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, 2025, the Fund's Institutional Shares returned (3.29)%.
For the same period, the MSCI Emerging Markets ex China Index returned 3.31%.
What contributed to performance?
Holdings in Taiwan and the United Arab Emirates (“UAE”) contributed to absolute performance. At the sector level, real estate and materials were the primary contributors. Taiwan Semiconductor Manufacturing Co. Ltd. which rallied on optimism about AI-driven demand for semiconductors, was the leading contributor at the individual stock level. The UAE property developer Emaar Properties PJSC—which was boosted by strong third quarter earnings results and the announcement of a higher-than-expected dividend—also contributed.
What detracted from performance?
Holdings in South Korea and Brazil detracted from results. In terms of sectors, consumer discretionary and consumer staples were the primary detractors. At the individual stock level, the multinational clothing producer Puma SE was the largest detractor. The stock was hurt by the combination of weakening consumer demand and rising competition. The Brazilian integrated healthcare operator Hapvida Participações e Investimentos S.A. also detracted as the company faced growing operating expenses. Volatility in Brazil’s equity market also impacted the stock as the country continued to face economic challenges, such as elevated inflation.
The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund’s approach had a marginal negative impact on performance.
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, 2025
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 | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Republic of Turkiye........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MAECX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned (3.54)%.
For the same period, the MSCI Emerging Markets ex China Index returned 3.31%.
What contributed to performance?
Holdings in Taiwan and the United Arab Emirates (“UAE”) contributed to absolute performance. At the sector level, real estate and materials were the primary contributors. Taiwan Semiconductor Manufacturing Co. Ltd. which rallied on optimism about AI-driven demand for semiconductors, was the leading contributor at the individual stock level. The UAE property developer Emaar Properties PJSC—which was boosted by strong third quarter earnings results and the announcement of a higher-than-expected dividend—also contributed.
What detracted from performance?
Holdings in South Korea and Brazil detracted from results. In terms of sectors, consumer discretionary and consumer staples were the primary detractors. At the individual stock level, the multinational clothing producer Puma SE was the largest detractor. The stock was hurt by the combination of weakening consumer demand and rising competition. The Brazilian integrated healthcare operator Hapvida Participações e Investimentos S.A. also detracted as the company faced growing operating expenses. Volatility in Brazil’s equity market also impacted the stock as the country continued to face economic challenges, such as elevated inflation.
The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund’s approach had a marginal negative impact on performance.
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, 2025
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 | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Republic of Turkiye........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MXCAX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Class K Shares returned (3.19)%.
For the same period, the MSCI Emerging Markets ex China Index returned 3.31%.
What contributed to performance?
Holdings in Taiwan and the United Arab Emirates (“UAE”) contributed to absolute performance. At the sector level, real estate and materials were the primary contributors. Taiwan Semiconductor Manufacturing Co. Ltd. which rallied on optimism about AI-driven demand for semiconductors, was the leading contributor at the individual stock level. The UAE property developer Emaar Properties PJSC—which was boosted by strong third quarter earnings results and the announcement of a higher-than-expected dividend—also contributed.
What detracted from performance?
Holdings in South Korea and Brazil detracted from results. In terms of sectors, consumer discretionary and consumer staples were the primary detractors. At the individual stock level, the multinational clothing producer Puma SE was the largest detractor. The stock was hurt by the combination of weakening consumer demand and rising competition. The Brazilian integrated healthcare operator Hapvida Participações e Investimentos S.A. also detracted as the company faced growing operating expenses. Volatility in Brazil’s equity market also impacted the stock as the country continued to face economic challenges, such as elevated inflation.
The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund’s approach had a marginal negative impact on performance.
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, 2025
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 | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Republic of Turkiye........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philippines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKECX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Institutional Shares returned 8.57%.
For the same period, the MSCI Emerging Markets Index returned 9.02%.
What contributed to performance?
Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Insights evaluating flows into sustainability related products, as well as those designed to avoid stocks with low sustainability scores, also contributed positively. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other tracking measures such as purchasing price parity, detracted amid the market’s focus on AI excitement rather than attractively priced stocks. Macro thematic insights also struggled. Country timing measures further detracted by leading to unsuccessful positioning in Korea and Brazil.
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, 2025
Initial Investment of $10,000
Institutional Shares | ||
|---|---|---|
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 | $ | $ |
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 Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Emerging Markets Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BLZIX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Investor A Shares returned 8.29%.
For the same period, the MSCI Emerging Markets Index returned 9.02%.
What contributed to performance?
Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Insights evaluating flows into sustainability related products, as well as those designed to avoid stocks with low sustainability scores, also contributed positively. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other tracking measures such as purchasing price parity, detracted amid the market’s focus on AI excitement rather than attractively priced stocks. Macro thematic insights also struggled. Country timing measures further detracted by leading to unsuccessful positioning in Korea and Brazil.
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, 2025
Initial Investment of $10,000
Investor A Shares | ||
|---|---|---|
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 | $ | $ |
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 Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Emerging Markets Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BLZAX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Class K Shares returned 8.61%.
For the same period, the MSCI Emerging Markets Index returned 9.02%.
What contributed to performance?
Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Insights evaluating flows into sustainability related products, as well as those designed to avoid stocks with low sustainability scores, also contributed positively. The Fund’s cash position had no material impact on performance.
What detracted from performance?
Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other tracking measures such as purchasing price parity, detracted amid the market’s focus on AI excitement rather than attractively priced stocks. Macro thematic insights also struggled. Country timing measures further detracted by leading to unsuccessful positioning in Korea and Brazil.
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, 2025
Initial Investment of $10,000
Class K Shares | ||
|---|---|---|
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 | $ | $ |
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 Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Emerging Markets Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BLZKX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Institutional Shares returned 11.83%.
For the same period, the MSCI All Country World Index returned 11.84%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, holdings related to artificial intelligence and GLP-1 weight loss drug themes led to positive results for the Fund’s sentiment and trend-based measures. In the latter half of the period, the U.S. election results and subsequent shifts in trade policy contributed to heightened market volatility. The Fund continued to deliver positive absolute performance during this time, driven primarily by stock selection.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, lead during the reporting period. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in the financial and information technology sectors in the United States and Europe. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain fundamental measures, specifically those related to valuation, detracted from absolute performance. Positioning in the energy sector detracted, as well.
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: June 21, 2023 through April 30, 2025
Initial Investment of $10,000
Institutional Shares | ||
|---|---|---|
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 | $ | $ |
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 All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on June 21, 2023.
What did the Fund invest in?
(as of April 30, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Footnote(b) |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Global Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities. These changes became effective on June 12, 2025. Additionally, the 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 July 11, 2025, the Fund will no longer accept orders to purchase Fund shares. On or about July 18, 2025, (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 NAV 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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MDSCX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Investor A Shares returned 11.49%.
For the same period, the MSCI All Country World Index returned 11.84%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, holdings related to artificial intelligence and GLP-1 weight loss drug themes led to positive results for the Fund’s sentiment and trend-based measures. In the latter half of the period, the U.S. election results and subsequent shifts in trade policy contributed to heightened market volatility. The Fund continued to deliver positive absolute performance during this time, driven primarily by stock selection.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, lead during the reporting period. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in the financial and information technology sectors in the United States and Europe. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain fundamental measures, specifically those related to valuation, detracted from absolute performance. Positioning in the energy sector detracted, as well.
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: June 21, 2023 through April 30, 2025
Initial Investment of $10,000
Investor A Shares | ||
|---|---|---|
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 | $ | $ |
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 All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on June 21, 2023.
What did the Fund invest in?
(as of April 30, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Footnote(b) |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Global Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities. These changes became effective on June 12, 2025. Additionally, the 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 July 11, 2025, the Fund will no longer accept orders to purchase Fund shares. On or about July 18, 2025, (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 NAV 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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MASCX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Class K Shares returned 11.88%.
For the same period, the MSCI All Country World Index returned 11.84%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, holdings related to artificial intelligence and GLP-1 weight loss drug themes led to positive results for the Fund’s sentiment and trend-based measures. In the latter half of the period, the U.S. election results and subsequent shifts in trade policy contributed to heightened market volatility. The Fund continued to deliver positive absolute performance during this time, driven primarily by stock selection.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, lead during the reporting period. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in the financial and information technology sectors in the United States and Europe. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain fundamental measures, specifically those related to valuation, detracted from absolute performance. Positioning in the energy sector detracted, as well.
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: June 21, 2023 through April 30, 2025
Initial Investment of $10,000
Class K Shares | ||
|---|---|---|
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 | $ | $ |
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 All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund commenced operations on June 21, 2023.
What did the Fund invest in?
(as of April 30, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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. |
Footnote(b) |
Material fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage Global Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities. These changes became effective on June 12, 2025. Additionally, the 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 July 11, 2025, the Fund will no longer accept orders to purchase Fund shares. On or about July 18, 2025, (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 NAV 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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKSCX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Institutional Shares returned 14.65%.
For the same period, the MSCI EAFE Index returned 12.57%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, monetary policy shifts in Japan fueled a rally in the country’s market, benefiting the Fund. Stock selection related to the artificial intelligence theme also drove performance in this time. In the latter half of the period, market volatility that followed the U.S. election and the subsequent shift in trade policy prompted investors to seek opportunities in the international markets. This trend, together with positive security selection, was a tailwind for Fund performance.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, led the way over the full 12 months. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in financial and consumer discretionary stocks in Japan. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain environmental insights, specifically those looking at flows into sustainable products and analyzing hiring trends for jobs related to sustainability, detracted from absolute performance by leading to unsuccessful positioning in the energy sector. Additionally, positions in healthcare companies struggled in the latter half of the year as heightened volatility and regulation concerns impacted their performance.
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, 2025
Initial Investment of $10,000
Institutional Shares | ||
|---|---|---|
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 | $ | $ |
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 EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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 planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage International Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BRZIX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Investor A Shares returned 14.35%.
For the same period, the MSCI EAFE Index returned 12.57%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, monetary policy shifts in Japan fueled a rally in the country’s market, benefiting the Fund. Stock selection related to the artificial intelligence theme also drove performance in this time. In the latter half of the period, market volatility that followed the U.S. election and the subsequent shift in trade policy prompted investors to seek opportunities in the international markets. This trend, together with positive security selection, was a tailwind for Fund performance.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, led the way over the full 12 months. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in financial and consumer discretionary stocks in Japan. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain environmental insights, specifically those looking at flows into sustainable products and analyzing hiring trends for jobs related to sustainability, detracted from absolute performance by leading to unsuccessful positioning in the energy sector. Additionally, positions in healthcare companies struggled in the latter half of the year as heightened volatility and regulation concerns impacted their performance.
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, 2025
Initial Investment of $10,000
Investor A Shares | ||
|---|---|---|
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 | $ | $ |
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 EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
What did the Fund invest in?
(as of April 30, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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 planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage International Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BRZAX-04/25-AR
This report describes changes to the Fund that occurred during the reporting period.
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, 2025, the Fund's Class K Shares returned 14.71%.
For the same period, the MSCI EAFE Index returned 12.57%.
What contributed to performance?
The Fund’s positive performance was driven by strength in two distinct time frames. In the first half of the annual period, monetary policy shifts in Japan fueled a rally in the country’s market, benefiting the Fund. Stock selection related to the artificial intelligence theme also drove performance in this time. In the latter half of the period, market volatility that followed the U.S. election and the subsequent shift in trade policy prompted investors to seek opportunities in the international markets. This trend, together with positive security selection, was a tailwind for Fund performance.
Sentiment measures, particularly text-based insights analyzing conference call transcripts, led the way over the full 12 months. These quicker-moving measures helped position the Fund for a highly changeable market backdrop, with gains from security selection in financial and consumer discretionary stocks in Japan. Positioning in European financials also worked well amid mounting trade concerns, as did selection in U.K. industrials.
What detracted from performance?
Certain environmental insights, specifically those looking at flows into sustainable products and analyzing hiring trends for jobs related to sustainability, detracted from absolute performance by leading to unsuccessful positioning in the energy sector. Additionally, positions in healthcare companies struggled in the latter half of the year as heightened volatility and regulation concerns impacted their performance.
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, 2025
Initial Investment of $10,000
Class K Shares | ||
|---|---|---|
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 | $ | $ |
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 EAFE Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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, 2025)
Geographic allocation
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
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 planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
On February 20, 2025, the Fund’s Board approved a change in the name of the Fund to BlackRock Sustainable Aware Advantage International Equity Fund. The investment objective of the Fund is to seek to provide long-term capital appreciation while seeking to maintain certain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark. In connection with the Fund’s name change, the Fund’s 80% investment policy will change to seek to invest, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the benchmark and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes are expected to become effective on or about August 28, 2025.
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BRZKX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 4.86%.
For the same period, the MSCI All Country World Index returned 11.84% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%.
What contributed to performance?
Relative value positioning in equities contributed to absolute performance. A preference for peripheral European equities (Italy and Spain) versus the core (Germany) in 2024 was additive to performance. Early in 2025, a short in U.S. equities versus a basket of developed-market peers also helped results. Directional longs in Japanese and U.S. value stocks were positive contributors, as well.
With respect to relative value positioning in bonds, a long position in U.S. Treasuries versus a short position in German Bunds helped performance in early 2025 given Germany’s announcements of increased fiscal spending.
A short position in the U.S. Dollar versus the Japanese yen in early 2025 also contributed given the Dollar’s weakness in this time.
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.
What detracted from performance?
Relative value positioning in bonds was the largest detractor. The Fund struggled to navigate elections in the emerging markets in mid-2024, as well as policy shifts in the developed markets in the first quarter of 2025. Directional short positions in U.S. Treasuries also detracted from Fund performance, particularly in early 2025 as markets priced in a higher probability of recession amid rising policy uncertainty in the United States.
The investment advisor used 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 make up a significant portion of NAV 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 negative impact on results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025
Initial Investment of $10,000
Institutional Shares | MSCI All Country World Index | ICE BofA 3-Month U.S. Treasury Bill Index | Bloomberg 1-3 Year Treasury Bond Index | 25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
Apr 15 | $ | $ | $ | $ | $ |
May 15 | $ | $ | $ | $ | $ |
Jun 15 | $ | $ | $ | $ | $ |
Jul 15 | $ | $ | $ | $ | $ |
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.
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, 2025)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philip Morris International, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
PBAIX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Service Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Service Shares returned 4.63%.
For the same period, the MSCI All Country World Index returned 11.84% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%.
What contributed to performance?
Relative value positioning in equities contributed to absolute performance. A preference for peripheral European equities (Italy and Spain) versus the core (Germany) in 2024 was additive to performance. Early in 2025, a short in U.S. equities versus a basket of developed-market peers also helped results. Directional longs in Japanese and U.S. value stocks were positive contributors, as well.
With respect to relative value positioning in bonds, a long position in U.S. Treasuries versus a short position in German Bunds helped performance in early 2025 given Germany’s announcements of increased fiscal spending.
A short position in the U.S. Dollar versus the Japanese yen in early 2025 also contributed given the Dollar’s weakness in this time.
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.
What detracted from performance?
Relative value positioning in bonds was the largest detractor. The Fund struggled to navigate elections in the emerging markets in mid-2024, as well as policy shifts in the developed markets in the first quarter of 2025. Directional short positions in U.S. Treasuries also detracted from Fund performance, particularly in early 2025 as markets priced in a higher probability of recession amid rising policy uncertainty in the United States.
The investment advisor used 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 make up a significant portion of NAV 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 negative impact on results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025
Initial Investment of $10,000
Service Shares | MSCI All Country World Index | ICE BofA 3-Month U.S. Treasury Bill Index | Bloomberg 1-3 Year Treasury Bond Index | 25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
Apr 15 | $ | $ | $ | $ | $ |
May 15 | $ | $ | $ | $ | $ |
Jun 15 | $ | $ | $ | $ | $ |
Jul 15 | $ | $ | $ | $ | $ |
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
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Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
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Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
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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 | $ | $ | $ | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
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.
The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.
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, 2025)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philip Morris International, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
PCBSX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned 4.64%.
For the same period, the MSCI All Country World Index returned 11.84% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%.
What contributed to performance?
Relative value positioning in equities contributed to absolute performance. A preference for peripheral European equities (Italy and Spain) versus the core (Germany) in 2024 was additive to performance. Early in 2025, a short in U.S. equities versus a basket of developed-market peers also helped results. Directional longs in Japanese and U.S. value stocks were positive contributors, as well.
With respect to relative value positioning in bonds, a long position in U.S. Treasuries versus a short position in German Bunds helped performance in early 2025 given Germany’s announcements of increased fiscal spending.
A short position in the U.S. Dollar versus the Japanese yen in early 2025 also contributed given the Dollar’s weakness in this time.
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.
What detracted from performance?
Relative value positioning in bonds was the largest detractor. The Fund struggled to navigate elections in the emerging markets in mid-2024, as well as policy shifts in the developed markets in the first quarter of 2025. Directional short positions in U.S. Treasuries also detracted from Fund performance, particularly in early 2025 as markets priced in a higher probability of recession amid rising policy uncertainty in the United States.
The investment advisor used 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 make up a significant portion of NAV 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 negative impact on results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025
Initial Investment of $10,000
Investor A Shares | MSCI All Country World Index | ICE BofA 3-Month U.S. Treasury Bill Index | Bloomberg 1-3 Year Treasury Bond Index | 25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
Apr 15 | $ | $ | $ | $ | $ |
May 15 | $ | $ | $ | $ | $ |
Jun 15 | $ | $ | $ | $ | $ |
Jul 15 | $ | $ | $ | $ | $ |
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.
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, 2025)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philip Morris International, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
PCBAX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Investor C Shares returned 3.86%.
For the same period, the MSCI All Country World Index returned 11.84% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%.
What contributed to performance?
Relative value positioning in equities contributed to absolute performance. A preference for peripheral European equities (Italy and Spain) versus the core (Germany) in 2024 was additive to performance. Early in 2025, a short in U.S. equities versus a basket of developed-market peers also helped results. Directional longs in Japanese and U.S. value stocks were positive contributors, as well.
With respect to relative value positioning in bonds, a long position in U.S. Treasuries versus a short position in German Bunds helped performance in early 2025 given Germany’s announcements of increased fiscal spending.
A short position in the U.S. Dollar versus the Japanese yen in early 2025 also contributed given the Dollar’s weakness in this time.
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.
What detracted from performance?
Relative value positioning in bonds was the largest detractor. The Fund struggled to navigate elections in the emerging markets in mid-2024, as well as policy shifts in the developed markets in the first quarter of 2025. Directional short positions in U.S. Treasuries also detracted from Fund performance, particularly in early 2025 as markets priced in a higher probability of recession amid rising policy uncertainty in the United States.
The investment advisor used 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 make up a significant portion of NAV 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 negative impact on results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025
Initial Investment of $10,000
Investor C Shares | MSCI All Country World Index | ICE BofA 3-Month U.S. Treasury Bill Index | Bloomberg 1-3 Year Treasury Bond Index | 25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
Apr 15 | $ | $ | $ | $ | $ |
May 15 | $ | $ | $ | $ | $ |
Jun 15 | $ | $ | $ | $ | $ |
Jul 15 | $ | $ | $ | $ | $ |
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.
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, 2025)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philip Morris International, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
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.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BRBCX-04/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 5.00%.
For the same period, the MSCI All Country World Index returned 11.84% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%.
What contributed to performance?
Relative value positioning in equities contributed to absolute performance. A preference for peripheral European equities (Italy and Spain) versus the core (Germany) in 2024 was additive to performance. Early in 2025, a short in U.S. equities versus a basket of developed-market peers also helped results. Directional longs in Japanese and U.S. value stocks were positive contributors, as well.
With respect to relative value positioning in bonds, a long position in U.S. Treasuries versus a short position in German Bunds helped performance in early 2025 given Germany’s announcements of increased fiscal spending.
A short position in the U.S. Dollar versus the Japanese yen in early 2025 also contributed given the Dollar’s weakness in this time.
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.
What detracted from performance?
Relative value positioning in bonds was the largest detractor. The Fund struggled to navigate elections in the emerging markets in mid-2024, as well as policy shifts in the developed markets in the first quarter of 2025. Directional short positions in U.S. Treasuries also detracted from Fund performance, particularly in early 2025 as markets priced in a higher probability of recession amid rising policy uncertainty in the United States.
The investment advisor used 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 make up a significant portion of NAV 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 negative impact on results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025
Initial Investment of $10,000
Class K Shares | MSCI All Country World Index | ICE BofA 3-Month U.S. Treasury Bill Index | Bloomberg 1-3 Year Treasury Bond Index | 25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index | |
|---|---|---|---|---|---|
Apr 15 | $ | $ | $ | $ | $ |
May 15 | $ | $ | $ | $ | $ |
Jun 15 | $ | $ | $ | $ | $ |
Jul 15 | $ | $ | $ | $ | $ |
Aug 15 | $ | $ | $ | $ | $ |
Sep 15 | $ | $ | $ | $ | $ |
Oct 15 | $ | $ | $ | $ | $ |
Nov 15 | $ | $ | $ | $ | $ |
Dec 15 | $ | $ | $ | $ | $ |
Jan 16 | $ | $ | $ | $ | $ |
Feb 16 | $ | $ | $ | $ | $ |
Mar 16 | $ | $ | $ | $ | $ |
Apr 16 | $ | $ | $ | $ | $ |
May 16 | $ | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ | $ |
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
25% MSCI ACWI Index/75% Bloomberg 1-3 Year Treasury Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund's returns shown prior to January 29, 2016 are the returns of the Fund when it followed different investment strategies under the name BlackRock Managed Volatility Portfolio.
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, 2025)
Ten largest holdings
Portfolio composition
SecurityFootnote Reference(a) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Philip Morris International, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... |
Asset Type | Percent of
Net Assets |
|---|---|
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Rights........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) |
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.
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