What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Class K shares returned 21.76%.
For the same period, the Fund’s benchmark, the FTSE World Index returned 33.25% and the Reference Benchmark (a custom blended benchmark, consisting of 36% S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index), returned 20.50%.
What contributed to performance?
In equities, holdings within the information technology, industrials, communication services and financials sectors contributed to absolute performance. Positions in investment grade and high yield corporate bonds positively impacted return in fixed income, along with holdings of securitized assets. Holdings in gold-related securities were additive as well.
The Fund’s weighting in cash and cash equivalents was approximately 5% of net assets at the close of the period. The cash position helped manage portfolio volatility and served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.
The Fund uses derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund’s use of derivatives in aggregate added to performance in the annual period.
What detracted from performance?
In equities, holdings within the healthcare sector detracted, as did the use of interest rate derivatives within fixed income.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Class K Shares | FTSE World Index | Reference Benchmark | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
FTSE World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Reference Benchmark is comprised of the returns of the S&P 500 Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).
Performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Ten largest holdings
Percent of Total
InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.8% | ||
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 | ||
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 | ||
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 | ||
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | ||
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 | ||
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.3 | ||
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 100.0% | -% | 100.0% |
Security | Percent of Total InvestmentsFootnote Reference(c) |
|---|---|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
SPDR Gold Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | Excludes short-term securities, short investments and options, if any. |
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 FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKLOX-04/26-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class R Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Class R shares returned 20.91%.
For the same period, the Fund’s benchmark, the FTSE World Index returned 33.25% and the Reference Benchmark (a custom blended benchmark, consisting of 36% S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index), returned 20.50%.
What contributed to performance?
In equities, holdings within the information technology, industrials, communication services and financials sectors contributed to absolute performance. Positions in investment grade and high yield corporate bonds positively impacted return in fixed income, along with holdings of securitized assets. Holdings in gold-related securities were additive as well.
The Fund’s weighting in cash and cash equivalents was approximately 5% of net assets at the close of the period. The cash position helped manage portfolio volatility and served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.
The Fund uses derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund’s use of derivatives in aggregate added to performance in the annual period.
What detracted from performance?
In equities, holdings within the healthcare sector detracted, as did the use of interest rate derivatives within fixed income.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Class R Shares | FTSE World Index | Reference Benchmark | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
FTSE World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Average annual total returns reflect reductions for distribution and service fees.
The Reference Benchmark is comprised of the returns of the S&P 500 Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Ten largest holdings
Percent of Total
InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.8% | ||
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 | ||
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 | ||
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 | ||
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | ||
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 | ||
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.3 | ||
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 100.0% | -% | 100.0% |
Security | Percent of Total InvestmentsFootnote Reference(c) |
|---|---|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
SPDR Gold Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | Excludes short-term securities, short investments and options, if any. |
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 FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MRLOX-04/26-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Institutional shares returned 21.62%.
For the same period, the Fund’s benchmark, the FTSE World Index returned 33.25% and the Reference Benchmark (a custom blended benchmark, consisting of 36% S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index), returned 20.50%.
What contributed to performance?
In equities, holdings within the information technology, industrials, communication services and financials sectors contributed to absolute performance. Positions in investment grade and high yield corporate bonds positively impacted return in fixed income, along with holdings of securitized assets. Holdings in gold-related securities were additive as well.
The Fund’s weighting in cash and cash equivalents was approximately 5% of net assets at the close of the period. The cash position helped manage portfolio volatility and served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.
The Fund uses derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund’s use of derivatives in aggregate added to performance in the annual period.
What detracted from performance?
In equities, holdings within the healthcare sector detracted, as did the use of interest rate derivatives within fixed income.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Institutional Shares | FTSE World Index | Reference Benchmark | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
FTSE World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Reference Benchmark is comprised of the returns of the S&P 500 Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Ten largest holdings
Percent of Total
InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.8% | ||
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 | ||
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 | ||
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 | ||
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | ||
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 | ||
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.3 | ||
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 100.0% | -% | 100.0% |
Security | Percent of Total InvestmentsFootnote Reference(c) |
|---|---|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
SPDR Gold Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | Excludes short-term securities, short investments and options, if any. |
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 FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MALOX-04/26-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Investor A Shares returned 21.35%.
For the same period, the Fund’s benchmark, the FTSE World Index returned 33.25% and the Reference Benchmark (a custom blended benchmark, consisting of 36% S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index), returned 20.50%.
What contributed to performance?
In equities, holdings within the information technology, industrials, communication services and financials sectors contributed to absolute performance. Positions in investment grade and high yield corporate bonds positively impacted return in fixed income, along with holdings of securitized assets. Holdings in gold-related securities were additive as well.
The Fund’s weighting in cash and cash equivalents was approximately 5% of net assets at the close of the period. The cash position helped manage portfolio volatility and served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.
The Fund uses derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund’s use of derivatives in aggregate added to performance in the annual period.
What detracted from performance?
In equities, holdings within the healthcare sector detracted, as did the use of interest rate derivatives within fixed income.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Investor A Shares | FTSE World Index | Reference Benchmark | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
FTSE 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 Reference Benchmark is comprised of the returns of the S&P 500 Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Ten largest holdings
Percent of Total
InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.8% | ||
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 | ||
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 | ||
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 | ||
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | ||
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 | ||
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.3 | ||
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 100.0% | -% | 100.0% |
Security | Percent of Total InvestmentsFootnote Reference(c) |
|---|---|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
SPDR Gold Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | Excludes short-term securities, short investments and options, if any. |
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 FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MDLOX-04/26-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund's Investor C Shares returned 20.37%.
For the same period, the Fund’s benchmark, the FTSE World Index returned 33.25% and the Reference Benchmark (a custom blended benchmark, consisting of 36% S&P 500 Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index), returned 20.50%.
What contributed to performance?
In equities, holdings within the information technology, industrials, communication services and financials sectors contributed to absolute performance. Positions in investment grade and high yield corporate bonds positively impacted return in fixed income, along with holdings of securitized assets. Holdings in gold-related securities were additive as well.
The Fund’s weighting in cash and cash equivalents was approximately 5% of net assets at the close of the period. The cash position helped manage portfolio volatility and served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.
The Fund uses derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund’s use of derivatives in aggregate added to performance in the annual period.
What detracted from performance?
In equities, holdings within the healthcare sector detracted, as did the use of interest rate derivatives within fixed income.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Investor C Shares | FTSE World Index | Reference Benchmark | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
FTSE 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 distribution and service fees.
The Reference Benchmark is comprised of the returns of the S&P 500 Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).
What did the Fund invest in?
(as of April 30, 2026)
Geographic allocation
Ten largest holdings
Percent of Total
InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.8% | ||
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 | ||
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 | ||
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 | ||
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | ||
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 | ||
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 | ||
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 | ||
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.3 | ||
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 100.0% | -% | 100.0% |
Security | Percent of Total InvestmentsFootnote Reference(c) |
|---|---|
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
SPDR Gold Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | Excludes short-term securities, short investments and options, if any. |
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 FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, 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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MCLOX-04/26-AR