walker, CFA
Greg Spencer
34 years experience
32 years experience
29 years experience
29 years experience
26 years experience
David Clayton, CFA, JD
25 years experience
Asia Pacific Investments,
Industrials, Autos
Quantitative Analysis
Derivatives, Risk Management
Equity & Fixed Income
Utilities, Consumer, Insurance
Equity & Fixed Income
Financial Services, Banks
Equity & Fixed Income
Telecom, Media, Consumer,
High Yield
Equity & Fixed Income
Energy, Real Estate, Private
Placements, Distressed Debt
Portfolio Management
32 years experience
Lisa O’Donnell, JD, co-COO
28 years experience
Team Development, Risk,
Operations, Compliance
Mike Trudel, CFA, JD
Global Strategist
Dan Chamby, CFA
Portfolio Manager
Dennis Stattman, CFA
Portfolio Manager
Aldo Roldan, Ph.D
Portfolio Manager
27 years experience
35 years experience
31 years experience
18 years experience
Asset Allocation &
Investment Strategy
Asset Allocation &
Investment Strategy
Asset Allocation &
Investment Strategy
Macro Strategy & Analysis
Senior Analysts
Research Associates
Mike Walsh, CFA
Daniel Daniel, CFA, CMT
24 years experience
18 years experience
Fixed Income, Derivatives
Equity & Fixed Income
Information Technology,
Technical Analysis
Portfolio
Transactions
Marie Dwyer
Mike Carlucci
Pete Mathern
Kim Moore
Andy Nielsen
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
Senior Analysts
Patrick Edelmann, CFA
Kent Hogshire, CFA
16 years experience
13 years experience
Equity & Fixed Income
Healthcare, Materials,
Convertibles
Equity & Fixed Income
Industrials, Special Situations,
Macro Strategy
Portfolio
Administration
Nicole Apostol
Christine Garvey
Lisa Gill
Wendy Held
Lisa Peterson
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Kevin McKenna, co-COO
As of February 28, 2015.
* Randy Berkowitz has a dual role.
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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
 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
Security
Selection
Buy/Sell
Approval
 Based on fundamental
research, not
benchmark composition
 Analysts conduct
independent research
and rate securities
 Valuation screens
include EV/EBITDA,
P/E, P/CF, P/B, and a
large variety of other
metrics
 Process is designed to
give individual analysts
discretion to make
incremental changes in
the portfolio
 Proprietary tools
facilitate information
sharing
 Initial security purchases
typically involve PM
approval/collaboration
Portfolio
Construction
Monitoring
 Typically +700 securities
across 40+ countries
 Partnership with firm’s
internal risk team (RQA)
 No min/max industry or
country constraints.
 Stress testing
 Max 35% in non-IG FI
 Risk alignment
 Attribution analysis
 Derivatives primarily
used to hedge against
adverse market
movements
 Turnover 30-50% per
annum
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Bottom-up
Research
As of February 28, 2015. 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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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
Assessment
Stress
Testing
• 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
RQA
• Comprehensive portfolio attribution
includes country, sector, currency,
and individual security analysis
Performance
Attribution
Risk
Alignment
• In addition to traditional purchases
and sales, derivatives can be used to
hedge away undesired top-down
exposures
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• Review cumulative effect of
investment decisions to identify
factors contributing to, and
subtracting from, alpha generation
• Regularly scheduled meetings
between RQA and Global Allocation
team help ensure current portfolio
positioning is consistent with team’s
market views
As of February 28, 2015.
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Proven record of protecting and growing assets
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The benefits of active management
Seeking to preserve and reward over the long term (March 1989 through February 2015)
1300%
Higher Return/Lower Volatility
BlackRock Global
Allocation Fund (A)
Higher Return/Higher Volatility
Large Cap US Stocks
Emerging Market Stocks
1100%
Small Cap US Stocks
Cumulative Return
900%
US Convertibles
Asia-ex Japan Stocks
700%
Morningstar World
Allocation Category
US Credit
Reference Benchmark
10 Year Treasury Bonds
US High Yield
500%
300%
100%
5 Year Treasury
Bonds
World Gov't
Bonds
European Stocks
World Stocks
Non-US Gov't Bonds
Gold
Cash
US CPI
Non-US Stocks
Commodities
Japanese Stocks
-100%
Lower Return/Lower Volatility
0%
5%
10%
15%
Lower Return/Higher Volatility
20%
25%
Risk (Ann. Standard Deviation)
As of February 28, 2015. Source: BlackRock, Bloomberg, Morningstar, Lipper. Returns calculated from first full month post inception (February 28, 1989). Fund Inception is February 3,
1989. Investor A share returns prior to inception on October 21, 1994 were calculated using Institutional share returns adjusted to reflect Investor A fees. The returns for the Global
Allocation Fund are shown at NAV. Had sales charges been included the returns would have been lower. 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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Performance data quoted represents past performance and does not guarantee future results.
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A diversified fund designed to perform in all market conditions
Cumulative total returns (January 2000 through February 2015)
250%
220.40%
200%
150%
132.07%
100%
40.33%
50%
1.82%
0%
-3.38%
-50%
BlackRock Global Allocation Fund (A)
Reference Benchmark*
FTSE World Index
Citigroup World Gov't Bond Index
Morningstar World Allocation Category
Technology
Bubble
2000 - 2002
1.82%
-16.88%
-39.56%
20.19%
-7.72%
Global Market
Recovery
2003 - 2007
132.07%
79.67%
133.92%
39.03%
97.54%
Global Credit
Crisis
2008 - 2009
-3.38%
-6.87%
-20.59%
13.71%
-13.39%
Global Easing
Cycle
2010 - 2/28/15
40.33%
49.87%
66.90%
7.23%
33.33%
Combined Period
2000 - 2/28/15
220.40%
108.44%
87.12%
103.81%
110.50%
Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had max sales charge of 5.25% been included, returns
would have been lower. Total returns are cumulative 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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Performance data quoted represents past performance and does not guarantee future results.
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Current portfolio positioning and performance
Portfolio snapshot as of February 28, 2015
Equity Strategy (55% ~ Underweight)
Asset allocation (as % of net assets)
Overweight:
20%
 Regions: Japan and Emerging Markets
26%
 Sectors: Materials, Healthcare, Energy, Industrials,
Technology
13%
 Regions: US and Europe
 Sectors: Consumer Staples, Financials, Consumer
Discretionary, Telecommunications, Utilities
Fixed Income Strategy (25% ~ Underweight)
Overweight:
Currency allocation (as % of net assets)
 Corporates, Emerging Market Debt, Convertibles
Underweight:
 US Treasuries, Japanese Government Bonds,
European Sovereign Debt
29%
12%
5%
3% 2% 2%
5%
4%
7%
Cash (20% ~ Overweight)
 Actively managed, both USD and non-USD
US Equities
Non-US Equities
US Fixed Income
Non-US Fixed Income
Cash
72%
US Dollar
Japanese Yen
Other Asia
British Pound Sterling
Euro
Other Europe
Latin America
Rest of the World
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Underweight:
As of February 28, 2015. 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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Performance as of February 28, 2015
Annualized total returns
15%
Morningstar Analyst Rating™
10%
5%
Morningstar has awarded the Fund a Gold rating,
its highest level of conviction (effective 1/13/15).
See ‘Important Notes’ for additional information.
0%
-5%
BlackRock Global Allocation Fund (A)
Reference Benchmark*
FTSE World Index
Citigroup World Gov't Bond Index
Morningstar World Alloc. Category
BlackRock Global Allocation Fund (A)†
YTD‡
3.44%
2.07%
3.91%
-1.43%
2.89%
-1.99%
1 Year
4.44%
4.85%
7.99%
-4.52%
3.10%
-1.04%
3 Years
7.10%
7.99%
12.57%
-1.56%
6.61%
5.19%
5 Years
7.31%
8.62%
11.48%
1.33%
8.08%
6.16%
10 Years
7.07%
6.19%
7.02%
3.07%
5.75%
6.49%
15 Years
8.32%
5.33%
4.66%
5.06%
5.50%
7.93%
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. Annual
operating expenses as stated in the fund’s most recent prospectus are: Investor A, 1.14%. The performance depicted above is for the BlackRock Global Allocation
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Fund (Investor A). 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.
† BlackRock Global Allocation Investor A share reflect ing the deduction of current maximum initial sales charge of 5.25%.
‡ Periods less than 1 year are not annualized.
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So what do I do with my money?
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BlackRock Global Allocation Fund has provided capital appreciation over the
long-term
Hypothetical performance of $10,000* (March 1989 through February 2015)
$125,000
$122,730
$100,000
$71,857
$71,211
$63,212
$75,000
$50,000
$46,511
$25,000
$24,261
2015
2013
2011
2009
2007
2005
2003
2001
1999
1997
1995
1993
1991
1989
$0
BlackRock Global Allocation Fund (A)
Reference Benchmark†
FTSE World Index
Citigroup World Gov't Bond Index
Morningstar World Allocation Category
Cash (BofA ML 3-month T Bill Index)
Performance data quoted represents past performance and does not guarantee future results.
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As of February 28, 2015. Source: BlackRock, Morningstar. This illustration is based on an initial hypothetical investment of $10,000 in A shares made first full month post inception
(February 28, 1989). Fund Inception is February 3, 1989. BlackRock Global Allocation (Investor A) starts at $9,475 to reflect initial front end load. Assumes reinvestment of dividends and
capital gains. 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. 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.
* Maximum sales charge of 5.25% is included,
† 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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BlackRock Global Allocation Fund has served as a source of income
 $100,000 invested in BlackRock Global Allocation Fund (A) 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
$1,250,000
Withdrawal Rate
Total Withdrawals
Ending Value
$0
$1,214,668
̶ ̶ ̶ 4%
$154,045
$727,588
̶ ̶ ̶ 6%
$231,308
$483,759
̶ ̶ ̶ 8%
$299,966
$248,717
̶ ̶ ̶ Buy & Hold
$1,000,000
$750,000
$500,000
$250,000
$0
Feb-89 Feb-91 Feb-93 Feb-95 Feb-97 Feb-99 Feb-01 Feb-03 Feb-05 Feb-07 Feb-09 Feb-11 Feb-13
As of December 31, 2014. Source: BlackRock. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A). Periods prior to Investor A inception October 21,
1994 are based on the fund’s Institutional returns and adjusted to reflect the higher Investor A fees. 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 2014. 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. Global Allocation Fund refers to A shares after 3% initial sales charge and net of expenses, but not
considering 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.
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Performance data quoted represents past performance and does not guarantee future results.
GA_A
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)
11%
Annualized Return
10%
100% BlackRock Global
Allocation Fund (A)
9%
50% / 50%
8%
100% Traditional
Balanced Portfolio*
7%
 Build and test your own allocation at gachallenge.com
6%
9.75%
10.00%
10.25%
Standard Deviation
10.50%
10.75%
As of December 31, 2014. 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 (Investor A). Investor A share returns prior to inception on October 21, 1994 were calculated using Institutional share returns adjusted to reflect Investor
A fees. Returns for the Global Allocation Fund are shown at NAV. Had sales charges been included the returns would have been lower. 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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Performance data quoted represents past performance and does not guarantee future results.
What makes the BlackRock Global Allocation Fund unique?
Unconstrained in
search of opportunity
The most experienced global
multi-asset team*
Proven record of protecting
and growing assets
 Diversified portfolio invested in 700+
securities across 40+ countries
 40+ person dedicated team with
proven stability
 Compelling risk-adjusted results for
more than 25 years
 Combines traditional and non-traditional
asset classes and investments across
the capital structure
 Continuous PM management since
fund inception in 1989
 Superior downside capture history
relative to 60/40 portfolios†
 PMs and Senior Analysts average over
20 years of investment experience
 Independent risk management
 Ability to deviate from benchmark to
capture opportunity and manage risk
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 February 28, 2015. 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 February 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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†
Important notes
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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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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 http://corporate.
morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf.
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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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 800-882-0052 or at blackrock.com. The prospectus and, if available, the summary prospectus should be read carefully before
investing.