Global Allocation Fund | MKLOX

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NAV as of Nov 27, 2023 $17.77
52 WK: 16.48 - 18.17
1 Day NAV Change as of Nov 27, 2023 0.01 (0.06%)
NAV Total Return as of Nov 27, 2023 YTD: 7.50%
Morningstar Rating

4 stars
GOLD

Overview

About this Fund

1. Unconstrained in search of opportunity
2. One of the most well-resourced multi-asset teams
3. Seeks returns competitive with global stocks with less volatility

Investment Approach

The Fund seeks to provide high total investment return through a fully managed investment policy utilizing U.S. and foreign equity, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.

For more information read our monthly commentary

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Global Allocation Fund ($)

Cum. Fund Perf. Since Inception: 1,770.93

Historical NAVs

Distributions

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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Returns

	1y	3y	5y	10y	Incept.
Total Return (%)	8.96	1.09	4.04	4.39	8.87
Benchmark (%)	13.94	2.40	4.21	5.26	7.04
Morningstar Category Avg. (%)	10.64	3.50	2.71	3.68	-
Morningstar Ranking	290/393	285/377	87/349	-	-
Morningstar Quartile	3	3	1	2	-
Lipper Ranking	238/466	312/421	123/383	-	-
Lipper Quartile	3	3	2	-	-
FTSE World Index	22.67	8.40	7.48	-	-

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y	Incept.
Total Return (%)	2.60	-3.69	-4.15	8.96	3.32	21.88	53.69	1,798.92
Benchmark (%)	5.60	-3.46	-3.23	13.94	7.37	22.91	66.94	957.83
Morningstar Category Avg. (%)	2.32	-2.97	-2.70	10.64	10.88	14.33	43.58	-
FTSE World Index	-	-4.19	-3.35	22.67	27.39	43.45	-	-

Performance data is not currently available

	2018	2019	2020	2021	2022
Total Return (%)	-7.30	17.59	21.27	6.82	-15.81
Benchmark (%)	-4.68	18.79	13.34	10.13	-15.59
Morningstar Category Avg. (%)	-8.26	16.10	6.18	11.31	-12.34
FTSE World Index	-8.77	27.74	16.33	20.95	-17.54

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Size of Class (Millions) as of Nov 27, 2023 $1,190.4 M

Size of Fund (Millions) $17,104.7 M

Share Class launch date Jun 08, 2016

Asset Class MultiAsset

Morningstar Category Global Allocation

Lipper Classification Flexible Portfolio Funds

Benchmark Index 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA/ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI

CUSIP 09258N778

Number of Issuers as of Oct 31, 2023 1,423

Distribution Frequency None

Max Offer Price as of Nov 27, 2023 $17.77

Open to New Investors Yes

Turnover Percent in the Annual Report 139%

Portfolio Characteristics

P/E Ratio as of Oct 31, 2023 18.27

Average Market Cap (Millions) as of Oct 31, 2023 $ 390,317.5 M

Fund Sharpe Ratio (3y) as of Oct 31, 2023 0.01

Benchmark Sharpe Ratio (3y) as of Oct 31, 2023 0.10

Fund Standard Deviation (3y) as of Oct 31, 2023 12.51

Benchmark Standard Deviation (3y) as of Oct 31, 2023 12.53

Effective Duration as of Oct 31, 2023 2.18 yrs

Effective Duration Fixed Income as of Oct 31, 2023 6.14 yrs

Effective Duration Fixed Income and Cash as of Oct 31, 2023 5.32 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 13.69%

Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -10.18%

Secondary Benchmark Sharpe Ratio (3y) as of Oct 31, 2023 0.44

Secondary Benchmark Standard Deviation (3y) as of Oct 31, 2023 17.63

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

as of current prospectus

Gross Expense Ratio	0.80%
Net Expense Ratio	0.76%

Net Expense Ratio excluding Investment Related Expenses is 0.75%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.00%

Ratings

Morningstar Rating

Overall

4 stars

Overall Morningstar Rating for Global Allocation Fund, Class K, as of Oct 31, 2023 rated against 384 Global Allocation Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Expense

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Oct 31, 2023 out of 418, 4,573, 422, 223 and 422 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Morningstar Medalist Rating

Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective May 01, 2023)

Holdings

as of Sep 29, 2023

Name	Weight (%)
MICROSOFT CORP	2.55
APPLE INC	1.88
ALPHABET INC CLASS C	1.67
AMAZON COM INC	1.31
UNITEDHEALTH GROUP INC	0.92

Name	Weight (%)
NIKKEI 225 (OSE) DEC 23	0.92
NESTLE SA	0.88
MARSH & MCLENNAN INC	0.84
MASTERCARD INC CLASS A	0.82
SHELL PLC	0.67

Custom Columns

Name
Weight (%)
Shares
Market Value

Name	Weight (%)	Shares	Market Value

as of Sep 29, 2023

Name	Weight (%)
UMBS 30YR TBA(REG A)	4.82
TREASURY (CPI) NOTE 0.625 01/15/2024	1.58
SPAIN (KINGDOM OF) 2.55 10/31/2032	1.37
SPAIN (KINGDOM OF) 3.15 04/30/2033	1.24
TREASURY (CPI) NOTE 0.5 04/15/2024	0.85

Name	Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024	0.65
CANADA (GOVERNMENT OF) 0.25 03/01/2026	0.56
GREEN PLAINS - SECURED NOTES 144A 11.75 02/08/2026	0.51
TREASURY (CPI) NOTE 0.625 07/15/2032	0.39
QUINTIS 1ST LIEN SR SEC PIK TOGGLE 144A 13.51 10/01/2026	0.39

Detailed Holdings and Analytics

Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

as of Sep 29, 2023

% of Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Sep 29, 2023

% of Market Value

Type	Fund	Benchmark	Net

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Equity
Fixed Income

as of Sep 29, 2023

% of Market Value

Type	Fund	Benchmark	Net

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as of Sep 29, 2023

% of Market Value

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as of Sep 29, 2023

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Portfolio Managers

Rick Rieder, Managing Director, is BlackRock's Global Chief Investment Officer of Fixed Income, and Co-head of BlackRock's Global Fixed Income platform, a member of BlackRock's Global Operating Committee and Chairman of the BlackRock firm-wide Investment Council.

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury. Mr. Rieder is currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013, and was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014.

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Investment Committee and is the Vice Chairman of the Finance Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

Mr. Rieder serves as Chairman of the Board of North Star Academy's eleven Charter Schools in Newark, New Jersey and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is a Trustee for the U.S. Olympic Committee, and on the board of advisors for the Hospital for Special Surgery. He serves on the National Leadership Council of the Communities in Schools Educational Foundation and on the board of Big Brothers/Big Sisters of Newark and Essex County Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.