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Fresno City Employees

Retirement Systems

BlackRock Global Allocation Fund

Mike Trudel, CFA, Managing Director, Global Macro Strategist

Jeremy Watt, Director, Institutional Client Business

For use with institutional and professional investors only - proprietary and confidential

pattiel

Text Box

Timed Item: 1:30 pm Joint Meeting of the Retirement Boards Meeting Date: 12/16/2014

1 For use with institutional and professional investors only — proprietary and confidential

1. Introduction to BlackRock

2. The BlackRock Global Allocation Fund

Appendix

Table of contents

1. Introduction to BlackRock


1970s • Pioneered index and quantitative investing

1980s • Created the First Term Trust (closed-end fund)

• Initiated fixed income and international indexing

1990s

• Created the industry’s first target date fund

• Introduced exchange-traded funds under World Equity

Benchmark Shares (WEBS) brand (now iShares® ETFs)

2000s

• Launched BlackRock Solutions® for risk management and

advisory services

• Enhanced capabilities by strengthening equities, and adding

alternatives, real estate, passive, and scientific investments

• Launched Financial Markets Advisory business

2010s

• Engaged by US and European governments for critical risk

assessments and banking sector stabilization strategies

• Launched BlackRock Investment Institute

• Introduced Global Capital Markets desk

• Launched first target maturity fixed income ETF

• Created an index to track sovereign credit risk (BlackRock

Sovereign Risk Index)

Firm culture and structure reinforce our client-centric approach

Independent asset manager focused only on clients

Established in 1988 and public since 1999 (NYSE: BLK)

Independent Board of Directors

No proprietary trading

Group dedicated to corporate governance

Deep understanding of regulatory requirements

Manage portfolios for clients subject to varied and complex

regulatory regimes

Operate on behalf of investors under more than 50

regulatory authorities worldwide

Significant experience managing portfolios for official

institutions and governments

BlackRock Solutions® foundation for managing risk

Deliberate, diversified and scaled risk enables us to invest

with conviction in pursuit of alpha

Internally developed risk tools and analysis offered directly

to clients as a service

Reinforces transparency and our responsibility to clients

Timeline includes history from predecessor entities

History of innovation and evolution

to better serve investors


Depth of investment resources maximizes performance potential

Organization drives idea and analysis sharing

133 investment teams located in 17 countries connect

through a common culture and operating platform*

The BlackRock Investment Institute (BII), our internal

investor forum, facilitates sharing and debates insights

Daily global meeting for BlackRock’s 1,900+ investment

professionals to discuss markets, portfolio positioning and

ongoing trends

Chief Investment Officers ensure rigorous, deliberate and

repeatable investment processes

Investors potential benefit from scale of infrastructure

Global trading function seeks to enable increased access to

liquidity and produces trading efficiencies, improving

execution

Capital Markets Group leverages scale and breadth of

platform to help maximize allocations and to seek alpha

opportunities in primary markets

Dedicated Risk & Quantitative Analysis (RQA) professionals

partner with portfolio teams to monitor and analyze risk

Proprietary Aladdin® platform integrates portfolio

management, risk analytics, trading and operations

Built to generate alpha

Collective expertise

Global infrastructure

Trading Dedicated Capital

Markets

Aladdin®

Risk &

Quantitative

Analysis

Investment

Research

Daily

Global Meeting

BlackRock

Investment

Institute

Chief Investment

Officers

*Data as of 30 June 2014


Positioned to address client needs

Breadth of capabilities enables outcome-based solutions tailored to individual client objectives

• Capabilities across investment styles: index, active

fundamental, scientific and absolute return

• Global, regional and sector-specific investing

• Specialized capabilities across real estate, private

equity, direct hedge funds, fund of hedge funds,

infrastructure and renewable power

• Solutions-oriented approach extends to alternatives

portfolio construction

• Manage strategies across benchmark types and

styles: index, fundamental, model-based and absolute

return

• Specialized experts covering all market sectors

• Recognized as a ‘go to’ leader in credit and liquidity

• Flexible product range across multiple currencies

• Outcome focused: target-date, balanced risk factor,

and liability-driven investing

• Asset-class agnostic perspective facilitates unbiased

market views, advice, and portfolio solutions

$4.52 trillion in assets under management Scalable services and infrastructure

• Centralized platform analyzes risk across asset

classes

• Leverage for risk management, investment decision

support and performance analytics

• Partner with clients to help save costs and reduce

risks when changing investment exposures

• Executed over 3,000 individual transitions with assets

totaling $2.3 trillion over the past five years

• Advise public and private financial institutions on

complex capital markets and balance sheet

exposures

• Managed or advised on over $8 trillion in asset and

derivative portfolios

• More than 50,000 trades per day across equity, fixed

income, cash, currency and futures

• 24-hour global coverage across seven trading desks

• Focus on research, technology and coordination with

portfolio management functions that seek to deliver

above market returns

• Covers securities in over 30 markets globally

Equity

$2.4 trillion

Fixed Income

$1.3 trillion

Alternatives*

$113 billion

Multi-asset

$373 billion

Cash

$281 billion

Risk Management

Advisory

Transition Management

Securities Lending

Trading

AUM As of 30 September 2014

* The alternatives AUM may include committed capital, in addition to invested capital, which remains subject to drawdown

2. The BlackRock Global Allocation Fund


The BlackRock Global Allocation Strategy

Enhancing a traditional balanced portfolio (March 1989 to December 2013)

Globally diversified multi-asset fund that seeks to deliver

equity-like returns with materially less risk over a full

market cycle

Unconstrained in search of opportunity

Diversified broadly across asset classes, countries,

currencies, sectors, and securities

Experienced and consistent team

Emphasis on bottom-up fundamental research and security

selection

Source: BlackRock, Zephyr Style Advisor. The performance depicted above is for the

BlackRock Global Allocation Fund (Institutional) net of fees. Returns include reinvestment

of dividends and capital gains. Upside capture and downside capture ratios relative to

MSCI World Index as of September 30, 2014.

Global Allocation Proven upside participation and downside protection

1-year 3-year 5-year 10-year Since

Inception

Annualized return 7.90% 10.76% 7.40% 8.26% 10.69%

Annualized volatility 5.57% 8.03% 9.46% 10.27% 9.88%

Upside capture ratio (since inception) 66.4%

Downside capture ratio (since inception) 46.7%

100% BlackRock Global Allocation Fund (I)

50% / 50%

100% Traditional Balanced Portfolio*

6.5%

7.5%

8.5%

9.5%

10.5%

11.5%

9.5% 9.8% 10.0% 10.3% 10.5% 10.8%

An

nu

alized

retu

rn

Standard deviation

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 www.blackrock.com/funds 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.

* Traditional Balanced Portfolio is based on an allocation of 60% Morningstar World Stock category and 40% Morningstar World Bond category.


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 mitigating 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

Large, experienced team

unique in structure

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

Long history of upside

participation and downside

protection

Compelling risk-adjusted results for

nearly 25 years

100% return over any 10-year rolling

period since inception

Superior downside capture history

relative to 60/40 portfolios

Independent risk management

As of September 30, 2014. Source: BlackRock.

Unconstrained in search of opportunity


Ability to invest across the full opportunity set

Equities Fixed Income Cash/FX Non-Traditional

• Convertible fixed income

• Private placements

• Real estate investment trusts (REITs)

• 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

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 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



Reference benchmark

9.87% 9.38%

0%

6%

12%

Global Allocation Fund (I) Reference Benchmark

Neutral asset class allocation Neutral regional allocation

• 60% Equity

• 40% Fixed income

• 60% US

• 40% Non-US

36%

24%

24%

16%

S&P 500

FTSE World ex-US

BoA ML Current 5-Yr US Treasury

Citi Non-USD World Gov't Bond

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.

BlackRock Global Allocation’s reference benchmark

As of September 30, 2014. Source: BlackRock. The indexes are unmanaged and do not take transaction charges into consideration. It is not possible to invest directly in an index.

Comparable levels of volatility (March 1989 to Sept. 2014)


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

BM

Dec-8

9

Jun

-90

Dec-9

0

Jun

-91

Dec-9

1

Jun

-92

Dec-9

2

Jun

-93

Dec-9

3

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-94

Dec-9

4

Jun

-95

Dec-9

5

Jun

-96

Dec-9

6

Jun

-97

Dec-9

7

Jun

-98

Dec-9

8

Jun

-99

Dec-9

9

Jun

-00

Dec-0

0

Jun

-01

Dec-0

1

Jun

-02

Dec-0

2

Jun

-03

Dec-0

3

Jun

-04

Dec-0

4

Jun

-05

Dec-0

5

Jun

-06

Dec-0

6

Jun

-07

Dec-0

7

Jun

-08

Dec-0

8

Jun

-09

Dec-0

9

Jun

-10

Dec-1

0

Jun

-11

Dec-1

1

Jun

-12

Dec-1

2

Jun

-13

Dec-1

3

Jun

-14

Equities Fixed Income Cash Benchmark

Flexible process provides ability to adapt as market conditions change

Overall portfolio adjustments take place incrementally:

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 June 30, 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 Non-USD

World Gov’t Bond Index.

GA_7

Active allocation strategy since inception (December 1989 to June 2014)

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


GA_7

Flexibility to search for undervalued investment opportunities

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

De

c-9

9

Jun-0

0

De

c-0

0

Jun-0

1

De

c-0

1

Jun-0

2

De

c-0

2

Jun-0

3

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3

Jun-0

4

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c-0

4

Jun-0

5

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c-0

5

Jun-0

6

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c-0

6

Jun-0

7

De

c-0

7

Jun-0

8

De

c-0

8

Jun-0

9

De

c-0

9

Jun-1

0

De

c-1

0

Jun-1

1

De

c-1

1

Jun-1

2

De

c-1

2

Jun-1

3

De

c-1

3

Jun-1

4

US Equities Developed Equities ex-US Emerging Market Equities Precious Metals-Related*

US Treasuries & Agencies US TIPS US Credit Non US Sovereign Debt

Non US Credit Cash Equivalents

Portfolio composition (December 1999 to September 2014)

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

As of September 30, 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.

The team added to cash to

protect against rising interest

rates and maintain reserves in the

event of equity market pullbacks

Large, experienced team unique in structure


BlackRock Global Allocation portfolio management team

As of September 30, 2014.

* Randy Berkowitz has a dual role

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 17 years experience

Equity & Fixed Income

Information Technology, Technical Analysis

Kevin McKenna, co-COO 31 years experience

Lisa O’Donnell, JD, co-COO 27 years experience

Team Development, Risk,

Operations, Compliance

Mike Trudel, CFA, JD Global Strategist 17 years experience

Macro Strategy & Analysis

Kate Rauscher, CFA 28 years experience


Utilities, Consumer, Insurance

Lisa Walker, CFA 28 years experience


Financial Services, Banks,

Ben Moyer, CFA 33 years experience

Asia Pacific Investments,

Industrials, Autos

Eric Mitofsky 31 years experience

Quantitative Analysis

Derivatives, Risk Management

Greg Spencer 25 years experience


Telecom, Media, Consumer, High Yield

David Clayton, CFA, JD 24 years experience


Energy, Real Estate, Private Placements, Distressed Debt

Mike Walsh, CFA 23 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 26 years experience

Asset Allocation &

Investment Strategy

Dennis Stattman, CFA Portfolio Manager 34 years experience

Asset Allocation &

Investment Strategy

Aldo Roldan, Ph.D Portfolio Manager

30 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

Marketing Strategy & Communications

Kent Hogshire, CFA 14 years experience


Industrials, Special Situations, Macro Strategy

Senior Analysts Senior Analysts Research Associates

Patrick Edelmann, CFA 15 years experience


Healthcare, Materials, Convertibles

Senior Analysts


Investment process is designed to add value using security selection and asset allocation


Monitoring/Sell Discipline Trade Implementation/Execution Idea Generation/Collaboration

Bottom-Up Research/Security Selection

Senior analyst research responsibility is

categorized by global sector

Fundamental, value-driven research

spans the entire capital structure

Proprietary investment tools facilitate

screening of the investment universe,

provide a centralized research depository,

and enhance team communication

ISG Micro meetings – Weekly discussions

regarding security level positions

Sizing Positions: Active discussion

between PMs and analysts. Analyst

conviction and existing portfolio

positioning influence the decision. Trade

authorization is based on investor’s

experience and monitored by the COOs.

Positions are amassed incrementally

Trade Execution: Equity orders are

entered via Aladdin® and routed to BLK

global equity trading desks. Fixed income

and FX trades are done locally by the

Global Allocation team against orders

entered into Aladdin®

Model Portfolio: A single model portfolio

serves as the prototype for the Global

Allocation platform. Modest variation can

occur due to regulatory disparities,

prospectus differences, and variance in

cash flows

Transaction Center: A dedicated team

of five professionals implements the

model portfolio across legal vehicles and

are overseen by the COOs

Top-Down Asset Allocation

PMs are responsible for developing top-

down views and long-term themes for the

portfolio to pursue – benchmark agnostic

Strategic views are predicated on asset

class valuation (relative, absolute, and

historical)

Tactical changes are made using

derivatives or cash securities. Top-down

views are informed by analysts’ bottom-

up research

ISG Macro meetings – Bi-weekly

discussions regarding asset allocation,

portfolio positioning, and risk profile

Daily Portfolio Review: PMs and COOs

review all daily trades, including the most

significant line-item changes. Aladdin®,

Green Package, and QP ensure robust

reports

Security Monitoring: Each security is

assigned to a primary analyst

Sell Discipline: A balance between

discount to intrinsic value and marginal

contribution to risk. Four main catalysts:

- Security approaching intrinsic value

- Deteriorating fundamentals

- More compelling opportunity

- Rebalancing for risk management

Trade Management Oversight

Committee: Meets quarterly to discuss

best practices and trade execution

Derivatives Committee: Meets every six

weeks to optimize derivatives practices

Independent BLK oversight: Includes

Risk & Quantitative Analysis and Internal

Audit. COOs sit on BLK’s various trading

governance committees


Team leverages BlackRock’s global investment capabilities

Operations in 24 countries and more than 60 cities

Benefit from daily investment research calls including global equity, fixed income, currencies, commodities, real estate, and

alternative investment specialists

Access to proprietary risk management analytics and team of over 200 quantitative analysts

BlackRock Office

Investment Center

Risk & Quantitative

Analysis

+500 professionals partner with

investment teams to monitor and

analyze risk

Multi-asset

Research

+150 investors dedicated to

multi-asset investing

$373b in multi-asset strategy AUM

Investment

Teams

+1,800 investment professionals

with specialties across all asset

classes

BlackRock

Solutions

Proprietary Aladdin® platform

integrates portfolio management,

risk analytics, trading and

operations

BlackRock resources directly benefit the Global Allocation Team

BlackRock

Investment Institute

Internal forum facilitates idea

sharing and debates insights



• 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


Long history of upside participation and

downside protection


1/3rd less risk (Annualized standard deviation since inception)

Equity-like returns over a full market cycle at materially lower risk

Competitive returns (Annualized total return since inception)

10.69%

7.28%

10.11%

0%

4%

8%

12%

Global AllocationFund (I)

FTSE World Index S&P 500 Index

9.87%

15.49% 14.61%

0%

6%

12%

18%

Global AllocationFund (I)

FTSE World Index S&P 500 Index

Performance data quoted represents past performance and does not guarantee future results.

As of September 30, 2014. Source: BlackRock, Bloomberg. Fund Inception is February 3, 1989. The indexes are unmanaged. It is not possible to invest directly in an index. See ‘Important

Notes’ for additional information.


An equity directional investment with historically less volatility

Higher correlation to global equity markets…

Moves directionally with global equity markets


Correlation to Global Allocation since 1989

…with lower volatility

3-year volatility level between 5% - 15%

1/3rd less volatility than global equities

Rolling 3-year standard deviation

0.89 0.83

0.25

0.04

-0.07

-20%

0%

20%

40%

60%

80%

100%

MSCI WorldIndex

S&P 500Index

CitigroupWorld

GovernmentBond

3-Month UST-Bills

BOA/ML 5-Year USTreasury

Index

0%

5%

10%

15%

20%

25%

Feb

-92

Feb

-93

Feb

-94

Feb

-95

Feb

-96

Feb

-97

Feb

-98

Feb

-99

Feb

-00

Feb

-01

Feb

-02

Feb

-03

Feb

-04

Feb

-05

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

BlackRock Global Allocation Fund (I) MSCI World Index


Global Allocation Fund (I)

US CPI Cash

Commodities Gold

5 Year Treasury Bonds

10 Year Treasury Bonds US Credit

US Convertibles

US High Yield

World Gov't Bonds

Non-US Gov't Bonds

World Stocks

Non-US Stocks

Large Cap US Stocks

Small Cap US Stocks

European Stocks

Japanese Stocks

Asia-ex Japan Stocks

Emerging Market Stocks

Reference Benchmark

eVestment GTAA Median

-100%

100%

300%

500%

700%

900%

1100%

1300%

0% 5% 10% 15% 20% 25%

Cu

mu

lati

ve R

etu

rn

Risk (Ann. Standard Deviation)

The benefits of active management


As of September 30, 2014. Source: BlackRock, Bloomberg, eVestment Analytics. Returns calculated from first full month post inception (February 28, 1989). Fund Inception is February 3,

1989. Returns include reinvestment of dividends and capital gains. eVestment Analytics category returns are based on the median return of the eVestment Global Tactical Allocation

universe. The indexes are unmanaged and do not take transaction charges into consideration. It is not possible to invest directly in an index.

GA_2

Seeking to preserve and reward over the long term (March 1989 to September 2014)

Higher Return/Lower Volatility Higher Return/Higher Volatility

Lower Return/Higher Volatility Lower Return/Lower Volatility


Technology Bubble2000 - 2002

Global MarketRecovery

2003 - 2007

Global Credit Crisis2008 - 2009

Global EasingCycle

2010 - 9/30/14

Combined Period2000 - 9/30/14

BlackRock Global Allocation (I) 2.62% 134.84% -2.84% 38.30% 223.82%

Reference Benchmark* -16.88% 79.67% -6.87% 45.95% 102.99%

FTSE World Index -39.56% 133.92% -20.59% 59.44% 78.75%

Citigroup World Gov't Bond Index 20.19% 39.03% 13.71% 10.43% 109.90%

eVestment GTAA Median† -1.17% 93.27% -1.91% 38.13% 122.10%

2.62%

134.84%

-2.84%

38.30%

223.82%

-50%

0%

50%

100%

150%

200%

250%

Designed to perform in all market conditions

GA_2

Cumulative total returns (January 2000 to September 2014)


Source: BlackRock, Lipper. 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.

† eVestment Analytics category returns are based on the median performance of the eVestment Global Tactical Asset Allocation universe.


A proven record of growing client assets

GA_6

Global Allocation has more than doubled initial investments over every 10-year rolling period

0%

50%

100%

150%

200%

250%

300%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


As of June 30, 2014. 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.


BlackRock Global Allocation Performance

2.72%

7.90%

10.76%

7.40% 8.26% 8.63%

0%

6%

12%

YTD 1 yr 3 yr 5 yr 10 yr 15 yr

BlackRock Global Allocation Fund (I)

Reference benchmark*

eVestment GTAA median†

Annualized net total return (as of September 30, 2014) Calendar year net return

-30%

-20%

-10%

0%

10%

20%

30%

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

BlackRock Global Allocation Fund (I)

Reference benchmark*

eVestment GTAA median†


Source: BlackRock, Lipper. Total returns are cumulative, net of fees 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.

† eVestment Analytics category returns are based on the median performance of the eVestment Global Tactical Allocation universe.


BlackRock receives credit quality ratings on underlying securities of the fund from the 3 major reporting agencies – S&P, Moody’s and Fitch. The credit quality breakdown is

provided by BlackRock by taking the median rating of the three agencies when all three agencies rate a security. BlackRock will use the lower of the two ratings if only two

agencies rate a security, and BlackRock will use one rating if that is all that is provided. Securities that are unrated by all three agencies are reflected as such in the

breakdown. Below investment-grade is represented by a rating of BB and Below. BlackRock converts all ratings to the equivalent S&P major rating category for purposes of

the category shown. Ratings and portfolio credit quality may change over time. Unrated securities do not necessarily indicate low quality. The fund itself has not been rated

by an independent rating agency.

Standard deviation 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.

Bank of America Merrill Lynch 5-Year US Treasury Bond Index – Tracks the total return of current coupon 5-year US Treasury bond.

Citigroup World Government Bond Index – Includes the most significant and liquid government bond markets globally that carry at least an investment grade rating. Index

weights are based on the market capitalization of qualifying outstanding debt stocks.

Citigroup Non-USD World Government Bond Index – An unmanaged index that tracks 10 government bond indexes, excluding the United States. Index weights are based

on the market capitalization of qualifying outstanding debt stocks.

Standard and Poor's 500 Index – An unmanaged index that covers 500 industrial, utility, transportation, and financial companies of the US markets. It represents about 75%

of NYSE market capitalization and 30% of NYSE issues.

FTSE World Index – A broad based capitalization-weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the United States.

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.

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if

available, the 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 www.blackrock.com/funds. The prospectus should be read carefully before investing.

Prepared by BlackRock Investments, LLC, member FINRA.

© 2014 BlackRock, Inc. All rights reserved.

BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Important notes

Appendix


Implementation of Global Allocation in a diversified portfolio

As a Global

Multi-Asset or

GTAA sleeve in

a portfolio

Broadens the investment universe of a traditional balanced

portfolio

Funded through a proportional allocation from equity and

fixed income

May be paired with risk-parity or global macro managers

Introduces a tactical overlay that can adapt as market

conditions change

Allows the overall

portfolio to respond

to real-time changes

in securities prices

As a

component of

the alternatives

sleeve in a

portfolio

Despite higher equity correlation, the portfolio has

exhibited asymmetric up/down capture versus equities

typically sought after in alternatives

Lower fee structure than traditional alternatives

Daily liquidity and increased levels of transparency

Allows the overall

portfolio to access

opportunistic

investing with lower

fees and improved

liquidity

As a

component of

the equity sleeve

in a portfolio

The portfolio possesses a high degree of equity correlation

Should be viewed as equity with a defensive bias

Potential to reduce downside capture versus global equities

Returns have been in excess of equities over the longer term

Allows the overall

portfolio to maintain

equity directional

bias, but lowers

overall volatility


100% BlackRock Global Allocation Fund (I)

50% / 50%

100% Traditional Balanced Portfolio*

6.5%

7.5%

8.5%

9.5%

10.5%

11.5%

9.5% 9.8% 10.0% 10.3% 10.5% 10.8%

An

nu

alized

Retu

rn

Standard Deviation

Improving the risk-adjusted return of balanced portfolios


As of December 31, 2013. 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. The indexes are unmanaged and do not take transaction charges into

consideration. It is not possible to invest directly in an index. Hypothetical portfolios are rebalanced quarterly.

* Traditional Balanced Portfolio is based on an allocation of 60% Morningstar World Stock category average and 40% Morningstar World Bond category average.

Global Allocation has improved risk-adjusted returns (March 1989 to December 2013)

GA_2

Adding a 10% allocation to Global Allocation

has historically improved the risk-adjusted

return of a traditional balanced portfolio


100% BlackRock Global Allocation Fund (I) 100% Traditional Balanced

Portfolio

40%

50%

60%

70%

80%

40% 50% 60% 70% 80%

Up

sid

e C

ap

ture

Rati

o

Downside Capture Ratio

Global Allocation Fund has provided better downside protection (March 1989 to December 2013)

Improving the downside protection of balanced portfolios


As of December 31, 2013. 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. The indexes are unmanaged and do not take transaction charges into

consideration. It is not possible to invest directly in an index. Hypothetical portfolios are rebalanced quarterly.

* Traditional Balanced Portfolio is based on an allocation of 60% Morningstar World Stock category average and 40% Morningstar World Bond category average.

Global Allocation has significantly

enhanced the downside protection of a

traditional balanced portfolio


BlackRock Global Allocation Fund portfolio snapshot

Equity Strategy (55% ~ Underweight)

Overweight:

Regions: Japan and Europe

Sectors: Materials, Industrials, Healthcare

Underweight:

Regions: US

Sectors: Consumer Staples, Technology, Telecom Services,

Consumer Discretionary

Fixed Income Strategy (24% ~ Underweight)

Overweight:

Corporates, Local Currency EMD, Convertibles

Underweight:

US Treasuries, Japanese Government Bonds, European

Sovereign Debt

Cash (21% ~ Overweight)

Actively managed, both USD and non-USD

Asset allocation (as % of net assets)

Currency allocation (as % of net assets)

As of September 30, 2014. 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.

22%

33% 10%

14%

21%

US Equities

Non-US Equities

US Fixed Income

Non-US Fixed Income

Cash

68%

5%

7%

5%

6% 3% 3% 3%

US Dollar

Japanese Yen

Other Asia

British Pound Sterling

Euro

Other Europe

Latin America

Rest of the World


BlackRock Global Allocation Fund characteristics

GA_4

As of September 30, 2014. Subject to change. The fund is actively managed and its characteristics will vary. Holdings are provided for informational purposes only and should not be

deemed as recommendations to buy or sell securities or sectors mentioned.

* 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 † Please see ‘Important Notes’ for further information on credit quality.

Number of issuers 555 Procter & Gamble 0.8%

Number of currencies 30+ Wells Fargo 0.7%

Annual turnover 30-50% Fuji Heavy Industries 0.7%

Equity portion of the portfolio: Mobileye 0.6%

Price/earnings (FY1) 15.2x Roche Holding 0.6%

Price/book 1.9x Bank of America 0.6%

Price/cash flow 8.6x Visa 0.6%

Fixed income portion of the portfolio: Siemens 0.6%

Effective duration 4.5 years JPMorgan Chase 0.6%

Yield to maturity 4.0% Twitter 0.6%

TOTAL 6.4%

Fixed income regions (% of net assets)Equity sectors (% of net assets)Equity regions (% of net assets)

Characteristics Top 10 equity holdings (% of net assets) Fixed income credit quality (% of net assets)

1.9%

2.0%

3.3%

8.6%

6.6%

7.2%

12.2%

5.4%

5.9%

6.9%

2.1%

1.7%

5.7%

7.7%

8.6%

9.4%

12.1%

5.3%

3.5%

6.6%

Utilities

Telecom Services

Materials

Information Technology

Industrials

Healthcare

Financials

Energy

Cons. Staples

Cons. Discretionary

4.0%

4.2%

2.2%

12.5%

1.7%

35.4%

5.3%

10.3%

2.0%

13.7%

1.7%

22.1%

Emerging Markets

Japan

Developed Asia ex-Japan

Developed Europe

Canada

US

0.5%

5.5%

0.3%

9.3%

0.4%

24.0%

6.3%

0.1%

2.5%

4.7%

0.1%

10.4%

Emerging Markets

Japan

Developed Asia ex-Japan

Developed Europe

Canada

US

BlackRock Global Allocation FundReference Benchmark*

5%

3%

4%

4%

2%

2%

1%

2%

US Gov't

AAA

AA

A

BBB

BB

B

< B

NR


An active approach to managing currency risk

As of September 30, 2014. Source: BlackRock, Bloomberg. Subject to change. The fund is actively managed and its characteristics will vary.

* The DXY Index indicates the general international value of the USD. The unmanaged index averages the exchange rates between the USD and 6 major currencies (euro, Japanese yen,

British pound sterling, Swiss franc, Canadian dollar, Swedish krona). It is not possible to invest directly in an index.

50

60

70

80

90

100

110

120

130

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ma

r-8

9

Ma

r-9

0

Ma

r-9

1

Ma

r-9

2

Ma

r-9

3

Ma

r-9

4

Ma

r-9

5

Ma

r-9

6

Ma

r-9

7

Ma

r-9

8

Ma

r-9

9

Ma

r-0

0

Ma

r-0

1

Ma

r-0

2

Ma

r-0

3

Ma

r-0

4

Ma

r-0

5

Ma

r-0

6

Ma

r-0

7

Ma

r-0

8

Ma

r-0

9

Ma

r-1

0

Ma

r-1

1

Ma

r-1

2

Ma

r-1

3

Ma

r-1

4

USD Weighting (LHS) DXY Index* (RHS)

The fund was overweight the USD

through most of the 1990s given the

strength of the US economy and

responsible US fiscal policy

Loose Federal Reserve policy and a return

to US deficit spending led to an underweight

positioning for most of 2003 - 2007

The market selloff in 2008 caused a flight

to quality and rally in the USD, and, as a

result, the portfolio shifted to a tactical

overweight in USD

GA_7

USD exposure (March 1989 to September 2014)

Team biographies


BlackRock Global Allocation team

Dennis Stattman, CFA, Managing Director and portfolio manager, is head of the Global Allocation team within

BlackRock’s Multi-Asset Strategies Group and a member of the Leadership Committee. He serves as a member of

BlackRock’s Global Operating Committee.

Mr. Stattman's service with the firm dates back to 1989, including his years with Merrill Lynch Investment Managers

(MLIM), which merged with BlackRock in 2006. Mr. Stattman joined Merrill Lynch Investment Managers as a

portfolio manager of the Merrill Lynch Global Allocation Fund at the Fund's inception in 1989. From 1989 through

1996, he was also a portfolio manager of the Merrill Lynch Special Value Fund. Prior to joining MLIM, Mr. Stattman

served as the director of research for Meridian Management Company, and as pension investment officer for the

World Bank, supervising the management of U.S. equities in the Bank's Retirement Plan.

Mr. Stattman earned a BS degree in commerce from the University of Virginia in 1973 and an MBA degree, with

honors, from the University of Chicago in 1980. He is a CFA® Charterholder.

Dan Chamby, CFA, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. Mr. Chamby’s service with the firm dates back to 1993, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Chamby joined Merrill Lynch Investment Managers in 1993 as a Research Analyst for the Merrill Lynch Global Allocation Fund. He was named Associate Portfolio Manager of the Fund in 2003 and named Portfolio Manager of the Fund in 2011. Prior to joining Merrill Lynch Investment Managers, he worked for Fujitsu Ltd. in their Tokyo headquarters as a Research Analyst. He began his investment career at Mellon Bank in 1982 as an Asia/Pacific Credit Analyst, and later managed the International Money Market Desk. Mr. Chamby received his BA degree in political science and French literature from Duquesne University in 1982, and an MBA degree from the Wharton School, University of Pennsylvania in 1988. Mr. Chamby speaks Japanese and French, and is a CFA® Charterholder.



Aldo Roldan, Ph.D, Managing Director and portfolio manager, is a member Global Allocation team within BlackRock’s Multi-Asset Strategies Group. Mr. Roldan’s service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Roldan joined Merrill Lynch Investment Managers in 1998 as Portfolio Manager for various Global Fixed Income portfolios, including the Merrill Lynch World Income Fund in 1999, and was also Head of Emerging Market Debt. Mr. Roldan joined the BlackRock Global Allocation Fund as an Associate Portfolio Manager in 2006 and was named Portfolio Manager of the Fund in 2011. Prior to joining MLIM, he was a Senior Vice President at Santander Investments, and earlier was a global economic analyst at JP Morgan Chase. Mr. Roldan began his investment career at Chase Econometrics, where he founded and managed the emerging markets research group. Mr. Roldan earned a BA degree in economics from the University of Chile in 1973, and a Ph.D. in economics and econometrics from the Wharton School, University of Pennsylvania in 1978. Mr. Roldan is fluent in Spanish.

Kevin McKenna, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for team development, risk operations and compliance. Mr. McKenna joined the BlackRock Global Allocation team in January 2011. Prior to joining BlackRock, he was Head of US Agent Securities Lending and Cash Products at Credit Suisse and was responsible for the Bank’s agent securities lending business. Previously, he served as Global Head of Short Duration Products for Credit Suisse Asset Management. Mr. McKenna began his investment career at Merrill Lynch Investment Managers (MLIM) in 1982. At MLIM also, Mr. McKenna was Portfolio Manager of Money Market Funds (1983-1986), Senior Portfolio Manager of Institutional Fixed Income (1986-1990), Senior Portfolio Manager and Head of Money Market Funds (1990-2000), culminating with his role as Head of Fixed Income MLIM (Americas) from 2000-2006. Mr. McKenna earned a BS degree, summa cum laude, in economics from Fordham University in 1979.


Lisa O’Donnell, JD, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for team development, risk operations and compliance. Ms. O’Donnell’s service with the firm dates back to 1991, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. O’Donnell joined Merrill Lynch Investment Managers in 1991 as an attorney in the legal department. She joined the Merrill Lynch Global Allocation Fund in 1995 as a Senior Analyst and was named Chief Operating Officer of the Fund in 2010. Prior to joining Merrill Lynch Investment Management, she was an associate of the law firm Dilworth, Paxson, Kalish, and Kauffman in Philadelphia, Pennsylvania. Ms. O’Donnell earned a BA degree from the College of William and Mary in 1984 and a JD degree, cum laude, from Rutgers University School of Law in 1987.

Michael Trudel, CFA, JD, Managing Director and global strategist, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for macro strategy and portfolio analysis. Mr. Trudel's service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Trudel joined Merrill Lynch Investment Managers in 1998 as a Senior Analyst in MLIM's Managed Solutions Group. Mr. Trudel joined the Merrill Lynch Global Allocation Fund in 2005 as a Portfolio Specialist and become a Senior Analyst for the Fund in 2010. Prior to joining MLIM, he was a Vice President in the media and telecommunications corporate lending area at the Bank of New York. Mr. Trudel earned a BS degree in political science and psychology, cum laude, from the University of Massachusetts in 1991, a JD degree, cum laude, from Suffolk University in 1994, and an MBA degree from Boston University in 1997. Mr. Trudel is a CFA® Charterholder.



Ben Moyer, CFA, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of Asia Pacific, and the industrials and auto sectors. Mr. Moyer’s service with the firm dates back to 1994, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Moyer joined Merrill Lynch Investment Managers in 1994 as a Senior Fund Analyst for the ML Pacific Fund and was named Senior Portfolio Manager of the fund in 1996. Mr. Moyer joined the BlackRock Global Allocation team in 2008 as a Senior Analyst. From 1991 to 1994, Mr. Moyer was a senior industry analyst for Merrill Lynch Japan where he was primarily responsible for the Japanese automobile and machinery industries. Mr. Moyer began his investment career as a junior equity analyst with Okasan Securities in Tokyo in 1981. Mr. Moyer earned a BA degree in sociology and anthropology from Haverford College in 1979, and studied Japanese at the University of Pennsylvania and Middlebury College from 1978 to 1980. Mr. Moyer is fluent in Japanese and is a CFA® Charterholder.

Eric Mitofsky, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for quantitative analysis, derivatives, and risk management. Mr. Mitofsky’s service with the firm dates back to 1992, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Mitofsky joined Merrill Lynch Investment Managers in 1992 to manage the Index Fund platform. Mr. Mitofsky joined the Merrill Lynch Global Allocation Fund in 2004 as a Quantitative Analyst. Previously, he was with Merrill Lynch, initially with the Quantitative Analysis Group in Equity Research, and then as a desk analyst on Merrill’s program trading desk in 1987. Mr. Mitofsky earned a BS degree in applied mathematics and statistics from the State University of New York at Stony Brook in 1975 and an MS degree in Economics while enrolled in the doctoral program at New York University in 1978.



Kate Brady-Rauscher, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for coverage of utilities, consumer, and insurance. Ms. Brady-Rauscher’s service with the firm dates back to 1994, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Brady-Rauscher joined Merrill Lynch Investment Managers in 1994 as a Senior Analyst for the Merrill Lynch Global Allocation Fund. Previously, she was a Vice President and Manager of the Bank Group in the Corporate Bond Research Department at Salomon Brothers, Inc. Ms. Brady-Rauscher began her investment career in 1986 at Provident National Bank as an Investment Officer in Fixed Income Research. Ms. Brady-Rauscher earned a BS degree in administrative management from the Pennsylvania State University in 1984 and an MBA in finance from St. Joseph’s University in 1986. She is a member of the Association for Investment Management Research, the New York Society of Securities Analysts and the Bank and Financial Analysts Association. She is a CFA® Charterholder.

Lisa Walker, CFA, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for financial services, banks, and REITs. Ms. Walker’s service with the firm dates back to 1997, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Walker joined Merrill Lynch Investment Managers in 1997 as a Fundamental Analyst for the Developing Capital Markets Fund. Ms. Walker joined the BlackRock Global Allocation Fund in 2010. Previously she was a member of BlackRock’s Global Small Cap Equity team where she was responsible for coverage of the financial and telecom services sectors. From 2000 to 2004, she was the portfolio manager for LDM Investments, LLC, which focused on the US equity markets. Ms. Walker began her investment career in 1986 at JP Morgan, working in equity research, capital markets and mergers and acquisitions corporate finance. Ms. Walker earned a BSBA degree in accounting from Georgetown University in 1986 and an MBA degree, with honors, from Harvard Business School in 1995. She is a CFA® Charterholder.



Greg Spencer, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for telecom, media, consumer, and high yield. Mr. Spencer joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was a high yield fixed income analyst at MacKay Shields. Prior to joining MacKay Shields, Mr. Spencer spent thirteen years at Merrill Lynch Investment Managers (MLIM), initially as a high yield fixed income analyst and most recently as a portfolio manager for the Global High Yield Bond and the MLIIF US Dollar funds. Mr. Spencer received a BBA degree in business administration from The George Washington University and an MBA degree from the Simon School of Business at the University of Rochester.

David Clayton, CFA, JD, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for energy, real estate, private placements, and distressed debt. Mr. Clayton joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was Of Counsel in the Financial Restructuring Group at Milbank, Tweed, Hadley & McCloy LLP. Previously he was a Managing Director and analyst with The Blackstone Group, responsible for distressed and special situations investments across multiple industries. Prior to joining Blackstone, Mr. Clayton spent six years at Merrill Lynch Investment Managers (MLIM), initially as an attorney specializing in corporate finance transactions and restructurings, and most recently as a Vice President and analyst in the Global High Yield Bond & Bank Debt Group. Mr. Clayton began his career as an attorney specializing in corporate finance transactions, first at Blake, Cassels & Graydon in Toronto and then at Milbank in New York. Mr. Clayton earned a BA degree, with honors, in economics from the University of Western Ontario in 1990 and MBA and LLB degrees from Dalhousie University in 1994. He is a CFA® Charterholder.



Mike Walsh, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of fixed income analytics and derivatives. Mr. Walsh joined the BlackRock Global Allocation Team in 2011. Prior to joining BlackRock, he was the head of cash strategies at Oppenheimer Funds and most recently, a fixed income portfolio manager at Credit Suisse Asset Management. Prior to joining Oppenheimer Funds, Mr. Walsh spent fifteen years at Merrill Lynch Investment Managers (MLIM), where he served most recently as a portfolio manager of a range of short term fixed income funds. Mr. Walsh received a BA degree in economics from Villanova University in 1990. He is a CFA® Charterholder.

Daniel Daniel, CFA, CMT, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of the information technology sector and portfolio technical analysis. Mr. Daniel joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, he was a special situations analyst at Wall Street Access and responsible for identifying and evaluating investment opportunities for the firm's clients. Previously, Mr. Daniel was special situations analyst and global hedge fund sales director at UBS. Mr. Daniel earned a BS in finance from the University of Utah in 1999, and an MBA from the Wharton School of the University of Pennsylvania in 2002. He is a CFA® Charterholder.

Patrick Edelmann, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of convertibles and the healthcare and materials sectors. Mr. Edelmann joined the BlackRock Global Allocation team in 2007. Prior to BlackRock, he was on the Institutional Sales Desk at UBS AG. Prior to pursuing his MBA, Mr. Edelmann was a member of the Global Allocation Fund from 2001 to 2002 at Merrill Lynch Investment Managers (MLIM). He began his career at MLIM in 1999, where he worked on the Variable Series Funds as a research associate. Mr. Edelmann earned a BS degree from Vanderbilt University in 1999 and an MBA degree from The Darden School at the University of Virginia in 2004. He is a CFA® Charterholder.



Kent Hogshire, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for macro strategy and coverage of the industrials sector and special situation investments. Mr. Hogshire’s service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Hogshire began his investment career in 2000 at MLIM, initially as a research associate on Merrill Lynch Global Allocation Fund. Mr. Hogshire earned a BA degree in international affairs from Princeton University in 2000. He is a CFA® Charterholder.

Kevin Bynum, CFA, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of fixed income and foreign currency analytics. Mr. Bynum joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock he was an associate at Aqueren, LLC where he was responsible for advising private financial services firms on business development and strategic initiatives. Previously, Mr. Bynum spent three years at BlackRock, including his years with Merrill Lynch Investment Managers (MLIM) which merged with BlackRock in 2006, where he held a number of roles within the Global Client Group advising retail and institutional clients on investment solutions and asset allocation. Mr. Bynum earned a BBA degree in finance and mathematics from Emory University in 2005 and an MBA with Honors from the University of Cambridge in 2012, with the highest distinction. He is a CFA® Charterholder.



Miguel Crivelli, CFA, Vice President and research associate, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group. He is primarily responsible for coverage of the financials sector. Mr. Crivelli joined the BlackRock Global Allocation team in 2012. Prior to joining BlackRock, he was a Fundamental Credit Research Analyst at Barclays Capital where he focused on banks & finance companies. Previously, he worked as a summer associate in Capital Markets for Lehman Brothers, and from 2003-2006 he was an Investment Officer with the World Bank Group in Washington, DC where he worked within the Finance, Private Sector and Infrastructure Group for Latin America. Mr. Crivelli began his investment career in 2001 as a Financial Analyst in the Global Corporate Finance Group for Pistrelli, Diaz y Asociados, followed by a role with the Development Economics Research Group at the World Bank. Mr. Crivelli earned a BS in economics, cum laude from the University of Buenos Aires in 1999, a Masters in economics from the Center for Macroeconomics Research in Argentina in 2000, and an MBA from Harvard Business School in 2008. He is fluent in Spanish and is a CFA® Charterholder.

Martin Fransson, Ph.D , CFA, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of precious metals and the materials sector. Mr. Fransson joined BlackRock and the Global Allocation team in 2007 as a research associate. Mr. Fransson earned a MS degree from Chalmers University of Technology in Sweden in 1999, a MA degree in Chemistry from Princeton University in 2001, and a Ph.D. in Physical Chemistry from Princeton University in 2005. He is fluent in Swedish and he is a CFA® Charterholder.

Matt Gerard, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He serves as a generalist, and is primarily responsible for coverage of the energy and real estate sectors. Mr. Gerard joined the BlackRock Global Allocation team in 2014. Prior to joining BlackRock, he was an investment banking analyst at Credit Suisse in NY, where he worked within the structured origination and product development group. Mr. Gerard earned a BS degree in mathematical economics from Haverford College in 2011.



Lindsay Klitsch, CFA, Director and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for coverage of the consumer sectors. Ms. Klitsch’s service with the firm dates back to 2006, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Klitsch joined Merrill Lynch Investment Managers in 2006 as a research associate on the Merrill Lynch Global Allocation Fund. Ms. Klitsch earned a BA in economics from Princeton University in 2006. She is a CFA® Charterholder.

Matt Litwin, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of the energy sector. Mr. Litwin joined BlackRock and the Global Allocation team in 2008 as research associate. Mr. Litwin earned a BS degree in operations research from Cornell University in 2007 and a MS in financial engineering from Cornell University in 2008. He is a CFA® Charterholder.

Jonathan Lux, Director and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of the industrials sector. Mr. Lux joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, he was a research analyst at Aberdeen Asset Management where he supported global equity funds. Previously Jonathan worked for Zebra Capital Management, a quantitative equity hedge fund managed by Yale University Professor Roger Ibbotson. Prior to that Jonathan worked with Professor Ibbotson as his Research Assistant at Yale University. Mr. Lux earned a BBA in finance from Loyola University in 1998, and an MBA from the Yale School of Management in 2006. He is a CFA® Charterholder.



Chirayu Patel, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for coverage of the materials sector. Mr. Patel joined BlackRock in 2006 as an analyst in the Portfolio Analytics Group. Mr. Patel joined the BlackRock Global Allocation team in 2008. Prior to joining the fund, he was a research associate on the BlackRock Pacific Fund. Mr. Patel earned a BS degree, cum laude, in finance from the Pennsylvania State University in 2006. He is fluent in Gujarati and is a CFA® Charterholder.

Reid Ross, CFA, Associate and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He serves as a generalist, and is primarily responsible for coverage of the auto sector. Mr. Ross joined BlackRock in 2007 as an analyst in the Portfolio Analytics Group. Mr. Ross joined the BlackRock Global Allocation team in 2011. Prior to this, he supported various equity portfolio management teams within the Portfolio Analytics Group. Previously, Mr. Ross was part of the Global Wealth Management Group at Morgan Stanley. Mr. Ross earned a BA degree in government from Wesleyan University in 2005. He is a CFA® Charterholder.

Sonia Wang, CFA, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for coverage of Japan and the healthcare sector. Ms. Wang joined the BlackRock Global Allocation team in 2011. Prior to joining BlackRock, she was an equity analyst at Ironbound Capital Management LP where she covered Japan and Asia. Previously, Ms. Wang worked within the pharmaceutical industry doing global market analytics for Pfizer, Inc., TargetRx and Eli Lilly & Company. Ms. Wang earned a BA and MA in commerce from Kansai University in Japan in 1996 and an MBA from the Wharton School of the University of Pennsylvania in 2002. She is fluent in Mandarin and Japanese and is a CFA® Charterholder.



Angela Yu, CFA, Vice President and research associate, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for coverage of China and the information technology sector. Ms. Yu joined BlackRock in 2007 as a research associate for the BlackRock Pacific Fund. Ms. Yu joined the BlackRock Global Allocation team in 2008 as a research associate. Ms. Yu earned a BBA degree from the University of Michigan in 2007. She is fluent in Mandarin and is a CFA® Charterholder.

Randy Berkowitz, Director and quantitative strategist, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for overseeing the development and integration of the team’s research management system and quantitative platform. As a research associate, he has additional responsibilities for coverage of the healthcare sector. Mr. Berkowitz joined BlackRock in 2004 as an analyst in the Portfolio Analytics Group. Mr. Berkowitz joined the BlackRock Global Allocation team in 2008. Prior to this, he helped manage the MLIM/BlackRock Equity integration for the Portfolio Analytics Group. Previously, he led strategic initiatives to improve BlackRock's Green Package analytic suite. Mr. Berkowitz earned a BA degree in astrophysics from Columbia University in 2004.

Sam Indyawan, CFA, Vice President and quantitative specialist, is a member of the Global Allocation Team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for overseeing the development and integration of the quantitative platform and augmenting the team’s reporting capabilities. Mr. Indyawan joined BlackRock in 2009 as an analyst in the Portfolio Management Tools group. Mr. Indyawan joined the BlackRock Global Allocation Team in 2011. Prior to this, he helped develop custom applications to analyze risk across the firm within the Portfolio Management Tools group. Mr. Indyawan earned a BS degree in electrical and computer engineering from Cornell University in 2008. He speaks Indonesian and is a CFA® Charterholder.



Judy Rice, Managing Director and marketing and communications strategist, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for the team’s communications, product strategy, and client reporting. Ms. Rice’s service with the firm dates back to 1998, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Rice joined Merrill Lynch Investment Managers in 1998 as a research associate on the Merrill Lynch Global Allocation Fund. Ms. Rice earned a BA degree in finance and marketing from the University of South Florida in 1982, and an MBA degree from Drexel University in 1995.

Erica Quinn, CFA, Vice President and marketing and communications strategist, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for the team’s communications, product strategy, and client reporting. Ms. Quinn joined BlackRock in 2007. Prior to her current role, Ms. Quinn was a product specialist for the Global Allocation Fund. Ms. Quinn earned a BS degree, cum laude, in finance and economics from Villanova University in 2007. She is a CFA® Charterholder.

Matt Callahan, Analyst, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. He is primarily responsible for supporting the team’s client reporting and portfolio analytic initiatives. Mr. Callahan joined BlackRock in 2012 as an analyst in the Portfolio Analytics Group and transitioned to the BlackRock Global Allocation Team in 2014. As an analyst within the Portfolio Analytics Group he supported multi-asset strategies and the Global Allocation Team and was responsible for delivering Aladdin’s full suite of analytic capabilities and led strategic initiatives to improve BlackRock’s Green Package analytic suite. Mr. Callahan earned a BS degree, cum laude, in finance from the Pennsylvania State University in 2011.



Marie Dwyer, Director and transaction center manager, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. She is primarily responsible for overseeing the Transaction Center, which is responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash. Ms. Dwyer’s service with the firm dates back to 1985, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Dwyer joined the Global Allocation team in 2008. Prior to this, Ms. Dwyer headed the Ops-PCS team and Equity Custody Operations. At MLIM, Ms. Dwyer served several roles including business manager for the Fixed Income department and portfolio manager for various money market funds. Ms. Dwyer earned a BS degree in finance from Rider University in 1992.

Kim Moore, Vice President, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. As a member of the Transaction Center, she is primarily responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash. Ms. Moore’s service with the firm dates back to 1986, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Moore joined the Global Allocation team in 1993. Previously, she was the Fund Accountant for the Global Allocation and Euro Funds. Ms. Moore earned an associates degree in business administration from Mercer County Community College in 1999.



Pete Mathern, Vice President, is a member of the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. As a member of the Transaction Center he is primarily responsible implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash. Mr. Mathern's service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Mathern joined MLIM in 2000 as the manager of the Quantitative Advisors Operations group. Mr. Mathern joined the Global Allocation team in 2010. Previously, he was responsible for managing equity index funds as part of BlackRock's Quantitative Investments team, and was the manager of Americas Equity Operations. Prior to joining MLIM, Mr. Mathern was with Prudential Global Asset Management in investment operations and accounting. Peter earned a BS degree in business economics from Rutgers University in 1987.

Mike Carlucci, Vice President, is a member for the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. As a member of the Transaction Center, he is primarily responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash. Mr. Carlucci joined BlackRock in 2008 as an analyst in BlackRock Operations. Mr. Carlucci joined the BlackRock Global Allocation team in 2011. Mr. Carlucci earned a BSBA in finance and economics from Rider University in 2008.

Andy Nielsen, Associate is a member for the Global Allocation team within BlackRock’s Multi-Asset Strategies Group. As a member of the Transaction Center, he is primarily responsible for implementing all portfolio strategies at the direction of the portfolio management senior team, including execution and trade support for currency, fixed income, equities and cash. Mr. Nielsen joined BlackRock in 2010 as an analyst in BlackRock Operations. Mr. Nielsen joined the BlackRock Global Allocation team in 2013. Mr. Nielsen earned a BA degree in communication and media studies from Goucher College in 2009 and a Masters degree in Business Management from Durham University, UK in 2010.



Oscar Pulido, CFA, Managing Director, is a member of BlackRock’s Multi-Asset Strategies Group. He is a senior product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team on a global basis to both retail and institutional clients. Mr. Pulido's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was the lead product manager for the retail separately managed account business. He began his career with MLIM as an asset manager advisor on the Global Sales desk. Mr. Pulido earned a BBA degree with a concentration in finance and international business from The George Washington University in 2001 and an MBA degree from New York University's Stern School of Business in 2012. He is a CFA® Charterholder, a member of the New York Society of Security Analysts, and is fluent in Spanish.

Matt Estes, CIMA, Director, is a member of BlackRock's Multi-Asset Strategies Group. He is a product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team on a global basis to both retail and institutional clients. Prior to assuming his current responsibilities in 2010, Mr. Estes served as a relationship manager in the Strategic Alliances Group responsible for covering variable annuity, variable life and retirement platforms across US insurers. Mr. Estes' service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM, Mr. Estes was with Pioneer Investments, where he was a senior market research analyst in the firm's product specialist group. Mr. Estes earned a BA degree, cum laude, in political science from Union College in 1996.

Brian Miller, CFA, Vice President, is a member of BlackRock's Multi-Asset Strategies Group. He is a product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team on a global basis to both retail and institutional clients. Mr. Miller’s service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to assuming his current responsibilities in 2012, he supported various equity portfolio management teams within the Portfolio Analytics Group and was the primary relationship manager for Global Allocation for the migration to the Aladdin trading system. Mr. Miller earned a BS degree in information sciences and technology from Pennsylvania State University in 2005. He is a CFA® Charterholder.



Noah Kroll, CIMA, Associate, is a member of BlackRock’s Multi-Asset Strategies Group. He is a product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team to retail and institutional clients globally. Before taking on his current role, Mr. Kroll was an Investment Management Associate within the US Wealth Advisory Group at BlackRock, serving Merrill Lynch Financial Advisors in the greater Los Angeles area. Prior to joining BlackRock in 2010, he was a Trader for the hedge fund Zweig-DiMenna and a Principal at Bull Path focusing on both trading and promoting the firm's investment products. He began his career as an equities market maker for Knight Trading Group. Mr. Kroll earned a BA in political science from Lehigh University in 1998, and an MBA degree from Monmouth University in 2013.

Meghan Colarusso, CFA, Associate, is a member of BlackRock's Multi-Asset Strategies Group. She is a product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team on a global basis to both retail and institutional clients. Ms. Colarusso's service with the firm dates back to 2009, when she joined the firm as part of BlackRock's Analyst Program. Ms. Colarusso earned a BS degree in finance from Boston College in 2009. She is a CFA® Charterholder.

Melissa Barnett, Analyst, is a member of BlackRock's Multi-Asset Strategies Group. She is a product strategist for the BlackRock Global Allocation Fund, responsible for representing the investment team on a global basis to both retail and institutional clients.

Ms. Barnett’s service with the firm dates back to 2014. Prior to joining BlackRock, Ms. Barnett worked at Tullett

Prebon, focusing on electronic broking and Dodd-Frank implementation.

Ms. Barnett earned a BA degree in organizational communication from Rollins College in 2011.



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