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 | $ |
| Footnote | Description |
Footnote(a) |
How did the Fund perform last year?
For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 11.53%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and 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 11.46%.
What contributed to performance?
Income-generating assets delivered broadly positive returns in 2025. The Fund’s allocation to equities made the largest contribution to absolute performance in the generally “risk-on” market environment. In particular, U.S. dividend-paying stocks, covered call strategies (which involve the use of derivatives), and international equities performed strongly.
High yield corporate bonds, which were supported by the combination of above-average income, low default rates, and persistently tight credit spreads, were the largest contributor in fixed income. Other higher-yielding segments, including floating-rate loans and agency mortgage-backed securities, also contributed meaningfully. These holdings benefited from solid underlying credit fundamentals, floating-rate characteristics, and continued investor demand for yield. More defensive fixed-income allocations also helped performance, led by investment-grade corporates and commercial mortgage-backed securities.
The Fund held derivatives during the year. It used U.S. Treasury futures to manage interest rate risk, which contributed to absolute returns. Its use of Euro Bund futures to manage European interest rate risk was beneficial, as well.
The Fund’s cash position was modestly elevated at the end of the period given attractive yields and the investment adviser’s desire to have cash available to deploy if asset prices decline. The cash position contributed to absolute returns in 2025.
What detracted from performance?
Currency management strategies, which involve the use of derivatives, detracted given the weakness in the U.S. dollar relative to many international currencies.
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: July 31, 2020 through December 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 | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|---|---|---|
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on July 31, 2020.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Investment Type | Percent of
Affiliated Investment
Companies |
|---|---|
Fixed-Income Funds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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.
BRICX-12/25-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 | $ |
| Footnote | Description |
Footnote(a) |
How did the Fund perform last year?
For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 11.26%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and 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 11.46%.
What contributed to performance?
Income-generating assets delivered broadly positive returns in 2025. The Fund’s allocation to equities made the largest contribution to absolute performance in the generally “risk-on” market environment. In particular, U.S. dividend-paying stocks, covered call strategies (which involve the use of derivatives), and international equities performed strongly.
High yield corporate bonds, which were supported by the combination of above-average income, low default rates, and persistently tight credit spreads, were the largest contributor in fixed income. Other higher-yielding segments, including floating-rate loans and agency mortgage-backed securities, also contributed meaningfully. These holdings benefited from solid underlying credit fundamentals, floating-rate characteristics, and continued investor demand for yield. More defensive fixed-income allocations also helped performance, led by investment-grade corporates and commercial mortgage-backed securities.
The Fund held derivatives during the year. It used U.S. Treasury futures to manage interest rate risk, which contributed to absolute returns. Its use of Euro Bund futures to manage European interest rate risk was beneficial, as well.
The Fund’s cash position was modestly elevated at the end of the period given attractive yields and the investment adviser’s desire to have cash available to deploy if asset prices decline. The cash position contributed to absolute returns in 2025.
What detracted from performance?
Currency management strategies, which involve the use of derivatives, detracted given the weakness in the U.S. dollar relative to many international currencies.
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: July 31, 2020 through December 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 | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|---|---|---|
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.
The Fund commenced operations on July 31, 2020.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Investment Type | Percent of
Affiliated Investment
Companies |
|---|---|
Fixed-Income Funds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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.
BRIAX-12/25-AR