PBAIX Fees and Costs — BlackRock Tactical Opportunities Fund, Institutional Class
Data updated: 2026-09-25
The net expense ratio is 0.72%: a 0.50% management fee plus 0.21% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $5.3M in broker commissions, 0.1403% of average net assets, and portfolio turnover was 83%.
PBAIX Fees and Expenses
Annual operating expenses and sales charges of PBAIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.72% |
| Fee waiver | — |
| Net expense ratio | 0.72% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PBAIX Costs Over Time
On $10,000 invested in PBAIX, assuming 5% a year before costs, total costs come to $540 over 5 years, cutting the return by 0.90% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.72%) | $76 | $236 | $410 |
| Trading costs (broker commissions) | $15 | $46 | $80 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $296 | $540 |
| Value after costs | $10,410 | $11,280 | $12,223 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
PBAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1403%
- Total broker commissions: $5.3M
- Bought from dealers (principal trades, not a cost): $15.5B
- Portfolio turnover (prospectus): 83%
- Securities on loan, average value: $3.7M
- Net income from securities lending: $11K (0.000% of average net assets)
PBAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $1.1M | 21.62% |
| J.P. Morgan Securities LLC | $1.0M | 20.02% |
| Citigroup Global Markets Inc. | $541K | 10.46% |
| Morgan Stanley & Co. LLC | $475K | 9.19% |
| Barclays Capital, Inc. | $466K | 9.01% |
| UBS Securities LLC | $426K | 8.24% |
| BNP Paribas Securities Corp. | $421K | 8.15% |
| BofA Securities, Inc. | $346K | 6.68% |
| RBC Capital Markets, LLC | $188K | 3.63% |
| Mizuho Securities USA LLC | $155K | 3.00% |
PBAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Liquidity Funds T-Fund | $9.8B | 64.37% |
| BofA Securities, Inc. | $3.7B | 24.32% |
| Morgan Stanley & Co. LLC | $480.0M | 3.14% |
| Deutsche Bank Securities Inc. | $415.3M | 2.72% |
| Mirae Asset Securities (USA) Inc. | $241.0M | 1.58% |
| Goldman Sachs & Co. LLC | $136.7M | 0.90% |
| Barclays Capital, Inc. | $126.9M | 0.83% |
| Citigroup Global Markets Inc. | $124.3M | 0.81% |
| Scotia Capital (USA) Inc. | $104.4M | 0.68% |
| Citadel Securities LLC | $98.5M | 0.65% |
BlackRock Tactical Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000173964 | Class K | 0.59% | — |
| PBAIX | Institutional Class | 0.72% | none |
| PCBSX | Service Class | 0.97% | — |
| PCBAX | Investor A | 1.00% | 5.25% |
| BRBCX | Investor C | 1.72% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.