BlackRock Model Portfolios

Terms of Use</a>\n \nThe data collected through this tool is treated pursuant to BlackRock’s <a href=https://www.blackrock.com/"https://www.blackrock.com/us/financial-professionals/compliance/data-promise/">Data Promise</a>\n \nFOR FINANCIAL PROFESSIONAL USE ONLY. \n \nThis information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the models and portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.\n \nAny third-party branded or BlackRock model portfolios that are provided by BlackRock exclusively to applicable platform users (collectively, “custom model portfolios”) and non-BlackRock model portfolios are offered through third parties which are not affiliated with BlackRock. Custom model portfolios are subject to contractual instructions provided to BlackRock by the respective third-party firms. BlackRock does not endorse any custom or non-BlackRock model portfolios. Any custom and non-BlackRock model portfolios that are available in the tool may comprise a significant percentage of underlying BlackRock products. Information regarding any custom and non-BlackRock model portfolios does not constitute investment advice or a recommendation from BlackRock to any client of a third party financial professional. For more information regarding non-BlackRock model portfolios, including Form ADVs for certain model portfolio providers, please visit the respective third-party model provider websites.\n \nThis information must be preceded or accompanied by a current prospectus. Investors should read and consider it carefully before investing. Carefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website or <a href=https://www.blackrock.com/"http://www.sec.gov/edgar/search/">www.sec.gov/edgar/search. For BlackRock Funds, please visit <a href=https://www.blackrock.com/"http://www.blackrock.com/prospectus/">www.blackrock.com/prospectus. For iShares Funds, please visit <a href=https://www.blackrock.com/"http://www.iShares.com/prospectus/">www.iShares.com/prospectus. Read the prospectuses carefully before investing.\n \nAny iShares Trusts or other products registered only under the Securities Act of 1933 referenced in this material are not investment companies, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products may be speculative and involve a high degree of risk. This information must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing.\n \nInvesting involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.\n \nThe BlackRock model portfolios and custom model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates.\n \nThe 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. Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.iShares.com or www.blackrock.com. For month-end performance for other funds, please visit the respective fund providers' websites. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times.\n \nThe BlackRock model portfolios, custom model portfolios and any other portfolios included in this material are provided for illustrative and educational purposes only. The BlackRock model portfolios, custom model portfolios and any other portfolios included in this material do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a third party financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the BlackRock model portfolios and custom model portfolios (collectively, “model portfolios”), or any other portfolios included in this material. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the model portfolios or any other portfolios included in this material. BlackRock is not responsible for determining the appropriateness or suitability of the model portfolios or any other portfolios, or any of the securities included therein, for any client of a financial professional. Information concerning the model portfolios or any other portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the model portfolios or any other portfolios included in this material. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results.\n \nThe model portfolios themselves are not funds. Some of the BlackRock strategies from which the custom model portfolios are derived are also available as managed account strategies. Such managed account strategies have actual performance that may differ from, and in some cases may be lower than, the hypothetical performance of the model portfolios. Performance of such managed account strategies, which reflects the impact of advisory fees, trading, and other factors, is available upon request.\n \nThe model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. For models provided by BlackRock, BlackRock intends to allocate all or a significant percentage of the model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds (\"BlackRock Affiliated Funds\"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the model portfolios. This may result in model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds.\n \nAny information on funds not managed by BlackRock or securities not distributed by BlackRock is provided for illustration only and should not be construed as an offer or solicitation from BlackRock to buy or sell any securities. \n \nThis information is intended for use in the United States. This information is not a solicitation for or offering of any investment, product, or service to any person in any jurisdiction or country in which such solicitation or offering would be unlawful.\n \nInvestment comparisons are for illustrative purposes only. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses.\n \nThe tool, and any data used by the tool, is provided on an \"as-is\" basis. BlackRock expressly disclaims all warranties, express or implied, statutory or otherwise with respect to the tool (and any data used by the tool and the results obtained from use of the tool) including, without limitation, all warranties or merchantability, fitness for a particular purpose or use, accuracy, completeness, originality and/or non-infringement. In no event shall BlackRock have any liability for any claims, damages, obligations, liabilities or losses relating to the tool including, without limitation, any liability for any direct, indirect, special, incidental, punitive and/or consequential damages (including loss of profits or principal).\n \nThe validity of the analysis generated by the tool is in part dependent upon the accuracy of the data entered by the user when using the tool.\n \nAny opinions expressed in this material reflect our analysis at this date and are subject to change. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy. For models that are not provided by BlackRock, BlackRock is not responsible for the accuracy, oversight or review, including with respect to the underlying methodology, of non-BlackRock model portfolio data that is provided to BlackRock by third parties.\n \nThis information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.\n \nThe information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for these types of advice.\n \nIndex performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.\n \nInternational investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.\n \nFunds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.\n \nA fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective.\n \nThere can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (\"factors\"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.\n \nA fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or Stoxx Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.\n \n©2023 BlackRock, Inc. All rights reserved. BLACKROCK, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.\n \niCRMH0821U/S-1753869\niCRMH0821U/S-1758876\nFIM0821U/S-1763238\niCRMH0821U/S-1763076\niCRMH0821U/S-1764678\niCRMH0821U/S-1771309\nFIM0921U/S-1837131\niCRMH0921U/S-1838062\niCRMH0921U/S-1830331\niCRMH0921U/S-1846215\niCRMH0921U/S-1842495 iCRMH0921U/S-1842510 iCRMH0921U/S-1842507\niCRMH1021U/S-1852548\niCRMH1021U/S-1858159\niCRMH0921U/S-1853941\nFIM1021U/S-1883954\niCRMH1121U/S-1922793\niCRMH1121U/S-1921010\niCRMH1121U/S-1926262\niCRMH1221U/S-1935548\niCRMH1121U/S-1924232\niCRMH1121U/S-1931910\niCRMH1121U/S-1932615\niCRMH1021U/S-1896517\niCRMH1121U/S-1918685\niCRMH1221U/S-1943123\niCRMH1121U/S-1923100\niCRMH0921U/S-1853782\niCRMH0921U/S-1842501\niCRMH0921U/S-1842507 iCRMH0921U/S-1833015 iCRMH0921U/S-1861625 iCRMH1021U/S-1865063 iCRMH1021U/S-1890123 iCRMH1021U/S-1889038 iCRMH0921U/S-1854173 iCRMH1021U/S-1893799 iCRMH1121U/S-1904547 iCRMH0921U/S-1863587 iCRMH1221U/S-1937624 iCRMH0921U/S-1863735\nFIM1221U/S-1958912\niCRMH1221U/S-1963820\niCRMH0122U/S-1985280\nFIM0122U/S-1994984\niCRMH0122U/S-1997549\niCRMH0122U/S-2005452\niCRMH0222U/2-2017210\niCRMH0222U/S-2034018\nFIM0222U/S-2038727\niCRMH0222U/S-2043101\niCRMH0322U/S-2071622\nFIM0322U/S-2082173\niCRMH0322U/S-2085376\niCRMH0422U/S-2108581\niCRMH0422U/S-2110858\nFIM0422U/S-2158168\niCRMH0422U/S-2160727\niCRMH0522U/S-2202070\nFIM0522U/S-2206200\niCRMH0522U/S-2209170\niCRMH0522-2200661\nFIM0622U/S-2246438\niCRMH0622U/S-2251743\niCRMH0622U/S-2257432\niCRMH0622U/S-2263793\niCRMH0622U/S-2265732\nFIM0722U/S-2297652\niCRMH0722U/S-2301366\niCRMH0722U/S-2299188\niCRMH0722U/S-2307642\niCRMH0722U/S-2309603\niCRMH0822U/S-2381442\nFIM0822U/S-2382536\niCRMH0822U/S-2386009\niCRMH0822U/S-2401890\nFIM0922U/S-2432458\niCRMH0922U/S-2441164\niCRMH0922U/S-2349826\niCRMH0922U/S-2450384\niCRMH1022U/S-2458810\niCRMH1022U/S-2467985\nFIM1022U/S-2516847\niCRMH1022U/S-2518759\niCRMH1022U/S-2526757\niCRMH1022U/S-2526936\nFIM112U/S-2592041\niCRMH1122U/S-2592351\niCRMH1122U/S-2600587\nFIM122U/S-2647111\niCRMH1222U/S-2649557\niCRMH1222U/S-2654146\niCRMH1222U/S-2656645\niCRMH0123U/S-2656694\niCRMH0123U/S-2659118\niCRMH0123U/S-2659122\niCRMH0123U/S-2659127\niCRMH0123U/S-2659699\niCRMH0123U/S-2659826\niCRMH0123U/S-2665115\niCRMH0123U/S-2665383\niCRMH0123U/S-2665498\niCRMH0123U/S-2668283\niCRMH0123U/S-2668182\niCRMH0123U/S-2672447\niCRMH0123U/S-2680171\niCRMH0123U/S-2690286\niCRMH0223U/S-2734267\niCRMH0223U/S-2745423 iCRMH0223U/S-2747489\niCRMH0323U/S-2787150\niCRMH0323U/S-2797843\niCRMH0323U/S-2815789\niCRMH0423U/S-2834086\niCRMH0423U/S-2847825\niCRMH0423U/S-2851307\niCRMH0423U/S-2860051\niCRMH0423U/S-2870548\niCRMH0523U/S-2901713\niCRMH0523U/S-2917627\niCRMH0523U/S-2914608\niCRMH0623U/S-2931241\niCRMH0623U/S-2931830\niCRMH0623U/S-2940381\niCRMH0723U/S-3004505\niCRMH0723U/S-3009555\niCRMH0723U/S-3018014\niCRMH0823U/S-3047080","RISK_AGGRESSIVE_SUB_TEXT":"80-100% Target Equity Exposure","PREFERENCES_NO_PREFERENCE":"No Preferences","MPUF_JAX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income and liquid alternatives portions are represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% S&P National Municipal Bond Index.","MPUF_MRGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","FAMILY_OVERVIEW_DISCLOSURE_BOX":"<table style=\"border-collapse: collapse; width: 100%; border: 1px solid black;\" border=\"1\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">*Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.</td>\n</tr>\n</tbody>\n</table>","ANN_SPEAKER_NOTES":"Annually-Trading Speaker Notes","MPUF_CPGI_DISCLOSURE":"Components of the benchmarks are as follows:\n\nConservative: 58.67% IBOXX US Dollar Liquid Investment Grade Index, 29.33% Markit iBoxx US Dollar Liquid High Yield Index, 3.34% S&P 500 High Yield Dividend Index, 3.33% Morningstar Global ex-US Dividend Growth Net Index, 3.33% Morningstar US Dividend Growth Index TR, 2% ICE BofA 3 Month Treasury Bill Index.\n\nModerately Conservative: 45.33% IBOXX US Dollar Liquid Investment Grade Index, 22.67% Markit iBoxx US Dollar Liquid High Yield Index, 10% S&P 500 High Yield Dividend Index, 10% Morningstar Global ex-US Dividend Growth Net Index, 10% Morningstar US Dividend Growth Index TR, 2% ICE BofA 3 Month Treasury Bill Index. \n\nModerate: 32% IBOXX US Dollar Liquid Investment Grade Index, 16.67% S&P 500 High Yield Dividend Index, 16.66% Morningstar Global ex-US Dividend Growth Net Index, 16.67% Morningstar US Dividend Growth Index TR, 16% Markit iBoxx US Dollar Liquid High Yield Index, 2% ICE BofA 3 Month Treasury Bill Index.\n\nModerately Aggressive: 23.33% S&P 500 High Yield Dividend Index, 23.33% Morningstar Global ex-US Dividend Growth Net Index, 23.34% Morningstar US Dividend Growth Index TR, 18.67% IBOXX US Dollar Liquid Investment Grade Index, 9.33% Markit iBoxx US Dollar Liquid High Yield Index, 2% ICE BofA 3 Month Treasury Bill Index.","PDF_CUSTOM_FAMILY_PERFORMANCE_DISCLAIMER_PREFIX":"Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the Appendix. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio. A financial professional’s client may or may not be eligible to hold the share class shown. A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; cash flows into or out of such accounts; and/or other factors.","HIGH_NET_GROWTH_SUB_HEADER":"Combines SMAs & ETFs","MPUF_FSB_DISCLOSURE":"As of 7/1/2021, for all models except the Foundations Smart Core 100/0 model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The liquid alternatives portion of the benchmark is represented by the ICE BofAML US T-Bill 0-3 Month Index. The fixed income portion is represented by a fixed 2% allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the S&P Cohen & Steers US Realty Majors Index, a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remainder to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 23% S&P National Municipal Bond Index, 13% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return index. As of 7/1/2021, the benchmark for the 100/0 Model is 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 8% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return Index.\n\nPrior to 7/1/2021, for all models except the Foundations Smart Core 100/0 model, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the liquid alternatives portion of the benchmark was represented by the ICE BofAML US T-Bill 0-3 Month Index, and the fixed income portion was represented by a fixed 2% allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the S&P Cohen & Steers US Realty Majors Index, and the remainder to the S&P National Municipal Bond Index. The benchmark for the 100/0 Model was 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 6% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return Index.","ANNUAL_TAX_AWARE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","MAI_INCOME_COMMENTARY_RO":"iCRMH0823U/S-3069104","OTHER_SECTION_DISCLOSURE":"Views are subject to change and may not reflect current model portfolio allocations. These views are relative to the models’ benchmark weights.","MPUF_KLQ_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","INVESTMENT_PROCESS_STEP4_DESC_TA_MODELS":"Measure and monitor modal portfolio risks using Aladdin Technology to better understand portfolio risk and manage investments within a risk budget of 300 bps.","MPUF_WGB_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% Bloomberg U.S. Universal Index.","PDF_FAMILY_PERFORMANCE_DISCLAIMER_SUFFIX":"<hr class=\"rule-medium\"/>\n \nGross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","MAI_TA_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969762","MAI_GROWTH_INCOME_COMMENTARY_RO":"iCRMH0623U/S-2969765","INCOME_EXPLORE_CARD_TOOLTIP":"Slide to see models with higher income.","PDF_CUSTOM_FAMILY_PERFORMANCE_DISCLAIMER_SUFFIX":"<hr class=\"rule-medium\"/>\n \nGross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","PDF_FAMILY_PERFORMANCE_DISCLAIMER_PREFIX":"Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the Appendix. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Performance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio. A financial professional’s client may or may not be eligible to hold the share class shown. A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; cash flows into or out of such accounts; and/or other factors.","LATEST_HOLDINGS_SECTION_DESC":"Holdings and Weights from the Latest Trade","MPUF_ONA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_JA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income and liquid alternatives portions are represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% Bloomberg U.S. Universal Index.","MPUF_MKDA_DISCLOSURE":"The benchmark is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_MLA_DISCLOSURE":"For the Merrill Lynch Core Allocation with Alternatives Taxable models, the Conservative Benchmark is represented by 57% Bloomberg U.S. Universal Index, 16% MSCI ACWI Index, 7% MSCI USA Index, 7% ICE BofAML US T-Bill 0-3 Month Index, 9% HFRI Fund Weighted Composite Index, 2% MSCI U.S. REIT Index, and 2% Bloomberg Commodity Index. The Moderately Conservative Benchmark is represented by 44% Bloomberg U.S. Universal Index, 27% MSCI ACWI Index, 12% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 11% HFRI Fund Weighted Composite Index, 2% MSCI U.S. REIT Index, and 2% Bloomberg Commodity Index. The Moderate Benchmark is represented by 27% Bloomberg U.S. Universal Index, 38% MSCI ACWI Index, 16% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 13% HFRI Fund Weighted Composite Index, 2% MSCI U.S. REIT Index, and 2% Bloomberg Commodity Index. The Moderately Aggressive Benchmark is represented by 9% Bloomberg U.S. Universal Index, 48% MSCI ACWI Index, 21% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 15% HFRI Fund Weighted Composite Index, 2.5% MSCI U.S. REIT Index, and 2.5% Bloomberg Commodity Index. The Aggressive Benchmark is represented by 55% MSCI ACWI Index, 24% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 14% HFRI Fund Weighted Composite Index, 2.5% MSCI U.S. REIT Index, and 2.5% Bloomberg Commodity Index.","TRADEFREQUENCY_ANNUALLY":"Strategic (1x per year)","DISCLOSURE_SECTION_DESC":" ","MPUF_HHX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","TARGET_ALLOCATION_TAX_AWARE_MULTI_MANAGER_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0423U/S-2851287","MPUF_CC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 92.5% Bloomberg U.S. Universal Index and 7.5% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 37% Bloomberg U.S. Universal Index, and 3% ICE BofA 3 Month Treasury Bill Index.","MPUF_WMB_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MPUF_MAC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_HGX_DISCLOSURE":"As of 7/1/2021, for all models except the All Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the All Equity Model is represented by 63% MSCI ACWI, 27% MSCI USA Index, and 10% ICE BofA 3 Month Treasury Bill Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond.","TARGET_ALLOCATION_MULTI_MANAGER_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","RISKPROFILE_MODERATE_AGGRESSIVE":"Moderate Aggressive (65-<80% Target Equity Exposure)","MPUF_JEX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by 100% S&P National Municipal Bond Index.The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by 100% S&P National Municipal Bond Index.","MPUF_SYGI_DISCLOSURE":"The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.67% iBoxx USD Liquid High Yield Index/45.33% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/9.33% iBoxx USD Liquid High Yield Index/18.67% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_OA_DISCLOSURE":"The benchmark for the Opportunistic Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","INVESTMENT_PROCESS_STEP2_DESC_TA_MODELS":"Tactical asset allocation takes a disciplined approach to seek opportunities or downside protection based on short-term and medium-term investment views","MPUF_JFX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_WSGI_DISCLOSURE":"Components of the benchmarks are as follows:\n\nModerate: 58.67% IBOXX US Dollar Liquid Investment Grade Index, 29.33% Markit iBoxx US Dollar Liquid High Yield Index, 3.34% S&P 500 High Yield Dividend Index, 3.33% Morningstar Global ex-US Dividend Growth Net Index, 3.33% Morningstar US Dividend Growth Index TR, 2% ICE BofA 3 Month Treasury Bill Index.\n\nGrowth: 45.33% IBOXX US Dollar Liquid Investment Grade Index, 22.67% Markit iBoxx US Dollar Liquid High Yield Index, 10% S&P 500 High Yield Dividend Index, 10% Morningstar Global ex-US Dividend Growth Net Index, 10% Morningstar US Dividend Growth Index TR, 2% ICE BofA 3 Month Treasury Bill Index. \n\nModerate: 32% IBOXX US Dollar Liquid Investment Grade Index, 16.67% S&P 500 High Yield Dividend Index, 16.66% Morningstar Global ex-US Dividend Growth Net Index, 16.67% Morningstar US Dividend Growth Index TR, 16% Markit iBoxx US Dollar Liquid High Yield Index, 2% ICE BofA 3 Month Treasury Bill Index.\n\nModerately Aggressive: 23.33% S&P 500 High Yield Dividend Index, 23.33% Morningstar Global ex-US Dividend Growth Net Index, 23.34% Morningstar US Dividend Growth Index TR, 18.67% IBOXX US Dollar Liquid Investment Grade Index, 9.33% Markit iBoxx US Dollar Liquid High Yield Index, 2% ICE BofA 3 Month Treasury Bill Index.","GROWTH_EXPLORE_CARD_CONTENT":"Grow assets over the long-term (30%-100% equity)","ESTIMATED_RISK":"Current Risk (%)","MPUF_KDX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MB_ACTION_DRAWER_ANALYZE_SUBTEXT":"Including a client friendly report","MPUF_CGB_DISCLOSURE":"As of 7/1/2021, for all models except the CFS Global Blend 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","GO_TO_COMPARE_LABEL":"Compare","FAMILY_MODELS_PERFORMANCE_DISCLOSURE_LINK":"click here","MPUF_KLX_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% S&P National Municipal Bond Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","ML_CORE_ALLOCATION_ALTS_TAXABLE_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nAdjust alternative sleeve to seek to increase diversification, tilting into global strategies with low correlations to broad markets\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MPUF_ULS_DISCLOSURE":"The equity portion of the benchmark is represented by 45% MSCI ACWI Index and 55% MSCI USA Index, while the fixed income portion is represented by 50% BBG US Universal 1-5 Year Index, 50% BBG US Universal 5-10 Years Index and a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month. For example, the benchmark for the 60/40 model portfolio is represented by 27% MSCI ACWI Index, 33% MSCI USA Index, 19% BBG US Universal 1-5 Year Index, 19% BBG US Universal 5-10 Years Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","GROSS_FORMATTER_DCR":"Gross of an advisory fee","FILTER_TEXT":"Browse available models, filtering by preferences, objective and more.","DEFAULT_HEADER_VIEW":"View","MPUF_JSX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index and the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% S&P National Municipal Bond Index. ","MPUF_KPX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MB_HIDE_ESTIMATE_RISK_PDF":"true","MAI_INCOME_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969758","MPUF_KDE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_MSC_DISCLOSURE":"As of 7/1/2021, for all models except the Market Street Wealth Core 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index, 20% MSCI USA Index, and 10% Russell 2000 TR USD Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 12% MSCI USA Index, 6% Russell 2000 TR USD Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 19.4% MSCI USA Index, 10% Russell 2000 Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index, 20% MSCI USA Index, and 10% Russell 2000 TR USD Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MCUF_WAQ_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation Hybrid with Alts 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation Hybrid with Alts Equity Model is is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MPUF_JRC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the convertible notes portion is represented by the ICE BofA All Convertibles All Qualities Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 34% Bloomberg U.S. Universal Index, 5% ICE BofA All Convertibles All Qualities Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69.3% MSCI ACWI Index, 29.7% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","FAMILY_PERFORMANCE_DISCLOSURE":"The model performance shown is hypothetical, for illustrative purposes only, and does not represent the performance of a specific investment product or any client account. Performance does not reflect actual trading, nor does it include any brokerage fees, commissions, or any portfolio management overlay fee, which would further reduce returns. Each portfolio represents an allocation to the underlying constituent securities. The underlying constituent performance is based on actual historical performance. The performance assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted. Sales charges are not deducted. The model performance reflects rebalancing in response to market conditions. Past performance does not guarantee future results. For standardized performance for the underlying funds within the models, please click “View fund performance” above. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.\n ","PDF_FEES_H1":"Fees","MPUF_HGE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the convertible notes portion is represented by the ICE BofA All Convertibles All Qualities Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 34% Bloomberg U.S. Universal Index, 5% ICE BofA All Convertibles All Qualities Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69.3% MSCI ACWI Index, 29.7% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","RISK_CONSERVATIVE_SUB_TEXT":"<30% Target Equity Exposure","TARGET_ALLOCATION_SMA_MUNI_COMMENTARY_RO":"iCRMH0823U/S-3069133","MPUF_STK_DISCLOSURE":"As of 7/1/2021, for all models except the Stokes Core 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","BLACKROCK_FAMILY_GROUP_TAB":"BlackRock Models","TARGET_ALLOCATION_SMA_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","FUND_PERF_DISCLAIMER":"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. Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.blackrock.com or www.iShares.com. Performance is annualized for time periods greater than 1 year. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. Source: Morningstar","FUND_PERF_MKT_MONTHLY_RETURN":"Monthly Returns - Market (%)","MPUF_KXA_DISCLOSURE":"The equity portion of the benchmark is represented by 50% MSCI ACWI Index and 50% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 30% MSCI ACWI Index, 30% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","APP_HEADER_TITLE":"Rebalance updates & other details","MPUF_ASA_DISCLOSURE":"The benchmark for the Diversified Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","FAMILY_OVERVIEW_DISCLOSURE_SUFFIX_2":"Gross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","VEHICLE_ETF_ONLY":"ETFs","FAMILY_OVERVIEW_DISCLOSURE_SUFFIX_1":"The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio.  A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; and/or other factors.","INVESTMENT_PROCESS_STEP4_HEADER_TA_MODELS":"Help protect the portfolio","MAIF_MAIPT_DISCLOSURE":"For the BlackRock Growth & Income with PIMCO® Tax-Aware models, the Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% Bloomberg Municipal Custom High Yield Composite Index/58.7% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% Bloomberg Municipal Custom High Yield Composite Index/45.3% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% Bloomberg Municipal Custom High Yield Composite Index/32.0% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% Bloomberg Municipal Custom High Yield Composite Index/18.7% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_LHM_DISCLOSURE":"As of 7/1/2021, for all models except the Long Horizon Mutual Fund 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Long Horizon Mutual Fund 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","PDF_INVESTMENT_VEHICLE_ETF_AND_MF":"ETFs & MFs","INVESTMENT_GUIDING_PRINCIPLES_SECTION_DESC":"Investment Guiding Principles","MINI_COMPARE_EXPENSE_RATIO_LABEL":"Gross / Net Expense Ratio","TATA_TRADE_RAT_ONLY_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","MPUF_MUIX_DISCLOSURE":"The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.67% Bloomberg Municipal Custom High Yield Index/45.33% S&P Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/16.0% Bloomberg Municipal Custom High Yield Index/32.0% S&P Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/9.33% Bloomberg Municipal Custom High Yield Index/18.67% S&P Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index.","PERFORMANCE_COMMENTARY_ERROR":"The performance commentary is currently not available for this model.","MPUF_ESG_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation ESG 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation ESG 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","OPPORTUNISTIC_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3069106","MPUF_JES_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index.","INVESTMENT_PROCESS_OPTIONAL_DESC":" ","MPUF_CPR_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","TARGET_ALLOCATION_ETF_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MPUF_S2B_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index.","TARGET_ALLOCATION_SMART_BETA_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and credit amidst unusually elevated uncertainty\n \nAdding to growth-oriented US large cap and international developed market stocks, and selling US small caps and momentum-oriented stocks\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","MPUF_ARF_DISCLOSURE":"The benchmark for the ARGI Factor Rotation model is represented 100% by the MSCI Developed Index.","PDF_TRADE_FREQUENCY_ANNUALLY":"Strategic (1x per year)","INVESTMENT_PROCESS_STEP1_HEADER_TA_MODELS":"Start with a long-term strategy","WSP_DYNAMICS_FAMILY_GROUP_TAB":"WealthSource Models","INVESTMENT_PROCESS_STEP3_DESC_TA_MODELS":"Select appropriate investment vehicles that are efficient, cost-effective, and accurately express targeted exposures across both active and passive vehicles to diversify sources of return","CHANGES_TO_HOLDINGS_SECTION_DESC":"Changes to Holdings and Weights from the Previous Trade","MODEL_BROWSE_APP_TITLE":"MODEL EVALUATOR","MPUF_USX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","CHANGES_HOLDINGS_DISCLOSURE":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","MPUF_PAC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_COMMENTARY_DISCLOSURE":"Views are subject to change.\n","TRADEFREQ_SEMI_ANNUALLY":"Tax-Aware (2-4x per year)","CUSTOM_ADVISORY_FEE_INPUT_DESCRIPTION":"Advisory Fee","MPUF_CWS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 92.5% Bloomberg U.S. Universal Index and 7.5% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 37% Bloomberg U.S. Universal Index, and 3% ICE BofA 3 Month Treasury Bill Index.","THREE_YEAR":"3 Year (%)","MPUF_KFX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 50/50 model portfolio is represented by 35% MSCI ACWI Index, 15% MSCI USA Index, 48% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_GDX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by the MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 60% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 98% MSCI USA Index and 2% ICE BofAML US T-Bill 0-3 Month Index.","MODELCATEGORYTYPE_MAS_MPS_MANAGED_MODELS":"Target Allocation","MPUF_MKSF_DISCLOSURE":"The benchmark is represented by 100% Bloomberg US Universal 1-5 Year Index.","DIVERSIFIED_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3069107","MPUF_WE_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_BTA_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation Multi-Manager with Alts Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation Multi-Manager with Alts Equity Model is represented by 63% MSCI ACWI, 27% MSCI USA Index, and 10% ICE BofA 3 Month Treasury Bill Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","TARGET_INCOME_ACTIVE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3045459","LATEST_HOLDINGS_SECTION_KEY":"Latest Holdings (%)","INVESTMENT_PRINCIPLE6_DESC_TA_MODELS":"For equities from benchmark","PREFERENCES_ESG":"ESG","MODELCATEGORYTYPE_MAS_INCOME":"Multi-Asset Income","TRADEFREQUENCY_MONTHLY":"Tactical (>8x per year)","MPUF_PNC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MAI_GROWTH_INCOME_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969765","ADDITIONAL_RESOURCES_TITLE":"To download a trade notice PDF, click the link in the top right corner.","TARGET_INCOME_ACTIVE_COMMENTARY_RO":"iCRMH0823U/S-3069113","MAI_TD_DISCLOSURE":"Components of the risk benchmarks are as follows: 30% MSCI World Index & 70% Bloomberg U.S. Aggregate Bond Index for MAI MF/ETF Conservative, 50% MSCI World Index & 50% Bloomberg U.S. Aggregate Bond Index for MAI MF/ETF Moderate, and 70% MSCI World Index & 30% Bloomberg U.S. Aggregate Bond Index for MAI MF/ETF Growth.","TARGET_ALLOCATION_TAX_AWARE_MULTI_MANAGER_ALTS_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","CUSTOMIZE_ADVISORY_FEE_DESCRIPTION":"Include your annual investment advisory fee in order to calculate the net performance of your portfolio(s).","TARGET_INCOME_ACTIVE_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive returns for the month. The largest contributors to performance were exposures to short duration high yield, investment grade bonds, and emerging market high yield bonds in riskier profiles. Also, our exposure to floating rate bonds helped insulate the portfolio as yields rose over the month. The main detractors from performance were allocations to longer maturity US treasuries and mortgage-backed securities.","MPUF_DYX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_SEA_DISCLOSURE":"For all models except the All Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the All Equity Model is represented by 63% MSCI ACWI, 27% MSCI USA Index, and 10% ICE BofA 3 Month Treasury Bill Index. ","MPUF_MUQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MAI_BLK_PIMCO_GROWTH_AND_INCOME_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nContinued signs of easing inflationary pressures and a relatively favorable earnings backdrop helped drive solid returns for stocks and broader risk assets in July. Higher quality, longer duration bonds fared less well as the soft-landing narrative gained traction with growth remaining resilient despite global central banks continuing on their tightening trajectory. The U.S. Federal Reserve again raised interest rates after pausing in June citing core inflationary pressures and resilient economic and employment data. Meanwhile, the European Central Bank took rates to their highest level in history, although hope has grown for the possibility of a pause in September as signs of easing inflation are building and concern grows that the bank is hiking into an inevitable recession.\n \nThe July CPI report came in softer than expected and was consistent with the broad trend in moderating inflation. Prices climbed 3.2% on an annual basis versus the consensus estimate of 3.3%. However, core CPI, which excludes more volatile food and energy prices, rose 4.7% and remains well above the Fed’s long-term 2% target. Meanwhile, the U.S. producer price index (PPI) surprised to the upside, rising at an annual rate of 0.8% compared to estimates of 0.7%, driven by costs of services. So, while we remain optimistic on the downward trend in U.S. inflation and the tailwind that provides for a soft-landing, we are not yet out of the woods and we believe central banks will remain steadfast in their efforts.\n \nAll models posted positive total returns for the month of July but underperformed their benchmarks. Dividend stocks, a diversified multi-asset exposure, and high yield bonds were the largest absolute contributors. Despite lagging riskier credit, the selected active investment grade credit strategy also contributed, notably outperforming the model’s investment grade benchmark. However, this was partially offset by a non-benchmark exposure to agency mortgage-backed securities, which ended the month in negative territory. The largest relative detractor for the month was high dividend equity selection, primarily driven by underperformance of an active income-oriented equity strategy.","TARGET_ALLOCATION_SMART_BETA_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US minimum volatility, momentum, and small cap factor stocks contributed to performance. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure.","MPUF_MRX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","TRADE_NOTICE":"Trade Notice","MPUF_TROA_DISCLOSURE":"The benchmark is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","OPENARCHITECTURE_CLOSED":"No","TRADEFREQUENCY_QUARTERLY":"Dynamic (4-6x per year)","MPUF_MUX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index.","MPUF_MRQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_JROA_DISCLOSURE":"The benchmark for the JRWA Opportunistic Alternatives model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MAI_GROWTH_INCOME_COMMENTARY":"Key Takeaways:\n \nReducing high yield bonds in favor of agency mortgages given strong year to date performance from lower quality credit and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nDiversifying with U.S. dividend stocks away from a strategy with concentrated sector exposures and towards more balanced strategies, where upside potential is attractive based on our view that the concentrated market rally year to date may broaden out as recession fears remain at bay.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believe rate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. We believe upside potential in dividend stocks has improved relative to credit markets, where spreads have tightened year to date. Dividend stocks have also meaningfully lagged the broad S&P 500 given the concentration of returns in a handful of technology names that have buoyed the entire index. We believe this rally has room to broaden out and therefore reduced a strategy with concentrated sector exposures in favor of more diversified U.S. dividend payers with attractive valuations and where we perceive the bar to beat expectations as lower.\n \nMeanwhile, spreads on high yield bonds have retraced their March wides and are currently approaching their year to date tights. Less attractive valuations, combined with a far greater volatility profile, led us to trim in favor of agency mortgages, an area we had allocated to in our April rebalance. These mortgages are backed by government agencies and thus high quality in nature. We also believe they may benefit more than Treasuries if interest rate volatility subsides given this would reduce prepayment risk (which, when elevated, weighs on the price of mortgages). ","ESTIMATED_RISK_HEADER":"Current Risk","MINI_COMPARE_DIALOG_SUBTITLE":"NOTE: If you select a different model portfolio, it may not align with the previously selected goal.","CAPITAL_PRESERVATION_EXPLORE_CARD_CONTENT":"Seek to limit downside (0%-50% equity)","ML_CORE_ALLOCATION_ALTS_TAX_AWARE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","TRADEFREQUENCY_SEMI_ANNUALLY":"Tax-Aware (2-4x per year)","MPUF_KSGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_TVS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","INT_QRT_MARK_UPD":"Inter-Quarter Market Update","INVESTMENT_PRINCIPLE5_DESC_TA_MODELS":"Ad-hoc flexibility","CHANGES_TO_HOLDINGS_SECTION_OPTIONAL_DESC":" ","MPUF_GAC_DISCLOSURE":"As of 7/1/2021, for all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","FAMILY_OVERVIEW_DISCLOSURE":"The model performance shown is hypothetical, for illustrative purposes only, and does not represent the performance of a specific investment product or any client account. Performance does not reflect actual trading, nor does it include any brokerage fees, commissions, or any portfolio management overlay fee, which would further reduce returns. Each portfolio represents an allocation to the underlying constituent securities. The underlying constituent performance is based on actual historical performance. The performance assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted. Sales charges are not deducted. The model performance reflects rebalancing in response to market conditions. Past performance does not guarantee future results. For standardized performance for the underlying funds within the models, please click “View fund performance” above. ","MPUF_ACC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MODEL_PORTFOLIOS_FOR_WOMEN_COMMENTARY_PERFORMANCE":"As of 6/30/23 \n \nPERFORMANCE\n \nThe second quarter began with signs of a potential economic downturn and fears of a US debt-limit induced default. However, over the quarter, we observed a resoundingly strong equity market, with mixed results across broader asset classes. With fears of a US default on its financial obligations in the rearview, equities charged ahead powered by the disproportionate growth of technology companies at the top of most equity indices.  US Large Cap and International Equities both delivered solid gains across the quarter. While not all equities were treated equally this quarter (and year) – dispersion remained very elevated from levels seen pre-COVID – the broader equity market did participate in the rally, with small cap stocks also generating a modest return over the quarter. International equity returns were largely driven by increases in valuations, rather than by strength in earnings, as investors’ concerns of an impending recession were dimmed, and emerging technologies showed great promise for helping companies drive an increasing share of revenue to their bottom lines. In contrast, fixed income markets have told a less exuberant tale year to date.  Headline CPI, the primary inflation metric published by the Federal Reserve, showed softening inflation throughout the quarter. Unfortunately core CPI, which strips out many of the most volatile components of the headline CPI metric, has remained largely unchanged from the end of 2022. The implication on bond markets is that though the Federal Reserve decided to take a pause from further interest rate hikes in its June meeting, the probability of future hikes remains very high. With moderating inflation and relatively steady interest rates, TIPS experienced slightly negative performance over the quarter but remain positive YTD. After a very strong 2022 in which commodities were really the only bright spot for multi-asset investors, 2023 has shown a departure from broader markets. A combination of softening global demand, warmer winters particularly in Europe, and recoveries in supply chains following 2022’s challenges arising from the conflict in Ukraine, have led to declines in commodities markets.\n \nAll model portfolios delivered positive returns, with seven out of the ten model portfolios outperforming their benchmarks for the quarter. The longer dated portfolios experienced better returns than the near and “at retirement” portfolios given their higher relative exposures to equities. All underlying holdings delivered positive returns, except for US Bonds, TIPs, and Commodities. Active and index US Large Cap Equities were the largest performance contributors in Q2 2023.","MPUF_VCX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MPUF_DEX_DISCLOSURE":"For all models except the Aggressive Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the Moderate model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the Aggressive Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index.","GA_SELECTS_TAX_AWARE_COMMENTARY_RO":"iCRMH0823U/S-3069091","MPUF_ES_RESEARCH_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation ETF 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation ETF 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","WSP_DYNAMIC_FAMILY_GROUP_TAB":"WealthSource Models","INCEPTION_DATE_MANY_ONE":"Inception date for the $MODEL_NAME$ model is $INCEPTION_DATE$.","RISK_MODERATE_AGGRESSIVE_SUB_TEXT":"65-<80% Target Equity Exposure","MPUF_CYX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","MPUF_TVX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","FILTERNAME_TRADEFREQUENCY":"Trading Frequency","TARGET_ALLOCATION_ESG_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns but underperformed their benchmarks for the month. Exposure to large and small cap US equities with positive environmental, social and governance characteristics was the primary contributor to return. Allocations to broad sustainable emerging market and International developed equities also enhanced returns. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term investment grade bonds.","MPUF_ES_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation ETF 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation ETF 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MPUF_AEA_DISCLOSURE":"The benchmark for the Disciplined Edge Diversified Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","INCLUDE_CUSTOM_FEE_TEXT":"Include Advisory Fee","PERFORMANCE_COMMENTARY_DISCLOSURE":"Past performance does not guarantee future results.","MPUF_IS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_HYC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index.","RISKPROFILE_CONSERVATIVE":"Conservative (<30% Equity)","SEMI_MARKET_UPDATE":"Semi-Annually Trading Market Update","FILTERNAME_MODELCATEGORYTYPE":"BlackRock Management Team","MPUF_SUGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","TARGET_INCOME_ACTIVE_COMMENTARY":"Key Takeaways\n \nAdd to Floating-Rate Treasuries which have the potential to offer attractive yields with lower risk at front end of yield curve, barbelling these purchases with small allocation to longer-duration nominal Treasuries\n \nFund from intermediate Treasuries, Mortgage-backed securities, bank loans, and in one risk profile high yield bonds\n \nSeek to maintain portfolio yield, trim credit risk, and slightly reduce duration\n \nTrade Rationale\n \nThe US economy continues to seemingly hum along at a surprisingly resilient pace despite a cumulative onslaught of Fed interest-rate hikes. As inflation appears to follow a path of reticent decline, GDP growth carries on far from recession, the labor market persists in its tightness at an absolute level, and risky credit trades in the range of historically median valuation. Nonetheless, there are tentative signs of a softening economy, with notable examples including (modestly) decelerating employment compensation, accelerating speculative grade defaults (from a low level), and Loan Officers imposing more stringent lending standards.\n \nConsidering the balance of risks, it is straightforward to break for either a bearish or bullish outlook on the dominant Fixed-income risk factors. However, the threat of the long and variable lags of monetary policy, as well as the contrary possibility of a stubbornly higher level of inflation going forward, is set against a highly inverted yield curve with very attractive short-maturity, low-risk interest rates.  We capitalize on this perspective by buying predominantly floating-rate Treasuries. These securities, with their frequent interest-rate resets, have very small price sensitivity to the yield curve. We barbell these purchases with small amounts of 20+ Treasuries to soften the decline in portfolio rate sensitivity with little cost to portfolio yield.\n \nThese purchases are funded by combinations of intermediate Treasuries, mortgages, bank loans, and in one case, high yield bonds. The purchase and sale combination are done in proportions that reduce portfolio duration, while replacement of speculative grade bonds with Treasuries reduces portfolio credit sensitivity a modest amount.\n \nAmidst all of this, we do maintain meaningful positions in nontrivial-duration and credit-risky assets, but at reduced levels. This could allow for some benefit in a ‘soft landing’ scenario as well as maintenance of portfolio income potential.","MB_FAMILY_ADVANCED_VIEW_TITLE":"Rebalance updates & other details","CUSTOM_NET_YTD_RETURN_HEADER":"Net YTD Return","MPUF_SHB_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_AEO_DISCLOSURE":"The benchmark for the Disciplined Edge Opportunistic Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","FILTERNAME_PREFERENCES":"Investment Preferences","MPUF_JRDA_DISCLOSURE":"The benchmark for the JRWA Diversified Alternatives model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","PDF_LOAD_ADJUSTED_RET_H3":"QUARTERLY RETURNS - LOAD ADJUSTED(%)","TARGET_ALLOCATION_SMART_BETA_COMMENTARY_RO":"iCRMH0823U/S-3069136","PDF_INVESTMENT_PREFERENCES_ESG":"ESG","DCR_MB_MCUF_WAQ_COVER_PAGE_DISCLOSURE":"<text id=\"This-information-is\" font-family=\"FortCondensedLight\" font-size=\"8\" font-weight=\"300\" line-spacing=\"10\" fill=\"#FFFFFF\">\n <tspan x=\"6\" y=\"10\">This information is provided for illustrative and educational purposes only. This information does not constitute research,</tspan>\n <tspan x=\"6\" y=\"20\">personalized investment advice, or a fiduciary investment recommendation from BlackRock to any client of a third party </tspan>\n <tspan x=\"6\" y=\"30\"> financial professional, and is intended for use only by such financial professional, </tspan>\n <tspan x=\"6\" y=\"40\">with other information, as a resource to help build a portfolio or as an input in the development of investment advice for </tspan>\n <tspan x=\"6\" y=\"50\"> its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use</tspan>\n <tspan x=\"6\" y=\"60\"> this information. BlackRock does not have investment discretion over, or place trade orders for, any portfolios </tspan>\n <tspan x=\"6\" y=\"70\"> or accounts derived from this information. Holdings, performance, and other characteristics of any portfolios or </tspan>\n <tspan x=\"6\" y=\"80\">accounts derived from this information may vary materially from the information shown herein. </tspan>\n <tspan x=\"6\" y=\"90\">Please review the disclosures at </tspan>\n <tspan x=\"6\" y=\"100\"> the end of this document and consult your financial professional for more information.</tspan>\n </text>","PDF_TRADE_FREQUENCY_QUARTERLY":"Dynamic (4-6x per year)","MPUF_WGX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% Bloomberg U.S. Universal Index.","FAMILY_PERFORMANCE_DISCLOSURE_SUFFIX":"Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.\nPerformance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio. A financial professional’s client may or may not be eligible to hold the share class shown. A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; cash flows into or out of such accounts; and/or other factors.\n \n<table border=\"1\" style=\"border-collapse: collapse; width: 100%; border: 1px solid black;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">*Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.</td>\n</tr>\n</tbody>\n</table>\n \nGross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","MPUF_KEX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","DCR_MB_MCUF_WAQ_LANDSCAPE_FOOTER_TEXT":"<text>\n\t\t<tspan x=\"0\" y=\"5\">\n\t\t\t<tspan>$advisorName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"14\">\n\t\t\t<tspan font-family=\"FortBold\" font-weight=\"bold\">PREPARED BY: </tspan>\n\t\t\t<tspan>$clientName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"23\" font-family=\"FortBold\" font-weight=\"bold\">FOR INSTITUTIONAL / FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION</tspan>\n\t</text>","GA_SELECTS_TAX_AWARE_COMMENTARY_PERFORMANCE":"As of 7/31/2023\n \nMARKET REVIEW\n \nMarkets continue to rally in July as inflation shows signs of decelerating: Global markets continued to rally in July, as the release of June U.S. CPI data mid-month indicated that inflation slowed to a 3% annual rate, slightly better than Bloomberg consensus estimates of 3.1% and slower than the 4% annual rate experienced in May. Although far from fully subdued, the June CPI data stood in stark contrast to the 9% annual CPI rate for the 1-year period ended June 2022, which now stands as the peak in the current cycle. Stocks were also supported by higher-than-expected economic growth and better-than-expected earnings. Per Bloomberg, 2Q’23 GDP came in at 2.4%, substantially higher than the 1.8% Wall Street consensus estimate. Meanwhile, Factset observed that with 51% of S&P 500 companies having reported 2Q’23 earnings per share (EPS)† through July 28, 80% exceeded consensus EPS estimates, exceeded consensus revenue estimates.\n \nStocks extend recent gains, led by U.S. small-caps: Global equities, as measured by the MSCI World Index, advanced +3.4% in July. The combination of lower-than-expected inflation and better than expected economic growth continued to boost U.S. small-cap stocks, which tend to have higher concentrations of cyclical stocks than do their large-cap peers. During July, cyclical sectors such as Energy, Industrials and Materials were among the best performing stocks in the global indexes. Outside the U.S., emerging market stocks were among the equity market’s best performing segments, as investors anticipated that China’s government would provide policy support to shore up consumer confidence as economic growth in the country has struggled to find its footing post COVID.\n \nCredit rallies on growth data, but long-term Treasuries fall: Global bond performance was split in July. Corporate bonds advanced as the prospects of better than anticipated U.S. economic growth lowered the likelihood of recession and corporate defaults. Long-dated U.S. government bonds fell, however, as the U.S. Federal Reserve resumed it’s increase of the Fed funds rate at the end of the month and signaled that further rate hikes might still be warranted in the future, absent continued progress on the inflation front. Somewhat surprisingly, other forms of sovereign debt, such as municipal bonds and international bonds, generally rose during the month. Municipal bonds continued to benefited from a seasonal lull in issuance. International developed-market bond prices were aided a weakening U.S. dollar. Emerging market bonds were boosted by interest rate cuts in a number of jurisdictions across Asia and Latin America.\n \n \nATTRIBUTION OVERVIEW\n \n20/80 Portfolio\nContributors:\n-An underweight to duration within U.S. Treasuries\n-An overweight to, and positioning within, securitized assets\n-An overweight to the U.S. “growth at a reasonable price” (GARP) style\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Positioning within municipal bonds\n-Security selection within, and an underweight to, Financials\n \n40/60 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” (GARP) style\n-Within U.S. Treasuries, an underweight to duration\n-An overweight to credit, particularly U.S. high yield\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Positioning within municipal bonds\n-Security selection within, and an underweight to, Financials\n \n60/40 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” (GARP) style\n-An underweight to duration within U.S. Treasuries\n-An overweight to, and security selection within, Energy\n \nDetractors:\n-An overweight to the minimum volatility factor\n-An underweight to, and security selection within, Financials\n-Positioning within municipal bonds\n \n80/20 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” (GARP) style\n-An underweight to duration within U.S. Treasuries\n-An overweight to, and security selection within, Energy\n \nDetractors:\n-An overweight to the minimum volatility factor\n-An underweight to, and security selection within, Financials\n-An overweight to, and security selection within, Healthcare\n \nSource: BlackRock and Bloomberg as of 7/31/2023. Past performance is not indicative of future results. † Earnings per share (EPS) is a measure of a company’s profitability. The ratio is the company’s net profit divided by the number of common shares it has outstanding.","MPUF_SAX_DISCLOSURE":"For all models except the all equity model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","OPPORTUNISTIC_ALTS_COMMENTARY":"Key Takeaways:\n \nReposition holdings to seek to enhance diversification, tilting into a global macro managed futures strategy and equity market neutral strategy with low correlations to broad market.\n \nOpportunistically tilting into equity market risk, through infrastructure stocks and companies at the forefront of innovation within the technology sector\n \nModestly tilting into broad commodities and precious metals, to seek to enhance diversification to credit spreads within the sleeve\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MARKET_UPDATE":"Market Update","INVESTMENT_PROCESS_STEP1_DESC_TA_MODELS":"Strategic asset allocation begins with a broad benchmark and tilts to rewarded sources of returns to reflect our long-term views","MINI_COMPARE_DIALOG_TITLE":"Compare model portfolios","MPUF_BTX_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation Tax-Aware Multi-Manager with Alts Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation Tax-Aware Multi-Manager with Alts Equity Model is represented by 63% MSCI ACWI, 27% MSCI USA Index, and 10% ICE BofA 3 Month Treasury Bill Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond.","MPUF_MKSX_DISCLOSURE":"The benchmark is represented by 100% S&P Muni National 0-5 Yr Index Unadjusted.","MPUF_DEQ_DISCLOSURE":"For all models except the Aggressive Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the Moderate model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the Aggressive Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","LONG_HORIZON_MUTUAL_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns, and most outperformed their benchmarks for the month. Broad US equities, international developed and emerging market stocks were the primary contributors to return. Allocations to US small cap equities also added to total performance. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","MPUF_KMX_DISCLOSURE":"For all models the equity portion of the benchmark is represented by a fixed 2% allocation to the S&P Developed REIT (US Dollar) Net Total Return Index, a fixed allocation to the NASDAQ 100 Net Index in USD, and the remainder is split pro-rata 70% to the MSCI ACWI Index and 30% to the MSCI USA Index. The fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remainder to the S&P National Municipal Bond Index. For the 40/60 model, the fixed allocation to the NASDAQ 100 Net Index in USD is 3%, for the 50/50 model it is 4%, for the 60/40 model it is 5%, for the 70/30 model it is 6%, and for the 80/20 model it is 7%.\n\nFor example, the benchmark for the 60/40 model portfolio is represented by 37.1% MSCI ACWI Index, 15.9% MSCI USA Index, 5% NASDAQ 100 Net Index in USD, 2% S&P Developed REIT (US Dollar) Net Total Return Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MAI_GROWTH_INCOME_TAX_AWARE_COMMENTARY_RO":"iCRMH0623U/S-2969765","DISABLE_CUSTOM_MODELS_API":"false","COVER_SECTION_KEY":"Cover Page","LONG_TERM_STRATEGIC_ETF_COMMENTARY":"KEY TAKEAWAYS\n \nRecalibrating portfolios for a potential environment that is past peak inflation, peak U.S. dollar, and peak long maturity interest rates\n \nReducing exposure to US small cap equities and broad international equities, in favor of large cap US equities\n \nMoving duration to overweight from underweight, and increasing exposure to credit spreads via longer-term US treasuries, Emerging Market bonds, and mortgage-backed securities\n \nTRADE RATIONALE\n \nThe expected path of inflation has improved and it’s our belief that the Fed could potentially end rate hikes while real economic growth is still positive in the US. Now that we believe we have improved clarity (while market participants still exhibit historically excessive bearish sentiment), we begin targeted efforts to gently shift risk across both stocks and bonds.\n \nThe confidence to make these moves stems from our belief that inflation has peaked and will likely decelerate at a sufficient pace over the coming months to convince the Fed to pause (but for all practical purposes ‘end’, in our view) its rate hiking campaign. If this proves correct, it means the Fed’s overtly hawkish rhetoric, and adverse influence on markets, may have also peaked.  Softening U.S. inflation and less Fed-hawkishness may also mean a peak in the strength of the US dollar.\n \nRisks of slowing growth or an outright contraction are still substantial, but we don’t think the ‘R’ word is necessarily a foregone conclusion, in contrast to the consensus expectation of professional economists. If the highly anticipated recession refuses to materialize, we see potential upside, and in a mild recession scenario, we think the potential for a substantial further decline in prices for more risky assets may be limited given the sell-off of 2022. US corporations and consumers continue to hold high cash balances and moderate debt burdens (conditions that do not historically precede severe downturns), meaning recession avoidance may not be as improbable as many believe.\n \nThe asymmetric risk of these bull/bear outcomes, along with our expectations of a less market-antagonistic Fed that adjusts its pace of policy in the face of cooling inflation, give us conviction that equities could potentially deliver high single-digit returns in 2023. With respect to bonds, after a challenging year in 2022, we believe going forward that fixed income assets may once again play their traditional role as a portfolio diversifier and volatility dampener.","TARGET_ALLOCATION_MULTI_MANAGER_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nMost models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US technology and infrastructure stocks also added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","MPUF_SUE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_SUX_DISCLOSURE":"\tFor all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","SEMI_ANNUAL_TAXABLE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","MPUF_ODDA_DISCLOSURE":"The benchmark for the OneDigital Diversified Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_BLX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","SEMI_ANNUAL_TAXABLE_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","MPUF_KEE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_JSC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% Bloomberg U.S. Universal Index.","MPUF_CLQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","TRADE_RATIONAL_SECTION_DESC":"Trade Rationale","MPUF_JPX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by 100% S&P National Municipal Bond Index.","FILTERNAME_OPENARCHITECTURE":"3rd Party Funds","LATEST_HOLDINGS_NET_EXP_RATIO_TOOLTIP":"Weighted average prospectus net expense ratio of the portfolio. Source: Morningstar","MPUF_ECS_DISCLOSURE":"For all models except the Choreo Sustainable 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_SYX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index.","TARGET_INCOME_COMMENTARY_RO":"iCRMH0823U/S-3069111","INVESTMENT_PRINCIPLE6_HEADER_TA_MODELS":"+/- 5% max deviation","MPUF_GWX_DISCLOSURE":"As of 7/1/2021, for all models except the GWM Core Tax Aware 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021 the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index and the fixed income portion was represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio was represented by 42% MSCI ACWI Index, 18% MSCI USA Index and 40% S&P National Municipal Bond Index. ","LONG_TERM_STRATEGIC_ETF_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668143","TRADE_FREQUENCY_HEADER_LABEL":"Trading Frequency††","NEW_SVG_TO_PDF_ROUTE":"/advisor-center/pdf/generateStream","TARGET_ALLOCATION_SMA_MUNI_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nMost models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US technology and healthcare stocks also added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries. Allocations to municipal bonds contributed positively to performance over the month.","TAX_AWARE_TARGET_ALLOCATION_BLEND_ETF_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the 10/90 benchmark is represented by 7% MSCI ACWI Index, 3% MSCI USA Index, and 90% S& P National Municipal Bond Index.","HOLDINGS_YIELD_TOOLTIP":"Total cumulative return of the portfolio from the beginning of the calendar year through the date indicated. Source: BlackRock","INVESTMENT_PROCESS_STEP3_HEADER_TA_MODELS":"Investment vehicle selection","MPUF_BPX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","MPUF_ITA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_AFC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69% MSCI ACWI Index, 30% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","MUTUAL_FUND_AND_ETF_SUB_HEADER":"Includes mutual funds, ETFs and/or liquid alternatives. ","MONTHLY_PERFORMANCE":"Monthly Performance","MPUF_HGM_DISCLOSURE":"As of 7/1/2021, for all models except the All Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the All Equity Model is represented by 63% MSCI ACWI, 27% MSCI USA Index, and 10% ICE BofA 3 Month Treasury Bill Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","QUARTERLY_COMMENTARY":"Quarterly Commentary","PERFORMANCE_COMMENTARY_NOT_AVAILABLE":"Performance commentary is not available for these models.\n ","DIVERSIFIED_ALTS_COMMENTARY":"Key Takeaways:\n \nReposition holdings to seek to enhance diversification, tilting into a global macro managed futures strategy and equity market neutral strategy with low correlations to broad market.\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","PROSPECTUS_EMAIL_WARNING_MESSAGE_ACT33":"To include products registered only under the Securities Act of 1933, this report must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing. Please email the prospectus(es) to the clients.","GROWTH_EXPLORE_CARD_TOOLTIP":"Slide to see models in growth range of 50-100% equity.","CURRENT_CUSTOM_ADVISORY_FEE_SHORT_TITLE":"Advisory Fee:","TARGET_ALLOCATION_MULTI_MANAGER_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009493","MODEL_PORTFOLIOS_FOR_WOMEN_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0323U/S-2815808","TARGET_ALLOCATION_MULTI_MANAGER_COMMENTARY_RO":"iCRMH0823U/S-3069119","RISK_MODERATE_SUB_TEXT":"50-<65% Target Equity Exposure","RISK_CONSERVATIVE":"Conservative","LATEST_HOLDINGS_DISCLAIMER_PDF_EXCLUDE_PERFORMANCE":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","MPUF_CYA_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_S1B_DISCLOSURE":"The benchmark for the Scissortail Bucket 1 model is represented by 98% Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index.","TARGET_ALLOCATION_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 10/90 model portfolio is represented by 7% MSCI ACWI Index, 3% MSCI USA Index, and 90% Bloomberg U.S. Universal Index.","ANNUAL_PERFORMANCE":"Annual Performance","MPUF_RFS_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MAI_TA_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE \n \nContinued signs of easing inflationary pressures and a relatively favorable earnings backdrop helped drive solid returns for stocks and broader risk assets in July. Higher quality, longer duration bonds fared less well as the soft-landing narrative gained traction with growth remaining resilient despite global central banks continuing on their tightening trajectory. The U.S. Federal Reserve again raised interest rates after pausing in June citing core inflationary pressures and resilient economic and employment data. Meanwhile, the European Central Bank took rates to their highest level in history, although hope has grown for the possibility of a pause in September as signs of easing inflation are building and concern grows that the bank is hiking into an inevitable recession.\n \nThe July CPI report came in softer than expected and was consistent with the broad trend in moderating inflation. Prices climbed 3.2% on an annual basis versus the consensus estimate of 3.3%. However, core CPI, which excludes more volatile food and energy prices, rose 4.7% and remains well above the Fed’s long-term 2% target. Meanwhile, the U.S. producer price index (PPI) surprised to the upside, rising at an annual rate of 0.8% compared to estimates of 0.7%, driven by costs of services. So, while we remain optimistic on the downward trend in U.S. inflation and the tailwind that provides for a soft-landing, we are not yet out of the woods and we believe central banks will remain steadfast in their efforts.\n \nAll models posted positive total returns for the month of July. On a relative basis, the Conservative and Moderate portfolios outperformed their benchmarks while the Moderate Growth and Aggressive Growth profiles modestly underperformed. Dividend stocks were the largest absolute contributors, followed by a diversified multi-asset exposure. Municipal fixed income also traded higher for the month, with riskier credit outperforming higher quality exposures on margin. Strong manager selection in the space also boosted returns, specifically a flexible municipal bond strategy which outperformed the broad municipal benchmark. The largest relative detractor this month was equity selection, primarily due to underperformance of a global dividend income strategy and income-oriented equity strategy. An exposure to international dividend growth stocks also weighed on relative results, having underperformed the model’s broad high dividend benchmark.","VEHICLE_MF_ONLY":"MFs","VIEW_FUND_PERFORMANCE_LINK":"View Fund Performance","RISKPROFILE_MODERATE":"Moderate (50-<65% Target Equity Exposure)","TARGET_ALLOCATION_ETF_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009661","MAI_BLK_PIMCO_GROWTH_AND_INCOME_TA_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nContinued signs of easing inflationary pressures and a relatively favorable earnings backdrop helped drive solid returns for stocks and broader risk assets in July. Higher quality, longer duration bonds fared less well as the soft-landing narrative gained traction with growth remaining resilient despite global central banks continuing on their tightening trajectory. The U.S. Federal Reserve again raised interest rates after pausing in June citing core inflationary pressures and resilient economic and employment data. Meanwhile, the European Central Bank took rates to their highest level in history, although hope has grown for the possibility of a pause in September as signs of easing inflation are building and concern grows that the bank is hiking into an inevitable recession.\n \nThe July CPI report came in softer than expected and was consistent with the broad trend in moderating inflation. Prices climbed 3.2% on an annual basis versus the consensus estimate of 3.3%. However, core CPI, which excludes more volatile food and energy prices, rose 4.7% and remains well above the Fed’s long-term 2% target. Meanwhile, the U.S. producer price index (PPI) surprised to the upside, rising at an annual rate of 0.8% compared to estimates of 0.7%, driven by costs of services. So, while we remain optimistic on the downward trend in U.S. inflation and the tailwind that provides for a soft-landing, we are not yet out of the woods and we believe central banks will remain steadfast in their efforts.\n \nAll models posted positive total returns for the month of July but underperformed their benchmarks. Dividend stocks were the largest contributors as the equity rally broadened out, followed by a diversified multi-asset exposure. Municipal fixed income also traded higher for the month, with riskier credit outperforming higher quality exposures. Strong manager selection in the investment grade municipal bond space offset weaker active performance from the high yield municipal bond strategies. On the other hand, high dividend equity selection was the largest relative detractor this month, primarily driven by underperformance from an active income-oriented equity strategy.","MPUF_ARC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_QDGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.34% S&P 500 High Dividend Index/3.33% Morningstar US Dividend Growth Index TR/3.33% Morningstar Global ex-US Dividend Growth Net Index/29.33% iBoxx USD Liquid High Yield Index/58.67% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.67% iBoxx USD Liquid High Yield Index/45.33% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/9.33% iBoxx USD Liquid High Yield Index/18.67% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_GGX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_TDC_DISCLOSURE":"For all models except the Target Allocation Multi-Manager ETF Equity Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for Target Allocation Multi-Manager ETF Equity Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_CPU_DISCLOSURE":"The equity portion of the benchmark is represented by 100% MSCI USA Index.","MPUF_USH_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","TARGET_ALLOCATION_HYBRID_WITH_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009681","MPUF_CAX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_GCX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","HOLDINGS_TRAILING_YIELD_TOOLTIP":"The income collected on an investment over the prior 12 months, such as the interest or dividends. The yield shown here is the weighted average trailing 12 month yield of the portfolio. This is the percentage income your portfolio returned over the past 12 months through fund distributions and stock dividends. Source: Morningstar. The difference between trailing 12 month yield and 30 Day SEC Yield is that the latter reflects the income earned after deducting the fund's accrued expenses, excluding reimbursements, during the most recent 30-day period. The income distributions an investor may receive in the future may be higher or lower than the yield shown. Past performance does not guarantee future results. Source: Morningstar","HOLDINGS_GROSS_EXP_RATIO_TOOLTIP":"The fees & expenses incurred by the funds you own, as a % of your portfolio's value. Weighted average prospectus gross expense ratio of the portfolio. Source: Morningstar ","MPUF_SMX_DISCLOSURE":"For all models except the all equity model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_ITE_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","GA_SELECTS_TAX_AWARE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3058379","MODEL_PORTFOLIOS_FOR_WOMEN_COMMENTARY":"Key Takeaways:\n \nShifted allocations from the US Large / Mid-Cap Index strategy to active US Large / Mid-Cap strategy to capture the potential benefits of active security selection in light of increased market volatility for investors with longer investment horizons\n \nReduced active International Equities exposure in favor of International Index Equities exposure to seek better risk-adjusted returns in the longer dated model portfolios\n \nDecreased allocations to International Index Equities and slightly increased fixed income exposures in the short-dated model portfolios in attempt to help reduce volatility\n \nTrade Rationale:\n \nThe fastest central bank rate hikes since the early 1980s heralded the specter of recessions and financial system turmoil. The latest cracks have appeared in the banking sector on both sides of the Atlantic. Markets have slashed their expectations of interest rate paths, expecting central banks to come to the economy’s rescue by cutting rates as they used to do in episodes of financial stress. We think the financial cracks are unlikely to deter central banks from trying to get inflation back closer to their targets. Instead, we think the European Central Bank (ECB) and Federal Reserve will go as far as possible to distinguish their inflation-fighting campaigns from measures to deal with bank troubles and safeguard the financial system.\n \nAs we do not believe that the economic damages driven by the rapid Fed rate hikes are fully priced in the market yet, we remain in our risk-off stance in equities with a preference in emerging market (EM) equities over developed market (DM) equities.  We are shifting allocations from US Large / Mid-Cap Index Equities to active US Large Cap Equities to access the potential benefits of active security selections in the mid and longer dated model portfolios. To offset the increased active risk budget in the mid and longer dated model portfolios, we are reducing the active International Equities exposure and increasing the International Equities Index exposure as we believe they could potentially offer better risk-adjusted returns. For investors with shorter investment horizons, we reduced international equities exposures and increased fixed income exposure in the short-dated model portfolios to help lower the active risk in the portfolios. We also slightly raised Active Fixed Income exposures in mid-dated model portfolios to counterbalance the reduced active risk budget.","TARGET_ALLOCATION_HYBRID_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009674","FUND_PERF_LOAD_ADJ_RETURNS_10Y":"10YR","FUND_PERF_STD_MKT":"Quarterly Returns - Market (%)","RISK_MODERATE":"Moderate","QUAR_MARKET_UDPATE":"Quarterly-Trading Market Update","MAI_BLK_PIMCO_GROWTH_AND_INCOME_TA_COMMENTARY_RO":"iCRMH0823U/S-3069098","MPUF_FTA_DISCLOSURE":"As of 7/1/2021, for all models except the Foundations Core 100/0 model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The liquid alternatives portion of the benchmark is represented by the ICE BofAML US T-Bill 0-3 Month Index. The fixed income portion is represented by a fixed 2% allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the S&P Cohen & Steers US Realty Majors Index, a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remainder to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 23% Bloomberg U.S. Universal Index, 13% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return index. As of 7/1/2021, the benchmark for the 100/0 Model is 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 8% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return Index.\n\n\n\nPrior to 7/1/2021, for all models except the Foundations Core 100/0 model, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the liquid alternatives portion of the benchmark was represented by the ICE BofAML US T-Bill 0-3 Month Index, and the fixed income portion was represented by a fixed 2% allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the S&P Cohen & Steers US Realty Majors Index, and the remainder to the Bloomberg U.S. Universal Index. The benchmark for the 100/0 Model was 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 6% ICE BofAML US T-Bill 0-3 Month Index, 2% S&P Cohen & Steers US Realty Majors Index, and 2% London Gold Fixing PM Price Return Index.","CHANGES_TO_HOLDINGS_DISCLAIMER_PDF_EXCLUDE_PERFORMANCE":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","CLIENT_BROCHURE":"Client Brochure","DCR_MB_MPUF_TAH_COVER_PAGE_DISCLOSURE":"<text id=\"This-information-is\" font-family=\"FortCondensedLight\" font-size=\"8\" font-weight=\"300\" line-spacing=\"10\" fill=\"#FFFFFF\">\n <tspan x=\"6\" y=\"10\">This information is provided for illustrative and educational purposes only. This information does not constitute research,</tspan>\n <tspan x=\"6\" y=\"20\">personalized investment advice, or a fiduciary investment recommendation from BlackRock to any client of a third party </tspan>\n <tspan x=\"6\" y=\"30\"> financial professional, and is intended for use only by such financial professional, </tspan>\n <tspan x=\"6\" y=\"40\">with other information, as a resource to help build a portfolio or as an input in the development of investment advice for </tspan>\n <tspan x=\"6\" y=\"50\"> its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use</tspan>\n <tspan x=\"6\" y=\"60\"> this information. BlackRock does not have investment discretion over, or place trade orders for, any portfolios </tspan>\n <tspan x=\"6\" y=\"70\"> or accounts derived from this information. Holdings, performance, and other characteristics of any portfolios or </tspan>\n <tspan x=\"6\" y=\"80\">accounts derived from this information may vary materially from the information shown herein. </tspan>\n <tspan x=\"6\" y=\"90\">Please review the disclosures at </tspan>\n <tspan x=\"6\" y=\"100\"> the end of this document and consult your financial professional for more information.</tspan>\n </text>","FUND_PERF_SI":"Since Inception","FAMILY_PERFORMANCE_DISCLOSURE_PREFIX":"Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please ","DCR_MB_CUSTOM_COVER_PAGE_DISCLOSURE":"<text id=\"This-information-is\" font-family=\"FortCondensedLight\" font-size=\"8\" font-weight=\"300\" line-spacing=\"10\" fill=\"#FFFFFF\">\n <tspan x=\"6\" y=\"10\">This information is provided for illustrative and educational purposes only. This information does not constitute research,</tspan>\n <tspan x=\"6\" y=\"20\">personalized investment advice, or a fiduciary investment recommendation from BlackRock to any client of a third party </tspan>\n <tspan x=\"6\" y=\"30\"> financial professional, and is intended for use only by such financial professional, in consultation with their client and </tspan>\n <tspan x=\"6\" y=\"40\">with other information, as a resource to help build a portfolio or as an input in the development of investment advice for </tspan>\n <tspan x=\"6\" y=\"50\"> its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use</tspan>\n <tspan x=\"6\" y=\"60\"> this information. BlackRock does not have investment discretion over, or place trade orders for, any portfolios </tspan>\n <tspan x=\"6\" y=\"70\"> or accounts derived from this information. Holdings, performance, and other characteristics of any portfolios or </tspan>\n <tspan x=\"6\" y=\"80\">accounts derived from this information may vary materially from the information shown herein. </tspan>\n <tspan x=\"6\" y=\"90\">Please review the disclosures at </tspan>\n <tspan x=\"6\" y=\"100\"> the end of this document and consult your financial professional for more information.</tspan>\n </text>","PDF_PERFORMANCE_COMMENTARY_H1":"PERFORMANCE COMMENTARY","MPUF_ACX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","GA_SELECTS_COMMENTARY_PERFORMANCE":"As of 7/31/2023\n \nMARKET REVIEW\n \nMarkets continue to rally in July as inflation shows signs of decelerating: Global markets continued to rally in July, as the release of June U.S. CPI data mid-month indicated that inflation slowed to a 3% annual rate, slightly better than Bloomberg consensus estimates of 3.1% and slower than the 4% annual rate experienced in May. Although far from fully subdued, the June CPI data stood in stark contrast to the 9% annual CPI rate for the 1-year period ended June 2022, which now stands as the peak in the current cycle. Stocks were also supported by higher-than-expected economic growth and better-than-expected earnings. Per Bloomberg, 2Q’23 GDP came in at 2.4%, substantially higher than the 1.8% Wall Street consensus estimate. Meanwhile, Factset observed that with 51% of S&P 500 companies having reported 2Q’23 earnings per share (EPS)† through July 28, 80% exceeded consensus EPS estimates, exceeded consensus revenue estimates.\n \nStocks extend recent gains, led by U.S. small-caps: Global equities, as measured by the MSCI World Index, advanced +3.4% in July. The combination of lower-than-expected inflation and better than expected economic growth continued to boost U.S. small-cap stocks, which tend to have higher concentrations of cyclical stocks than do their large-cap peers. During July, cyclical sectors such as Energy, Industrials and Materials were among the best performing stocks in the global indexes. Outside the U.S., emerging market stocks were among the equity market’s best performing segments, as investors anticipated that China’s government would provide policy support to shore up consumer confidence as economic growth in the country has struggled to find its footing post COVID.\n \nCredit rallies on growth data, but long-term Treasuries fall: Global bond performance was split in July. Corporate bonds advanced as the prospects of better than anticipated U.S. economic growth lowered the likelihood of recession and corporate defaults. Long-dated U.S. government bonds fell, however, as the U.S. Federal Reserve resumed it’s increase of the Fed funds rate at the end of the month and signaled that further rate hikes might still be warranted in the future, absent continued progress on the inflation front. Somewhat surprisingly, other forms of sovereign debt, such as municipal bonds and international bonds, generally rose during the month. Municipal bonds continued to benefited from a seasonal lull in issuance. International developed-market bond prices were aided a weakening U.S. dollar. Emerging market bonds were boosted by interest rate cuts in a number of jurisdictions across Asia and Latin America.\n \nATTRIBUTION OVERVIEW\n \n20/80 Portfolio\nContributors:\n-An underweight to credit, particularly U.S. high yield\n-Security selection within securitized assets\n-An overweight to the U.S. “growth at a reasonable price” (GARP) style\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Security selection within, and an underweight to, Financials\n-Security selection within, and an overweight to, Healthcare\n \n40/60 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” style\n-An underweight to credit, particularly U.S. high yield\n-An overweight to the U.S. quality factor\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Security selection within, and an underweight to, Financials\n-Security selection within, and an overweight to, Healthcare\n \n60/40 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” style\n-An overweight to, and security selection within, Energy\n-An underweight to credit, particularly U.S. high yield\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Security selection within, and an underweight to, Financials\n-Security selection within, and an overweight to, Healthcare\n \n80/20 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” style\n-Currency management, particularly an overweight to the euro\n-An overweight to, and security selection within, Energy\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Security selection within, and an underweight to, Financials\n-Security selection within, and an overweight to, Healthcare\n \n100/0 Portfolio\nContributors:\n-An overweight to the U.S. “growth at a reasonable price” style\n-An overweight to, and security selection within, Energy\n-An underweight to, and security selection within, Consumer Staples\n \nDetractors:\n-An overweight to the minimum volatility factor\n-Security selection within, and an underweight to, Financials\n-Currency management, specifically, an overweight to the U.S. dollar\n \nSource: BlackRock and Bloomberg as of 7/31/2023. Past performance is not indicative of future results. † Earnings per share (EPS) is a measure of a company’s profitability. The ratio is the company’s net profit divided by the number of common shares it has outstanding.","PDF_INVESTMENT_PREFERENCES_TAX_AWARE":"Tax-aware","PDF_TRADE_FREQUENCY_SEMI_ANNUALLY":"Tax-Aware (2-4x per year)","MPUF_ADX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_AEE_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","SHOW_PDF_PERFORMANCE_TOGGLE":"true","MPUF_WGA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The fixed income and the liquid alternatives portions are represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","SPEAKER_NOTES":"Market Update with Speaker Notes","GA_SELECTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3058044","MPUF_ARQ_DISCLOSURE":"The benchmark for the ARGI International Equity model is represented 100% by the MSCI All Country World Index (ACWI).","MPUF_ATE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_AEX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income and liquid alternatives portions are represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","CHANGES_TO_HOLDINGS_DISCLAIMER_PDF":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","MPUF_SDIN_DISCLOSURE":"The benchmark is represented by 98% MSCI All Country World ex US Index (Net Return) and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_AFX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% S&P National Municipal Bond Index, and 1% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 69% MSCI ACWI Index, 30% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_QDX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index.","PERFORMANCE_HOLDINGS_ERROR":"The performance data is currently not available for this model.","MB_CLOSING_DISCLOSURE_ADVISOR":"This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.\n \nCarefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website, contacting your financial professional, or by visiting <a href=https://www.blackrock.com/"http://www.sec.gov/edgar/search/">www.sec.gov/edgar/search. For BlackRock Funds, please visit <a href=https://www.blackrock.com/"http://www.blackrock.com/prospectus/">www.blackrock.com/prospectus. For iShares Funds, please visit <a href=https://www.blackrock.com/"http://www.iShares.com/prospectus/">www.iShares.com/prospectus. Read the prospectuses carefully before investing.\n \nInvesting involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.\n \nAny iShares Trusts or other products registered only under the Securities Act of 1933 referenced in this material are not investment companies, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products may be speculative and involve a high degree of risk. This information must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing.\n \nThe BlackRock model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the BlackRock model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates.\n \nThe BlackRock model portfolios are provided for illustrative and educational purposes only. The BlackRock model portfolios do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the BlackRock model portfolios. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the BlackRock model portfolios. BlackRock is not responsible for determining the appropriateness or suitability of the BlackRock model portfolios or any of the securities included therein for any client of a financial professional. Information and other marketing materials provided by BlackRock concerning the BlackRock model portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the BlackRock model portfolios. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results. The BlackRock model portfolios, allocations, and data are subject to change. The BlackRock model portfolios themselves are not funds.\n \nThe BlackRock model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. BlackRock intends to allocate all or a significant percentage of the BlackRock model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds (\"BlackRock Affiliated Funds\"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the BlackRock model portfolios. This may result in BlackRock model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds.\n \nCommon shares for most closed-end funds are only available for purchase and sale at current market price on a stock exchange. Certain closed-end funds are “interval funds” that are not listed for trading on any securities exchange and are designed primarily for long-term investors. An investment in “interval funds”, unlike an investment in a traditional listed closed-end fund, should be considered illiquid and is not suitable for investors who need access to the money they invest. Investors may be unable to reduce their exposure to such funds during any market downturn. Shares of an “interval fund” are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, although the fund periodically offers to repurchase shares from outstanding shareholders. Please see the fund’s prospectus for additional details. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.\n \nInternational investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.\n \nA fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective.\n \nThere can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (\"factors\"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.\n \nA fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nAny information on funds not managed by BlackRock or securities not distributed by BlackRock is provided for illustration only and should not be construed as an offer or solicitation from BlackRock to buy or sell any securities.\n \nThis information is intended for use in the United States. This information is not a solicitation for or offering of any investment, product, or service to any person in any jurisdiction or country in which such solicitation or offering would be unlawful.\n \nThis information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.\n \nThe information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.\n \nThe information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy.\n \nAny links to websites hosted by third parties are provided only for use at your own discretion. The third party is solely responsible for the content presented on its website. Content may change without notice and the content originally intended to be provided may no longer be displayed. Privacy and security policies for each third-party website may vary. Please review the policies on each third-party website before use.\n \nBlackRock is not affiliated with any third party distributing this material.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, LLC, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or STOXX Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.\n \n©2023 BlackRock, Inc. All rights reserved. iBONDS, ALADDIN, iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.\n \niCRMH0821U/S-1844484\niCRMH1121U/S-1931910\niCRMH0522U/S-2200663\niCRMH0622U/S-2265796\niCRMH1222U/S-2656660\niCRMH1222U/S-2656663\niCRMH0123U/S-2656727\niCRMH0123U/S-2668284\niCRMH0123U/S-2668285\niCRMH0123U/S-2690286\niCRMH0623U/S-2931215\niCRMH0623U/S-2931831","MPUF_AMX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index.","TARGET_ALLOCATION_MULTI_MANAGER_ALTS_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009506","MAI_BLK_PIMCO_GROWTH_AND_INCOME_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969763","MPUF_ARX_DISCLOSURE":"The benchmark for the ARGI Tax-Aware Fixed Income model is represented 100% by the S&P National Municipal Bond Index.","GA_SELECTS_COMMENTARY_RO":"iCRMH0823U/S-3069096","FAMILY_OVERVIEW_DISCLOSURE_SUFFIX":"The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The 12-month trailing yield assumes that the constituents were held in the weights detailed within the Latest Holdings (%) tab on the \"Rebalance updates & other details\" page and does not reflect changes made in response to market conditions. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio. A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; cash flows into or out of such accounts; and/or other factors.\n<table border=\"1\" style=\"border-collapse: collapse; width: 100%; border: 1px solid black;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">*Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.</td>\n</tr>\n</tbody>\n</table>\nGross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","REPORT_CUSTOMIZATION_HEADER":"Select Report Sections to Include/Exclude","MPUF_TRC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","VEHICLE_HEADER_LABEL":"Underlying Investment Vehicle(s)†","MAI_GROWTH_INCOME_TAX_AWARE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969765","MPUF_TWC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69.3% MSCI ACWI Index, 29.7% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","HOW_TO_INVEST_URL":"https://www.blackrock.com/us/financial-professionals/investment-strategies/model-portfolios/how-to-invest","WHITEPAPER":"Whitepaper","PDF_TRADE_FREQUENCY_MONTHLY":"Tactical (>8x per year)","MPUF_TVC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_ONS_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_WNM_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MAI_GROWTH_INCOME_TAX_AWARE_COMMENTARY":"Key Takeaways:\n \nReducing high yield municipal bonds in favor of a flexible municipal bonds strategy given strong year to date performance from lower quality municipal bonds and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nDiversifying within U.S. dividend stocks away from a strategy with concentrated sector exposures and towards more balanced strategies, where upside potential is attractive based on our view that the concentrated market rally year to date may broaden out as recession fears remain at bay.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believe rate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. We believe upside potential in dividend stocks has improved relative to credit markets, where spreads have tightened year to date. Dividend stocks have also meaningfully lagged the broad S&P 500 given the concentration of returns in a handful of technology names that have buoyed the entire index. We believe this rally has room to broaden out and therefore reduced a strategy with concentrated sector exposures in favor of more diversified U.S. dividend payers with attractive valuations and where we perceive the bar to beat expectations as lower.\n \nMeanwhile, spreads on municipal high yield bonds have retraced their March wides and are currently at year to date tights. Less attractive valuations, combined with a greater volatility profile, led us to trim in favor of a flexible municipal bond strategy with the ability to dynamically adjust to the changing market backdrop.","MPUF_PEX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_RFX_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","PDF_FAMILY_PERFORMANCE_DISCLAIMER_BOX":" *Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.","CUSTOM_ADVISORY_FEE_TOOLTIP_CTA":" ","DCR_MB_COVER_PAGE_TITLE":"<tspan x=\"36\" y=\"104\">Model Portfolio</tspan>\n<tspan x=\"36\" y=\"174\">Summary</tspan>","TARGET_ALLOCATION_ESG_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009481","MPUF_PRS_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","DEFAULT_HEADER_REGION":"Asset Class","PDF_GENERATE_INCLUDE_PERFORMANCE_DESCRIPTION":"Performance includes model & benchmark performance as well as underlying fund performance. ","TARGET_ALLOCATION_TAX_AWARE_MULTI_MANAGER_ALTS_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns but underperformed their benchmarks for the month. US growth, international developed market value-oriented, liquid alternative strategies and emerging market stocks were the primary contributors to return. Allocations to US technology and healthcare stocks added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries. Municipal bonds slightly contributed to performance over the month.","ML_CORE_ALLOCATION_ALTS_TAX_AWARE_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","TATA_TRADE_RAT_ONLY_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","MPUF_CAQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_ATX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","VEHICLE_ETF_AND_MF":"ETFs & MFs","TRADEFREQ_ANNUALLY":"Strategic (1x per year)","QUAR_SPEAKER_NOTES":"Quarterly-Trading Speaker Notes","MPUF_PRE_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_PAX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_BHX_DISCLOSURE":"\tThe equity portion of the benchmark is represented by 30% MSCI ACWI Index and 70% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 18% MSCI ACWI Index, 42% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_PERFORMANCE_COMMENTARY_DISCLOSURE":"Past performance does not guarantee future results.","MPUF_PRX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_QUART_RET_H3":"QUARTERLY RETURNS - MARKET(%)","VIEW_FUND_PERFORMANCE_LINK_PRE":" ","MPUF_PSX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_AVX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","MPUF_BWGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","TAX_AWARE_HEADER":"Tax-aware","FAMILY_PERFORMANCE_DISCLOSURE_LINK":"click here.","INVESTMENT_PRINCIPLE3_DESC_TA_MODELS":" ","MPUF_ODS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_BPC_DISCLOSURE":"As of 7/1/2021, for all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","ML_CORE_ALLOCATION_ALTS_TAXABLE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009555","MPUF_VCM_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Aggregate Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Aggregate Index.","MPUF_S1X_DISCLOSURE":"The benchmark for the Scissortail Bucket 1 Tax-Aware model is represented by 98% S&P National Municipal Bond Index and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_GGA_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_ETM_DISCLOSURE":"For all models except the Choreo Tactical Taxable 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_GLOSSARY_H1":"Glossary","MPUF_BSC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg Barclays U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg Barclays U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","TARGET_ALLOCATION_HYBRID_COMMENTARY_RO":"iCRMH0823U/S-3069121","MPUF_EMM_DISCLOSURE":"For all models except the Choreo Min-Vol Taxable 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_DYC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_FUND_PERF_DISCLAIMER":" ","LONG_TERM_STRATEGIC_ETF_COMMENTARY_RO":"iCRMH0823U/S-3069109","MPUF_PNX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_SDC_DISCLOSURE":"The equity portion of the benchmark is represented by MSCI USA Index and MSCI Emerging Markets Index, while the fixed income portion is represented by Bloomberg Barclays U.S. Universal Index with a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month. For example, the benchmark for the 60/40 model portfolio is represented by 54.6% MSCI USA Index, 5.4% MSCI Emerging Markets Index, 38% Bloomberg Barclays U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","DISCLOSURE_SECTION_KEY":"Appendix, Glossary, and Overall Disclosure","EDIT_CUSTOM_ADVISORY_FEE_SHORT_TITLE":"Edit Advisory Fee","MODEL_OVERVIEW_SECTION_OPTIONAL_DESC":" ","MPU_GFB_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index, and the liquid alternatives portion is represented by 100% the ICE BofAML US T-Bill 0-3 Month Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 30% Bloomberg U.S. Universal Index, and 10% ICE BofA 3 Month Treasury Bill Index.","DCR_MB_COVER_PAGE_DISCLOSURE":"<text id=\"This-information-is\" font-family=\"FortCondensedLight\" font-size=\"8\" font-weight=\"300\" line-spacing=\"10\" fill=\"#FFFFFF\">\n <tspan x=\"6\" y=\"10\">This information is provided for illustrative and educational purposes only. This information does not constitute research,</tspan>\n <tspan x=\"6\" y=\"20\">personalized investment advice, or a fiduciary investment recommendation from BlackRock to any client of a third party </tspan>\n <tspan x=\"6\" y=\"30\"> financial professional, and is intended for use only by such financial professional, in consultation with their client and </tspan>\n <tspan x=\"6\" y=\"40\">with other information, as a resource to help build a portfolio or as an input in the development of investment advice for </tspan>\n <tspan x=\"6\" y=\"50\"> its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use</tspan>\n <tspan x=\"6\" y=\"60\"> this information. BlackRock does not have investment discretion over, or place trade orders for, any portfolios </tspan>\n <tspan x=\"6\" y=\"70\"> or accounts derived from this information. Holdings, performance, and other characteristics of any portfolios or </tspan>\n <tspan x=\"6\" y=\"80\">accounts derived from this information may vary materially from the information shown herein. </tspan>\n <tspan x=\"6\" y=\"90\">Please review the disclosures at </tspan>\n <tspan x=\"6\" y=\"100\"> the end of this document and consult your financial professional for more information.</tspan>\n </text>","MPUF_GDA_DISCLOSURE":"\tFor all models except the 100/0 Model, the equity portion of the benchmark is represented by the MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 60% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 98% MSCI USA Index and 2% ICE BofAML US T-Bill 0-3 Month Index.","ML_CORE_ALLOCATION_TAXABLE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009555","MPUF_BWC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index, and the liquid alternatives and cash portions are represented by 100% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 25% Bloomberg U.S. Universal Index, and 15% ICE BofA 3 Month Treasury Bill Index.","MPUF_SHX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% S&P National Municipal Bond Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_FLGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","PDF_FILE_PREFIX":" ","FAMILY_OVERVIEW_DISCLOSURE_PREFIX":"Past performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please","MPUF_ODX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MPUF_SYGIX_DISCLOSURE":"The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% Bloomberg Municipal Custom High Yield Composite Index/45.3% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% Bloomberg Municipal Custom High Yield Composite Index/32.0% S&P National Municipal Bond Index/2.0% ICE BofA 3 Month Treasury Bill Index. ","MPUF_RFC_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MPUF_AFS_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69% MSCI ACWI Index, 30% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","INVESTMENT_PRINCIPLE1_DESC_TA_MODELS":"Managing duration and credit risk","MPUF_ODOA_DISCLOSURE":"The benchmark for the OneDigital Opportunistic Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_AROA_DISCLOSURE":"The benchmark for the ARGI Opportunistic Alternatives model is represented 100% by the Bloomberg U.S. Universal Index.","MPUF_ECM_DISCLOSURE":"For all models except the Choreo Core Taxable 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","RISKPROFILE_AGGRESSIVE":"Aggressive (80-100% Target Equity Exposure)","INVESTMENT_PRINCIPLE4_DESC_TA_MODELS":"Provide consistent outcomes","FAMILY_PERFORMANCE_DISCLOSURE_SUFFIX_1":"Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.\nPerformance is annualized for time periods greater than 1 year. The performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio.  A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; and/or other factors.","DIVERSIFIED_ALTS_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nThe Diversified Alternatives sleeve posted positive returns for the month. The top contributors to performance over the month were allocations to global macro liquid alternative strategies, equity market neutral, and systematic fixed income strategies. There were no meaningful detractors from performance over the month.","PDF_INVESTMENT_PREFERENCES_NONE":"No Preferences","MPUF_TVGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_SDX_DISCLOSURE":"The equity portion of the benchmark is represented by MSCI USA Index and MSCI Emerging Markets Index, while the fixed income portion is represented by Bloomberg U.S. Universal Index with a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month. For example, the benchmark for the 60/40 model portfolio is represented by 54.6% MSCI USA Index, 5.4% MSCI Emerging Markets Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_STX_DISCLOSURE":"As of 7/1/2021, for all models except the Stokes Core Tax Aware 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","MPUF_BWX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% S&P National Municipal Bond Index, and the liquid alternatives and cash portions are represented by 100% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 25% S&P National Municipal Bond Index, and 15% ICE BofA 3 Month Treasury Bill Index.","MPUF_DYA_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","FAMILY_PERFORMANCE_DISCLOSURE_SUFFIX_2":"Gross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","MPUF_MLAX_DISCLOSURE":"For the Merrill Lynch Core Allocation with Alternatives Tax-Aware models, the Conservative Benchmark is represented by 63% S&P National Municipal Bond Index, 16% MSCI ACWI Index, 7% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 9% HFRI Fund Weighted Composite Index, 1.5% MSCI U.S. REIT Index, and 1.5% Bloomberg Commodity Index. The Moderately Conservative Benchmark is represented by 47% S&P National Municipal Bond Index, 27% MSCI ACWI Index, 12% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 11% HFRI Fund Weighted Composite Index, 0.5% MSCI U.S. REIT Index, and 0.5% Bloomberg Commodity Index. The Moderate Benchmark is represented by 33% S&P National Municipal Bond Index, 39% MSCI ACWI Index, 17% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, and 10% HFRI Fund Weighted Composite Index. The Moderately Aggressive Benchmark is represented by 20% S&P National Municipal Bond Index, 50% MSCI ACWI Index, 21% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, and 7% HFRI Fund Weighted Composite Index. The Aggressive Benchmark is represented by 7% S&P National Municipal Bond Index, 60% MSCI ACWI Index, 26% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, and 5% HFRI Fund Weighted Composite Index.","FLAGSHIP_DIVERSIFIED_ALTERNATIVES_DISCLOSURE":"The benchmark for the Diversified Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_SYQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_ODE_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_CP_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index, and the liquid alternatives portion is represented by 100% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 25% Bloomberg U.S. Universal Index, and 15% ICE BofA 3 Month Treasury Bill Index.","PDF_INVESTMENT_VEHICLE_ETF_ONLY":"ETFs","TARGET_ALLOCATION_SMART_BETA_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0423U/S-2851289","MPUF_SUQ_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_BLC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_LOAD_ADJUSTED_DISCLAIMER_2_MGAF_PAPGA":"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. Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.blackrock.com or www.iShares.com. For month-end performance for other funds, please visit the respective providers' websites. Performance is annualized for time periods greater than 1 year. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. Source: Morningstar. For BIEEX and BIDVX, periods prior to the Institutional share class inception on November 30th, 2018, returns are based on the fund’s K share returns and adjusted to reflect the higher Institutional share class fees. ","MPUF_BSX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_BAS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_CLX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_TRGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","TRADEFREQUENCY_ANNUAL":"Strategic (1x per year)","PDF_INVESTMENT_VEHICLE_MF_ONLY":"MFs","MPUF_USC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","GENERATE_REPORT_TITLE":"Download PDF","MPUF_BHC_DISCLOSURE":"\tThe equity portion of the benchmark is represented by 30% MSCI ACWI Index and 70% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 18% MSCI ACWI Index, 42% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_EOA_DISCLOSURE":"The benchmark for the Choreo Opportunistic Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","PDF_INVESTMENT_PREFERENCES_ALTERNATIVES":"Alts","MPUF_FLC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","SECTOR_ROTATION_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks and add to financials, real estate, and broader midcaps, trimming tech and communications as market breadth potentially widens\n \nBalance US stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and trimming mortgage-backed securities\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MPUF_AEC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income and liquid alternatives portions are represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","MPUF_CPX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by 100% S&P National Municipal Bond Index, and the liquid alternatives portion is represented by 100% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 25% S&P National Municipal Bond Index, and 15% ICE BofA 3 Month Treasury Bill Index.","MPUF_ECT_DISCLOSURE":"For all models except the Choreo Core Tax-Deferred 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","FAMILY_PERFORMANCE_DESC":"Model and Benchmark Performance as well as underlying Fund Performance","PDF_COMMENTARY_H1":"TRADE RATIONALE","GENERATE_ADVISOR_REPORT":"DOWNLOAD PDF","MAI_BLK_PIMCO_GROWTH_AND_INCOME_TA_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0623U/S-2969764","PERFORMANCE_COMMENTARY_SECTION_DESC":"Performance Commentary","MPUF_CFT_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 92.5% Bloomberg U.S. Universal Index and 7.5% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 37% Bloomberg U.S. Universal Index, and 3% ICE BofA 3 Month Treasury Bill Index.","LABEL_GENERATE":"Download PDF","MAIF_MAIPI_DISCLOSURE":"For the BlackRock Growth & Income with PIMCO® models, the Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","GA_SELECTS_COMMENTARY":"Key Takeaways\n \n-Remain moderately overweight stocks across most risk profiles\n \n-Introduced equal-weighted large-cap U.S. stock exposure at the expense of generic market cap weighted holdings\n \n-Reduced underweights to Japanese equities at the expense of European stocks\n \n-Reduced our duration underweights following a sharp rise in long-term U.S. Treasury yields, while continuing to trim U.S. high yield in some aggressive portfolios due to seasonal considerations\n \nTrade Rationale\n \nSince our last trade rebalance in July, U.S. economic data has continued to come in stronger than most analysts had expected. One of the more recent, and convincing, examples of the resiliency of the U.S. economy was recent release of 2Q’23 GDP, which was reported at 2.4% versus consensus estimates of just 1.8% (per Bloomberg). Meanwhile, the most recent U.S. jobs data indicated that the U.S. unemployment rate fell to 3.5% in July, revisiting lows that it has not experienced since the late 1960’s. Finally, 2Q’23 S&P 500 earnings results generally surprised favorably. According to FactSet, with roughly 80% of S&P 500 companies having reported earnings for 2Q’23 through the second week of August, 84% have exceeded consensus earnings per share (EPS)* estimates, well above the 10-year average of 73%.\n \nThis generally better-than-expected economic and profit performance has not gone unnoticed by equity investors, with U.S. stocks, as measured by the S&P 500 Index, having returned over +16.8 YTD through 6/30/23 (per Bloomberg). What some investors may not realize, however, is that a large proportion of the S&P 500 Index’s YTD gains have been driven by a relatively small-handful of mega-cap Technology stocks, whose impact on the broader index’s returns is disproportionately high, due to the massive market capitalizations these stocks possess. Since late May, we have begun to witness market leadership broaden out beyond mega-cap Tech, toward cyclicals. Considering the resiliency of the U.S. economy, we believe this trend may continue for the intermediate term. As a result, we introduced an equal-weighted S&P 500 Index ETF across most risk profiles in an effort to capitalize on this subtle shift in investor sentiment, while continuing to maintain existing tilts emphasizing both the “quality” factor and the “growth at a reasonable price” (GARP) investment style. Overseas, we added exposure to an international equity ETF, largely at the expense of a European equity ETF. The purpose of this adjustment was to reduce a longstanding underweight to Japanese stocks. Although a continuing deceleration in global growth (particularly China) may pose a headwind for Japan’s exporters, a vibrant domestic economy, swiftly recovering from COVID induced lockdowns, is likely to support above average consumption within the country.\n \nAcross bonds, we reduced our underweight to duration following a sharp rise in long-term U.S. Treasury yields. As it remains our expectation that the U.S. economy will avoid recession and because we anticipate that U.S. inflation will follow a path of prolonged - but choppy - deceleration, we are not inclined to rotate toward overweight exposures to duration at the current time. That said, the recent rise in long yields, coupled with reduced liquidity caused by seasonal factors provides sufficient reason to tactically reduce our duration underweight as we move toward late summer. Seasonal factors were also the reason we continued to reduce some of our U.S. high yield exposures in our more aggressive models, sacrificing some carry in favor of slightly lower risk profiles.\n \n* Earnings per share (EPS) is a measure of a company’s profitability. The ratio is the company’s net profit divided by the number of common shares it has outstanding.","SECTOR_ROTATION_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009555","MODELCATEGORYTYPE_PMG_FI_GLOBAL_ALLOCATION":"Global Allocation","MODEL_PORTFOLIOS_FOR_WOMEN_COMMENTARY_RO":"iCRMH0723U/S-3016629","MPUF_EMT_DISCLOSURE":"For all models except the Choreo Min-Vol Tax-Deferred 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","FAMILY_MODELS_PERFORMANCE_DISCLOSURE_PREFIX":" For additional model portfolio performance, please","MINI_COMPARE_EXPENSE_RATIO_TOOLTIP":"Weighted average prospectus gross/net expense ratio of the portfolio. Source: Morningstar","BROWSE_MODELS":"Available Models","MPUF_FI_DISCLOSURE":"As of 7/1/2021, the benchmark is represented by the 98% Bloomberg U.S. Aggregate Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, the benchmark was represented by the Bloomberg U.S. Aggregate Index.","HOLDINGS_NET_EXP_RATIO_TOOLTIP":"Weighted average prospectus net expense ratio of the portfolio. Source: Morningstar Click \"Rebalance updates & other details\" for the weighted average gross expense ratio of the portfolio.","LAUNCH_FULL_ANALYSIS_BTN_TEXT":"Launch 360° analysis","ME_FAMILY_DETAILS_DISCLOSURE":"The use of the tool is subject to the BlackRock <a href=https://www.blackrock.com/"https://www.blackrock.com/us/financial-professionals/compliance/advisor-terms-of-use-noframe/">Terms of Use</a>\n \nThe data collected through this tool is treated pursuant to BlackRock’s <a href=https://www.blackrock.com/"https://www.blackrock.com/us/financial-professionals/compliance/data-promise/">Data Promise</a>\n \nFOR FINANCIAL PROFESSIONAL USE ONLY. \n \nThis information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the models and portfolios or (iii) any security in particular. 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Past performance does not guarantee future results.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. 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A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or Stoxx Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. 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All other marks are the property of their respective owners.\n \niCRMH0821U/S-1753869\niCRMH0821U/S-1758876\nFIM0821U/S-1763238\niCRMH0821U/S-1763076\niCRMH0821U/S-1764678\niCRMH0821U/S-1771309\nFIM0921U/S-1837131\niCRMH0921U/S-1838062\niCRMH0921U/S-1830331\niCRMH0921U/S-1846215\niCRMH0921U/S-1842495 iCRMH0921U/S-1842510 iCRMH0921U/S-1842507\niCRMH1021U/S-1852548\niCRMH1021U/S-1858159\niCRMH0921U/S-1853941\nFIM1021U/S-1883954\niCRMH1121U/S-1922793\niCRMH1121U/S-1921010\niCRMH1121U/S-1926262\niCRMH1221U/S-1935548\niCRMH1121U/S-1924232\niCRMH1121U/S-1931910\niCRMH1121U/S-1932615\niCRMH1021U/S-1896517\niCRMH1121U/S-1918685\niCRMH1221U/S-1943123\niCRMH1121U/S-1923100\niCRMH0921U/S-1853782\niCRMH0921U/S-1842501\niCRMH0921U/S-1842507 iCRMH0921U/S-1833015 iCRMH0921U/S-1861625 iCRMH1021U/S-1865063 iCRMH1021U/S-1890123 iCRMH1021U/S-1889038 iCRMH0921U/S-1854173 iCRMH1021U/S-1893799 iCRMH1121U/S-1904547 iCRMH0921U/S-1863587 iCRMH1221U/S-1937624 iCRMH0921U/S-1863735\nFIM1221U/S-1958912\niCRMH1221U/S-1963820\niCRMH0122U/S-1985280\nFIM0122U/S-1994984\niCRMH0122U/S-1997549\niCRMH0122U/S-2005452\niCRMH0222U/2-2017210\niCRMH0222U/S-2034018\nFIM0222U/S-2038727\niCRMH0222U/S-2043101\niCRMH0322U/S-2071622\nFIM0322U/S-2082173\niCRMH0322U/S-2085376\niCRMH0422U/S-2108581\niCRMH0422U/S-2110858\nFIM0422U/S-2158168\niCRMH0422U/S-2160727\niCRMH0522U/S-2202070\nFIM0522U/S-2206200\niCRMH0522U/S-2209170\niCRMH0522-2200661\nFIM0622U/S-2246438\niCRMH0622U/S-2251743\niCRMH0622U/S-2257432\niCRMH0622U/S-2263793\niCRMH0622U/S-2265732\nFIM0722U/S-2297652\niCRMH0722U/S-2301366\niCRMH0722U/S-2299188\niCRMH0722U/S-2307642\niCRMH0722U/S-2309603\niCRMH0822U/S-2381442\nFIM0822U/S-2382536\niCRMH0822U/S-2386009\niCRMH0822U/S-2401890\nFIM0922U/S-2432458\niCRMH0922U/S-2441164\niCRMH0922U/S-2349826\niCRMH0922U/S-2450384\niCRMH1022U/S-2458810\niCRMH1022U/S-2467985\nFIM1022U/S-2516847\niCRMH1022U/S-2518759\niCRMH1022U/S-2526757\niCRMH1022U/S-2526936\nFIM112U/S-2592041\niCRMH1122U/S-2592351\niCRMH1122U/S-2600587\nFIM122U/S-2647111\niCRMH1222U/S-2649557\niCRMH1222U/S-2654146\niCRMH1222U/S-2656645\niCRMH0123U/S-2656694\niCRMH0123U/S-2659118\niCRMH0123U/S-2659122\niCRMH0123U/S-2659127\niCRMH0123U/S-2659699\niCRMH0123U/S-2659826\niCRMH0123U/S-2665115\niCRMH0123U/S-2665383\niCRMH0123U/S-2665498\niCRMH0123U/S-2668283\niCRMH0123U/S-2668182\niCRMH0123U/S-2672447\niCRMH0123U/S-2680171\niCRMH0123U/S-2690286\niCRMH0223U/S-2734267\niCRMH0223U/S-2745423 iCRMH0223U/S-2747489\niCRMH0323U/S-2787150\niCRMH0323U/S-2797843\niCRMH0323U/S-2815789\niCRMH0423U/S-2834086\niCRMH0423U/S-2847825\niCRMH0423U/S-2851307\niCRMH0423U/S-2860051\niCRMH0423U/S-2870548\niCRMH0523U/S-2901713\niCRMH0523U/S-2917627\niCRMH0523U/S-2914608\niCRMH0623U/S-2931241\niCRMH0623U/S-2931830\niCRMH0623U/S-2940381\niCRMH0723U/S-3004505\niCRMH0723U/S-3009555\niCRMH0723U/S-3018014\niCRMH0823U/S-3047080","PDF_QUART_RET_DISCLAIMER_1":" ","TARGET_ALLOCATION_ESG_COMMENTARY":"Key Takeaways:\n \nRecalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks, with a preference for lower octane growth and companies we believe are better positioned to benefit from a transition to a low-carbon economy\n \nAdjust non-US stock exposures, reducing exposure to emerging market companies and shifting within developed international markets to companies better positioned to benefit from a transition to a low-carbon economy\n \nMove up in fixed income credit quality, favoring broad aggregate bond exposure and reducing exposure to US corporate credit\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","PDF_INVESTMENT_PREFERENCES_FACTORS":"Factors","PDF_QUART_RET_DISCLAIMER_2":" ","INVESTMENT_PROCESS_KEY":"Investment Process Pages","MPUF_CDV_DISCLOSURE":"As of 7/1/2021, for all models except the CFS Global Dividend 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MPUF_AVS_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","INVESTMENT_PRINCIPLE2_HEADER_TA_MODELS":"Moderate U.S. equity overweight","MPUF_DEA_DISCLOSURE":"For all models except 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg Barclays U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg Barclays U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_ONX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","MPUF_ARS_DISCLOSURE":"The benchmark for the ARGI Sector Rotation model is represented 100% by the MSCI USA Index.","MPUF_TCC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_MKFX_DISCLOSURE":"The benchmark is represented by 100% S&P National Municipal Bond Index","FUND_PERF_LOAD_ADJ_RETURNS_5YR":"5YR","MPUF_GMF_DISCLOSURE":"The benchmark for the Goodwin Strategic Mutual Fund model is represented by a 14% allocation to the MSCI ACWI Index, a 6% allocation to the MSCI USA Index, a 78% allocation to the Bloomberg U.S. Universal Index, and a 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index.","ESSENTIALS_DECK":"Essentials Deck","MINI_COMPARE_MODEL_CATEGORY_TYPE_LABEL":"BlackRock Management Team","MPUF_TGC_DISCLOSURE":"\tThe equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Aggregate Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Aggregate Index.","MINI_COMPARE_GROSS_NET_PERFORMANCE_LABEL":"Gross / Net YTD Return","TARGET_ALLOCATION_ETF_COMMENTARY_RO":"iCRMH0823U/S-3069116","MPUF_JFA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_MKFI_DISCLOSURE":"The benchmark is represented by 100% Bloomberg U.S. Universal Index","MPUF_CPE_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","DIVERSIFIED_ALTS_COMMENTARY_RO":"iCRMH0723U/S-3016645","MPUF_CLS_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","CAPITAL_PRESERVATION_EXPLORE_CARD_TOOLTIP":"Slide to see models in capital preservation range of 0-30% equity.","PDF_GENERATE_MB_APPLICATION_NAME":"MODEL PORTFOLIO SUMMARY","INVESTMENT_PRINCIPLE5_HEADER_TA_MODELS":"Disciplined trading schedule","MPUF_STS_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","DCR_MB_MPUF_TAH_LANDSCAPE_FOOTER_TEXT":"<text>\n\t\t<tspan x=\"0\" y=\"5\">\n\t\t\t<tspan>$advisorName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"14\">\n\t\t\t<tspan font-family=\"FortBold\" font-weight=\"bold\">PREPARED BY: </tspan>\n\t\t\t<tspan>$clientName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"23\" font-family=\"FortBold\" font-weight=\"bold\">FOR INSTITUTIONAL / FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION</tspan>\n\t</text>","MPUF_ULX_DISCLOSURE":"\tThe equity portion of the benchmark is represented by 45% MSCI ACWI Index and 55% MSCI USA Index, while the fixed income portion is represented by 60% S&P National Municipal Bond Index, 40% S&P Muni National 0-5 Year Index, and a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index. For example, the benchmark for the 60/40 model portfolio is represented by 27% MSCI ACWI Index, 33% MSCI USA Index, 22.8% S&P National Municipal Bond Index, 15.2% S&P Muni National 0-5 Year Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_CPS_DISCLOSURE":"The benchmark for the CreativeOne Wealth Sector Rotation model is represented 100% by the MSCI USA Index.","MPUF_HHC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","LATEST_HOLDINGS_DISCLOSURE":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","MPUF_HGC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","DEFAULT_HEADER_COMMENTARY":"Commentary","PDF_FILE_NAME":"Model Portfolio Summary Report","MAI_GROWTH_INCOME_TAX_AWARE_COMMENTARY_PERFORMANCE":"As of 09/30/2022\n \nPERFORMANCE\n \nSeptember’s weakness marked the end of an extremely volatile quarter for financial markets. It was the third consecutive quarter of losses for both stocks and bonds. The battle between controlling inflation and maintaining growth has intensified and the path for a soft landing in the U.S. has narrowed. We have become more concerned about the Fed overdoing tightening and must acknowledge that the risk of a potential recession has grown. That said, there is still evidence of resiliency across the U.S. economy. Notably, services consumption has continued to rebound as consumers normalize their spending patterns in a post-Covid world. Relatedly, the labor market remains in healthy shape as evidenced by record low unemployment, job openings, and stronger wage gains.\n \nBy comparison, we are more concerned about the outlook for Europe and the emerging markets. Last month the Bank of England announced its willingness to purchase longer-dated gilts to address the deterioration of market functioning in the longer-end of the curve which helped fuel, in part, to September’s weakness. While the statement has helped stabilize the UK market temporarily, the UK, like Europe and much of the world, faces the growing challenge of taming soaring inflation without destroying growth. The Ukraine war and destruction of the Nordstream pipelines makes the outlook for Europe particularly worrisome as energy costs soar as winter approaches. Against this backdrop, we maintain a preference for domestic markets over international.\n \nDespite a more defensive portfolio posture today given elevated macro uncertainty, we remain more optimistic over the medium-term. Valuations have improved across the board and the aggregate opportunity set across income markets today has become increasingly attractive for investors able to look beyond the immediate horizon. Investors can now seek to generate meaningful levels of income without necessarily stretching for it.\n \nAll models posted negative absolute and relative returns for the month of September. Within equities, an overweight to high dividend stocks and an underweight to dividend growth stocks detracted from relative equity performance versus the bench. However, manager selection related to an active high equity income exposure provided some cushion. Within fixed income, an overweight to high yield versus investment grade municipal bonds served as the largest source of relative underperformance. Manager selection related to a flexible municipal bond exposure also detracted from returns. However, short-term municipal bond exposures provided some modest relative downside protection as markets repriced for a potentially more aggressive Fed rate hike path. A diversified multi-asset exposure detracted from returns on an absolute basis.","PDF_QUART_RET_NAV_DISCLAIMER":" ","FAMILY_LIST_HEADER_DISCLOSURE":"†The model portfolios may also include an allocation to cash.\n\n††Model trade frequency is a target and the models may trade more or less frequently due to market conditions.\n \n ","INVESTMENT_PROCESS_SECTION_DESC":"Investment Process","MODEL_COUNT_TEXT":"model portfolios","MPUF_SCA_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MPUF_MRUE_DISCLOSURE":"The equity portion of the benchmark is represented by 100% MSCI Developed - US Net TR Index.","ANNUAL_TAX_AWARE_COMMENTARY":"KEY TAKEAWAYS\n \nRecalibrating portfolios for a potential environment that is past peak inflation, peak U.S. dollar, and peak long maturity interest rates\n \nReducing exposure to global technology stocks and US medical devices, in favor of US healthcare and US technology equities\n \nMoving duration to overweight from underweight and increasing exposure to credit spreads via Municipal bonds, longer-term U.S. Treasuries and Emerging Market bonds\n \nTRADE RATIONALE\n \nThe expected path of inflation has improved and it’s our belief that the Fed could potentially end rate hikes while real economic growth is still positive in the US. Now that we believe we have improved clarity (while market participants still exhibit historically excessive bearish sentiment), we begin targeted efforts to gently shift risk across both stocks and bonds.\n \nThe confidence to make these moves stems from our belief that inflation has peaked and will likely decelerate at a sufficient pace over the coming months to convince the Fed to pause (but for all practical purposes ‘end’, in our view) its rate hiking campaign. If this proves correct, it means the Fed’s overtly hawkish rhetoric, and adverse influence on markets, may have also peaked.  Softening U.S. inflation and less Fed-hawkishness may also mean a peak in the strength of the US dollar.\n \nRisks of slowing growth or an outright contraction are still substantial, but we don’t think the ‘R’ word is necessarily a foregone conclusion, in contrast to the consensus expectation of professional economists. If the highly anticipated recession refuses to materialize, we see potential upside, and in a mild recession scenario, we think the potential for a substantial further decline in prices for more risky assets may be limited given the sell-off of 2022. US corporations and consumers continue to hold high cash balances and moderate debt burdens (conditions that do not historically precede severe downturns), meaning recession avoidance may not be as improbable as many believe.\n \nThe asymmetric risk of these bull/bear outcomes, along with our expectations of a less market-antagonistic Fed that adjusts its pace of policy in the face of cooling inflation, give us conviction that equities could potentially deliver high single-digit returns in 2023. With respect to bonds, after a challenging year in 2022, we believe going forward that fixed income assets may once again play their traditional role as a portfolio diversifier and volatility dampener.","EMPTY_MODEL_LIST_TEXT_2":"based on your filter selections. Please update your filter selections.","MPUF_AVT_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MINI_COMPARE_TRADE_FREQUENCY_LABEL":"Trading Frequency††","MPUF_MAX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.\n","MONTHLY_COMMENTARY":"Monthly Commentary","TARGET_INCOME_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive returns for the month. The largest contributors to performance were exposures to short duration high yield, investment grade bonds, and emerging market high yield bonds in riskier profiles. Also, our exposure to floating rate bonds helped insulate the portfolio as yields rose over the month. The main detractors from performance were allocations to longer maturity US treasuries and mortgage-backed securities.","MPUF_MUGI_DISCLOSURE":"The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.67% iBoxx USD Liquid High Yield Index/45.33% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/9.33% iBoxx USD Liquid High Yield Index/18.67% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","SEMI_ANNUAL_TAXABLE_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","MPUF_TWX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% S&P National Municipal Bond Index, and 1% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 69.3% MSCI ACWI Index, 29.7% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_FIBLD_DISCLOSURE":"As of 7/1/2021, the benchmark is represented by the 98% Bloomberg U.S. Aggregate Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, the benchmark was represented by the Bloomberg U.S. Aggregate Index.","TARGET_ALLOCATION_HYBRID_WITH_ALTS_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE \n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to market neutral and global macro alternative strategies also contributed to performance. Exposure to US technology and infrastructure stocks added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","OPPORTUNISTIC_ALTS_COMMENTARY_RO":"iCRMH0723U/S-3016636","MAI_GROWTH_INCOME_COMMENTARY_PERFORMANCE":"As of 09/30/2022\n \nPERFORMANCE\n \nSeptember’s weakness marked the end of an extremely volatile quarter for financial markets. It was the third consecutive quarter of losses for both stocks and bonds. The battle between controlling inflation and maintaining growth has intensified and the path for a soft landing in the U.S. has narrowed. We have become more concerned about the Fed overdoing tightening and must acknowledge that the risk of a potential recession has grown. That said, there is still evidence of resiliency across the U.S. economy. Notably, services consumption has continued to rebound as consumers normalize their spending patterns in a post-Covid world. Relatedly, the labor market remains in healthy shape as evidenced by record low unemployment, job openings, and stronger wage gains.\n \nBy comparison, we are more concerned about the outlook for Europe and the emerging markets. Last month the Bank of England announced its willingness to purchase longer-dated gilts to address the deterioration of market functioning in the longer-end of the curve which helped fuel, in part, to September’s weakness. While the statement has helped stabilize the UK market temporarily, the UK, like Europe and much of the world, faces the growing challenge of taming soaring inflation without destroying growth. The Ukraine war and destruction of the Nordstream pipelines makes the outlook for Europe particularly worrisome as energy costs soar as winter approaches. Against this backdrop, we maintain a preference for domestic markets over international.\n \nDespite a more defensive portfolio posture today given elevated macro uncertainty, we remain more optimistic over the medium-term. Valuations have improved across the board and the aggregate opportunity set across income markets today has become increasingly attractive for investors able to look beyond the immediate horizon. Investors can now seek to generate meaningful levels of income without necessarily stretching for it.\n \nAll models outperformed their benchmarks but posted negative absolute total returns for the month of September. Within equities, an overweight to high dividend stocks and an underweight to dividend growth stocks resulted in equity underperformance relative to the bench. However, manager selection related to an active high equity income exposure provided some cushion. Within fixed income, shorter-duration assets generally outperformed this month as markets repriced for a potentially more aggressive Fed rate hike path. Consequently, an active weight in short-term investment grade floating rate bonds modestly boosted performance on an absolute and relative basis. Bank loan exposure also provided some relative downside protection across the suite. Relative outperformance from an active shorter-duration flexible fixed income exposure was offset by underperformance of longer-duration positions in credit and Treasuries. A diversified multi-asset exposure detracted from returns on an absolute basis.","FILTERNAME_OBJECTIVE":"Main Objective","ULTRASHRTBND_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3047080-1/4\niCRMH0823U/S-3047080","TARGET_ALLOCATION_ETF_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nMost models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US technology and infrastructure stocks also added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","ML_CORE_ALLOCATION_TAXABLE_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MPUF_ML_DISCLOSURE":"For the Merrill Lynch Core Allocation Taxable models, the Conservative Benchmark is represented by 58% Bloomberg U.S. Universal Index, 18.2% MSCI ACWI Index, 7.8% MSCI USA Index, and 16% ICE BofAML US T-Bill 0-3 Month Index. The Moderately Conservative Benchmark is represented by 30.1% MSCI ACWI Index, 12.9% MSCI USA Index, 55% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Moderate Benchmark is represented by 41.3% MSCI ACWI Index, 17.7% MSCI USA Index, 39% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Moderately Aggressive Benchmark is represented by 51.8% MSCI ACWI Index, 22.2% MSCI USA Index, 24% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Aggressive Benchmark is represented by 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 10% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","TARGET_ALLOCATION_SMA_MUNI_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0423U/S-2851266","MPUF_VAX_DISCLOSURE":"As of 7/1/2021, for all models except the Valor Tax-Managed United 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Valor Tax-Managed United 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","INVESTMENT_PRINCIPLE1_HEADER_TA_MODELS":"Your fixed income shouldn't be 'fixed'","FILTERNAME_RISKPROFILE":"Risk Tolerance","PDF_LOAD_ADJUSTED_DISCLAIMER_2":"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. Performance data current to the most recent month end for the BlackRock and iShares Funds may be obtained by visiting www.blackrock.com or www.iShares.com. For month-end performance for other funds, please visit the respective providers' websites. Performance is annualized for time periods greater than 1 year. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. Source: Morningstar","MPUF_AX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","PDF_LOAD_ADJUSTED_DISCLAIMER_1":" ","MINI_COMPARE_PREFERENCE_LABEL":"Investment Preferences","MPUF_ETX_DISCLOSURE":"As of 7/1/2021, for all models the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","FUND_PERF_5YR":"5YR","FUND_PERF_10Y":"10YR","HOW_TO_INVEST_BTN_TEXT":"How to invest","MPUF_IF_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI IMI and 30% MSCI USA IMI while the fixed income portion is represented by 100% Bloomberg U.S. Aggregate 1-5 Year Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI IMI, 18% MSCI USA IMI, and 40% Bloomberg U.S. Aggregate 1-5 Year Index.","HOME_PAGE_GREY_CARD_SECTION_DISCLOSURE":"If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, \"60/40\" means the model targets 60% equity exposure and 40% fixed income exposure. The target fixed income exposure may include an allocation to cash.","PREFERENCES_TAX_AWARE":"Tax-aware","MPUF_GAQ_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","ML_FA_ONE_PAGER":"Core Allocation FA One Pager","PDF_MARKET_VIEW_DISCLOSURE":"Views are subject to change and may not reflect current model portfolio allocations. These views are relative to the models’ benchmark weights.","RISK_AGGRESSIVE":"Aggressive","MPUF_TGX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% S&P National Municipal Bond Index.","MAI_TA_COMMENTARY":"Key Takeaways:\n \nReducing preferred stock in favor of a flexible municipal bonds strategy given strong year to date performance from lower quality credit and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believerate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. Spreads on preferred stocks have retraced their March wides and are currently approaching their year to date tights. Less attractive valuations, combined with a greater volatility profile, led us to trim in favor of a flexible municipal bond strategy with the ability to dynamically adjust to the changing market backdrop.","FAMILY_PERFORMANCE_DISCLAIMER_BOX":" \n<table style=\"border-collapse: collapse; width: 100%; border: 1px solid black;\" border=\"1\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">*Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.</td>\n</tr>\n</tbody>\n</table>\n ","MPUF_ADC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MAI_INCOME_COMMENTARY":"Key Takeaways:\n \nReducing high yield bonds and preferred stock in favor of agency mortgages given strong year to date performance from lower quality credit and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nAdding to U.S. dividend stocks where upside potential vs. fixed income is attractive based on our view that the concentrated market rally year to date may broaden out as recession fears remain at bay.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believe rate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. We believe upside potential in dividend stocks has improved relative to credit markets, where spreads have tightened year to date. Dividend stocks have also meaningfully lagged the broad S&P 500 given the concentration of returns in a handful of technology names that have buoyed the entire index. We believe this rally has room to broaden out and therefore added to dividend payers with attractive valuations and where we perceive the bar to beat expectations as lower.\n \nMeanwhile, spreads on high yield bonds and preferred stocks have retraced their March wides and are currently approaching their year to date tights. Less attractive valuations, combined with a far greater volatility profile, led us to trim in favor of agency mortgages, an area we had allocated to in our April rebalance. These mortgages are backed by government agencies and thus high quality in nature. We also believe they may benefit more than Treasuries if interest rate volatility subsides given this would reduce prepayment risk (which, when elevated, weighs on the price of mortgages).\n \n \n \n \n \n \n \n \n \n ","MPUF_ODC_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofA 3 Month Treasury Bill Index.","TA_TRADE_RAT_ONLY_COMMENTARY":"Trade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","MPUF_TCX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is represented by 68.6% MSCI ACWI, 29.4% MSCI USA Index, and 2% ICE BofA 3 Month Treasury Bill Index. ","MB_CLOSING_DISCLOSURE_ADVISOR_EXCLUDE_PERFORMANCE":"This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.\n \nCarefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website, contacting your financial professional, or by visiting <a href=https://www.blackrock.com/"http://www.sec.gov/edgar/search/">www.sec.gov/edgar/search. For BlackRock Funds, please visit <a href=https://www.blackrock.com/"http://www.blackrock.com/prospectus/">www.blackrock.com/prospectus. For iShares Funds, please visit <a href=https://www.blackrock.com/"http://www.iShares.com/prospectus/">www.iShares.com/prospectus. Read the prospectuses carefully before investing.\n \nInvesting involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.\n \nAny iShares Trusts or other products registered only under the Securities Act of 1933 referenced in this material are not investment companies, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products may be speculative and involve a high degree of risk. This information must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing.\n \nThe BlackRock model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the BlackRock model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates.\n \nThe BlackRock model portfolios are provided for illustrative and educational purposes only. The BlackRock model portfolios do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the BlackRock model portfolios. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the BlackRock model portfolios. BlackRock is not responsible for determining the appropriateness or suitability of the BlackRock model portfolios or any of the securities included therein for any client of a financial professional. Information and other marketing materials provided by BlackRock concerning the BlackRock model portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the BlackRock model portfolios. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results. The BlackRock model portfolios, allocations, and data are subject to change. The BlackRock model portfolios themselves are not funds.\n \nThe BlackRock model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. BlackRock intends to allocate all or a significant percentage of the BlackRock model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds (\"BlackRock Affiliated Funds\"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the BlackRock model portfolios. This may result in BlackRock model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds.\n \nCommon shares for most closed-end funds are only available for purchase and sale at current market price on a stock exchange. Certain closed-end funds are “interval funds” that are not listed for trading on any securities exchange and are designed primarily for long-term investors. An investment in “interval funds”, unlike an investment in a traditional listed closed-end fund, should be considered illiquid and is not suitable for investors who need access to the money they invest. Investors may be unable to reduce their exposure to such funds during any market downturn. Shares of an “interval fund” are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, although the fund periodically offers to repurchase shares from outstanding shareholders. Please see the fund’s prospectus for additional details. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.\n \nInternational investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.\n \nA fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective.\n \nThere can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (\"factors\"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.\n \nA fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nAny information on funds not managed by BlackRock or securities not distributed by BlackRock is provided for illustration only and should not be construed as an offer or solicitation from BlackRock to buy or sell any securities.\n \nThis information is intended for use in the United States. This information is not a solicitation for or offering of any investment, product, or service to any person in any jurisdiction or country in which such solicitation or offering would be unlawful.\n \nThis information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.\n \nThe information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.\n \nThe information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy.\n \nAny links to websites hosted by third parties are provided only for use at your own discretion. The third party is solely responsible for the content presented on its website. Content may change without notice and the content originally intended to be provided may no longer be displayed. Privacy and security policies for each third-party website may vary. Please review the policies on each third-party website before use.\n \nBlackRock is not affiliated with any third party distributing this material.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, LLC, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or STOXX Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.\n \n©2023 BlackRock, Inc. All rights reserved. iBONDS, ALADDIN, iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.\n \niCRMH0821U/S-1844484\niCRMH1121U/S-1931910\niCRMH0522U/S-2200663\niCRMH0622U/S-2265796\niCRMH1222U/S-2656660\niCRMH1222U/S-2656663\niCRMH0123U/S-2668284\niCRMH0123U/S-2668285\niCRMH0123U/S-2690286\niCRMH0623U/S-2931215\niCRMH0623U/S-2931831","TARGET_ALLOCATION_ESG_COMMENTARY_RO":"iCRMH0823U/S-3069114","MPUF_KSA_DISCLOSURE":"The equity portion of the benchmark is represented by 50% MSCI ACWI Index and 50% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 30% MSCI ACWI Index, 30% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_NEX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","LONG_HORIZON_MUTUAL_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668155","MPUF_PRH_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MAI_INCOME_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE \n \nContinued signs of easing inflationary pressures and a relatively favorable earnings backdrop helped drive solid returns for stocks and broader risk assets in July. Higher quality, longer duration bonds fared less well as the soft-landing narrative gained traction with growth remaining resilient despite global central banks continuing on their tightening trajectory. The U.S. Federal Reserve again raised interest rates after pausing in June citing core inflationary pressures and resilient economic and employment data. Meanwhile, the European Central Bank took rates to their highest level in history, although hope has grown for the possibility of a pause in September as signs of easing inflation are building and concern grows that the bank is hiking into an inevitable recession.\n \nThe July CPI report came in softer than expected and was consistent with the broad trend in moderating inflation. Prices climbed 3.2% on an annual basis versus the consensus estimate of 3.3%. However, core CPI, which excludes more volatile food and energy prices, rose 4.7% and remains well above the Fed’s long-term 2% target. Meanwhile, the U.S. producer price index (PPI) surprised to the upside, rising at an annual rate of 0.8% compared to estimates of 0.7%, driven by costs of services. So, while we remain optimistic on the downward trend in U.S. inflation and the tailwind that provides for a soft-landing, we are not yet out of the woods and we believe central banks will remain steadfast in their efforts.\n \nAll models posted positive total returns for the month of July but modestly underperformed their benchmarks. Dividend stocks were the largest absolute contributors, followed by a diversified multi-asset exposure and high yield bonds. Higher quality fixed income continued to lag riskier assets, with investment grade corporate bonds being the only core bond sector to deliver positive results this month. As such, an overweight to the sector and an underweight to Treasuries helped boost performance. The largest relative detractor this month was equity selection, primarily due to underperformance of a global dividend income strategy and income-oriented equity strategy. An exposure to international dividend growth stocks also weighed on relative results, having underperformed the model’s broad high dividend benchmark.","PORTFOLIO_COUNT_DISCLOSURE":"Please select + to see the model portfolios available based on the filtering criteria.","TARGET_ALLOCATION_HYBRID_WITH_ALTS_COMMENTARY_RO":"iCRMH0823U/S-3069123","MPUF_AVM_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","MAI_BLK_PIMCO_GROWTH_AND_INCOME_COMMENTARY":"Key Takeaways:\n \nReducing high yield bonds in favor of agency mortgages given strong year to date performance from lower quality credit and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nDiversifying with U.S. dividend stocks away from a strategy with concentrated sector exposures and towards more balanced strategies, where upside potential is attractive based on our view that the concentrated market rally year to date may broaden out as recession fears remain at bay.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believe rate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. We believe upside potential in dividend stocks has improved relative to credit markets, where spreads have tightened year to date. Dividend stocks have also meaningfully lagged the broad S&P 500 given the concentration of returns in a handful of technology names that have buoyed the entire index. We believe this rally has room to broaden out and therefore reduced a strategy with concentrated sector exposures in favor of more diversified U.S. dividend payers with attractive valuations and where we perceive the bar to beat expectations as lower.\n \nMeanwhile, spreads on high yield bonds have retraced their March wides and are currently approaching their year to date tights. Less attractive valuations, combined with a far greater volatility profile, led us to trim in favor of agency mortgages, an area we had allocated to in our April rebalance. These mortgages are backed by government agencies and thus high quality in nature. We also believe they may benefit more than Treasuries if interest rate volatility subsides given this would reduce prepayment risk (which, when elevated, weighs on the price of mortgages).","MPUF_FLX_DISCLOSURE":"For all models the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","INCEPTION_DATE_MANY_MANY":"Inception date for the $MODEL_NAME$ models are $INCEPTION_DATE$.","MPUF_BLIN_DISCLOSURE":"The benchmark is represented by 98% MSCI All Country World ex-US Index (Net Return) and 2% ICE BofAML US T-Bill 0-3 Month Index. ","RISK_MODERATE_AGGRESSIVE":"Moderate Aggressive","MPUF_BAY_DISCLOSURE":"As of 7/1/2021, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","INVESTMENT_PROCESS_STEP2_HEADER_TA_MODELS":"Adapt to changing market conditions","MPUF_TSX_DISCLOSURE":"As of 7/1/2021, the Target Allocation with SMAs Municipal Model benchmarks are represented by: Capital Preservation: 14% MSCI ACWI Index, 6% MSCI USA Index, 78%S&P National Municipal Bond Index and 2%ICE BofAML US T-Bill 0-3 Month Index. Income: 21% MSCI ACWI Index, 9% MSCI USA Index, 68%S&P National Municipal Bond Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Income & Growth: 31.5% MSCI ACWI Index, 13.5% MSCI USA Index, 53% S&P National Municipal Bond Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Growth: 45.5% MSCI ACWI Index, 19.5% MSCI USA Index, 33% S&P National Municipal Bond Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Aggressive Growth: 56% MSCI ACWI Index, 24% MSCI USA Index, 18% S&P National Municipal Bond Index and 2% ICE BofAML US T-Bill 0-3 Month Index\n \nPrior to 7/1/2021, the Target Allocation with SMAs Municipal Model benchmarks were represented by: Capital Preservation: 14% MSCI ACWI Index, 6% MSCI USA Index and 80% S&P National Municipal Bond Index. Income: 21% MSCI ACWI Index, 9% MSCI USA Index and 70% S&P National Municipal Bond Index. Income & Growth: 31.5% MSCI ACWI Index, 13.5% MSCI USA Index and 55% S&P National Municipal Bond Index. Growth: 45.5% MSCI ACWI Index, 19.5% MSCI USA Index and 35% S&P National Municipal Bond Index. Aggressive Growth: 56% MSCI ACWI Index, 24% MSCI USA Index and 20% S&P National Municipal Bond Index.","TRADEFREQ_ANNUAL":"Strategic (1x per year)","TARGET_ALLOCATION_SMA_MUNI_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty  \n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \n \nTrade Rationale:\n \n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","MPUF_MKEQ_DISCLOSURE":"The benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index.","MPUF_VAL_DISCLOSURE":"As of 7/1/2021, for all models except the Valor Pre-Tax United 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Valor Pre-Tax United 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","ANN_MARKET_UPDATE":"Annually-Trading Market Update","MINI_COMPARE_DATA_TABLE_DISCLOSURE":"†The model portfolios may also include an allocation to cash.\n\n††Model trade frequency is a target and the models may trade more or less frequently due to market conditions.\n \nPast performance does not guarantee future results. For standardized performance of the underlying funds within the model portfolios, please see the Fund Performance table in the Performance section by clicking \"Launch 360 analysis\".\nFor additional model portfolio performance, please navigate to the Performance (%) tab on the \"Rebalance updates & other details\" page.\nThe performance shown does not reflect the performance of actual client accounts. Each model portfolio includes allocations to underlying constituent securities and uses the underlying securities’ historical performance. Where the constituent security is a fund, performance (i) assumes reinvestment of dividends and capital gains, (ii) reflects the deduction of fund expenses, including management fees and other expenses, and (iii) does not reflect any applicable sales charges. The 12-month trailing yield assumes that the constituents were held in the weights detailed within the Latest Holdings (%) tab on the \"Rebalance updates & other details\" page and does not reflect changes made in response to market conditions. In addition, where the constituent security is a fund, performance shown is based on the performance of the share class (if applicable) featured in the model portfolio. A financial professional’s client may or may not be eligible to hold the share class shown. The performance of actual client accounts may differ from the performance shown for a variety of reasons, including but not limited to: the financial professional is responsible for implementing trades in the accounts; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by such accounts; cash flows into or out of such accounts; and/or other factors.\n<table border=\"1\" style=\"border-collapse: collapse; width: 100%; border: 1px solid black;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">*Portfolio performance for any model with an asterisk in its name is hypothetical and is for illustrative purposes only. Hypothetical results for such model portfolios have inherent limitations because they do not reflect actual trading and do not represent actual performance. Historical returns of such model portfolios provided by BlackRock do reflect rebalancing of such portfolios in response to market conditions.</td>\n</tr>\n</tbody>\n</table>\nGross performance does not reflect the deduction of any fees or expenses that may be charged by the financial professional. The fees and expenses that a client may incur in their account will reduce the account’s return. Net performance reflects the deduction of an annual investment advisory fee, deducted monthly, that may be charged by the financial professional but does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions. The default net performance reflects a hypothetical annual investment advisory fee of 3%; however a financial professional may input a different annual investment advisory fee or exclude the investment advisory fee. By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account. BlackRock does not independently verify the accuracy of such investment advisory fee inputs. Due to the compounding effect of these fees, annual net performance results may be lower than stated gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.","TARGET_ALLOCATION_SMA_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009529","MPUF_QDC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. ","COVER_SECTION_DESC":"Report Name, Personalization (including optional logo upload)","MPUF_GFP_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index, and the liquid alternatives portion is represented by 100% the ICE BofAML US T-Bill 0-3 Month Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 30% Bloomberg U.S. Universal Index, and 10% ICE BofA 3 Month Treasury Bill Index.","DCR_MB_CUSTOM_LANDSCAPE_FOOTER_TEXT":"<text>\n\t\t<tspan x=\"0\" y=\"5\">\n\t\t\t<tspan>$advisorName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"14\">\n\t\t\t<tspan font-family=\"FortBold\" font-weight=\"bold\">PREPARED BY: </tspan>\n\t\t\t<tspan>$clientName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"23\" font-family=\"FortBold\" font-weight=\"bold\">FOR INSTITUTIONAL / FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION</tspan>\n\t</text>","INCEPTION_DATE_ALL":"The inception date for the model portfolios is $INCEPTION_DATE$.","MINI_COMPARE_ESTIMATED_RISK_SUB_TEXT":"(Powered by Aladdin®)","MPUF_MM_DISCLOSURE":"The equity portion of the benchmark is represented by 100% MSCI World Index, the fixed income portion is represented by 100% Bloomberg U.S. Aggregate Index, and the liquid alternatives portion is represented by 50% HFRX Event Driven Index and 50% HFRX Macro/CTA Index. For example, the benchmark for the Balanced model portfolio is represented by 40% MSCI World Index, 40% Bloomberg U.S. Aggregate Index, 10% HFRX Event Driven Index, and 10% HFRX Macro/CTA Index.","MAIF_INCNS_DISCLOSURE":"The performance benchmarks for the model portfolios are as follows: 20% MSCI World High Dividend Index, 38% S&P Municipal Bond High Yield, 40% S&P Municipal Bond Index, 2% Cash (Conservative); 40% MSCI World High Dividend Index, 40% S&P Municipal Bond High Yield, 18% S&P Municipal Bond Index, 2% Cash (Moderate); 60% MSCI World High Dividend Index, 30% S&P Municipal Bond High Yield, 8% S&P Municipal Bond Index, 2% Cash (Moderate Growth); 80% MSCI World High Dividend Index, 13% S&P Municipal Bond High Yield, 5% S&P Municipal Bond Index, 2% Cash (Growth). As of 1/1/23, the “Moderate Growth” name went into effect. Previously this model was labeled “Growth” (inception 11/30/17). As of 2/17/23, the “Aggressive Growth” name went into effect. Previously this model was briefly labeled “Growth” (inception 12/31/22).","RISK_MODERATE_CONSERVATIVE":"Moderate Conservative","TARGET_ALLOCATION_TAX_AWARE_ETF_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0423U/S-2851275","MPUF_GAX_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MAIF_IN_DISCLOSURE":"The performance benchmarks for the model portfolios are as follows: 20% MSCI World High Dividend Index, 38% iBoxx USD Liquid High Yield Index, 40% Bloomberg US Aggregate Bond TR Index, 2% Cash (Conservative); 40% MSCI World High Dividend Index, 40% iBoxx USD Liquid High Yield Index, 18% Bloomberg US Aggregate Bond TR Index, 2% Cash (Moderate); 60% MSCI World High Dividend Index, 30% iBoxx USD Liquid High Yield Index, 8% Bloomberg US Aggregate Bond TR Index, 2% Cash (Moderate Growth); 80% MSCI World High Dividend Index, 13% iBoxx USD Liquid High Yield Index, 5% Bloomberg US Aggregate Bond TR Index, 2% Cash (Growth). As of 1/1/23, the “Moderate Growth” name went into effect. Previously this model was labeled “Growth” (inception 5/31/17). As of 2/17/23, the “Aggressive Growth” name went into effect. Previously this model was briefly labeled “Growth” (inception 12/31/22).","SEMI_ANNUAL_TAXABLE_ALTS_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap stocks and less value-heavy international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","TARGET_ALLOCATION_TAX_AWARE_MULTI_MANAGER_ALTS_COMMENTARY_RO":"iCRMH0823U/S-3069115","MPUF_LPW_DISCLOSURE":"The benchmarks are represented by a blend of the following indexes: Russell 1000 Index; Russell 2000 Index; MSCI ACWI ex-US IMI Net Dividend Return Index; MSCI EAFE Index; MSCI Emerging Markets Index; Bloomberg U.S. Aggregate Bond Index; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index; FTSE EPRA/NAREIT Developed Index; and the Bloomberg Commodity Index Total Return. The weightings of the indexes in each blended benchmark vary, are representative of the asset classes of the corresponding model portfolio, and are adjusted periodically to reflect the asset allocation strategy of the corresponding model portfolio (e.g., when the corresponding model portfolio rebalances). The returns of the blended benchmark shown are not recalculated or restated when the weightings of the indexes in the benchmark are adjusted to reflect the corresponding model portfolio's asset allocation strategy but rather reflect the blended benchmark's actual allocation over time, which may be different from the current allocation.","MPUF_SCX_DISCLOSURE":"As of 7/1/2021, for all models except the Spectrum Core Tax-Aware 100/0 model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The fixed income portion is represented by a fixed allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remainder to the S&P National Municipal Bond Index. For the 30/70 and 40/60 models the fixed allocation to the London Gold Fixing PM Price Return index is 1%, for the 50/50 and 60/40 models the fixed allocation to the London Gold Fixing PM Price Return index is 2%, for the 70/30 and 80/20 models the fixed allocation to the London Gold Fixing PM Price Return index is 3%, and for the 90/10 model the fixed allocation to the London Gold Fixing PM Price Return index is 4%. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 2% London Gold Fixing PM Price Return Index, and 36% S&P National Municipal Bond Index. The benchmark to the 100/0 model is 65.8% MSCI ACWI Index, 28.2% MSCI USA Index, 4% London Gold Fixing PM Price Return Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.\n\n\n\nPrior to 7/1/2021, for all models except the Spectrum Core Tax-Aware 100/0 model, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The fixed income portion was represented by a fixed allocation to the London Gold Fixing PM Price Return index and the remainder to the S&P National Municipal Bond Index. For the 30/70 and 40/60 models the fixed allocation to the London Gold Fixing PM Price Return index was 1%, for the 50/50 and 60/40 models the fixed allocation to the London Gold Fixing PM Price Return index was 2%, for the 70/30 and 80/20 models the fixed allocation to the London Gold Fixing PM Price Return index was 3%, and for the 90/10 model the fixed allocation to the London Gold Fixing PM Price Return index was 4%. The benchmark to the 100/0 model was 67.2% MSCI ACWI Index, 28.8% MSCI USA Index, and 4% London Gold Fixing PM Price Return Index.","INVESTMENT_PRINCIPLE4_HEADER_TA_MODELS":"Seek to control active risk","HOME_PAGE_TRADE_FREQUENCY_LABEL":"Trading Frequency†","MODEL_OVERVIEW_SECTION_KEY":"Model Overview","NO_NET_PERF_DISCLOSURE":"Performance net of an investment advisory fee is not applicable. ","MPUF_CGX_DISCLOSURE":"As of 7/1/2021, for all models except the CFS Global Tax-Aware 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% S&P National Municipal Bond Index.","MPUF_JP_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index.","GA_SELECTS_TAX_AWARE_COMMENTARY":"Key Takeaways\n \n-Remain moderately overweight stocks across most risk profiles\n \n-Introduced equal-weighted large-cap U.S. stock exposure at the expense of generic market cap weighted holdings\n \n-Reduced underweights to Japanese equities at the expense of European stocks\n \n-Reduced our duration underweights following a sharp rise in long-term U.S. Treasury yields, while continuing to add to municipal bonds as issuance in the sector remains below historical levels\n \nTrade Rationale\n \nSince our last trade rebalance in July, U.S. economic data has continued to come in stronger than most analysts had expected. One of the more recent, and convincing, examples of the resiliency of the U.S. economy was recent release of 2Q’23 GDP, which was reported at 2.4% versus consensus estimates of just 1.8% (per Bloomberg). Meanwhile, the most recent U.S. jobs data indicated that the U.S. unemployment rate fell to 3.5% in July, revisiting lows that it has not experienced since the late 1960’s. Finally, 2Q’23 S&P 500 earnings results generally surprised favorably. According to FactSet, with roughly 80% of S&P 500 companies having reported earnings for 2Q’23 through the second week of August, 84% have exceeded consensus earnings per share (EPS)* estimates, well above the 10-year average of 73%.\n \nThis generally better-than-expected economic and profit performance has not gone unnoticed by equity investors, with U.S. stocks, as measured by the S&P 500 Index, having returned over +16.8 YTD through 6/30/23 (per Bloomberg). What some investors may not realize, however, is that a large proportion of the S&P 500 Index’s YTD gains have been driven by a relatively small-handful of mega-cap Technology stocks, whose impact on the broader index’s returns is disproportionately high, due to the massive market capitalizations these stocks possess. Since late May, we have begun to witness market leadership broaden out beyond mega-cap Tech, toward cyclicals. Considering the resiliency of the U.S. economy, we believe this trend may continue for the intermediate term. As a result, we introduced an equal-weighted S&P 500 Index ETF across most risk profiles in an effort to capitalize on this subtle shift in investor sentiment, while continuing to maintain existing tilts emphasizing both the “quality” factor and the “growth at a reasonable price” (GARP) investment style. Overseas, we added exposure to an international equity ETF, largely at the expense of a European equity ETF. The purpose of this adjustment was to reduce a longstanding underweight to Japanese stocks. Although a continuing deceleration in global growth (particularly China) may pose a headwind for Japan’s exporters, a vibrant domestic economy, swiftly recovering from COVID induced lockdowns, is likely to support above average consumption within the country.\n \nAcross bonds, we reduced our underweight to duration following a sharp rise in long-term U.S. Treasury yields. As it remains our expectation that the U.S. economy will avoid recession and because we anticipate that U.S. inflation will follow a path of prolonged - but choppy - deceleration, we are not inclined to rotate toward overweight exposures to duration at the current time. That said, the recent rise in long yields, coupled with reduced liquidity caused by seasonal factors provides sufficient reason to tactically reduce our duration underweight as we move toward late summer. On the margin, we modestly added to municipal bonds across most risk profiles as issuance in the sector remains below historical averages.\n \n* Earnings per share (EPS) is a measure of a company’s profitability. The ratio is the company’s net profit divided by the number of common shares it has outstanding.\n ","ULTRASHRTBND_COMMENTARY":"Key Takeaways\n \nAdd to Floating-Rate Treasuries which have the potential to offer attractive yields with lower risk at front end of yield curve\n \nCut exposure to short maturity high yield bonds, to increase credit quality of overall portfolio\n \nTrim exposure to short term Treasuries and intermediate term corporate bonds, increase exposure to hedged investment grade corporate bonds\n \nSeek to maintain portfolio yield, reduce credit risk and duration\n \nTrade Rationale\n \nThe US economy continues to seemingly hum along at a surprisingly resilient pace despite a cumulative onslaught of Fed interest-rate hikes. As inflation appears to follow a path of reticent decline, GDP growth carries on far from recession, the labor market persists in its tightness at an absolute level, and risky credit trades in the range of historically median valuation. Nonetheless, there are tentative signs of a softening economy, with notable examples including (modestly) decelerating employment compensation, accelerating speculative grade defaults (from a low level), and Loan Officers imposing more stringent lending standards.\n \nConsidering the balance of risks, it is straightforward to break for either a bearish or bullish outlook on the dominant Fixed-income risk factors. However, the threat of the long and variable lags of monetary policy, as well as the contrary possibility of a stubbornly higher level of inflation going forward, is set against a highly inverted yield curve with very attractive short-maturity, low-risk interest rates. We capitalize on this perspective by buying predominantly floating-rate Treasuries. These securities, with their frequent interest-rate resets, have very small price sensitivity to the yield curve. To reduce portfolio yield impact, we pair this with purchase of rates-hedged broad IG, which has almost no interest-rate duration.\n \n The most important overall risk-reducing trade is sale of all short-maturity high yield (HY) bonds with the very-inverted term structure, the high level of yield foregone by selling this is minimized when paired with hedged IG purchase, while the reduction in tail-risk in the event of a hard landing is meaningful. To round out the trade, funding from short duration Treasuries is used as it has a slightly lower yield, and so the trade also helps minimize portfolio yield impact.\n \nThe purchase and sale combination are done in proportions that reduce portfolio duration to less than half a year of portfolio duration, while the move up in overall credit quality (from HY to all IG) cuts credit risk roughly in half.\n \nAmidst all of this, we do maintain meaningful positions in some nontrivial-duration and IG credit assets, but at reduced levels. This could allow for some benefit in a ‘soft landing’ scenario as well as maintenance of portfolio income potential.","CUSTOM_FEE_DIALOG_DISCLOSURE":"By changing this default hypothetical investment advisory fee of 3%, or removing the advisory fee altogether, you are representing that the fee input reflects the fee that is applicable to your client’s account.","MAI_BLK_PIMCO_GROWTH_AND_INCOME_TA_COMMENTARY":"Key Takeaways:\n \nReducing high yield municipal bonds in favor of a flexible municipal bonds strategy given strong year to date performance from lower quality municipal bonds and a desire to reduce risk and further diversify the fixed income portion of the portfolios.\n \nDiversifying within U.S. dividend stocks away from a strategy with concentrated sector exposures and towards more balanced strategies, where upside potential is attractive based on our view that the concentrated market rally year to date may broaden out as recession fears remain at bay.\n \nTRADE RATIONALE\n \nThe range of market outcomes remains wide as represented by the high dispersion of economic forecasts for growth and inflation. While recession risk remains elevated over the intermediate term, year to date data is not consistent with an imminent sharp retrenchment in growth and recent economic data has been mixed. For instance, regional manufacturing surveys have been markedly weaker whereas retail sales have remained remarkably resilient. Meanwhile, job quits declined again in April, signaling a normalizing labor market, even as the overall level of wage growth remains elevated. More broadly, the continued cooling of inflation gave the Federal Reserve the room they needed to “skip” in their June meeting. However, the month on month core inflation rate is still meaningfully higher than Fed’s long-term target so we believe rate cuts remain unlikely in the near future.\n \nAgainst this backdrop, we continue to believe a balanced risk-taking posture remains appropriate. We believe upside potential in dividend stocks has improved relative to credit markets, where spreads have tightened year to date. Dividend stocks have also meaningfully lagged the broad S&P 500 given the concentration of returns in a handful of technology names that have buoyed the entire index. We believe this rally has room to broaden out and therefore reduced a strategy with concentrated sector exposures in favor of more diversified U.S. dividend payers with attractive valuations and where we perceive the bar to beat expectations as lower.\n \nMeanwhile, spreads on municipal high yield bonds have retraced their March wides and are currently at year to date tights. Less attractive valuations, combined with a greater volatility profile, led us to trim in favor of a flexible municipal bond strategy with the ability to dynamically adjust to the changing market backdrop.","MPUF_WTB_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 100% Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, and 40% Bloomberg U.S. Universal Index.","TARGET_INCOME_COMMENTARY":"Key Takeaways\n \nAdd to Floating-Rate Treasuries which have the potential to offer attractive yields with lower risk at front end of yield curve, barbelling these purchases with small allocation to longer-duration nominal Treasuries\n \nFund from intermediate Treasuries, Mortgage-backed securities, and either high yield or emerging market bonds\n \nSeek to maintain portfolio yield, trim credit risk, and slightly reduce duration\n \nTrade Rationale\n \nThe US economy continues to seemingly hum along at a surprisingly resilient pace despite a cumulative onslaught of Fed interest-rate hikes. As inflation appears to follow a path of reticent decline, GDP growth carries on far from recession, the labor market persists in its tightness at an absolute level, and risky credit trades in the range of historically median valuation. Nonetheless, there are tentative signs of a softening economy, with notable examples including (modestly) decelerating employment compensation, accelerating speculative grade defaults (from a low level), and Loan Officers imposing more stringent lending standards.\n \nConsidering the balance of risks, it is straightforward to break for either a bearish or bullish outlook on the dominant Fixed-income risk factors. However, the threat of the long and variable lags of monetary policy, as well as the contrary possibility of a stubbornly higher level of inflation going forward, is set against a highly inverted yield curve with very attractive short-maturity, low-risk interest rates.  We capitalize on this perspective by buying predominantly floating-rate Treasuries. These securities, with their frequent interest-rate resets, have very small price sensitivity to the yield curve.  We barbell these purchases with small amounts of 20+ Treasuries to soften the decline in portfolio rate sensitivity with little cost to portfolio yield.\n \nThese purchases are funded by combinations of intermediate Treasuries, mortgages, and one of high yield or emerging market bonds. The purchase and sale combination are done in proportions that reduce portfolio duration, while replacement of speculative grade bonds with Treasuries reduces portfolio credit sensitivity a modest amount.\n \nAmidst all of this, we do maintain meaningful positions in nontrivial-duration and credit-risky assets, but at reduced levels. This could allow for some benefit in a ‘soft landing’ scenario as well as maintenance of portfolio income potential.","MPUF_TAGOA_DISCLOSURE":"The benchmark for the Opportunistic Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_NWC_DISCLOSURE":"As of 7/1/2021, for all models except the Northwest Capital Core 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Northwest Capital Core 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","SHOW_DOWNLOAD_PDF_BUTTON":"true","MPUF_ITC_DISCLOSURE":"The equity portion of the benchmark is represented by a 70% allocation to the MSCI ACWI index, a 3% fixed allocation to the MSCI US IMI Real Estate 25-50 Index, while the remaining portion is represented by the MSCI USA Index. The fixed income portion is represented by a fixed 6% allocation to the ICE BofA 3-Month Treasury Bill Index and the remainder to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 15% MSCI USA Index, 3% MSCI US IMI Real Estate 25-50 Index, 34% Bloomberg U.S. Universal Index, and 6% ICE BofA 3 Month Treasury Bill Index.","LATEST_HOLDINGS_DISCLAIMER_PDF":"Allocations for the model portfolios are targets and subject to change. If a ratio is used in the model name, the ratio corresponds to the target percentage of equity and fixed income exposure within the model. For example, “60/40” means the model targets 60% in equity exposure and 40% in fixed income exposure. The target fixed income exposure may include an allocation to cash.","MPUF_BEGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.\n\n","TARGET_ALLOCATION_SMA_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nMost models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US technology and infrastructure stocks also added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","TA_TRADE_RAT_ONLY_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0723U/S-3009555","MAI_TA_COMMENTARY_RO":"iCRMH0823U/S-3069099","MODEL_OVERVIEW_SECTION_DESC":" ","MB_CUSTOM_CLOSING_DISCLOSURE_ADVISOR_EXCLUDE_PERFORMANCE":"This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.\n \nThe third-party branded or BlackRock model portfolios (collectively, “custom model portfolios”) are provided by BlackRock exclusively to applicable platform users and are offered through third parties which are not affiliated with BlackRock. Custom model portfolios are subject to contractual instructions provided to BlackRock by the respective third-party firms. BlackRock does not endorse any custom model portfolios. Any custom model portfolios that are available in the tool may comprise a significant percentage of underlying BlackRock products.\n \nCarefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website, contacting your financial professional, or by visiting <a href=https://www.blackrock.com/"http://www.sec.gov/edgar/search/">www.sec.gov/edgar/search. For BlackRock Funds, please visit <a href=https://www.blackrock.com/"http://www.blackrock.com/prospectus/">www.blackrock.com/prospectus. For iShares Funds, please visit <a href=https://www.blackrock.com/"http://www.iShares.com/prospectus/">www.iShares.com/prospectus. Read the prospectuses carefully before investing.\n \nInvesting involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.\n \nAny iShares Trusts or other products registered only under the Securities Act of 1933 referenced in this material are not investment companies, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products may be speculative and involve a high degree of risk. This information must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing.\n \nThe custom model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the BlackRock model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates.\n \nThe custom model portfolios are provided for illustrative and educational purposes only. The custom model portfolios do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the custom model portfolios. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the custom model portfolios. BlackRock is not responsible for determining the appropriateness or suitability of the custom model portfolios or any of the securities included therein for any client of a financial professional. Information and other marketing materials provided by BlackRock concerning the custom model portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the custom model portfolios. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results. The custom model portfolios themselves are not funds.\n \nThe custom model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. BlackRock intends to allocate all or a significant percentage of the custom model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds (\"BlackRock Affiliated Funds\"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the custom model portfolios. This may result in custom model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds. BlackRock provides custom model portfolios to registered investment adviser (RIA) firms and their financial professionals at no cost subject to certain minimum asset thresholds in such custom model portfolios by the RIA firm over a certain period of time, as applicable.\n \nCommon shares for most closed-end funds are only available for purchase and sale at current market price on a stock exchange. Certain closed-end funds are “interval funds” that are not listed for trading on any securities exchange and are designed primarily for long-term investors. An investment in “interval funds”, unlike an investment in a traditional listed closed-end fund, should be considered illiquid and is not suitable for investors who need access to the money they invest. Investors may be unable to reduce their exposure to such funds during any market downturn. Shares of an “interval fund” are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, although the fund periodically offers to repurchase shares from outstanding shareholders. Please see the fund’s prospectus for additional details. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.\n \nInternational investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.\n \nA fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective.\n \nThere can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (\"factors\"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.\n \nA fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nAny information on funds not managed by BlackRock or securities not distributed by BlackRock is provided for illustration only and should not be construed as an offer or solicitation from BlackRock to buy or sell any securities.\n \nThis information is intended for use in the United States. This information is not a solicitation for or offering of any investment, product, or service to any person in any jurisdiction or country in which such solicitation or offering would be unlawful.\n \nThis information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.\n \nThe information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.\n \nThe information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, LLC, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or STOXX Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.\n \n©2023 BlackRock, Inc. All rights reserved. ALADDIN, iBONDs, iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.\n \niCRMH0921U/S-1845912 iCRMH0921U/S-1842495\niCRMH0921U/S-1842510 iCRMH0921U/S-1842507 iCRMH1021U/S-1858159 iCRMH0921U/S-1853941\niCRMH1121U/S-1932615\niCRMH0921U/S-1842507 iCRMH0921U/S-1833015 iCRMH0921U/S-1861625 iCRMH1021U/S-1865063 iCRMH1021U/S-1890123 iCRMH1021U/S-1889038 iCRMH0921U/S-1854173 iCRMH1021U/S-1893799 iCRMH1121U/S-1904547 iCRMH0921U/S-1863587 iCRMH1221U/S-1937624 iCRMH0921U/S-1863735\niCRMH1021U/S-1896517 iCRMH1121U/S-1918685 iCRMH1221U/S-1943123 iCRMH1121U/S-1923100\niCRMH0921U/S-1853782 iCRMH0921U/S-1842501\niCRMH0921U/S-1861625\niCRMH0222U/2-2017210\niCRMH0422U/S-2108581\niCRMH0422U/S-2110858\niCRMH0622U/S-2265732\niCRMH1122U/S-2609379\niCRMH0123U/S-2659118\niCRMH0123U/S-2659122\niCRMH0123U/S-2659127\niCRMH0123U/S-2659699\niCRMH0123U/S-2659826\niCRMH0123U/S-2665115\niCRMH0123U/S-2665383\niCRMH0123U/S-2665498\niCRMH0123U/S-2690286\niCRMH0223U/S-2734267\niCRMH0323U/S-2787150","MPUF_KSX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 50% MSCI ACWI Index and 50% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 30% MSCI ACWI Index, 30% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 49% MSCI ACWI Index, 49% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_JRX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 1% allocation to the ICE BofAML US TBill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 39% S&P National Municipal Bond Index, and 1% ICE BofAML US TBill 0-3 Month Index. The benchmark for the 100/0 Model is 69.3% MSCI ACWI Index, 29.7% MSCI USA Index, and 1% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_SC_DISCLOSURE":"As of 7/1/2021, for all models except the Spectrum Core 100/0 model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The fixed income portion is represented by a fixed allocation to the London Gold Fixing PM Price Return index, a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remainder to the Bloomberg U.S. Universal Index. For the 30/70 and 40/60 models the fixed allocation to the London Gold Fixing PM Price Return index is 1%, for the 50/50 and 60/40 models the fixed allocation to the London Gold Fixing PM Price Return index is 2%, for the 70/30 and 80/20 models the fixed allocation to the London Gold Fixing PM Price Return index is 3%, and for the 90/10 model the fixed allocation to the London Gold Fixing PM Price Return index is 4%. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 2% ICE BofAML US T-Bill 0-3 Month Index, 2% London Gold Fixing PM Price Return Index, and 36% Bloomberg U.S. Universal Index. The benchmark to the 100/0 model is 65.8% MSCI ACWI Index, 28.2% MSCI USA Index, 4% London Gold Fixing PM Price Return Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.\n\n\nPrior to 7/1/2021, for all models except the Spectrum Core 100/0 model, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index. The fixed income portion was represented by a fixed allocation to the London Gold Fixing PM Price Return index and the remainder to the Bloomberg U.S. Universal Index. For the 30/70 and 40/60 models the fixed allocation to the London Gold Fixing PM Price Return index was 1%, for the 50/50 and 60/40 models the fixed allocation to the London Gold Fixing PM Price Return index was 2%, for the 70/30 and 80/20 models the fixed allocation to the London Gold Fixing PM Price Return index was 3%, and for the 90/10 model the fixed allocation to the London Gold Fixing PM Price Return index was 4%. The benchmark to the 100/0 model was 67.2% MSCI ACWI Index, 28.8% MSCI USA Index, and 4% London Gold Fixing PM Price Return Index.","MPUF_CSX_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the S&P National Municipal Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","LONG_TERM_STRATEGIC_ETF_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns, and most outperformed their benchmarks for the month. Broad US equities, international developed and emerging market stocks were the primary contributors to return. Allocations to US small cap equities also added to total performance. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","PREFERENCES_ALTERNATIVES":"Alts","MPUF_BEC_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_LHE_DISCLOSURE":"As of 7/1/2021, for all models except the Long Horizon ETF 100/0 Model, the equity portion of the benchmark is represented by 65% S&P 1500 Index and 35% MSCI ACWI ex-US Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg US Aggregate Bond Index. For example, the benchmark for the 60/40 model portfolio is represented by 39% S&P 1500 Index, 21% MSCI ACWI ex-US Index, 38% Bloomberg US Aggregate Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month. As of 7/1/2021, the benchmark for the Long Horizon ETF 100/0 Model is 63.7% S&P 1500 Index, 34.3% MSCI ACWI ex-US Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 65% S&P 1500 Index and 35% MSCI ACWI ex-US Index, and the fixed income portion was represented by 100% Bloomberg US Aggregate Bond Index. ","MPUF_TAH_DISCLOSURE":"As of 7/1/2021, for all models except the Target Allocation Hybrid 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the Target Allocation Hybrid 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","GENERATE_REPORT_DISCLAIMER":"Please note that the report must be preceded or accompanied by current prospectuses if the report includes products registered under the Securities Act of 1933.\n \nConsult with your firm's compliance department to ensure appropriate approvals are in place before sharing the reports with your clients.","MB_CUSTOM_CLOSING_DISCLOSURE_ADVISOR":"This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.\n \nThe third-party branded or BlackRock model portfolios (collectively, “custom model portfolios”) are provided by BlackRock exclusively to applicable platform users and are offered through third parties which are not affiliated with BlackRock. Custom model portfolios are subject to contractual instructions provided to BlackRock by the respective third-party firms. BlackRock does not endorse any custom model portfolios. Any custom model portfolios that are available in the tool may comprise a significant percentage of underlying BlackRock products.\n \nCarefully consider the investment objectives, risk factors, charges and expenses of funds within the model portfolios before investing. This and other information can be found in the funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting each fund company's website, contacting your financial professional, or by visiting <a href=https://www.blackrock.com/"http://www.sec.gov/edgar/search/">www.sec.gov/edgar/search. For BlackRock Funds, please visit <a href=https://www.blackrock.com/"http://www.blackrock.com/prospectus/">www.blackrock.com/prospectus. For iShares Funds, please visit <a href=https://www.blackrock.com/"http://www.iShares.com/prospectus/">www.iShares.com/prospectus. Read the prospectuses carefully before investing.\n \nInvesting involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns.\n \nAny iShares Trusts or other products registered only under the Securities Act of 1933 referenced in this material are not investment companies, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products may be speculative and involve a high degree of risk. This information must be preceded or accompanied by a current prospectus for these products. Investors should read and consider it carefully before investing.\n \nThe custom model portfolios are made available to financial professionals by BlackRock Fund Advisors (“BFA”) or BlackRock Investment Management, LLC (“BIM”), which are registered investment advisers, or by BlackRock Investments, LLC (“BRIL”), which is the distributor of the BlackRock and iShares funds within the BlackRock model portfolios. BFA, BIM and BRIL (collectively, “BlackRock”) are affiliates.\n \nThe custom model portfolios are provided for illustrative and educational purposes only. The custom model portfolios do not constitute research, are not personalized investment advice or an investment recommendation from BlackRock to any client of a third party financial professional, and are intended for use only by a financial professional, with other information, as a resource to help build a portfolio or as an input in the development of investment advice for its own clients. Such financial professionals are responsible for making their own independent judgment as to how to use the custom model portfolios. BlackRock does not have investment discretion over, or place trade orders for, any portfolios or accounts derived from the custom model portfolios. BlackRock is not responsible for determining the appropriateness or suitability of the custom model portfolios or any of the securities included therein for any client of a financial professional. Information and other marketing materials provided by BlackRock concerning the custom model portfolios – including holdings, performance, and other characteristics – may vary materially from any portfolios or accounts derived from the custom model portfolios. There is no guarantee that any investment strategy or model portfolio will be successful or achieve any particular level of results. The custom model portfolios themselves are not funds.\n \nThe custom model portfolios include investments in shares of funds. Clients will indirectly bear fund expenses in respect of portfolio assets allocated to funds, in addition to any fees payable associated with any applicable advisory or wrap program. BlackRock intends to allocate all or a significant percentage of the custom model portfolios to funds for which it and/or its affiliates serve as investment manager and/or are compensated for services provided to the funds (\"BlackRock Affiliated Funds\"). BlackRock has an incentive to (a) select BlackRock Affiliated Funds and (b) select BlackRock Affiliated Funds with higher fees over BlackRock Affiliated Funds with lower fees. The fees that BlackRock and its affiliates receive from investments in the BlackRock Affiliated Funds constitute BlackRock’s compensation with respect to the custom model portfolios. This may result in custom model portfolios that achieve a level of performance less favorable to the model portfolios, or reflect higher fees, than otherwise would be the case if BlackRock did not allocate to BlackRock Affiliated Funds. BlackRock provides custom model portfolios to registered investment adviser (RIA) firms and their financial professionals at no cost subject to certain minimum asset thresholds in such custom model portfolios by the RIA firm over a certain period of time, as applicable.\n \nCommon shares for most closed-end funds are only available for purchase and sale at current market price on a stock exchange. Certain closed-end funds are “interval funds” that are not listed for trading on any securities exchange and are designed primarily for long-term investors. An investment in “interval funds”, unlike an investment in a traditional listed closed-end fund, should be considered illiquid and is not suitable for investors who need access to the money they invest. Investors may be unable to reduce their exposure to such funds during any market downturn. Shares of an “interval fund” are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, although the fund periodically offers to repurchase shares from outstanding shareholders. Please see the fund’s prospectus for additional details. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions.\n \nFixed 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. Mortgage-backed securities (\"MBS\") and commercial mortgage-backed securities (\"CMBS”) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in a treasury Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.\n \nInternational investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.\n \nA fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund’s hedging transactions will be effective.\n \nThere can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (\"factors\"). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.\n \nA fund's environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund's ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.\n \nAlternative investments present the opportunity for significant losses and some alternative investments have experienced periods of extreme volatility. Alternative investments may be less liquid than investments in traditional securities.\n \nCommodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.\n \nActively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds.\n \nAny information on funds not managed by BlackRock or securities not distributed by BlackRock is provided for illustration only and should not be construed as an offer or solicitation from BlackRock to buy or sell any securities.\n \nThis information is intended for use in the United States. This information is not a solicitation for or offering of any investment, product, or service to any person in any jurisdiction or country in which such solicitation or offering would be unlawful.\n \nThis information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.\n \nThe information contained herein is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.\n \nThe information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy.\n \nThe iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, LLC, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or STOXX Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.\n \nNeither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.\n \n©2023 BlackRock, Inc. All rights reserved. ALADDIN, iBONDs, iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.\n \niCRMH0921U/S-1845912 iCRMH0921U/S-1842495\niCRMH0921U/S-1842510 iCRMH0921U/S-1842507 iCRMH1021U/S-1858159 iCRMH0921U/S-1853941\niCRMH1121U/S-1932615\niCRMH0921U/S-1842507 iCRMH0921U/S-1833015 iCRMH0921U/S-1861625 iCRMH1021U/S-1865063 iCRMH1021U/S-1890123 iCRMH1021U/S-1889038 iCRMH0921U/S-1854173 iCRMH1021U/S-1893799 iCRMH1121U/S-1904547 iCRMH0921U/S-1863587 iCRMH1221U/S-1937624 iCRMH0921U/S-1863735\niCRMH1021U/S-1896517 iCRMH1121U/S-1918685 iCRMH1221U/S-1943123 iCRMH1121U/S-1923100\niCRMH0921U/S-1853782 iCRMH0921U/S-1842501\niCRMH0921U/S-1861625\niCRMH0222U/2-2017210\niCRMH0422U/S-2108581\niCRMH0422U/S-2110858\niCRMH0622U/S-2265796\niCRMH1122U/S-2609379\niCRMH0123U/S-2659118\niCRMH0123U/S-2659122\niCRMH0123U/S-2659127\niCRMH0123U/S-2659699\niCRMH0123U/S-2659826\niCRMH0123U/S-2665115\niCRMH0123U/S-2665383\niCRMH0123U/S-2665498\niCRMH0123U/S-2690286\niCRMH0223U/S-2734267\niCRMH0323U/S-2787150","SELECTED_LABEL":"selected","FAMILY_PERFORMANCE_OPTIONAL_DESC":" ","MINI_COMPARE_ESTIMATED_RISK_TOOLTIP":"Current Risk is an assessment of risk based on what the portfolio currently holds. This is a more timely view of risk because it is based on current exposures, as compared to the historical volatility of portfolio returns. Current Risk is a probability-based measure that can help you understand how much dispersion you might have around an expected return. This makes it a useful tool in portfolio construction – too much risk can lead to larger drawdowns or larger swings in performance. Too little risk might make it harder to hit return objectives. Current Risk is a measure of volatility presented as an annualized standard deviation, calculated using BlackRock's proprietary Aladdin® risk model.\n \nThe risk model measures currently observable, fundamental characteristics of the portfolio’s holdings (“risk factors”) that are demonstrated to explain the volatility of securities prices. The composition of the portfolio’s current exposure to these risk factors, the historical volatility levels of the risk factors themselves, and the correlation between them all come together to determine the Current Risk. Current Risk may differ (sometimes significantly) from historical, realized volatility, depending on changes in portfolio holdings, the time period and assumptions of the risk model. In order to estimate a portfolio’s Current Risk, the model decomposes a fund’s holdings into their underlying risk factors. The level of exposure to a factor for a given security corresponds to the location of that security in the distribution across all securities in the universe for the characteristic in question. Historical volatility and correlations across the factors are taken into account in order to estimate the total risk of the overall portfolio. \n \nThe model uses 10 years of monthly history and applies a 36 month half-life in order to estimate the volatility and correlations between factors. This half-life places more emphasis on the last 3 years in the analysis.\n \nCurrent Risk reflects a holdings-based, annualized volatility (one standard deviation) of the portfolio, which provides an estimate of the range of outcomes that the portfolio may experience over a one year horizon. For example, a Current Risk of 5% means that a portfolio’s return is likely to vary between -5% and +5% over the course of a year around 68% of the time, and between -10% and +10% around 95% of the time.\n \nNeither BlackRock nor the Aladdin portfolio risk model can predict a portfolio's risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The Aladdin portfolio risk model is based on assumptions using available data and any of its calculations are subject to change. For BlackRock and iShares funds, data about the specific underlying holdings are used when applying the Aladdin risk model. For third-party funds, BlackRock uses underlying holdings, or in certain cases, determines appropriate proxies for relevant holdings using a combination of Morningstar and other publicly available data sources. Product specific inputs for BlackRock, iShares and third-party funds are typically based on the latest disclosed data, which may be lagged.","MPUF_SSI_DISCLOSURE":"The Conservative Benchmark is represented by 3.34% S&P 500 High Dividend Index/3.33% Morningstar US Dividend Growth Index TR/3.33% Morningstar Global ex-US Dividend Growth Net Index/25.33% iBoxx USD Liquid High Yield Index/58.67% iBoxx USD Liquid Investment Grade Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/18.67% iBoxx USD Liquid High Yield Index/45.33% iBoxx USD Liquid Investment Grade Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/12.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/5.33% iBoxx USD Liquid High Yield Index/18.67% iBoxx USD Liquid Investment Grade Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index.","TARGET_ALLOCATION_MULTI_MANAGER_ALTS_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nAll models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to market neutral and global macro alternative strategies also contributed to performance. Exposure to US technology and infrastructure stocks added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","MPUF_S3B_DISCLOSURE":"The benchmark for the Scissortail Bucket 3 model is represented by 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_CCT_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index while the fixed income portion is represented by 92.5% S&P National Municipal Bond Index and 7.5% ICE BofA 3 Month Treasury Bill Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 37% S&P National Municipal Bond Index, and 3% ICE BofA 3 Month Treasury Bill Index.","MB_ADVISOR_GLOSSARY":"Gross Expense Ratio: Weighted average prospectus gross expense ratio of the portfolio. Source: Morningstar\nNet Expense Ratio: Weighted average prospectus net expense ratio of the portfolio. Source: Morningstar ","FUND_PERF_LOAD_ADJ_RETURNS":"Quarterly Returns - Load Adjusted (%)","OPENARCHITECTURE_OPEN":"Yes","LONG_HORIZON_MUTUAL_COMMENTARY":"KEY TAKEAWAYS\n \nRecalibrating portfolios for a potential environment that is past peak inflation, peak U.S. dollar, and peak long maturity interest rates\n \nReducing exposure to US small cap equities and broad international equities, in favor of large cap US equities\n \nMoving duration to overweight from underweight, and increasing exposure to credit spreads via core bonds\n \nTRADE RATIONALE\n \nThe expected path of inflation has improved and it’s our belief that the Fed could potentially end rate hikes while real economic growth is still positive in the US. Now that we believe we have improved clarity (while market participants still exhibit historically excessive bearish sentiment), we begin targeted efforts to gently shift risk across both stocks and bonds.\n \nThe confidence to make these moves stems from our belief that inflation has peaked and will likely decelerate at a sufficient pace over the coming months to convince the Fed to pause (but for all practical purposes ‘end’, in our view) its rate hiking campaign. If this proves correct, it means the Fed’s overtly hawkish rhetoric, and adverse influence on markets, may have also peaked.  Softening U.S. inflation and less Fed-hawkishness may also mean a peak in the strength of the US dollar.\n \nRisks of slowing growth or an outright contraction are still substantial, but we don’t think the ‘R’ word is necessarily a foregone conclusion, in contrast to the consensus expectation of professional economists. If the highly anticipated recession refuses to materialize, we see potential upside, and in a mild recession scenario, we think the potential for a substantial further decline in prices for more risky assets may be limited given the sell-off of 2022. US corporations and consumers continue to hold high cash balances and moderate debt burdens (conditions that do not historically precede severe downturns), meaning recession avoidance may not be as improbable as many believe.\n \nThe asymmetric risk of these bull/bear outcomes, along with our expectations of a less market-antagonistic Fed that adjusts its pace of policy in the face of cooling inflation, give us conviction that equities could potentially deliver high single-digit returns in 2023. With respect to bonds, after a challenging year in 2022, we believe going forward that fixed income assets may once again play their traditional role as a portfolio diversifier and volatility dampener.","MVAL_PDF_PERFORMANCE_ERROR_MESSAGE":"The report is currently not available. Please try again later.","FIVE_YEAR":"5 Year (%)","PDF_FEES_DISCLAIMER":"Fees are as of current prospectus. A sponsor fee is shown in lieu of gross and net expense ratios for any iShares Trusts or other products registered only under the Securities Act of 1933. Source: Morningstar","RISK_MODERATE_CONSERVATIVE_SUB_TEXT":"30-<50% Target Equity Exposure","INCEPTION":"Since Inception (%)","TARGET_ALLOCATION_HYBRID_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nTake advantage of the recent (but possibly short-lived) surge in real yields by adding to Treasury Inflation Protected Securities\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","NEW_DOWNLOAD_PDF_DESCRIPTION":"If you're looking for a version to save or share, you can download it here.","TRADEFREQ_MONTHLY":"Tactical (>8x per year)","TARGET_ALLOCATION_MULTI_MANAGER_ALTS_COMMENTARY":"Key Takeaways:\n \nTake profits on winners and recalibrate stock & bond bets for potential changes in market trends, reallocating risk across equity regions and styles, credit and rates\n \nMove overweight US stocks with a preference for lower octane growth and midcap companies, trimming tech as market breadth potentially widens\n \nBalance US growth stock bets with an increase in value bets in Europe, as the respective paths of inflation and central bank policy in these regions diverge\n \nSeek to enhance portfolio yield and move up in overall credit quality, barbelling short- and long-duration nominal Treasuries and rotating out of high yield bonds\n \nAdjust alternative sleeve to seek to increase diversification, tilting into global strategies with low correlations to broad markets\n \nTrade Rationale:\n \nStocks have climbed a formidable wall of worry since March. Events that would have whipsawed markets and maybe even instigated a recession in the past, were instead treated as only mildly irritating speed bumps. Banking crisis? ‘No big deal.’ Congress flirting with default? *Yawn*. Another series of Fed hikes with short-term rates potentially kissing 6%? ‘Bring it on!’ A pleasantly surprising run, heroically led by a narrow set of stocks: the ‘Magnificent 7’ tech giants. Following this dramatic outperformance by those with outsized exposure to the A.I. boom, we’re reducing our tech overweight. We expect risk-assets to take a breather in Q3 and for the drivers of return to broaden to YTD laggards, like midcaps.\n \nDoes all this mean we’re out of the woods? Not necessarily. In our view, while the worst ‘unknown unknowns’ emanating from the bank failures now appear to be off the table and cuts in lending appear less than severe, stocks have been partially propped up by one-time infusions of liquidity – from the Fed’s emergency bank lending program and the US Treasury’s General Account (TGA) balance drawdown – which are now reversing. Between March and June, these infusions more than offset the Fed’s on-going quantitative tightening (QT). But that’s behind us now and commercial bank reserves at the Fed are falling again. We think this is likely to cause some market indigestion later in Q3. This explains our cuts to liquidity-sensitive assets like emerging market stocks and lower quality credit.\n \nNonetheless, we do believe the odds of recession are lower than 4 months ago. This reflects the lingering power of ‘revenge spending’ by consumers, fueled by post-pandemic pent-up demand and excess savings. But the economy’s impressive resilience may also make the endgame battle against inflation trickier than the 9%-3% freefall in CPI the last 12 months. The Fed appears committed to flexing its rate-hiking and QT muscles into the final rounds of this fight, and Treasury markets have re-priced accordingly (perhaps even overshooting). We’re taking advantage of this surge to add yield via floating rate Treasuries and TIPS, which we see as having higher than normal real yields, complemented with long-term Treasuries. This barbell strategy may help guard against the cumulative effects of Fed tightening potentially proving to be excessive vs an already weakened foe, bringing to fruition what so many have been calling for the last 18 months: the R word.","ML_CORE_ALLOCATION_TAX_AWARE_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0123U/S-2668182","GENERATE_REPORT_ADDITIONAL_INFO_HEADER":" ","TARGET_ALLOCATION_MULTI_MANAGER_ALTS_COMMENTARY_RO":"iCRMH0823U/S-3069126","MPUF_ETT_DISCLOSURE":"For all models except the Choreo Tactical Tax-Deferred 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_WAM_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_TGB_DISCLOSURE":"For all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MINI_COMPARE_RISK_PROFILE_LABEL":"Risk Tolerance","MPUF_DEGI_DISCLOSURE":"The Conservative Benchmark is represented by 3.3% S&P 500 High Dividend Index/3.3% Morningstar US Dividend Growth Index TR/3.3% Morningstar Global ex-US Dividend Growth Net Index/29.3% iBoxx USD Liquid High Yield Index/58.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/22.7% iBoxx USD Liquid High Yield Index/45.3% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.7% S&P 500 High Dividend Index/16.7% Morningstar US Dividend Growth Index TR/16.7% Morningstar Global ex-US Dividend Growth Net Index/16.0% iBoxx USD Liquid High Yield Index/32.0% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index. The Aggressive Benchmark is represented by 23.3% S&P 500 High Dividend Index/23.3% Morningstar US Dividend Growth Index TR/23.3% Morningstar Global ex-US Dividend Growth Net Index/9.3% iBoxx USD Liquid High Yield Index/18.7% iBoxx USD Liquid Investment Grade Index/2.0% ICE BofA 3 Month Treasury Bill Index.","MPUF_SSX_DISCLOSURE":"The Conservative Benchmark is represented by 3.34% S&P 500 High Dividend Index/3.33% Morningstar US Dividend Growth Index TR/3.33% Morningstar Global ex-US Dividend Growth Net Index/25.33% BBG Municipal Custom High Yield Composite Index/58.67% S&P National Municipal Bond Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Conservative Benchmark is represented by 10.0% S&P 500 High Dividend Index/10.0% Morningstar US Dividend Growth Index TR/10.0% Morningstar Global ex-US Dividend Growth Net Index/18.67% BBG Municipal Custom High Yield Composite Index/45.33% S&P National Municipal Bond Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderate Benchmark is represented by 16.67% S&P 500 High Dividend Index/16.67% Morningstar US Dividend Growth Index TR/16.66% Morningstar Global ex-US Dividend Growth Net Index/12.0% BBG Municipal Custom High Yield Composite Index/32.0% S&P National Municipal Bond Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index. The Moderately Aggressive Benchmark is represented by 23.34% S&P 500 High Dividend Index/23.33% Morningstar US Dividend Growth Index TR/23.33% Morningstar Global ex-US Dividend Growth Net Index/5.33% BBG Municipal Custom High Yield Composite Index/18.67% S&P National Municipal Bond Index/5% ICE BofA Preferred Stock Fixed Rate Index/1.0% ICE BofA 3 Month Treasury Bill Index.","TARGET_ALLOCATION_HYBRID_COMMENTARY_PERFORMANCE":"As of 7/31/23\n \nPERFORMANCE\n \nAs record summer temps scorched the US, stocks continued to sizzle, extending the S&P500’s hot streak to four months. Market sentiment remained complacent, and volatility sedated. Tech stocks ended the month higher but lost some shine, as market leadership broadened to YTD underperformers, like value factor stocks. Commodity prices also rebounded after a sluggish start to the year, partly fueled by GDP figures that surprised to the upside. Global stocks, led by commodity-rich emerging markets, moved higher on improved growth prospects. The June CPI print came in softer than expectations, but the Federal Reserve nonetheless again raised rates at its July meeting and reiterated a focus on data dependency for future decisions (futures markets think the Fed is done). Treasuries and higher-quality bonds faced pressure as hopes grew for a ‘goldilocks’ soft landing and decreasing odds of recession - but with it perhaps structurally higher rates. In China, economic growth slowed in the second quarter, but policy easing and hopes for further stimulus contributed to positive returns in local markets.\n \nMost models delivered positive absolute returns but underperformed their benchmarks for the month. Quality factor, international developed market value-oriented, and emerging market stocks were the primary contributors to return. Allocations to US technology and infrastructure stocks also added to total performance but weighed on relative return. The largest absolute detractors came from the fixed income side of the portfolio, with relatively muted losses coming from intermediate- and long-term US treasuries and mortgage-backed securities exposure. Emerging market bonds outperformed broader bond indices and were the only net positive contributor to return from the fixed income sleeve.","MB_ADVISOR_GLOSSARY_EXCLUDE_PERFORMANCE":"Gross Expense Ratio: Weighted average prospectus gross expense ratio of the portfolio. Source: Morningstar \nNet Expense Ratio: Weighted average prospectus net expense ratio of the portfolio. Source: Morningstar","DCR_MB_LANDSCAPE_FOOTER_TEXT":"<text>\n\t\t<tspan x=\"0\" y=\"5\">\n\t\t\t<tspan>$advisorName$</tspan>\n\t\t</tspan>\n\t\t<tspan x=\"0\" y=\"14\">\n\t\t\t<tspan font-family=\"FortBold\" font-weight=\"bold\">PREPARED BY: </tspan>\n\t\t\t<tspan>$clientName$</tspan>\n\t\t</tspan>\n\t\t</text>","LONG_HORIZON_MUTUAL_COMMENTARY_RO":"iCRMH0823U/S-3069112","FAMILY_PERFORMANCE_KEY":"Performance (%)","MPUF_NEA_DISCLOSURE":"The equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","MPUF_GWC_DISCLOSURE":"As of 7/1/2021, for all models except the 100/0 Model, the equity portion of the benchmark is represented by 70% MSCI ACWI Index and 30% MSCI USA Index, while the fixed income portion is represented by a fixed 2% allocation to the ICE BofAML US T-Bill 0-3 Month Index and the remaining allocation to the Bloomberg U.S. Universal Index. For example, the benchmark for the 60/40 model portfolio is represented by 42% MSCI ACWI Index, 18% MSCI USA Index, 38% Bloomberg U.S. Universal Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. As of 7/1/2021, the benchmark for the 100/0 Model is 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. Prior to 7/1/2021, for all models, the equity portion of the benchmark was represented by 70% MSCI ACWI Index and 30% MSCI USA Index, and the fixed income portion of the benchmark was represented by 100% Bloomberg U.S. Universal Index.","MPUF_MKUE_DISCLOSURE":"The benchmark is represented by 100% MSCI USA Index.","MPUF_MLX_DISCLOSURE":"For the Merrill Lynch Core Allocation Tax-Aware models, the Conservative Benchmark is represented by 74% S&P National Municipal Bond Index, 16.8% MSCI ACWI Index, 7.2% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Moderately Conservative Benchmark is represented by 28.7% MSCI ACWI Index, 12.3% MSCI USA Index, 57% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Moderate Benchmark is represented by 39.9% MSCI ACWI Index, 17.1% MSCI USA Index, 41% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Moderately Aggressive Benchmark is represented by 50.4% MSCI ACWI Index, 21.6% MSCI USA Index, 26% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index. The Aggressive Benchmark is represented by 61.6% MSCI ACWI Index, 26.4% MSCI USA Index, 10% S&P National Municipal Bond Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.","INVESTMENT_PRINCIPLE2_DESC_TA_MODELS":"In benchmark","ML_CORE_ALLOCATION_TAX_AWARE_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty\n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","TARGET_INCOME_COMMENTARY_RO_TRADE_NOTICE":"iCRMH0823U/S-3045461","HOLDINGS_EST_RISK_TOOLTIP":"Current Risk is an assessment of risk based on what the portfolio currently holds. This is a more timely view of risk because it is based on current exposures, as compared to the historical volatility of portfolio returns. Current Risk is a probability-based measure that can help you understand how much dispersion you might have around an expected return. This makes it a useful tool in portfolio construction – too much risk can lead to larger drawdowns or larger swings in performance. Too little risk might make it harder to hit return objectives. Current Risk is a measure of volatility presented as an annualized standard deviation, calculated using BlackRock's proprietary Aladdin® risk model.\n \nThe risk model measures currently observable, fundamental characteristics of the portfolio’s holdings (“risk factors”) that are demonstrated to explain the volatility of securities prices. The composition of the portfolio’s current exposure to these risk factors, the historical volatility levels of the risk factors themselves, and the correlation between them all come together to determine the Current Risk. Current Risk may differ (sometimes significantly) from historical, realized volatility, depending on changes in portfolio holdings, the time period and assumptions of the risk model. In order to estimate a portfolio’s Current Risk, the model decomposes a fund’s holdings into their underlying risk factors. The level of exposure to a factor for a given security corresponds to the location of that security in the distribution across all securities in the universe for the characteristic in question. Historical volatility and correlations across the factors are taken into account in order to estimate the total risk of the overall portfolio. \n \nThe model uses 10 years of monthly history and applies a 36 month half-life in order to estimate the volatility and correlations between factors. This half-life places more emphasis on the last 3 years in the analysis.\n \nCurrent Risk reflects a holdings-based, annualized volatility (one standard deviation) of the portfolio, which provides an estimate of the range of outcomes that the portfolio may experience over a one year horizon. For example, a Current Risk of 5% means that a portfolio’s return is likely to vary between -5% and +5% over the course of a year around 68% of the time, and between -10% and +10% around 95% of the time.\n \nNeither BlackRock nor the Aladdin portfolio risk model can predict a portfolio's risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The Aladdin portfolio risk model is based on assumptions using available data and any of its calculations are subject to change. For BlackRock and iShares funds, data about the specific underlying holdings are used when applying the Aladdin risk model. For third-party funds, BlackRock uses underlying holdings, or in certain cases, determines appropriate proxies for relevant holdings using a combination of Morningstar and other publicly available data sources. Product specific inputs for BlackRock, iShares and third-party funds are typically based on the latest disclosed data, which may be lagged.","COMMENTARY_DISCLOSURE":" This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial professional know enough about their circumstances to make an investment decision.","MPUF_TAS_DISCLOSURE":"As of 7/1/2021, the Target Allocation with SMAs Model benchmarks are represented by: Capital Preservation: 14% MSCI ACWI Index, 6% MSCI USA Index, 78% Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Income: 21% MSCI ACWI Index, 9% MSCI USA Index, 68%Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Income & Growth: 31.5% MSCI ACWI Index, 13.5% MSCI USA Index, 53% Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Growth: 45.5% MSCI ACWI Index, 19.5% MSCI USA Index, 33% Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index. Aggressive Growth: 56% MSCI ACWI Index, 24% MSCI USA Index, 18% Bloomberg U.S. Universal Index and 2% ICE BofAML US T-Bill 0-3 Month Index. All Equity: 68.6% MSCI ACWI Index, 29.4% MSCI USA Index, and 2% ICE BofAML US T-Bill 0-3 Month Index.\n \nPrior to 7/1/2021, the Target Allocation with SMAs Model benchmarks were represented by: Capital Preservation: 14% MSCI ACWI Index, 6% MSCI USA Index, and 80 % Bloomberg U.S. Universal Index. Income: 21% MSCI ACWI Index, 9% MSCI USA Index, and 70% Bloomberg U.S. Universal Index. Income & Growth: 31.5% MSCI ACWI Index, 13.5% MSCI USA Index, and 55% Bloomberg U.S. Universal Index. Growth: 45.5% MSCI ACWI Index, 19.5% MSCI USA Index, and 35% Bloomberg U.S. Universal Index. Aggressive Growth: 56% MSCI ACWI Index, 24% MSCI USA Index, and 20% Bloomberg U.S. Universal Index. All Equity: 70% MSCI ACWI Index and 30% MSCI USA Index.","MPUF_ENDA_DISCLOSURE":"The benchmark for the Choreo Diversified Alts model is represented by 100% ICE BofAML US T-Bill 0-3 Month Index.","TARGET_ALLOCATION_TAX_AWARE_ETF_COMMENTARY":"Key Takeaways:\n \nSeeking to enhance the overall quality and resilience of the portfolio, cutting net exposure to stocks and riskier bonds amidst unusually elevated uncertainty  \n \nContinuing to rotate out of names with the most embedded active risk, and selling out of US small caps and momentum-oriented stocks\n \nAdding to growth-oriented US large cap and international developed market stocks, reducing exposure to financials\n \nMaintaining an overweight to duration, consolidating the fixed income sleeve to emphasize quality and diversification characteristics\n \n \nTrade Rationale:\n \nThe collapse of two sizable US regional banks - and the decisive and unprecedented response by the FDIC and Treasury - showcase the real-world practical consequences of rapid financial tightening. This may, and should, in our view, persuade the Fed to soften the tone (and implied actions) of its recently trumpeted hawkish messaging.\n \nAccording to Haver Analytics, BlackRock, and Federal Reserve Board as of 2/28/2023, regional banks are responsible for nearly half of American business and consumer lending and now face the likelihood of heightened cost of capital, further deposit leakage and increased need to overcollateralize. Such cracks across the sector may instigate brake-taps in lending, and less lending could represent real financial tightening. This arguably has greater potential to adversely impact the economy than the slow(er) drip of ongoing Fed target rate increases.\n \nWe believe elevated banking sector risks and tighter loan availability puts the prospect of additional Fed rate hikes in a new, less favorable light. The volatility already seen in rates between February and March could signal rising economic risk. From our portfolio centric perspective, regardless of whether a formal recession materializes, these banking-related developments along with recent earnings and economic data combine to suggest potential downside risks for stocks have become more pronounced.\n \nIn our view, the market still does not properly reflect the risks associated with contracting bank lending conditions and their ramifications for the broader economy. Therefore, we are repositioning portfolios to be more defensive with less sensitivity to volatility and maintaining our long duration bias as a source of potential outperformance during peak moments of market stress.","MGAF_PAPTA_DISCLOSURE":"The equity portion of each benchmark is represented by 100% MSCI World Net Total Return Index and the fixed income portion is represented by 50% Bloomberg US Aggregate Bond Index and 50% S&P National AMT-Free Muni Bond Index. The 20/80 Benchmark is represented by 20% MSCI World Net Total Return Index, 40% Bloomberg US Aggregate Bond Index and 40% S&P National AMT-Free Muni Bond Index. The 40/60 Benchmark is represented by 40% MSCI World Net Total Return Index, 30% Bloomberg US Aggregate Bond Index and 30% S&P National AMT-Free Muni Bond Index. The 60/40 Benchmark is represented by 60% MSCI World Net Total Return Index, 20% Bloomberg US Aggregate Bond Index and 20% S&P National AMT-Free Muni Bond Index. The 80/20 Benchmark is represented by 80% MSCI World Net Total Return Index, 10% Bloomberg US Aggregate Bond Index and 10% S&P National AMT-Free Muni Bond Index."}">

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