GLOBAL ALLOCATION FUND - JULY 2021 - BLACKROCK
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July 2021
Global Allocation Fund
NOT FDIC INSURED – MAY LOSE VALUE – NO GUARANTEE
USRRMH0721U/S-1728532-1/21The U.S. economy is ISM Manufacturing Index US Retail & Food Services
630
showing strength in
65
60 530
multiple areas 55
430
50
Index
$ bn
330
45
• Much of the U.S. economy is 230
40
already booming and 130
35
continued business reopenings
30 30
and vaccination rollouts will
1990
1992
1995
1998
2001
2004
2007
2009
2012
2015
2018
1990
1992
1994
1997
1999
2002
2004
2006
2009
2011
2014
2016
2019
allow lagging sectors to soon
catch up. US Household New Worth as a of
US Pending Home Sales NGDP
• The Household Sector has 140 650%
never been in better shape. We 130
believe robust 2021 120
600%
consumption will be 110 550%
underpinned by flush
% of NGDP
100
$ bn
500%
households, with record 90
amounts of pent-up savings 80 450%
and wealth, and all-time high 70
400%
income that is supported by 60
ongoing policy stimulus and an 50 350%
accelerating organic economic
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
recovery. 2020
Source: Bloomberg, Census, Haver, and BlackRock, as of 3/26/2021.
2
USRRMH0721U/S-1728532-2/212The recent history of
U.S. Real 10-Year Yields
long-term real
interest rates
5
• We have been in a period of
declining real interest rates 4
for over 2 decades.
3
10-Year Interest Rate (%)
• In the current low rate
environment, traditional 2
fixed income does not offer
much value, relative to
1
history or on an absolute
basis.
0
• While we think real interest
rates are probably going to -1
move higher by 2023, and
possibly sooner, we will still -2
be in a low-rate environment
from a historical perspective.
Source: Bloomberg as of 6/30/2021. Past performance is not indicative of future results
USRRMH0721U/S-1728532-3/213Historical relationship
between Price-to- Equity multiples in the face of rising rates
Earnings (P/E)
multiples and real 30x
interest rates
• While higher interest rates can 25x
temporarily disrupt stocks and
S&P 500 P/E
often cause large sector
rotations, in the past higher 20x
real rates have been
associated with higher, not
lower stock multiples.
15x
• Although higher real rates do y = 1.243x + 18.153
imply that dividends and cash R² = 0.1854
flows must be discounted
10x
back to present value at higher
-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
levels, rising real interest rates
Real 10-Year Yields (TIPS market)
have often been accompanied
by accelerating economy,
which typically results in rising Source: Bloomberg and BlackRock, as of 6/30/21. Past performance is not indicative of future
revenues and profits. results.
USRRMH0721U/S-1728532-4/214Historical
relationship between Gold MoM vs. Change in Real Yields: 2016 to Present
gold prices and
15%
changes in real
interest rates
10%
y = -0.0018x + 0.0029
Monthly % Change Spot Gold Prices
R² = 0.4225
• The relationship between
gold prices and real
5%
interest rates has varied
over time. Gold prices
have tended to increase
as real yields declined. 0%
• During periods of rising
rates, gold prices have -5%
tended to decline, making
it a less effective hedge.
-10%
• This often occurs because -40 -30 -20 -10 0 10 20 30 40
rising real rates increases Monthly Change Real 10-Year Yields (Bps)
investors’ opportunity
cost of holding non-
yielding gold. Source: Bloomberg and BlackRock, as of 6/30/21. Past performance is not indicative of
future results.
USRRMH0721U/S-1728532-5/215Inst: MALOX • A: MDLOX • C: MCLOX
BlackRock Global Allocation Fund
Portfolio philosophy
MDLOX
Flexible
Equities An unconstrained portfolio that combines high conviction
stock holdings, thematic baskets, and factor tilts
Diversified
Bonds Diversified bond allocation designed to offer equity
diversification and income
Total Risk-aware
portfolio In pursuit of long-term growth with less volatility
A focus on growth combined with lower risk to help people stay invested across markets.
Overall Ratings are determined monthly and subject to change. The BlackRock Global Allocation Fund (Investor A) was rated against 415 World Allocation Funds for the 3-year period. Ratings are based on risk-adjusted total returns.
Morningstar has awarded the Fund a Bronze Medal. Past performance is no guarantee of future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and
10-year (if applicable) Morningstar Rating metrics.1
As of June 30, 2021, the Global Allocation Fund received a Morningstar Rating of 5 stars for the 3-year period, 5 stars for the 5-year period and 4 stars for the 10-year period, rated against 415, 362 and 229 World Allocation Funds,
respectively. Morningstar Rating is for the Investor A share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results. 2 More information available in “Important Notes”
section.
USRRMH0721U/S-1728532-6/216GA_A
BlackRock Global Allocation Fund
Seeks competitive returns with global stocks over a full market cycle with lower volatility
• Historical returns in excess of global stocks with approximately 1/3rd less volatility
• Flexibility to deviate from benchmark to capture opportunity and manage risk
• Combines traditional and non-traditional asset classes to access the entire capital structure
Since inception,
the fund has outperformed… Global Allocation capture ratios
…with less volatility vs. global stocks since inception
Std. deviation since inception
1930% 15.2%
Upside
1144% 9.8% capture
68%
Downside
capture
45%
Global Allocation Global Stocks Global Allocation Fund Global Stocks
Fund (A) (A)
Cumulative Total Returns Annualized Standard Deviation
Average annual total returns (%) as of June 30, 2021 1 year 5 years 10 years Since Inception
Global Allocation Fund (A) with/without maximum sales of 5.25% 28.17/21.45 10.34/9.16 6.82/6.25 9.76/9.55
FTSE World Index 40.28 15.28 10.72 8.11
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 that shown. Refer to blackrock.com for current month-end performance. Investment returns reflect total fund
operating expenses, net of all fees, waivers and/or expense reimbursement. Total annual fund operating expenses as stated in the fund’s most recent prospectus are 1.15% for Institutional shares. Net annual fund
operating expenses (including investment related expenses) are 1.10% for Institutional shares. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 52, BlackRock has
contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded
funds managed by BlackRock or its affiliates that have a contractual management fee, through February 28, 2022. In addition, BlackRock has contractually agreed to waive its management fees by the amount of
investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through February 28, 2022. The contractual agreements may be
terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As of June 30, 2021. Source: BlackRock,
Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Returns calculated from first full
month post inception (February 28, 1989). For 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.
Returns are net of fees and include reinvestment of dividends and capital gains. 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. Global stocks are represented by the FTSE World Index. The indexes are unmanaged. It is not possible to invest directly in an index.
USRRMH0721U/S-1728532-7/217Global Allocation Portfolio Management Team
Portfolio Managers
Global Product
Rick Rieder* Russ Koesterich, CFA David Clayton, CFA
Platform Strategy
Oversight
Kate Moore
Head of Thematic Strategy
Backed by a roster of experienced & dedicated analysts
Macro Research Fundamental Security Selection Quantitative Strategies
Macro analysts leverage BlackRock’s Fundamental analysts, primarily Quantitative research analysts
global resources, provide daily segmented by global equity industry, implement systematic strategies &
market insights, and implement have the flexibility to recommend style factor tilts, calibrate portfolio
strategic & tactical trading positions securities across the capital stack exposures, and monitor risk
Industry analysts cover opportunities across regions, sectors, and the corporate capital stack
Consumer Consumer Energy / Financials/ Industrials / Media /
Healthcare Technology
Discretionary Staples Materials REITS Utilities Telecom
Incorporates specialized investment expertise from BLK Global Fixed Income
Global Rates U.S. IG Corp Credit U.S. HY Corp Credit Non-US Credit Securitized Emerging Markets
Leverages the breadth and scale of BlackRock
BlackRock Investment Institute Risk & Quantitative
Aladdin® Trading & Liquidity
(BII) Analysis (RQA)
As of June 30, 2021. Source: BlackRock. * Investment team leader.
USRRMH0721U/S-1728532-8/218Flexibility in practice
Portfolio composition
Post-tech bubble: Credit crisis: Since Rick Rieder assumed leadership
Increased exposure to Added to convertible bonds during the Decreased exposure to cash following pivot in
U.S. equities due to attractive global credit crisis as there was limited global central banks’ policy and added to U.S.
valuations and a recovering global liquidity available across the asset class equities, U.S. Treasuries, and investment grade
economy. due to distressed selling. credit.
Current High Low
100%
Cash Equivalents 10% 30% 0%
Securitized Debt* 4% 5% 0%
80% Non U.S. Credit 3% 25% 0%
Non U.S.
5% 25% 0%
Sovereign Debt
60% U.S. Credit 6% 25% 0%
U.S. TIPS 0% 15% 0%
40% U.S. Treasuries,
AgenciesCurrent portfolio positioning
and performance
USRRMH0721U/S-1728532-10/21Portfolio snapshot as of June 30, 2021
Equities: 71% (vs. 60% benchmark)
Overweight:
Asset allocation (% of net assets*)
• Regions: U.S., Emerging Asia, Developed Europe
• Sectors: Consumer Discretionary, Industrials, Materials, Cash Equivalents
Energy, Communication Services, Information Technology, Precious Metals 10%
0%
Healthcare, Financials, Utilities
Underweight: Non-U.S. U.S.
Fixed Income Equities
• Regions: Japan, Australia, Canada 9% 41%
• Sectors: Consumer Staples, Real Estate
Fixed Income: 19% (vs. 40% benchmark) U.S. Fixed
Non-U.S.
Income
Overweight: Equities
10%
30%
• Securitized Assets, Corporates, Bank Loans
Underweight: Currency allocation (% of net assets*)
• U.S. Treasuries, Developed ex-U.S. Government Bonds Other Asia Rest of the
Japanese Yen 7% World
Precious Metals:GA_A
GA_A
A history of competitive performance and limited drawdowns
Global Allocation Reference Morningstar
Fund (A) Global Bonds Benchmark* Category U.S. Stocks Global Stocks
134.3%
Best 3-Year Return 95.1%
(Cumulative) 85.6%
62.4% 66.5%
53.5%
Average 3-Year 39%
31% 24% 29%
Return (Cumulative) 25%
18%
Worst 3-Year Return -7.2%
(Cumulative) -9.6%
-19.4% -22.6%
-40.9% -43.4%
# of Negative
3-Year Periods 7 32 37 39 59 66
Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2021. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund
(Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns calculated from first full month post inception (February 28,
1989). For 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. Returns 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. Global bonds represented by the FTSE World Government Bond Index, U.S. stocks by the S&P 500 Index, and global stocks by the FTSE
World Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury
Index, 16% FTSE Non-USD World Government Bond Index.
12
USRRMH0721U/S-1728532-12/21GA_A
GA_A
Performance as of June 30, 2021
Annualized total returns
45%
35%
25%
15%
5%
-5%
YTD† 1 Year 3 Years 5 Years 10 Years 15 Years
Global Allocation Fund (A) 6.50% 28.17% 12.31% 10.34% 6.82% 6.84%
Reference Benchmark* 6.37% 22.60% 11.02% 9.92% 7.68% 6.97%
Global Stocks 13.12% 40.28% 15.34% 15.28% 10.72% 8.30%
Global Bonds -4.75% 0.76% 3.59% 1.66% 1.42% 3.36%
Morningstar Category 8.60% 25.33% 8.02% 8.06% 6.03% 6.04%
Global Allocation Fund (A) with MSC 0.91% 21.45% 10.31% 9.16% 6.25% 6.42%
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 that shown. Refer to blackrock.com for current month-end performance. Investment returns reflect
total fund operating expenses, net of all fees, waivers and/or expense reimbursement. Total annual fund operating expenses as stated in the fund’s most recent prospectus are 1.15% for Institutional shares. Net
annual fund operating expenses (including investment related expenses) are 1.10% for Institutional shares. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 52,
BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and
exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through February 28, 2022. In addition, BlackRock has contractually agreed to waive its management fees
by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through February 28, 2022. The contractual
agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As of June 30, 2021.
Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund (Investor A) at NAV. Had sales charges been included, the returns would have been lower. Returns
calculated from first full month post inception (February 28, 1989). For 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. Returns are net of fees and include reinvestment of dividends and capital gains. 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. Global stocks are represented by the FTSE World Index. The indexes are unmanaged. It is not possible to invest
directly in an index.
13
USRRMH0721U/S-1728532-13/21So what do I do with my
money? ®
USRRMH0721U/S-1728532-14/21GA_A
GA_A
Global Allocation Fund has provided growth over the long-
term
Growth of a hypothetical $10,000 investment since inception
$210,000 $203,035
$180,000
$150,000
$123,998
$120,000 $115,931
$98,255
$90,000
$60,000 $54,924
$30,000 $25,766
$0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Global Allocation Fund (A) Reference Benchmark* Global Stocks Global Bonds Morningstar Category Cash
Performance data quoted represents past performance and does not guarantee future results. As of June 30, 2021. Source: BlackRock, Bloomberg, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund
(Investor A) with the deduction of current maximum initial sales charge of 5.25%. Performance, fees and rankings for other share classes could be higher or lower. Illustration is based on a hypothetical investment of $10,000 on February
28, 1989 (first full month post inception). For 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. Returns are 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. Global stocks represented by the FTSE World Index, global bonds by the FTSE World
Government Bond Index, and cash by the ICE BofA/ML 3-Month T Bill Index. Morningstar category refers to the Morningstar World Allocation category average. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-
U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.
15
USRRMH0721U/S-1728532-15/21Our sense is the next several
years bring lower returns than
the last decade. Treasury Bills
will be close to 0% and Govt
Bond Returns will be lower. The
yield pickup from alternative
sources of equity yield is too
large to ignore.” Rick Rieder
CIO of Global Fixed Income
Head of Global Allocation Investments
16
USRRMH0721U/S-1728532-16/21GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)
Designed to deliver high total return…
Global Allocation is a global multi-asset fund, whose objective is to deliver high total investment return. The fund has a flexible,
diversified and risk aware mandate, with the ability to invest across asset class, geography, sector, industry or security.
35%
25% Average calendar year return: 10.3%
15%
5%
-5%
-15%
-25%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Calendar Year Return
Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2020. Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund
(Investor A) at NAV. Had sales charges been included, the returns would have been lower. Performance, fees and rankings for other share classes could be higher or lower. Returns are net of fees and include reinvestment of dividends and
capital gains. *Returns calculated from first full month post inception (February 28, 1989). For 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.
17
USRRMH0721U/S-1728532-17/21GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)
…But has also delivered cash flow
With yields at historic lows, generating income for clients is increasingly difficult, creating a need to seek alternative forms of
cash flow. In the pursuit of total return, investors can choose to receive or reinvest the various cash flows that comprise the
fund’s annual distributions (income + capital gains) – a sum that has averaged over 6% per year.
Range of distributions over time (as % of NAV)*
20% Income 0.5% - 13%
Capital gains (pre 2000) 0% - 8%
15% Long-term capital gains 0% - 10%
Short-term capital gains 0% - 4%
Total Distribution 1% - 16%
10%
6.9%
5%
0%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Income Capital gains (pre 2000)
Long-term capital gains (2000 - present) Short-term capital gains (2000 - present)
Average annual distribution since 1989
Performance data quoted represents past performance and does not guarantee future results Source: BlackRock, Bloomberg. As of 12/31/2020. Information shown for the BlackRock Global Allocation Fund (Investor A) at NAV.
Investor A inception on October 21, 1994. Distributions prior to the 1995 calendar year reflect the Institutional Share Class; with the income distribution % reduced to account for the approximate 30 bps difference in expense ratios..
*Annual distribution represented by the sum of all distributions paid out during the calendar year as a percentage of the Fund’s NAV as of 12/31 of each calendar year. Distributions include income, short-term, and long-term capital
gains. Current yield represents the most recent income distribution, annualized based on payment frequency, divided by NAV. This information must be preceded or accompanied by a current
prospectus. Investors should read and consider it carefully before investing. Fund Prospectus: MDLOX.
18
USRRMH0721U/S-1728532-18/21GA_A
BLACKROCK GLOBAL ALLOCATION FUND (MDLOX)
Using the Fund as a source of income
Inflation-adjusted withdrawal scenario for $100,000 investment in Global Allocation Fund. An annual withdrawal rate of
2 – 6.9% has allowed for capital appreciation.
Withdrawal Rate Total Withdrawals Ending Value
$1,800,000 ̶ ̶ ̶ Buy & Hold $0 $1,848,043
̶ ̶ ̶ 2.0% $105,006 $1,440,303
$1,500,000 ̶ ̶ ̶ 4.0% $210,011 $1,032,562
̶ ̶ ̶ 6.0% $315,017 $624,822
$1,200,000 ̶ ̶ ̶6.9% $362,269 $441,338
$900,000
$600,000
$300,000
$0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Performance data quoted represents past performance and does not guarantee future results. As of December 31, 2020. Source: BlackRock, Morningstar. The performance depicted above is for the BlackRock Global Allocation Fund
(Investor A) with the deduction of initial sales charge of 3% for $100,000 investment. Performance, fees and rankings for other share classes could be higher or lower. For 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. Returns are net of fees and include reinvestment of dividends and capital gains. Methodology: Assumes a $100,000
investment at first full month post inception (February 28, 1989) and a lump sum withdrawal on December 31 of each year. 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. Does not consider 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.
19
USRRMH0721U/S-1728532-19/21Important notes
1 The Morningstar Analyst Rating™ is not a credit or risk rating. It is an evaluation performed by Morningstar’s Manager Research
Group based on five pillars: process, performance, people, parent, and price. This evaluation determines how they believe funds are likely
to perform relative to a benchmark over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors. For
active funds, an Analyst Rating of Gold, Silver or Bronze reflects the expectation that the fund will be able to deliver positive alpha net of
fees relative to the standard benchmark index assigned to the Morningstar category. The Analyst Ratings are overseen by an Analyst
Rating Committee and are monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s
Analyst Rating, including its methodology, please go to
https://www.morningstar.com/content/dam/marketing/shared/pdfs/Research/962834.pdf. The Morningstar Analyst Rating (i)
should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the
Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be
considered an offer or solicitation to buy or sell the fund.
2 The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and
variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.
Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated
based on a Morningstar Risk-Adjusted Return measure (excluding any applicable sales charges) that accounts for variation in a
managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3
stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is
derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar
Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating
for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of
total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-
year period actually has the greatest impact because it is included in all three rating periods.
20
USRRMH0721U/S-1728532-20/21Important notes
Principal risks: The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your
investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency
fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Fixed income risks include interest
rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that
the bond issuer will not be able to make principal and interest payments. Non-investment grade debt securities (high yield/junk bonds) may be
subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Asset allocation strategies do
not assure profit and do not protect against loss. Short selling entails special risks. If the fund makes short sales in securities that increase in
value, the fund will lose value. Any loss on short positions may or may not be offset by investing short sale proceeds in other investments. The
fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit
that may reduce returns and increase volatility.
This information must be preceded or accompanied by a current prospectus. Investors should read and consider it carefully before
investing. Fund Prospectus: MDLOX.
Prepared by BlackRock Investments, LLC, member FINRA.
© 2021 BlackRock, Inc. All rights reserved. BLACKROCK, ALADDIN and SO WHAT DO I DO WITH MY MONEY are 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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