# EDGAR Filing Document

**Accession Number:** 0001323737
**File Stem:** 0001193125-25-154782
**Filing Date:** 2025-7
**Character Count:** 321137
**Document Hash:** ddaefa03c39e70020fef82685c061d26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154782.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154782

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Account Series
- **CENTRAL INDEX KEY:** 0001323737

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0412

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21763
- **FILM NUMBER:** 251100237

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### BlackRock GA Disciplined Volatility Equity Fund (Series ID: S000057851)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186831 | Class K       |  |
| C000206473 | Institutional |  |

### BlackRock GA Dynamic Equity Fund (Series ID: S000057852)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186832 | Class K       |  |
| C000206474 | Institutional |  |

?xml version='1.0' encoding='ASCII'? Managed Account Series

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-21763

Name of Fund:

---

| |
|:---|
| Managed Account Series |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock GA Disciplined Volatility Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock GA Dynamic Equity Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, Managed Account Series, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

4/30/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g35609images_4988.jpg)

### BlackRock GA Disciplined Volatility Equity Fund

### Institutional Shares \| BIDVX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock GA Disciplined Volatility Equity Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 537-4942.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $62 | 0.58% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 13.43%. 

* For the same period, the MSCI World Index returned 12.16% and the MSCI ACWI Minimum Volatility (USD) Index returned 16.83%. 

What contributed to performance?

Holdings in the communication services, financials, information technology, consumer staples, materials and utilities sectors contributed to absolute performance.

What detracted from performance?

Holdings in healthcare and consumer discretionary stocks detracted.

The Fund's weighting in cash and cash equivalents was 8% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents detracted.

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 detracted from results during the annual period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 1, 2017 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g35609chartimages_5973407.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Institutional Shares | 13.43% | 11.65% | 8.24% |
| MSCI World Index | 12.16 | 13.95 | 10.24 |
| MSCI ACWI Minimum Volatility (USD) Index | 16.83 | 8.33 | 7.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$921547319 |
| Number of Portfolio Holdings | &nbsp;&nbsp;658 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2741351 |
| Portfolio Turnover Rate | &nbsp;&nbsp;196% |

---

The Fund has added the MSCI World Index in response to new regulatory requirements.

The Fund commenced operations on June 1, 2017.

Performance shown prior to the Institutional Shares inception date of November 30, 2018 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Institutional Shares fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 64.5% |
| Japan | 9.2% |
| China | 9.2% |
| India | 3.4% |
| Taiwan | 1.9% |
| South Korea | 1.8% |
| Hong Kong | 1.5% |
| Netherlands | 1.2% |
| France | 1.2% |
| Brazil | 1.2% |
| Other<sup>#</sup> | 3.4% |
| Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| T-Mobile U.S., Inc. | 1.6% |
| Microsoft Corp. | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Netflix, Inc. | 1.3% |
| Verizon Communications, Inc. | 1.3% |
| PepsiCo, Inc. | 1.2% |
| Consolidated Edison, Inc. | 1.2% |
| Procter & Gamble Co. | 1.2% |
| MercadoLibre, Inc. | 1.1% |
| Cadence Design Systems, Inc. | 1.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities, short investments and options, if any.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Material Fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 537-4942.

On February 20, 2025, the Fund's Board approved the reorganization of the Fund into a newly created ETF to be named iShares Disciplined Volatility Equity Active ETF. The reorganization is expected to close on or about September 12, 2025.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g35609images_4987.jpg)

BlackRock GA Disciplined Volatility Equity Fund

Institutional Shares \| BIDVX

Annual Shareholder Report — April 30, 2025

BIDVX-04/25-AR

![TSR - BLK Retail Logo](g35609images_4988.jpg)

### BlackRock GA Disciplined Volatility Equity Fund

### Class K Shares \| BGDVX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock GA Disciplined Volatility Equity Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 537-4942.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $53 | 0.50% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 13.56%. 

* For the same period, the MSCI World Index returned 12.16% and the MSCI ACWI Minimum Volatility (USD) Index returned 16.83%. 

What contributed to performance?

Holdings in the communication services, financials, information technology, consumer staples, materials and utilities sectors contributed to absolute performance.

What detracted from performance?

Holdings in healthcare and consumer discretionary stocks detracted.

The Fund's weighting in cash and cash equivalents was 8% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents detracted.

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 detracted from results during the annual period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 1, 2017 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g35609chartimages_5973470.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Class K Shares | 13.56% | 11.70% | 8.30% |
| MSCI World Index | 12.16 | 13.95 | 10.24 |
| MSCI ACWI Minimum Volatility (USD) Index | 16.83 | 8.33 | 7.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$921547319 |
| Number of Portfolio Holdings | &nbsp;&nbsp;658 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2741351 |
| Portfolio Turnover Rate | &nbsp;&nbsp;196% |

---

The Fund has added the MSCI World Index in response to new regulatory requirements.

The Fund commenced operations on June 1, 2017.

On November 30, 2018, all issued and outstanding shares of the Fund were redesignated as Class K Shares.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 64.5% |
| Japan | 9.2% |
| China | 9.2% |
| India | 3.4% |
| Taiwan | 1.9% |
| South Korea | 1.8% |
| Hong Kong | 1.5% |
| Netherlands | 1.2% |
| France | 1.2% |
| Brazil | 1.2% |
| Other<sup>#</sup> | 3.4% |
| Other Assets Less Liabilities | 1.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| T-Mobile U.S., Inc. | 1.6% |
| Microsoft Corp. | 1.6% |
| Merck & Co., Inc. | 1.4% |
| Netflix, Inc. | 1.3% |
| Verizon Communications, Inc. | 1.3% |
| PepsiCo, Inc. | 1.2% |
| Consolidated Edison, Inc. | 1.2% |
| Procter & Gamble Co. | 1.2% |
| MercadoLibre, Inc. | 1.1% |
| Cadence Design Systems, Inc. | 1.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities, short investments and options, if any.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Material Fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 537-4942.

On February 20, 2025, the Fund's Board approved the reorganization of the Fund into a newly created ETF to be named iShares Disciplined Volatility Equity Active ETF. The reorganization is expected to close on or about September 12, 2025.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g35609images_4987.jpg)

BlackRock GA Disciplined Volatility Equity Fund

Class K Shares \| BGDVX

Annual Shareholder Report — April 30, 2025

BGDVX-04/25-AR

![TSR - BLK Retail Logo](g35609images_4988.jpg)

### BlackRock GA Dynamic Equity Fund

### Institutional Shares \| BIEEX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock GA Dynamic Equity Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 537-4942.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $56 | 0.53% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 9.64%. 

* For the same period, the MSCI World Index returned 12.16%. 

What contributed to performance?

Holdings in the financials, information technology, consumer staples, healthcare and industrials sectors contributed to absolute performance. Positions in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 11% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in materials, energy and consumer discretionary stocks detracted.

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 detracted from results during the annual period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 1, 2017 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g35609chartimages_5973483.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Institutional Shares | 9.64% | 13.22% | 9.31% |
| MSCI World Index | 12.16 | 13.95 | 10.24 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1484311033 |
| Number of Portfolio Holdings | &nbsp;&nbsp;345 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4502709 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

The Fund commenced operations on June 1, 2017.

Performance shown prior to the Institutional Shares inception date of November 30, 2018 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Institutional Shares fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 83.7% |
| United Kingdom | 5.8% |
| France | 2.5% |
| Italy | 2.4% |
| China | 1.3% |
| Netherlands | 0.8% |
| Denmark | 0.8% |
| Canada | 0.7% |
| Germany | 0.4% |
| Taiwan | 0.4% |
| Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Microsoft Corp. | 3.8% |
| Apple, Inc. | 3.5% |
| NVIDIA Corp. | 2.8% |
| Amazon.com, Inc. | 2.7% |
| Alphabet, Inc., Class C | 2.5% |
| SPDR Gold Shares | 2.3% |
| Eli Lilly & Co. | 2.2% |
| Meta Platforms, Inc., Class A | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Bank of America Corp. | 1.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities, short investments and options, if any.</sup>

#### Material Fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 537-4942.

On February 20, 2025, the Fund's Board approved the reorganization of the Fund into a newly created ETF to be named iShares Dynamic Equity Active ETF. The reorganization is expected to close on or about September 12, 2025.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g35609images_4987.jpg)

BlackRock GA Dynamic Equity Fund

Institutional Shares \| BIEEX

Annual Shareholder Report — April 30, 2025

BIEEX-04/25-AR

![TSR - BLK Retail Logo](g35609images_4988.jpg)

### BlackRock GA Dynamic Equity Fund

### Class K Shares \| BGEEX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock GA Dynamic Equity Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 537-4942.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $47 | 0.45% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 9.69%. 

* For the same period, the MSCI World Index returned 12.16%. 

What contributed to performance?

Holdings in the financials, information technology, consumer staples, healthcare and industrials sectors contributed to absolute performance. Positions in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 11% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in materials, energy and consumer discretionary stocks detracted.

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 detracted from results during the annual period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 1, 2017 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g35609chartimages_5973534.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Class K Shares | 9.69% | 13.27% | 9.37% |
| MSCI World Index | 12.16 | 13.95 | 10.24 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1484311033 |
| Number of Portfolio Holdings | &nbsp;&nbsp;345 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4502709 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

The Fund commenced operations on June 1, 2017.

On November 30, 2018, all issued and outstanding shares of the Fund were redesignated as Class K Shares.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 83.7% |
| United Kingdom | 5.8% |
| France | 2.5% |
| Italy | 2.4% |
| China | 1.3% |
| Netherlands | 0.8% |
| Denmark | 0.8% |
| Canada | 0.7% |
| Germany | 0.4% |
| Taiwan | 0.4% |
| Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Microsoft Corp. | 3.8% |
| Apple, Inc. | 3.5% |
| NVIDIA Corp. | 2.8% |
| Amazon.com, Inc. | 2.7% |
| Alphabet, Inc., Class C | 2.5% |
| SPDR Gold Shares | 2.3% |
| Eli Lilly & Co. | 2.2% |
| Meta Platforms, Inc., Class A | 2.0% |
| JPMorgan Chase & Co. | 1.9% |
| Bank of America Corp. | 1.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities, short investments and options, if any.</sup>

#### Material Fund changes
This is a summary of planned changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 537-4942.

On February 20, 2025, the Fund's Board approved the reorganization of the Fund into a newly created ETF to be named iShares Dynamic Equity Active ETF. The reorganization is expected to close on or about September 12, 2025.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g35609images_4987.jpg)

BlackRock GA Dynamic Equity Fund

Class K Shares \| BGEEX

Annual Shareholder Report — April 30, 2025

BGEEX-04/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock GA Disciplined Volatility Equity Fund | $41103 | $40902 | $0 | $0 | $17700 | $17860 | $407 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock GA Dynamic Equity Fund | $41103 | $40902 | $0 | $0 | $22900 | $22880 | $407 | $407 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

------

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

#### 2

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current Fiscal Year</u> <br><u>End</u><sup>1</sup>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock GA Disciplined Volatility Equity Fund | $18107 | $18267 |
| &nbsp;&nbsp;&nbsp;BlackRock GA Dynamic Equity Fund | $23307 | $23287 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

#### 3

------

![](g35609img296289e41.jpg)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Managed Account Series** |
| • BlackRock GA Disciplined Volatility Equity Fund |
| • BlackRock GA Dynamic Equity Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_RskDeriv-Footer-FundBookName-921_1)  | 3 |
| [Consolidated Schedules of Investments](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_SOI-Footer-FundBookName-921_1)  | 4 |
| [Consolidated Statement of Assets and Liabilities](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_FS-Footer-FundBookName-921_1)  | 27 |
| [Consolidated Statement of Operations](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_FS-Footer-FundBookName-921_3)  | 29 |
| [Statements of Changes in Net Assets](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_FS-Footer-FundBookName-921_4)  | 30 |
| [Financial Highlights](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_FIHI-Footer-FundBookName-921_1)  | 31 |
| [Notes to Consolidated Financial Statements](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_NTF-Footer-FundBookName-920_1)  | 35 |
| [Report of Independent Registered Public Accounting Firm](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_AUDIT-1-Footer-FundBookName-921_1)  | 46 |
| [Important Tax Information](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_TAX-1-Footer-FundBookName-921_1)  | 47 |
| [Additional Information](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_ADDInfo-Footer-FundBookName-921_1)  | 48 |
| [Glossary of Terms Used in this Report](#xx_f12eb694-0aee-434a-a183-5b85a59a13c4_Terms-Footer-FundBookName_1)  | 50 |

---

------

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

Derivative Financial Instruments

------

Consolidated Schedule of Investments

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 1.2%** | **Brazil — 1.2%** |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 4530 | $10558751 |
| **Canada — 0.7%** | **Canada — 0.7%** |  |
| Constellation Software, Inc./Canada | 918 | 3308389 |
| Thomson Reuters Corp. | 15332 | 2852980 |
|  |  | 6161369 |
| **China — 9.2%** | **China — 9.2%** |  |
| Airtac International Group | 51000 | 1400777 |
| Bank of China Ltd., Class H | 4977000 | 2779025 |
| BOC Hong Kong Holdings Ltd. | 142000 | 589070 |
| Bosideng International Holdings Ltd. | 8706000 | 4504922 |
| BYD Electronic International Co. Ltd. | 117500 | 487675 |
| China Hongqiao Group Ltd. | 621000 | 1114704 |
| China Pacific Insurance Group Co. Ltd., Class H | 85000 | 231265 |
| China Petroleum & Chemical Corp., Class H | 338000 | 172539 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | 1761400 | 2551347 |
| CMOC Group Ltd., Class A | 1563700 | 1522634 |
| CMOC Group Ltd., Class H | 2640000 | 2072596 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 443000 | 668503 |
| Eastroc Beverage Group Co. Ltd., Class A | 171990 | 6766067 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | 9600 | 67891 |
| Geely Automobile Holdings Ltd. | 1126000 | 2363813 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | 137200 | 1417524 |
| Great Wall Motor Co. Ltd., Class A | 891533 | 2769702 |
| Great Wall Motor Co. Ltd., Class H | 660000 | 943134 |
| Guangdong Investment Ltd. | 792000 | 640900 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | 119000 | 267935 |
| Industrial & Commercial Bank of China Ltd., Class H | 2458000 | 1683758 |
| J&T Global Express Ltd.<sup>(a)</sup> | 1123600 | 872904 |
| JD.com, Inc., Class A | 157050 | 2556998 |
| Kingsoft Corp. Ltd. | 333200 | 1660137 |
| Lenovo Group Ltd. | 1184000 | 1369386 |
| Luxshare Precision Industry Co. Ltd., Class A | 550579 | 2341589 |
| Midea Group Co. Ltd., Class H<sup>(a)</sup> | 54600 | 515370 |
| NetEase, Inc. | 295900 | 6360770 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | 50600 | 232618 |
| NXP Semiconductors NV | 27853 | 5133586 |
| PetroChina Co. Ltd., Class A | 923400 | 1015391 |
| PetroChina Co. Ltd., Class H | 4428000 | 3383603 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 21600 | 538731 |
| Satellite Chemical Co. Ltd., Class A | 164700 | 411404 |
| Shanjin International Gold Co. Ltd., Class A | 119000 | 334248 |
| Shenzhou International Group Holdings Ltd. | 98800 | 684852 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | 163192 | 1566507 |
| Weichai Power Co. Ltd., Class H | 2501000 | 4879201 |
| Western Mining Co. Ltd., Class A | 652600 | 1383313 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 186200 | 719814 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | 606000 | 3879733 |
| Yangzijiang Shipbuilding Holdings Ltd. | 1480500 | 2536042 |
| Yum China Holdings, Inc. | 76914 | 3331145 |
| Yutong Bus Co. Ltd., Class A | 448700 | 1656754 |
| Zhejiang China Commodities City Group Co. Ltd., Class A | 305400 | 643444 |
| Zhongji Innolight Co. Ltd., Class A | 18900 | 220825 |
| Zhongjin Gold Corp. Ltd., Class A | 173100 | 325758 |
| Zijin Mining Group Co. Ltd., Class H | 134000 | 292748 |
| ZTO Express Cayman, Inc. | 47700 | 888359 |
|  |  | 84751011 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Finland — 0.2%** | **Finland — 0.2%** |  |
| Kone OYJ, Class B | 25077 | $1553064 |
| **France — 1.2%** | **France — 1.2%** |  |
| Hermes International SCA | 2677 | 7362232 |
| LVMH Moet Hennessy Louis Vuitton SE | 6046 | 3349056 |
|  |  | 10711288 |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Rational AG | 1267 | 1087129 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |  |
| AIA Group Ltd. | 887400 | 6649210 |
| Henderson Land Development Co. Ltd. | 74000 | 209859 |
| HKT Trust & HKT Ltd., Class SS | 2745000 | 3906078 |
| Sino Biopharmaceutical Ltd. | 430000 | 215946 |
| Techtronic Industries Co. Ltd. | 234000 | 2354972 |
| WH Group Ltd.<sup>(b)</sup> | 540000 | 482872 |
|  |  | 13818937 |
| **India — 3.4%** | **India — 3.4%** |  |
| Aditya Birla Capital Ltd.<sup>(a)</sup> | 22920 | 53262 |
| Bank of Baroda | 202063 | 597917 |
| Bharat Electronics Ltd. | 18838 | 70068 |
| Bharat Petroleum Corp. Ltd. | 17720 | 64940 |
| Cipla Ltd./India | 4176 | 76633 |
| GAIL India Ltd. | 25645 | 57330 |
| Godrej Consumer Products Ltd. | 3752 | 55959 |
| HCL Technologies Ltd. | 203059 | 3766320 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | 16357 | 847664 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | 231181 | 2032516 |
| Hero MotoCorp Ltd. | 746 | 33800 |
| Hindustan Aeronautics Ltd. | 29624 | 1570916 |
| IndusInd Bank Ltd. | 4312 | 42825 |
| Infosys Ltd. | 337874 | 5972914 |
| InterGlobe Aviation Ltd.<sup>(a)(b)</sup> | 1403 | 87423 |
| JSW Energy Ltd., Class A | 8479 | 48114 |
| Kotak Mahindra Bank Ltd. | 93491 | 2443463 |
| Maruti Suzuki India Ltd. | 336 | 48704 |
| Power Grid Corp. of India Ltd. | 233517 | 848119 |
| Reliance Industries Ltd. | 4354 | 72295 |
| Siemens Ltd. | 19126 | 655937 |
| Tata Consultancy Services Ltd. | 224614 | 9168715 |
| Tech Mahindra Ltd. | 60539 | 1076779 |
| UltraTech Cement Ltd. | 592 | 81579 |
| Vedanta Ltd. | 346121 | 1718674 |
|  |  | 31492866 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| Kingspan Group PLC | 21384 | 1804476 |
| **Italy — 0.7%** | **Italy — 0.7%** |  |
| Ferrari NV | 13373 | 6121902 |
| **Japan — 9.2%** | **Japan — 9.2%** |  |
| Asahi Kasei Corp. | 33700 | 234847 |
| Astellas Pharma, Inc. | 102600 | 1027451 |
| Canon, Inc. | 181400 | 5597954 |
| Chubu Electric Power Co., Inc. | 32900 | 427217 |
| Dai-ichi Life Holdings, Inc. | 90600 | 654172 |
| Daiichi Sankyo Co. Ltd. | 256700 | 6566543 |
| Daikin Industries Ltd. | 46900 | 5342999 |
| FUJIFILM Holdings Corp. | 207900 | 4258285 |
| Hoya Corp. | 9600 | 1129594 |
| Idemitsu Kosan Co. Ltd. | 101700 | 630236 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Japan Exchange Group, Inc. | 459500 | $5112288 |
| Japan Post Bank Co. Ltd. | 713400 | 7335138 |
| Japan Post Holdings Co. Ltd. | 181900 | 1768116 |
| KDDI Corp. | 423100 | 7498858 |
| Kikkoman Corp. | 60300 | 590287 |
| Konami Group Corp. | 5600 | 799769 |
| LY Corp. | 880300 | 3329313 |
| Mitsubishi Electric Corp. | 38500 | 744798 |
| Mitsubishi UFJ Financial Group, Inc. | 119600 | 1506855 |
| Murata Manufacturing Co. Ltd. | 119800 | 1706738 |
| Nexon Co. Ltd. | 378500 | 5938541 |
| NIDEC Corp. | 277600 | 4933319 |
| Nippon Paint Holdings Co. Ltd. | 341000 | 2598000 |
| Obayashi Corp. | 256200 | 3974988 |
| Olympus Corp. | 103900 | 1361401 |
| Osaka Gas Co. Ltd. | 35600 | 902747 |
| Shionogi & Co. Ltd. | 90500 | 1520446 |
| SoftBank Corp. | 7800 | 11803 |
| Subaru Corp. | 80600 | 1459498 |
| Sumitomo Mitsui Financial Group, Inc. | 75000 | 1789291 |
| Suntory Beverage & Food Ltd. | 18300 | 639417 |
| Suzuki Motor Corp. | 144100 | 1726845 |
| Unicharm Corp. | 191900 | 1781818 |
|  |  | 84899572 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** |  |
| Adyen NV<sup>(a)(b)</sup> | 2091 | 3383683 |
| Argenx SE, ADR<sup>(a)</sup> | 2558 | 1650268 |
| ASML Holding NV | 9169 | 6138113 |
|  |  | 11172064 |
| **Peru — 0.7%** | **Peru — 0.7%** |  |
| Cia de Minas Buenaventura SAA, ADR | 73773 | 1044626 |
| Credicorp Ltd. | 27675 | 5595608 |
|  |  | 6640234 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Sea Ltd., Class A, ADR<sup>(a)</sup> | 9909 | 1328302 |
| **South Korea — 1.8%** | **South Korea — 1.8%** |  |
| Hana Financial Group, Inc. | 8159 | 370012 |
| KB Financial Group, Inc. | 60403 | 3817391 |
| Kia Corp. | 10838 | 688790 |
| Krafton, Inc.<sup>(a)</sup> | 9753 | 2553355 |
| KT&G Corp. | 63488 | 5124387 |
| LG Corp. | 27377 | 1282035 |
| NAVER Corp. | 21325 | 3000547 |
|  |  | 16836517 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** |  |
| TE Connectivity PLC | 17076 | 2499585 |
| **Taiwan — 1.9%** | **Taiwan — 1.9%** |  |
| Accton Technology Corp. | 137000 | 2551806 |
| Advantech Co. Ltd. | 98898 | 1036072 |
| Asia Cement Corp. | 677000 | 953585 |
| Chunghwa Telecom Co. Ltd. | 242000 | 978383 |
| Compal Electronics, Inc. | 1133000 | 976275 |
| Elite Material Co. Ltd. | 33000 | 574313 |
| eMemory Technology, Inc. | 9000 | 724693 |
| Far EasTone Telecommunications Co. Ltd. | 523000 | 1402455 |
| Global Unichip Corp. | 9000 | 289127 |
| International Games System Co. Ltd. | 9000 | 233333 |
| MediaTek, Inc. | 50000 | 2124653 |
| Quanta Computer, Inc. | 163000 | 1224568 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Realtek Semiconductor Corp. | 215000 | $3534399 |
| Wan Hai Lines Ltd. | 134000 | 348289 |
| Yang Ming Marine Transport Corp. | 414000 | 884501 |
|  |  | 17836452 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |  |
| Auto Trader Group PLC<sup>(b)</sup> | 148689 | 1670499 |
| RELX PLC | 37842 | 2065233 |
|  |  | 3735732 |
| **United States — 64.1%** | **United States — 64.1%** |  |
| AbbVie, Inc. | 31727 | 6189938 |
| Accenture PLC, Class A | 5524 | 1652505 |
| Adobe, Inc.<sup>(a)</sup> | 18247 | 6842260 |
| Agilent Technologies, Inc. | 35278 | 3795913 |
| Airbnb, Inc., Class A<sup>(a)</sup> | 38690 | 4717085 |
| Alphabet, Inc., Class C<sup>(c)</sup> | 30551 | 4915350 |
| Altria Group, Inc. | 109663 | 6486566 |
| Amazon.com, Inc.<sup>(a)</sup> | 22715 | 4189100 |
| Amcor PLC | 498802 | 4588978 |
| American Express Co. | 19743 | 5259733 |
| Amphenol Corp., Class A | 24193 | 1861651 |
| ANSYS, Inc.<sup>(a)</sup> | 11019 | 3546796 |
| Aon PLC, Class A | 7408 | 2628284 |
| Archer-Daniels-Midland Co. | 21176 | 1011154 |
| Arista Networks, Inc.<sup>(a)</sup> | 70160 | 5772063 |
| ARM Holdings PLC, ADR<sup>(a)</sup> | 19480 | 2221694 |
| AT&T, Inc. | 281331 | 7792869 |
| Atlassian Corp., Class A<sup>(a)</sup> | 7670 | 1751138 |
| Automatic Data Processing, Inc. | 20537 | 6173422 |
| Becton Dickinson & Co. | 14140 | 2928253 |
| Bentley Systems, Inc., Class B | 146056 | 6278947 |
| Booz Allen Hamilton Holding Corp., Class A | 66200 | 7945324 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 33498 | 9973695 |
| CarMax, Inc.<sup>(a)</sup> | 75141 | 4859368 |
| Carvana Co., Class A<sup>(a)</sup> | 5489 | 1341237 |
| Cboe Global Markets, Inc. | 13423 | 2977221 |
| Cencora, Inc. | 2907 | 850792 |
| CF Industries Holdings, Inc. | 8498 | 665988 |
| Cheniere Energy, Inc. | 28342 | 6550120 |
| Chubb Ltd. | 19680 | 5630054 |
| Cincinnati Financial Corp. | 2439 | 339533 |
| Cintas Corp. | 10544 | 2231954 |
| Cisco Systems, Inc. | 23333 | 1347014 |
| Citigroup, Inc. | 23949 | 1637633 |
| Clorox Co. | 40901 | 5820212 |
| CME Group, Inc., Class A | 1063 | 294536 |
| Comcast Corp., Class A | 163564 | 5593889 |
| Consolidated Edison, Inc. | 100625 | 11345469 |
| Costco Wholesale Corp. | 6490 | 6454305 |
| CRH PLC | 4589 | 437882 |
| CSX Corp. | 89310 | 2506932 |
| CyberArk Software Ltd.<sup>(a)</sup> | 4581 | 1613245 |
| Danaher Corp. | 33325 | 6642672 |
| Dexcom, Inc.<sup>(a)</sup> | 64741 | 4621213 |
| Dominion Energy, Inc. | 5825 | 316764 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 18187 | 3508090 |
| DuPont de Nemours, Inc. | 14384 | 949200 |
| eBay, Inc. | 13127 | 894736 |
| Edison International | 25214 | 1349201 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 17158 | 1295257 |
| Electronic Arts, Inc. | 67095 | 9734814 |
| Elevance Health, Inc. | 4209 | 1770221 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Eli Lilly & Co. | 657 | $590610 |
| Enterprise Products Partners LP | 7139 | 213456 |
| Erie Indemnity Co., Class A | 13309 | 4772874 |
| Eversource Energy | 21144 | 1257645 |
| FactSet Research Systems, Inc. | 1363 | 589116 |
| Fair Isaac Corp.<sup>(a)</sup> | 2140 | 4257915 |
| First Citizens BancShares, Inc., Class A | 277 | 492822 |
| Fox Corp., Class A | 151647 | 7550504 |
| GE HealthCare Technologies, Inc.<sup>(a)</sup> | 101582 | 7144262 |
| GE Vernova, Inc. | 8102 | 3004384 |
| General Electric Co. | 5006 | 1008909 |
| Gilead Sciences, Inc. | 45661 | 4864723 |
| Global Payments, Inc. | 22474 | 1714991 |
| HEICO Corp., Class A | 898 | 180435 |
| Hershey Co. | 23135 | 3867941 |
| Hilton Worldwide Holdings, Inc. | 23208 | 5232940 |
| Holcim AG | 21424 | 2394087 |
| Hormel Foods Corp. | 37624 | 1124958 |
| Howmet Aerospace, Inc. | 38407 | 5322442 |
| HP, Inc. | 267592 | 6842327 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 3162 | 1368039 |
| Incyte Corp.<sup>(a)</sup> | 8296 | 519827 |
| Intuit, Inc. | 10968 | 6882091 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 12030 | 6205074 |
| Jabil, Inc. | 28562 | 4186047 |
| Johnson & Johnson | 37298 | 5830050 |
| Labcorp Holdings, Inc. | 4154 | 1001156 |
| Lockheed Martin Corp. | 17609 | 8412700 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 9784 | 2649214 |
| LyondellBasell Industries NV, Class A | 8250 | 480233 |
| Marsh & McLennan Cos., Inc. | 10735 | 2420420 |
| Masimo Corp.<sup>(a)</sup> | 46965 | 7559486 |
| Mastercard, Inc., Class A | 13846 | 7588439 |
| McKesson Corp. | 3540 | 2523277 |
| Medtronic PLC | 6915 | 586115 |
| Merck & Co., Inc. | 148929 | 12688751 |
| Meta Platforms, Inc., Class A | 16583 | 9104067 |
| MetLife, Inc. | 13631 | 1027368 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 2617 | 2801682 |
| Microchip Technology, Inc. | 20056 | 924180 |
| Microsoft Corp.<sup>(c)</sup> | 36625 | 14476397 |
| Molson Coors Beverage Co., Class B | 98952 | 5692709 |
| Motorola Solutions, Inc. | 3931 | 1731173 |
| MSCI, Inc., Class A | 11887 | 6479723 |
| Netflix, Inc.<sup>(a)</sup> | 10862 | 12292743 |
| Northern Trust Corp. | 15689 | 1474452 |
| Nucor Corp. | 2049 | 244589 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 18044 | 1239623 |
| NVIDIA Corp. | 29186 | 3178939 |
| PepsiCo, Inc. | 85454 | 11585853 |
| Phillips 66 | 634 | 65974 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 57335 | 1451722 |
| PNC Financial Services Group, Inc. | 41444 | 6659636 |
| Principal Financial Group, Inc. | 42914 | 3182073 |
| Procter & Gamble Co. | 66486 | 10808629 |
| Progressive Corp. | 25689 | 7237619 |
| Regeneron Pharmaceuticals, Inc. | 1542 | 923288 |
| Reliance, Inc. | 6091 | 1755609 |
| Republic Services, Inc. | 6533 | 1638150 |
| ResMed, Inc. | 3628 | 858349 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 68502 | 4593059 |
| Rockwell Automation, Inc. | 5740 | 1421683 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Roper Technologies, Inc. | 2764 | $1548061 |
| S&P Global, Inc. | 16478 | 8239824 |
| Samsara, Inc., Class A<sup>(a)</sup> | 31910 | 1265551 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 53648 | 8556320 |
| Spotify Technology SA<sup>(a)</sup> | 8806 | 5406708 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 16168 | 3772318 |
| Texas Instruments, Inc. | 13201 | 2112820 |
| Textron, Inc. | 13476 | 948306 |
| Thermo Fisher Scientific, Inc. | 12644 | 5424276 |
| T-Mobile U.S., Inc. | 59665 | 14734272 |
| Tractor Supply Co. | 11703 | 592406 |
| Trane Technologies PLC | 14272 | 5470600 |
| TransDigm Group, Inc. | 5196 | 7342312 |
| Twilio, Inc., Class A<sup>(a)</sup> | 23766 | 2298410 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 17965 | 7107673 |
| UnitedHealth Group, Inc. | 10019 | 4122217 |
| Universal Health Services, Inc., Class B | 26865 | 4756986 |
| Valero Energy Corp. | 23126 | 2684697 |
| Ventas, Inc. | 20775 | 1455912 |
| Veralto Corp. | 2159 | 207048 |
| Verizon Communications, Inc. | 264307 | 11645366 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 16132 | 8219254 |
| Vertiv Holdings Co., Class A | 39898 | 3406491 |
| Visa, Inc., Class A | 24610 | 8502755 |
| Walmart, Inc. | 26985 | 2624291 |
| Walt Disney Co. | 75877 | 6901013 |
| Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 606 | 5254 |
| Waste Management, Inc. | 10604 | 2474549 |
| Waters Corp.<sup>(a)</sup> | 3840 | 1335283 |
| Yum! Brands, Inc. | 8299 | 1248502 |
| Zimmer Biomet Holdings, Inc. | 11024 | 1136023 |
| Zoetis, Inc., Class A | 42794 | 6692982 |
|  |  | 590518299 |
| **Total Long-Term Investments — 98.1%** <br>**(Cost: $856,518,763)** | **Total Long-Term Investments — 98.1%** <br>**(Cost: $856,518,763)** | 903527550 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.21%<sup>(d)(e)</sup><br>| 3910098 | 3910098 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $3,910,098)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $3,910,098)** | 3910098 |
| **Investments Sold Short** | **Investments Sold Short** | **Investments Sold Short** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Ireland — (0.2)%** | **Ireland — (0.2)%** |  |
| Smurfit WestRock PLC | (51027)<br>| (2144155)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States — (0.3)%** | **United States — (0.3)%** |  |
| Albemarle Corp. | (7915)<br>| $(463423)<br>|
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | (136097)<br>| (1859085)<br>|
|  |  | (2322508)<br>|
| **Total Investments Sold Short — (0.5)%** <br>**(Proceeds: $(5061280))** | **Total Investments Sold Short — (0.5)%** <br>**(Proceeds: $(5061280))** | (4466663)<br>|
| **Total Investments — 98.0%** <br>**(Cost: $855,367,581)** | **Total Investments — 98.0%** <br>**(Cost: $855,367,581)** | 902970985 |
| **Other Assets Less Liabilities — 2.0%** | **Other Assets Less Liabilities — 2.0%** | 18576334 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $921547319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $21173836 | $—<br> $(17263738 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $3910098 | 3910098 | $631715 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 9527256 | USD | 6017226 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88605 |
| CAD | 4924000 | USD | 3557101 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23264 |
| CAD | 4984800 | USD | 3612559 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12015 |
| CAD | 4640700 | USD | 3358609 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15761 |
| CHF | 108273 | USD | 123919 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7966 |
| CHF | 210400 | USD | 256043 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| CHF | 6057756 | USD | 6944259 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434490 |
| CHF | 1320700 | USD | 1607343 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 |
| DKK | 9585786 | USD | 1398600 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60958 |
| DKK | 11175006 | USD | 1649063 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52474 |
| DKK | 7778652 | USD | 1143490 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40909 |
| DKK | 9012055 | USD | 1326835 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45365 |
| DKK | 2311356 | USD | 337743 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14191 |
| DKK | 7833349 | USD | 1139365 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53362 |
| DKK | 15577763 | USD | 2280206 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91707 |
| DKK | 5491417 | USD | 805209 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30929 |
| DKK | 5270067 | USD | 788434 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 |
| EUR | 235223 | USD | 260656 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6536 |
| EUR | 418846 | USD | 455538 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20234 |
| EUR | 228279 | USD | 250026 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9278 |
| EUR | 1001815 | USD | 1125132 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12840 |
| EUR | 342141 | USD | 374163 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14479 |
| GBP | 339789 | USD | 432524 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20393 |
| GBP | 1839783 | USD | 2380644 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71674 |
| GBP | 467966 | USD | 603192 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20577 |
| GBP | 191283 | USD | 248126 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6843 |
| GBP | 1435380 | USD | 1849975 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63298 |
| GBP | 909375 | USD | 1173312 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38828 |
| GBP | 1103370 | USD | 1407693 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63030 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| GBP | 73805 | USD | 95860 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2518 |
| GBP | 552944 | USD | 714590 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22450 |
| HKD | 25951600 | USD | 3347510 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 |
| HKD | 27947500 | USD | 3605061 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 |
| HKD | 181921945 | USD | 23455187 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15680 |
| HKD | 11872048 | USD | 1531578 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| IDR | 52446952000 | USD | 3114533 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48909 |
| INR | 196889900 | USD | 2299834 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19677 |
| INR | 1329134947 | USD | 15152432 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505779 |
| INR | 115161900 | USD | 1347164 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9530 |
| JPY | 93581289 | USD | 628942 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29031 |
| JPY | 598372073 | USD | 4082277 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124890 |
| JPY | 806109872 | USD | 5509721 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158056 |
| JPY | 14204857 | USD | 95865 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| JPY | 437706200 | USD | 3056765 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20757 |
| JPY | 399968239 | USD | 2723526 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88660 |
| JPY | 702383948 | USD | 4709321 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229156 |
| MYR | 15532100 | USD | 3563226 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42617 |
| PHP | 80451300 | USD | 1415723 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25127 |
| SEK | 8193388 | USD | 818852 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31109 |
| SGD | 11576271 | USD | 8733743 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151305 |
| TRY | 60465500 | USD | 1486844 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6165 |
| TWD | 69331200 | USD | 2147208 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32956 |
| TWD | 469410515 | USD | 14359892 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401024 |
| TWD | 108626800 | USD | 3378956 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36884 |
| USD | 1806791 | EUR | 1579300 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12848 |
| USD | 4786305 | HKD | 37082552 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058 |
| USD | 1178117 | JPY | 166584400 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6859 |
| USD | 8184211 | JPY | 1146066961 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126188 |
| USD | 3356850 | KRW | 4734536300 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24341 |
| USD | 2799015 | NOK | 28905600 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20495 |
| USD | 2754550 | PLN | 10396500 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7344 |
| ZAR | 20413200 | USD | 1082259 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11382 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3554796 |
| CHF | 2737500 | USD | 3370355 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35898)<br>|
| DKK | 21995800 | USD | 3360348 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11208)<br>|
| EUR | 299190 | USD | 341538 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1686)<br>|
| EUR | 115141 | USD | 131219 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (429)<br>|
| EUR | 909894 | USD | 1038104 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4546)<br>|
| EUR | 1023384 | USD | 1179835 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17363)<br>|
| EUR | 2945700 | USD | 3358975 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12924)<br>|
| EUR | 858300 | USD | 979102 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4150)<br>|
| HKD | 27562900 | USD | 3556088 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| JPY | 476167700 | USD | 3370344 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22398)<br>|
| JPY | 506037100 | USD | 3571191 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13232)<br>|
| NZD | 1546100 | USD | 924452 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4762)<br>|
| SEK | 24655300 | USD | 2574748 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17071)<br>|
| SEK | 32455000 | USD | 3374392 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7594)<br>|
| THB | 108485700 | USD | 3271031 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13082)<br>|
| USD | 2852806 | AUD | 4463600 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7828)<br>|
| USD | 10233311 | BRL | 60517254 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (317634)<br>|
| USD | 295836 | CAD | 409479 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1907)<br>|
| USD | 624611 | CAD | 889321 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22037)<br>|
| USD | 14310104 | CAD | 20483283 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (583809)<br>|
| USD | 293391 | CAD | 421611 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13173)<br>|
| USD | 164185 | CAD | 232359 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4770)<br>|
| USD | 1345850 | CAD | 1944704 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68194)<br>|
| USD | 861602 | CHF | 749828 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51738)<br>|
| USD | 191692 | CHF | 168757 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13866)<br>|
| USD | 3590629 | CNY | 25895100 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4317)<br>|
| USD | 3636140 | CNY | 26194300 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (343)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 287188 | DKK | 1965308 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12055)<br>|
| USD | 23912095 | DKK | 162589449 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (844216)<br>|
| USD | 590739 | EUR | 542325 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25294)<br>|
| USD | 251430 | EUR | 231855 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11937)<br>|
| USD | 334807 | EUR | 307787 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14811)<br>|
| USD | 253788 | EUR | 233031 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10915)<br>|
| USD | 435964 | EUR | 390773 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7920)<br>|
| USD | 664552 | EUR | 630076 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51157)<br>|
| USD | 1448004 | EUR | 1321279 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52850)<br>|
| USD | 29519341 | EUR | 26925443 | Nomura International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1065551)<br>|
| USD | 425073 | EUR | 401229 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30688)<br>|
| USD | 426905 | EUR | 387991 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13819)<br>|
| USD | 609646 | EUR | 555079 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20873)<br>|
| USD | 172733 | GBP | 133467 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5171)<br>|
| USD | 559222 | GBP | 432589 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17392)<br>|
| USD | 3182314 | GBP | 2400100 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16870)<br>|
| USD | 14020533 | GBP | 10814132 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394035)<br>|
| USD | 1516009 | HKD | 11761893 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1465)<br>|
| USD | 1254862 | HKD | 9736716 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1331)<br>|
| USD | 3771584 | HKD | 29290516 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7365)<br>|
| USD | 1491917 | HKD | 11577267 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1737)<br>|
| USD | 2587199 | HKD | 20080512 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3511)<br>|
| USD | 2995631 | INR | 256834300 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30071)<br>|
| USD | 2562540 | JPY | 371359224 | Canadian Imperial Bank of Commerce | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48495)<br>|
| USD | 3116689 | JPY | 444368128 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7673)<br>|
| USD | 3611395 | KRW | 5162778500 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22541)<br>|
| USD | 3562889 | KRW | 5089820100 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19694)<br>|
| USD | 373969 | MXN | 7651070 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13883)<br>|
| USD | 3342341 | NOK | 35172800 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38607)<br>|
| USD | 3547199 | NOK | 36932400 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2889)<br>|
| USD | 572529 | SGD | 763930 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13804)<br>|
| USD | 1299916 | SGD | 1721854 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21645)<br>|
| USD | 114690 | SGD | 153494 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3120)<br>|
| USD | 121090 | SGD | 159237 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1128)<br>|
| USD | 468525 | SGD | 622056 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8916)<br>|
| USD | 61513 | SGD | 82273 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1634)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4101051)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(546255)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Net Notional* | &nbsp;&nbsp; *Accrued* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Net Value of* <br>*Reference* <br>*Entity*<br>| &nbsp;&nbsp; *Gross* <br>*Notional* <br>*Amount* <br>*Net Asset* <br>*Percentage*<br>|
| Equity Securities Long/Short | Monthly | Citibank N.A.<sup>(b)</sup> <br>| 02/25/26 – 02/24/28 | &nbsp;&nbsp; $(27755721)<br>| &nbsp;&nbsp; $(3076173 )<sup>(c)</sup><br>| &nbsp;&nbsp; $(31296114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.4<br> % <br>|
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup> <br>| 02/09/26 – 02/11/26 | &nbsp;&nbsp; (13112461)<br>| &nbsp;&nbsp; (3611328 )<sup>(e)</sup><br>| &nbsp;&nbsp; (17055486)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
|  |  |  |  |  | &nbsp;&nbsp; $(6687501)<br>| &nbsp;&nbsp; $(48351600)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. 

<sup>(c)</sup> Amount includes $464,220 of net dividends and financing fees.

<sup>(e)</sup> Amount includes $331,697 of net dividends and financing fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: <br> (b) (d) <br> Range: Benchmarks: 0-1,350 basis points USD - 1D Overnight Bank Funding Rate (OBFR01) 0-1,500 basis points USD - 1D Overnight Bank Funding Rate (OBFR01)

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates 02/25/26 – 02/24/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Transurban Group | 206525 | $1861074 | (5.9)% <br>|
| **Brazil** |  |  |  |
| B3 SA - Brasil Bolsa Balcao | 507028 | 1205221 | (3.9)<br>|
| Banco do Brasil SA | 480165 | 2447719 | (7.8)<br>|
| BB Seguridade Participacoes SA | 302887 | 2282667 | (7.3)<br>|
|  |  | 5935607 |  |
| **Canada** |  |  |  |
| Alimentation Couche-Tard Inc. | 85543 | 4465164 | (14.3)<br>|
| Barrick Gold Corp. | 25951 | 494887 | (1.6)<br>|
| BCE, Inc. | 82430 | 1832044 | (5.8)<br>|
| Brookfield Renewable Corp. | 15361 | 437787 | (1.4)<br>|
| Constellation Software Inc/Canada | 129 | 464904 | (1.5)<br>|
| Empire Co. Ltd. | 52372 | 1945050 | (6.2)<br>|
| Kinross Gold Corp. | 147478 | 2176975 | (7.0)<br>|
| TC Energy Corp. | 101241 | 5114925 | (16.3)<br>|
|  |  | 16931736 |  |
| **Denmark** |  |  |  |
| Genmab A/S | 4459 | 945480 | (3.0)<br>|
| Novo Nordisk A/S | 54062 | 3614667 | (11.5)<br>|
| Vestas Wind Systems A/S | 379545 | 5060170 | (16.2)<br>|
|  |  | 9620317 |  |
| **Finland** |  |  |  |
| Elisa OYJ | 111318 | 5938595 | (19.0)<br>|
| **France** |  |  |  |
| Carrefour SA | 22293 | 343841 | (1.1)<br>|
| Orange SA | 273581 | 3969125 | (12.7)<br>|
| Sodexo SA | 8962 | 568879 | (1.8)<br>|
|  |  | 4881845 |  |
| **Germany** |  |  |  |
| Deutsche Telekom AG | 7036 | 252716 | (0.8)<br>|
| RWE AG | 81056 | 3147741 | (10.1)<br>|
| Symrise AG, Class A | 35319 | 4073391 | (13.0)<br>|
|  |  | 7473848 |  |
| **Mexico** |  |  |  |
| Cemex SAB de CV | 1710741 | 1055555 | (3.4)<br>|
| Grupo Financiero Banorte SAB de CV | 641453 | 5512234 | (17.6)<br>|
|  |  | 6567789 |  |
| **Netherlands** |  |  |  |
| Adyen NV | 269 | 435299 | (1.4)<br>|
| Argenx SE | 6399 | 4136629 | (13.2)<br>|
| ASM International NV | 1049 | 512737 | (1.7)<br>|
| ASML Holding NV | 669 | 447857 | (1.4)<br>|
| JDE Peet's NV | 144594 | 3500463 | (11.2)<br>|
| Koninklijke KPN NV | 995585 | 4631316 | (14.8)<br>|
|  |  | 13664301 |  |
| **Norway** |  |  |  |
| DNB Bank ASA | 25539 | 638426 | (2.0)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Norway (continued)** |  |  |  |
| Kongsberg Gruppen ASA | 15629 | $2517968 | (8.1)% <br>|
| Telenor ASA | 399585 | 6001760 | (19.2)<br>|
|  |  | 9158154 |  |
| **Poland** |  |  |  |
| CD Projekt SA | 23942 | 1482492 | (4.7)<br>|
| **Singapore** |  |  |  |
| STMicroelectronics NV | 5070 | 115257 | (0.4)<br>|
| **South Africa** |  |  |  |
| Harmony Gold Mining Co. Ltd. | 76844 | 1207401 | (3.9)<br>|
| **Switzerland** |  |  |  |
| Geberit AG | 1123 | 777925 | (2.5)<br>|
| Logitech International SA | 17139 | 1302394 | (4.1)<br>|
| Partners Group Holding AG | 319 | 417976 | (1.3)<br>|
| Swisscom AG | 690 | 460149 | (1.5)<br>|
|  |  | 2958444 |  |
| **United Kingdom** |  |  |  |
| Admiral Group PLC | 9994 | 434664 | (1.4)<br>|
| British American Tobacco PLC | 53163 | 2315692 | (7.4)<br>|
| J Sainsbury PLC | 408898 | 1453269 | (4.6)<br>|
| Rolls-Royce Holdings PLC | 48009 | 485970 | (1.6)<br>|
|  |  | 4689595 |  |
| **United States** |  |  |  |
| CSL Ltd. | 591 | 94863 | (0.3)<br>|
| James Hardie Industries PLC, CDI | 14942 | 350722 | (1.1)<br>|
| Roche Holding AG | 2779 | 908695 | (2.9)<br>|
|  |  | 1354280 |  |
| **Preferred Stocks**  |  |  |  |
| **Brazil** |  |  |  |
| Itau Unibanco Holding SA | 68642 | 430347 | (1.4)<br>|
| **Germany** |  |  |  |
| Henkel AG & Co. KGaA | 28323 | 2199744 | (7.0)<br>|
| **Total Reference Entity — Long** |  | 96470826 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Brazil** |  |  |  |
| Nu Holdings Ltd. | (192011)<br>| (2386697)<br>| 7.6 |
| **Canada** |  |  |  |
| Brookfield Asset Management Ltd. | (18351)<br>| (979182)<br>| 3.1 |
| Celestica, Inc. | (3823)<br>| (326200)<br>| 1.1 |
|  |  | (1305382)<br>|  |
| **Chad** |  |  |  |
| Ivanhoe Mines Ltd. | (8752)<br>| (77705)<br>| 0.2 |
| **Chile** |  |  |  |
| Lundin Mining Corp. | (106819)<br>| (874016)<br>| 2.8 |
| **China** |  |  |  |
| Alibaba Health Information Technology Ltd. | (1136000)<br>| (734898)<br>| 2.3 |
| Beijing Enterprises Water Group Ltd. | (4839735)<br>| (1528631)<br>| 4.9 |
| C&D International Investment Group Ltd. | (335515)<br>| (701703)<br>| 2.2 |
| China International Capital Corp., Ltd. | (717600)<br>| (1234406)<br>| 3.9 |
| China Railway Group Ltd. | (2735000)<br>| (1176777)<br>| 3.8 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **China (continued)** |  |  |  |
| COSCO SHIPPING Energy Transportation Co. <br> Ltd.<br>| (148612)<br>| $(118037)<br>| 0.4<br> % <br>|
| Fosun International Ltd. | (214500)<br>| (111196)<br>| 0.4 |
| Gcl Technology Holdings Ltd. | (12608000)<br>| (1281415)<br>| 4.1 |
| Hisense Home Appliances Group Co. Ltd. | (214000)<br>| (648977)<br>| 2.1 |
| JD Health International, Inc. | (227650)<br>| (1080245)<br>| 3.5 |
| Kanzhun Ltd. | (119402)<br>| (1826851)<br>| 5.8 |
| Kingdee International Software Group Co. Ltd. | (1710000)<br>| (2908340)<br>| 9.3 |
| Li Ning Co. Ltd. | (876500)<br>| (1652499)<br>| 5.3 |
| Longfor Group Holdings Ltd. | (2101500)<br>| (2810908)<br>| 9.0 |
| MMG, Ltd. | (17268000)<br>| (5226812)<br>| 16.7 |
| New Oriental Education & Technology Group, <br> Inc.<br>| (71300)<br>| (349312)<br>| 1.1 |
| NIO, Inc. | (87150)<br>| (349074)<br>| 1.1 |
| Shanghai Pharmaceuticals Holding Co. Ltd. | (86400)<br>| (118154)<br>| 0.4 |
| Wharf Holdings, Ltd. | (229000)<br>| (575225)<br>| 1.8 |
| Wuxi Biologics Cayman, Inc. | (606000)<br>| (1760083)<br>| 5.6 |
| Xinyi Solar Holdings Ltd. | (9066000)<br>| (3014991)<br>| 9.6 |
| Yadea Group Holdings Ltd. | (844000)<br>| (1523298)<br>| 4.9 |
|  |  | (30731832)<br>|  |
| **Denmark** |  |  |  |
| Rockwool A/S | (2140)<br>| (97691)<br>| 0.3 |
| Zehnder Group AG | (30136)<br>| (2131402)<br>| 6.8 |
|  |  | (2229093)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (346464)<br>| (3593986)<br>| 11.5 |
| **France** |  |  |  |
| Kering SA | (11196)<br>| (2277856)<br>| 7.3 |
| Pernod Ricard SA | (2308)<br>| (250177)<br>| 0.8 |
| Sartorius Stedim Biotech | (3567)<br>| (841780)<br>| 2.7 |
| Societe Generale SA | (8796)<br>| (458614)<br>| 1.4 |
|  |  | (3828427)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (16160)<br>| (825282)<br>| 2.6 |
| Zebra Technologies Corp. | (34690)<br>| (1266750)<br>| 4.1 |
|  |  | (2092032)<br>|  |
| **Italy** |  |  |  |
| DiaSorin SpA | (4902)<br>| (560184)<br>| 1.8 |
| **Japan** |  |  |  |
| Asics Corp. | (113300)<br>| (2435275)<br>| 7.8 |
| Lasertec Corp. | (3600)<br>| (334693)<br>| 1.1 |
| NEC Corp. | (17300)<br>| (421131)<br>| 1.3 |
| Ono Pharmaceutical Co. Ltd. | (35700)<br>| (410940)<br>| 1.3 |
| Sony Group Corp. | (15000)<br>| (395742)<br>| 1.3 |
| Sumitomo Metal Mining Co. Ltd. | (120400)<br>| (2671317)<br>| 8.5 |
|  |  | (6669098)<br>|  |
| **Mexico** |  |  |  |
| Alfa SAB de CV | (4242259)<br>| (3099950)<br>| 9.9 |
| Controladora Alpek SAB de CV | (4242259)<br>| (653304)<br>| 2.1 |
| Grupo Carso SAB de CV | (90587)<br>| (629797)<br>| 2.0 |
|  |  | (4383051)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Netherlands** |  |  |  |
| BE Semiconductor Industries NV | (12980)<br>| $(1405782)<br>| 4.5<br> % <br>|
| **South Korea** |  |  |  |
| Delivery Hero SE | (8990)<br>| (254080)<br>| 0.8 |
| LG Energy Solution Ltd. | (2040)<br>| (465429)<br>| 1.5 |
|  |  | (719509)<br>|  |
| **Spain** |  |  |  |
| Grifols SA | (51828)<br>| (490740)<br>| 1.6 |
| **Sweden** |  |  |  |
| Beijer Ref AB | (121773)<br>| (1857446)<br>| 5.9 |
| EQT AB | (7302)<br>| (211010)<br>| 0.7 |
| Nibe Industrier AB | (629162)<br>| (2682999)<br>| 8.6 |
|  |  | (4751455)<br>|  |
| **Switzerland** |  |  |  |
| Dufry AG | (21691)<br>| (988410)<br>| 3.2 |
| Temenos AG | (33379)<br>| (2390950)<br>| 7.6 |
|  |  | (3379360)<br>|  |
| **Taiwan** |  |  |  |
| Formosa Chemicals & Fibre Corp. | (1040000)<br>| (812713)<br>| 2.6 |
| **United Kingdom** |  |  |  |
| JD Sports Fashion PLC | (854018)<br>| (899115)<br>| 2.9 |
| **United States** |  |  |  |
| Advanced Micro Devices, Inc. | (953)<br>| (92775)<br>| 0.3 |
| Albemarle Corp. | (111551)<br>| (6531311)<br>| 20.9 |
| Ally Financial, Inc. | (11885)<br>| (388164)<br>| 1.2 |
| AppLovin Corp. | (2496)<br>| (672198)<br>| 2.2 |
| Avantor, Inc. | (27400)<br>| (355926)<br>| 1.1 |
| Axon Enterprise Inc. | (1561)<br>| (957361)<br>| 3.1 |
| Carlyle Group Inc/the | (18114)<br>| (699925)<br>| 2.2 |
| Ceridian HCM Holding, Inc. | (9248)<br>| (535182)<br>| 1.7 |
| Chesapeake Energy Corp. | (7466)<br>| (775717)<br>| 2.5 |
| Coinbase Global, Inc. | (15554)<br>| (3155751)<br>| 10.1 |
| Dell Technologies, Inc. | (43897)<br>| (4027989)<br>| 12.9 |
| Dollar Tree, Inc. | (67804)<br>| (5544333)<br>| 17.7 |
| Exact Sciences Corp. | (36531)<br>| (1667275)<br>| 5.3 |
| First Solar, Inc. | (2162)<br>| (272023)<br>| 0.9 |
| Intel Corp. | (170151)<br>| (3420035)<br>| 10.9 |
| International Paper Co. | (48817)<br>| (2229961)<br>| 7.1 |
| KKR & Co., Inc. | (3608)<br>| (412286)<br>| 1.3 |
| Palantir Technologies, Inc. | (21571)<br>| (2554869)<br>| 8.2 |
| Pure Storage, Inc. | (17877)<br>| (810901)<br>| 2.6 |
| Reddit Inc. | (43427)<br>| (5062285)<br>| 16.2 |
| Rivian Automotive, Inc. | (103339)<br>| (1411611)<br>| 4.5 |
| Smurfit WestRock PLC | (91625)<br>| (3850082)<br>| 12.3 |
| Solventum Corp. | (7747)<br>| (512232)<br>| 1.6 |
| Super Micro Computer, Inc. | (92345)<br>| (2942112)<br>| 9.4 |
| Texas Pacific Land Corp. | (974)<br>| (1255359)<br>| 4.0 |
| U-Haul Holding Co. | (11918)<br>| (653106)<br>| 2.1 |
| Western Digital Corp. | (30784)<br>| (1350186)<br>| 4.3 |
|  |  | (52140955)<br>|  |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Zambia** |  |  |  |
| First Quantum Minerals Ltd. | (330373)<br>| $(4435808)<br>| 14.2<br> % <br>|
| **Rights**  |  |  |  |
| **Italy** |  |  |  |
| DiaSorin SpA | (4902)<br>| (0)<br>| 0.0 |
| **Total Reference Entity — Short** |  | (127766940)<br>|  |
| **Net Value of Reference Entity — Citibank N.A.** | **Net Value of Reference Entity — Citibank N.A.** | $(31296114)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination dates 02/09/26 – 02/11/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Transurban Group | 100640 | $906905 | (5.3)% <br>|
| **Canada** |  |  |  |
| Alimentation Couche-Tard Inc. | 16792 | 876507 | (5.1)<br>|
| Barrick Gold Corp. | 92397 | 1762017 | (10.3)<br>|
| BCE, Inc. | 17422 | 387212 | (2.3)<br>|
| Empire Co. Ltd. | 21616 | 802799 | (4.7)<br>|
| Kinross Gold Corp. | 102746 | 1516670 | (8.9)<br>|
| TC Energy Corp. | 28697 | 1449838 | (8.5)<br>|
|  |  | 6795043 |  |
| **Denmark** |  |  |  |
| Genmab A/S | 2013 | 426834 | (2.5)<br>|
| Novo Nordisk A/S | 52676 | 3521997 | (20.6)<br>|
| Orsted A/S | 8375 | 333266 | (2.0)<br>|
| Vestas Wind Systems A/S | 62890 | 838462 | (4.9)<br>|
|  |  | 5120559 |  |
| **Finland** |  |  |  |
| Elisa OYJ | 32995 | 1760218 | (10.3)<br>|
| **France** |  |  |  |
| Edenred SE | 19370 | 604091 | (3.5)<br>|
| Sodexo SA | 18129 | 1150771 | (6.8)<br>|
|  |  | 1754862 |  |
| **Germany** |  |  |  |
| Allianz SE | 1807 | 747333 | (4.4)<br>|
| Deutsche Telekom AG | 3152 | 113212 | (0.7)<br>|
| RWE AG | 28325 | 1099977 | (6.4)<br>|
| Symrise AG, Class A | 16274 | 1876904 | (11.0)<br>|
|  |  | 3837426 |  |
| **Mexico** |  |  |  |
| Grupo Financiero Banorte SAB de CV | 7761 | 66693 | (0.4)<br>|
| **Netherlands** |  |  |  |
| Argenx SE | 405 | 261812 | (1.5)<br>|
| Koninklijke KPN NV | 569601 | 2649700 | (15.6)<br>|
|  |  | 2911512 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Norway** |  |  |  |
| DNB Bank ASA | 2556 | $63895 | (0.4)% <br>|
| Kongsberg Gruppen ASA | 909 | 146448 | (0.8)<br>|
| Telenor ASA | 47647 | 715657 | (4.2)<br>|
|  |  | 926000 |  |
| **Poland** |  |  |  |
| Powszechny Zaklad Ubezpieczen SA | 91588 | 1428846 | (8.4)<br>|
| **Saudi Arabia** |  |  |  |
| Banque Saudi Fransi | 255625 | 1252138 | (7.3)<br>|
| Etihad Etisalat Co. | 130322 | 2181906 | (12.8)<br>|
| Jarir Marketing Co. | 578352 | 1947662 | (11.4)<br>|
| SAL Saudi Logistics Services | 23673 | 1153731 | (6.8)<br>|
| Saudi Arabian Oil Co. | 200354 | 1354593 | (7.9)<br>|
| Saudi Awwal Bank | 156443 | 1463900 | (8.6)<br>|
|  |  | 9353930 |  |
| **Singapore** |  |  |  |
| STMicroelectronics NV | 14382 | 326948 | (1.9)<br>|
| **South Africa** |  |  |  |
| Discovery Ltd. | 40039 | 443391 | (2.6)<br>|
| Harmony Gold Mining Co. Ltd. | 12023 | 188910 | (1.1)<br>|
|  |  | 632301 |  |
| **Spain** |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 232311 | 3188245 | (18.7)<br>|
| Banco de Sabadell SA | 641751 | 1872491 | (11.0)<br>|
|  |  | 5060736 |  |
| **Switzerland** |  |  |  |
| Geberit AG | 1758 | 1217802 | (7.1)<br>|
| Logitech International SA | 3159 | 240053 | (1.4)<br>|
| SGS SA | 25773 | 2517021 | (14.8)<br>|
| Swisscom AG | 351 | 234076 | (1.4)<br>|
|  |  | 4208952 |  |
| **United Kingdom** |  |  |  |
| Admiral Group PLC | 17138 | 745374 | (4.4)<br>|
| **United States** |  |  |  |
| James Hardie Industries PLC | 24545 | 576125 | (3.4)<br>|
| **Preferred Stocks**  |  |  |  |
| **Brazil** |  |  |  |
| Itau Unibanco Holding SA | 747104 | 4683922 | (27.5)<br>|
| **Germany** |  |  |  |
| Henkel AG & Co. KGaA | 939 | 72929 | (0.4)<br>|
| **Total Reference Entity — Long** |  | 51169281 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| SGH Ltd. | (131546)<br>| (4302168)<br>| 25.2 |
| Treasury Wine Estates Ltd. | (366289)<br>| (2093703)<br>| 12.3 |
|  |  | (6395871)<br>|  |
| **Canada** |  |  |  |
| Brookfield Asset Management Ltd. | (91131)<br>| (4862612)<br>| 28.5 |
| Celestica, Inc. | (24867)<br>| (2121794)<br>| 12.4 |
|  |  | (6984406)<br>|  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Chad** |  |  |  |
| Ivanhoe Mines Ltd. | (736365)<br>| $(6537870)<br>| 38.3<br> % <br>|
| **Chile** |  |  |  |
| Lundin Mining Corp. | (8031)<br>| (65711)<br>| 0.4 |
| **China** |  |  |  |
| Alibaba Health Information Technology Ltd. | (90000)<br>| (58223)<br>| 0.4 |
| Beijing Enterprises Water Group Ltd. | (2040000)<br>| (644334)<br>| 3.8 |
| C&D International Investment Group Ltd. | (1445750)<br>| (3023672)<br>| 17.7 |
| China International Capital Corp., Ltd. | (79200)<br>| (136239)<br>| 0.8 |
| Hisense Home Appliances Group Co. Ltd. | (114000)<br>| (345717)<br>| 2.0 |
| Kingdee International Software Group Co. Ltd. | (33000)<br>| (56126)<br>| 0.3 |
| MMG, Ltd. | (528000)<br>| (159819)<br>| 0.9 |
| SITC International Holdings Co. Ltd. | (59000)<br>| (163179)<br>| 1.0 |
| Wharf Holdings, Ltd. | (45000)<br>| (113035)<br>| 0.7 |
| Xinyi Solar Holdings Ltd. | (12000)<br>| (3991)<br>| 0.0 |
|  |  | (4704335)<br>|  |
| **Denmark** |  |  |  |
| Rockwool A/S | (6190)<br>| (282574)<br>| 1.7 |
| Zehnder Group AG | (24878)<br>| (1759524)<br>| 10.3 |
|  |  | (2042098)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (370395)<br>| (3842231)<br>| 22.5 |
| **France** |  |  |  |
| Alstom SA | (48662)<br>| (1175147)<br>| 6.9 |
| Societe Generale SA | (6413)<br>| (334367)<br>| 1.9 |
|  |  | (1509514)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (6095)<br>| (311268)<br>| 1.8 |
| Zebra Technologies Corp. | (43207)<br>| (1577759)<br>| 9.3 |
|  |  | (1889027)<br>|  |
| **Japan** |  |  |  |
| SoftBank Group Corp. | (1600)<br>| (80911)<br>| 0.5 |
| Sumitomo Metal Mining Co. Ltd. | (40700)<br>| (903012)<br>| 5.3 |
|  |  | (983923)<br>|  |
| **Mexico** |  |  |  |
| Alfa SAB de CV | (2538440)<br>| (1854917)<br>| 10.9 |
| Controladora Alpek SAB de CV | (2538440)<br>| (390917)<br>| 2.3 |
|  |  | (2245834)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Poland** |  |  |  |
| Inpost SA | (11733)<br>| $(198193)<br>| 1.2<br> % <br>|
| **South Africa** |  |  |  |
| Impala Platinum Holdings Ltd. | (455680)<br>| (2709986)<br>| 15.9 |
| **South Korea** |  |  |  |
| Delivery Hero SE, Class A | (49695)<br>| (1404507)<br>| 8.2 |
| POSCO Future M Co. Ltd. | (3852)<br>| (338182)<br>| 2.0 |
|  |  | (1742689)<br>|  |
| **Sweden** |  |  |  |
| Beijer Ref AB, Class B | (42404)<br>| (646803)<br>| 3.8 |
| Nibe Industrier AB | (192666)<br>| (821605)<br>| 4.8 |
| Saab AB | (7868)<br>| (366370)<br>| 2.2 |
|  |  | (1834778)<br>|  |
| **Switzerland** |  |  |  |
| Dufry AG | (5318)<br>| (242329)<br>| 1.4 |
| **United Kingdom** |  |  |  |
| JD Sports Fashion PLC | (51312)<br>| (54022)<br>| 0.3 |
| **United States** |  |  |  |
| Albemarle Corp. | (1)<br>| (58)<br>| 0.0 |
| Ally Financial, Inc. | (5839)<br>| (190702)<br>| 1.1 |
| AppLovin Corp., Class A | (13302)<br>| (3582362)<br>| 21.0 |
| Exact Sciences Corp. | (17768)<br>| (810931)<br>| 4.7 |
| First Solar, Inc. | (29907)<br>| (3762899)<br>| 22.1 |
| Intel Corp. | (34690)<br>| (697269)<br>| 4.1 |
| International Paper Co. | (49430)<br>| (2257962)<br>| 13.2 |
| Palantir Technologies, Inc. | (12206)<br>| (1445679)<br>| 8.5 |
| Reddit Inc. | (22116)<br>| (2578062)<br>| 15.1 |
| Rivian Automotive, Inc. | (184691)<br>| (2522879)<br>| 14.8 |
| Smurfit WestRock PLC | (1540)<br>| (64711)<br>| 0.4 |
| Super Micro Computer, Inc. | (116965)<br>| (3726505)<br>| 21.8 |
| U-Haul Holding Co. | (22277)<br>| (1220780)<br>| 7.2 |
| Western Digital Corp. | (31490)<br>| (1381151)<br>| 8.1 |
|  |  | (24241950)<br>|  |
| **Total Reference Entity — Short** |  | (68224767)<br>|  |
| **Net Value of Reference Entity — JPMorgan** <br> **Chase Bank N.A.**<br>|  | $(17055486)<br>|  |

---

**Balances Reported in the Consolidated Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6687501)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3554796 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3554796 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4101051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4101051 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6687501 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6687501 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6687501 | &nbsp;&nbsp; $4101051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10788552 |

---

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60667 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2461133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2461133)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (121280)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (121280)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41431 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39110894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39110894 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39091712 | &nbsp;&nbsp; $(2461133)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36630579 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $188736 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $188736 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55997 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12819 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6327268)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6327268)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6258452)<br>| &nbsp;&nbsp; $188736 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6069716)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 96901139 |
| Average amounts sold — in USD | &nbsp;&nbsp; 111557111 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 3150 |
| Average value of option contracts written | &nbsp;&nbsp; 6366 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; (19404106)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $3554796 | &nbsp;&nbsp;&nbsp;&nbsp; $4101051 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6687501 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 3554796 | &nbsp;&nbsp;&nbsp;&nbsp; 10788552 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $3554796 | &nbsp;&nbsp;&nbsp;&nbsp; $10788552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $164153 | &nbsp;&nbsp; $(43362)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120791 |
| Barclays Bank PLC | &nbsp;&nbsp; 532583 | &nbsp;&nbsp; (157145)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 375438 |
| BNP Paribas SA | &nbsp;&nbsp; 694656 | &nbsp;&nbsp; (35444)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 659212 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 500753 | &nbsp;&nbsp; (500753)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 103148 | &nbsp;&nbsp; (103148)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 159260 | &nbsp;&nbsp; (13883)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145377 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 620894 | &nbsp;&nbsp; (620894)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 92620 | &nbsp;&nbsp; (72964)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19656 |
| Royal Bank of Canada | &nbsp;&nbsp; 61483 | &nbsp;&nbsp; (49765)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11718 |
| Societe Generale | &nbsp;&nbsp; 231099 | &nbsp;&nbsp; (16346)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 214753 |
| UBS AG | &nbsp;&nbsp; 394147 | &nbsp;&nbsp; (394147)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3554796 | &nbsp;&nbsp; $(2007851)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1546945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $43362 | &nbsp;&nbsp; $(43362)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 157145 | &nbsp;&nbsp; (157145)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 35444 | &nbsp;&nbsp; (35444)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 1529911 | &nbsp;&nbsp; (500753)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1029158 |
| Citibank N.A. | &nbsp;&nbsp; 3480242 | &nbsp;&nbsp; (103148)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3377094 |
| Deutsche Bank AG | &nbsp;&nbsp; 18743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18743 |
| Goldman Sachs International | &nbsp;&nbsp; 13883 | &nbsp;&nbsp; (13883)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3791553 | &nbsp;&nbsp; (620894)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170659 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 72964 | &nbsp;&nbsp; (72964)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 1065551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1065551 |
| Royal Bank of Canada | &nbsp;&nbsp; 49765 | &nbsp;&nbsp; (49765)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 16346 | &nbsp;&nbsp; (16346)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 513643 | &nbsp;&nbsp; (394147)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 119496 |
|  | &nbsp;&nbsp; $10788552 | &nbsp;&nbsp; $(2007851)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8780701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Disciplined Volatility Equity Fund**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Brazil | &nbsp;&nbsp; $10558751 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10558751 |
| Canada | &nbsp;&nbsp; 6161369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6161369 |
| China | &nbsp;&nbsp; 8464731 | &nbsp;&nbsp;&nbsp;&nbsp; 76286280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84751011 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1553064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1553064 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10711288 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10711288 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1087129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1087129 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13818937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13818937 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31492866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31492866 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1804476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1804476 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6121902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6121902 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84899572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84899572 |
| Netherlands | &nbsp;&nbsp; 1650268 | &nbsp;&nbsp;&nbsp;&nbsp; 9521796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11172064 |
| Peru | &nbsp;&nbsp; 6640234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6640234 |
| Singapore | &nbsp;&nbsp; 1328302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1328302 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16836517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16836517 |
| Switzerland | &nbsp;&nbsp; 2499585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2499585 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17836452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17836452 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3735732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3735732 |
| United States | &nbsp;&nbsp; 588124212 | &nbsp;&nbsp;&nbsp;&nbsp; 2394087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 590518299 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3910098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3910098 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| Investments Sold Short  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; (4466663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4466663)<br>|
|  | &nbsp;&nbsp; $624870887 | &nbsp;&nbsp;&nbsp;&nbsp; $278100098 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $902970985 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3554796 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3554796 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6687501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6687501)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4101051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4101051)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7233756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7233756)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.7%** | **Canada — 0.7%** |  |
| Cameco Corp. | 130522 | $5893068 |
| Suncor Energy, Inc. | 137083 | 4841558 |
|  |  | 10734626 |
| **China — 1.3%** | **China — 1.3%** |  |
| BYD Co. Ltd., ADR | 93250 | 8870873 |
| Contemporary Amperex Technology Co. Ltd., Class A | 100800 | 3220212 |
| Tencent Holdings Ltd., ADR | 110883 | 6770516 |
|  |  | 18861601 |
| **Denmark — 0.8%** | **Denmark — 0.8%** |  |
| DSV A/S | 33897 | 7184798 |
| Novo Nordisk A/S, Class B | 48753 | 3259699 |
| Novo Nordisk A/S, Class B, ADR | 13911 | 924386 |
|  |  | 11368883 |
| **France — 2.5%** | **France — 2.5%** |  |
| Cie de Saint-Gobain SA | 79514 | 8644602 |
| EssilorLuxottica SA | 21318 | 6142845 |
| EssilorLuxottica SA, ADR | 10709 | 1563086 |
| Hermes International SCA | 4579 | 12593074 |
| Sanofi SA | 71207 | 7789464 |
|  |  | 36733071 |
| **Germany — 0.5%** | **Germany — 0.5%** |  |
| SAP SE, ADR | 23147 | 6763322 |
| **Italy — 2.4%** | **Italy — 2.4%** |  |
| Intesa Sanpaolo SpA | 3019896 | 16121065 |
| Intesa Sanpaolo SpA, ADR | 125010 | 4020322 |
| Prysmian SpA, ADR | 116 | 3171 |
| UniCredit SpA | 224986 | 13089879 |
| UniCredit SpA, ADR | 74937 | 2180667 |
|  |  | 35415104 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** |  |
| ASML Holding NV | 18313 | 12259489 |
| **Taiwan — 0.4%** | **Taiwan — 0.4%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 37810 | 6302549 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| NMC Health PLC<sup>(a)(b)</sup> | 504 |  |
| **United Kingdom — 5.8%** | **United Kingdom — 5.8%** |  |
| BAE Systems PLC | 774131 | 17946398 |
| Compass Group PLC | 456864 | 15403088 |
| Flutter Entertainment PLC<sup>(b)</sup> | 16854 | 4061646 |
| National Grid PLC | 1129449 | 16302581 |
| National Grid PLC, ADR | 9464 | 690872 |
| RELX PLC | 277062 | 15120698 |
| RELX PLC, ADR | 30991 | 1693038 |
| Shell PLC | 471053 | 15323591 |
|  |  | 86541912 |
| **United States — 64.6%** | **United States — 64.6%** |  |
| Adobe, Inc.<sup>(b)</sup> | 11323 | 4245898 |
| Air Products and Chemicals, Inc. | 21682 | 5877773 |
| Alphabet, Inc., Class C | 233433 | 37557035 |
| Amazon.com, Inc.<sup>(b)(c)</sup> | 212903 | 39263571 |
| Apollo Global Management, Inc. | 51258 | 6995692 |
| Apple, Inc.<sup>(c)</sup> | 246783 | 52441387 |
| Bank of America Corp. | 656255 | 26171449 |
| Boeing Co.<sup>(b)</sup> | 100937 | 18495696 |
| Boston Scientific Corp.<sup>(b)</sup> | 179254 | 18439859 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Broadcom, Inc. | 103338 | $19889465 |
| Capital One Financial Corp. | 116053 | 20919714 |
| Chevron Corp. | 58597 | 7972708 |
| Citigroup, Inc. | 272134 | 18608523 |
| Confluent, Inc., Class A<sup>(b)</sup> | 317729 | 7565127 |
| Costco Wholesale Corp. | 24301 | 24167344 |
| CRH PLC | 107895 | 10295341 |
| CyberArk Software Ltd.<sup>(b)</sup> | 31884 | 11228269 |
| D.R. Horton, Inc. | 17246 | 2178860 |
| Datadog, Inc., Class A<sup>(b)</sup> | 50977 | 5207810 |
| Delta Air Lines, Inc. | 97016 | 4038776 |
| Eli Lilly & Co. | 36287 | 32620199 |
| EQT Corp. | 165346 | 8174706 |
| Freeport-McMoRan, Inc. | 222543 | 8018224 |
| Hess Corp. | 31032 | 4004680 |
| Home Depot, Inc. | 46063 | 16605251 |
| Intuit, Inc. | 25600 | 16063232 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 25385 | 13093583 |
| JPMorgan Chase & Co. | 116896 | 28595100 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(b)</sup> | 6509 | 465459 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 73261 | 9703419 |
| Marsh & McLennan Cos., Inc. | 102313 | 23068512 |
| Mastercard, Inc., Class A | 26324 | 14427131 |
| McKesson Corp. | 25057 | 17860379 |
| Medtronic PLC | 157939 | 13386910 |
| Meta Platforms, Inc., Class A | 54952 | 30168648 |
| Micron Technology, Inc. | 157199 | 12096463 |
| Microsoft Corp. | 144360 | 57059734 |
| Netflix, Inc.<sup>(b)</sup> | 9267 | 10487649 |
| NextEra Energy, Inc. | 215578 | 14417857 |
| NVIDIA Corp. | 378600 | 41237112 |
| Oracle Corp. | 140089 | 19713324 |
| Progressive Corp. | 65661 | 18499330 |
| SailPoint, Inc.<sup>(b)</sup> | 60043 | 1030338 |
| Salesforce, Inc. | 52270 | 14045472 |
| Sanofi SA, ADR | 20325 | 1116859 |
| ServiceTitan, Inc., Class A<sup>(b)</sup> | 88375 | 10217034 |
| Shell PLC, ADR | 31185 | 2010809 |
| Stryker Corp. | 43101 | 16116326 |
| Tesla, Inc.<sup>(b)</sup> | 39979 | 11280475 |
| TJX Cos., Inc. | 102218 | 13153412 |
| Toll Brothers, Inc. | 15576 | 1571151 |
| Trane Technologies PLC | 29729 | 11395423 |
| TransDigm Group, Inc. | 12833 | 18133927 |
| Union Pacific Corp. | 66086 | 14252107 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 31875 | 2193638 |
| UnitedHealth Group, Inc. | 30451 | 12528759 |
| Valero Energy Corp. | 63527 | 7374849 |
| Vertiv Holdings Co., Class A | 99703 | 8512642 |
| Vistra Corp. | 68911 | 8932933 |
| Walmart, Inc. | 223162 | 21702505 |
| Walt Disney Co. | 90667 | 8246164 |
| Wells Fargo & Co. | 258311 | 18342664 |
| Williams Cos., Inc. | 101381 | 5937885 |
|  |  | 959422571 |
| **Total Common Stocks — 79.8%** <br>**(Cost: $1,072,759,371)** | **Total Common Stocks — 79.8%** <br>**(Cost: $1,072,759,371)** | 1184403128 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 3.6%** | **United States — 3.6%** |  |
| iShares China Large-Cap ETF<sup>(d)</sup> | 81688 | $2765955 |
| iShares Core S&P Small-Cap ETF<sup>(d)</sup> | 4169 | 417442 |
| iShares MSCI China ETF<sup>(d)</sup> | 19824 | 1024108 |
| KraneShares CSI China Internet ETF | 86016 | 2761114 |
| SPDR Gold Shares<sup>(b)(e)</sup> | 111702 | 33931717 |
| SPDR S&P 500 ETF Trust | 20000 | 11090800 |
| SPDR S&P Homebuilders ETF | 4163 | 394236 |
| SPDR S&P Regional Banking ETF | 9865 | 533992 |
| **Total Investment Companies — 3.6%** <br>**(Cost: $49,507,556)** | **Total Investment Companies — 3.6%** <br>**(Cost: $49,507,556)** | 52919364 |
| **Total Long-Term Investments — 83.4%** <br>**(Cost: $1,122,266,927)** | **Total Long-Term Investments — 83.4%** <br>**(Cost: $1,122,266,927)** | 1237322492 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 15.5%** | **Money Market Funds — 15.5%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(d)(f)</sup><br>| 229882821 | 229882821 |
| **Total Short-Term Securities — 15.5%** <br>**(Cost: $229,882,821)** | **Total Short-Term Securities — 15.5%** <br>**(Cost: $229,882,821)** | 229882821 |
| **Options Purchased — 0.3%** <br>**(Cost: $4,658,801)** | **Options Purchased — 0.3%** <br>**(Cost: $4,658,801)** | 5104754 |
| **Total Investments Before Options Written — 99.2%** <br>**(Cost: $1,356,808,549)** | **Total Investments Before Options Written — 99.2%** <br>**(Cost: $1,356,808,549)** | 1472310067 |
| **Options Written — (0.3)%** <br>**(Premiums Received: $(2826339))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(2826339))** | (3956778)<br>|
| **Total Investments, Net of Options Written — 98.9%** <br>**(Cost: $1,353,982,210)** | **Total Investments, Net of Options Written — 98.9%** <br>**(Cost: $1,353,982,210)** | 1468353289 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | 15957744 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1484311033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. 

<sup>(f)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; $56778198 | $173104623 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $229882821 | 229882821 | $4873060 | $— |
| iShares Biotechnology ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 829889 | &nbsp;&nbsp; (770120)<br>| (59769)<br>|  |  |  | 2228 |  |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 2866203 | &nbsp;&nbsp; — |  | (100248)<br>| 2765955 | 81688 |  |  |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp; — | 484690 | &nbsp;&nbsp; — |  | (67248)<br>| 417442 | 4169 | 8236 |  |
| iShares MSCI China ETF | &nbsp;&nbsp; 830031 |  | &nbsp;&nbsp; — |  | 194077 | 1024108 | 19824 | 21442 |  |
|  |  |  |  | $(59769)<br>| $26581 | $234090326 |  | $4904966 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> As of period end, the entity is no longer held.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; $6139 | &nbsp;&nbsp;&nbsp;&nbsp; $(20808)<br>|
| Nikkei 225 Index | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9844 | &nbsp;&nbsp;&nbsp;&nbsp; (164416)<br>|
| S&P/TSE 60 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp; 11346 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4925 | &nbsp;&nbsp;&nbsp;&nbsp; (228424)<br>|
| Euro Stoxx 50 Index | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4018 | &nbsp;&nbsp;&nbsp;&nbsp; (223816)<br>|
| Euro Stoxx Banks Index | &nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1924 | &nbsp;&nbsp;&nbsp;&nbsp; 89744 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 86040 | &nbsp;&nbsp;&nbsp;&nbsp; 2838162 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2301788 |
| Short Contracts  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1544 | &nbsp;&nbsp;&nbsp;&nbsp; (76840)<br>|
| SPI 200 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp; (14676)<br>|
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 33026 | &nbsp;&nbsp;&nbsp;&nbsp; 299755 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 208239 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2510027 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 37585703 | USD | 23738213 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349725 |
| CAD | 7712700 | USD | 5571539 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36561 |
| CAD | 3200509 | USD | 2245077 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82095 |
| CAD | 2329400 | USD | 1685854 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7911 |
| CAD | 50450634 | USD | 35246428 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437504 |
| CHF | 24418276 | USD | 27990445 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1752635 |
| CHF | 84708 | USD | 97093 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6087 |
| CHF | 2735859 | USD | 3316003 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16454 |
| CHF | 745440 | USD | 907746 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| DKK | 938249 | USD | 141217 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| DKK | 3313987 | USD | 491978 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12619 |
| DKK | 6189292 | USD | 908372 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34026 |
| DKK | 678931 | USD | 99659 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3717 |
| DKK | 1504161 | USD | 219234 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9793 |
| EUR | 6480415 | USD | 7360483 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 |
| EUR | 1831857 | USD | 2003292 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77534 |
| EUR | 2019429 | USD | 2212033 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81857 |
| EUR | 2421872 | USD | 2631768 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119262 |
| EUR | 5171044 | USD | 5661946 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211897 |
| EUR | 865447 | USD | 959065 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24005 |
| EUR | 2410702 | USD | 2641732 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96610 |
| EUR | 788227 | USD | 853411 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41944 |
| GBP | 700040 | USD | 891167 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41944 |
| GBP | 753133 | USD | 961459 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42421 |
| GBP | 526694 | USD | 681579 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20473 |
| GBP | 1664868 | USD | 2145797 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73370 |
| GBP | 1676967 | USD | 2174007 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61286 |
| GBP | 311478 | USD | 402814 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12367 |
| GBP | 521941 | USD | 665925 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29790 |
| GBP | 1222375 | USD | 1582427 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46924 |
| HKD | 14940485 | USD | 1924520 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| JPY | 559422698 | USD | 3799337 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133977 |
| JPY | 10342959372 | USD | 70554505 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167077 |
| JPY | 102190484 | USD | 716744 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| JPY | 23662159 | USD | 160192 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| JPY | 40477263 | USD | 275116 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9481 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 77693079 | USD | 539484 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6778 |
| JPY | 20691822 | USD | 141432 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 |
| JPY | 361111323 | USD | 2432973 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106009 |
| NOK | 23540400 | USD | 2237554 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25242 |
| SEK | 122626292 | USD | 12255766 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465171 |
| SGD | 7340300 | USD | 5617102 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16743 |
| USD | 3148559 | CNY | 22509046 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23690 |
| USD | 1475361 | EUR | 1289600 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10491 |
| USD | 2430879 | EUR | 2131000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10253 |
| USD | 203044 | JPY | 28775250 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |
| USD | 1409791 | JPY | 199180500 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9349 |
| USD | 288033 | JPY | 40876199 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7734042 |
| CHF | 153171 | USD | 186643 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| CHF | 1210800 | USD | 1479512 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4677)<br>|
| CHF | 457938 | USD | 570614 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12815)<br>|
| CHF | 476358 | USD | 590153 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9917)<br>|
| CHF | 59852 | USD | 73453 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550)<br>|
| CHF | 454807 | USD | 561499 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7514)<br>|
| DKK | 11850836 | USD | 1812824 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8384)<br>|
| EUR | 1187502 | USD | 1368292 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19396)<br>|
| EUR | 1293252 | USD | 1476397 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7379)<br>|
| EUR | 1334556 | USD | 1522470 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6534)<br>|
| EUR | 3639332 | USD | 4164751 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30795)<br>|
| EUR | 322664 | USD | 367860 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1343)<br>|
| EUR | 1967023 | USD | 2245423 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11061)<br>|
| EUR | 4805500 | USD | 5478584 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19967)<br>|
| JPY | 22851156 | USD | 160748 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
| JPY | 355783500 | USD | 2516145 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14624)<br>|
| JPY | 19951533 | USD | 140834 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555)<br>|
| JPY | 325182400 | USD | 2294868 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8503)<br>|
| JPY | 34612809 | USD | 243695 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (332)<br>|
| JPY | 33743567 | USD | 238734 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1483)<br>|
| USD | 178630 | CHF | 156236 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11676)<br>|
| USD | 164102 | DKK | 1128150 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7674)<br>|
| USD | 6450333 | DKK | 43858529 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (227686)<br>|
| USD | 877276 | EUR | 805225 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37387)<br>|
| USD | 1872348 | EUR | 1712053 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72391)<br>|
| USD | 1972974 | EUR | 1819330 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93621)<br>|
| USD | 180049 | EUR | 162923 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5017)<br>|
| USD | 5153574 | EUR | 4700798 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186111)<br>|
| USD | 3503052 | GBP | 2642000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18571)<br>|
| USD | 256319 | GBP | 199126 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9103)<br>|
| USD | 1486658 | GBP | 1153315 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50640)<br>|
| USD | 975289 | GBP | 751855 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26888)<br>|
| USD | 1284249 | GBP | 994773 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41723)<br>|
| USD | 14336263 | GBP | 11057657 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (402909)<br>|
| USD | 2240418 | HKD | 17368800 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438)<br>|
| USD | 2516757 | HKD | 19521182 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1791)<br>|
| USD | 206390 | HKD | 1601897 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280)<br>|
| USD | 6015652 | HKD | 46656786 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3827)<br>|
| USD | 177275 | JPY | 25689175 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3347)<br>|
| USD | 246202 | JPY | 36066458 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7382)<br>|
| USD | 353454 | JPY | 51462276 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8378)<br>|
| USD | 340046 | JPY | 48748261 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2704)<br>|
| USD | 415891 | JPY | 61621927 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17374)<br>|
| USD | 169584 | JPY | 24956129 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5884)<br>|
| USD | 694123 | JPY | 101419585 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18960)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 111275 | KRW | 160716110 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1848)<br>|
| USD | 4998882 | TWD | 164043318 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159566)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1589156)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6144886 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 05/02/25 | USD | 500.00 | USD | 12980 | &nbsp;&nbsp;&nbsp; $4505 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 555.00 | USD | 15250 | &nbsp;&nbsp;&nbsp; 249562 |
| Euro Stoxx Banks | &nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 200.00 | EUR | 3115 | &nbsp;&nbsp;&nbsp; 11930 |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 505.00 | USD | 2710 | &nbsp;&nbsp;&nbsp; 8721 |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 485.00 | USD | 10270 | &nbsp;&nbsp;&nbsp; 166320 |
| KraneShares CSI China Internet ETF | &nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 41.00 | USD | 2603 | &nbsp;&nbsp;&nbsp; 5272 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 282.00 | USD | 8627 | &nbsp;&nbsp;&nbsp; 641130 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 310.00 | USD | 8293 | &nbsp;&nbsp;&nbsp; 84630 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 575.00 | USD | 17135 | &nbsp;&nbsp;&nbsp; 82194 |
| Williams Cos., Inc. | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 60.00 | USD | 3362 | &nbsp;&nbsp;&nbsp; 68880 |
| Nikkei 225 Index | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 06/13/25 | JPY | 37500.00 | JPY | 2270859 | &nbsp;&nbsp;&nbsp; 207092 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 285.00 | USD | 13518 | &nbsp;&nbsp;&nbsp; 987900 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 295.00 | USD | 26276 | &nbsp;&nbsp;&nbsp; 1258575 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 620.00 | USD | 2263 | &nbsp;&nbsp;&nbsp; 3025 |
| Euro Stoxx Banks | &nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 200.00 | EUR | 3244 | &nbsp;&nbsp;&nbsp; 96922 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 3876658 |
| Put  |  |  |  |  |  |  |  |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 200.00 | USD | 2324 | &nbsp;&nbsp;&nbsp; 2280 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 555.00 | USD | 23457 | &nbsp;&nbsp;&nbsp; 396774 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 535.00 | USD | 25897 | &nbsp;&nbsp;&nbsp; 195673 |
| Wells Fargo & Co. | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 55.00 | USD | 1683 | &nbsp;&nbsp;&nbsp; 711 |
| Adobe, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 350.00 | USD | 187 | &nbsp;&nbsp;&nbsp; 5550 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 260.00 | USD | 217 | &nbsp;&nbsp;&nbsp; 5880 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 1126 | &nbsp;&nbsp;&nbsp; 30625 |
| Amazon.com, Inc. | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 1365 | &nbsp;&nbsp;&nbsp; 48100 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 130.00 | USD | 232 | &nbsp;&nbsp;&nbsp; 11475 |
| Apple, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 1658 | &nbsp;&nbsp;&nbsp; 44655 |
| Boeing Co. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 531 | &nbsp;&nbsp;&nbsp; 17037 |
| Boston Scientific Corp. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 100.00 | USD | 617 | &nbsp;&nbsp;&nbsp; 12000 |
| Broadcom, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 597 | &nbsp;&nbsp;&nbsp; 27900 |
| Capital One Financial Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 649 | &nbsp;&nbsp;&nbsp; 27540 |
| Chevron Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 286 | &nbsp;&nbsp;&nbsp; 12548 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 940.00 | USD | 796 | &nbsp;&nbsp;&nbsp; 17020 |
| Eli Lilly & Co. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 850.00 | USD | 989 | &nbsp;&nbsp;&nbsp; 27747 |
| EQT Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 50.00 | USD | 242 | &nbsp;&nbsp;&nbsp; 15435 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 35.00 | USD | 252 | &nbsp;&nbsp;&nbsp; 12321 |
| Home Depot, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 340.00 | USD | 469 | &nbsp;&nbsp;&nbsp; 11245 |
| Intuit, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 590.00 | USD | 502 | &nbsp;&nbsp;&nbsp; 12960 |
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 490.00 | USD | 413 | &nbsp;&nbsp;&nbsp; 10600 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 709 | &nbsp;&nbsp;&nbsp; 13485 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 510.00 | USD | 603 | &nbsp;&nbsp;&nbsp; 9378 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 525.00 | USD | 933 | &nbsp;&nbsp;&nbsp; 37527 |
| Micron Technology, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 75.00 | USD | 300 | &nbsp;&nbsp;&nbsp; 19207 |
| Microsoft Corp. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 375.00 | USD | 1700 | &nbsp;&nbsp;&nbsp; 42785 |
| Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1060.00 | USD | 226 | &nbsp;&nbsp;&nbsp; 5595 |
| NVIDIA Corp. | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 1274 | &nbsp;&nbsp;&nbsp; 73710 |
| Oracle Corp. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 605 | &nbsp;&nbsp;&nbsp; 30315 |
| Salesforce, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 250.00 | USD | 457 | &nbsp;&nbsp;&nbsp; 15853 |
| TJX Cos., Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 120.00 | USD | 450 | &nbsp;&nbsp;&nbsp; 6965 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| Toll Brothers Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 95.00 | USD | 141 | &nbsp;&nbsp;&nbsp; $5180 |
| Walmart, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 90.00 | USD | 759 | &nbsp;&nbsp;&nbsp; 15054 |
| Walt Disney Co. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 246 | &nbsp;&nbsp;&nbsp; 6966 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 1228096 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $5104754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Euro Stoxx Banks | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 215.00 | EUR | 4677 | &nbsp;&nbsp;&nbsp; $(2866)<br>|
| KraneShares CSI China Internet ETF | &nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 48.00 | USD | 2603 | &nbsp;&nbsp;&nbsp; (28385)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 295.00 | USD | 8627 | &nbsp;&nbsp;&nbsp; (315950)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 590.00 | USD | 17135 | &nbsp;&nbsp;&nbsp; (15295)<br>|
| Nikkei 225 Index | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 06/13/25 | JPY | 39500.00 | JPY | 2270859 | &nbsp;&nbsp;&nbsp; (43621)<br>|
| Adobe, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 420.00 | USD | 225 | &nbsp;&nbsp;&nbsp; (4005)<br>|
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 271 | &nbsp;&nbsp;&nbsp; (3300)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 1496 | &nbsp;&nbsp;&nbsp; (12369)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 210.00 | USD | 1826 | &nbsp;&nbsp;&nbsp; (22077)<br>|
| Apollo Global Management, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 300 | &nbsp;&nbsp;&nbsp; (3465)<br>|
| Apple, Inc. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 2210 | &nbsp;&nbsp;&nbsp; (36400)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 42.00 | USD | 1125 | &nbsp;&nbsp;&nbsp; (21573)<br>|
| Boeing Co. | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 715 | &nbsp;&nbsp;&nbsp; (12773)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 813 | &nbsp;&nbsp;&nbsp; (9678)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 220.00 | USD | 789 | &nbsp;&nbsp;&nbsp; (20500)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 865 | &nbsp;&nbsp;&nbsp; (12720)<br>|
| Chevron Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 150.00 | USD | 381 | &nbsp;&nbsp;&nbsp; (2828)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 72.50 | USD | 1094 | &nbsp;&nbsp;&nbsp; (19440)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1025.00 | USD | 1193 | &nbsp;&nbsp;&nbsp; (35490)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1060.00 | USD | 995 | &nbsp;&nbsp;&nbsp; (17050)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1000.00 | USD | 1259 | &nbsp;&nbsp;&nbsp; (16065)<br>|
| EQT Corp. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 60.00 | USD | 316 | &nbsp;&nbsp;&nbsp; (1760)<br>|
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 45.00 | USD | 331 | &nbsp;&nbsp;&nbsp; (1978)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 390.00 | USD | 577 | &nbsp;&nbsp;&nbsp; (5672)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 680.00 | USD | 627 | &nbsp;&nbsp;&nbsp; (9800)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 580.00 | USD | 516 | &nbsp;&nbsp;&nbsp; (3850)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 255.00 | USD | 1027 | &nbsp;&nbsp;&nbsp; (22575)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 265.00 | USD | 930 | &nbsp;&nbsp;&nbsp; (8816)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 565.00 | USD | 1041 | &nbsp;&nbsp;&nbsp; (23797)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 590.00 | USD | 822 | &nbsp;&nbsp;&nbsp; (6413)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 630.00 | USD | 1208 | &nbsp;&nbsp;&nbsp; (20020)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 95.00 | USD | 392 | &nbsp;&nbsp;&nbsp; (5330)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 435.00 | USD | 2293 | &nbsp;&nbsp;&nbsp; (16530)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1260.00 | USD | 340 | &nbsp;&nbsp;&nbsp; (4463)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 130.00 | USD | 1699 | &nbsp;&nbsp;&nbsp; (29172)<br>|
| Oracle Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 816 | &nbsp;&nbsp;&nbsp; (12905)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 591 | &nbsp;&nbsp;&nbsp; (11825)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 310.00 | USD | 26276 | &nbsp;&nbsp;&nbsp; (581712)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 26519 | &nbsp;&nbsp;&nbsp; (995220)<br>|
| TJX Cos., Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 579 | &nbsp;&nbsp;&nbsp; (10238)<br>|
| Toll Brothers Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 115.00 | USD | 171 | &nbsp;&nbsp;&nbsp; (2720)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 100.00 | USD | 1284 | &nbsp;&nbsp;&nbsp; (40920)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 1002 | &nbsp;&nbsp;&nbsp; (14523)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 318 | &nbsp;&nbsp;&nbsp; (2695)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (2488784)<br>|
| Put  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 495.00 | USD | 7653 | &nbsp;&nbsp;&nbsp; (3726)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 525.00 | USD | 23457 | &nbsp;&nbsp;&nbsp; $(118228)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 510.00 | USD | 25897 | &nbsp;&nbsp;&nbsp; (71451)<br>|
| Adobe, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 315.00 | USD | 375 | &nbsp;&nbsp;&nbsp; (4050)<br>|
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 434 | &nbsp;&nbsp;&nbsp; (4040)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 140.00 | USD | 2252 | &nbsp;&nbsp;&nbsp; (21350)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 2674 | &nbsp;&nbsp;&nbsp; (57637)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 160.00 | USD | 2748 | &nbsp;&nbsp;&nbsp; (44327)<br>|
| Apollo Global Management, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 115.00 | USD | 464 | &nbsp;&nbsp;&nbsp; (7225)<br>|
| Apple, Inc. | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 4038 | &nbsp;&nbsp;&nbsp; (40755)<br>|
| Apple, Inc. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 190.00 | USD | 3081 | &nbsp;&nbsp;&nbsp; (51112)<br>|
| Boeing Co. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 1081 | &nbsp;&nbsp;&nbsp; (10620)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 90.00 | USD | 1224 | &nbsp;&nbsp;&nbsp; (8628)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 140.00 | USD | 2079 | &nbsp;&nbsp;&nbsp; (17226)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 1193 | &nbsp;&nbsp;&nbsp; (30535)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 1316 | &nbsp;&nbsp;&nbsp; (17885)<br>|
| Chevron Corp. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 120.00 | USD | 571 | &nbsp;&nbsp;&nbsp; (6363)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 840.00 | USD | 1591 | &nbsp;&nbsp;&nbsp; (10080)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 34.00 | USD | 1882 | &nbsp;&nbsp;&nbsp; (33674)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 750.00 | USD | 1888 | &nbsp;&nbsp;&nbsp; (14857)<br>|
| EQT Corp. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 45.00 | USD | 480 | &nbsp;&nbsp;&nbsp; (12610)<br>|
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 30.00 | USD | 501 | &nbsp;&nbsp;&nbsp; (6742)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 305.00 | USD | 901 | &nbsp;&nbsp;&nbsp; (6088)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 500.00 | USD | 1004 | &nbsp;&nbsp;&nbsp; (5440)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 435.00 | USD | 825 | &nbsp;&nbsp;&nbsp; (6320)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 210.00 | USD | 1419 | &nbsp;&nbsp;&nbsp; (10411)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 460.00 | USD | 1206 | &nbsp;&nbsp;&nbsp; (5995)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 480.00 | USD | 604 | &nbsp;&nbsp;&nbsp; (11743)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 500.00 | USD | 2910 | &nbsp;&nbsp;&nbsp; (75657)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 470.00 | USD | 1867 | &nbsp;&nbsp;&nbsp; (29495)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 60.00 | USD | 600 | &nbsp;&nbsp;&nbsp; (7800)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 335.00 | USD | 3439 | &nbsp;&nbsp;&nbsp; (27144)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 950.00 | USD | 566 | &nbsp;&nbsp;&nbsp; (4750)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 5522 | &nbsp;&nbsp;&nbsp; (69966)<br>|
| Oracle Corp. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 1224 | &nbsp;&nbsp;&nbsp; (13441)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 220.00 | USD | 914 | &nbsp;&nbsp;&nbsp; (9707)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 405.00 | USD | 4381 | &nbsp;&nbsp;&nbsp; (5570)<br>|
| TJX Cos., Inc. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 888 | &nbsp;&nbsp;&nbsp; (4623)<br>|
| Toll Brothers Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 272 | &nbsp;&nbsp;&nbsp; (4320)<br>|
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 55.00 | USD | 2484 | &nbsp;&nbsp;&nbsp; (48735)<br>|
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 480.00 | USD | 2263 | &nbsp;&nbsp;&nbsp; (387062)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 80.00 | USD | 1517 | &nbsp;&nbsp;&nbsp; (9906)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 75.00 | USD | 482 | &nbsp;&nbsp;&nbsp; (4452)<br>|
| Euro Stoxx Banks | &nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 165.00 | EUR | 3244 | &nbsp;&nbsp;&nbsp; (126248)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (1467994)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(3956778)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Options Written | &nbsp;&nbsp; $ N/A | &nbsp;&nbsp;&nbsp; $(2826339)<br>| &nbsp;&nbsp;&nbsp; $441285 | &nbsp;&nbsp;&nbsp; $(1571724)<br>| &nbsp;&nbsp;&nbsp; $(3956778)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3239007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3239007 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7734042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7734042 |
| Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5104754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5104754 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8343761 | &nbsp;&nbsp; $7734042 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16077803 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $728980 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $728980 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589156 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3956778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3956778 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4685758 | &nbsp;&nbsp; $1589156 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6274914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6984668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6984668 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2071717)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2071717)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7640848)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7640848)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7617806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7617806 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10307 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6971933 | &nbsp;&nbsp; $(2071717)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4900216 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3163587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3163587 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5874362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5874362 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080217 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1228623)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1228623)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14384)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14384)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3000797 | &nbsp;&nbsp; $5874362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8875159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $60162817 |
| Average notional value of contracts — short | &nbsp;&nbsp; 26014637 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 49350936 |
| Average amounts sold — in USD | &nbsp;&nbsp; 154512052 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 4802449 |
| Average value of option contracts written | &nbsp;&nbsp; 2507587 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; —(a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $143892 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 7734042 | &nbsp;&nbsp;&nbsp;&nbsp; 1589156 |
| Options | &nbsp;&nbsp; 5104754 | &nbsp;&nbsp;&nbsp;&nbsp; 3956778 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 12982688 | &nbsp;&nbsp;&nbsp;&nbsp; 5545934 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (5248646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3956778)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $7734042 | &nbsp;&nbsp;&nbsp;&nbsp; $1589156 |

---

The following table presents the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $10491 | &nbsp;&nbsp; $(10491)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 108055 | &nbsp;&nbsp; (55981)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52074 |
| BNP Paribas SA | &nbsp;&nbsp; 2311307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2311307 |
| Citibank N.A. | &nbsp;&nbsp; 688 | &nbsp;&nbsp; (688)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 20473 | &nbsp;&nbsp; (20473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 489793 | &nbsp;&nbsp; (230015)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 259778 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1013475 | &nbsp;&nbsp; (49364)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 964111 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 61803 | &nbsp;&nbsp; (30327)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31476 |
| Natwest Markets PLC | &nbsp;&nbsp; 1862452 | &nbsp;&nbsp; (487975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1374477 |
| Societe Generale | &nbsp;&nbsp; 129852 | &nbsp;&nbsp; (28118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101734 |
| UBS AG | &nbsp;&nbsp; 229213 | &nbsp;&nbsp; (229213)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1496440 | &nbsp;&nbsp; (31028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1465412 |
|  | &nbsp;&nbsp; $7734042 | &nbsp;&nbsp; $(1173673)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6560369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $26775 | &nbsp;&nbsp; $(10491)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16284 |
| Barclays Bank PLC | &nbsp;&nbsp; 55981 | &nbsp;&nbsp; (55981)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 9522 | &nbsp;&nbsp; (688)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8834 |
| Deutsche Bank AG | &nbsp;&nbsp; 224178 | &nbsp;&nbsp; (20473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 203705 |
| HSBC Bank PLC | &nbsp;&nbsp; 230015 | &nbsp;&nbsp; (230015)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock GA Dynamic Equity Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; $49364 | &nbsp;&nbsp; $(49364)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 30327 | &nbsp;&nbsp; (30327)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 487975 | &nbsp;&nbsp; (487975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 28118 | &nbsp;&nbsp; (28118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 415873 | &nbsp;&nbsp; (229213)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 186660 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 31028 | &nbsp;&nbsp; (31028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1589156 | &nbsp;&nbsp; $(1173673)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $415483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Canada | &nbsp;&nbsp; $10734626 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10734626 |
| China | &nbsp;&nbsp; 15641389 | &nbsp;&nbsp;&nbsp;&nbsp; 3220212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18861601 |
| Denmark | &nbsp;&nbsp; 924386 | &nbsp;&nbsp;&nbsp;&nbsp; 10444497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11368883 |
| France | &nbsp;&nbsp; 1563086 | &nbsp;&nbsp;&nbsp;&nbsp; 35169985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36733071 |
| Germany | &nbsp;&nbsp; 6763322 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6763322 |
| Italy | &nbsp;&nbsp; 6204160 | &nbsp;&nbsp;&nbsp;&nbsp; 29210944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35415104 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12259489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12259489 |
| Taiwan | &nbsp;&nbsp; 6302549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6302549 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 6445556 | &nbsp;&nbsp;&nbsp;&nbsp; 80096356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86541912 |
| United States | &nbsp;&nbsp; 959422571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 959422571 |
| Investment Companies | &nbsp;&nbsp; 52919364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52919364 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 229882821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229882821 |
| Options Purchased  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; 5104754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5104754 |
|  | &nbsp;&nbsp; $1301908584 | &nbsp;&nbsp;&nbsp;&nbsp; $170401483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1472310067 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3149263 | &nbsp;&nbsp;&nbsp;&nbsp; $89744 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3239007 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7734042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7734042 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (4199878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (485880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4685758)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1589156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1589156)<br>|
|  | &nbsp;&nbsp; $(1050615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5748750 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4698135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts, forward foreign currency exchange contracts and options written. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statement of Assets and Liabilities

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock GA <br>Disciplined Volatility <br>Equity Fund<br>| BlackRock GA <br>Dynamic Equity <br>Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $903527550 | $1238219741 |
| Investments, at value — affiliated<sup>(b)</sup> | 3910098 | 234090326 |
| Cash |  | 1078274 |
| Cash held for investments sold short | 10359047 |  |
| Cash pledged for futures contracts |  | 6715000 |
| Foreign currency, at value<sup>(c)</sup> | 1243434 | 5809905 |
| Receivables: |  |  |
| Investments sold |  | 4316022 |
| Options written |  | 1206346 |
| Swaps | 36716196 |  |
| Capital shares sold | 2780666 | 3888275 |
| Dividends — unaffiliated | 1429150 | 524445 |
| Dividends — affiliated | 60576 |  |
| Variation margin on futures contracts |  | 143892 |
| Unrealized appreciation on forward foreign currency exchange contracts | 3554796 | 7734042 |
| Prepaid expenses | 50409 | 65761 |
| Total assets | 963631922 | 1503792029 |
| **LIABILITIES** |  |  |
| Investments sold short, at value<sup>(d)</sup> | 4466663 |  |
| Bank overdraft | 13219 |  |
| Cash received as collateral for OTC derivatives | 8655000 |  |
| Options written, at value<sup>(e)</sup> |  | 3956778 |
| Payables: |  |  |
| Investments purchased |  | 11103120 |
| Swaps | 16875378 |  |
| Accounting services fees | 73075 | 81776 |
| Capital shares redeemed | 584036 | 872062 |
| Custodian fees | 124938 | 128454 |
| Dividends on short sales |  | 4231 |
| Foreign taxes | 52276 |  |
| Investment advisory fees | 279733 | 439453 |
| Trustees' and Officer's fees | 2137 | 2417 |
| Recoupment of past waived fees |  | 11 |
| Options written |  | 1065045 |
| Other accrued expenses | 14308 | 14895 |
| Professional fees | 63772 | 64905 |
| Reorganization costs | 25389 | 47404 |
| Transfer agent fees | 66127 | 111289 |
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | 4101051 | 1589156 |
| OTC swaps | 6687501 |  |
| Total liabilities | 42084603 | 19480996 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $921547319 | $1484311033 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $834630779 | $1379845753 |
| Accumulated earnings | 86916540 | 104465280 |
| NET ASSETS | $921547319 | $1484311033 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $856518763 | $1122513255 |
| <sup>(b)</sup> Investments, at cost—affiliated | $3910098 | $234295294 |
| <sup>(c)</sup> Foreign currency, at cost | $1233393 | $5677838 |
| <sup>(d)</sup> Proceeds received from investments sold short | $5061280 | $— |
| <sup>(e)</sup> Premiums received | $— | $2826339 |

---

Consolidated Financial Statements

------

Consolidated Statement of Assets and Liabilities (continued)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock GA <br>Disciplined Volatility <br>Equity Fund<br>| BlackRock GA <br>Dynamic Equity <br>Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $921191997 | $1483163365 |
| Shares outstanding | 62797606 | 90566825 |
| Net asset value | $14.67 | $16.38 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.01 | $0.01 |
| **Class K** |  |  |
| Net assets | $355322 | $1147668 |
| Shares outstanding | 24182 | 69988 |
| Net asset value | $14.69 | $16.40 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.01 | $0.01 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statements of Operations

Year Ended April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock GA <br>Disciplined Volatility <br>Equity Fund<br>| &nbsp;&nbsp; BlackRock GA <br>Dynamic Equity <br>Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $11584835 | &nbsp;&nbsp;&nbsp; $13485623 |
| Dividends — affiliated | &nbsp;&nbsp; 631715 | &nbsp;&nbsp;&nbsp; 4904966 |
| Interest — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 150970 |
| Foreign taxes withheld | &nbsp;&nbsp; (544215)<br>| &nbsp;&nbsp;&nbsp; (615987)<br>|
| Total investment income | &nbsp;&nbsp; 11672335 | &nbsp;&nbsp;&nbsp; 17925572 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2766510 | &nbsp;&nbsp;&nbsp; 4595029 |
| Transfer agent — class specific | &nbsp;&nbsp; 647933 | &nbsp;&nbsp;&nbsp; 1068043 |
| Accounting services | &nbsp;&nbsp; 138475 | &nbsp;&nbsp;&nbsp; 165102 |
| Registration | &nbsp;&nbsp; 119260 | &nbsp;&nbsp;&nbsp; 159970 |
| Custodian | &nbsp;&nbsp; 116011 | &nbsp;&nbsp;&nbsp; 113111 |
| Professional | &nbsp;&nbsp; 73813 | &nbsp;&nbsp;&nbsp; 75296 |
| Reorganization | &nbsp;&nbsp; 36124 | &nbsp;&nbsp;&nbsp; 58139 |
| Printing and postage | &nbsp;&nbsp; 24984 | &nbsp;&nbsp;&nbsp; 28688 |
| Trustees and Officer | &nbsp;&nbsp; 13012 | &nbsp;&nbsp;&nbsp; 17095 |
| Recoupment of past waived and/or reimbursed fees — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Miscellaneous | &nbsp;&nbsp; 31380 | &nbsp;&nbsp;&nbsp; 27520 |
| Total expenses excluding dividend expense and interest expense | &nbsp;&nbsp; 3967502 | &nbsp;&nbsp;&nbsp; 6308004 |
| Dividends expense — unaffiliated | &nbsp;&nbsp; 161494 | &nbsp;&nbsp;&nbsp; — |
| Interest expense — unaffiliated | &nbsp;&nbsp; 12481 | &nbsp;&nbsp;&nbsp; 8261 |
| Total expenses | &nbsp;&nbsp; 4141477 | &nbsp;&nbsp;&nbsp; 6316265 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (25159)<br>| &nbsp;&nbsp;&nbsp; (92331)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (102903)<br>| &nbsp;&nbsp;&nbsp; (55681)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4013415 | &nbsp;&nbsp;&nbsp; 6168253 |
| Net investment income | &nbsp;&nbsp; 7658920 | &nbsp;&nbsp;&nbsp; 11757319 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 18651539 | &nbsp;&nbsp;&nbsp; (26293459)<br>|
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (59769)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (2461133)<br>| &nbsp;&nbsp;&nbsp; (2071717)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (229514)<br>| &nbsp;&nbsp;&nbsp; 364628 |
| Futures contracts | &nbsp;&nbsp; 60667 | &nbsp;&nbsp;&nbsp; 6984668 |
| Options written | &nbsp;&nbsp; 41431 | &nbsp;&nbsp;&nbsp; 7617806 |
| Short sales — unaffiliated | &nbsp;&nbsp; 2199804 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 39110894 | &nbsp;&nbsp;&nbsp; 10307 |
|  | &nbsp;&nbsp; 57373688 | &nbsp;&nbsp;&nbsp; (13447536)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 19046161 | &nbsp;&nbsp;&nbsp; 62612122 |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26581 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 188736 | &nbsp;&nbsp;&nbsp; 5874362 |
| Foreign currency translations | &nbsp;&nbsp; 54471 | &nbsp;&nbsp;&nbsp; 168789 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3163587 |
| Options written | &nbsp;&nbsp; 12819 | &nbsp;&nbsp;&nbsp; (1228623)<br>|
| Short sales — unaffiliated | &nbsp;&nbsp; 594617 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (6327268)<br>| &nbsp;&nbsp;&nbsp; (14384)<br>|
|  | &nbsp;&nbsp; 13569536 | &nbsp;&nbsp;&nbsp; 70602434 |
| Net realized and unrealized gain | &nbsp;&nbsp; 70943224 | &nbsp;&nbsp;&nbsp; 57154898 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $78602144 | &nbsp;&nbsp;&nbsp; $68912217 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(338185)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $259423 | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock GA Disciplined <br>Volatility Equity Fund<sup>(a)</sup>  | BlackRock GA Disciplined <br>Volatility Equity Fund<sup>(a)</sup>  | BlackRock GA <br>Dynamic Equity Fund | BlackRock GA <br>Dynamic Equity Fund |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7658920 | &nbsp;&nbsp;&nbsp; $3642341 | &nbsp;&nbsp;&nbsp; $11757319 | &nbsp;&nbsp;&nbsp; $4701336 |
| Net realized gain (loss) | &nbsp;&nbsp; 57373688 | &nbsp;&nbsp;&nbsp; 8929180 | &nbsp;&nbsp;&nbsp; (13447536)<br>| &nbsp;&nbsp;&nbsp; 8721901 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13569536 | &nbsp;&nbsp;&nbsp; 18983275 | &nbsp;&nbsp;&nbsp; 70602434 | &nbsp;&nbsp;&nbsp; 45523015 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 78602144 | &nbsp;&nbsp;&nbsp; 31554796 | &nbsp;&nbsp;&nbsp; 68912217 | &nbsp;&nbsp;&nbsp; 58946252 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (19586906)<br>| &nbsp;&nbsp;&nbsp; (6181485)<br>| &nbsp;&nbsp;&nbsp; (22457821)<br>| &nbsp;&nbsp;&nbsp; (3016886)<br>|
| Class K | &nbsp;&nbsp; (9775)<br>| &nbsp;&nbsp;&nbsp; (7384)<br>| &nbsp;&nbsp;&nbsp; (7142)<br>| &nbsp;&nbsp;&nbsp; (3166)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (19596681)<br>| &nbsp;&nbsp;&nbsp; (6188869)<br>| &nbsp;&nbsp;&nbsp; (22464963)<br>| &nbsp;&nbsp;&nbsp; (3020052)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 426107863 | &nbsp;&nbsp;&nbsp; 302064106 | &nbsp;&nbsp;&nbsp; 759975576 | &nbsp;&nbsp;&nbsp; 477545505 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 485113326 | &nbsp;&nbsp;&nbsp; 327430033 | &nbsp;&nbsp;&nbsp; 806422830 | &nbsp;&nbsp;&nbsp; 533471705 |
| Beginning of year | &nbsp;&nbsp; 436433993 | &nbsp;&nbsp;&nbsp; 109003960 | &nbsp;&nbsp;&nbsp; 677888203 | &nbsp;&nbsp;&nbsp; 144416498 |
| End of year | &nbsp;&nbsp; $921547319 | &nbsp;&nbsp;&nbsp; $436433993 | &nbsp;&nbsp;&nbsp; $1484311033 | &nbsp;&nbsp;&nbsp; $677888203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statement of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock GA Disciplined Volatility Equity Fund | BlackRock GA Disciplined Volatility Equity Fund | BlackRock GA Disciplined Volatility Equity Fund | BlackRock GA Disciplined Volatility Equity Fund | BlackRock GA Disciplined Volatility Equity Fund | BlackRock GA Disciplined Volatility Equity Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp;&nbsp; $12.13 | &nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $11.20 |
| Net investment income<sup>(b)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net increase (decrease) from investment operations | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp;&nbsp; $13.30 | &nbsp;&nbsp;&nbsp; $12.13 | &nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $10.90 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 13.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> %<br>| &nbsp;&nbsp;&nbsp; (3.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.67 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.60 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.58 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend expense | 0.56 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $921192 | &nbsp;&nbsp;&nbsp; $436115 | &nbsp;&nbsp;&nbsp; $108719 | &nbsp;&nbsp;&nbsp; $53758 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $78 |
| Portfolio turnover rate | &nbsp;&nbsp; 196 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp; 169 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp; 252 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding dividend expense would have been 0.59%,0.57% and 0.55%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.46%.

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock GA Disciplined Volatility Equity Fund (continued) | BlackRock GA Disciplined Volatility Equity Fund (continued) | BlackRock GA Disciplined Volatility Equity Fund (continued) | BlackRock GA Disciplined Volatility Equity Fund (continued) | BlackRock GA Disciplined Volatility Equity Fund (continued) | BlackRock GA Disciplined Volatility Equity Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/23<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/22<sup>(a)</sup>  | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $11.21 |
| Net investment income<sup>(b)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net increase (decrease) from investment operations | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| From net realized gain | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.69 | &nbsp;&nbsp;&nbsp; $13.31 | &nbsp;&nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $10.91 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 13.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.71<br> %<br>| &nbsp;&nbsp;&nbsp; (3.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.68 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99 %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend expense | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $355 | &nbsp;&nbsp;&nbsp; $319 | &nbsp;&nbsp;&nbsp; $285 | &nbsp;&nbsp;&nbsp; $6672 | &nbsp;&nbsp;&nbsp; $6901 | &nbsp;&nbsp;&nbsp; $5765 |
| Portfolio turnover rate | &nbsp;&nbsp; 196 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 169 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 252 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.26%.

<sup>(i)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock GA Dynamic Equity Fund | BlackRock GA Dynamic Equity Fund | BlackRock GA Dynamic Equity Fund | BlackRock GA Dynamic Equity Fund | BlackRock GA Dynamic Equity Fund | BlackRock GA Dynamic Equity Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.24 | &nbsp;&nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $12.68 | &nbsp;&nbsp;&nbsp; $15.33 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $10.92 |
| Net investment income<sup>(b)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net increase (decrease) from investment operations | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $15.24 | &nbsp;&nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $12.68 | &nbsp;&nbsp;&nbsp; $15.33 | &nbsp;&nbsp;&nbsp; $11.73 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp; (9.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.58 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.35<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.92<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1483163 | &nbsp;&nbsp;&nbsp; $677569 | &nbsp;&nbsp;&nbsp; $144144 | &nbsp;&nbsp;&nbsp; $49823 | &nbsp;&nbsp;&nbsp; $121 | &nbsp;&nbsp;&nbsp; $88 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.54% and 0.52%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.48%.

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock GA Dynamic Equity Fund (continued) | BlackRock GA Dynamic Equity Fund (continued) | BlackRock GA Dynamic Equity Fund (continued) | BlackRock GA Dynamic Equity Fund (continued) | BlackRock GA Dynamic Equity Fund (continued) | BlackRock GA Dynamic Equity Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $13.15 | &nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.92 |
| Net investment income<sup>(b)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net increase (decrease) from investment operations | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp; $13.15 | &nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp; (9.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.59 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.45 %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15 %<sup>(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1148 | &nbsp;&nbsp;&nbsp; $320 | &nbsp;&nbsp;&nbsp; $273 | &nbsp;&nbsp;&nbsp; $7142 | &nbsp;&nbsp;&nbsp; $7875 | &nbsp;&nbsp;&nbsp; $5984 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(h)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.44% and 0.44%, respectively. 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Audit and printing were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.28%.

<sup>(k)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Managed Account Series (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock GA Disciplined Volatility Equity Fund | GA Disciplined Volatility Equity | Diversified |
| BlackRock GA Dynamic Equity Fund | GA Dynamic Equity | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions. Institutional and Class K Shares are sold only to certain eligible investors.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional and Class K Shares No No None

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

On February 20, 2025, the Board of Trustees of the Trust (the "Board") approved the reorganizations of GA Disciplined Volatility Equity and GA Dynamic Equity into newly created ETFs, iShares Disciplined Volatility Equity Active ETF and iShares Dynamic Equity Active ETF, respectively. Each newly created ETF and its corresponding Fund will have identical investment objectives and fundamental investment policies, and substantially similar investment strategies. The reorganizations are expected to close on or about September 12, 2025.

**Basis of Consolidation:** The accompanying consolidated financial statements of GA Disciplined Volatility Equity include the account of Cayman GA Disciplined Volatility Equity Fund, Ltd. (the "GA Disciplined Volatility Equity Cayman Subsidiary"), which is a wholly-owned subsidiary of GA Disciplined Volatility Equity and primarily invests in commodity-related instruments. The GA Disciplined Volatility Equity Cayman Subsidiary enables GA Disciplined Volatility Equity to hold these commodity-related instruments and satisfy regulated investment company tax requirements. GA Disciplined Volatility Equity may invest up to 25% of its total assets in the GA Disciplined Volatility Equity Cayman Subsidiary. During the year ended April 30, 2025, there were no transactions in the GA Disciplined Volatility Equity Cayman Subsidiary. The GA Disciplined Volatility Equity Cayman Subsidiary is subject to the same investment policies and restrictions that apply to GA Disciplined Volatility Equity, except that the GA Disciplined Volatility Equity Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of GA Dynamic Equity Fund include the account of Cayman GA Dynamic Equity Fund, Ltd. (the "GA Dynamic Equity Cayman Subsidiary", together with the GA Disciplined Volatility Equity Fund Cayman Subsidiary, the "Cayman Subsidiaries"), which is a wholly-owned subsidiary of GA Dynamic Equity Fund and primarily invests in commodity-related instruments. The GA Dynamic Equity Fund Cayman Subsidiary enables GA Dynamic Equity Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. GA Dynamic Equity Fund may invest up to 25% of its total assets in the GA Dynamic Equity Fund Cayman Subsidiary. The net assets of the GA Dynamic Equity Fund Cayman Subsidiary as of period end were $33,095,409, which is 2.2% of GA Dynamic Equity's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The GA Dynamic Equity Fund Cayman Subsidiary is subject to the same investment policies and restrictions that apply to GA Dynamic Equity Fund, except that the GA Dynamic Equity Fund Cayman Subsidiary may invest without limitation in commodity-related instruments.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statements of Operations from the effects of changes in market

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by the Cayman Subsidiaries are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiaries in any taxable year, the loss will generally not be available to offset the Funds' ordinary income and/or capital gains for that year.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statements of Operations.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for the Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedules of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

derivatives in the Consolidated Statements of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Consolidated Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Consolidated Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Consolidated Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statements of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Consolidated Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *GA Disciplined Volatility Equity* | *GA Dynamic Equity* |
| First $1 billion | 0.40<br> % <br>| 0.40<br> % <br>|
| $1 billion — $3 billion | 0.38 | 0.38 |
| $3 billion — $5 billion | 0.36 | 0.36 |
| $5 billion — $10 billion | 0.35 | 0.35 |
| Greater than $10 billion | 0.34 | 0.34 |

---

The Manager provides investment management and other services to the Cayman Subsidiaries. The Manager does not receive separate compensation from the Cayman Subsidiaries for providing investment management or administrative services. However, GA Disciplined Volatility Equity pays the Manager based on the Fund's net assets,which includes the assets of the Cayman Subsidiaries.

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

For the year ended April 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Total* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $647933 | $647933 |
| GA Dynamic Equity | &nbsp;&nbsp; 1068043 | 1068043 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust,

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Consolidated Statements of Operations. For the year ended April 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $10091 |
| GA Dynamic Equity | &nbsp;&nbsp; 83068 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| GA Dynamic Equity | &nbsp;&nbsp; $9263 |

---

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Class K* |
| GA Disciplined Volatility Equity | 0.55<br> % <br>| 0.50<br> % <br>|
| GA Dynamic Equity | 0.55 | 0.50 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2025, amounts included in the Consolidated Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $15068 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Consolidated Statements of Operations. For the year ended April 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | |
|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Total* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $102903 | &nbsp;&nbsp; $102903 |
| GA Dynamic Equity | &nbsp;&nbsp; 55681 | &nbsp;&nbsp; 55681 |

---

With respect to the contractual expense limitation, if during a Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Manager or an affiliate continues to serve as a Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective June 1, 2024, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund's contractual caps on net expenses was terminated.

For the year ended April 30, 2025, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:

---

| | |
|:---|:---|
| *Fund Name* | *Class K* |
| GA Dynamic Equity | &nbsp;&nbsp; $11 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on June 1, 2024:

---

| | |
|:---|:---|
|  | *Expired* |
| *Fund Name/Fund Level/Share Class*  | *06/01/24* |
| GA Disciplined Volatility Equity |  |
| Fund Level | &nbsp;&nbsp; $551833 |
| Institutional | &nbsp;&nbsp; 168081 |
| Class K | &nbsp;&nbsp; 19 |
| GA Dynamic Equity |  |
| Fund Level | &nbsp;&nbsp; 458886 |
| Institutional | &nbsp;&nbsp; 195065 |
| Class K | &nbsp;&nbsp; 12 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), each Fund participated in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statements of Operations.

***7.*** ***PURCHASES AND SALES*** 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $1784406526 | &nbsp;&nbsp; $1330146299 |
| GA Dynamic Equity | &nbsp;&nbsp; 1625970403 | &nbsp;&nbsp; 1048164510 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to nondeductible expenses and net losses derived from the Fund's wholly owned subsidiary were reclassified to the following accounts:

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| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $(36175)<br>| &nbsp;&nbsp; $36175 |
| GA Dynamic Equity | &nbsp;&nbsp; (732771)<br>| &nbsp;&nbsp; 732771 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*04/30/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*04/30/24*<br>|
| GA Disciplined Volatility Equity |  |  |
| Ordinary income | &nbsp;&nbsp; $17018473 | &nbsp;&nbsp;&nbsp; $6188869 |
| Long-term capital gains | &nbsp;&nbsp; 2578208 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $19596681 | &nbsp;&nbsp;&nbsp; $6188869 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended*<br> *04/30/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *04/30/24*<br>|
| GA Dynamic Equity |  |  |
| Ordinary income | &nbsp;&nbsp; $17945742 | &nbsp;&nbsp;&nbsp; $3020052 |
| Long-term capital gains | &nbsp;&nbsp; 4519221 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $22464963 | &nbsp;&nbsp;&nbsp; $3020052 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term* <br>*Capital Gains*<br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(a)</sup> <br>| *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(b)</sup> <br>| *Total* |
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $36955493 | &nbsp;&nbsp; $8768498 | &nbsp;&nbsp; $41192549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86916540 |
| GA Dynamic Equity | &nbsp;&nbsp; 12570625 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102714727 | &nbsp;&nbsp; (10820072)<br>| &nbsp;&nbsp; 104465280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the accounting for swap agreements. 

<sup>(b)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $867518434 | &nbsp;&nbsp; $90189319 | &nbsp;&nbsp; $(48996306)<br>| &nbsp;&nbsp; $41193013 |
| GA Dynamic Equity | &nbsp;&nbsp; 1366195489 | &nbsp;&nbsp; 143471802 | &nbsp;&nbsp; (38899267)<br>| &nbsp;&nbsp; 104572535 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded options purchased and exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded options purchased and exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| GA Disciplined Volatility Equity  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 45752509 | &nbsp;&nbsp;&nbsp; $651163007 | &nbsp;&nbsp;&nbsp; 29738416 | &nbsp;&nbsp;&nbsp; $376433517 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1390284 | &nbsp;&nbsp;&nbsp; 19586796 | &nbsp;&nbsp;&nbsp; 490107 | &nbsp;&nbsp;&nbsp; 6181183 |
| Shares redeemed | &nbsp;&nbsp; (17144398) | &nbsp;&nbsp;&nbsp; (244643376) | &nbsp;&nbsp;&nbsp; (6392124) | &nbsp;&nbsp;&nbsp; (80557724) |
|  | &nbsp;&nbsp; 29998395 | &nbsp;&nbsp;&nbsp; $426106427 | &nbsp;&nbsp;&nbsp; 23836399 | &nbsp;&nbsp;&nbsp; $302056976 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9599 | &nbsp;&nbsp;&nbsp; $138230 | &nbsp;&nbsp;&nbsp; 4869 | &nbsp;&nbsp;&nbsp; $60277 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 2655 | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 7383 |
| Shares redeemed | &nbsp;&nbsp; (9599) | &nbsp;&nbsp;&nbsp; (139449) | &nbsp;&nbsp;&nbsp; (4893) | &nbsp;&nbsp;&nbsp; (60530) |
|  | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; $1436 | &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; $7130 |
|  | &nbsp;&nbsp; 29998585 | &nbsp;&nbsp;&nbsp; $426107863 | &nbsp;&nbsp;&nbsp; 23836961 | &nbsp;&nbsp;&nbsp; $302064106 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| GA Dynamic Equity  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 61781614 | &nbsp;&nbsp;&nbsp; $1017160461 | &nbsp;&nbsp;&nbsp; 38225836 | &nbsp;&nbsp;&nbsp; $545765276 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1356859 | &nbsp;&nbsp;&nbsp; 22457689 | &nbsp;&nbsp;&nbsp; 212682 | &nbsp;&nbsp;&nbsp; 3016721 |
| Shares redeemed | &nbsp;&nbsp; (17025872) | &nbsp;&nbsp;&nbsp; (280461021) | &nbsp;&nbsp;&nbsp; (4952231) | &nbsp;&nbsp;&nbsp; (71239815) |
|  | &nbsp;&nbsp; 46112601 | &nbsp;&nbsp;&nbsp; $759157129 | &nbsp;&nbsp;&nbsp; 33486287 | &nbsp;&nbsp;&nbsp; $477542182 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 61198 | &nbsp;&nbsp;&nbsp; $1018932 | &nbsp;&nbsp;&nbsp; 5211 | &nbsp;&nbsp;&nbsp; $72074 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 3237 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 3166 |
| Shares redeemed | &nbsp;&nbsp; (12353) | &nbsp;&nbsp;&nbsp; (203722) | &nbsp;&nbsp;&nbsp; (5226) | &nbsp;&nbsp;&nbsp; (71917) |
|  | &nbsp;&nbsp; 49044 | &nbsp;&nbsp;&nbsp; $818447 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; $3323 |
|  | &nbsp;&nbsp; 46161645 | &nbsp;&nbsp;&nbsp; $759975576 | &nbsp;&nbsp;&nbsp; 33486496 | &nbsp;&nbsp;&nbsp; $477545505 |

---

As of April 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

<u> *Fund Name* </u> <u> *Class K* </u> <br> GA Disciplined Volatility Equity 23,247 <br> GA Dynamic Equity 20,962

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

Notes to Consolidated Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock GA Disciplined Volatility Equity Fund and BlackRock GA Dynamic Equity Fund and the Board of Trustees of Managed Account Series:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of BlackRock GA Disciplined Volatility Equity Fund and BlackRock GA Dynamic Equity Fund of Managed Account Series (the "Funds"), including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for the year ended October 31, 2020, and the related notes. Such financial statements and financial highlights for BlackRock GA Disciplined Volatility Equity Fund are consolidated. Such financial statements and financial highlights for BlackRock GA Dynamic Equity Fund are consolidated as of April 30, 2025 and for the year then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for the year ended October 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 25, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $9272424 |
| GA Dynamic Equity | &nbsp;&nbsp; 9543779 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $77940 |
| GA Dynamic Equity | &nbsp;&nbsp; 61298 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $2578208 |
| GA Dynamic Equity | &nbsp;&nbsp; 4519221 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $282860 |
| GA Dynamic Equity | &nbsp;&nbsp; 1816364 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| GA Disciplined Volatility Equity | 11.49<br> % <br>|
| GA Dynamic Equity | 18.60 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $557994 |
| GA Dynamic Equity | &nbsp;&nbsp; 3789160 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| GA Disciplined Volatility Equity | &nbsp;&nbsp; $570282 | &nbsp;&nbsp; $15303272 |
| GA Dynamic Equity | &nbsp;&nbsp; 3661287 | &nbsp;&nbsp; 8164469 |

---

Important Tax Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Funds.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 537-4942 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent**

State Street Bank and Trust Company

Boston, MA 02114

**Custodian**

Brown Brothers Harriman & Co.

Boston, MA 02109

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CD | Certificate of Deposit  |
| CDI | CREST Depository Interest  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SPDR | Standard & Poor's Depository Receipt |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g35609img4e10bd0a2.jpg)

![](g35609img296289e41.jpg)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

#### 4

------

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d35609dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d35609dex99906cert.htm)

#### 5

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Managed Account Series

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | Managed Account Series |

---

Date: June 25, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | Managed Account Series |

---

Date: June 25, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | Managed Account Series |

---

Date: June 25, 2025

#### 6

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of Managed Account Series, certify that:

1. I have reviewed this report on Form N-CSR of Managed Account Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

Managed Account Series

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of Managed Account Series, certify that:

1. I have reviewed this report on Form N-CSR of Managed Account Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

Managed Account Series

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Managed Account Series (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

Managed Account Series

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Managed Account Series (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

Managed Account Series

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**