# EDGAR Filing Document

**Accession Number:** 0001323737
**File Stem:** 0001193125-23-000527
**Filing Date:** 2023-1
**Character Count:** 279350
**Document Hash:** a0b5de63a298d2627497383be2444250
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000527.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000527

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Account Series
- **CENTRAL INDEX KEY:** 0001323737
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0412

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21763
- **FILM NUMBER:** 23501253

**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 |  |

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

BlackRock GA Disciplined Volatility Equity Fund

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, 55 East 52<sup>nd</sup> Street, New York, NY 10055

Registrant's telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

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Item 1 – Report to Stockholders

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

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| | |
|:---|:---|
| ![LOGO](g422949g42l24.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**Managed Account Series** 

· BlackRock GA Disciplined Volatility Equity Fund

· BlackRock GA Dynamic Equity Fund

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g422949sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g422949photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month<br> U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year<br> U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2%<br> Issuer Capped Index) | (4.71) | (11.76) |
| &nbsp;&nbsp; <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | &nbsp;&nbsp; <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | &nbsp;&nbsp; <br> Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx422949_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx422949_2) | 4 |
|  [About Fund Performance](#tx422949_3) | 8 |
|  [Disclosure of Expenses](#tx422949_4) | 8 |
|  [Derivative Financial Instruments](#tx422949_5) | 8 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx422949_6) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx422949_7) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx422949_8) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx422949_9) | 34 |
|  [Financial Highlights](#tx422949_10) | 35 |
|  [Notes to Financial Statements](#tx422949_11) | 39 |
|  [Disclosure of Investment Advisory Agreement](#tx422949_12) | 49 |
|  [Additional Information](#tx422949_13) | 52 |
|  [Glossary of Terms Used in this Report](#tx422949_14) | 54 |

---

![LOGO](g422949g63k41.jpg)

3.0 ------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

**Investment Objective** 

**BlackRock GA Disciplined Volatility Equity Fund's (the "Fund")** investment objective is to seek to provide risk-adjusted total return.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund outperformed its benchmark, the MSCI ACWI Minimum Volatility (USD) Index. The following commentary and allocation percentages are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, options (except with respect to fixed-income securities), and convertible bonds, and may vary relative to the market value.

**What factors influenced performance?** 

The largest positive contributor to performance over the six-month period was the Fund's exposure to cash and cash equivalents. From an equity sector perspective, primary contributors to performance were underweights to and security selection within communication services, financials and utilities. Currency management also contributed to returns, most notably an overweight to the U.S. dollar.

The largest detractor for the six-month period was security selection within a few equity sectors, specifically information technology, materials and consumer discretionary. An overweight to healthcare also weighed on performance.

The Fund uses derivatives, which may include options, futures, indexed securities, inverse securities, swaps, credit default swaps, contracts for difference, and forward contracts both to seek to enhance returns of the Fund and to hedge (or protect) against adverse movements in currency exchange rates, interest rates, and movements in the securities markets. During the period, the Fund's use of derivatives modestly detracted from the Fund's performance.

**Describe recent portfolio activity.** 

During the six-month period, the Fund's overall equity allocation decreased from 90% to 83% of net assets. On a sector basis, the Fund increased its exposure to healthcare, consumer staples, materials, financials, communication services and utilities, and decreased exposure to information technology, real estate, consumer discretionary, energy and industrials. From a regional perspective, the Fund decreased exposure to the United States, select European markets and Asia.

Reflecting the changes in the Fund's overall equity allocation during the period, the Fund's exposure to cash and cash equivalent holdings increased from 10% to 16% of net assets. During the six-month period, cash helped manage portfolio volatility and served as a source of funds for new investments.

**Describe portfolio positioning at period end.** 

Relative to its benchmark, the Fund ended the period overweight energy, information technology, industrials and consumer discretionary, and underweight communication services, consumer staples, financials, materials, healthcare, utilities and real estate. From a regional perspective, the Fund was overweight Europe, and underweight the United States, Asia and the Middle East.

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.

**Performance** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | *6-Month<br>Total Returns* | *1 Year* | *5 Years* | | *Since<br>Inception* *<br><sup>(c)</sup>* |
|  Institutional | (5.44)% | (14.37) | 4.62 | % | 4.82% |
|  Class K | (5.42) | (14.35) | 4.67 |  | 4.88 |
|  **MSCI ACWI Minimum Volatility (USD) Index<sup>(d)</sup>** | (7.21) | (10.73 | 4.36 |  | 4.64 |

---

<sup>(a)</sup> See "About Fund Performance" for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

<sup>(b)</sup> The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. 

<sup>(c)</sup> The Fund commenced operations on June 1, 2017.

<sup>(d)</sup> This unmanaged index aims to reflect the performance characteristics of a minimum variance strategy applied to large and mid cap equities across certain developed and emerging markets countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). 

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.

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $945.60 | $2.70 | $1000.00 | $1022.43 | $2.80 | 0.55% |

---

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock GA Disciplined Volatility Equity Fund** |

---

**Expense Example** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Class K | $1000.00 | $945.80 | $2.45 | $1000.00 | $1022.68 | $2.55 | 0.50% |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Mastercard, Inc., Class A | 2.0% |
|  Gilead Sciences, Inc. | 1.3 |
|  UnitedHealth Group, Inc. | 1.3 |
|  PepsiCo, Inc. | 1.2 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1.2 |
|  Merck & Co., Inc. | 1.1 |
|  Costco Wholesale Corp. | 1 |
|  Cadence Design Systems, Inc. | 1 |
|  Microsoft Corp. | 0.9 |
|  AutoZone, Inc. | 0.9 |

---

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of<br>Net Assets* |
|  United States | 66.0% |
|  Japan | 6.4 |
|  China | 5.6 |
|  Taiwan | 2.8 |
|  France | 2.6 |
|  Canada | 2.2 |
|  India | 2.2 |
|  Switzerland | 1.5 |
|  Hong Kong | 1.3 |
|  United Kingdom | 1.1 |
|  Sweden | 1.1 |
|  South Korea | 1 |
|  Denmark | 1 |
|  Other<sup>#</sup> | 5.3 |
|  Liabilities in Excess of Other Assets | (0.1) |

---

<sup>(a)</sup> Excludes short-term securities.

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Consolidated Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

**Investment Objective** 

**BlackRock GA Dynamic Equity Fund's (the "Fund")** investment objective is to seek to provide total return.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund outperformed its benchmark, the MSCI World Index. The following commentary and allocation percentages are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, options (except with respect to fixed-income securities), and convertible bonds, and may vary relative to the market value.

**What factors influenced performance?** 

From an equity sector perspective, the primary contributors to performance were security selection within materials, financials, healthcare and consumer discretionary. An overweight to the energy sector also proved additive. Currency management added to returns as well, most notably underweights to the Australian dollar and the euro.

From an equity sector perspective, an overweight allocation to materials and an underweight allocation to financials weighed on performance. Security selection within energy negatively impacted performance as well.

The Fund uses derivatives, which may include options, futures, indexed securities, inverse securities, swaps, credit default swaps, contracts for difference, and forward contracts both to seek to enhance returns of the Fund and to hedge (or protect) against adverse movements in currency exchange rates, interest rates, and movements in the securities markets. During the period, the Fund's use of derivatives modestly detracted from the Fund's performance.

The Fund's cash position did not have a material impact on performance.

**Describe recent portfolio activity.** 

During the six-month period, the Fund's overall equity allocation remained essentially unchanged at 99% of net assets. From a sector perspective, the Fund increased exposure to financials, consumer staples and healthcare, and decreased exposure to consumer discretionary, materials, information technology, communication services and energy. From a regional perspective, the Fund increased exposure to the United States and Canada, and reduced exposure to select developed European markets, Japan and China.

**Describe portfolio positioning at period end.** 

Relative to its benchmark, the Fund ended the period overweight materials, communication services, energy, consumer discretionary and healthcare, and underweight financials, industrials, consumer staples, information technology, real estate and utilities. From a regional perspective, the Fund was overweight the United States, Germany and China, and was underweight Japan and Australia.

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.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | |
|  | *6-Month<br>Total Returns* | *1 Year* | *5 Years* | | *Since*<br> *Inception* | <br> *<sup>(c)</sup>*  |
|  Institutional | (4.74)% | (18.71) | 5.57 | % | 6.94 | % |
|  Class K | (4.72) | (18.68) | 5.62 |  | 6.99 |  |
|  **MSCI World Index<sup>(d)</sup>** | (8.09) | (18.48 | 6.37 |  | 7.13 |  |

---

<sup>(a)</sup> See "About Fund Performance" for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

<sup>(b)</sup> The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. 

<sup>(c)</sup> The Fund commenced operations on June 1, 2017.

<sup>(d)</sup> A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

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.

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock GA Dynamic Equity Fund** |

---

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $952.60 | $2.71 | $1000.00 | $1022.43 | $2.80 | 0.55% |
|  Class K | 1000.00 | 952.80 | 2.46 | 1000.00 | 1022.68 | 2.55 | 0.50 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Apple, Inc. | 3.5% |
|  Microsoft Corp. | 3.2 |
|  ConocoPhillips | 2.3 |
|  Alphabet, Inc., Class C | 2.3 |
|  Amazon.com, Inc. | 2.0 |
|  Humana, Inc. | 2.0 |
|  Enbridge, Inc. | 1.6 |
|  UnitedHealth Group, Inc. | 1.5 |
|  Sempra Energy | 1.4 |
|  Charles Schwab Corp. | 1.4 |

---

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of<br>Net Assets* |
|  United States | 72.5% |
|  Germany | 5.0 |
|  United Kingdom | 4.0 |
|  Netherlands | 3.3 |
|  France | 2.9 |
|  China | 1.9 |
|  Canada | 1.9 |
|  Japan | 1.3 |
|  Australia | 1.2 |
|  Switzerland | 1.1 |
|  South Korea | 1.1 |
|  Other<sup>#</sup> | 3.3 |
|  Other Assets Less Liabilities | 0.5 |

---

<sup>(a)</sup> Excludes short-term securities.

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 7

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About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. On November 30, 2018, all issued and outstanding shares of each Fund were redesignated as Class K Shares. Institutional Shares 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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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 of 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 Financial Statements.

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
|  MercadoLibre, Inc.<sup>(a)</sup> | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180324 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
|  Ambev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57737 | 178839 |
|  Atacadao SA | 26160 | 98553 |
|  Suzano SA | 10881 | 112064 |
|  Vale SA | 5841 | 75909 |
|  |  | 465365 |
| **Canada — 2.2%** | **Canada — 2.2%** | **Canada — 2.2%** |
|  Franco-Nevada Corp. | 2248 | 277760 |
|  George Weston Ltd. | 754 | 82991 |
|  Keyera Corp. | 5656 | 121228 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 429 | 141158 |
|  National Bank of Canada | 3897 | 265340 |
|  Nutrien Ltd. | 1142 | 96492 |
|  Open Text Corp. | 12421 | 359770 |
|  Rogers Communications, Inc., Class B | 6900 | 287223 |
|  TC Energy Corp. | 10889 | 478289 |
|  |  | 2110251 |
| **China — 5.6%** | **China — 5.6%** | **China — 5.6%** |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 39900 | 78989 |
|  Agricultural Bank of China Ltd., Class H | 908000 | 259173 |
|  Bank of China Ltd., Class H | 564000 | 181652 |
|  Bank of Communications Co. Ltd., Class H | 277000 | 135154 |
|  BYD Co. Ltd., Class A | 2400 | 80836 |
|  BYD Co. Ltd., Class H | 8500 | 190427 |
|  China Construction Bank Corp., Class H | 418000 | 221828 |
|  China Merchants Bank Co. Ltd., Class H | 102500 | 335575 |
|  China Resources Gas Group Ltd. | 35700 | 91434 |
|  China Suntien Green Energy Corp. Ltd., Class H | 497000 | 188483 |
|  Chongqing Brewery Co. Ltd., Class A | 5600 | 66668 |
|  CMOC Group Ltd., Class H | 288000 | 92722 |
|  Country Garden Services Holdings Co. Ltd. | 111000 | 97017 |
|  G-bits Network Technology Xiamen Co. Ltd., Class A | 2793 | 97109 |
|  Great Wall Motor Co. Ltd., Class H | 347000 | 379063 |
|  Industrial & Commercial Bank of China Ltd., Class H | 477000 | 207097 |
|  Joinn Laboratories China Co. Ltd., Class A | 9700 | 75706 |
|  Kingboard Holdings Ltd. | 43500 | 107387 |
|  Li Auto, Inc., ADR<sup>(a)</sup> | 9838 | 133994 |
|  Ningbo Deye Technology Co. Ltd., Class A | 2900 | 129444 |
|  Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | 15200 | 76348 |
|  Pharmaron Beijing Co. Ltd., Class A | 8700 | 61488 |
|  Pharmaron Beijing Co. Ltd., Class H<sup>(b)</sup> | 32600 | 109921 |
|  Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | 309000 | 143302 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | 27100 | 79609 |
|  SG Micro Corp., Class A | 5750 | 117562 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 84000 | 212121 |
|  Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A | 17300 | 146178 |
|  TBEA Co. Ltd., Class A | 29200 | 81400 |
|  Tencent Holdings Ltd. | 6800 | 178682 |
|  Want Want China Holdings Ltd. | 189000 | 124151 |
|  Wilmar International Ltd. | 137700 | 377236 |
|  Yadea Group Holdings Ltd.<sup>(b)</sup> | 48000 | 73290 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 3900 | 76073 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
|  Zangge Mining Co. Ltd., Class A | 24340 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90466 |
|  Zhejiang NHU Co. Ltd., Class A | 50000 |  | 122076 |
|  Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 |  | 167875 |
|  |  |  | 5387536 |
| **Denmark — 1.0%** | **Denmark — 1.0%** | **Denmark — 1.0%** | **Denmark — 1.0%** |
|  DSV A/S | 1841 |  | 248771 |
|  Novo Nordisk A/S, Class B | 6620 |  | 719801 |
|  |  |  | 968572 |
| **France — 2.6%** | **France — 2.6%** | **France — 2.6%** | **France — 2.6%** |
|  Hermes International | 382 |  | 494455 |
|  L'Oreal SA | 1234 |  | 387481 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1757 |  | 1108658 |
|  Societe Generale SA | 5160 |  | 118355 |
|  TotalEnergies SE | 6869 |  | 374727 |
|  |  |  | 2483676 |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
|  Symrise AG | 3508 |  | 358070 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
|  China Resources Power Holdings Co. Ltd. | 54000 |  | 78466 |
|  CLP Holdings Ltd. | 32500 |  | 218134 |
|  Hang Seng Bank Ltd. | 6700 |  | 94321 |
|  HK Electric Investments & HK Electric Investments Ltd., Class SS | 206500 |  | 131295 |
|  HKT Trust & HKT Ltd., Class SS | 184000 |  | 208094 |
|  Hong Kong & China Gas Co. Ltd. | 96350 |  | 74264 |
|  Link REIT | 14600 |  | 86295 |
|  MTR Corp. Ltd. | 31000 |  | 136406 |
|  Orient Overseas International Ltd. | 9000 |  | 131518 |
|  SITC International Holdings Co. Ltd. | 71000 |  | 116283 |
|  |  |  | 1275076 |
| **India — 2.2%** | **India — 2.2%** | **India — 2.2%** | **India — 2.2%** |
|  Adani Enterprises Ltd. | 2730 |  | 110492 |
|  Adani Green Energy Ltd.<sup>(a)</sup> | 3179 |  | 80829 |
|  AU Small Finance Bank Ltd.<sup>(b)</sup> | 12449 |  | 88681 |
|  Bandhan Bank Ltd.<sup>(a)(b)</sup> | 62256 |  | 179781 |
|  Bharat Electronics Ltd. | 157350 |  | 203063 |
|  HCL Technologies Ltd. | 19588 |  | 246586 |
|  Infosys Ltd. | 5547 |  | 103385 |
|  Pidilite Industries Ltd. | 4761 |  | 148885 |
|  Sun Pharmaceutical Industries Ltd. | 19723 |  | 242332 |
|  Tata Consultancy Services Ltd. | 10290 |  | 397113 |
|  Torrent Pharmaceuticals Ltd. | 7462 |  | 148890 |
|  UPL Ltd. | 17836 |  | 157458 |
|  |  |  | 2107495 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
|  Allegion PLC | 1745 |  | 182823 |
|  Kingspan Group PLC | 3143 |  | 158460 |
|  Seagate Technology Holdings PLC | 3546 |  | 176094 |
|  Trane Technologies PLC | 790 |  | 126108 |
|  |  |  | 643485 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
|  Ferrari NV | 2525 |  | 497774 |
| **Japan — 6.4%** | **Japan — 6.4%** | **Japan — 6.4%** | **Japan — 6.4%** |
|  Astellas Pharma, Inc. | 27100 |  | 373931 |
|  Chubu Electric Power Co., Inc. | 13600 |  | 110703 |
|  Chugai Pharmaceutical Co. Ltd. | 9000 |  | 208547 |

---

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  Dai Nippon Printing Co. Ltd. | 5600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112172 |
|  Daifuku Co. Ltd. | 1800 | 82395 |
|  Dai-ichi Life Holdings, Inc. | 14900 | 236653 |
|  Daiwa House Industry Co. Ltd. | 6000 | 120884 |
|  East Japan Railway Co. | 4400 | 234456 |
|  Fujitsu Ltd. | 1100 | 126564 |
|  GMO Payment Gateway, Inc. | 1100 | 79096 |
|  Japan Post Bank Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31600 | 210555 |
|  Kansai Electric Power Co., Inc. | 19400 | 146960 |
|  Keio Corp. | 12800 | 448775 |
|  Keyence Corp. | 1200 | 452478 |
|  Kobayashi Pharmaceutical Co. Ltd. | 4300 | 228187 |
|  Mitsubishi Corp. | 6900 | 186913 |
|  MS&AD Insurance Group Holdings, Inc. | 8100 | 214498 |
|  Nintendo Co. Ltd. | 5300 | 215175 |
|  Nomura Research Institute Ltd. | 9200 | 203598 |
|  Odakyu Electric Railway Co. Ltd. | 27600 | 328107 |
|  Osaka Gas Co. Ltd. | 11800 | 174731 |
|  Otsuka Holdings Co. Ltd. | 11400 | 365421 |
|  Recruit Holdings Co. Ltd. | 20300 | 624655 |
|  Shimadzu Corp. | 9600 | 252891 |
|  Shionogi & Co. Ltd. | 2200 | 102162 |
|  Tobu Railway Co. Ltd. | 3700 | 85590 |
|  Unicharm Corp. | 2800 | 85096 |
|  ZOZO, Inc. | 9600 | 203695 |
|  |  | 6214888 |
| **Mexico — 0.6%** |  |  |
|  Fomento Economico Mexicano SAB de CV | 57050 | 409540 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 8319 | 194697 |
|  |  | 604237 |
| **Netherlands — 0.8%** |  |  |
|  ASML Holding NV | 1581 | 741626 |
| **Saudi Arabia — 0.6%** |  |  |
|  ACWA Power Co. | 2068 | 95729 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 1641 | 98990 |
|  SABIC Agri-Nutrients Co. | 5762 | 243455 |
|  Saudi Telecom Co. | 15687 | 168538 |
|  |  | 606712 |
| **Singapore — 0.4%** |  |  |
|  Keppel Corp. Ltd. | 47100 | 231827 |
|  Singapore Technologies Engineering Ltd. | 78100 | 182077 |
|  |  | 413904 |
| **South Africa — 0.3%** |  |  |
|  Anglo American Platinum Ltd. | 2270 | 180751 |
|  Kumba Iron Ore Ltd. | 8349 | 157066 |
|  |  | 337817 |
| **South Korea — 1.0%** |  |  |
|  BGF retail Co. Ltd. | 1786 | 233559 |
|  Cheil Worldwide, Inc. | 8832 | 151339 |
|  GS Engineering & Construction Corp. | 7133 | 108384 |
|  Hana Financial Group, Inc. | 5401 | 156150 |
|  Hyundai Heavy Industries Co. Ltd.<sup>(a)</sup>  | 911 | 69592 |
|  Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>(a)</sup>  | 2023 | 103054 |
|  KT&G Corp. | 1100 | 73878 |
|  LG H&H Co. Ltd. | 222 | 79316 |
|  |  | 975272 |
| **Sweden — 1.1%** |  |  |
|  Atlas Copco AB, A Shares | 29234 | 312022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Sweden (continued)** |  |  |
|  Epiroc AB, Class A | 15126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231555 |
|  Hexagon AB, B Shares | 31367 | 310090 |
|  Swedbank AB, A Shares | 14087 | 210010 |
|  |  | 1063677 |
| **Switzerland — 1.5%** |  |  |
|  Lonza Group AG, Registered Shares | 1303 | 670763 |
|  Nestle SA, Registered Shares | 5190 | 564977 |
|  STMicroelectronics NV | 5948 | 184947 |
|  |  | 1420687 |
| **Taiwan — 2.8%** |  |  |
|  Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | 389614 |
|  CTBC Financial Holding Co. Ltd. | 218000 | 137719 |
|  Far EasTone Telecommunications Co. Ltd. | 210000 | 460446 |
|  Globalwafers Co. Ltd. | 8000 | 88672 |
|  Hua Nan Financial Holdings Co. Ltd. | 256432 | 167289 |
|  Lite-On Technology Corp. | 46000 | 91091 |
|  momo.com, Inc. | 10000 | 149196 |
|  Nan Ya Printed Circuit Board Corp. | 34000 | 221823 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 286755 | 222181 |
|  Taiwan Mobile Co. Ltd. | 46000 | 135635 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 24000 | 288533 |
|  Unimicron Technology Corp. | 90000 | 345813 |
|  |  | 2698012 |
| **United Kingdom — 1.1%** |  |  |
|  Auto Trader Group PLC<sup>(b)</sup>  | 36360 | 217643 |
|  Linde PLC<sup>(a)</sup>  | 1363 | 405288 |
|  Spirax-Sarco Engineering PLC | 3910 | 481843 |
|  |  | 1104774 |
| **United States — 55.4%** |  |  |
|  Abbott Laboratories | 1201 | 118827 |
|  Adobe, Inc.<sup>(a)</sup>  | 431 | 137273 |
|  Advance Auto Parts, Inc. | 1060 | 201315 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 4384 | 387239 |
|  Alliant Energy Corp. | 4964 | 258972 |
|  Alphabet, Inc., Class C<sup>(a)</sup>  | 3770 | 356868 |
|  Altair Engineering, Inc., Class A<sup>(a)</sup>  | 5069 | 248634 |
|  Altria Group, Inc. | 5269 | 243797 |
|  American Express Co. | 849 | 126034 |
|  American Tower Corp. | 590 | 122242 |
|  AmerisourceBergen Corp. | 1913 | 300762 |
|  Amgen, Inc. | 2382 | 643974 |
|  ANSYS, Inc.<sup>(a)</sup>  | 2372 | 524592 |
|  Applied Materials, Inc. | 331 | 29224 |
|  Archer-Daniels-Midland Co. | 1116 | 108230 |
|  Arista Networks, Inc.<sup>(a)</sup>  | 1114 | 134638 |
|  AT&T, Inc. | 14893 | 271499 |
|  AutoZone, Inc.<sup>(a)</sup>  | 332 | 840916 |
|  AvalonBay Communities, Inc. | 1582 | 277040 |
|  Baker Hughes Co. | 9819 | 271594 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 898 | 264991 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 3106 | 269073 |
|  Booking Holdings, Inc.<sup>(a)</sup>  | 364 | 680491 |
|  Brown-Forman Corp., Class B | 6703 | 455804 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 6486 | 981916 |
|  Cboe Global Markets, Inc. | 1069 | 133090 |
|  CDW Corp. | 1491 | 257660 |
|  Centene Corp.<sup>(a)</sup>  | 4450 | 378828 |
|  CF Industries Holdings, Inc. | 671 | 71300 |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 355 | 130505 |
|  Cheniere Energy, Inc. | 730 | 128779 |

---

10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** |  |  |
|  Cigna Corp. | 1062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343090 |
|  Cintas Corp. | 434 | 185557 |
|  Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17312 | 786484 |
|  CME Group, Inc. | 2094 | 362890 |
|  CMS Energy Corp. | 6079 | 346807 |
|  Comcast Corp., Class A | 8259 | 262141 |
|  Consolidated Edison, Inc. | 63 | 5541 |
|  Copart, Inc.<sup>(a)</sup>  | 1470 | 169079 |
|  Corteva, Inc. | 1667 | 108922 |
|  Costco Wholesale Corp. | 2018 | 1012027 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 2670 | 430404 |
|  Crown Castle, Inc. | 2243 | 298902 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 2261 | 182033 |
|  Delta Air Lines, Inc.<sup>(a)</sup>  | 5978 | 202834 |
|  Dentsply Sirona, Inc. | 5072 | 156319 |
|  DocuSign, Inc.<sup>(a)</sup>  | 2456 | 118625 |
|  Dollar General Corp. | 1037 | 264487 |
|  Dominion Energy, Inc. | 10794 | 755256 |
|  Duke Energy Corp. | 6614 | 616293 |
|  eBay, Inc. | 4464 | 177846 |
|  Edison International | 2892 | 173636 |
|  Elevance Health, Inc. | 1028 | 562080 |
|  Eli Lilly & Co. | 579 | 209650 |
|  Essex Property Trust, Inc. | 1540 | 342250 |
|  Eversource Energy | 8333 | 635641 |
|  Expedia Group, Inc.<sup>(a)</sup>  | 3282 | 306769 |
|  Exxon Mobil Corp. | 2960 | 327998 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 193 | 92416 |
|  First Republic Bank | 2600 | 312260 |
|  FleetCor Technologies, Inc.<sup>(a)</sup>  | 1227 | 228369 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup>  | 3202 | 234931 |
|  Fortinet, Inc.<sup>(a)</sup>  | 3677 | 210177 |
|  Gartner, Inc.<sup>(a)</sup>  | 613 | 185077 |
|  General Dynamics Corp. | 496 | 123901 |
|  General Mills, Inc. | 1008 | 82233 |
|  Genuine Parts Co. | 2650 | 471329 |
|  Gilead Sciences, Inc. | 16554 | 1298827 |
|  Globalfoundries, Inc.<sup>(a)</sup>  | 1385 | 78529 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 2756 | 221582 |
|  Guidewire Software, Inc.<sup>(a)</sup>  | 3245 | 192785 |
|  Hilton Worldwide Holdings, Inc. | 1879 | 254154 |
|  Hormel Foods Corp. | 2023 | 93968 |
|  Incyte Corp.<sup>(a)</sup>  | 2808 | 208747 |
|  Intercontinental Exchange, Inc. | 3032 | 289768 |
|  Intuit, Inc. | 1512 | 646380 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 2932 | 722650 |
|  Johnson & Johnson | 1665 | 289660 |
|  JPMorgan Chase & Co. | 1613 | 203044 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 1905 | 331756 |
|  Kimberly-Clark Corp. | 1682 | 209342 |
|  Kinder Morgan, Inc. | 8673 | 157155 |
|  Kraft Heinz Co. | 5747 | 221087 |
|  Kroger Co. | 17203 | 813530 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 2655 | 211365 |
|  Lowe's Cos., Inc. | 1620 | 315819 |
|  Lumen Technologies, Inc. | 16706 | 122956 |
|  Marathon Oil Corp. | 5617 | 171038 |
|  Marsh & McLennan Cos., Inc. | 3973 | 641600 |
|  Masimo Corp.<sup>(a)</sup>  | 1983 | 260963 |
|  Mastercard, Inc., Class A | 5968 | 1958578 |
|  McKesson Corp. | 765 | 297868 |
|  Merck & Co., Inc. | 10803 | 1093264 |
|  Micron Technology, Inc. | 329 | 17799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** |  |  |
|  Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911110 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 493 | 176918 |
|  Motorola Solutions, Inc. | 196 | 48943 |
|  NetApp, Inc. | 2923 | 202476 |
|  Netflix, Inc.<sup>(a)</sup>  | 237 | 69176 |
|  Newmont Corp. | 14754 | 624389 |
|  NextEra Energy, Inc. | 5011 | 388352 |
|  NIKE, Inc., Class B | 3381 | 313351 |
|  Norfolk Southern Corp. | 798 | 182000 |
|  NortonLifeLock, Inc. | 7627 | 171836 |
|  ONEOK, Inc. | 5013 | 297371 |
|  Otis Worldwide Corp. | 3801 | 268503 |
|  Palo Alto Networks, Inc.<sup>(a)</sup>  | 727 | 124746 |
|  Paychex, Inc. | 840 | 99380 |
|  Paycom Software, Inc.<sup>(a)</sup>  | 634 | 219364 |
|  PepsiCo, Inc. | 6183 | 1122709 |
|  Philip Morris International, Inc. | 3613 | 331854 |
|  Qualcomm, Inc. | 442 | 52006 |
|  Quest Diagnostics, Inc. | 2818 | 404806 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 548 | 410315 |
|  Republic Services, Inc. | 5455 | 723442 |
|  Robert Half International, Inc. | 1085 | 82959 |
|  Royalty Pharma PLC, Class A | 3502 | 148205 |
|  S&P Global, Inc. | 2168 | 696470 |
|  SBA Communications Corp. | 1650 | 445335 |
|  Schlumberger NV | 2017 | 104944 |
|  Seagen, Inc.<sup>(a)</sup>  | 4297 | 546407 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 1287 | 541492 |
|  Snowflake, Inc., Class A<sup>(a)</sup>  | 1204 | 193001 |
|  Southern Co. | 4147 | 271546 |
|  Southwest Airlines Co.<sup>(a)</sup>  | 5349 | 194436 |
|  Splunk, Inc.<sup>(a)</sup>  | 3482 | 289389 |
|  Synchrony Financial | 3452 | 122753 |
|  Thermo Fisher Scientific, Inc. | 1050 | 539668 |
|  T-Mobile U.S., Inc.<sup>(a)</sup>  | 1340 | 203090 |
|  TransDigm Group, Inc. | 599 | 344880 |
|  Travelers Cos., Inc. | 1080 | 199217 |
|  Twilio, Inc., Class A<sup>(a)</sup>  | 570 | 42391 |
|  U.S. Bancorp | 2765 | 117374 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 707 | 296495 |
|  United Rentals, Inc.<sup>(a)</sup>  | 436 | 137650 |
|  UnitedHealth Group, Inc. | 2172 | 1205786 |
|  Vail Resorts, Inc. | 948 | 207735 |
|  Valero Energy Corp. | 1075 | 134966 |
|  VeriSign, Inc.<sup>(a)</sup>  | 3838 | 769365 |
|  Verisk Analytics, Inc. | 3670 | 670986 |
|  Verizon Communications, Inc. | 21216 | 792842 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 2459 | 767208 |
|  VF Corp. | 10753 | 303772 |
|  Viatris, Inc. | 19 | 192 |
|  Visa, Inc., A Shares | 3472 | 719259 |
|  Vistra Corp. | 5342 | 122706 |
|  W R Berkley Corp. | 1523 | 113281 |
|  Walgreens Boots Alliance, Inc. | 7576 | 276524 |
|  Walmart, Inc. | 706 | 100485 |
|  Walt Disney Co.<sup>(a)</sup>  | 2664 | 283823 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup>  | 606 | 7878 |
|  Waste Connections, Inc. | 2141 | 282419 |
|  Waste Management, Inc. | 2728 | 432033 |
|  WEC Energy Group, Inc. | 5379 | 491264 |
|  West Pharmaceutical Services, Inc. | 292 | 67189 |
|  Willis Towers Watson PLC | 1090 | 237849 |
|  Wolfspeed, Inc.<sup>(a)</sup>  | 142 | 11182 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Shares* | *Value* |
| **United States (continued)** |  |  |
|  Workday, Inc., Class A<sup>(a)</sup>  | 2312 | $360256 |
|  Xcel Energy, Inc. | 2459 | 160105 |
|  Zendesk, Inc.<sup>(a)</sup>  | 1694 | 129913 |
|  Zoetis, Inc. | 1511 | 227829 |
|  Zscaler, Inc.<sup>(a)</sup>  | 586 | 90303 |
|  |  | 53592474 |
|  **Total Common Stocks — 89.2%<br>(Cost: $90,165,451)** |  | 86251704 |
| **Investment Companies** |  |  |
|  iShares Gold Trust<sup>(c)(d)</sup>  | 3652 | 113139 |
|  **Total Investment Companies — 0.1%<br>(Cost: $121,432)** |  | 113139 |
| **Preferred Securities** |  |  |
| **Preferred Stocks — 0.3%** |  |  |
| **Brazil — 0.3%** |  |  |
|  Cia Energetica de Minas Gerais, Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139347 | 306722 |
|  **Total Preferred Securities — 0.3%<br>(Cost: $315,234)** |  | 306722 |
|  **Total Long-Term Investments — 89.6%<br>(Cost: $90,602,117)** | **Total Long-Term Investments — 89.6%<br>(Cost: $90,602,117)** | 86671565 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 10.5%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92%<sup>(c)(e)</sup>  | 10098052 | $10098052 |
|  **Total Short-Term Securities — 10.5%<br>(Cost: $10,098,052)** |  | 10098052 |
|  **Total Investments — 100.1%<br>(Cost: $100,700,169)** |  | 96769617 |
|  **Liabilities in Excess of Other Assets — (0.1)%** |  | (56518) |
|  **Net Assets — 100.0%** |  | $96713099 |

---

<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> Affiliate of the Fund.

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

<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 six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/22* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $8460212 | $1637840 <sup>(a)</sup> | $— | $– $|  | $10098052 | 10098052 | $56528 | $— |
|  iShares Gold Trust |  | 121432 |  | – | (8293) | 113139 | 3652 |  |  |
|  |  |  |  | $– $| (8293) | $10211191 |  | $56528 | $— |

---

<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* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 2489077 | EUR | 2469205 | Bank of America N.A. | 12/15/22 | $40422 |
| HKD | 10484276 | USD | 1337828 | JPMorgan Chase Bank N.A. | 12/15/22 | (1352) |
| INR | 224899589 | USD | 2802592 | Citibank N.A. | 12/15/22 | (99760) |
| JPY | 306213326 | USD | 2143239 | UBS AG | 12/15/22 | (72931) |
|  |  |  |  |  |  | (174043) |
|  |  |  |  |  |  | $(133621) |

---

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination<br>Date* | *Net Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross<br>Notional<br>Amount<br>Net Asset<br>Percentage* |
|  Equity Securities Long/Short | Monthly | Citibank N.A.<sup>(b)</sup> | 02/24/23 – 08/12/25 | $(3184959) | $(45010)<sup>(c)</sup> | $(3228546) | 11.3% |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup> | 02/08/23 | (2594073) | 63765 <sup>(e)</sup> | (2540275) | 14.7 |
|  |  |  |  |  | $18755 | $&nbsp;&nbsp;&nbsp;&nbsp;(5768821) |  |

---

<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 $(1423) of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $9,967 of net dividends and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | |
|:---|:---|:---|
|  | (b) | (d) |
| Range: | 15-112 basis points | 15-275 basis points |
| Benchmarks: | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

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 February 24, 2023 and August 12, 2025:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
|  **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Origin Energy Ltd. | 28095 | $100372 | &nbsp;&nbsp;&nbsp;&nbsp;(3.1)% |
|  Qantas Airways Ltd. | 33497 | 125170 | (3.9) |
|  QBE Insurance Group Ltd. | 15931 | 124819 | (3.8) |
|  |  | 350361 |  |
| **Belgium** |  |  |  |
|  KBC Group NV | 4806 | 240856 | (7.5) |
| **Finland** |  |  |  |
|  Fortum OYJ | 9653 | 135859 | (4.2) |
| **France** |  |  |  |
|  Carrefour SA | 8198 | 131951 | (4.1) |
| **Germany** |  |  |  |
|  adidas AG | 1900 | 185469 | (5.7) |
|  Fresenius SE & Co. KGaA | 8266 | 190226 | (5.9) |
|  Scout24 SE | 2187 | 112073 | (3.5) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487768 |  |
| **Jordan** |  |  |  |
|  Hikma Pharmaceuticals PLC | 4569 | 65589 | (2.0) |
| **Poland** |  |  |  |
|  Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | 82291 | (2.5) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Sweden** |  |  |  |
|  Swedbank AB, A Shares | 8899 | $132667 | (4.1)% |
|  Telia Co. AB | 155624 | 412367 | (12.8) |
|  |  | 545034 |  |
| **Switzerland** |  |  |  |
|  Coca-Cola HBC AG | 4118 | 89951 | (2.8) |
|  Kuehne & Nagel International AG, Registered Shares | 806 | 171570 | (5.3) |
|  Novartis AG, Registered Shares | 8915 | 721141 | (22.3) |
|  Sonova Holding AG, Registered Shares | 803 | 189800 | (5.9) |
|  Swisscom AG, Registered Shares | 1017 | 502183 | (15.6) |
|  |  | 1674645 |  |
| **United Kingdom** |  |  |  |
|  Haleon PLC | 95789 | 293732 | (9.1) |
|  **Total Reference Entity — Long** |  | 4008086 |  |
|  **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Brazil** |  |  |  |
|  Cosan SA | (27973) | (91303) | 2.8 |
|  Petro Rio SA | (14769) | (101185) | 3.1 |
|  |  | (192488) |  |
| **China** |  |  |  |
|  China Everbright Environment Group Ltd. | (159000) | (52891) | 1.6 |
|  China Vanke Co., Ltd., Class H | (56650) | (72701) | 2.3 |
|  Li Ning Co. Ltd. | (16000) | (82767) | 2.6 |
|  ZhongAn Online P&C Insurance Co. Ltd., Class H | (106300) | (198152) | 6.1 |
|  |  | (406511) |  |
| **Denmark** |  |  |  |
|  Vestas Wind Systems A/S | (6164) | (121515) | 3.7 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **France** |  |  |  |
|  Alstom SA | (6608) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136001) | 4.2% |
| **Germany** |  |  |  |
|  Siemens Healthineers AG | (3448) | (157962) | 4.9 |
| **Hong Kong** |  |  |  |
|  China Overseas Land & Investment Ltd. | (40500) | (77392) | 2.4 |
| **Italy** |  |  |  |
|  Nexi SpA | (10693) | (92446) | 2.8 |
| **Japan** |  |  |  |
|  Olympus Corp. | (10300) | (217170) | 6.7 |
|  Sharp Corp. | (20000) | (119962) | 3.7 |
|  |  | (337132) |  |
| **Mexico** |  |  |  |
|  Grupo Financiero Banorte SAB de CV | (15157) | (123204) | 3.8 |
|  Grupo Financiero Inbursa SAB de CV | (146565) | (270523) | 8.4 |
|  Grupo Televisa SAB | (130585) | (138540) | 4.3 |
|  |  | (532267) |  |
| **Netherlands** |  |  |  |
|  Aegon NV | (64066) | (296572) | 9.2 |
| **Norway** |  |  |  |
|  Adevinta ASA | (28173) | (192855) | 6.0 |
|  Aker BP ASA | (3350) | (106417) | 3.3 |
|  |  | (299272) |  |
| **Poland** |  |  |  |
|  KGHM Polska Miedz SA | (8993) | (179792) | 5.6 |
| **South Korea** |  |  |  |
|  Hanwha Solutions Corp. | (2811) | (92900) | 2.9 |
| **Sweden** |  |  |  |
|  Electrolux AB, Class B | (12549) | (154819) | 4.8 |
|  Fastighets AB Balder, B Shares | (131380) | (493154) | 15.3 |
|  |  | (647973) |  |
| **Switzerland** |  |  |  |
|  Bachem Holding AG | (5170) | (370720) | 11.5 |
| **United Kingdom** |  |  |  |
|  Clarivate PLC | (23664) | (244449) | 7.6 |
| **United States** |  |  |  |
|  Advanced Micro Devices, Inc. | (3772) | (226546) | 7.0 |
|  Affirm Holdings, Inc. | (7298) | (146471) | 4.5 |
|  Bausch Health Cos., Inc. | (7927) | (51553) | 1.6 |
|  Coinbase Global, Inc., Class A | (6048) | (400680) | 12.4 |
|  Etsy, Inc. | (1629) | (152979) | 4.7 |
|  Ford Motor Co. | (11907) | (159197) | 4.9 |
|  International Business Machines Corp. | (1051) | (145343) | 4.5 |
|  KKR & Co., Inc. | (2267) | (110244) | 3.4 |
|  Las Vegas Sands Corp. | (3043) | (115664) | 3.6 |
|  Mohawk Industries, Inc. | (2241) | (212335) | 6.6 |
|  Newell Brands, Inc. | (9702) | (133985) | 4.2 |
|  Plug Power, Inc. | (20029) | (320063) | 9.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  ROBLOX Corp., Class A | (8455) | $(378277) | 11.7% |
|  Signature Bank | (601) | (95276) | 3.0 |
|  Take-Two Interactive Software, Inc. | (1895) | (224520) | 7.0 |
|  Teladoc Health, Inc. | (6009) | (178107) | 5.5 |
|  |  | (3051240) |  |
| **Total Reference Entity — Short** | **Total Reference Entity — Short** | (7236632) |  |
| **Net Value of Reference Entity — Citibank N.A** | **Net Value of Reference Entity — Citibank N.A** | $(3228546) |  |
| <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 date February 8, 2023: | <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 date February 8, 2023: | <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 date February 8, 2023: | <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 date February 8, 2023: |
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** | **Reference Entity — Long** |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  BHP Group Ltd. | 3851 | $92502 | (3.6)% |
| **Denmark** |  |  |  |
|  Carlsberg AS, Class B | 1297 | 152716 | (6.0) |
|  Novo Nordisk A/S, Class B | 4659 | 506579 | (20.0) |
|  |  | 659295 |  |
| **France** |  |  |  |
|  Hermes International | 64 | 82841 | (3.3) |
|  Kering SA | 346 | 158454 | (6.2) |
|  La Francaise des Jeux SAEM | 4504 | 146779 | (5.8) |
|  |  | 388074 |  |
| **Germany** |  |  |  |
|  Rational AG | 253 | 142616 | (5.6) |
|  SAP SE | 3569 | 343526 | (13.5) |
|  Siemens AG, Registered Shares | 972 | 106151 | (4.2) |
|  Uniper SE | 18604 | 55690 | (2.2) |
|  United Internet AG, Registered Shares | 9177 | 171547 | (6.8) |
|  |  | 819530 |  |
| **Italy** |  |  |  |
|  FinecoBank Banca Fineco SpA | 26832 | 361577 | (14.2) |
| **Luxembourg** |  |  |  |
|  Aroundtown SA | 117747 | 233403 | (9.2) |
| **Netherlands** |  |  |  |
|  Adyen NV | 95 | 135622 | (5.3) |
|  Heineken NV | 1073 | 89632 | (3.5) |
|  Koninklijke Ahold Delhaize NV | 27145 | 757027 | (29.8) |
|  OCI NV | 2159 | 82577 | (3.3) |
|  |  | 1064858 |  |

---

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| <br> **Norway** |  |  |  |
|  Salmar ASA | 2643 | $89602 | (3.5)% |
| **Poland** |  |  |  |
|  LPP SA | 94 | 162879 | (6.4) |
|  Polskie Gornictwo Naftowe i Gazownictwo SA | 164439 | 177156 | (7.0) |
|  |  | 340035 |  |
| **Spain** |  |  |  |
|  Industria de Diseno Textil SA | 8664 | 196657 | (7.7) |
| **Sweden** |  |  |  |
|  Evolution AB | 860 | 80223 | (3.2) |
| **Switzerland** |  |  |  |
|  Givaudan SA, Registered Shares | 30 | 89608 | (3.5) |
|  Nestle SA, Registered Shares | 984 | 107117 | (4.2) |
|  Roche Holding AG | 3729 | 1237275 | (48.7) |
|  Roche Holding AG | 205 | 83208 | (3.3) |
|  Temenos AG, Registered Shares | 2100 | 125073 | (4.9) |
|  |  | 1642281 |  |
| **United Kingdom** |  |  |  |
|  Admiral Group PLC | 3406 | 78766 | (3.1) |
| **Preferred Stocks** |  |  |  |
|  **Germany** |  |  |  |
|  Porsche Automobil Holding SE | 1867 | 104313 | (4.1) |
|  **Total Reference Entity — Long** |  | 6151116 |  |
|  **Reference Entity — Short** |  |  |  |
|  **Common Stocks** |  |  |  |
|  **Brazil** |  |  |  |
|  Cia de Saneamento Basico do Estado de Sao Paulo | (20561) | (239225) | 9.4 |
|  Localiza Rent a Car SA | (9778) | (133528) | 5.2 |
|  Magazine Luiza SA | (216355) | (187224) | 7.4 |
|  |  | (559977) |  |
| **Canada** |  |  |  |
|  Kinross Gold Corp. | (16566) | (60070) | 2.3 |
|  Shaw Communications, Inc., Class B | (4727) | (121406) | 4.8 |
|  |  | (181476) |  |
| **China** |  |  |  |
|  Bilibili, Inc., Class Z | (17820) | (158801) | 6.3 |
|  Dongyue Group Ltd. | (124000) | (107617) | 4.2 |
|  Longfor Group Holdings Ltd. | (31500) | (40137) | 1.6 |
|  Microport Scientific Corp. | (207000) | (437327) | 17.2 |
|  Xiaomi Corp., Class B | (339800) | (381620) | 15.0 |
|  Xtep International Holdings Ltd. | (220000) | (201646) | 7.9 |
|  Yuexiu Property Co. Ltd. | (171000) | (145924) | 5.8 |
|  Zhuzhou CRRC Times Electric Co., Ltd. | (34400) | (149245) | 5.9 |
|  |  | (1622317) |  |
| **Comoros** |  |  |  |
|  Shandong Gold Mining Co. Ltd., Class H | (142250) | (226095) | 8.9 |
| **Finland** |  |  |  |
|  Orion OYJ, Class B | (2665) | (122639) | 4.8 |
| **Germany** |  |  |  |
|  Covestro AG | (9695) | (329107) | 13.0 |
|  Delivery Hero SE | (6439) | (211900) | 8.3 |
|  Vonovia SE | (15016) | (332013) | 13.1 |
|  |  | (873020) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| <br> **Hong Kong** |  |  |  |
|  Nine Dragons Paper Holdings Ltd. | (261000) | $(154686) | 6.1% |
| **Ireland** |  |  |  |
|  AerCap Holdings NV | (2505) | (133792) | 5.3 |
| **Japan** |  |  |  |
|  Lasertec Corp. | (1200) | (168613) | 6.7 |
|  Tokyo Electric Power Co. Holdings, Inc. | (23500) | (76553) | 3.0 |
|  |  | (245166) |  |
| **Netherlands** |  |  |  |
|  Just Eat Takeaway.com NV | (13200) | (226513) | 8.9 |
| **Poland** |  |  |  |
|  CD Projekt SA | (6444) | (171222) | 6.7 |
| **South Korea** |  |  |  |
|  HYBE Co. Ltd. | (687) | (58153) | 2.3 |
|  Iljin Materials Co., Ltd. | (3227) | (136929) | 5.4 |
|  Kakao Corp. | (6405) | (227216) | 8.9 |
|  Korea Zinc Co., Ltd. | (142) | (63680) | 2.5 |
|  NCSoft Corp. | (661) | (180572) | 7.1 |
|  Posco Chemical Co., Ltd. | (2181) | (304530) | 12.0 |
|  |  | (971080) |  |
| **United Kingdom** |  |  |  |
|  Ocado Group PLC | (35255) | (191128) | 7.5 |
| **United States** |  |  |  |
|  Ameriprise Financial, Inc. | (568) | (175580) | 6.9 |
|  Caesars Entertainment, Inc. | (3222) | (140898) | 5.5 |
|  Cleveland-Cliffs, Inc. | (7020) | (91190) | 3.6 |
|  DISH Network Corp., Class A | (17697) | (263862) | 10.4 |
|  Illumina, Inc. | (1099) | (251473) | 9.9 |
|  Marvell Technology, Inc. | (5074) | (201336) | 7.9 |
|  Novocure Ltd. | (3096) | (218763) | 8.6 |
|  Paramount Global, Class B | (11884) | (217715) | 8.6 |
|  PerkinElmer, Inc. | (1591) | (212526) | 8.4 |
|  Pinterest, Inc., Class A | (9081) | (223393) | 8.8 |
|  Roku, Inc. | (4127) | (229214) | 9.0 |
|  State Street Corp. | (1988) | (147112) | 5.8 |
|  Steel Dynamics, Inc. | (1431) | (134585) | 5.3 |
|  Teledyne Technologies, Inc. | (458) | (182275) | 7.2 |
|  Wynn Resorts Ltd. | (1915) | (122368) | 4.8 |
|  Zillow Group, Inc., Class C | (3308) | (102085) | 4.0 |
|  Zoom Video Communications, Inc., Class A | (1172) | (97792) | 3.9 |
|  |  | (3012167) |  |
|  |  | (8691278) |  |
|  **Rights** |  |  |  |
|  **Brazil** |  |  |  |
|  Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35) | (29) | (113) | 0.0 |
|  **Total Reference Entity — Short** |  | (8691391) |  |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A**. | **Net Value of Reference Entity — JPMorgan Chase Bank N.A**. | $&nbsp;&nbsp;&nbsp;&nbsp;(2540275) |  |

---

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $— | $— | $63765 | $(45010) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | $— | $— | $— | $40422 | $— | $— | $40422 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | 63765 |  |  |  | 63765 |
|  | $— | $— | $63765 | $40422 | $— | $— | $104187 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $174043 | $— | $— | $174043 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  |  | 45010 |  |  |  | 45010 |
|  | $— | $— | $45010 | $174043 | $— | $— | $219053 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(109902) | $— | $— | $— | $(109902) |
|  Forward foreign currency exchange contracts |  |  |  | (118266) |  |  | (118266) |
|  Swaps |  |  | 2567733 |  |  |  | 2567733 |
|  | $— | $— | $2457831 | $(118266) | $— | $— | $2339565 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $65491 | $— | $— | $— | $65491 |
|  Forward foreign currency exchange contracts |  |  |  | (80177) |  |  | (80177) |
|  Swaps |  |  | 18755 |  |  |  | 18755 |
|  | $— | $— | $84246 | $(80177) | $— | $— | $4069 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $537321 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $2538290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $6381568 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $(5317686) |

---

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

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $40422 | $174043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 63765 | 45010 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 104187 | 219053 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219053 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the 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* | *Derivatives<br>Available<br>for Offset* | *<br><sup>(a)</sup>* |  | *Net Amount<br>of Derivative<br>Assets* | *<br><sup>(b)(c)</sup>* |
|  Bank of America N.A. | $40422 | $— |  | $– | $40422 |  |
|  JPMorgan Chase Bank N.A. | 63765 | (1352) |  | – | 62413 |  |
|  | $104187 | $(1352) |  | $– | $102835 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to an<br>MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset* | *<br><sup>(a)</sup>* |  | *Net Amount<br>of Derivative<br>Liabilities* | *<br><sup>(b)(d)</sup>* |
|  Citibank N.A. | $144770 | $— |  | $– | $144770 |  |
|  JPMorgan Chase Bank N.A. | 1352 | (1352) |  | – |  |  |
|  UBS AG | 72931 |  |  | – | 72931 |  |
|  | $219053 | $(1352) |  | $– | $217701 |  |

---

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

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

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

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $180324 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $180324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 465365 |  |  | 465365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp;2110251 |  |  | 2110251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 133994 | 5253542 |  | 5387536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 968572 |  | 968572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | &nbsp;&nbsp;&nbsp;&nbsp;2483676 |  | &nbsp;&nbsp;&nbsp;&nbsp;2483676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 358070 |  | 358070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1275076 |  | 1275076 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Disciplined Volatility Equity Fund** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | $— | $2107495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2107495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 485025 | 158460 |  | 643485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 497774 |  | 497774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 6214888 |  | 6214888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 604237 |  |  | 604237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 741626 |  | 741626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 606712 |  | 606712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 413904 |  | 413904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 337817 |  | 337817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 975272 |  | 975272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1063677 |  | 1063677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1420687 |  | 1420687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 2698012 |  | 2698012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 405288 | 699486 |  | 1104774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 53592474 |  |  | 53592474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 113139 |  |  | 113139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 306722 |  |  | 306722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10098052 |  |  | 10098052 |
|  | $68494871 | $28274746 | $— | $96769617 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $— | $40422 | $— | $40422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (174043) |  | (174043) |
|  | $— | $(133621) | $— | $(133621) |

---

<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 financial statements.* 

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Australia — 1.2%** |  |  |
|  BHP Group Ltd. | 6409 | $152981 |
|  Glencore PLC | 126633 | 725996 |
|  Rio Tinto PLC | 2226 | 116334 |
|  South32 Ltd. | 30189 | 69262 |
|  Woodside Energy Group Ltd. | 1118 | 26023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1090596 |
|  **Canada — 1.9%** |  |  |
|  Cameco Corp. | 8954 | 212389 |
|  Enbridge, Inc. | 37030 | 1442766 |
|  Nutrien Ltd. | 797 | 67341 |
|  |  | 1722496 |
|  **Chile — 0.1%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, ADR | 588 | 55084 |
|  **China — 1.9%** |  |  |
|  Aier Eye Hospital Group Co. Ltd., Class A | 6457 | 21797 |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 6040 | 46960 |
|  Amoy Diagnostics Co. Ltd., Class A | 8510 | 27215 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 1200 | 23303 |
|  BYD Co. Ltd., Class A | 6600 | 222300 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 892 | 19498 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 5233 | 267149 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3766 | 30704 |
|  Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)</sup> | 13440 | 90903 |
|  Glodon Co. Ltd., Class A | 4400 | 29661 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 5743 | 22498 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A<sup>(a)</sup> | 2300 | 4361 |
|  Haidilao International Holding Ltd.<sup>(a)(b)</sup> | 13000 | 19303 |
|  Hangzhou Robam Appliances Co. Ltd., Class A | 7471 | 20885 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H<sup>(b)</sup> | 1400 | 9508 |
|  Hundsun Technologies, Inc., Class A | 8896 | 50679 |
|  Hygeia Healthcare Holdings Co. Ltd.<sup>(a)(b)</sup> | 4800 | 20789 |
|  Industrial & Commercial Bank of China Ltd., Class H | 36000 | 15630 |
|  JD Health International, Inc.<sup>(a)(b)</sup> | 9200 | 50472 |
|  JD.com, Inc., Class A | 1161 | 21142 |
|  Jiangsu Hengrui Medicine Co. Ltd., Class A | 6525 | 35827 |
|  Jinxin Fertility Group Ltd.<sup>(b)</sup> | 39500 | 19471 |
|  Kingsoft Corp. Ltd. | 9800 | 29676 |
|  Li Auto, Inc., ADR<sup>(a)</sup> | 4922 | 67038 |
|  Meituan, Class B<sup>(a)(b)</sup> | 1600 | 25617 |
|  Microport Cardioflow Medtech Corp.<sup>(a)(b)</sup> | 114000 | 34628 |
|  Ming Yuan Cloud Group Holdings Ltd. | 9000 | 4145 |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 3159 | 23531 |
|  Tencent Holdings Ltd. | 12800 | 336343 |
|  Venustech Group, Inc., Class A | 7600 | 26352 |
|  Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A<sup>(a)</sup> | 6763 | 26351 |
|  WuXi AppTec Co. Ltd., Class A | 2296 | 23935 |
|  Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 3933 | 17697 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 1934 | 14807 |
|  Yonyou Network Technology Co. Ltd., Class A | 13008 | 43474 |
|  Yum China Holdings, Inc. | 550 | 22263 |
|  |  | 1765912 |
|  **France — 2.9%** |  |  |
|  Arkema SA | 2479 | 196183 |
|  BNP Paribas SA | 6251 | 293134 |
|  Cie de Saint-Gobain | 8102 | 331217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **France (continued)** |  |  |
|  Danone SA | 4946 | $245814 |
|  EssilorLuxottica SA | 2910 | 460153 |
|  Hermes International | 125 | 161798 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1558 | 983089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2671388 |
|  **Germany — 4.8%** |  |  |
|  Commerzbank AG<sup>(a)</sup> | 12483 | 99735 |
|  Deutsche Telekom AG, Registered Shares | 44342 | 836977 |
|  Infineon Technologies AG | 4095 | 99367 |
|  Mercedes-Benz Group AG, Registered Shares | 9601 | 555721 |
|  SAP SE | 12960 | 1247436 |
|  Siemens AG, Registered Shares | 8234 | 899227 |
|  Vantage Towers AG | 22281 | 626642 |
|  |  | 4365105 |
|  **Hong Kong — 0.4%** |  |  |
|  AIA Group Ltd. | 44600 | 337836 |
|  **Israel — 0.6%** |  |  |
|  Nice Ltd., ADR<sup>(a)</sup> | 2832 | 537768 |
|  **Italy — 0.3%** |  |  |
|  Intesa Sanpaolo SpA | 155363 | 296204 |
|  **Japan — 1.3%** |  |  |
|  FANUC Corp. | 4500 | 588832 |
|  Hoya Corp. | 3978 | 369800 |
|  Keyence Corp. | 200 | 75413 |
|  Kose Corp. | 1900 | 189659 |
|  |  | 1223704 |
|  **Netherlands — 3.3%** |  |  |
|  Adyen NV<sup>(a)(b)</sup> | 281 | 401155 |
|  ASML Holding NV | 1538 | 721455 |
|  BNP Paribas Emissions- und Handelsgesellschaft mbH<sup>(a)(c)</sup> | 99416 | 978212 |
|  Shell PLC | 26849 | 951365 |
|  |  | 3052187 |
|  **Norway — 0.1%** |  |  |
|  Norsk Hydro ASA | 11145 | 70730 |
|  **South Africa — 0.2%** |  |  |
|  Anglo American PLC | 4993 | 149561 |
|  **South Korea — 1.1%** |  |  |
|  Amorepacific Corp. | 1627 | 105635 |
|  LG Chem Ltd. | 343 | 150522 |
|  LG Energy Solution Ltd.<sup>(a)</sup> | 1272 | 470664 |
|  Samsung SDI Co. Ltd. | 483 | 249187 |
|  |  | 976008 |
|  **Spain — 0.7%** |  |  |
|  Cellnex Telecom SA<sup>(b)</sup> | 18592 | 608521 |
|  **Sweden — 0.4%** |  |  |
|  Volvo AB, B Shares | 21529 | 352364 |
|  **Switzerland — 1.1%** |  |  |
|  Cie Financiere Richemont SA, Class A, Registered Shares | 963 | 94118 |
|  Nestle SA, Registered Shares | 3327 | 362173 |
|  TE Connectivity Ltd. | 4326 | 528767 |
|  |  | 985058 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Taiwan — 0.5%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 40000 | $480888 |
| **United Arab Emirates — 0.0%** |  |  |
|  NMC Health PLC<sup>(a)(d)</sup> | 504 |  |
|  **United Kingdom — 4.0%** |  |  |
|  Alphawave IP Group PLC<sup>(a)</sup> | 9572 | 12382 |
|  AstraZeneca PLC | 6478 | 760077 |
|  AstraZeneca PLC, ADR | 4925 | 289639 |
|  Compass Group PLC | 32220 | 678612 |
|  Genius Sports Ltd.<sup>(a)</sup> | 3712 | 19080 |
|  Hedosophia European Growth<sup>(a)</sup> | 861 | 8424 |
|  Lloyds Banking Group PLC | 1694311 | 813722 |
|  Unilever PLC | 23360 | &nbsp;&nbsp;&nbsp;&nbsp;1061813 |
|  |  | 3643749 |
| **United States — 62.4%** |  |  |
|  Abbott Laboratories | 9138 | 904114 |
|  AbbVie, Inc. | 5900 | 863760 |
|  Activision Blizzard, Inc. | 1636 | 119101 |
|  Adobe, Inc.<sup>(a)</sup> | 286 | 91091 |
|  Air Products & Chemicals, Inc. | 3638 | 910955 |
|  Albemarle Corp. | 1642 | 459546 |
|  Alcoa Corp. | 2155 | 84110 |
|  Align Technology, Inc.<sup>(a)</sup> | 187 | 36334 |
|  Alphabet, Inc., Class C<sup>(a)</sup> | 22270 | 2108078 |
|  AltC Acquisition Corp., Class A<sup>(a)</sup> | 1121 | 11031 |
|  Altus Power, Inc.<sup>(a)</sup> | 18 | 179 |
|  Amazon.com, Inc.<sup>(a)</sup> | 17446 | 1787168 |
|  American Tower Corp. | 3913 | 810734 |
|  Apple, Inc.<sup>(e)</sup> | 20656 | 3167391 |
|  Applied Materials, Inc. | 4104 | 362342 |
|  Aptiv PLC<sup>(a)</sup> | 3467 | 315740 |
|  Archer-Daniels-Midland Co. | 10360 | 1004713 |
|  Atlassian Corp. | 138 | 27977 |
|  Ball Corp. | 136 | 6717 |
|  Bank of America Corp. | 25672 | 925219 |
|  Booking Holdings, Inc.<sup>(a)</sup> | 35 | 65432 |
|  Boston Scientific Corp.<sup>(a)</sup> | 19136 | 824953 |
|  Bunge Ltd. | 4473 | 441485 |
|  California Resources Corp. | 1904 | 85889 |
|  Cano Health, Inc.<sup>(a)</sup> | 209 | 748 |
|  Capri Holdings Ltd.<sup>(a)</sup> | 4022 | 183725 |
|  CF Industries Holdings, Inc. | 8347 | 886952 |
|  Charles Schwab Corp. | 16243 | 1294080 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 1052 | 386736 |
|  Chesapeake Energy Corp. | 265 | 27102 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 61 | 91398 |
|  Comcast Corp., Class A | 13282 | 421571 |
|  ConocoPhillips | 16824 | 2121338 |
|  Corteva, Inc. | 702 | 45869 |
|  Costco Wholesale Corp. | 1306 | 654959 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1571 | 253245 |
|  Crown Holdings, Inc. | 79 | 5419 |
|  CVS Health Corp. | 644 | 60987 |
|  D.R. Horton, Inc. | 4582 | 352264 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 515 | 40417 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 1085 | 87353 |
|  Deere & Co. | 1411 | 558502 |
|  Dexcom, Inc.<sup>(a)</sup> | 4115 | 497010 |
|  Diversey Holdings Ltd.<sup>(a)</sup> | 15618 | 84337 |
|  Domino's Pizza, Inc. | 403 | 133893 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** |  |  |
|  Dynatrace, Inc.<sup>(a)</sup> | 2382 | $83942 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 3778 | 273641 |
|  Element Solutions, Inc. | 875 | 15050 |
|  Eli Lilly & Co. | 1495 | 541325 |
|  EQT Corp. | 13983 | 585049 |
|  Excelerate Energy, Inc., Class A | 664 | 18340 |
|  Exxon Mobil Corp. | 3555 | 393930 |
|  F5, Inc.<sup>(a)</sup> | 2217 | 316831 |
|  FMC Corp. | 340 | 40426 |
|  Fortinet, Inc.<sup>(a)</sup> | 4452 | 254476 |
|  Fortive Corp. | 14734 | 941503 |
|  Freeport-McMoRan, Inc. | 20800 | 659152 |
|  General Motors Co. | 5452 | 213991 |
|  Green Plains, Inc.<sup>(a)</sup> | 130 | 3756 |
|  Hilton Worldwide Holdings, Inc. | 4221 | 570932 |
|  Home Depot, Inc. | 2117 | 626907 |
|  Humana, Inc. | 3199 | &nbsp;&nbsp;&nbsp;&nbsp;1785298 |
|  International Flavors & Fragrances, Inc. | 4305 | 420211 |
|  Intuit, Inc. | 151 | 64552 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 2074 | 511179 |
|  Johnson & Johnson | 5204 | 905340 |
|  Liberty Media Acquisition Corp.<sup>(a)</sup> | 13571 | 136117 |
|  Liberty Media Corp.-Liberty SiriusXM, Class A<sup>(a)</sup> | 8315 | 352889 |
|  Liberty Media Corp.-Liberty SiriusXM, Class C<sup>(a)</sup> | 11507 | 485480 |
|  LPL Financial Holdings, Inc. | 1452 | 371204 |
|  LyondellBasell Industries NV, Class A | 3194 | 244181 |
|  Marathon Oil Corp. | 8544 | 260165 |
|  Marsh & McLennan Cos., Inc. | 7720 | 1246703 |
|  Masco Corp. | 1121 | 51869 |
|  Mastercard, Inc., Class A | 3297 | 1082009 |
|  McDonald's Corp. | 2437 | 664472 |
|  Merck & Co., Inc. | 9274 | 938529 |
|  Micron Technology, Inc. | 7199 | 389466 |
|  Microsoft Corp.<sup>(e)</sup> | 12399 | 2878180 |
|  Mirion Technologies, Inc.<sup>(a)</sup> | 2481 | 20046 |
|  MongoDB, Inc.<sup>(a)</sup> | 202 | 36972 |
|  Morgan Stanley | 7468 | 613646 |
|  Mosaic Co. | 621 | 33379 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup> | 405 | 15993 |
|  NextEra Energy, Inc. | 9849 | 763297 |
|  Northrop Grumman Corp. | 2078 | 1140843 |
|  NVIDIA Corp. | 2763 | 372922 |
|  Otis Worldwide Corp. | 681 | 48106 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 1468 | 251894 |
|  Park Hotels & Resorts, Inc. | 518 | 6775 |
|  Peloton Interactive, Inc., Class A<sup>(a)</sup> | 5692 | 47813 |
|  Pioneer Natural Resources Co. | 962 | 246666 |
|  Raymond James Financial, Inc. | 3890 | 459565 |
|  ResMed, Inc. | 948 | 212058 |
|  Salesforce, Inc.<sup>(a)</sup> | 3645 | 592641 |
|  Sarcos Technology & Robotics Corp.<sup>(a)</sup> | 118 | 238 |
|  Seagen, Inc.<sup>(a)</sup> | 2272 | 288907 |
|  Sempra Energy | 8673 | 1309103 |
|  ServiceNow, Inc.<sup>(a)</sup> | 1111 | 467442 |
|  Splunk, Inc.<sup>(a)</sup> | 450 | 37399 |
|  Starbucks Corp. | 5332 | 461698 |
|  Tesla, Inc.<sup>(a)</sup> | 1051 | 239145 |
|  Thermo Fisher Scientific, Inc. | 1236 | 635267 |
|  TJX Cos., Inc. | 8577 | 618402 |
|  Toast, Inc., Class A<sup>(a)</sup> | 657 | 14513 |
|  Toll Brothers, Inc. | 189 | 8142 |

---

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **United States (continued)** |  |  |
|  Tractor Supply Co. | 1543 | $339105 |
|  United Parcel Service, Inc., Class B | 4764 | 799256 |
|  UnitedHealth Group, Inc. | 2405 | 1335136 |
|  Univar Solutions, Inc.<sup>(a)</sup> | 276 | 7032 |
|  Valero Energy Corp. | 3933 | 493788 |
|  Vertiv Holdings Co. | 19780 | 283052 |
|  Vulcan Materials Co. | 4411 | 722081 |
|  Walmart, Inc. | 3391 | 482641 |
|  Walt Disney Co.<sup>(a)</sup> | 6727 | 716695 |
|  Wells Fargo & Co. | 12402 | 570368 |
|  XPO Logistics, Inc.<sup>(a)</sup> | 4222 | 218446 |
|  Zscaler, Inc.<sup>(a)</sup> | 1184 | 182454 |
|  |  | 57021985 |
|  **Total Common Stocks — 89.2%<br>(Cost: $85,083,328)** |  | 81407144 |
|  | *Par<br>(000)* |  |
|  **Corporate Bonds** |  |  |
| **United States — 0.0%** |  |  |
|  Stem, Inc., 0.50%, 12/01/28<sup>(a)(b)(c)</sup> | $1 | 744 |
|  **Total Corporate Bonds — 0.0%<br>(Cost: $1,000)** |  | 744 |
|  | *Shares* |  |
|  **Investment Companies** |  |  |
| **United States — 1.0%** |  |  |
|  Invesco QQQ Trust, Series 1 | 68 | 18900 |
|  iShares China Large-Cap ETF<sup>(f)</sup> | 207 | 4337 |
|  iShares MSCI China ETF<sup>(f)</sup> | 19824 | 705338 |
|  KraneShares Bosera MSCI China A 50 Connect Index ETF, Class A | 530 | 14162 |
|  KraneShares CSI China Internet ETF | 2343 | 44985 |
|  U.S. Oil Fund LP<sup>(a)</sup> | 1498 | 107152 |
|  **Total Investment Companies — 1.0%<br>(Cost: $1,286,205)** |  | 894874 |
|  **Preferred Securities** |  |  |
|  **Preferred Stocks — 0.3%<sup>(a)</sup>** |  |  |
| **Germany — 0.2%** |  |  |
|  Dr Ing hc F Porsche AG | 2275 | 232696 |
|  **United States<sup>(c)</sup> — 0.1%** |  |  |
|  Aptiv PLC, Series A, 06/15/23 | 245 | 26186 |
|  Becton Dickinson and Co., Series B, 06/01/23 | 975 | 47521 |
|  Boston Scientific Corp., Series A, 06/01/23 | 159 | 17496 |
|  |  | 91203 |
|  **Total Preferred Securities — 0.3%<br>(Cost: $295,103)** |  | 323899 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Warrants** |  |  |
| **Israel — 0.0%** |  |  |
|  Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)<sup>(a)</sup> | 22 | $11 |
|  **United Kingdom<sup>(a)</sup> — 0.0%** |  |  |
|  Genius Sports Ltd., (Issued/Exercisable 03/30/21, 1 Share for 1 Warrant, Expires 12/31/28, Strike Price USD 11.50) | 208 | 198 |
|  Hedosophia European Growth, (Issued 05/13/21, Exercisable 05/13/22, 1 Share for 1 Warrant, Expires 05/13/27, Strike Price EUR 11.50) | 114 | 1 |
|  |  | 199 |
|  **United States<sup>(a)</sup> — 0.0%** |  |  |
|  Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50) | 121 | 106 |
|  EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50) | 60 | 107 |
|  Gores Holdings VIII, Inc., Class A, (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50) | 104 | 85 |
|  Highland Transcend Partners I Corp., (Issued/Exercisable 01/15/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50) | 124 | 4 |
|  Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50) | 57 | 3 |
|  Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50) | 107 | 12 |
|  Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50) | 354 | 60 |
|  Volta, Inc., Series C, (Issued/Exercisable 10/22/20, 1 Share for 1 Warrant, Expires 08/26/26, Strike Price USD 11.50) | 70 | 18 |
|  |  | 395 |
|  **Total Warrants — 0.0%<br>(Cost: $2,546)** |  | 605 |
|  **Total Long-Term Investments — 90.5%<br>(Cost: $86,668,182)** |  | 82627266 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 9.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(f)(g)</sup> | 8208243 | $8208243 |
|  **Total Short-Term Securities — 9.0%<br>(Cost: $8,208,243)** |  | 8208243 |
|  **Options Purchased — 0.2%<br>(Cost: $369,824)** |  | 229571 |
|  **Total Investments Before Options Written — 99.7%<br>(Cost: $95,246,249)** |  | 91065080 |
|  **Options Written — (0.3)%<br>(Premiums Received: $(339019))** |  | (286395) |
|  **Total Investments, Net of Options Written — 99.4%<br>(Cost: $94,907,230)** |  | 90778685 |
|  **Other Assets Less Liabilities — 0.6%** |  | 517106 |
|  **Net Assets — 100.0%** |  | $91295791 |

---

<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> Convertible security.

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

<sup>(e)</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>(f)</sup> Affiliate of the Fund.

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $4741013 | $3467230 <sup>(a)</sup> | $— | $– $|  | $8208243 | 8208243 | $51442 | $— |
|  iShares China Large-Cap ETF | 6404 |  |  | – | (2067) | 4337 | 207 | 30 |  |
|  iShares MSCI China ETF | 727986 | 235497 |  | – | (258145) | 705338 | 19824 | 4501 |  |
|  |  |  |  | $– $| (260212) | $8917918 |  | $55973 | $— |

---

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SGX Nifty 50 Index | 9 | 11/24/22 | $326 | $7633 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P/TSE 60 Index | 3 | 12/15/22 | 519 | 22897 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 1 | 12/16/22 | 229 | (24587) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 55 | 12/16/22 | 10678 | (268910) |
|  |  |  |  | (262967) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE Taiwan Index | 32 | 11/29/22 | 1460 | (21726) |
| &nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Index | 28 | 12/08/22 | 1475 | 33095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Yen-Denominated | 12 | 12/08/22 | 1112 | (3680) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPI 200 Index | 3 | 12/15/22 | 329 | (458) |
| &nbsp;&nbsp;&nbsp;&nbsp; DAX Index | 2 | 12/16/22 | 656 | (11395) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index | 4 | 12/16/22 | 326 | (2330) |
|  |  |  |  | (6494) |
|  |  |  |  | $(269461) |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 2317709 | EUR | 2304023 | BNP Paribas S.A. | 11/18/22 | $38201 |
| CHF | 477457 | USD | 499071 | Bank of America N.A. | 11/18/22 | (21442) |
| CHF | 1111355 | USD | 1178666 | JPMorgan Chase Bank N.A. | 11/18/22 | (66911) |
| EUR | 525655 | USD | 537944 | Deutsche Bank AG | 11/18/22 | (17882) |
| AUD | 155000 | USD | 105258 | UBS AG | 12/15/22 | (5978) |
| JPY | 383190022 | USD | 2682012 | UBS AG | 12/15/22 | (91264) |
|  |  |  |  |  |  | (203477) |
|  |  |  |  |  |  | $(165276) |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 9 | 11/18/22 | USD | 110.00 | USD | 89 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 15 | 11/18/22 | USD | 117.50 | USD | 142 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 11/18/22 | USD | 170.00 | USD | 153 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delphi Automotive PLC | 6 | 11/18/22 | USD | 100.00 | USD | 55 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 11/18/22 | USD | 45.00 | USD | 25 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 11/18/22 | USD | 280.00 | USD | 139 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 3 | 11/18/22 | USD | 300.00 | USD | 68 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 4 | 11/18/22 | USD | 310.00 | USD | 91 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 8 | 11/18/22 | USD | 120.00 | USD | 85 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 14 | 12/16/22 | USD | 115.00 | USD | 133 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 13 | 12/16/22 | USD | 135.00 | USD | 133 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 12/16/22 | USD | 165.00 | USD | 153 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 12 | 12/16/22 | USD | 80.00 | USD | 96 | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 27 | 12/16/22 | EUR | 9.00 | EUR | 22 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A | 4 | 12/16/22 | USD | 195.00 | USD | 64 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 2 | 12/16/22 | USD | 370.00 | USD | 66 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 13 | 12/16/22 | USD | 43.00 | USD | 51 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 4 | 12/16/22 | USD | 230.00 | USD | 87 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 1 | 12/16/22 | EUR | 640.00 | EUR | 64 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 2 | 12/16/22 | EUR | 680.00 | EUR | 128 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 12/16/22 | USD | 270.00 | USD | 139 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | 4 | 12/16/22 | USD | 190.00 | USD | 69 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 11 | 12/16/22 | USD | 165.00 | USD | 179 | 10670 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP Investor Relations, ADR | 4 | 12/16/22 | USD | 100.00 | USD | 38 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 29 | 12/16/22 | USD | 55.00 | USD | 161 | 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | 14 | 12/16/22 | EUR | 110.00 | EUR | 155 | 8405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 7 | 12/16/22 | USD | 300.00 | USD | 159 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 6 | 12/16/22 | USD | 210.00 | USD | 124 | 4335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5 | 12/16/22 | USD | 195.00 | USD | 104 | 8362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 8 | 12/16/22 | USD | 120.00 | USD | 85 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 15 | 01/20/23 | USD | 115.00 | USD | 148 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 6 | 01/20/23 | USD | 105.00 | USD | 59 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 1 | 01/20/23 | USD | 480.00 | USD | 32 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 2 | 01/20/23 | USD | 240.00 | USD | 39 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 20 | 01/20/23 | USD | 125.00 | USD | 189 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 12 | 01/20/23 | USD | 62.50 | USD | 71 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 12 | 01/20/23 | USD | 97.50 | USD | 114 | 4830 |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 11 | 01/20/23 | USD | 100.00 | USD | 133 | &nbsp;&nbsp;&nbsp;&nbsp;27775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 01/20/23 | USD | 45.00 | USD | 25 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 340.00 | USD | 72 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 320.00 | USD | 72 | 10420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 16 | 01/20/23 | USD | 87.00 | USD | 144 | 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 29 | 01/20/23 | USD | 35.00 | USD | 92 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore International PLC | 7 | 01/20/23 | GBP | 5.68 | GBP | 36 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1 | 01/20/23 | USD | 500.00 | USD | 56 | 7335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 3 | 01/20/23 | USD | 550.00 | USD | 167 | 11100 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1 | 01/20/23 | USD | 450.00 | USD | 43 | $2425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 10 | 01/20/23 | USD | 95.00 | USD | 101 | 8450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7 | 01/20/23 | USD | 85.00 | USD | 49 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 4 | 01/20/23 | USD | 200.00 | USD | 65 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 4 | 01/20/23 | USD | 210.00 | USD | 65 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 1 | 01/20/23 | USD | 550.00 | USD | 42 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 7 | 01/20/23 | USD | 135.00 | USD | 86 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 4 | 01/20/23 | USD | 210.00 | USD | 88 | 7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 7 | 01/20/23 | USD | 210.00 | USD | 145 | 7122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 11 | 01/20/23 | USD | 120.00 | USD | 117 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 5 | 01/20/23 | USD | 57.50 | USD | 26 | 1275 |
|  |  |  |  |  |  |  | 193790 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 11 | 11/11/22 | USD | 135.00 | USD | 161 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 3 | 11/18/22 | GBP | 21.83 | GBP | 70 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 1 | 11/18/22 | GBP | 45.62 | GBP | 47 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 6 | 11/18/22 | USD | 365.00 | USD | 232 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 12/16/22 | USD | 140.00 | USD | 146 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 11 | 12/16/22 | USD | 80.00 | USD | 80 | 9240 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5 | 12/16/22 | USD | 365.00 | USD | 193 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5 | 12/16/22 | USD | 345.00 | USD | 193 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 01/20/23 | USD | 140.00 | USD | 146 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 9 | 01/20/23 | USD | 70.00 | USD | 113 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 15 | 01/20/23 | USD | 65.00 | USD | 135 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 15 | 01/20/23 | USD | 35.00 | USD | 63 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 6 | 01/20/23 | USD | 75.00 | USD | 66 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 3 | 01/20/23 | USD | 210.00 | USD | 77 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5 | 01/20/23 | USD | 90.00 | USD | 63 | 673 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35781 |
|  |  |  |  |  |  |  | $229571 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 11 | 11/11/22 | USD | 150.00 | USD | 161 | $(1425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 15 | 11/18/22 | USD | 130.00 | USD | 142 | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 11/18/22 | USD | 185.00 | USD | 153 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 1 | 11/18/22 | GBP | 26.00 | GBP | 23 | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | 21 | 11/18/22 | USD | 45.00 | USD | 91 | (735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 11/18/22 | USD | 305.00 | USD | 139 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 1 | 11/18/22 | GBP | 56.00 | GBP | 47 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 3 | 11/18/22 | USD | 350.00 | USD | 68 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 4 | 11/18/22 | USD | 360.00 | USD | 91 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 12/16/22 | USD | 155.00 | USD | 146 | (2090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 21 | 12/16/22 | USD | 45.00 | USD | 82 | (3286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 14 | 12/16/22 | USD | 150.00 | USD | 133 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 13 | 12/16/22 | USD | 150.00 | USD | 133 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 12/16/22 | USD | 180.00 | USD | 153 | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 8 | 12/16/22 | USD | 110.00 | USD | 97 | &nbsp;&nbsp;&nbsp;&nbsp;(12280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 11 | 12/16/22 | USD | 100.00 | USD | 80 | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 32 | 12/16/22 | USD | 48.00 | USD | 134 | (4400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 12/16/22 | USD | 295.00 | USD | 139 | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 11 | 12/16/22 | USD | 185.00 | USD | 179 | (3129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 29 | 12/16/22 | USD | 65.00 | USD | 161 | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 7 | 12/16/22 | USD | 350.00 | USD | 159 | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 15 | 12/16/22 | USD | 75.00 | USD | 108 | (3270) |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2 | 12/16/22 | USD | 600.00 | USD | 111 | (815) |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5 | 12/16/22 | USD | 215.00 | USD | 104 | $(2487) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 01/20/23 | USD | 165.00 | USD | 146 | (1140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 16 | 01/20/23 | USD | 110.00 | USD | 155 | (1968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. PLC, Class A | 1 | 01/20/23 | USD | 250.00 | USD | 20 | (915) |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 12 | 01/20/23 | USD | 125.00 | USD | 128 | (4320) |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 17 | 01/20/23 | USD | 150.00 | USD | 214 | (3757) |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 9 | 01/20/23 | USD | 85.00 | USD | 69 | (2722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog Inc., Class A | 11 | 01/20/23 | USD | 100.00 | USD | 89 | (4345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 14 | 01/20/23 | USD | 40.00 | USD | 49 | (2730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 430.00 | USD | 72 | (574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 16 | 01/20/23 | USD | 97.00 | USD | 144 | (4848) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 15 | 01/20/23 | USD | 50.00 | USD | 63 | (2737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12 | 01/20/23 | USD | 95.00 | USD | 133 | (21450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 4 | 01/20/23 | USD | 320.00 | USD | 118 | (2940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1 | 01/20/23 | USD | 640.00 | USD | 56 | (560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 10 | 01/20/23 | USD | 100.00 | USD | 101 | (5100) |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc. | 2 | 01/20/23 | USD | 220.00 | USD | 37 | (2580) |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 15 | 01/20/23 | USD | 80.00 | USD | 108 | (2235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 11 | 01/20/23 | USD | 120.00 | USD | 138 | (15042) |
|  |  |  |  |  |  |  | (115937) |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 9 | 11/18/22 | USD | 95.00 | USD | 89 | (936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 15 | 11/18/22 | USD | 95.00 | USD | 142 | (4762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 11/18/22 | USD | 135.00 | USD | 153 | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 3 | 11/18/22 | GBP | 19.60 | GBP | 70 | (1062) |
| &nbsp;&nbsp;&nbsp;&nbsp; Delphi Automotive PLC | 6 | 11/18/22 | USD | 82.50 | USD | 55 | (900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 11/18/22 | USD | 35.00 | USD | 25 | (1505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 11/18/22 | USD | 220.00 | USD | 139 | (1647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2 | 11/18/22 | USD | 430.00 | USD | 110 | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 1 | 11/18/22 | GBP | 41.65 | GBP | 47 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5 | 11/18/22 | USD | 350.00 | USD | 193 | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 4 | 11/18/22 | USD | 240.00 | USD | 91 | (7430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 3 | 11/18/22 | USD | 220.00 | USD | 68 | (2460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 15 | 11/18/22 | USD | 95.00 | USD | 160 | (1343) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 12/16/22 | USD | 125.00 | USD | 146 | (605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 3 | 12/16/22 | USD | 220.00 | USD | 75 | (743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 12 | 12/16/22 | USD | 30.00 | USD | 47 | (822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 14 | 12/16/22 | USD | 90.00 | USD | 133 | (3787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 13 | 12/16/22 | USD | 100.00 | USD | 133 | (6272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 16 | 12/16/22 | USD | 105.00 | USD | 164 | (11480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 10 | 12/16/22 | USD | 130.00 | USD | 153 | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 12 | 12/16/22 | USD | 65.00 | USD | 96 | (654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 27 | 12/16/22 | EUR | 7.20 | EUR | 22 | (574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 4 | 12/16/22 | USD | 440.00 | USD | 201 | (2010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A | 4 | 12/16/22 | USD | 150.00 | USD | 64 | (3490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 2 | 12/16/22 | USD | 290.00 | USD | 66 | (730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 11 | 12/16/22 | USD | 70.00 | USD | 80 | (2832) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 32 | 12/16/22 | USD | 35.00 | USD | 134 | (3520) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 13 | 12/16/22 | USD | 33.00 | USD | 51 | (696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 6 | 12/16/22 | USD | 260.00 | USD | 178 | (2130) |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 1 | 12/16/22 | EUR | 520.00 | EUR | 64 | (329) |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 2 | 12/16/22 | EUR | 550.00 | EUR | 128 | (1334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 12/16/22 | USD | 215.00 | USD | 139 | (2610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6 | 12/16/22 | USD | 220.00 | USD | 139 | (3465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | 4 | 12/16/22 | USD | 150.00 | USD | 69 | (1480) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 11 | 12/16/22 | USD | 130.00 | USD | 179 | (1661) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP Investor Relations, ADR | 4 | 12/16/22 | USD | 80.00 | USD | 38 | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 29 | 12/16/22 | USD | 45.00 | USD | 161 | (798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | 14 | 12/16/22 | EUR | 88.00 | EUR | 155 | (1266) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5 | 12/16/22 | USD | 340.00 | USD | 193 | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5 | 12/16/22 | USD | 315.00 | USD | 193 | (408) |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 7 | 12/16/22 | USD | 220.00 | USD | 159 | $(9940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 7 | 12/16/22 | USD | 200.00 | USD | 159 | (5372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 6 | 12/16/22 | USD | 170.00 | USD | 124 | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5 | 12/16/22 | USD | 175.00 | USD | 104 | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 8 | 12/16/22 | USD | 95.00 | USD | 85 | (1616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 15 | 01/20/23 | USD | 95.00 | USD | 148 | (4762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 6 | 01/20/23 | USD | 90.00 | USD | 59 | (1140) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10 | 01/20/23 | USD | 125.00 | USD | 146 | (1475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 2 | 01/20/23 | USD | 180.00 | USD | 39 | (2370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 20 | 01/20/23 | USD | 100.00 | USD | 189 | (17000) |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 12 | 01/20/23 | USD | 47.50 | USD | 71 | (504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 30 | 01/20/23 | USD | 30.00 | USD | 95 | (3840) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 12 | 01/20/23 | USD | 80.00 | USD | 114 | (1188) |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 11 | 01/20/23 | USD | 80.00 | USD | 133 | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 01/20/23 | USD | 35.00 | USD | 25 | (2345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 260.00 | USD | 72 | (304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 16 | 01/20/23 | USD | 70.00 | USD | 144 | (1440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 6 | 01/20/23 | USD | 65.00 | USD | 66 | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 29 | 01/20/23 | USD | 25.00 | USD | 92 | (2233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore International PLC | 7 | 01/20/23 | GBP | 4.41 | GBP | 36 | (1199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 3 | 01/20/23 | USD | 440.00 | USD | 167 | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1 | 01/20/23 | USD | 370.00 | USD | 43 | (1235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 10 | 01/20/23 | USD | 77.50 | USD | 101 | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7 | 01/20/23 | USD | 65.00 | USD | 49 | (1103) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 8 | 01/20/23 | USD | 160.00 | USD | 130 | (8700) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 1 | 01/20/23 | USD | 450.00 | USD | 42 | (4920) |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 7 | 01/20/23 | USD | 110.00 | USD | 86 | (2222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5 | 01/20/23 | USD | 75.00 | USD | 63 | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 7 | 01/20/23 | USD | 180.00 | USD | 145 | (1942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 11 | 01/20/23 | USD | 100.00 | USD | 117 | (4812) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 5 | 01/20/23 | USD | 45.00 | USD | 26 | (963) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Semiconductor ETF | 3 | 03/17/23 | USD | 290.00 | USD | 98 | (4605) |
|  |  |  |  |  |  |  | (170458) |
|  |  |  |  |  |  |  | $(286395) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross<br>Notional<br>Amount<br>Net Asset<br>Percentage* |
|  Equity Securities Short | Monthly | JPMorgan Chase Bank N.A.<sup>(b)</sup> | 02/08/23 | $(85211) | $(2589)<sup>(c)</sup> | $(87308) | 0.1% |

---

<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 $(492) of net dividends and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | |
|:---|:---|
|  | (b) |
|  Range: | 15-26 basis points |
|  Benchmarks: | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

The following table represents the individual 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 date February 8, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Short** | **Reference Entity — Short** |  |  |
| **Common Stocks** |  |  |  |
| **France** |  |  |  |
|  Pernod Ricard SA | (238) | $(41772) | 47.9% |
|  **United Kingdom** |  |  |  |
|  Diageo PLC | (1015) | (41770) | 47.8 |
| **United States** |  |  |  |
|  J M Smucker Co. | (25) | (3766) | 4.3 |
|  |  | (87308) |  |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $&nbsp;&nbsp;&nbsp;&nbsp;(87308) |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap* <br> *Premiums*<br> *Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  OTC Swaps | $— | $— | $— | $(2589) | $— |
|  Options Written | N/A | N/A | 125331 | (72707) | (286395) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $63625 | $— | $— | $— | $63625 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 38201 |  |  | 38201 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 229571 |  |  |  | 229571 |
|  | $— | $— | $293196 | $38201 | $— | $— | $331397 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $333086 | $— | $— | $— | $333086 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 203477 |  |  | 203477 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  |  | 286395 |  |  |  | 286395 |
| Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  |  | 2589 |  |  |  | 2589 |
|  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;622070 | $&nbsp;&nbsp;&nbsp;&nbsp;203477 | $— | $— | $825547 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the 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 Schedule of Investments.

S C H E D U L E O F I N V E S T M E N T S 27

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(126023) | $— | $— | $— | $(126023) |
|  Forward foreign currency exchange contracts |  |  |  | (135945) |  |  | (135945) |
|  Options purchased<sup>(a)</sup> |  |  | 4529 |  |  |  | 4529 |
|  Options written |  |  | 133436 |  |  |  | 133436 |
|  Swaps |  |  | 19767 |  |  |  | 19767 |
|  | $— | $— | $31709 | $&nbsp;&nbsp;&nbsp;&nbsp;(135945) | $— | $— | $(104236) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(171457) | $— | $— | $— | $(171457) |
|  Forward foreign currency exchange contracts |  |  |  | (91483) |  |  | (91483) |
|  Options purchased<sup>(b)</sup> |  |  | (99408) |  |  |  | (99408) |
|  Options written |  |  | 121515 |  |  |  | 121515 |
|  Swaps |  |  | (3378) |  |  |  | (3378) |
|  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(152728) | $(91483) | $— | $— | $(244211) |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $9815695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $4016387 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $2366059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $5061397 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $188279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $256954 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $(32503) |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $63739 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 38201 | 203477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 229571 <sup>(a)</sup> | 286395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> |  | 2589 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 331511 | 492461 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286395) |
|  Total derivative assets and liabilities subject to an MNA | $38201 | $206066 |

---

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

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

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

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>** <br>|  | *Net Amount<br>of Derivative<br>Asset* | *<br>s<sup>(a)(b)</sup>* |
|  BNP Paribas S.A. | $38201 |  | $– | $38201 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to*<br> *an MNA by<br>Counterparty* |  | *Net Amount<br>of Derivative<br>Liabilitie* | *<br>s<sup>(a)(c)</sup>* |
|  Bank of America N.A. | $21442 | $– | $21442 |  |
|  Deutsche Bank AG | 17882 | – | 17882 |  |
|  JPMorgan Chase Bank N.A. | 69500 | – | 69500 |  |
|  UBS AG | 97242 | – | 97242 |  |
|  | $206066 | $– | $206066 |  |

---

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

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

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to 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 Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1090596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1090596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1722496 |  |  | 1722496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 55084 |  |  | 55084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 67038 | 1698874 |  | 1765912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2671388 |  | 2671388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4365105 |  | 4365105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 337836 |  | 337836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 537768 |  |  | 537768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 296204 |  | 296204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1223704 |  | 1223704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 413387 | 2638800 |  | 3052187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 70730 |  | 70730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 149561 |  | 149561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 976008 |  | 976008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 608521 |  | 608521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 352364 |  | 352364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 528767 | 456291 |  | 985058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 480888 |  | 480888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 329525 | 3314224 |  | 3643749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 57021985 |  |  | 57021985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 744 |  | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 894874 |  |  | 894874 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock GA Dynamic Equity Fund** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $323899 | $— | $— | $323899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 605 |  |  | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8208243 |  |  | 8208243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 229571 |  |  | 229571 |
|  | $70333242 | $20731838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $91065080 |
|  Derivative Financial Instruments<sup>(a)</sup>  | Derivative Financial Instruments<sup>(a)</sup>  | Derivative Financial Instruments<sup>(a)</sup>  | Derivative Financial Instruments<sup>(a)</sup>  | Derivative Financial Instruments<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | &nbsp;&nbsp;&nbsp;&nbsp; Assets | &nbsp;&nbsp;&nbsp;&nbsp; Assets | &nbsp;&nbsp;&nbsp;&nbsp; Assets | &nbsp;&nbsp;&nbsp;&nbsp; Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $22897 | $40728 | $— | $63625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 38201 |  | 38201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (583572) | (38498) |  | (622070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (203477) |  | (203477) |
|  | $(560675) | $(163046) | $— | $(723721) |

---

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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 financial statements.* 

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities (unaudited)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock GA<br>Disciplined Volatility<br>Equity Fund<sup>(a)</sup> | BlackRock GA<br>Dynamic Equity<br>Fund |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(b)</sup>  | $86558426 | $82147162 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 10211191 | 8917918 |
|  Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written |  | 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 889000 |
|  Foreign currency, at value<sup>(d)</sup>  | 2788 | 5893 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 52119 | 389199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 10100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2474912 | 14203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 252570 | 245226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 92042 | 43360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 22646 | 17239 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager |  | 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 54615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 63739 |
|  Unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 40422 | 38201 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 63765 |  |
|  Prepaid expenses | 32597 | 32515 |
|  Total assets | 99858093 | 93772570 |
|  **LIABILITIES** |  |  |
|  Bank overdraft | 4058 | 9096 |
|  Cash received as collateral for OTC derivatives | 820000 |  |
|  Options written, at value<sup>(e)</sup>  |  | 286395 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 466025 | 1689732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1393331 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 10650 | 17203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 15655 | 8804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 81885 | 116511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 5378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 2583 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 15679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 11982 | 24681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 98228 | 89439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 12624 | 10495 |
|  Unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 174043 | 203477 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 45010 | 2589 |
|  Total liabilities | 3144994 | 2476779 |
|  NET ASSETS | $96713099 | $91295791 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $103994285 | $99197447 |
|  Accumulated loss | (7281186) | (7901656) |
|  NET ASSETS | $96713099 | $91295791 |
|  <sup>(a) </sup>Consolidated Statement of Assets and Liabilities. |  |  |
|  <sup>(b) </sup>Investments, at cost — unaffiliated | $90480685 | $85967773 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $10219484 | $9278476 |
|  <sup>(d) </sup>Foreign currency, at cost | $2796 | $16877 |
|  <sup>(e) </sup>Premiums received | $— | $339019 |

---

F I N A N C I A L S T A T E M E N T S 31

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Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock GA<br>Disciplined Volatility<br>Equity Fund<sup>(a)</sup> | BlackRock GA<br>Dynamic Equity<br>Fund |
|  **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $90401640 | $84488071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 8219185 | 7005365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.00 | $12.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.01 | $0.01 |
| **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6311459 | $6807720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 573213 | 563961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.01 | $12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.01 | $0.01 |

---

<sup>(a)</sup> Consolidated Statement of Assets and Liabilities.

*See notes to financial statements.* 

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock GA<br>Disciplined Volatility<br>Equity Fund<sup>(a)</sup> | BlackRock GA<br>Dynamic Equity<br>Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $838318 | $652269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 56528 | 55973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (46482) | (30665) |
|  Total investment income | 848364 | 677577 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 146334 | 135876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 71895 | 70751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 67660 | 99651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 25077 | 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 23675 | 20745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 12683 | 15579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 3744 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23694 | 18880 |
|  Total expenses | 374762 | 391186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (168142) | (200539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (7000) | (5500) |
|  Total expenses after fees waived and/or reimbursed | 199620 | 185147 |
|  Net investment income | 648744 | 492430 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (5138639) | (1759119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (118266) | (135945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8009 | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (109902) | (126023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 133436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2567733 | 19767 |
|  | (2791065) | (1868045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup>  | (1530895) | (879061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (8293) | (260212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (80177) | (91483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1666 | (10654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 65491 | (171457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 121515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 18755 | (3378) |
|  | (1533453) | (1294730) |
|  Net realized and unrealized loss | (4324518) | (3162775) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(3675774) | $(2670345) |
|  <sup>(a) </sup>Consolidated Statement of Operations. |  |  |
|  <sup>(b) </sup>Net of increase in deferred foreign capital gain tax of | $(5378) | $— |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 33

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Statements of Changes in Net Assets

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $648744 | $248906 | $492430 | $245114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (2791065) | (704214) | (1868045) | (1544731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1533453) | (3736508) | (1294730) | (5557815) |
|  Net decrease in net assets resulting from operations | (3675774) | (4191816) | (2670345) | (6857432) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (133239) | (336963) | (80710) | (321242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (15460) | (442313) | (11331) | (723325) |
|  Decrease in net assets resulting from distributions to shareholders | (148699) | (779276) | (92041) | (1044567) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 40107806 | 58402447 | 37092385 | 56871164 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 36283333 | 53431355 | 34329999 | 48969165 |
|  Beginning of period | 60429766 | 6998411 | 56965792 | 7996627 |
|  End of period | $96713099 | $60429766 | $91295791 | $56965792 |

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<sup>(a)</sup> Consolidated Statement of Changes in Net Assets.

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

*See notes to financial statements.* 

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
| | Six Months Ended<br>10/31/22<br>(unaudited)<br><sup>(a)</sup> | Year Ended<br>04/30/22<br><sup>(a)</sup> | Period from<br>11/01/20<br>to 04/30/21<br><sup>(a)</sup> | Year Ended<br>10/31/20<br><sup>(a)</sup> | Period from<br> 11/30/18to 10/31/19<br><sup>(b)</sup>  |
|  **Net asset value, beginning of period** | $11.66 | $12.84 | $10.90 | $11.20 | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.10 | 0.12 | 0.07 | 0.16 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.73) | (0.49) | 2.06 | 0.01 | 0.91 |
|  Net increase (decrease) from investment operations | (0.63) | (0.37) | 2.13 | 0.17 | 1.14 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.08) | (0.06) | (0.32) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.73) | (0.13) | (0.15) |  |
|  Total distributions | (0.03) | (0.81) | (0.19) | (0.47) | (0.25) |
|  **Net asset value, end of period** | $11.00 | $11.66 | $12.84 | $10.90 | $11.20 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (5.44)%<sup>(f)</sup> | (3.35)% | 19.67 %<sup>(f)</sup> | 1.56% | 11.22 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.03 %<sup>(h)</sup> | 1.37% | 5.18 %<sup>(h)(i)</sup> | 5.27% | 6.39 %<sup>(h)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.55 %<sup>(h)</sup> | 0.55% | 0.55 %<sup>(h)</sup> | 0.54% | 0.55 %<sup>(h)</sup> |
|  Net investment income | 1.76 %<sup>(h)</sup> | 0.99% | 1.12 %<sup>(h)</sup> | 1.51% | 2.39 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $90402 | $53758 | $97 | $78 | $33 |
|  Portfolio turnover rate | 126% | 121% | 57% | 125% | 125% |

---

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

<sup>(b)</sup> Commencement of operations.

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

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

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

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

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

<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> Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 5.55%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

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Financial Highlights (continued)

(For a share outstanding throughout each period)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock GA Disciplined Volatility Equity Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>10/31/22<br>(unaudited)<br><sup>(a)</sup> | Year Ended<br>04/30/22<br><sup>(a)</sup> | Period from<br>11/01/20<br>to 04/30/21<br><sup>(a)</sup> | Year Ended<br>10/31/20<br><sup>(a)</sup> | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Period from<br> 06/01/17to 10/31/17<br><sup>(b)</sup>  |
|  **Net asset value, beginning of period** | $11.67 | $12.85 | $10.91 | $11.21 | $9.97 | $10.30 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.11 | 0.14 | 0.07 | 0.17 | 0.25 | 0.20 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.74) | (0.51) | 2.06 | 0.01 | 1.24 | (0.38) | 0.25 |
|  Net increase (decrease) from investment operations | (0.63) | (0.37) | 2.13 | 0.18 | 1.49 | (0.18) | 0.30 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.08) | (0.06) | (0.33) | (0.25) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.73) | (0.13) | (0.15) |  |  |  |
|  Total distributions | (0.03) | (0.81) | (0.19) | (0.48) | (0.25) | (0.15) |  |
|  **Net asset value, end of period** | $11.01 | $11.67 | $12.85 | $10.91 | $11.21 | $9.97 | $10.30 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (5.42)%<sup>(f)</sup> | (3.32)% | 19.68 %<sup>(f)</sup> | 1.60% | 15.12% | (1.83)% | 3.00 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.97 %<sup>(h)</sup> | 2.82% | 4.99 %<sup>(h)(i)</sup> | 4.86% | 5.66% | 3.64% | 4.34 %<sup>(h)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(h)</sup> | 0.50% | 0.50 %<sup>(h)</sup> | 0.50% | 0.50% | 0.52% | 0.50 %<sup>(h)</sup> |
|  Net investment income | 1.89 %<sup>(h)</sup> | 1.10% | 1.21 %<sup>(h)</sup> | 1.56% | 2.35% | 1.88% | 1.08 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6311 | $6672 | $6901 | $5765 | $5674 | $5017 | $5161 |
|  Portfolio turnover rate | 126% | 121% | 57% | 125% | 125% | 184% | 55% |

---

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

<sup>(b)</sup> Commencement of operations.

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

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

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

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

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

<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 6.26%. 

<sup>(j)</sup> Audit, offering and organization costs were not annualized in the calculation of expense ratio. If these expenses were annualized, the total expenses would have been 7.19%. 

*See notes to financial statements.* 

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
| | Six Months Ended<br> 10/31/22(unaudited)  | Year Ended<br>04/30/22 | Period from<br>11/01/20<br>to 04/30/21 | Year Ended<br>10/31/20 | Period from<br> 11/30/18to 10/31/19<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $12.68 | $15.33 | $11.73 | $10.92 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.09 | 0.14 | 0.06 | 0.11 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.69) | (1.40) | 3.63 | 0.80 | 0.81 |
|  Net increase (decrease) from investment operations | (0.60) | (1.26) | 3.69 | 0.91 | 0.98 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.14) | (0.09) | (0.10) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.25) |  |  | (0.15) |
|  Total distributions | (0.02) | (1.39) | (0.09) | (0.10) | (0.38) |
|  **Net asset value, end of period** | $12.06 | $12.68 | $15.33 | $11.73 | $10.92 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (4.74)%<sup>(e)</sup> | (9.33)% | 31.58 %<sup>(e)</sup> | 8.35% | 9.97 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.16 %<sup>(g)</sup> | 1.49% | 5.34 %<sup>(g)(h)</sup> | 5.92% | 7.07 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.55 %<sup>(g)</sup> | 0.55% | 0.55 %<sup>(g)</sup> | 0.54% | 0.54 %<sup>(g)</sup> |
|  Net investment income | 1.43 %<sup>(g)</sup> | 1.01% | 0.88 %<sup>(g)</sup> | 1.01% | 1.83 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $84488 | $49823 | $121 | $88 | $34 |
|  Portfolio turnover rate | 24% | 66% | 32% | 73% | 74% |

---

<sup>(a)</sup> Commencement of operations.

<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 6.48%. 

<sup>(i)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 6.21%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 37

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Financial Highlights (continued)

(For a share outstanding throughout each period)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock GA Dynamic Equity Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br>to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Period from<br> 06/01/17to 10/31/17<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $12.69 | $15.34 | $11.74 | $10.92 | $10.17 | $10.97 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.10 | 0.14 | 0.06 | 0.12 | 0.19 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.70) | (1.40) | 3.64 | 0.80 | 0.94 | (0.60) | 0.94 |
|  Net increase (decrease) from investment operations | (0.60) | (1.26) | 3.70 | 0.92 | 1.13 | (0.47) | 0.97 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.14) | (0.10) | (0.10) | (0.23) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (1.25) |  |  | (0.15) | (0.16) |  |
|  Total distributions | (0.02) | (1.39) | (0.10) | (0.10) | (0.38) | (0.33) |  |
|  **Net asset value, end of period** | $12.07 | $12.69 | $15.34 | $11.74 | $10.92 | $10.17 | $10.97 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (4.72)%<sup>(e)</sup> | (9.29)% | 31.59 %<sup>(e)</sup> | 8.49% | 11.58% | (4.54)% | 9.70 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.10 %<sup>(g)</sup> | 2.83% | 5.15 %<sup>(g)(h)</sup> | 5.50% | 6.24% | 3.43% | 4.35 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(g)</sup> | 0.50% | 0.50 %<sup>(g)</sup> | 0.50% | 0.50% | 0.52% | 0.50 %<sup>(g)</sup> |
|  Net investment income | 1.58 %<sup>(g)</sup> | 0.94% | 0.93 %<sup>(g)</sup> | 1.05% | 1.85% | 1.16% | 0.80 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6808 | $7142 | $7875 | $5984 | $5517 | $5118 | $5494 |
|  Portfolio turnover rate | 24% | 66% | 32% | 73% | 74% | 205% | 70% |

---

<sup>(a)</sup> Commencement of operations.

<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 6.28%. 

<sup>(i)</sup> Audit, offering and organization costs were not annualized in the calculation of expense ratio. If these expenses were annualized, the total expenses would have been 7.13%. 

*See notes to financial statements.* 

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited)

***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":

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| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification<br>Classification* |
|  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> <u> Institutional and Class K Shares</u>   <u>No</u>   <u>No</u>   <u>None</u>

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.

**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 "Cayman Subsidiary"), which is a wholly-owned subsidiary of GA Disciplined Volatility Equity and primarily invests in commodity-related instruments. The 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 Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $113,139, which is 0.1% of GA Disciplined Volatility Equity's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to GA Disciplined Volatility Equity, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

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| | |
|:---|:---|
| ***2. SIGNIFICANT*** | ***ACCOUNTING POLICIES***  |

---

The 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 financial statements, disclosure of contingent assets and liabilities at the date of the 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. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. 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 Statements of Operations from the effects of changes in market 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 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 October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

N O T E S T O F I N A N C I A L S T A T E M E N T S 39

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Notes to Financial Statements (unaudited) (continued)

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**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 Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary 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, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on overdrafts, subject to certain conditions.

***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 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 of Trustees of each Fund (the "Board") has approved the designation of each Fund's Manager as the valuation designee for each 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.

**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;• 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 available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a
third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade
at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers),
market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider
the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be
used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published 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;• 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;• 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. Over-the-counter ("OTC") options and options on swaps
("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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 follows 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.

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.

---

| | | |
|:---|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
|  | (ii) | recapitalizations and other transactions across the capital structure; and |
| | (iii) | market multiples of comparable issuers.<br>|
|  Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
|  | (ii) | quoted prices for similar investments or assets in active markets; and |
| | (iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.<br>|
|  Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
|  | (ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
|  | (iii) | relevant news and other public sources; and |
| | (iv) | known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.<br>|

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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 involve 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.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information 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.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

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Notes to Financial Statements (unaudited) (continued)

***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.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

***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 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 Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the 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 Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the 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 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 derivatives in the Statements of Assets and Liabilities. A 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 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 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 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

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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 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 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the 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 Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the 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 Statements of Operations, including those at termination.

&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. <br>

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. <br>

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 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. <br>

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the 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 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

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Notes to Financial Statements (unaudited) (continued)

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 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 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 Statements of Assets and Liabilities.

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

**Investment Advisory:** The Trust, on behalf of the Funds, 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% | 0.40% |
|  $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 Subsidiary. The Manager does not receive separate compensation from the Subsidiary 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 Subsidiary.

**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 six months ended October 31, 2022, the Funds did not pay any amounts to affiliates in return for these services.

For the six months ended October 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Class K* | *Total* |
|  GA Disciplined Volatility Equity | $23657 | $18 | $23675 |
|  GA Dynamic Equity | 20721 | 24 | 20745 |

---

**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, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, 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 Statements of Operations. For the six months ended October 31, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  GA Disciplined Volatility Equity | $2171 |
|  GA Dynamic Equity | 1960 |

---

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, 2024. 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 six months ended October 31, 2022, 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* |
|  GA Disciplined Volatility Equity | $89 |
|  GA Dynamic Equity | 1507 |

---

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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, tax 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% | 0.50% |
|  GA Dynamic Equity | 0.55 | 0.50 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, 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 six months ended October 31, 2022, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  GA Disciplined Volatility Equity | $165882 |
|  GA Dynamic Equity | 197072 |

---

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 Statements of Operations. For the six months ended October 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/<br>or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/<br>or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/<br>or Reimbursed by the Manager -<br>Class Specific |
| *Fund Name* | *Institutional* | *Class K* | *Total* |
|  GA Disciplined Volatility Equity | $6982 | $18 | $7000 |
|  GA Dynamic Equity | 5476 | 24 | 5500 |

---

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 will be terminated.

As of October 31, 2022, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Expiring | Expiring | Expiring |
| *Fund Name/Fund Level/Share Class* | *04/30/23* | *04/30/24* | *06/01/24* |
|  GA Disciplined Volatility Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $187531 | $299379 | $165882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 42 | 6218 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 13 | 12 | 18 |
|  GA Dynamic Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | 210465 | 339911 | 197072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 36 | 4362 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 19 | 17 | 24 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), each Fund may participate 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. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

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Notes to Financial Statements (unaudited) (continued)

During the period ended October 31, 2022, 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 Statements of Operations.

***7. PURCHASES AND SALES***

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  GA Disciplined Volatility Equity | $124566119 | $83860105 |
|  GA Dynamic Equity | 48650458 | 14965846 |

---

***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 October 31, 2022, 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' financial statements.

As of October 31, 2022, 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* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  GA Disciplined Volatility Equity | $101272462 | $4008336 | $(8626047) | $(4617711) |
|  GA Dynamic Equity | 95998787 | 4198328 | (9516737) | (5318409) |

---

***9. BANK BORROWINGS***

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 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 2023 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 six months ended October 31, 2022, 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 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.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**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.

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 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. 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.

**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 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.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchases 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 purchases 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.

**Concentration 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 Schedule of Investments.

**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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

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Notes to Financial Statements (unaudited) (continued)

***11. CAPITAL SHARE TRANSACTIONS***

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>10/31/22 | Six Months Ended<br>10/31/22 | Year Ended<br>04/30/22 | Year Ended<br>04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  GA Disciplined Volatility Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4506381 | $49969298 | 5043484 | $63438773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12113 | 133239 | 25989 | 336963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (910707) | (10010190) | (465668) | (5815602) |
|  | 3607787 | $&nbsp;&nbsp;&nbsp;&nbsp;40092347 | 4603805 | $&nbsp;&nbsp;&nbsp;&nbsp;57960134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1404 | $15459 | 34703 | $442313 |
|  | 1404 | $15459 | 34703 | $442313 |
|  | 3609191 | $40107806 | 4638508 | $58402447 |
|  | Six Months Ended<br>10/31/22 | Six Months Ended<br>10/31/22 | Year Ended<br>04/30/22 | Year Ended<br>04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  GA Dynamic Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4047083 | $49049079 | 4299920 | $61269813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6928 | 80710 | 21946 | 321242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (979150) | (12048735) | (399272) | (5443666) |
|  | 3074861 | $37081054 | 3922594 | $56147389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 30 | $450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 972 | 11331 | 49575 | 723325 |
|  | 972 | $11331 | 49605 | $723775 |
|  | 3075833 | $37092385 | 3972199 | $56871164 |

---

As of October 31, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Class K* |
|  GA Disciplined Volatility Equity | 2221 | 573213 |
|  GA Dynamic Equity | 2183 | 563786 |

---

***12. SUBSEQUENT EVENTS***

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

48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of Managed Account Series (the "Trust") met on April 20, 2022 (the "April Meeting") and May 10-11, 2022 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Trust, on behalf of BlackRock GA Disciplined Volatility Equity Fund (the "Disciplined Volatility Equity Fund") and BlackRock GA Dynamic Equity Fund (the "Dynamic Equity Fund") (each a "Fund" and collectively, the "Funds"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for each Fund on an annual basis. The Board members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreement. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 49

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Disclosure of Investment Advisory Agreement (continued)

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans, including in light of the ongoing COVID-19 pandemic.

***B. The Investment Performance of the Funds and BlackRock***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year, three-year and since-inception periods reported, the Disciplined Volatility Equity Fund outperformed its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for the one-year, three-year and since-inception periods reported, the Dynamic Equity Fund underperformed, outperformed, and underperformed, respectively, its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's underperformance relative to its benchmark during the applicable period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed

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Disclosure of Investment Advisory Agreement (continued)

BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock's expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that each of the Disciplined Volatility Equity Fund's and the Dynamic Equity Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on each Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion** 

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 51

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Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, 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.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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 Funds at (800) 537-4942.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 537-4942; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**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.

**Automatic Investment Plans** 

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans** 

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans** 

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

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Information (continued)

**BlackRock Privacy Principles (continued)** 

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

**Fund and Service Providers** 

---

| | |
|:---|:---|
| **Investment Adviser** | **Distributor** |
| BlackRock Advisors, LLC | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10022 |
| **Accounting Agent** | **Independent Registered Public Accounting Firm** |
| State Street Bank and Trust Company | Deloitte & Touche LLP |
| Boston, MA 02111 | Boston, MA 02116 |
| **Custodian** | **Legal Counsel** |
| Brown Brothers Harriman & Co. | Sidley Austin LLP |
| Boston, MA 02109 | New York, NY 10019 |
| **Transfer Agent** | **Address of the Funds** |
| BNY Mellon Investment Servicing (US) Inc. | 100 Bellevue Parkway |
| Wilmington, DE 19809 | Wilmington, DE 19809 |

---

A D D I T I O N A L I N F O R M A T I O N 53

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| USD | United States Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| CD | Certificate of Deposit |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SPDR | Standard & Poor's Depository Receipt |

---

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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.

MASGA-10/22-SAR

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| | |
|:---|:---|
| ![LOGO](g422949g42l24.jpg)  | ![LOGO](g422949leaf.jpg) |

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

------

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

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 Report to Stockholders filed under Item 1(a) 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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

---

Item 11 – 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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

[(a)(2) Section 302 Certifications are attached](d422949dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

**2** 

------

(a)(4) 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](d422949dex99906cert.htm)

**3** 

------

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: December 21, 2022

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: December 21, 2022

---

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

---

Date: December 21, 2022

**4**

## 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 directors (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: December 21, 2022

<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 directors (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: December 21, 2022

<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 his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 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: December 21, 2022

<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 his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 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: December 21, 2022

<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.