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 April 30, 2026, the Fund's Institutional Shares returned 68.69%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets ex China Index (Net) returned 61.21%.
What contributed to performance?
In terms of countries, holdings in Taiwan and South Korea led contributions to return during the period. In sector terms, information technology and industrials were the primary contributors. At the individual stock level, South Korean technology companies SK Hynix Inc. and Samsung Electronics Co., Ltd. contributed the most, driven by strong AI-related demand, particularly across advanced semiconductors and high-bandwidth memory.
The Fund used derivatives to implement its stock selection strategy more efficiently. The Fund's use of derivatives had no material impact on performance.
What detracted from performance?
In terms of countries, holdings in India and Indonesia detracted the most from return during the period. In sector terms, real estate and utilities were the primary detractors. At the individual stock level, off-benchmark IT services company Endava plc was the largest detractor during the period, with the decline driven by weak client spending, slower deal activity and ongoing margin pressures. Holdings of Indian insurer HDFC Life Insurance Company Limited also detracted, with weakness driven by slower premium growth, competitive pressures in the protection segment, and regulatory changes that impacted product mix and margins.
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: March 29, 2023 through April 30, 2026
Initial Investment of $10,000
Institutional Shares | ||
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ||
MSCI Emerging Markets ex China Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on March 29, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Hungary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
MAECX-04/26-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 April 30, 2026, the Fund's Investor A Shares returned 68.21%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets ex China Index (Net) returned 61.21%.
What contributed to performance?
In terms of countries, holdings in Taiwan and South Korea led contributions to return during the period. In sector terms, information technology and industrials were the primary contributors. At the individual stock level, South Korean technology companies SK Hynix Inc. and Samsung Electronics Co., Ltd. contributed the most, driven by strong AI-related demand, particularly across advanced semiconductors and high-bandwidth memory.
The Fund used derivatives to implement its stock selection strategy more efficiently. The Fund's use of derivatives had no material impact on performance.
What detracted from performance?
In terms of countries, holdings in India and Indonesia detracted the most from return during the period. In sector terms, real estate and utilities were the primary detractors. At the individual stock level, off-benchmark IT services company Endava plc was the largest detractor during the period, with the decline driven by weak client spending, slower deal activity and ongoing margin pressures. Holdings of Indian insurer HDFC Life Insurance Company Limited also detracted, with weakness driven by slower premium growth, competitive pressures in the protection segment, and regulatory changes that impacted product mix and margins.
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: March 29, 2023 through April 30, 2026
Initial Investment of $10,000
Investor A Shares | ||
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ||
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ||
MSCI Emerging Markets ex China 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.
The Fund commenced operations on March 29, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Hungary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
MXCAX-04/26-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 April 30, 2026, the Fund's Class K Shares returned 68.58%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets ex China Index (Net) returned 61.21%.
What contributed to performance?
In terms of countries, holdings in Taiwan and South Korea led contributions to return during the period. In sector terms, information technology and industrials were the primary contributors. At the individual stock level, South Korean technology companies SK Hynix Inc. and Samsung Electronics Co., Ltd. contributed the most, driven by strong AI-related demand, particularly across advanced semiconductors and high-bandwidth memory.
The Fund used derivatives to implement its stock selection strategy more efficiently. The Fund's use of derivatives had no material impact on performance.
What detracted from performance?
In terms of countries, holdings in India and Indonesia detracted the most from return during the period. In sector terms, real estate and utilities were the primary detractors. At the individual stock level, off-benchmark IT services company Endava plc was the largest detractor during the period, with the decline driven by weak client spending, slower deal activity and ongoing margin pressures. Holdings of Indian insurer HDFC Life Insurance Company Limited also detracted, with weakness driven by slower premium growth, competitive pressures in the protection segment, and regulatory changes that impacted product mix and margins.
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: March 29, 2023 through April 30, 2026
Initial Investment of $10,000
Class K Shares | ||
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ||
MSCI Emerging Markets ex China Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on March 29, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Hungary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
MKECX-04/26-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 April 30, 2026, the Fund's Institutional Shares returned 51.47%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets Index (Net) returned 46.68%.
What contributed to performance?
The Fund delivered strong positive absolute returns, supported primarily by thematic and sentiment insights. Macro and country-level measures, particularly those focused on valuation, yield curve dynamics, foreign exchange reserves, bond flows, and inventory trends, were the strongest contributors. Sentiment measures also added to performance, fueled by analysis of momentum, smart money positioning, analyst revisions, and management commentary. Fundamental valuation measures further contributed, led by those that assess cash flow and earnings strength. Information technology was the largest contributor at the sector level, followed by financials, industrials, and materials. Country performance was strongest in Taiwan and South Korea, highlighted by holdings in technology hardware, semiconductors, and financials.
What detracted from performance?
Environmental, social and governance ("ESG") related insights and select macro measures were the main detractors. ESG weakness was driven by environmental and social measures that struggled. Certain country-level macro insights tied to currency valuation, country reversion, geopolitical risk, and energy production also hurt results. Consumer discretionary and consumer staples were the largest detractors in terms of sectors, while India was the most notable detractor at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Institutional Shares | MSCI Emerging Markets Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI Emerging Markets Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BLZIX-04/26-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 April 30, 2026, the Fund's Investor A Shares returned 51.12%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets Index (Net) returned 46.68%.
What contributed to performance?
The Fund delivered strong positive absolute returns, supported primarily by thematic and sentiment insights. Macro and country-level measures, particularly those focused on valuation, yield curve dynamics, foreign exchange reserves, bond flows, and inventory trends, were the strongest contributors. Sentiment measures also added to performance, fueled by analysis of momentum, smart money positioning, analyst revisions, and management commentary. Fundamental valuation measures further contributed, led by those that assess cash flow and earnings strength. Information technology was the largest contributor at the sector level, followed by financials, industrials, and materials. Country performance was strongest in Taiwan and South Korea, highlighted by holdings in technology hardware, semiconductors, and financials.
What detracted from performance?
Environmental, social and governance ("ESG") related insights and select macro measures were the main detractors. ESG weakness was driven by environmental and social measures that struggled. Certain country-level macro insights tied to currency valuation, country reversion, geopolitical risk, and energy production also hurt results. Consumer discretionary and consumer staples were the largest detractors in terms of sectors, while India was the most notable detractor at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Investor A Shares | MSCI Emerging Markets Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI Emerging Markets 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.
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BLZAX-04/26-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 April 30, 2026, the Fund's Class K Shares returned 51.54%.
For the same period, the Fund’s benchmark, the MSCI Emerging Markets Index (Net) returned 46.68%.
What contributed to performance?
The Fund delivered strong positive absolute returns, supported primarily by thematic and sentiment insights. Macro and country-level measures, particularly those focused on valuation, yield curve dynamics, foreign exchange reserves, bond flows, and inventory trends, were the strongest contributors. Sentiment measures also added to performance, fueled by analysis of momentum, smart money positioning, analyst revisions, and management commentary. Fundamental valuation measures further contributed, led by those that assess cash flow and earnings strength. Information technology was the largest contributor at the sector level, followed by financials, industrials, and materials. Country performance was strongest in Taiwan and South Korea, highlighted by holdings in technology hardware, semiconductors, and financials.
What detracted from performance?
Environmental, social and governance ("ESG") related insights and select macro measures were the main detractors. ESG weakness was driven by environmental and social measures that struggled. Certain country-level macro insights tied to currency valuation, country reversion, geopolitical risk, and energy production also hurt results. Consumer discretionary and consumer staples were the largest detractors in terms of sectors, while India was the most notable detractor at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Class K Shares | MSCI Emerging Markets Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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 |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI Emerging Markets Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BLZKX-04/26-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 April 30, 2026, the Fund’s Institutional Shares returned 25.87%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 24.60%.
What contributed to performance?
The Fund delivered strong absolute returns in the reporting period, supported by broad-based contributions from sentiment, Environmental, social and governance ("ESG"), and fundamental insights. Sentiment measures were the largest drivers, particularly linkage-based measures (i.e., comparisons of similar companies) and trend-following insights that successfully identified changing market leadership and thematic relationships associated with trends in artificial intelligence, industrial reshoring, and fiscal stimulus. ESG-related insights also contributed positively, led by measures that evaluate controversy risk, environmental transition readiness, and human capital dynamics. Fundamental valuation measures further added to returns through successful positioning in companies with robust cash flow and earnings characteristics. From a sector perspective, financials and industrials were the largest contributors, with additional gains from information technology, energy, and materials. Country performance was strongest in Japan, the United Kingdom, the Netherlands, Switzerland, and Spain, supported by holdings in capital goods stocks, banks, and energy-related businesses.
What detracted from performance?
While the Fund’s overall performance was positive, several faster-moving thematic and momentum insights detracted. Weakness was most notable in positioning related to AI hiring trends, measures that assess mobile usage, and certain macro volatility themes, as market leadership shifted rapidly throughout the period. While ESG insights contributed overall, select measures weighed on performance. Cybersecurity-related insights also detracted periodically, as did those that gauge social impact. Certain quality measures tied to research and development intensity hurt results by incorrectly positioning the portfolio in more growth-oriented companies. Selective positioning in consumer discretionary, software, and commercial services businesses weighed on returns, as well. Ireland and Denmark were modest detractors at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Institutional Shares | MSCI EAFE Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On June 11, 2026, the Fund’s Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on or about September 4, 2026, the Fund will no longer accept orders to purchase Fund shares. On or about September 11, 2026 (the “Liquidation Date”), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated.
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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BRZIX-04/26-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 April 30, 2026, the Fund’s Investor A Shares returned 25.58%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 24.60%.
What contributed to performance?
The Fund delivered strong absolute returns in the reporting period, supported by broad-based contributions from sentiment, Environmental, social and governance ("ESG"), and fundamental insights. Sentiment measures were the largest drivers, particularly linkage-based measures (i.e., comparisons of similar companies) and trend-following insights that successfully identified changing market leadership and thematic relationships associated with trends in artificial intelligence, industrial reshoring, and fiscal stimulus. ESG-related insights also contributed positively, led by measures that evaluate controversy risk, environmental transition readiness, and human capital dynamics. Fundamental valuation measures further added to returns through successful positioning in companies with robust cash flow and earnings characteristics. From a sector perspective, financials and industrials were the largest contributors, with additional gains from information technology, energy, and materials. Country performance was strongest in Japan, the United Kingdom, the Netherlands, Switzerland, and Spain, supported by holdings in capital goods stocks, banks, and energy-related businesses.
What detracted from performance?
While the Fund’s overall performance was positive, several faster-moving thematic and momentum insights detracted. Weakness was most notable in positioning related to AI hiring trends, measures that assess mobile usage, and certain macro volatility themes, as market leadership shifted rapidly throughout the period. While ESG insights contributed overall, select measures weighed on performance. Cybersecurity-related insights also detracted periodically, as did those that gauge social impact. Certain quality measures tied to research and development intensity hurt results by incorrectly positioning the portfolio in more growth-oriented companies. Selective positioning in consumer discretionary, software, and commercial services businesses weighed on returns, as well. Ireland and Denmark were modest detractors at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Investor A Shares | MSCI EAFE Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE 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.
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On June 11, 2026, the Fund’s Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on or about September 4, 2026, the Fund will no longer accept orders to purchase Fund shares. On or about September 11, 2026 (the “Liquidation Date”), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated.
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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BRZAX-04/26-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 April 30, 2026, the Fund’s Class K Shares returned 25.91%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 24.60%.
What contributed to performance?
The Fund delivered strong absolute returns in the reporting period, supported by broad-based contributions from sentiment, Environmental, social and governance ("ESG"), and fundamental insights. Sentiment measures were the largest drivers, particularly linkage-based measures (i.e., comparisons of similar companies) and trend-following insights that successfully identified changing market leadership and thematic relationships associated with trends in artificial intelligence, industrial reshoring, and fiscal stimulus. ESG-related insights also contributed positively, led by measures that evaluate controversy risk, environmental transition readiness, and human capital dynamics. Fundamental valuation measures further added to returns through successful positioning in companies with robust cash flow and earnings characteristics. From a sector perspective, financials and industrials were the largest contributors, with additional gains from information technology, energy, and materials. Country performance was strongest in Japan, the United Kingdom, the Netherlands, Switzerland, and Spain, supported by holdings in capital goods stocks, banks, and energy-related businesses.
What detracted from performance?
While the Fund’s overall performance was positive, several faster-moving thematic and momentum insights detracted. Weakness was most notable in positioning related to AI hiring trends, measures that assess mobile usage, and certain macro volatility themes, as market leadership shifted rapidly throughout the period. While ESG insights contributed overall, select measures weighed on performance. Cybersecurity-related insights also detracted periodically, as did those that gauge social impact. Certain quality measures tied to research and development intensity hurt results by incorrectly positioning the portfolio in more growth-oriented companies. Selective positioning in consumer discretionary, software, and commercial services businesses weighed on returns, as well. Ireland and Denmark were modest detractors at the country level.
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 18, 2020 through April 30, 2026
Initial Investment of $10,000
Class K Shares | MSCI EAFE Index (Net) | |
|---|---|---|
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 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
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 |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On June 11, 2026, the Fund’s Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on or about September 4, 2026, the Fund will no longer accept orders to purchase Fund shares. On or about September 11, 2026 (the “Liquidation Date”), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated.
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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 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.
BRZKX-04/26-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 April 30, 2026, the Fund's Institutional Shares returned 14.71%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 31.00% and the Bloomberg 1-3 Year Treasury Bond Index returned 3.13%.
What contributed to performance?
Positive contributions to the Fund’s performance over the period were primarily driven by relative value positioning in equities, most notably long exposure to U.S. equities versus short European equity exposure as sentiment rebounded after U.S. tariffs announced in early April 2025 were scaled back or delayed. In addition, long Asia exposures, specifically to Japan, Korea and Thailand, versus short European exposure has proved additive in 2026. Directional long exposure to Japanese equities also added to performance as Japan outperformed global peers.
Within fixed income, relative value positioning, including long Australia and Korea exposure against short U.K. and Germany positions, contributed in early 2026. Finally, directional shorts in longer maturity global fixed income markets have benefited from the yield curve’s steepening since December of 2025.
The Fund held an allocation to cash as collateral for derivative positions and as a means of earning a modest yield. The cash position contributed to absolute performance. The Fund's cash position had no material impact on performance.
The management team uses derivatives, including equity index and sovereign bond futures, total return swaps, interest rate swaps, and currency forward contracts, as an efficient means to take active views on interest rates, equity indices, and currencies. These exposures will make up a significant portion of the Fund's net asset value given the Fund’s investment approach of trading interest rates, equity indices, and currencies across global markets. The use of derivatives instead of physical instruments had a minimal impact on results.
What detracted from performance?
Currency positioning detracted from performance over the period, driven by long exposure to the Japanese yen versus a short U.S. dollar position as the dollar strengthened relative to the yen despite Japan’s more hawkish monetary policy and positive market environment.
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: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Institutional Shares | MSCI All Country World Index (Net) | Bloomberg 1-3 Year Treasury Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | 25% MSCI ACWI Index (Net)/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ | $ |
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 All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Eli Lilly & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On April 22, 2026, the Fund’s Board approved certain changes to the Fund’s principal investment strategies and principal risks related to the Fund's exposure to commodity markets and the formation of a wholly owned Cayman Islands subsidiary, "BlackRock Cayman Tactical Opportunities Fund, Ltd.," that invests in certain commodity-related instruments.
Effective April 30, 2026, BlackRock International Limited ("BIL") became a sub-adviser to the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC.
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, ICE Data Indices, LLC, 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.
©2026 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.
PBAIX-04/26-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 |
|---|---|---|
Service Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Service Shares returned 14.44%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 31.00% and the Bloomberg 1-3 Year Treasury Bond Index returned 3.13%.
What contributed to performance?
Positive contributions to the Fund’s performance over the period were primarily driven by relative value positioning in equities, most notably long exposure to U.S. equities versus short European equity exposure as sentiment rebounded after U.S. tariffs announced in early April 2025 were scaled back or delayed. In addition, long Asia exposures, specifically to Japan, Korea and Thailand, versus short European exposure has proved additive in 2026. Directional long exposure to Japanese equities also added to performance as Japan outperformed global peers.
Within fixed income, relative value positioning, including long Australia and Korea exposure against short U.K. and Germany positions, contributed in early 2026. Finally, directional shorts in longer maturity global fixed income markets have benefited from the yield curve’s steepening since December of 2025.
The Fund held an allocation to cash as collateral for derivative positions and as a means of earning a modest yield. The cash position contributed to absolute performance. The Fund's cash position had no material impact on performance.
The management team uses derivatives, including equity index and sovereign bond futures, total return swaps, interest rate swaps, and currency forward contracts, as an efficient means to take active views on interest rates, equity indices, and currencies. These exposures will make up a significant portion of the Fund's net asset value given the Fund’s investment approach of trading interest rates, equity indices, and currencies across global markets. The use of derivatives instead of physical instruments had a minimal impact on results.
What detracted from performance?
Currency positioning detracted from performance over the period, driven by long exposure to the Japanese yen versus a short U.S. dollar position as the dollar strengthened relative to the yen despite Japan’s more hawkish monetary policy and positive market environment.
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: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Service Shares | MSCI All Country World Index (Net) | Bloomberg 1-3 Year Treasury Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | 25% MSCI ACWI Index (Net)/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ | $ |
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 |
|---|---|---|---|
Service Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Average annual total returns reflect reductions for service fees.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Eli Lilly & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On April 22, 2026, the Fund’s Board approved certain changes to the Fund’s principal investment strategies and principal risks related to the Fund's exposure to commodity markets and the formation of a wholly owned Cayman Islands subsidiary, "BlackRock Cayman Tactical Opportunities Fund, Ltd.," that invests in certain commodity-related instruments.
Effective April 30, 2026, BlackRock International Limited ("BIL") became a sub-adviser to the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC.
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, ICE Data Indices, LLC, 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.
©2026 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.
PCBSX-04/26-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 April 30, 2026, the Fund's Investor A Shares returned 14.33%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 31.00% and the Bloomberg 1-3 Year Treasury Bond Index returned 3.13%.
What contributed to performance?
Positive contributions to the Fund’s performance over the period were primarily driven by relative value positioning in equities, most notably long exposure to U.S. equities versus short European equity exposure as sentiment rebounded after U.S. tariffs announced in early April 2025 were scaled back or delayed. In addition, long Asia exposures, specifically to Japan, Korea and Thailand, versus short European exposure has proved additive in 2026. Directional long exposure to Japanese equities also added to performance as Japan outperformed global peers.
Within fixed income, relative value positioning, including long Australia and Korea exposure against short U.K. and Germany positions, contributed in early 2026. Finally, directional shorts in longer maturity global fixed income markets have benefited from the yield curve’s steepening since December of 2025.
The Fund held an allocation to cash as collateral for derivative positions and as a means of earning a modest yield. The cash position contributed to absolute performance. The Fund's cash position had no material impact on performance.
The management team uses derivatives, including equity index and sovereign bond futures, total return swaps, interest rate swaps, and currency forward contracts, as an efficient means to take active views on interest rates, equity indices, and currencies. These exposures will make up a significant portion of the Fund's net asset value given the Fund’s investment approach of trading interest rates, equity indices, and currencies across global markets. The use of derivatives instead of physical instruments had a minimal impact on results.
What detracted from performance?
Currency positioning detracted from performance over the period, driven by long exposure to the Japanese yen versus a short U.S. dollar position as the dollar strengthened relative to the yen despite Japan’s more hawkish monetary policy and positive market environment.
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: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Investor A Shares | MSCI All Country World Index (Net) | Bloomberg 1-3 Year Treasury Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | 25% MSCI ACWI Index (Net)/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ | $ |
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 All Country 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.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Eli Lilly & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On April 22, 2026, the Fund’s Board approved certain changes to the Fund’s principal investment strategies and principal risks related to the Fund's exposure to commodity markets and the formation of a wholly owned Cayman Islands subsidiary, "BlackRock Cayman Tactical Opportunities Fund, Ltd.," that invests in certain commodity-related instruments.
Effective April 30, 2026, BlackRock International Limited ("BIL") became a sub-adviser to the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC.
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, ICE Data Indices, LLC, 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.
©2026 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.
PCBAX-04/26-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 April 30, 2026, the Fund's Investor C Shares returned 13.59%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 31.00% and the Bloomberg 1-3 Year Treasury Bond Index returned 3.13%.
What contributed to performance?
Positive contributions to the Fund’s performance over the period were primarily driven by relative value positioning in equities, most notably long exposure to U.S. equities versus short European equity exposure as sentiment rebounded after U.S. tariffs announced in early April 2025 were scaled back or delayed. In addition, long Asia exposures, specifically to Japan, Korea and Thailand, versus short European exposure has proved additive in 2026. Directional long exposure to Japanese equities also added to performance as Japan outperformed global peers.
Within fixed income, relative value positioning, including long Australia and Korea exposure against short U.K. and Germany positions, contributed in early 2026. Finally, directional shorts in longer maturity global fixed income markets have benefited from the yield curve’s steepening since December of 2025.
The Fund held an allocation to cash as collateral for derivative positions and as a means of earning a modest yield. The cash position contributed to absolute performance. The Fund's cash position had no material impact on performance.
The management team uses derivatives, including equity index and sovereign bond futures, total return swaps, interest rate swaps, and currency forward contracts, as an efficient means to take active views on interest rates, equity indices, and currencies. These exposures will make up a significant portion of the Fund's net asset value given the Fund’s investment approach of trading interest rates, equity indices, and currencies across global markets. The use of derivatives instead of physical instruments had a minimal impact on results.
What detracted from performance?
Currency positioning detracted from performance over the period, driven by long exposure to the Japanese yen versus a short U.S. dollar position as the dollar strengthened relative to the yen despite Japan’s more hawkish monetary policy and positive market environment.
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: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Investor C Shares | MSCI All Country World Index (Net) | Bloomberg 1-3 Year Treasury Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | 25% MSCI ACWI Index (Net)/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ | $ |
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 All Country 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.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Eli Lilly & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On April 22, 2026, the Fund’s Board approved certain changes to the Fund’s principal investment strategies and principal risks related to the Fund's exposure to commodity markets and the formation of a wholly owned Cayman Islands subsidiary, "BlackRock Cayman Tactical Opportunities Fund, Ltd.," that invests in certain commodity-related instruments.
Effective April 30, 2026, BlackRock International Limited ("BIL") became a sub-adviser to the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC.
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, ICE Data Indices, LLC, 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.
©2026 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.
BRBCX-04/26-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 April 30, 2026, the Fund's Class K Shares returned 14.82%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 31.00% and the Bloomberg 1-3 Year Treasury Bond Index returned 3.13%.
What contributed to performance?
Positive contributions to the Fund’s performance over the period were primarily driven by relative value positioning in equities, most notably long exposure to U.S. equities versus short European equity exposure as sentiment rebounded after U.S. tariffs announced in early April 2025 were scaled back or delayed. In addition, long Asia exposures, specifically to Japan, Korea and Thailand, versus short European exposure has proved additive in 2026. Directional long exposure to Japanese equities also added to performance as Japan outperformed global peers.
Within fixed income, relative value positioning, including long Australia and Korea exposure against short U.K. and Germany positions, contributed in early 2026. Finally, directional shorts in longer maturity global fixed income markets have benefited from the yield curve’s steepening since December of 2025.
The Fund held an allocation to cash as collateral for derivative positions and as a means of earning a modest yield. The cash position contributed to absolute performance. The Fund's cash position had no material impact on performance.
The management team uses derivatives, including equity index and sovereign bond futures, total return swaps, interest rate swaps, and currency forward contracts, as an efficient means to take active views on interest rates, equity indices, and currencies. These exposures will make up a significant portion of the Fund's net asset value given the Fund’s investment approach of trading interest rates, equity indices, and currencies across global markets. The use of derivatives instead of physical instruments had a minimal impact on results.
What detracted from performance?
Currency positioning detracted from performance over the period, driven by long exposure to the Japanese yen versus a short U.S. dollar position as the dollar strengthened relative to the yen despite Japan’s more hawkish monetary policy and positive market environment.
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: May 1, 2015 through April 30, 2026
Initial Investment of $10,000
Class K Shares | MSCI All Country World Index (Net) | Bloomberg 1-3 Year Treasury Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | 25% MSCI ACWI Index (Net)/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
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 | $ | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ | $ |
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 All Country 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 August 1, 2016 is that of Investor A Shares. The performance of Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of April 30, 2026)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Eli Lilly & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
Material Fund Changes
This is a summary of changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On April 22, 2026, the Fund’s Board approved certain changes to the Fund’s principal investment strategies and principal risks related to the Fund's exposure to commodity markets and the formation of a wholly owned Cayman Islands subsidiary, "BlackRock Cayman Tactical Opportunities Fund, Ltd.," that invests in certain commodity-related instruments.
Effective April 30, 2026, BlackRock International Limited ("BIL") became a sub-adviser to the Fund, pursuant to a sub-advisory agreement between BIL and BlackRock Advisors, LLC.
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, ICE Data Indices, LLC, 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.
©2026 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.
PBAKX-04/26-AR