What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Institutional Shares returned 9.55%.
For the same period, the Fund’s benchmark, the MSCI World Index (Net), returned 15.72% and the Fund’s custom benchmark, a blend of 50% MSCI World High Dividend Yield Index (Net) and 50% Bloomberg High Yield 2% Issuer Capped Index, returned 8.13%.
What contributed to performance?
Risk assets performed well during the reporting period, supported by resilient economic data, dovish policy shifts by major central banks, and persistent demand for income-generating assets. Against this backdrop, covered call strategies made the largest contribution to the Fund’s absolute return, followed by U.S. equities and higher yielding bank loans (covered calls involve the use of derivatives). The gains in these areas were amplified by positive stock selection, particularly in cyclical and growth sectors, as well as tactical positioning that capitalized on investors’ appetite for yield.
Positions in U.S. and European high yield corporate bonds contributed meaningfully, aided by tightening spreads and steady demand. Allocations to higher yielding collateralized loan obligations (“CLOs”) and infrastructure stocks also delivered gains. Generally speaking, the infrastructure sector benefited from the stable cash flows and inflation-linked contracts of the underlying companies.
Preferred securities, duration risk-management strategies, and emerging market debt further contributed (duration is a measure of interest rate sensitivity). High-quality CLOs, high-quality commercial mortgage-backed securities/non-agency mortgage-backed securities, and international developed-market equities also helped returns. Cash management, options positioning, and holdings in high-quality government bonds and investment-grade corporates provided smaller contributions.
What detracted from performance?
At a time of positive financial market performance, no aspects of the Fund’s broad positioning detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Institutional Shares | MSCI World Index (Net) | Bloomberg U.S. Aggregate Bond Index | 50% MSCI World High Dividend Index (Net)/50% Bloomberg U.S. High Yield 2% Issuer Capped Index | |
|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
( | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Toronto-Dominion Bank (The) (Apple, Inc.), 15.17%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Barclays Bank plc (Alphabet, Inc.), 17.95%, 09/08/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Societe Generale SA (Amazon.com, Inc.), 17.53%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Royal Bank of Canada (JPMorgan Chase & Co.), 12.22%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BDHIX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Investor A Shares returned 9.15%.
For the same period, the Fund’s benchmark, the MSCI World Index (Net), returned 15.72% and the Fund’s custom benchmark, a blend of 50% MSCI World High Dividend Yield Index (Net) and 50% Bloomberg High Yield 2% Issuer Capped Index, returned 8.13%.
What contributed to performance?
Risk assets performed well during the reporting period, supported by resilient economic data, dovish policy shifts by major central banks, and persistent demand for income-generating assets. Against this backdrop, covered call strategies made the largest contribution to the Fund’s absolute return, followed by U.S. equities and higher yielding bank loans (covered calls involve the use of derivatives). The gains in these areas were amplified by positive stock selection, particularly in cyclical and growth sectors, as well as tactical positioning that capitalized on investors’ appetite for yield.
Positions in U.S. and European high yield corporate bonds contributed meaningfully, aided by tightening spreads and steady demand. Allocations to higher yielding collateralized loan obligations (“CLOs”) and infrastructure stocks also delivered gains. Generally speaking, the infrastructure sector benefited from the stable cash flows and inflation-linked contracts of the underlying companies.
Preferred securities, duration risk-management strategies, and emerging market debt further contributed (duration is a measure of interest rate sensitivity). High-quality CLOs, high-quality commercial mortgage-backed securities/non-agency mortgage-backed securities, and international developed-market equities also helped returns. Cash management, options positioning, and holdings in high-quality government bonds and investment-grade corporates provided smaller contributions.
What detracted from performance?
At a time of positive financial market performance, no aspects of the Fund’s broad positioning detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Investor A Shares | MSCI World Index (Net) | Bloomberg U.S. Aggregate Bond Index | 50% MSCI World High Dividend Index (Net)/50% Bloomberg U.S. High Yield 2% Issuer Capped Index | |
|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
( | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Toronto-Dominion Bank (The) (Apple, Inc.), 15.17%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Barclays Bank plc (Alphabet, Inc.), 17.95%, 09/08/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Societe Generale SA (Amazon.com, Inc.), 17.53%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Royal Bank of Canada (JPMorgan Chase & Co.), 12.22%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BDHAX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Investor C Shares returned 8.36%.
For the same period, the Fund’s benchmark, the MSCI World Index (Net), returned 15.72% and the Fund’s custom benchmark, a blend of 50% MSCI World High Dividend Yield Index (Net) and 50% Bloomberg High Yield 2% Issuer Capped Index, returned 8.13%.
What contributed to performance?
Risk assets performed well during the reporting period, supported by resilient economic data, dovish policy shifts by major central banks, and persistent demand for income-generating assets. Against this backdrop, covered call strategies made the largest contribution to the Fund’s absolute return, followed by U.S. equities and higher yielding bank loans (covered calls involve the use of derivatives). The gains in these areas were amplified by positive stock selection, particularly in cyclical and growth sectors, as well as tactical positioning that capitalized on investors’ appetite for yield.
Positions in U.S. and European high yield corporate bonds contributed meaningfully, aided by tightening spreads and steady demand. Allocations to higher yielding collateralized loan obligations (“CLOs”) and infrastructure stocks also delivered gains. Generally speaking, the infrastructure sector benefited from the stable cash flows and inflation-linked contracts of the underlying companies.
Preferred securities, duration risk-management strategies, and emerging market debt further contributed (duration is a measure of interest rate sensitivity). High-quality CLOs, high-quality commercial mortgage-backed securities/non-agency mortgage-backed securities, and international developed-market equities also helped returns. Cash management, options positioning, and holdings in high-quality government bonds and investment-grade corporates provided smaller contributions.
What detracted from performance?
At a time of positive financial market performance, no aspects of the Fund’s broad positioning detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Investor C Shares | MSCI World Index (Net) | Bloomberg U.S. Aggregate Bond Index | 50% MSCI World High Dividend Index (Net)/50% Bloomberg U.S. High Yield 2% Issuer Capped Index | |
|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
( | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Toronto-Dominion Bank (The) (Apple, Inc.), 15.17%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Barclays Bank plc (Alphabet, Inc.), 17.95%, 09/08/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Societe Generale SA (Amazon.com, Inc.), 17.53%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Royal Bank of Canada (JPMorgan Chase & Co.), 12.22%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BDHCX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Class K Shares returned 9.60%.
For the same period, the Fund’s benchmark, the MSCI World Index (Net), returned 15.72% and the Fund’s custom benchmark, a blend of 50% MSCI World High Dividend Yield Index (Net) and 50% Bloomberg High Yield 2% Issuer Capped Index, returned 8.13%.
What contributed to performance?
Risk assets performed well during the reporting period, supported by resilient economic data, dovish policy shifts by major central banks, and persistent demand for income-generating assets. Against this backdrop, covered call strategies made the largest contribution to the Fund’s absolute return, followed by U.S. equities and higher yielding bank loans (covered calls involve the use of derivatives). The gains in these areas were amplified by positive stock selection, particularly in cyclical and growth sectors, as well as tactical positioning that capitalized on investors’ appetite for yield.
Positions in U.S. and European high yield corporate bonds contributed meaningfully, aided by tightening spreads and steady demand. Allocations to higher yielding collateralized loan obligations (“CLOs”) and infrastructure stocks also delivered gains. Generally speaking, the infrastructure sector benefited from the stable cash flows and inflation-linked contracts of the underlying companies.
Preferred securities, duration risk-management strategies, and emerging market debt further contributed (duration is a measure of interest rate sensitivity). High-quality CLOs, high-quality commercial mortgage-backed securities/non-agency mortgage-backed securities, and international developed-market equities also helped returns. Cash management, options positioning, and holdings in high-quality government bonds and investment-grade corporates provided smaller contributions.
What detracted from performance?
At a time of positive financial market performance, no aspects of the Fund’s broad positioning detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Class K Shares | MSCI World Index (Net) | Bloomberg U.S. Aggregate Bond Index | 50% MSCI World High Dividend Index (Net)/50% Bloomberg U.S. High Yield 2% Issuer Capped Index | |
|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
( | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Toronto-Dominion Bank (The) (Apple, Inc.), 15.17%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Barclays Bank plc (Alphabet, Inc.), 17.95%, 09/08/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Societe Generale SA (Amazon.com, Inc.), 17.53%, 08/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Royal Bank of Canada (JPMorgan Chase & Co.), 12.22%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BDHKX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Institutional Shares returned 8.22%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% and the Fund’s custom benchmark, a blend of 33.34% MSCI World High Yield Dividend Index (Net), 33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, 33.33% Bloomberg U.S. Aggregate Bond Index, returned 6.54%.
What contributed to performance?
Income-generating assets delivered largely positive returns during the reporting period. Holdings in equities, particularly U.S. dividend stocks and covered call strategies—which captured upside in “risk-on” periods while delivering consistent income—were the largest contributors to absolute performance. (Covered calls involve the use of derivatives.)
Holdings in below investment-grade bonds also played a meaningful role in supporting Fund performance, led by allocations to bank loans, U.S. high yield corporates, and capital securities. These asset classes benefited from their relatively strong credit fundamentals and floating-rate characteristics, as well as investors’ search for yield in an environment of modest spread compression. Positions in higher-quality segments of the fixed-income market also contributed to results, led by investment-grade corporates, high-quality collateralized loan obligations, and commercial mortgage-backed securities/non-agency mortgage-backed securities. Security selection and favorable credit conditions in these areas helped offset broader interest rate volatility.
The Fund also benefited from its holdings in infrastructure stocks, international high yield corporate bonds, international developed market equities, emerging market stocks, emerging market bonds, and real estate investment trusts. Tactical option strategies made a small contribution, as well. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Duration management strategies detracted modestly. (Duration is a measure of interest rate sensitivity.) Currency management strategies also detracted, particularly during times of U.S. dollar weakness. These strategies involved the use of derivatives.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Institutional Shares | Bloomberg U.S. Aggregate Bond Index | 33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index | MSCI World Index (Net) | 50% MSCI World Index (Net)/50% Bloomberg U.S. Aggregate Bond Index | |
|---|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Core 1-5 Year USD Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BIICX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Investor A Shares returned 7.95%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% and the Fund’s custom benchmark, a blend of 33.34% MSCI World High Yield Dividend Index (Net), 33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, 33.33% Bloomberg U.S. Aggregate Bond Index, returned 6.54%.
What contributed to performance?
Income-generating assets delivered largely positive returns during the reporting period. Holdings in equities, particularly U.S. dividend stocks and covered call strategies—which captured upside in “risk-on” periods while delivering consistent income—were the largest contributors to absolute performance. (Covered calls involve the use of derivatives.)
Holdings in below investment-grade bonds also played a meaningful role in supporting Fund performance, led by allocations to bank loans, U.S. high yield corporates, and capital securities. These asset classes benefited from their relatively strong credit fundamentals and floating-rate characteristics, as well as investors’ search for yield in an environment of modest spread compression. Positions in higher-quality segments of the fixed-income market also contributed to results, led by investment-grade corporates, high-quality collateralized loan obligations, and commercial mortgage-backed securities/non-agency mortgage-backed securities. Security selection and favorable credit conditions in these areas helped offset broader interest rate volatility.
The Fund also benefited from its holdings in infrastructure stocks, international high yield corporate bonds, international developed market equities, emerging market stocks, emerging market bonds, and real estate investment trusts. Tactical option strategies made a small contribution, as well. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Duration management strategies detracted modestly. (Duration is a measure of interest rate sensitivity.) Currency management strategies also detracted, particularly during times of U.S. dollar weakness. These strategies involved the use of derivatives.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Investor A Shares | Bloomberg U.S. Aggregate Bond Index | 33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index | MSCI World Index (Net) | 50% MSCI World Index (Net)/50% Bloomberg U.S. Aggregate Bond Index | |
|---|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Core 1-5 Year USD Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BAICX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Investor C Shares returned 7.15%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% and the Fund’s custom benchmark, a blend of 33.34% MSCI World High Yield Dividend Index (Net), 33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, 33.33% Bloomberg U.S. Aggregate Bond Index, returned 6.54%.
What contributed to performance?
Income-generating assets delivered largely positive returns during the reporting period. Holdings in equities, particularly U.S. dividend stocks and covered call strategies—which captured upside in “risk-on” periods while delivering consistent income—were the largest contributors to absolute performance. (Covered calls involve the use of derivatives.)
Holdings in below investment-grade bonds also played a meaningful role in supporting Fund performance, led by allocations to bank loans, U.S. high yield corporates, and capital securities. These asset classes benefited from their relatively strong credit fundamentals and floating-rate characteristics, as well as investors’ search for yield in an environment of modest spread compression. Positions in higher-quality segments of the fixed-income market also contributed to results, led by investment-grade corporates, high-quality collateralized loan obligations, and commercial mortgage-backed securities/non-agency mortgage-backed securities. Security selection and favorable credit conditions in these areas helped offset broader interest rate volatility.
The Fund also benefited from its holdings in infrastructure stocks, international high yield corporate bonds, international developed market equities, emerging market stocks, emerging market bonds, and real estate investment trusts. Tactical option strategies made a small contribution, as well. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Duration management strategies detracted modestly. (Duration is a measure of interest rate sensitivity.) Currency management strategies also detracted, particularly during times of U.S. dollar weakness. These strategies involved the use of derivatives.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Investor C Shares | Bloomberg U.S. Aggregate Bond Index | 33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index | MSCI World Index (Net) | 50% MSCI World Index (Net)/50% Bloomberg U.S. Aggregate Bond Index | |
|---|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Core 1-5 Year USD Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BCICX-07/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund's Class K Shares returned 8.27%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% and the Fund’s custom benchmark, a blend of 33.34% MSCI World High Yield Dividend Index (Net), 33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, 33.33% Bloomberg U.S. Aggregate Bond Index, returned 6.54%.
What contributed to performance?
Income-generating assets delivered largely positive returns during the reporting period. Holdings in equities, particularly U.S. dividend stocks and covered call strategies—which captured upside in “risk-on” periods while delivering consistent income—were the largest contributors to absolute performance. (Covered calls involve the use of derivatives.)
Holdings in below investment-grade bonds also played a meaningful role in supporting Fund performance, led by allocations to bank loans, U.S. high yield corporates, and capital securities. These asset classes benefited from their relatively strong credit fundamentals and floating-rate characteristics, as well as investors’ search for yield in an environment of modest spread compression. Positions in higher-quality segments of the fixed-income market also contributed to results, led by investment-grade corporates, high-quality collateralized loan obligations, and commercial mortgage-backed securities/non-agency mortgage-backed securities. Security selection and favorable credit conditions in these areas helped offset broader interest rate volatility.
The Fund also benefited from its holdings in infrastructure stocks, international high yield corporate bonds, international developed market equities, emerging market stocks, emerging market bonds, and real estate investment trusts. Tactical option strategies made a small contribution, as well. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Duration management strategies detracted modestly. (Duration is a measure of interest rate sensitivity.) Currency management strategies also detracted, particularly during times of U.S. dollar weakness. These strategies involved the use of derivatives.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2015 through July 31, 2025
Initial Investment of $10,000
Class K Shares | Bloomberg U.S. Aggregate Bond Index | 33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index | MSCI World Index (Net) | 50% MSCI World Index (Net)/50% Bloomberg U.S. Aggregate Bond Index | |
|---|---|---|---|---|---|
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
33.34% MSCI World High Yield Dividend Index (Net)/33.33% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index/33.33% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Performance shown prior to the Class K Shares inception date of February 3, 2017 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
What did the Fund invest in?
(as of July 31, 2025)
Ten largest holdings
Portfolio composition
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Citigroup, Inc. (NVIDIA Corp.), 17.21%, 08/28/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
iShares Core 1-5 Year USD Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Citigroup, Inc. (Meta Platforms, Inc.), 15.60%, 09/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | Ten largest investment types are presented. Additional investment types are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
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BKMIX-07/25-AR