BlackRock GA Disciplined Volatility Equity Fund |
BlackRock GA Dynamic Equity Fund |
Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
Average annual total returns | ||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Fund Inception |
|||||
% | % | % | % | |||||
Key Fund statistics | |
$ | |
Geographic allocation | ||
Country/Geographic Region | Percent of Net Assets |
|
% | ||
Ten largest holdings | ||
Security(a) | Percent of Net Assets |
|
% | ||
|
|
Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
Average annual total returns | ||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Fund Inception |
|||||
% | % | % | % | |||||
Key Fund statistics | |
$ | |
Geographic allocation | ||
Country/Geographic Region | Percent of Net Assets |
|
% | ||
Ten largest holdings | ||
Security(a) | Percent of Net Assets |
|
% | ||
|
|
Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
Average annual total returns | ||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Fund Inception |
|||||
% | % | % | % | |||||
Key Fund statistics | |
$ | |
Geographic allocation | ||
Country/Geographic Region | Percent of Net Assets |
|
% | ||
Ten largest holdings | ||
Security(a) | Percent of Net Assets |
|
% | ||
|
|
Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
Average annual total returns | ||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Fund Inception |
|||||
% | % | % | % | |||||
Key Fund statistics | |
$ | |
Geographic allocation | ||
Country/Geographic Region | Percent of Net Assets |
|
% | ||
Ten largest holdings | ||
Security(a) | Percent of Net Assets |
|
% | ||
|
|
(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 |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
Managed Account Series |
• BlackRock GA Disciplined Volatility Equity Fund |
• BlackRock GA Dynamic Equity Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Security |
|
Shares |
Value |
Common Stocks | |||
Brazil — 0.1% |
| ||
XP, Inc., Class A |
|
46,042 |
$ 803,893 |
China — 6.3% |
| ||
AAC Technologies Holdings, Inc. |
|
240,500 |
971,380 |
Anker Innovations Technology Co. Ltd., Class A |
|
50,100 |
564,229 |
BeiGene Ltd.(a) |
|
106,700 |
1,680,477 |
Bosideng International Holdings Ltd. |
|
4,946,000 |
2,773,898 |
BYD Electronic International Co. Ltd. |
|
123,500 |
529,249 |
China Hongqiao Group Ltd. |
|
333,500 |
535,833 |
China Tower Corp. Ltd., Class H(b) |
|
18,954,000 |
2,557,480 |
Contemporary Amperex Technology Co. Ltd., Class A |
|
18,200 |
631,147 |
COSCO SHIPPING Holdings Co. Ltd., Class H |
|
570,500 |
844,874 |
Eastroc Beverage Group Co. Ltd., Class A |
|
10,500 |
312,513 |
Giant Biogene Holding Co. Ltd.(b) |
|
486,400 |
3,298,930 |
Great Wall Motor Co. Ltd., Class A |
|
1,080,033 |
3,973,577 |
Great Wall Motor Co. Ltd., Class H |
|
1,625,000 |
2,584,041 |
Haidilao International Holding Ltd.(b) |
|
385,000 |
776,514 |
Kingsoft Corp. Ltd. |
|
306,600 |
1,056,619 |
Kuaishou Technology(a)(b) |
|
121,100 |
713,643 |
Lenovo Group Ltd. |
|
818,000 |
1,078,644 |
NetEase, Inc. |
|
252,200 |
4,057,594 |
PetroChina Co. Ltd., Class H |
|
3,378,000 |
2,536,588 |
Sunny Optical Technology Group Co. Ltd. |
|
136,000 |
884,679 |
Suzhou TFC Optical Communication Co. Ltd., Class A |
|
28,340 |
505,075 |
Tencent Holdings Ltd. |
|
29,200 |
1,522,549 |
Tongcheng Travel Holdings Ltd. |
|
246,000 |
556,558 |
Weichai Power Co. Ltd., Class A |
|
1,716,300 |
3,219,714 |
Weichai Power Co. Ltd., Class H |
|
2,571,000 |
3,884,940 |
Xiaomi Corp., Class B(a)(b) |
|
624,000 |
2,140,255 |
Yealink Network Technology Corp. Ltd., Class A |
|
65,500 |
358,397 |
Yutong Bus Co. Ltd., Class A |
|
138,800 |
472,330 |
Zhejiang Dingli Machinery Co. Ltd., Class A |
|
55,500 |
395,289 |
|
|
|
45,417,016 |
Denmark — 1.7% |
| ||
Ascendis Pharma A/S, ADR(a) |
|
1,154 |
141,734 |
Novo Nordisk A/S, Class B |
|
80,842 |
9,067,642 |
Novonesis (Novozymes) B, Class B |
|
49,279 |
3,096,779 |
|
|
|
12,306,155 |
France — 1.5% |
| ||
Hermes International SCA |
|
4,008 |
9,109,185 |
LVMH Moet Hennessy Louis Vuitton SE |
|
2,490 |
1,657,644 |
|
|
|
10,766,829 |
Germany — 0.6% |
| ||
MTU Aero Engines AG, Class N |
|
9,828 |
3,212,194 |
Rational AG |
|
1,267 |
1,240,775 |
|
|
|
4,452,969 |
Hong Kong — 1.3% |
| ||
AIA Group Ltd. |
|
312,400 |
2,465,560 |
HKT Trust & HKT Ltd., Class SS |
|
2,745,000 |
3,411,227 |
Hongkong Land Holdings Ltd. |
|
243,600 |
1,044,456 |
Jardine Matheson Holdings Ltd. |
|
20,200 |
777,700 |
Orient Overseas International Ltd. |
|
139,500 |
1,901,556 |
|
|
|
9,600,499 |
India — 3.9% |
| ||
Aditya Birla Capital Ltd.(a) |
|
22,920 |
55,265 |
Asian Paints Ltd. |
|
43,338 |
1,509,378 |
AU Small Finance Bank Ltd.(b) |
|
117,594 |
854,840 |
Bank of Baroda |
|
202,063 |
600,895 |
Security |
|
Shares |
Value |
India (continued) |
| ||
Bharat Electronics Ltd. |
|
18,838 |
$ 63,590 |
Bharat Petroleum Corp. Ltd. |
|
17,720 |
65,366 |
Bharti Airtel Ltd. |
|
81,967 |
1,568,887 |
Cipla Ltd. |
|
4,176 |
76,825 |
GAIL India Ltd. |
|
25,645 |
60,765 |
Godrej Consumer Products Ltd. |
|
3,752 |
57,169 |
HCL Technologies Ltd. |
|
73,061 |
1,528,772 |
HDFC Asset Management Co. Ltd.(b) |
|
11,574 |
590,638 |
HDFC Life Insurance Co. Ltd.(b) |
|
227,107 |
1,939,837 |
Hero MotoCorp Ltd. |
|
746 |
44,111 |
Hindustan Aeronautics Ltd. |
|
29,624 |
1,490,735 |
IndusInd Bank Ltd. |
|
46,757 |
584,957 |
Infosys Ltd. |
|
67,458 |
1,407,487 |
InterGlobe Aviation Ltd.(a)(b) |
|
1,403 |
67,399 |
JSW Energy Ltd., Class A |
|
8,479 |
68,352 |
Kotak Mahindra Bank Ltd. |
|
208,916 |
4,289,089 |
Maruti Suzuki India Ltd. |
|
336 |
44,101 |
Oil India Ltd. |
|
103,064 |
577,567 |
Power Grid Corp. of India Ltd. |
|
251,983 |
958,538 |
Reliance Industries Ltd. |
|
4,354 |
68,845 |
Shree Cement Ltd. |
|
2,267 |
674,302 |
Tata Consultancy Services Ltd. |
|
118,019 |
5,551,269 |
Tech Mahindra Ltd. |
|
60,539 |
1,152,300 |
UltraTech Cement Ltd. |
|
5,283 |
693,742 |
Vedanta Ltd. |
|
192,607 |
1,060,238 |
Vodafone Idea Ltd.(a) |
|
3,126,677 |
300,642 |
|
|
|
28,005,901 |
Indonesia — 0.2% |
| ||
Bank Central Asia Tbk PT |
|
1,284,300 |
838,743 |
Bank Negara Indonesia Persero Tbk PT |
|
1,873,300 |
624,813 |
Bank Syariah Indonesia Tbk PT |
|
1,305,700 |
251,273 |
|
|
|
1,714,829 |
Ireland — 0.3% |
| ||
Kingspan Group PLC |
|
21,384 |
1,888,355 |
Israel — 0.0% |
| ||
Teva Pharmaceutical Industries Ltd., ADR(a) |
|
14,082 |
259,672 |
Italy — 1.0% |
| ||
Ferrari NV |
|
13,373 |
6,383,857 |
Stevanato Group SpA |
|
3,078 |
58,513 |
UniCredit SpA |
|
10,010 |
442,834 |
|
|
|
6,885,204 |
Japan — 8.9% |
| ||
Astellas Pharma, Inc. |
|
80,200 |
939,008 |
Canon, Inc. |
|
109,600 |
3,564,738 |
Chubu Electric Power Co., Inc. |
|
193,600 |
2,225,462 |
Dai-ichi Life Holdings, Inc. |
|
106,500 |
2,655,077 |
Daiichi Sankyo Co. Ltd. |
|
114,600 |
3,730,026 |
Daikin Industries Ltd. |
|
40,800 |
4,898,314 |
Daiwa Securities Group, Inc. |
|
158,200 |
1,034,989 |
Eisai Co. Ltd. |
|
51,400 |
1,741,438 |
FUJIFILM Holdings Corp. |
|
35,700 |
849,243 |
Idemitsu Kosan Co. Ltd. |
|
101,300 |
690,606 |
Japan Tobacco, Inc. |
|
40,200 |
1,122,282 |
Kawasaki Kisen Kaisha Ltd. |
|
35,100 |
484,872 |
KDDI Corp. |
|
185,800 |
5,793,131 |
Kyowa Kirin Co. Ltd. |
|
79,500 |
1,310,300 |
Kyushu Railway Co. |
|
22,700 |
597,248 |
LY Corp. |
|
312,900 |
853,524 |
MEIJI Holdings Co. Ltd. |
|
42,800 |
1,000,000 |
Mitsubishi Chemical Group Corp. |
|
636,400 |
3,434,070 |
Security |
|
Shares |
Value |
Japan (continued) |
| ||
Mitsubishi Electric Corp. |
|
110,200 |
$ 1,938,697 |
Mitsui OSK Lines Ltd. |
|
21,600 |
735,384 |
MS&AD Insurance Group Holdings, Inc. |
|
48,600 |
1,074,999 |
Nexon Co. Ltd. |
|
65,500 |
1,135,242 |
NIDEC Corp. |
|
98,500 |
1,962,200 |
Nintendo Co. Ltd. |
|
18,100 |
956,096 |
Nippon Paint Holdings Co. Ltd. |
|
64,900 |
496,711 |
Nippon Telegraph & Telephone Corp. |
|
2,820,700 |
2,721,509 |
Nippon Yusen KK |
|
36,600 |
1,225,346 |
Panasonic Holdings Corp. |
|
152,500 |
1,255,080 |
Shionogi & Co. Ltd. |
|
118,700 |
1,695,362 |
Sompo Holdings, Inc. |
|
144,300 |
3,093,659 |
TIS, Inc. |
|
42,500 |
1,059,800 |
TOPPAN Holdings, Inc. |
|
49,400 |
1,445,012 |
Toyota Tsusho Corp. |
|
99,200 |
1,686,272 |
Trend Micro, Inc./Japan |
|
39,900 |
2,087,663 |
Yamaha Motor Co. Ltd. |
|
286,900 |
2,507,798 |
|
|
|
64,001,158 |
Netherlands — 0.9% |
| ||
Argenx SE, ADR(a) |
|
310 |
181,753 |
ASM International NV |
|
863 |
481,991 |
ASML Holding NV |
|
8,568 |
5,767,387 |
Merus NV(a) |
|
2,015 |
100,609 |
|
|
|
6,531,740 |
Peru — 0.4% |
| ||
Credicorp Ltd. |
|
15,929 |
2,933,007 |
Singapore — 0.3% |
| ||
DBS Group Holdings Ltd. |
|
64,000 |
1,855,667 |
United Overseas Bank Ltd. |
|
18,300 |
444,855 |
|
|
|
2,300,522 |
South Korea — 0.5% |
| ||
Coway Co. Ltd. |
|
13,196 |
602,886 |
Doosan Enerbility Co. Ltd.(a) |
|
68,354 |
982,107 |
Hanmi Pharm Co. Ltd. |
|
1,707 |
394,038 |
KakaoBank Corp. |
|
26,239 |
409,075 |
Krafton, Inc.(a) |
|
6,066 |
1,450,199 |
|
|
|
3,838,305 |
Switzerland — 0.3% |
| ||
Sika AG, Registered Shares |
|
7,270 |
2,024,820 |
Taiwan — 3.9% |
| ||
Acer, Inc. |
|
1,276,000 |
1,581,184 |
Advantech Co. Ltd. |
|
114,898 |
1,126,007 |
Asustek Computer, Inc. |
|
87,000 |
1,536,237 |
Chunghwa Telecom Co. Ltd. |
|
242,000 |
918,617 |
Compal Electronics, Inc. |
|
1,816,000 |
1,993,509 |
eMemory Technology, Inc. |
|
11,000 |
1,069,584 |
Evergreen Marine Corp. Taiwan Ltd. |
|
349,000 |
2,211,302 |
Far EasTone Telecommunications Co. Ltd. |
|
1,048,000 |
2,893,933 |
Fortune Electric Co. Ltd. |
|
44,500 |
744,864 |
Global Unichip Corp. |
|
32,000 |
1,196,260 |
Hon Hai Precision Industry Co. Ltd. |
|
82,000 |
525,597 |
MediaTek, Inc. |
|
50,000 |
1,946,408 |
Quanta Computer, Inc. |
|
256,000 |
2,324,822 |
Realtek Semiconductor Corp. |
|
203,000 |
2,978,510 |
Wan Hai Lines Ltd. |
|
808,000 |
2,139,192 |
Wistron Corp. |
|
125,000 |
420,146 |
Security |
|
Shares |
Value |
Taiwan (continued) |
| ||
WPG Holdings Ltd. |
|
214,000 |
$ 486,222 |
Yang Ming Marine Transport Corp. |
|
825,000 |
1,693,742 |
|
|
|
27,786,136 |
United Kingdom — 1.6% |
| ||
Auto Trader Group PLC(b) |
|
277,142 |
2,992,438 |
London Stock Exchange Group PLC |
|
41,622 |
5,641,273 |
Spirax Group PLC |
|
29,222 |
2,439,173 |
|
|
|
11,072,884 |
United States — 65.2% |
| ||
Abbott Laboratories |
|
4,666 |
528,984 |
AbbVie, Inc. |
|
10,650 |
2,171,215 |
Adobe, Inc.(a) |
|
9,879 |
4,722,952 |
Alnylam Pharmaceuticals, Inc.(a) |
|
2,766 |
737,388 |
Alphabet, Inc., Class C |
|
44,927 |
7,758,444 |
Altair Engineering, Inc., Class A(a) |
|
57,766 |
6,007,086 |
Altria Group, Inc. |
|
98,317 |
5,354,344 |
American Homes 4 Rent, Class A |
|
16,758 |
590,552 |
American Water Works Co., Inc. |
|
13,016 |
1,797,640 |
Amgen, Inc. |
|
9,560 |
3,060,730 |
ANSYS, Inc.(a) |
|
5,064 |
1,622,556 |
Aon PLC, Class A |
|
11,092 |
4,069,322 |
Archer-Daniels-Midland Co. |
|
7,557 |
417,222 |
Atlassian Corp., Class A(a) |
|
5,487 |
1,034,519 |
Aura Biosciences, Inc.(a) |
|
16,281 |
169,974 |
Avadel Pharmaceuticals PLC(a) |
|
8,955 |
138,534 |
Axsome Therapeutics, Inc.(a) |
|
1,422 |
126,601 |
Becton Dickinson & Co. |
|
4,859 |
1,135,014 |
Berkshire Hathaway, Inc., Class B(a) |
|
3,671 |
1,655,327 |
Biogen, Inc.(a) |
|
10,288 |
1,790,112 |
BioMarin Pharmaceutical, Inc.(a) |
|
29,314 |
1,931,499 |
Booking Holdings, Inc. |
|
324 |
1,515,105 |
Bridgebio Pharma, Inc.(a) |
|
3,478 |
81,420 |
Bristol-Myers Squibb Co. |
|
28,428 |
1,585,430 |
Cadence Design Systems, Inc.(a) |
|
27,032 |
7,464,076 |
Cardinal Health, Inc. |
|
22,035 |
2,391,238 |
Carnival Corp.(a) |
|
126,551 |
2,784,122 |
Cboe Global Markets, Inc. |
|
8,905 |
1,901,841 |
Cencora, Inc. |
|
4,133 |
942,655 |
Centene Corp.(a) |
|
25,860 |
1,610,044 |
Cheniere Energy, Inc. |
|
30,568 |
5,850,104 |
Chipotle Mexican Grill, Inc.(a) |
|
53,292 |
2,972,095 |
Cigna Group |
|
4,337 |
1,365,331 |
Cisco Systems, Inc. |
|
105,245 |
5,764,269 |
CME Group, Inc., Class A |
|
22,971 |
5,176,745 |
Colgate-Palmolive Co. |
|
30,038 |
2,814,861 |
Consolidated Edison, Inc. |
|
27,691 |
2,815,621 |
Costco Wholesale Corp. |
|
3,992 |
3,489,727 |
Crown Castle, Inc. |
|
6,624 |
712,014 |
Datadog, Inc., Class A(a) |
|
17,363 |
2,178,015 |
Deckers Outdoor Corp.(a) |
|
11,755 |
1,891,262 |
Devon Energy Corp. |
|
21,021 |
813,092 |
Dexcom, Inc.(a) |
|
35,782 |
2,521,915 |
Dollar General Corp. |
|
34,681 |
2,775,867 |
Dollar Tree, Inc.(a) |
|
8,818 |
569,996 |
Dominion Energy, Inc. |
|
12,838 |
764,246 |
Domino’s Pizza, Inc. |
|
4,949 |
2,047,550 |
DoorDash, Inc., Class A(a) |
|
10,237 |
1,604,138 |
DraftKings, Inc., Class A(a) |
|
55,646 |
1,965,417 |
DTE Energy Co. |
|
7,010 |
870,782 |
Duke Energy Corp. |
|
10,475 |
1,207,453 |
Security |
|
Shares |
Value |
United States (continued) |
| ||
DuPont de Nemours, Inc. |
|
19,433 |
$ 1,612,745 |
Electronic Arts, Inc. |
|
14,768 |
2,227,753 |
Eli Lilly & Co. |
|
1,205 |
999,837 |
Entegris, Inc. |
|
11,131 |
1,165,527 |
Enterprise Products Partners LP |
|
8,508 |
243,839 |
Erie Indemnity Co., Class A |
|
1,871 |
839,780 |
Estee Lauder Cos., Inc., Class A |
|
6,518 |
449,351 |
Eversource Energy |
|
38,161 |
2,512,902 |
Expeditors International of Washington, Inc. |
|
40,946 |
4,872,574 |
Experian PLC |
|
77,520 |
3,783,426 |
FirstEnergy Corp. |
|
61,141 |
2,557,528 |
Floor & Decor Holdings, Inc., Class A(a) |
|
53,004 |
5,462,062 |
Fortinet, Inc.(a) |
|
19,772 |
1,555,266 |
General Mills, Inc. |
|
75,160 |
5,112,383 |
Gilead Sciences, Inc. |
|
59,602 |
5,293,850 |
GoDaddy, Inc., Class A(a) |
|
21,372 |
3,564,850 |
Healthpeak Properties, Inc. |
|
86,601 |
1,944,192 |
Hormel Foods Corp. |
|
129,411 |
3,953,506 |
HubSpot, Inc.(a) |
|
2,824 |
1,566,727 |
IDEXX Laboratories, Inc.(a) |
|
5,256 |
2,138,772 |
Incyte Corp.(a) |
|
28,032 |
2,077,732 |
Insmed, Inc.(a) |
|
1,222 |
82,216 |
Inspire Medical Systems, Inc.(a) |
|
332 |
64,753 |
Intuit, Inc. |
|
9,351 |
5,706,915 |
Intuitive Surgical, Inc.(a) |
|
12,966 |
6,532,789 |
Johnson & Johnson |
|
64,944 |
10,381,948 |
Kimberly-Clark Corp. |
|
45,128 |
6,055,275 |
Kraft Heinz Co. |
|
76,787 |
2,569,293 |
Labcorp Holdings, Inc. |
|
5,738 |
1,309,813 |
Lam Research Corp. |
|
9,136 |
679,262 |
Legend Biotech Corp., ADR(a) |
|
1,567 |
70,546 |
Lennox International, Inc. |
|
7,134 |
4,298,734 |
Lockheed Martin Corp. |
|
10,634 |
5,806,696 |
LPL Financial Holdings, Inc. |
|
3,940 |
1,111,789 |
Madrigal Pharmaceuticals, Inc.(a) |
|
249 |
64,576 |
Manhattan Associates, Inc.(a) |
|
5,444 |
1,433,732 |
Markel Group, Inc.(a) |
|
535 |
824,975 |
MarketAxess Holdings, Inc. |
|
5,296 |
1,532,768 |
Marsh & McLennan Cos., Inc. |
|
3,667 |
800,286 |
Marvell Technology, Inc. |
|
67,246 |
5,387,077 |
Masimo Corp.(a) |
|
50,505 |
7,273,225 |
Mastercard, Inc., Class A |
|
15,060 |
7,523,825 |
Match Group, Inc.(a) |
|
22,277 |
802,640 |
McCormick & Co., Inc. |
|
21,850 |
1,709,544 |
McKesson Corp. |
|
13,907 |
6,961,705 |
Medtronic PLC |
|
28,440 |
2,538,270 |
Merck & Co., Inc. |
|
34,662 |
3,546,616 |
Meta Platforms, Inc., Class A |
|
16,546 |
9,391,179 |
Microsoft Corp.(c) |
|
40,153 |
16,316,172 |
Mondelez International, Inc., Class A |
|
38,310 |
2,623,469 |
MongoDB, Inc., Class A(a) |
|
1,616 |
436,966 |
Monolithic Power Systems, Inc. |
|
787 |
597,569 |
Motorola Solutions, Inc. |
|
22,094 |
9,927,939 |
MSCI, Inc., Class A |
|
8,526 |
4,870,051 |
Natera, Inc.(a) |
|
1,113 |
134,628 |
NetApp, Inc. |
|
34,505 |
3,978,772 |
Netflix, Inc.(a) |
|
5,251 |
3,969,914 |
Northrop Grumman Corp. |
|
8,620 |
4,387,752 |
NVIDIA Corp. |
|
16,983 |
2,254,663 |
Okta, Inc., Class A(a) |
|
19,994 |
1,437,369 |
Omnicom Group, Inc. |
|
7,982 |
806,182 |
PepsiCo, Inc. |
|
3,684 |
611,839 |
Security |
|
Shares |
Value |
United States (continued) |
| ||
Pfizer, Inc. |
|
3,298 |
$ 93,333 |
Philip Morris International, Inc. |
|
12,453 |
1,652,513 |
PNC Financial Services Group, Inc. |
|
15,695 |
2,954,898 |
Principal Financial Group, Inc. |
|
10,473 |
862,975 |
Procter & Gamble Co. |
|
51,052 |
8,432,769 |
Progressive Corp. |
|
17,429 |
4,232,284 |
QUALCOMM, Inc. |
|
25,827 |
4,203,861 |
Regeneron Pharmaceuticals, Inc.(a) |
|
3,428 |
2,873,350 |
Republic Services, Inc. |
|
3,818 |
755,964 |
ROBLOX Corp., Class A(a) |
|
44,746 |
2,314,263 |
Rockwell Automation, Inc. |
|
5,509 |
1,469,305 |
Roku, Inc., Class A(a) |
|
6,042 |
387,171 |
Rollins, Inc. |
|
38,967 |
1,836,904 |
Roper Technologies, Inc. |
|
7,170 |
3,855,524 |
Royal Caribbean Cruises Ltd. |
|
2,627 |
542,081 |
Royalty Pharma PLC, Class A |
|
51,695 |
1,395,765 |
S&P Global, Inc. |
|
17,816 |
8,558,094 |
Salesforce, Inc. |
|
2,781 |
810,300 |
Samsara, Inc., Class A(a) |
|
16,783 |
802,060 |
SBA Communications Corp. |
|
2,071 |
475,232 |
Seagate Technology Holdings PLC |
|
34,837 |
3,496,590 |
ServiceNow, Inc.(a) |
|
1,582 |
1,475,990 |
Skyworks Solutions, Inc. |
|
11,295 |
989,216 |
Snowflake, Inc., Class A(a) |
|
8,149 |
935,668 |
State Street Corp. |
|
51,366 |
4,766,765 |
Synchrony Financial |
|
21,746 |
1,199,074 |
T Rowe Price Group, Inc. |
|
30,220 |
3,319,969 |
Thermo Fisher Scientific, Inc. |
|
12,329 |
6,735,579 |
TJX Cos., Inc. |
|
56,847 |
6,425,416 |
T-Mobile U.S., Inc. |
|
18,335 |
4,091,639 |
TransDigm Group, Inc. |
|
4,551 |
5,926,767 |
Travelers Cos., Inc. |
|
5,755 |
1,415,385 |
Twilio, Inc., Class A(a) |
|
36,039 |
2,906,545 |
Tyson Foods, Inc., Class A |
|
11,443 |
670,445 |
Ulta Beauty, Inc.(a) |
|
5,244 |
1,934,931 |
United Therapeutics Corp.(a) |
|
2,294 |
857,887 |
UnitedHealth Group, Inc. |
|
8,365 |
4,722,042 |
Universal Health Services, Inc., Class B |
|
9,944 |
2,031,659 |
Vaxcyte, Inc.(a) |
|
554 |
58,918 |
Veeva Systems, Inc., Class A(a) |
|
8,197 |
1,711,779 |
Ventas, Inc. |
|
14,231 |
931,988 |
Verizon Communications, Inc. |
|
201,210 |
8,476,977 |
Vertex Pharmaceuticals, Inc.(a) |
|
10,865 |
5,171,523 |
Visa, Inc., Class A |
|
22,156 |
6,421,917 |
W.R. Berkley Corp. |
|
33,954 |
1,941,150 |
Walmart, Inc. |
|
42,058 |
3,446,653 |
Walt Disney Co. |
|
34,967 |
3,363,825 |
Warner Bros Discovery, Inc., Class A(a) |
|
606 |
4,927 |
Waste Management, Inc. |
|
20,362 |
4,395,138 |
Workday, Inc., Class A(a) |
|
31,496 |
7,365,340 |
Zillow Group, Inc., Class C(a) |
|
7,121 |
427,901 |
Zoetis, Inc., Class A |
|
25,042 |
4,477,009 |
|
|
|
468,620,038 |
Total Long-Term Investments — 98.9% (Cost: $656,855,972) |
711,209,932 |
Security |
|
Shares |
Value |
Short-Term Securities | |||
Money Market Funds — 1.0% |
| ||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.75%(d)(e) |
|
7,050,921 |
$ 7,050,921 |
Total Short-Term Securities — 1.0% (Cost: $7,050,921) |
7,050,921 | ||
Investments Sold Short | |||
Common Stocks | |||
Brazil — (0.2)% |
| ||
NU Holdings Ltd.(a) |
|
(97,168 ) |
(1,466,265 ) |
China — (0.0)% |
| ||
Kanzhun Ltd., ADR |
|
(3,190 ) |
(46,415 ) |
Ireland — (0.3)% |
| ||
Smurfit WestRock PLC |
|
(37,398 ) |
(1,925,997 ) |
United States — (0.8)% |
| ||
Albemarle Corp. |
|
(1,621 ) |
(153,557 ) |
APA Corp. |
|
(35,842 ) |
(845,871 ) |
Charles River Laboratories International, Inc.(a) |
|
(2,407 ) |
(429,842 ) |
Constellation Energy Corp. |
|
(232 ) |
(61,007 ) |
Corebridge Financial, Inc. |
|
(19,531 ) |
(620,500 ) |
Security |
|
Shares |
Value |
United States (continued) |
| ||
Enphase Energy, Inc.(a) |
|
(14,756 ) |
$ (1,225,338 ) |
Lamb Weston Holdings, Inc. |
|
(6,397 ) |
(496,983 ) |
Norfolk Southern Corp. |
|
(2,556 ) |
(640,099 ) |
Palantir Technologies, Inc., Class A(a) |
|
(5,401 ) |
(224,466 ) |
U-Haul Holding Co. |
|
(764 ) |
(52,151 ) |
Walgreens Boots Alliance, Inc. |
|
(127,601 ) |
(1,207,105 ) |
|
|
|
(5,956,919 ) |
Total Investments Sold Short — (1.3)% (Proceeds: $(9,428,447)) |
(9,395,596 ) | ||
Total Investments — 98.6% (Cost: $654,478,446) |
708,865,257 | ||
Other Assets Less Liabilities — 1.4% |
9,960,820 | ||
Net Assets — 100.0% |
$ 718,826,077 |
(a) |
Non-income producing security. |
(b) |
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. |
(c) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 04/30/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/24 |
Shares Held at 10/31/24 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 21,173,836 |
$ — |
$ (14,122,915 )(a) |
$ — |
$ — |
$ 7,050,921 |
7,050,921 |
$ 412,463 |
$ — |
(a) |
Represents net amount purchased (sold). |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
EUR |
1,318,931 |
USD |
1,431,478 |
Barclays Bank PLC |
12/18/24 |
$ 5,871 |
HKD |
123,203,534 |
USD |
15,852,230 |
Citibank N.A. |
12/18/24 |
7,836 |
INR |
1,329,134,947 |
USD |
15,765,884 |
Citibank N.A. |
12/18/24 |
14,735 |
TWD |
388,211,077 |
USD |
12,202,140 |
Morgan Stanley & Co. International PLC |
12/18/24 |
8,135 |
USD |
5,629,155 |
CAD |
7,637,564 |
JPMorgan Chase Bank N.A. |
12/18/24 |
135,119 |
USD |
12,077,433 |
DKK |
81,329,504 |
Goldman Sachs International |
12/18/24 |
190,303 |
USD |
36,697,926 |
EUR |
33,152,699 |
Bank of America N.A. |
12/18/24 |
568,672 |
USD |
1,156,431 |
GBP |
882,864 |
JPMorgan Chase Bank N.A. |
12/18/24 |
18,117 |
USD |
13,676,781 |
GBP |
10,449,785 |
Royal Bank of Canada |
12/18/24 |
203,430 |
USD |
2,458,844 |
JPY |
363,769,430 |
JPMorgan Chase Bank N.A. |
12/18/24 |
50,935 |
USD |
1,429,796 |
SEK |
14,756,738 |
Goldman Sachs International |
12/18/24 |
41,575 |
|
|
|
|
|
|
1,244,728 |
AUD |
3,083,699 |
USD |
2,074,796 |
Canadian Imperial Bank of Commerce |
12/18/24 |
(44,542 ) |
AUD |
6,288,950 |
USD |
4,193,920 |
Canadian Imperial Bank of Commerce |
12/18/24 |
(53,384 ) |
CHF |
8,141,780 |
USD |
9,720,369 |
Morgan Stanley & Co. International PLC |
12/18/24 |
(245,787 ) |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
EUR |
1,538,699 |
USD |
1,715,888 |
JPMorgan Chase Bank N.A. |
12/18/24 |
$ (39,039 ) |
HKD |
34,117,531 |
USD |
4,396,859 |
Barclays Bank PLC |
12/18/24 |
(4,888 ) |
JPY |
3,007,182,546 |
USD |
21,403,585 |
Canadian Imperial Bank of Commerce |
12/18/24 |
(1,498,058 ) |
SEK |
17,474,192 |
USD |
1,721,846 |
Morgan Stanley & Co. International PLC |
12/18/24 |
(77,984 ) |
SGD |
4,993,687 |
USD |
3,846,695 |
Royal Bank of Canada |
12/18/24 |
(57,546 ) |
USD |
4,640,226 |
DKK |
31,867,449 |
Citibank N.A. |
12/18/24 |
(17,524 ) |
USD |
375,848 |
MXN |
7,651,070 |
UBS AG |
12/18/24 |
(3,653 ) |
|
|
|
|
|
|
(2,042,405 ) |
|
$ (797,677 ) |
Reference Entity |
Payment Frequency |
Counterparty(a) |
Termination Date |
Net Notional |
Accrued Unrealized Appreciation (Depreciation) |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
Equity Securities Long/Short |
Monthly |
Citibank N.A.(b) |
02/26/25 – 02/24/28 |
$(11,726,375 ) |
$(1,848,504 )(c) |
$(13,690,878 ) |
26.1 % |
|
Monthly |
JPMorgan Chase Bank N.A.(d) |
02/10/25 – 02/18/25 |
(4,366,100 ) |
1,932,222 (e) |
(2,520,000 ) |
10.8 |
|
|
|
|
|
$83,718 |
$(16,210,878 ) |
|
(a) |
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. |
(c) |
Amount includes $115,999 of net dividends and financing fees. |
(e) |
Amount includes $86,122 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: | ||
|
(d) |
(b) |
Range: Benchmarks: |
10-500 basis points USD - 1D Overnight Bank Funding Rate (OBFR01) |
15-2,000 basis points USD - 1D Overnight Bank Funding Rate (OBFR01) |
Security |
Shares |
Value |
% of Basket Value |
Reference Entity — Long |
|
|
|
Common Stocks |
|
|
|
Australia |
|
|
|
Coles Group Ltd. |
210,417 |
$2,428,526 |
(17.7 )% |
Rio Tinto Ltd. |
9,070 |
712,154 |
(5.2 ) |
|
|
3,140,680 |
|
Brazil |
|
|
|
B3 SA - Brasil Bolsa Balcao |
2,280,657 |
4,189,759 |
(30.6 ) |
Banco do Brasil SA |
487,947 |
2,222,430 |
(16.3 ) |
BB Seguridade Participacoes SA |
199,320 |
1,181,597 |
(8.6 ) |
|
|
7,593,786 |
|
Canada |
|
|
|
Barrick Gold Corp. |
35,917 |
694,169 |
(5.1 ) |
Fairfax Financial Holdings Ltd. |
2,808 |
3,489,455 |
(25.5 ) |
Open Text Corp. |
66,138 |
1,983,641 |
(14.5 ) |
Power Corp. of Canada |
52,534 |
1,660,518 |
(12.1 ) |
Security |
Shares |
Value |
% of Basket Value |
Canada (continued) |
|
|
|
Thomson Reuters Corp. |
9,935 |
$1,626,233 |
(11.9 )% |
Toronto-Dominion Bank |
22,082 |
1,220,707 |
(8.9 ) |
|
|
10,674,723 |
|
China |
|
|
|
Prosus NV |
15,081 |
635,587 |
(4.6 ) |
Denmark |
|
|
|
Carlsberg A/S |
33,036 |
3,650,929 |
(26.7 ) |
Novo Nordisk A/S |
35,086 |
3,935,421 |
(28.7 ) |
Vestas Wind Systems A/S |
180,300 |
3,436,036 |
(25.1 ) |
|
|
11,022,386 |
|
Finland |
|
|
|
Elisa OYJ |
32,651 |
1,554,186 |
(11.4 ) |
France |
|
|
|
Carrefour SA |
76,578 |
1,216,130 |
(8.9 ) |
Dassault Aviation SA |
4,048 |
817,345 |
(6.0 ) |
Eurazeo SE |
11,689 |
891,552 |
(6.5 ) |
Orange SA |
443,143 |
4,868,236 |
(35.5 ) |
|
|
7,793,263 |
|
Germany |
|
|
|
Evonik Industries AG |
184,867 |
4,074,317 |
(29.8 ) |
Security |
Shares |
Value |
% of Basket Value |
Germany (continued) |
|
|
|
Merck KGaA |
3,364 |
$556,154 |
(4.1 )% |
Rheinmetall AG |
2,859 |
1,471,914 |
(10.7 ) |
RWE AG |
36,302 |
1,176,533 |
(8.6 ) |
|
|
7,278,918 |
|
Mexico |
|
|
|
Grupo Financiero Banorte SAB de CV |
602,054 |
4,192,218 |
(30.6 ) |
Wal-Mart de Mexico SAB de CV |
362,364 |
996,390 |
(7.3 ) |
|
|
5,188,608 |
|
Netherlands |
|
|
|
Koninklijke KPN NV |
1,233,204 |
4,819,713 |
(35.2 ) |
Wolters Kluwer NV |
7,936 |
1,333,911 |
(9.7 ) |
|
|
6,153,624 |
|
Norway |
|
|
|
Telenor ASA |
334,803 |
4,111,915 |
(30.0 ) |
South Africa |
|
|
|
Nedbank Group Ltd. |
42,860 |
722,105 |
(5.3 ) |
Spain |
|
|
|
Repsol SA |
41,290 |
516,883 |
(3.8 ) |
Sweden |
|
|
|
Evolution AB |
5,192 |
490,887 |
(3.6 ) |
Telia Co. AB |
663,007 |
1,928,242 |
(14.1 ) |
|
|
2,419,129 |
|
Switzerland |
|
|
|
Banque Cantonale Vaudoise |
14,074 |
1,402,433 |
(10.3 ) |
Kuehne & Nagel International AG, Registered Shares |
16,138 |
4,028,672 |
(29.4 ) |
Logitech International SA |
25,446 |
2,083,563 |
(15.2 ) |
Novartis AG, Registered Shares |
14,349 |
1,556,956 |
(11.4 ) |
SGS SA |
13,494 |
1,428,566 |
(10.4 ) |
|
|
10,500,190 |
|
United Kingdom |
|
|
|
British American Tobacco PLC |
53,163 |
1,859,062 |
(13.6 ) |
J Sainsbury PLC |
303,634 |
1,045,350 |
(7.6 ) |
|
|
2,904,412 |
|
|
|
|
|
Preferred Stocks |
|
|
|
Brazil |
|
|
|
Cia Energetica de Minas Gerais |
829,798 |
1,632,065 |
(11.9 ) |
Cia Paranaense de Energia - Copel |
416,578 |
706,919 |
(5.2 ) |
|
|
2,338,984 |
|
Mexico |
|
|
|
Cemex SAB de CV |
2,764,186 |
1,456,034 |
(10.6 ) |
|
|
|
|
Total Reference Entity — Long |
|
86,005,413 |
|
Reference Entity — Short |
|
|
|
Common Stocks |
|
|
|
Belgium |
|
|
|
D Ieteren Group |
(17,738 ) |
(3,840,220 ) |
28.0 |
Brazil |
|
|
|
Localiza Rent a Car SA |
(5,113 ) |
(37,165 ) |
0.3 |
Security |
Shares |
Value |
% of Basket Value |
Brazil (continued) |
|
|
|
Nu Holdings Ltd. |
(151,501 ) |
$(2,286,150 ) |
16.7 % |
Sendas Distribuidora SA |
(347,121 ) |
(449,746 ) |
3.3 |
|
|
(2,773,061 ) |
|
Canada |
|
|
|
Air Canada |
(140,945 ) |
(1,910,175 ) |
13.9 |
CAE Inc. |
(54,942 ) |
(966,767 ) |
7.1 |
Canadian Pacific Kansas City Ltd. |
(17,031 ) |
(1,313,822 ) |
9.6 |
|
|
(4,190,764 ) |
|
China |
|
|
|
Alibaba Health Information Technology Ltd. |
(1,136,000 ) |
(574,495 ) |
4.2 |
Beijing Enterprises Water Group Ltd. |
(1,555,735 ) |
(463,201 ) |
3.4 |
C&D International Investment Group Ltd. |
(161,515 ) |
(305,408 ) |
2.2 |
China International Capital Corp., Ltd. |
(503,600 ) |
(910,157 ) |
6.6 |
China Railway Group Ltd. |
(1,620,000 ) |
(808,410 ) |
5.9 |
Gcl Technology Holdings Ltd. |
(8,873,000 ) |
(1,959,222 ) |
14.3 |
Kanzhun Ltd., ADR |
(64,699 ) |
(941,370 ) |
6.9 |
Longfor Group Holdings Ltd. |
(826,000 ) |
(1,338,125 ) |
9.8 |
Wharf Holdings, Ltd. |
(567,000 ) |
(1,606,537 ) |
11.7 |
Wuxi Biologics Cayman Inc. |
(597,000 ) |
(1,268,268 ) |
9.3 |
Xinyi Solar Holdings Ltd. |
(2,298,000 ) |
(1,178,567 ) |
8.6 |
|
|
(11,353,760 ) |
|
Denmark |
|
|
|
Zehnder Group AG |
(9,591 ) |
(1,107,209 ) |
8.1 |
Finland |
|
|
|
Neste OYJ |
(31,604 ) |
(507,434 ) |
3.7 |
France |
|
|
|
Sartorius Stedim Biotech |
(2,551 ) |
(511,738 ) |
3.7 |
Teleperformance SE |
(11,310 ) |
(1,198,881 ) |
8.8 |
|
|
(1,710,619 ) |
|
Germany |
|
|
|
Siemens AG |
(6,301 ) |
(1,225,858 ) |
9.0 |
Italy |
|
|
|
DiaSorin SpA |
(16,050 ) |
(1,743,200 ) |
12.7 |
Nexi SpA |
(120,460 ) |
(761,403 ) |
5.6 |
|
|
(2,504,603 ) |
|
Japan |
|
|
|
Advantest Corp. |
(26,500 ) |
(1,534,340 ) |
11.2 |
MatsukiyoCocokara & Co. |
(38,300 ) |
(521,442 ) |
3.8 |
Mitsubishi Heavy Industries Ltd. |
(102,700 ) |
(1,449,811 ) |
10.6 |
Seven & i Holdings Co. Ltd. |
(76,000 ) |
(1,094,395 ) |
8.0 |
SoftBank Group Corp. |
(30,400 ) |
(1,812,402 ) |
13.2 |
SUMCO Corp. |
(317,100 ) |
(3,031,926 ) |
22.2 |
|
|
(9,444,316 ) |
|
Mexico |
|
|
|
Alfa SAB de CV |
(3,682,419 ) |
(2,668,486 ) |
19.5 |
Grupo Carso SAB de CV |
(185,560 ) |
(1,115,706 ) |
8.1 |
|
|
(3,784,192 ) |
|
Poland |
|
|
|
ORLEN SA |
(116,288 ) |
(1,518,381 ) |
11.1 |
South Korea |
|
|
|
Delivery Hero SE, Class A |
(13,285 ) |
(563,976 ) |
4.1 |
LG Energy Solution Ltd. |
(2,040 ) |
(598,679 ) |
4.4 |
|
|
(1,162,655 ) |
|
Security |
Shares |
Value |
% of Basket Value |
Spain |
|
|
|
Grifols SA |
(223,757 ) |
$(2,511,728 ) |
18.3 % |
Sweden |
|
|
|
Beijer Ref AB, Class B |
(108,449 ) |
(1,633,633 ) |
11.9 |
H & M Hennes & Mauritz AB |
(28,593 ) |
(426,244 ) |
3.1 |
Husqvarna AB |
(344,047 ) |
(2,221,943 ) |
16.2 |
Nibe Industrier AB |
(109,480 ) |
(530,818 ) |
3.9 |
Volvo Car AB |
(264,200 ) |
(570,862 ) |
4.2 |
|
|
(5,383,500 ) |
|
Switzerland |
|
|
|
Sandoz Group AG |
(19,987 ) |
(911,173 ) |
6.7 |
Swatch Group AG |
(9,943 ) |
(2,040,333 ) |
14.9 |
|
|
(2,951,506 ) |
|
Taiwan |
|
|
|
Lite-On Technology Corp., ADR |
(134,000 ) |
(420,063 ) |
3.1 |
United Kingdom |
|
|
|
Entain PLC |
(101,281 ) |
(974,070 ) |
7.1 |
Rentokil Initial PLC |
(92,445 ) |
(463,683 ) |
3.4 |
|
|
(1,437,753 ) |
|
United States |
|
|
|
Air Products and Chemicals, Inc. |
(2,697 ) |
(837,499 ) |
6.1 |
Albemarle Corp. |
(36,586 ) |
(3,465,792 ) |
25.3 |
APA Corp. |
(66,116 ) |
(1,560,338 ) |
11.4 |
Ares Management Corp., Class A |
(12,732 ) |
(2,134,902 ) |
15.6 |
BRP, Inc. |
(12,410 ) |
(611,877 ) |
4.5 |
Carlyle Group Inc/the |
(34,832 ) |
(1,742,645 ) |
12.7 |
Celsius Holdings, Inc. |
(20,839 ) |
(626,837 ) |
4.6 |
Charles River Laboratories International, Inc. |
(4,130 ) |
(737,535 ) |
5.4 |
Charter Communications, Inc. |
(9,626 ) |
(3,153,574 ) |
23.0 |
CNH Industrial NV |
(56,268 ) |
(631,890 ) |
4.6 |
Constellation Energy Corp. |
(2,553 ) |
(671,337 ) |
4.9 |
Enphase Energy, Inc. |
(8,772 ) |
(728,427 ) |
5.3 |
FedEx Corp. |
(11,415 ) |
(3,125,998 ) |
22.8 |
First Solar Inc. |
(2,026 ) |
(394,016 ) |
2.9 |
GE HealthCare Technologies, Inc. |
(18,675 ) |
(1,631,261 ) |
11.9 |
Knight-Swift Transportation Holdings, Inc. |
(40,643 ) |
(2,116,687 ) |
15.5 |
Lamb Weston Holdings, Inc. |
(39,439 ) |
(3,064,016 ) |
22.4 |
Norfolk Southern Corp. |
(4,183 ) |
(1,047,549 ) |
7.6 |
Palantir Technologies, Inc., Class A |
(19,801 ) |
(822,930 ) |
6.0 |
Parker-Hannifin Corp. |
(1,140 ) |
(722,840 ) |
5.3 |
Rivian Automotive, Inc., Class A |
(97,711 ) |
(986,881 ) |
7.2 |
Smurfit WestRock PLC |
(49,461 ) |
(2,547,241 ) |
18.6 |
Southwest Airlines Co. |
(44,465 ) |
(1,359,740 ) |
9.9 |
Super Micro Computer Inc. |
(25,259 ) |
(735,289 ) |
5.4 |
Toro Co. |
(10,329 ) |
(831,278 ) |
6.1 |
Security |
Shares |
Value |
% of Basket Value |
United States (continued) |
|
|
|
U-Haul Holding Co. |
(39,684 ) |
$(2,708,830 ) |
19.8 % |
Walgreens Boots Alliance, Inc. |
(303,537 ) |
(2,871,460 ) |
21.0 |
|
|
(41,868,669 ) |
|
|
|
|
|
Total Reference Entity — Short |
|
(99,696,291 ) |
|
Net Value of Reference Entity — Citibank N.A. |
$(13,690,878 ) |
|
Security |
Shares |
Value |
% of Basket Value |
Reference Entity — Long |
|
|
|
Common Stocks |
|
|
|
Australia |
|
|
|
BHP Group Ltd. |
94,533 |
$2,626,369 |
(104.2 )% |
Medibank Pvt Ltd. |
2,059,888 |
4,841,112 |
(192.1 ) |
Woolworths Group Ltd. |
120,956 |
2,372,335 |
(94.2 ) |
|
|
9,839,816 |
|
Brazil |
|
|
|
Ultrapar Participacoes SA |
611,357 |
2,209,214 |
(87.7 ) |
Canada |
|
|
|
Alimentation Couche-Tard Inc. |
13,091 |
682,686 |
(27.1 ) |
Franco-Nevada Corp. |
21,893 |
2,906,068 |
(115.3 ) |
|
|
3,588,754 |
|
Finland |
|
|
|
Sampo Oyj, Class A |
11,650 |
516,573 |
(20.5 ) |
France |
|
|
|
Edenred SE |
61,883 |
2,001,460 |
(79.4 ) |
La Francaise des Jeux SAEM |
11,651 |
498,025 |
(19.8 ) |
|
|
2,499,485 |
|
Italy |
|
|
|
Mediobanca Banca di Credito Finanziario SpA |
38,895 |
641,661 |
(25.5 ) |
Netherlands |
|
|
|
Koninklijke Ahold Delhaize NV |
105,172 |
3,467,489 |
(137.6 ) |
Poland |
|
|
|
Powszechny Zaklad Ubezpieczen SA |
91,588 |
908,296 |
(36.0 ) |
Saudi Arabia |
|
|
|
Etihad Etisalat Co. |
84,913 |
1,169,129 |
(46.4 ) |
Jarir Marketing Co. |
585,083 |
2,057,163 |
(81.6 ) |
Saudi Arabian Oil Co. |
319,631 |
2,295,927 |
(91.1 ) |
Security |
Shares |
Value |
% of Basket Value |
Saudi Arabia (continued) |
|
|
|
Saudi Awwal Bank |
139,062 |
$1,251,741 |
(49.7 )% |
Saudi Telecom Co. |
53,972 |
605,741 |
(24.0 ) |
|
|
7,379,701 |
|
South Africa |
|
|
|
Discovery Ltd. |
54,709 |
561,011 |
(22.3 ) |
Spain |
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
312,756 |
3,113,384 |
(123.5 ) |
United States |
|
|
|
Roche Holding AG |
205 |
69,672 |
(2.8 ) |
|
|
|
|
Preferred Stocks |
|
|
|
Germany |
|
|
|
Henkel AG & Co KGaA |
15,437 |
1,336,735 |
(53.0 ) |
Total Reference Entity — Long |
|
36,131,791 |
|
Reference Entity — Short |
|
|
|
Common Stocks |
|
|
|
Australia |
|
|
|
Dexus |
(334,808 ) |
(1,571,333 ) |
62.3 |
Mineral Resources Ltd. |
(150,085 ) |
(3,856,796 ) |
153.0 |
Pro Medicus Ltd. |
(16,146 ) |
(2,045,299 ) |
81.2 |
SEEK Ltd. |
(290,385 ) |
(4,717,655 ) |
187.2 |
Treasury Wine Estates Ltd. |
(199,880 ) |
(1,483,978 ) |
58.9 |
WiseTech Global Ltd. |
(33,497 ) |
(2,571,838 ) |
102.1 |
|
|
(16,246,899 ) |
|
Brazil |
|
|
|
Atacadao SA |
(269,489 ) |
(349,162 ) |
13.9 |
Cosan SA |
(672,310 ) |
(1,374,648 ) |
54.5 |
Localiza Rent a Car SA |
(258,218 ) |
(1,876,926 ) |
74.5 |
|
|
(3,600,736 ) |
|
Canada |
|
|
|
Ivanhoe Mines Ltd., Class A |
(56,364 ) |
(745,259 ) |
29.6 |
China |
|
|
|
C&D International Investment Group Ltd. |
(1,412,750 ) |
(2,671,360 ) |
106.0 |
China International Capital Corp., Ltd. |
(78,000 ) |
(140,969 ) |
5.6 |
China National Building Material Co., Ltd. |
(3,194,000 ) |
(1,358,859 ) |
53.9 |
Wharf Holdings, Ltd. |
(10,000 ) |
(28,334 ) |
1.1 |
XPeng, Inc., Class A |
(63,900 ) |
(361,053 ) |
14.4 |
|
|
(4,560,575 ) |
|
Security |
Shares |
Value |
% of Basket Value |
Denmark |
|
|
|
Coloplast A/S |
(11,157 ) |
$(1,397,421 ) |
55.5 % |
France |
|
|
|
Alstom SA |
(100,254 ) |
(2,205,233 ) |
87.5 |
Japan |
|
|
|
SUMCO Corp. |
(23,100 ) |
(220,869 ) |
8.8 |
Mexico |
|
|
|
Alfa SAB de CV |
(2,321,020 ) |
(1,681,941 ) |
66.7 |
South Africa |
|
|
|
Impala Platinum Holdings Ltd. |
(262,790 ) |
(1,734,553 ) |
68.8 |
Northam Platinum Holdings Ltd. |
(155,854 ) |
(1,151,180 ) |
45.7 |
|
|
(2,885,733 ) |
|
South Korea |
|
|
|
POSCO Future M Co. Ltd. |
(3,852 ) |
(618,643 ) |
24.5 |
POSCO Holdings, Inc. |
(2,269 ) |
(546,719 ) |
21.7 |
|
|
(1,165,362 ) |
|
Sweden |
|
|
|
Beijer Ref AB, Class B |
(42,679 ) |
(642,900 ) |
25.5 |
Nibe Industrier AB |
(56,215 ) |
(272,561 ) |
10.8 |
Volvo Car AB |
(434,785 ) |
(939,447 ) |
37.3 |
|
|
(1,854,908 ) |
|
Switzerland |
|
|
|
Bachem Holding AG |
(13,696 ) |
(1,083,904 ) |
43.0 |
Taiwan |
|
|
|
Lite-On Technology Corp., ADR |
(83,000 ) |
(260,188 ) |
10.3 |
United States |
|
|
|
Albemarle Corp. |
(1 ) |
(95 ) |
0.0 |
|
|
(37,909,123 ) |
|
Exchange Traded Funds |
|
|
|
United States |
|
|
|
SPDR S&P Biotech ETF |
(7,654 ) |
(742,668 ) |
29.5 |
|
|
(742,668 ) |
|
Total Reference Entity — Short |
|
(38,651,791 ) |
|
Net Value of Reference Entity — JPMorgan Chase Bank N.A. |
$(2,520,000 ) |
|
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
OTC Swaps |
$ — |
$ — |
$ 1,932,222 |
$ (1,848,504 ) |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Assets — Derivative Financial Instruments |
|
|
|
|
|
|
|
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 1,244,728 |
$ — |
$ — |
$ 1,244,728 |
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
— |
1,932,222 |
— |
— |
— |
1,932,222 |
|
$ — |
$ — |
$ 1,932,222 |
$ 1,244,728 |
$ — |
$ — |
$ 3,176,950 |
Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 2,042,405 |
$ — |
$ — |
$ 2,042,405 |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
— |
1,848,504 |
— |
— |
— |
1,848,504 |
|
$ — |
$ — |
$ 1,848,504 |
$ 2,042,405 |
$ — |
$ — |
$ 3,890,909 |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ 60,667 |
$ — |
$ — |
$ — |
$ 60,667 |
Forward foreign currency exchange contracts |
— |
— |
— |
35,160 |
— |
— |
35,160 |
Options purchased(a) |
— |
— |
(58,545 ) |
— |
— |
— |
(58,545 ) |
Options written |
— |
— |
14,984 |
— |
— |
— |
14,984 |
Swaps |
— |
— |
(2,481,067 ) |
— |
— |
— |
(2,481,067 ) |
|
$ — |
$ — |
$ (2,463,961 ) |
$ 35,160 |
$ — |
$ — |
$ (2,428,801 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ (62,686 ) |
$ — |
$ — |
$ (62,686 ) |
Options purchased(b) |
— |
— |
55,997 |
— |
— |
— |
55,997 |
Options written |
— |
— |
12,819 |
— |
— |
— |
12,819 |
Swaps |
— |
— |
443,951 |
— |
— |
— |
443,951 |
|
$ — |
$ — |
$ 512,767 |
$ (62,686 ) |
$ — |
$ — |
$ 450,081 |
(a) |
Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
(b) |
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
$65,018,260 |
Average amounts sold — in USD |
$83,449,483 |
Options: |
|
Average value of option contracts purchased |
$— (a) |
Average value of option contracts written |
$— (a) |
Total return swaps: |
|
Average notional value |
$(18,668,926 ) |
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
|
Assets |
Liabilities |
Derivative Financial Instruments |
|
|
Forward foreign currency exchange contracts |
$ 1,244,728 |
$ 2,042,405 |
Swaps — OTC(a) |
1,932,222 |
1,848,504 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
3,176,950 |
3,890,909 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— |
— |
Total derivative assets and liabilities subject to an MNA |
$ 3,176,950 |
$ 3,890,909 |
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Consolidated Statements of Assets and Liabilities. |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Received(b) |
Cash Collateral Received(b) |
Net Amount of Derivative Assets(c)(d) |
Bank of America N.A. |
$ 568,672 |
$ — |
$ — |
$ — |
$ 568,672 |
Barclays Bank PLC |
5,871 |
(4,888 ) |
— |
— |
983 |
Citibank N.A. |
22,571 |
(22,571 ) |
— |
— |
— |
Goldman Sachs International |
231,878 |
— |
— |
— |
231,878 |
JPMorgan Chase Bank N.A. |
2,136,393 |
(39,039 ) |
— |
(2,097,354 ) |
— |
Morgan Stanley & Co. International PLC |
8,135 |
(8,135 ) |
— |
— |
— |
Royal Bank of Canada |
203,430 |
(57,546 ) |
— |
— |
145,884 |
|
$ 3,176,950 |
$ (132,179 ) |
$ — |
$ (2,097,354 ) |
$ 947,417 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged(b) |
Cash Collateral Pledged(b) |
Net Amount of Derivative Liabilities(c)(e) |
Barclays Bank PLC |
$ 4,888 |
$ (4,888 ) |
$ — |
$ — |
$ — |
Canadian Imperial Bank of Commerce |
1,595,984 |
— |
— |
— |
1,595,984 |
Citibank N.A. |
1,866,028 |
(22,571 ) |
— |
— |
1,843,457 |
JPMorgan Chase Bank N.A. |
39,039 |
(39,039 ) |
— |
— |
— |
Morgan Stanley & Co. International PLC |
323,771 |
(8,135 ) |
— |
— |
315,636 |
Royal Bank of Canada |
57,546 |
(57,546 ) |
— |
— |
— |
UBS AG |
3,653 |
— |
— |
— |
3,653 |
|
$ 3,890,909 |
$ (132,179 ) |
$ — |
$ — |
$ 3,758,730 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to counterparty in the event of default. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Common Stocks |
|
|
|
|
Brazil |
$ 803,893 |
$ — |
$ — |
$ 803,893 |
China |
2,773,898 |
42,643,118 |
— |
45,417,016 |
Denmark |
141,734 |
12,164,421 |
— |
12,306,155 |
France |
— |
10,766,829 |
— |
10,766,829 |
Germany |
— |
4,452,969 |
— |
4,452,969 |
Hong Kong |
777,700 |
8,822,799 |
— |
9,600,499 |
India |
— |
28,005,901 |
— |
28,005,901 |
Indonesia |
838,743 |
876,086 |
— |
1,714,829 |
Ireland |
— |
1,888,355 |
— |
1,888,355 |
Israel |
259,672 |
— |
— |
259,672 |
Italy |
58,513 |
6,826,691 |
— |
6,885,204 |
Japan |
1,000,000 |
63,001,158 |
— |
64,001,158 |
Netherlands |
282,362 |
6,249,378 |
— |
6,531,740 |
Peru |
2,933,007 |
— |
— |
2,933,007 |
Singapore |
— |
2,300,522 |
— |
2,300,522 |
South Korea |
— |
3,838,305 |
— |
3,838,305 |
Switzerland |
— |
2,024,820 |
— |
2,024,820 |
Taiwan |
— |
27,786,136 |
— |
27,786,136 |
United Kingdom |
— |
11,072,884 |
— |
11,072,884 |
United States |
464,836,612 |
3,783,426 |
— |
468,620,038 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
7,050,921 |
— |
— |
7,050,921 |
Liabilities |
|
|
|
|
Investments |
|
|
|
|
Investments Sold Short |
|
|
|
|
Common Stocks |
(9,395,596 ) |
— |
— |
(9,395,596 ) |
|
$ 472,361,459 |
$ 236,503,798 |
$ — |
$ 708,865,257 |
Derivative Financial Instruments(a) |
|
|
|
|
Assets |
|
|
|
|
Equity Contracts |
$ — |
$ 1,932,222 |
$ — |
$ 1,932,222 |
Foreign Currency Exchange Contracts |
— |
1,244,728 |
— |
1,244,728 |
Liabilities |
|
|
|
|
Equity Contracts |
— |
(1,848,504 ) |
— |
(1,848,504 ) |
Foreign Currency Exchange Contracts |
— |
(2,042,405 ) |
— |
(2,042,405 ) |
|
$ — |
$ (713,959 ) |
$ — |
$ (713,959 ) |
(a) |
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. |
Security |
|
Shares |
Value |
Common Stocks | |||
Australia — 0.4% |
| ||
Glencore PLC |
|
812,773 |
$ 4,262,701 |
Canada — 1.6% |
| ||
Cameco Corp. |
|
134,008 |
6,997,898 |
Enbridge, Inc. |
|
164,791 |
6,656,261 |
Suncor Energy, Inc. |
|
156,870 |
5,921,706 |
|
|
|
19,575,865 |
China — 1.1% |
| ||
BYD Co. Ltd., Class H |
|
157,500 |
5,688,680 |
Contemporary Amperex Technology Co. Ltd., Class A |
|
97,500 |
3,381,147 |
Tencent Holdings Ltd. |
|
71,500 |
3,728,160 |
|
|
|
12,797,987 |
Denmark — 0.5% |
| ||
DSV A/S |
|
14,658 |
3,208,716 |
Novo Nordisk A/S, Class B |
|
29,793 |
3,341,732 |
|
|
|
6,550,448 |
France — 2.5% |
| ||
Accor SA |
|
117,040 |
5,309,775 |
Cie de Saint-Gobain SA |
|
104,252 |
9,454,082 |
EssilorLuxottica SA |
|
22,687 |
5,321,415 |
LVMH Moet Hennessy Louis Vuitton SE |
|
15,592 |
10,379,911 |
|
|
|
30,465,183 |
Germany — 0.6% |
| ||
adidas AG, Class N |
|
22,082 |
5,288,444 |
Deutsche Telekom AG, Class N, Registered Shares |
|
82,092 |
2,481,930 |
|
|
|
7,770,374 |
Hong Kong — 0.3% |
| ||
AIA Group Ltd. |
|
426,600 |
3,366,863 |
Italy — 2.1% |
| ||
Intesa Sanpaolo SpA |
|
3,348,485 |
14,331,545 |
UniCredit SpA |
|
240,819 |
10,653,634 |
|
|
|
24,985,179 |
Japan — 3.0% |
| ||
Hoya Corp. |
|
81,278 |
10,874,506 |
Keyence Corp. |
|
19,900 |
8,983,125 |
Mitsubishi UFJ Financial Group, Inc. |
|
606,100 |
6,388,436 |
Mitsui & Co. Ltd. |
|
457,600 |
9,329,382 |
|
|
|
35,575,449 |
Netherlands — 1.0% |
| ||
ASML Holding NV |
|
17,244 |
11,607,471 |
South Korea — 0.3% |
| ||
SK Hynix, Inc. |
|
25,590 |
3,350,085 |
Spain — 0.9% |
| ||
Cellnex Telecom SA(a) |
|
302,938 |
11,125,627 |
Switzerland — 0.3% |
| ||
Galderma Group AG(b) |
|
37,758 |
3,533,349 |
Taiwan — 0.6% |
| ||
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
226,000 |
7,087,243 |
United Arab Emirates — 0.0% |
| ||
NMC Health PLC(b)(c) |
|
504 |
— |
United Kingdom — 3.0% |
| ||
BAE Systems PLC |
|
894,487 |
14,416,726 |
Security |
|
Shares |
Value |
United Kingdom (continued) |
| ||
Compass Group PLC |
|
194,925 |
$ 6,330,465 |
National Grid PLC |
|
653,630 |
8,207,076 |
RELX PLC |
|
164,713 |
7,553,687 |
|
|
|
36,507,954 |
United States — 72.7% |
| ||
Adobe, Inc.(b) |
|
27,432 |
13,114,690 |
Alphabet, Inc., Class C |
|
189,433 |
32,713,185 |
Amazon.com, Inc.(b)(d) |
|
220,499 |
41,101,014 |
American Tower Corp. |
|
19,798 |
4,227,665 |
Apple, Inc.(d) |
|
196,292 |
44,344,326 |
Applied Materials, Inc. |
|
32,522 |
5,905,345 |
Autodesk, Inc.(b) |
|
32,215 |
9,142,616 |
Bank of America Corp. |
|
544,030 |
22,751,335 |
Boeing Co.(b) |
|
13,120 |
1,958,947 |
Boston Scientific Corp.(b) |
|
133,636 |
11,228,097 |
Broadcom, Inc. |
|
87,029 |
14,774,913 |
Bunge Global SA |
|
60,500 |
5,083,210 |
Capital One Financial Corp. |
|
54,209 |
8,824,683 |
CF Industries Holdings, Inc. |
|
90,051 |
7,404,894 |
Chevron Corp. |
|
66,204 |
9,852,479 |
Chipotle Mexican Grill, Inc.(b) |
|
80,388 |
4,483,239 |
Confluent, Inc., Class A(b) |
|
315,475 |
8,255,981 |
Costco Wholesale Corp. |
|
18,125 |
15,844,512 |
CRH PLC |
|
132,513 |
12,645,716 |
D.R. Horton, Inc. |
|
23,949 |
4,047,381 |
Danaher Corp. |
|
60,427 |
14,844,497 |
Datadog, Inc., Class A(b) |
|
37,175 |
4,663,232 |
Delta Air Lines, Inc. |
|
168,781 |
9,657,649 |
Discover Financial Services |
|
34,432 |
5,110,742 |
Eaton Corp. PLC |
|
18,245 |
6,049,677 |
Edwards Lifesciences Corp.(b) |
|
54,987 |
3,684,679 |
Eli Lilly & Co. |
|
14,605 |
12,118,353 |
EQT Corp. |
|
63,211 |
2,309,730 |
Estee Lauder Cos., Inc., Class A |
|
40,689 |
2,805,100 |
Freeport-McMoRan, Inc. |
|
213,791 |
9,624,871 |
Goldman Sachs Group, Inc. |
|
31,725 |
16,426,888 |
Hess Corp. |
|
22,526 |
3,029,296 |
Home Depot, Inc. |
|
18,822 |
7,411,162 |
HubSpot, Inc.(b) |
|
10,179 |
5,647,207 |
Ingersoll Rand, Inc. |
|
71,494 |
6,863,424 |
Intuitive Surgical, Inc.(b) |
|
21,000 |
10,580,640 |
JPMorgan Chase & Co. |
|
120,376 |
26,713,842 |
Liberty Media Corp.-Liberty Live, Class C(b) |
|
6,509 |
379,865 |
Live Nation Entertainment, Inc.(b) |
|
51,458 |
6,027,790 |
Marsh & McLennan Cos., Inc. |
|
82,188 |
17,936,709 |
Mastercard, Inc., Class A |
|
40,407 |
20,186,933 |
Merck & Co., Inc. |
|
95,066 |
9,727,153 |
Meta Platforms, Inc., Class A |
|
46,942 |
26,643,340 |
Micron Technology, Inc. |
|
93,117 |
9,279,109 |
Microsoft Corp.(d) |
|
138,134 |
56,130,751 |
NextEra Energy, Inc. |
|
161,291 |
12,782,312 |
Northrop Grumman Corp. |
|
7,895 |
4,018,713 |
NVIDIA Corp. |
|
356,230 |
47,293,095 |
Oracle Corp. |
|
102,902 |
17,271,072 |
Palo Alto Networks, Inc.(b) |
|
8,781 |
3,164,058 |
Progressive Corp. |
|
68,167 |
16,552,993 |
Sanofi SA |
|
70,473 |
7,447,570 |
Sempra |
|
91,187 |
7,602,260 |
ServiceNow, Inc.(b) |
|
10,095 |
9,418,534 |
Security |
|
Shares |
Value |
United States (continued) |
| ||
Shell PLC |
|
463,703 |
$ 15,606,779 |
Shell PLC, ADR |
|
25,693 |
1,735,562 |
Stryker Corp. |
|
35,971 |
12,815,748 |
Tesla, Inc.(b) |
|
26,491 |
6,618,776 |
TJX Cos., Inc. |
|
158,510 |
17,916,385 |
Toll Brothers, Inc. |
|
30,114 |
4,409,894 |
Trane Technologies PLC |
|
35,522 |
13,148,823 |
Union Pacific Corp. |
|
36,600 |
8,493,762 |
UnitedHealth Group, Inc. |
|
42,325 |
23,892,462 |
Valero Energy Corp. |
|
61,435 |
7,971,806 |
Visa, Inc., Class A |
|
26,268 |
7,613,780 |
Vistra Corp. |
|
45,729 |
5,714,296 |
Walmart, Inc. |
|
270,293 |
22,150,511 |
Walt Disney Co. |
|
74,237 |
7,141,599 |
Wells Fargo & Co. |
|
241,431 |
15,673,700 |
Wynn Resorts Ltd. |
|
26,036 |
2,499,977 |
|
|
|
870,511,334 |
Total Common Stocks — 90.9% (Cost: $972,946,062) |
1,089,073,112 | ||
Investment Companies | |||
United States — 0.7% |
| ||
iShares Biotechnology ETF(e) |
|
5,800 |
813,683 |
iShares Core S&P Small-Cap ETF(e) |
|
4,169 |
474,932 |
iShares MSCI China ETF(e) |
|
19,824 |
976,332 |
SPDR Gold Shares(b) |
|
22,758 |
5,769,381 |
SPDR S&P Homebuilders ETF |
|
4,163 |
475,456 |
Total Investment Companies — 0.7% (Cost: $8,289,984) |
8,509,784 | ||
Total Long-Term Investments — 91.6% (Cost: $981,236,046) |
1,097,582,896 |
Security |
|
Shares |
Value |
Short-Term Securities | |||
Money Market Funds — 7.8% |
| ||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.75%(e)(f) |
|
93,250,792 |
$ 93,250,792 |
Total Short-Term Securities — 7.8% (Cost: $93,250,792) |
93,250,792 | ||
Options Purchased — 0.4% (Cost: $7,375,537) |
5,194,823 | ||
Total Investments Before Options Written — 99.8% (Cost: $1,081,862,375) |
1,196,028,511 | ||
Options Written — (0.2)% (Premiums Received: $(2,570,777)) |
(2,250,178 ) | ||
Total Investments, Net of Options Written — 99.6% (Cost: $1,079,291,598) |
1,193,778,333 | ||
Other Assets Less Liabilities — 0.4% |
4,316,207 | ||
Net Assets — 100.0% |
$ 1,198,094,540 |
(a) |
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. |
(b) |
Non-income producing security. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 04/30/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/24 |
Shares Held at 10/31/24 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 56,778,198 |
$ 36,472,594 (a) |
$ — |
$ — |
$ — |
$ 93,250,792 |
93,250,792 |
$ 2,500,178 |
$ — |
iShares Biotechnology ETF |
— |
829,890 |
— |
— |
(16,207 ) |
813,683 |
5,800 |
1,163 |
— |
iShares Core S&P Small-Cap ETF |
— |
484,690 |
— |
— |
(9,758 ) |
474,932 |
4,169 |
2,146 |
— |
iShares MSCI China ETF |
830,031 |
— |
— |
— |
146,301 |
976,332 |
19,824 |
3,777 |
— |
|
|
|
|
$ — |
$ 120,336 |
$ 95,515,739 |
|
$ 2,507,264 |
$ — |
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |
|
|
|
|
NSE IFSC Nifty 50 Index |
103 |
11/28/24 |
$ 5,010 |
$ (57,254 ) |
Nikkei 225 Index |
68 |
12/12/24 |
17,178 |
1,089,316 |
S&P/TSE 60 Index |
4 |
12/19/24 |
832 |
9,997 |
E-mini Russell 2000 Index |
50 |
12/20/24 |
5,522 |
(14,308 ) |
|
|
|
|
1,027,751 |
Short Contracts |
|
|
|
|
CAC 40 Index |
18 |
11/15/24 |
1,445 |
40,541 |
SPI 200 Index |
4 |
12/19/24 |
534 |
4,868 |
NASDAQ 100 E-Mini Index |
36 |
12/20/24 |
14,416 |
(116,266 ) |
S&P 500 E-Mini Index |
99 |
12/20/24 |
28,406 |
547,643 |
|
|
|
|
476,786 |
|
|
|
|
$ 1,504,537 |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
USD |
2,025,122 |
CHF |
1,694,319 |
Barclays Bank PLC |
12/18/24 |
$ 53,445 |
USD |
940,390 |
CNY |
6,626,643 |
HSBC Bank PLC |
12/18/24 |
3,904 |
USD |
2,271,819 |
CNY |
15,882,403 |
HSBC Bank PLC |
12/18/24 |
27,298 |
USD |
17,384,965 |
EUR |
15,705,479 |
Bank of America N.A. |
12/18/24 |
269,398 |
USD |
6,104,381 |
EUR |
5,577,937 |
HSBC Bank PLC |
12/18/24 |
25,639 |
USD |
2,990,356 |
GBP |
2,282,953 |
JPMorgan Chase Bank N.A. |
12/18/24 |
46,848 |
USD |
1,552,197 |
HKD |
12,041,529 |
Royal Bank of Canada |
12/18/24 |
2,083 |
USD |
1,769,173 |
KRW |
2,365,260,757 |
HSBC Bank PLC |
12/18/24 |
45,908 |
USD |
1,566,464 |
TWD |
49,521,731 |
BNP Paribas SA |
12/18/24 |
8,874 |
|
|
|
|
|
|
483,397 |
AUD |
4,009,199 |
USD |
2,764,174 |
Citibank N.A. |
12/18/24 |
(124,587 ) |
AUD |
28,495,680 |
USD |
19,003,193 |
Societe Generale |
12/18/24 |
(242,129 ) |
CAD |
6,828,778 |
USD |
5,037,454 |
Canadian Imperial Bank of Commerce |
12/18/24 |
(125,213 ) |
CAD |
2,655,441 |
USD |
1,926,796 |
JPMorgan Chase Bank N.A. |
12/18/24 |
(16,621 ) |
CAD |
19,212,292 |
USD |
14,159,471 |
Natwest Markets PLC |
12/18/24 |
(339,224 ) |
CAD |
3,914,101 |
USD |
2,908,778 |
UBS AG |
12/18/24 |
(93,193 ) |
CHF |
21,101,952 |
USD |
25,197,841 |
Morgan Stanley & Co. International PLC |
12/18/24 |
(641,518 ) |
CHF |
2,133,876 |
USD |
2,532,736 |
UBS AG |
12/18/24 |
(49,547 ) |
DKK |
28,739,971 |
USD |
4,267,679 |
Citibank N.A. |
12/18/24 |
(67,042 ) |
EUR |
3,248,990 |
USD |
3,599,463 |
Barclays Bank PLC |
12/18/24 |
(58,769 ) |
EUR |
2,541,104 |
USD |
2,836,447 |
Citibank N.A. |
12/18/24 |
(67,195 ) |
EUR |
2,555,361 |
USD |
2,849,623 |
JPMorgan Chase Bank N.A. |
12/18/24 |
(64,834 ) |
GBP |
949,259 |
USD |
1,259,411 |
JPMorgan Chase Bank N.A. |
12/18/24 |
(35,491 ) |
GBP |
3,466,227 |
USD |
4,536,012 |
Natwest Markets PLC |
12/18/24 |
(66,859 ) |
JPY |
353,436,556 |
USD |
2,442,371 |
Barclays Bank PLC |
12/18/24 |
(102,858 ) |
JPY |
408,063,420 |
USD |
2,877,167 |
JPMorgan Chase Bank N.A. |
12/18/24 |
(176,061 ) |
JPY |
1,029,738,002 |
USD |
7,411,623 |
JPMorgan Chase Bank N.A. |
12/18/24 |
(595,449 ) |
JPY |
2,711,341,753 |
USD |
19,298,930 |
Societe Generale |
12/18/24 |
(1,351,670 ) |
SEK |
24,390,422 |
USD |
2,384,941 |
Morgan Stanley & Co. International PLC |
12/18/24 |
(90,443 ) |
SEK |
75,007,372 |
USD |
7,266,634 |
Natwest Markets PLC |
12/18/24 |
(210,413 ) |
USD |
5,426,854 |
HKD |
42,174,424 |
HSBC Bank PLC |
12/18/24 |
(2,285 ) |
USD |
4,792,102 |
TWD |
152,460,720 |
Morgan Stanley & Co. International PLC |
12/18/24 |
(3,195 ) |
|
|
|
|
|
|
(4,524,596 ) |
|
$ (4,041,199 ) |
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | ||
Call |
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust |
252 |
11/01/24 |
USD |
580.00 |
USD |
14,330 |
$ 2,394 |
SPDR S&P 500 ETF Trust |
699 |
11/01/24 |
USD |
585.00 |
USD |
39,748 |
1,049 |
SPDR S&P 500 ETF Trust |
1,072 |
11/01/24 |
USD |
590.00 |
USD |
60,958 |
21,440 |
InvesCo QQQ Trust, Series 1 |
214 |
11/04/24 |
USD |
500.00 |
USD |
10,354 |
4,815 |
InvesCo QQQ Trust, Series 1 |
272 |
11/08/24 |
USD |
495.00 |
USD |
13,161 |
113,424 |
SPDR S&P 500 ETF Trust |
212 |
11/08/24 |
USD |
592.00 |
USD |
12,055 |
14,734 |
SPDR S&P 500 ETF Trust |
380 |
11/08/24 |
USD |
580.00 |
USD |
21,608 |
132,620 |
Apple, Inc. |
606 |
11/15/24 |
USD |
225.00 |
USD |
13,690 |
433,290 |
Edwards Lifesciences Corp. |
268 |
11/15/24 |
USD |
72.50 |
USD |
1,796 |
21,440 |
Humana, Inc. |
43 |
11/15/24 |
USD |
395.00 |
USD |
1,109 |
968 |
Mastercard, Inc., Class A |
23 |
11/15/24 |
USD |
510.00 |
USD |
1,149 |
14,203 |
Meta Platforms, Inc., Class A |
160 |
11/15/24 |
USD |
590.00 |
USD |
9,081 |
141,600 |
Micron Technology, Inc. |
799 |
11/15/24 |
USD |
115.00 |
USD |
7,962 |
32,759 |
Oracle Corp. |
92 |
11/15/24 |
USD |
180.00 |
USD |
1,544 |
6,762 |
SPDR Gold Shares |
254 |
11/15/24 |
USD |
255.00 |
USD |
6,439 |
95,250 |
SPDR Gold Shares |
920 |
11/22/24 |
USD |
255.00 |
USD |
23,323 |
400,200 |
Apple, Inc. |
246 |
11/29/24 |
USD |
245.00 |
USD |
5,557 |
35,916 |
SPDR Gold Shares |
496 |
11/29/24 |
USD |
255.00 |
USD |
12,574 |
240,560 |
Amazon.com, Inc. |
487 |
12/20/24 |
USD |
200.00 |
USD |
9,078 |
267,850 |
iShares China Large-Cap ETF |
1,286 |
12/20/24 |
USD |
38.00 |
USD |
4,059 |
37,294 |
Meta Platforms, Inc., Class A |
160 |
12/20/24 |
USD |
600.00 |
USD |
9,081 |
257,600 |
NVIDIA Corp. |
288 |
12/20/24 |
USD |
120.00 |
USD |
3,823 |
549,360 |
NVIDIA Corp. |
1,487 |
12/20/24 |
USD |
140.00 |
USD |
19,741 |
1,312,277 |
SPDR Gold Shares |
338 |
12/20/24 |
USD |
250.00 |
USD |
8,569 |
316,875 |
Shell PLC, ADR |
354 |
01/17/25 |
USD |
67.50 |
USD |
2,391 |
92,925 |
SPDR Gold Shares |
647 |
01/17/25 |
USD |
260.00 |
USD |
16,402 |
391,435 |
|
|
|
|
|
|
|
4,939,040 |
Put |
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust |
309 |
11/15/24 |
USD |
560.00 |
USD |
17,571 |
186,790 |
|
|
|
|
|
|
|
$ 5,125,830 |
Description |
Counterparty |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | ||
Call |
|
|
|
|
|
|
|
|
Nifty 50 Monthly Index |
Morgan Stanley & Co. International PLC |
152 |
03/27/25 |
USD |
26,000.00 |
USD |
59 |
$ 59,437 |
Put |
|
|
|
|
|
|
|
|
S&P 500 Index |
UBS AG |
383 |
11/15/24 |
USD |
5,450.00 |
USD |
2,185 |
9,556 |
|
|
|
|
|
|
|
|
$ 68,993 |
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | ||
Call |
|
|
|
|
|
|
|
InvesCo QQQ Trust, Series 1 |
214 |
11/04/24 |
USD |
510.00 |
USD |
10,354 |
$ (642 ) |
InvesCo QQQ Trust, Series 1 |
272 |
11/08/24 |
USD |
510.00 |
USD |
13,161 |
(20,672 ) |
Alphabet, Inc., Class C |
35 |
11/15/24 |
USD |
180.00 |
USD |
604 |
(5,758 ) |
Amazon.com, Inc. |
326 |
11/15/24 |
USD |
205.00 |
USD |
6,077 |
(71,231 ) |
Apple, Inc. |
606 |
11/15/24 |
USD |
245.00 |
USD |
13,690 |
(52,419 ) |
Autodesk, Inc. |
7 |
11/15/24 |
USD |
290.00 |
USD |
199 |
(2,800 ) |
Delta Air Lines, Inc. |
29 |
11/15/24 |
USD |
55.00 |
USD |
166 |
(9,570 ) |
Goldman Sachs Group, Inc. |
7 |
11/15/24 |
USD |
540.00 |
USD |
362 |
(4,253 ) |
JPMorgan Chase & Co. |
17 |
11/15/24 |
USD |
230.00 |
USD |
377 |
(3,842 ) |
NVIDIA Corp. |
288 |
11/15/24 |
USD |
135.00 |
USD |
3,823 |
(137,520 ) |
SPDR Gold Shares |
254 |
11/15/24 |
USD |
270.00 |
USD |
6,439 |
(9,144 ) |
Trane Technologies PLC |
7 |
11/15/24 |
USD |
440.00 |
USD |
259 |
(945 ) |
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | ||
Call (continued) |
|
|
|
|
|
|
|
Vista Energy Corp. |
13 |
11/15/24 |
USD |
150.00 |
USD |
162 |
$ (2,438 ) |
Walt Disney Co. |
14 |
11/15/24 |
USD |
105.00 |
USD |
135 |
(1,659 ) |
Wells Fargo & Co. |
55 |
11/15/24 |
USD |
60.00 |
USD |
357 |
(30,525 ) |
SPDR Gold Shares |
920 |
11/22/24 |
USD |
265.00 |
USD |
23,323 |
(114,540 ) |
SPDR Gold Shares |
496 |
11/29/24 |
USD |
270.00 |
USD |
12,574 |
(41,912 ) |
Alphabet, Inc., Class C |
69 |
12/20/24 |
USD |
190.00 |
USD |
1,192 |
(11,557 ) |
Amazon.com, Inc. |
487 |
12/20/24 |
USD |
230.00 |
USD |
9,078 |
(36,038 ) |
Apple, Inc. |
50 |
12/20/24 |
USD |
255.00 |
USD |
1,130 |
(5,375 ) |
Autodesk, Inc. |
14 |
12/20/24 |
USD |
310.00 |
USD |
397 |
(6,510 ) |
Cameco Corp. |
78 |
12/20/24 |
USD |
60.00 |
USD |
407 |
(11,505 ) |
Chevron Corp. |
36 |
12/20/24 |
USD |
165.00 |
USD |
536 |
(3,312 ) |
Delta Air Lines, Inc. |
59 |
12/20/24 |
USD |
55.00 |
USD |
338 |
(28,762 ) |
Goldman Sachs Group, Inc. |
13 |
12/20/24 |
USD |
570.00 |
USD |
673 |
(5,135 ) |
iShares China Large-Cap ETF |
1,286 |
12/20/24 |
USD |
42.00 |
USD |
4,059 |
(14,789 ) |
JPMorgan Chase & Co. |
33 |
12/20/24 |
USD |
240.00 |
USD |
732 |
(7,244 ) |
JPMorgan Chase & Co. |
92 |
12/20/24 |
USD |
245.00 |
USD |
2,042 |
(12,558 ) |
Mastercard, Inc., Class A |
16 |
12/20/24 |
USD |
540.00 |
USD |
799 |
(4,696 ) |
Meta Platforms, Inc., Class A |
10 |
12/20/24 |
USD |
650.00 |
USD |
568 |
(5,300 ) |
Meta Platforms, Inc., Class A |
160 |
12/20/24 |
USD |
700.00 |
USD |
9,081 |
(26,720 ) |
NVIDIA Corp. |
264 |
12/20/24 |
USD |
150.00 |
USD |
3,505 |
(141,240 ) |
NVIDIA Corp. |
1,637 |
12/20/24 |
USD |
160.00 |
USD |
21,733 |
(544,302 ) |
NVIDIA Corp. |
470 |
12/20/24 |
USD |
170.00 |
USD |
6,240 |
(93,295 ) |
Oracle Corp. |
45 |
12/20/24 |
USD |
190.00 |
USD |
755 |
(11,318 ) |
Oracle Corp. |
162 |
12/20/24 |
USD |
195.00 |
USD |
2,719 |
(27,864 ) |
SPDR Gold Shares |
338 |
12/20/24 |
USD |
270.00 |
USD |
8,569 |
(62,361 ) |
Tesla, Inc. |
48 |
12/20/24 |
USD |
320.00 |
USD |
1,199 |
(14,616 ) |
Vista Energy Corp. |
27 |
12/20/24 |
USD |
150.00 |
USD |
337 |
(12,690 ) |
Walmart, Inc. |
104 |
12/20/24 |
USD |
90.00 |
USD |
852 |
(9,308 ) |
Walt Disney Co. |
28 |
12/20/24 |
USD |
105.00 |
USD |
269 |
(5,964 ) |
Wells Fargo & Co. |
108 |
12/20/24 |
USD |
62.50 |
USD |
701 |
(46,440 ) |
SPDR Gold Shares |
647 |
01/17/25 |
USD |
285.00 |
USD |
16,402 |
(68,258 ) |
|
|
|
|
|
|
|
(1,727,027 ) |
Put |
|
|
|
|
|
|
|
InvesCo QQQ Trust, Series 1 |
272 |
11/08/24 |
USD |
455.00 |
USD |
13,161 |
(33,320 ) |
Micron Technology, Inc. |
799 |
11/15/24 |
USD |
95.00 |
USD |
7,962 |
(169,787 ) |
SPDR S&P 500 ETF Trust |
618 |
11/15/24 |
USD |
480.00 |
USD |
35,142 |
(32,445 ) |
Apple, Inc. |
123 |
11/29/24 |
USD |
210.00 |
USD |
2,779 |
(30,258 ) |
Amazon.com, Inc. |
366 |
12/20/24 |
USD |
160.00 |
USD |
6,822 |
(69,540 ) |
iShares China Large-Cap ETF |
210 |
12/20/24 |
USD |
30.00 |
USD |
663 |
(21,210 ) |
Meta Platforms, Inc., Class A |
160 |
12/20/24 |
USD |
470.00 |
USD |
9,081 |
(45,760 ) |
NVIDIA Corp. |
150 |
12/20/24 |
USD |
100.00 |
USD |
1,991 |
(20,250 ) |
Freeport-McMoRan, Inc. |
573 |
01/17/25 |
USD |
40.00 |
USD |
2,580 |
(64,176 ) |
Shell PLC, ADR |
354 |
01/17/25 |
USD |
57.50 |
USD |
2,391 |
(10,620 ) |
|
|
|
|
|
|
|
(497,366 ) |
|
|
|
|
|
|
|
$ (2,224,393 ) |
Description |
Counterparty |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | ||
Put |
|
|
|
|
|
|
|
|
Nifty 50 Monthly Index |
Morgan Stanley & Co. International PLC |
152 |
03/27/25 |
USD |
22,000.00 |
USD |
26 |
$ (25,785 ) |
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Value |
Options Written |
$ N/A |
$ N/A |
$ 663,811 |
$ (343,212 ) |
$ (2,250,178 ) |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Assets — Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts Unrealized appreciation on futures contracts(a) |
$ — |
$ — |
$ 1,692,365 |
$ — |
$ — |
$ — |
$ 1,692,365 |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
— |
— |
— |
483,397 |
— |
— |
483,397 |
Options purchased Investments at value — unaffiliated(b) |
— |
— |
5,194,823 |
— |
— |
— |
5,194,823 |
|
$ — |
$ — |
$ 6,887,188 |
$ 483,397 |
$ — |
$ — |
$ 7,370,585 |
Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ 187,828 |
$ — |
$ — |
$ — |
$ 187,828 |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
— |
— |
— |
4,524,596 |
— |
— |
4,524,596 |
Options written Options written at value |
— |
— |
2,250,178 |
— |
— |
— |
2,250,178 |
|
$ — |
$ — |
$ 2,438,006 |
$ 4,524,596 |
$ — |
$ — |
$ 6,962,602 |
(a) |
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). |
(b) |
Includes options purchased at value as reported in the Schedule of Investments. |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ 3,898,117 |
$ — |
$ — |
$ — |
$ 3,898,117 |
Forward foreign currency exchange contracts |
— |
— |
— |
2,568,756 |
— |
— |
2,568,756 |
Options purchased(a) |
— |
— |
(1,346,173 ) |
— |
— |
— |
(1,346,173 ) |
Options written |
— |
— |
3,391,286 |
— |
— |
— |
3,391,286 |
Swaps |
— |
— |
10,307 |
— |
— |
— |
10,307 |
|
$ — |
$ — |
$ 5,953,537 |
$ 2,568,756 |
$ — |
$ — |
$ 8,522,293 |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ 2,158,097 |
$ — |
$ — |
$ — |
$ 2,158,097 |
Forward foreign currency exchange contracts |
— |
— |
— |
(4,311,723 ) |
— |
— |
(4,311,723 ) |
Options purchased(b) |
— |
— |
(1,546,450 ) |
— |
— |
— |
(1,546,450 ) |
Options written |
— |
— |
222,415 |
— |
— |
— |
222,415 |
Swaps |
— |
— |
(14,384 ) |
— |
— |
— |
(14,384 ) |
|
$ — |
$ — |
$ 819,678 |
$ (4,311,723 ) |
$ — |
$ — |
$ (3,492,045 ) |
(a) |
Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
(b) |
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Futures contracts: |
|
Average notional value of contracts — long |
$48,739,271 |
Average notional value of contracts — short |
$28,079,505 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
$41,471,333 |
Average amounts sold — in USD |
$107,383,184 |
Options: |
|
Average value of option contracts purchased |
$5,302,455 |
Average value of option contracts written |
$2,235,921 |
Total return swaps: |
|
Average notional value |
$— (a) |
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
|
Assets |
Liabilities |
Derivative Financial Instruments |
|
|
Futures contracts |
$ 1,017,104 |
$ 298,127 |
Forward foreign currency exchange contracts |
483,397 |
4,524,596 |
Options |
5,194,823 |
2,250,178 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
6,695,324 |
7,072,901 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(6,142,934 ) |
(2,522,520 ) |
Total derivative assets and liabilities subject to an MNA |
$ 552,390 |
$ 4,550,381 |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets(b)(c) |
Bank of America N.A. |
$ 269,398 |
$ — |
$ — |
$ — |
$ 269,398 |
Barclays Bank PLC |
53,445 |
(53,445 ) |
— |
— |
— |
BNP Paribas SA |
8,874 |
— |
— |
— |
8,874 |
HSBC Bank PLC |
102,749 |
(2,285 ) |
— |
— |
100,464 |
JPMorgan Chase Bank N.A. |
46,848 |
(46,848 ) |
— |
— |
— |
Morgan Stanley & Co. International PLC |
59,437 |
(59,437 ) |
— |
— |
— |
Royal Bank of Canada |
2,083 |
— |
— |
— |
2,083 |
UBS AG |
9,556 |
(9,556 ) |
— |
— |
— |
|
$ 552,390 |
$ (171,571 ) |
$ — |
$ — |
$ 380,819 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative Liabilities(b)(d) |
Barclays Bank PLC |
$ 161,627 |
$ (53,445 ) |
$ — |
$ — |
$ 108,182 |
Canadian Imperial Bank of Commerce |
125,213 |
— |
— |
— |
125,213 |
Citibank N.A. |
258,824 |
— |
— |
— |
258,824 |
HSBC Bank PLC |
2,285 |
(2,285 ) |
— |
— |
— |
JPMorgan Chase Bank N.A. |
888,456 |
(46,848 ) |
— |
— |
841,608 |
Morgan Stanley & Co. International PLC |
760,941 |
(59,437 ) |
— |
— |
701,504 |
Natwest Markets PLC |
616,496 |
— |
— |
— |
616,496 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative Liabilities(b)(d) |
Societe Generale |
$ 1,593,799 |
$ — |
$ — |
$ — |
$ 1,593,799 |
UBS AG |
142,740 |
(9,556 ) |
— |
— |
133,184 |
|
$ 4,550,381 |
$ (171,571 ) |
$ — |
$ — |
$ 4,378,810 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
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. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Common Stocks |
|
|
|
|
Australia |
$ — |
$ 4,262,701 |
$ — |
$ 4,262,701 |
Canada |
19,575,865 |
— |
— |
19,575,865 |
China |
— |
12,797,987 |
— |
12,797,987 |
Denmark |
— |
6,550,448 |
— |
6,550,448 |
France |
— |
30,465,183 |
— |
30,465,183 |
Germany |
— |
7,770,374 |
— |
7,770,374 |
Hong Kong |
— |
3,366,863 |
— |
3,366,863 |
Italy |
— |
24,985,179 |
— |
24,985,179 |
Japan |
— |
35,575,449 |
— |
35,575,449 |
Netherlands |
— |
11,607,471 |
— |
11,607,471 |
South Korea |
— |
3,350,085 |
— |
3,350,085 |
Spain |
— |
11,125,627 |
— |
11,125,627 |
Switzerland |
3,533,349 |
— |
— |
3,533,349 |
Taiwan |
— |
7,087,243 |
— |
7,087,243 |
United Arab Emirates |
— |
— |
— |
— |
United Kingdom |
— |
36,507,954 |
— |
36,507,954 |
United States |
847,456,985 |
23,054,349 |
— |
870,511,334 |
Investment Companies |
8,509,784 |
— |
— |
8,509,784 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
93,250,792 |
— |
— |
93,250,792 |
Options Purchased |
|
|
|
|
Equity Contracts |
5,125,830 |
68,993 |
— |
5,194,823 |
|
$ 977,452,605 |
$ 218,575,906 |
$ — |
$ 1,196,028,511 |
Derivative Financial Instruments(a) |
|
|
|
|
Assets |
|
|
|
|
Equity Contracts |
$ 557,640 |
$ 1,134,725 |
$ — |
$ 1,692,365 |
Foreign Currency Exchange Contracts |
— |
483,397 |
— |
483,397 |
Liabilities |
|
|
|
|
Equity Contracts |
(2,354,967 ) |
(83,039 ) |
— |
(2,438,006 ) |
Foreign Currency Exchange Contracts |
— |
(4,524,596 ) |
— |
(4,524,596 ) |
|
$ (1,797,327 ) |
$ (2,989,513 ) |
$ — |
$ (4,786,840 ) |
(a) |
Derivative financial instruments are futures contracts, forward foreign currency exchange contracts and options written. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
|
BlackRock GA Disciplined Volatility Equity Fund(a) |
BlackRock GA Dynamic Equity Fund |
ASSETS |
|
|
Investments, at value — unaffiliated(b) |
$ 711,209,932 |
$ 1,100,512,772 |
Investments, at value — affiliated(c) |
7,050,921 |
95,515,739 |
Cash |
— |
143,900 |
Cash pledged: |
|
|
Collateral — OTC derivatives |
7,130,000 |
— |
Futures contracts |
— |
4,201,000 |
Foreign currency, at value(d) |
919,454 |
1,755,511 |
Receivables: |
|
|
Investments sold |
8,938,712 |
4,503,941 |
Options written |
— |
57,540 |
Swaps |
4,510,287 |
— |
Capital shares sold |
4,486,016 |
3,268,157 |
Dividends — unaffiliated |
1,035,141 |
597,338 |
Dividends — affiliated |
37,011 |
459,091 |
Variation margin on futures contracts |
— |
1,017,104 |
Unrealized appreciation on: |
|
|
Forward foreign currency exchange contracts |
1,244,728 |
483,397 |
OTC swaps |
1,932,222 |
— |
Prepaid expenses |
53,512 |
65,817 |
Total assets |
748,547,936 |
1,212,581,307 |
LIABILITIES |
|
|
Investments sold short, at value(e) |
9,395,596 |
— |
Bank overdraft |
260,766 |
— |
Options written, at value(f) |
— |
2,250,178 |
Payables: |
|
|
Investments purchased |
5,959,698 |
5,260,692 |
Swaps |
8,566,178 |
— |
Accounting services fees |
32,386 |
28,453 |
Capital shares redeemed |
1,035,731 |
1,006,970 |
Custodian fees |
129,291 |
112,638 |
Deferred foreign capital gain tax |
50,187 |
— |
Dividends on short sales |
3,093 |
— |
Foreign taxes |
7,428 |
— |
Investment advisory fees |
243,262 |
395,787 |
Trustees’ and Officer’s fees |
1,267 |
565 |
Recoupment of past waived fees |
— |
11 |
Options written |
— |
397,833 |
Other accrued expenses |
10,312 |
13,631 |
Professional fees |
55,478 |
60,062 |
Transfer agent fees |
80,277 |
137,224 |
Variation margin on futures contracts |
— |
298,127 |
|
BlackRock GA Disciplined Volatility Equity Fund(a) |
BlackRock GA Dynamic Equity Fund |
Unrealized depreciation on: |
|
|
Forward foreign currency exchange contracts |
$ 2,042,405 |
$ 4,524,596 |
OTC swaps |
1,848,504 |
— |
Total liabilities |
29,721,859 |
14,486,767 |
Commitments and contingent liabilities |
|
|
NET ASSETS |
$ 718,826,077 |
$ 1,198,094,540 |
NET ASSETS CONSIST OF |
|
|
Paid-in capital |
$ 653,829,903 |
$ 1,081,928,801 |
Accumulated earnings |
64,996,174 |
116,165,739 |
NET ASSETS |
$ 718,826,077 |
$ 1,198,094,540 |
(a) Consolidated Statement of Assets and Liabilities. | ||
(b) Investments, at cost—unaffiliated |
$656,855,972 |
$986,235,423 |
(c) Investments, at cost—affiliated |
$7,050,921 |
$95,626,952 |
(d) Foreign currency, at cost |
$925,931 |
$1,757,790 |
(e) Proceeds received from investments sold short |
$9,428,447 |
$— |
(f) Premiums received |
$— |
$2,570,777 |
|
BlackRock GA Disciplined Volatility Equity Fund(a) |
BlackRock GA Dynamic Equity Fund |
NET ASSET VALUE |
|
|
Institutional |
|
|
Net assets |
$ 718,479,547 |
$ 1,197,746,432 |
Shares outstanding |
50,176,234 |
72,831,299 |
Net asset value |
$ 14.32 |
$ 16.45 |
Shares authorized |
Unlimited |
Unlimited |
Par value |
$0.01 |
$0.01 |
Class K |
|
|
Net assets |
$ 346,530 |
$ 348,108 |
Shares outstanding |
24,162 |
21,141 |
Net asset value |
$ 14.34 |
$ 16.47 |
Shares authorized |
Unlimited |
Unlimited |
Par value |
$0.01 |
$0.01 |
(a) Consolidated Statement of Assets and Liabilities. |
|
BlackRock GA Disciplined Volatility Equity Fund(a) |
BlackRock GA Dynamic Equity Fund |
INVESTMENT INCOME |
|
|
Dividends — unaffiliated |
$5,734,651 |
$5,792,731 |
Dividends — affiliated |
412,463 |
2,507,264 |
Interest — unaffiliated |
— |
76,982 |
Foreign taxes withheld |
(301,643 ) |
(306,133 ) |
Total investment income |
5,845,471 |
8,070,844 |
EXPENSES |
|
|
Investment advisory |
1,193,332 |
1,929,584 |
Transfer agent — class specific |
293,386 |
470,218 |
Registration |
76,728 |
106,121 |
Custodian |
74,785 |
60,135 |
Accounting services |
61,883 |
72,481 |
Professional |
31,069 |
33,028 |
Printing and postage |
13,064 |
12,543 |
Trustees and Officer |
4,907 |
5,888 |
Recoupment of past waived and/or reimbursed fees — class specific |
— |
11 |
Miscellaneous |
11,658 |
10,068 |
Total expenses excluding dividend expense and interest expense |
1,760,812 |
2,700,077 |
Dividends expense — unaffiliated |
3,093 |
— |
Interest expense — unaffiliated |
834 |
5,585 |
Total expenses |
1,764,739 |
2,705,662 |
Less: |
|
|
Fees waived and/or reimbursed by the Manager |
(21,406 ) |
(40,176 ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific |
(98,629 ) |
(55,681 ) |
Total expenses after fees waived and/or reimbursed |
1,644,704 |
2,609,805 |
Net investment income |
4,200,767 |
5,461,039 |
REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
Net realized gain (loss) from: |
|
|
Investments — unaffiliated(b) |
12,645,435 |
(7,321,761 ) |
Forward foreign currency exchange contracts |
35,160 |
2,568,756 |
Foreign currency transactions |
(50,150 ) |
94,033 |
Futures contracts |
60,667 |
3,898,117 |
Options written |
14,984 |
3,391,286 |
Swaps |
(2,481,067 ) |
10,307 |
|
10,225,029 |
2,640,738 |
Net change in unrealized appreciation (depreciation) on: |
|
|
Investments — unaffiliated(c) |
26,341,147 |
61,182,985 |
Investments — affiliated |
— |
120,336 |
Forward foreign currency exchange contracts |
(62,686 ) |
(4,311,723 ) |
Foreign currency translations |
(35,878 ) |
12,062 |
Futures contracts |
— |
2,158,097 |
Options written |
12,819 |
222,415 |
Short sales — unaffiliated |
32,851 |
— |
Swaps |
443,951 |
(14,384 ) |
|
26,732,204 |
59,369,788 |
Net realized and unrealized gain |
36,957,233 |
62,010,526 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$41,158,000 |
$67,471,565 |
(a) Consolidated Statement of Operations. | ||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$(258,888 ) |
$— |
(c) Net of reduction in deferred foreign capital gain tax of |
$209,236 |
$— |
|
BlackRock GA Disciplined Volatility Equity Fund(a) |
BlackRock GA Dynamic Equity Fund | ||
|
Six Months Ended 10/31/24 (unaudited) |
Year Ended 04/30/24 |
Six Months Ended 10/31/24 (unaudited) |
Year Ended 04/30/24 |
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
OPERATIONS |
|
|
|
|
Net investment income |
$4,200,767 |
$3,642,341 |
$5,461,039 |
$4,701,336 |
Net realized gain |
10,225,029 |
8,929,180 |
2,640,738 |
8,721,901 |
Net change in unrealized appreciation (depreciation) |
26,732,204 |
18,983,275 |
59,369,788 |
45,523,015 |
Net increase in net assets resulting from operations |
41,158,000 |
31,554,796 |
67,471,565 |
58,946,252 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |
|
|
|
|
Institutional |
(4,034,353 ) |
(6,181,485 ) |
(8,587,877 ) |
(3,016,886 ) |
Class K |
(2,375 ) |
(7,384 ) |
(3,204 ) |
(3,166 ) |
Decrease in net assets resulting from distributions to shareholders |
(4,036,728 ) |
(6,188,869 ) |
(8,591,081 ) |
(3,020,052 ) |
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Net increase in net assets derived from capital share transactions |
245,270,812 |
302,064,106 |
461,325,853 |
477,545,505 |
NET ASSETS |
|
|
|
|
Total increase in net assets |
282,392,084 |
327,430,033 |
520,206,337 |
533,471,705 |
Beginning of period |
436,433,993 |
109,003,960 |
677,888,203 |
144,416,498 |
End of period |
$718,826,077 |
$436,433,993 |
$1,198,094,540 |
$677,888,203 |
(a) |
Consolidated Statement of Changes in Net Assets. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
|
BlackRock GA Disciplined Volatility Equity Fund | ||||||
|
Institutional | ||||||
|
Six Months Ended 10/31/24(a) (unaudited) |
Year Ended 04/30/24(a) |
Year Ended 04/30/23(a) |
Year Ended 04/30/22(a) |
Period from 11/01/20 to 04/30/21(a) |
Year Ended 10/31/20(a) |
Period from 11/30/18(b) to 10/31/19 |
| |||||||
Net asset value, beginning of period |
$13.30 |
$12.13 |
$11.66 |
$12.84 |
$10.90 |
$11.20 |
$10.31 |
Net investment income(c) |
0.10 |
0.19 |
0.17 |
0.12 |
0.07 |
0.16 |
0.23 |
Net realized and unrealized gain (loss) |
1.02 |
1.28 |
0.69 |
(0.49 ) |
2.06 |
0.01 |
0.91 |
Net increase (decrease) from investment operations |
1.12 |
1.47 |
0.86 |
(0.37 ) |
2.13 |
0.17 |
1.14 |
Distributions(d) |
|
|
|
|
|
|
|
From net investment income |
— |
(0.30 ) |
(0.39 ) |
(0.08 ) |
(0.06 ) |
(0.32 ) |
(0.25 ) |
From net realized gain |
(0.10 ) |
— |
— |
(0.73 ) |
(0.13 ) |
(0.15 ) |
— |
Total distributions |
(0.10 ) |
(0.30 ) |
(0.39 ) |
(0.81 ) |
(0.19 ) |
(0.47 ) |
(0.25 ) |
Net asset value, end of period |
$14.32 |
$13.30 |
$12.13 |
$11.66 |
$12.84 |
$10.90 |
$11.20 |
Total Return(e) |
|
|
|
|
|
|
|
Based on net asset value |
8.42 %(f) |
12.24 % |
7.67 % |
(3.35 )% |
19.67 %(f) |
1.56 % |
11.22 %(f) |
Ratios to Average Net Assets(g) |
|
|
|
|
|
|
|
Total expenses |
0.59 %(h) |
0.69 % |
1.00 % |
1.37 % |
5.18 %(h)(i) |
5.27 % |
6.39 %(h)(j) |
Total expenses after fees waived and/or reimbursed |
0.55 %(h) |
0.55 % |
0.55 % |
0.55 % |
0.55 %(h) |
0.54 % |
0.55 %(h) |
Net investment income |
1.41 %(h) |
1.47 % |
1.46 % |
0.99 % |
1.12 %(h) |
1.51 % |
2.39 %(h) |
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000) |
$718,480 |
$436,115 |
$108,719 |
$53,758 |
$97 |
$78 |
$33 |
Portfolio turnover rate |
83 %(k) |
169 %(k) |
252 %(k) |
121 % |
57 % |
125 % |
125 % |
(a) |
Consolidated Financial Highlights. |
(b) |
Commencement of operations. |
(c) |
Based on average shares outstanding. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
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%. |
(j) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 5.55%. |
(k) |
Excludes underlying investments in total return swaps. |
|
BlackRock GA Disciplined Volatility Equity Fund (continued) | ||||||
|
Class K | ||||||
|
Six Months Ended 10/31/24(a) (unaudited) |
Year Ended 04/30/24(a) |
Year Ended 04/30/23(a) |
Year Ended 04/30/22(a) |
Period from 11/01/20 to 04/30/21(a) |
Year Ended 10/31/20(a) |
Year Ended 10/31/19 |
| |||||||
Net asset value, beginning of period |
$13.31 |
$12.14 |
$11.67 |
$12.85 |
$10.91 |
$11.21 |
$9.97 |
Net investment income(b) |
0.11 |
0.22 |
0.19 |
0.14 |
0.07 |
0.17 |
0.25 |
Net realized and unrealized gain (loss) |
1.02 |
1.25 |
0.67 |
(0.51 ) |
2.06 |
0.01 |
1.24 |
Net increase (decrease) from investment operations |
1.13 |
1.47 |
0.86 |
(0.37 ) |
2.13 |
0.18 |
1.49 |
Distributions(c) |
|
|
|
|
|
|
|
From net investment income |
— |
(0.30 ) |
(0.39 ) |
(0.08 ) |
(0.06 ) |
(0.33 ) |
(0.25 ) |
From net realized gain |
(0.10 ) |
— |
— |
(0.73 ) |
(0.13 ) |
(0.15 ) |
— |
Total distributions |
(0.10 ) |
(0.30 ) |
(0.39 ) |
(0.81 ) |
(0.19 ) |
(0.48 ) |
(0.25 ) |
Net asset value, end of period |
$14.34 |
$13.31 |
$12.14 |
$11.67 |
$12.85 |
$10.91 |
$11.21 |
Total Return(d) |
|
|
|
|
|
|
|
Based on net asset value |
8.50 %(e) |
12.27 % |
7.71 % |
(3.32 )% |
19.68 %(e) |
1.60 % |
15.12 % |
Ratios to Average Net Assets(f) |
|
|
|
|
|
|
|
Total expenses |
0.49 %(g) |
0.61 % |
0.93 % |
2.82 % |
4.99 %(g)(h) |
4.86 % |
5.66 % |
Total expenses after fees waived and/or reimbursed |
0.49 %(g) |
0.50 % |
0.50 % |
0.50 % |
0.50 %(g) |
0.50 % |
0.50 % |
Net investment income |
1.57 %(g) |
1.76 % |
1.69 % |
1.10 % |
1.21 %(g) |
1.56 % |
2.35 % |
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000) |
$347 |
$319 |
$285 |
$6,672 |
$6,901 |
$5,765 |
$5,674 |
Portfolio turnover rate |
83 %(i) |
169 %(i) |
252 %(i) |
121 % |
57 % |
125 % |
125 % |
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
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%. |
(i) |
Excludes underlying investments in total return swaps. |
|
BlackRock GA Dynamic Equity Fund | ||||||
|
Institutional | ||||||
|
Six Months Ended 10/31/24 (unaudited) |
Year Ended 04/30/24 |
Year Ended 04/30/23 |
Year Ended 04/30/22 |
Period from 11/01/20 to 04/30/21 |
Year Ended 10/31/20 |
Period from 11/30/18(a) to 10/31/19 |
| |||||||
Net asset value, beginning of period |
$15.24 |
$13.14 |
$12.68 |
$15.33 |
$11.73 |
$10.92 |
$10.32 |
Net investment income(b) |
0.09 |
0.20 |
0.19 |
0.14 |
0.06 |
0.11 |
0.17 |
Net realized and unrealized gain (loss) |
1.27 |
2.04 |
0.35 |
(1.40 ) |
3.63 |
0.80 |
0.81 |
Net increase (decrease) from investment operations |
1.36 |
2.24 |
0.54 |
(1.26 ) |
3.69 |
0.91 |
0.98 |
Distributions(c) |
|
|
|
|
|
|
|
From net investment income |
(0.06 ) |
(0.14 ) |
(0.08 ) |
(0.14 ) |
(0.09 ) |
(0.10 ) |
(0.23 ) |
From net realized gain |
(0.09 ) |
— |
— |
(1.25 ) |
— |
— |
(0.15 ) |
Total distributions |
(0.15 ) |
(0.14 ) |
(0.08 ) |
(1.39 ) |
(0.09 ) |
(0.10 ) |
(0.38 ) |
Net asset value, end of period |
$16.45 |
$15.24 |
$13.14 |
$12.68 |
$15.33 |
$11.73 |
$10.92 |
Total Return(d) |
|
|
|
|
|
|
|
Based on net asset value |
8.94 %(e) |
17.11 % |
4.34 % |
(9.33 )% |
31.58 %(e) |
8.35 % |
9.97 %(e) |
Ratios to Average Net Assets(f) |
|
|
|
|
|
|
|
Total expenses |
0.56 %(g) |
0.64 % |
0.99 % |
1.49 % |
5.34 %(g)(h) |
5.92 % |
7.07 %(g)(i) |
Total expenses after fees waived and/or reimbursed |
0.54 %(g) |
0.55 % |
0.55 % |
0.55 % |
0.55 %(g) |
0.54 % |
0.54 %(g) |
Net investment income |
1.13 %(g) |
1.40 % |
1.49 % |
1.01 % |
0.88 %(g) |
1.01 % |
1.83 %(g) |
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000) |
$1,197,746 |
$677,569 |
$144,144 |
$49,823 |
$121 |
$88 |
$34 |
Portfolio turnover rate |
40 %(j) |
74 %(j) |
65 %(j) |
66 %(j) |
32 %(j) |
73 %(j) |
74 % |
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
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%. |
(i) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 6.21%. |
(j) |
Excludes underlying investments in total return swaps. |
|
BlackRock GA Dynamic Equity Fund (continued) | ||||||
|
Class K | ||||||
|
Six Months Ended 10/31/24 (unaudited) |
Year Ended 04/30/24 |
Year Ended 04/30/23 |
Year Ended 04/30/22 |
Period from 11/01/20 to 04/30/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
| |||||||
Net asset value, beginning of period |
$15.26 |
$13.15 |
$12.69 |
$15.34 |
$11.74 |
$10.92 |
$10.17 |
Net investment income(a) |
0.11 |
0.21 |
0.19 |
0.14 |
0.06 |
0.12 |
0.19 |
Net realized and unrealized gain (loss) |
1.25 |
2.04 |
0.36 |
(1.40 ) |
3.64 |
0.80 |
0.94 |
Net increase (decrease) from investment operations |
1.36 |
2.25 |
0.55 |
(1.26 ) |
3.70 |
0.92 |
1.13 |
Distributions(b) |
|
|
|
|
|
|
|
From net investment income |
(0.06 ) |
(0.14 ) |
(0.09 ) |
(0.14 ) |
(0.10 ) |
(0.10 ) |
(0.23 ) |
From net realized gain |
(0.09 ) |
— |
— |
(1.25 ) |
— |
— |
(0.15 ) |
Total distributions |
(0.15 ) |
(0.14 ) |
(0.09 ) |
(1.39 ) |
(0.10 ) |
(0.10 ) |
(0.38 ) |
Net asset value, end of period |
$16.47 |
$15.26 |
$13.15 |
$12.69 |
$15.34 |
$11.74 |
$10.92 |
Total Return(c) |
|
|
|
|
|
|
|
Based on net asset value |
8.94 %(d) |
17.22 % |
4.38 % |
(9.29 )% |
31.59 %(d) |
8.49 % |
11.58 % |
Ratios to Average Net Assets(e) |
|
|
|
|
|
|
|
Total expenses |
0.47 %(f)(g) |
0.56 % |
1.04 % |
2.83 % |
5.15 %(g)(h) |
5.50 % |
6.24 % |
Total expenses after fees waived and/or reimbursed |
0.46 %(g) |
0.50 % |
0.50 % |
0.50 % |
0.50 %(g) |
0.50 % |
0.50 % |
Net investment income |
1.28 %(g) |
1.54 % |
1.55 % |
0.94 % |
0.93 %(g) |
1.05 % |
1.85 % |
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000) |
$348 |
$320 |
$273 |
$7,142 |
$7,875 |
$5,984 |
$5,517 |
Portfolio turnover rate |
40 %(i) |
74 %(i) |
65 %(i) |
66 %(i) |
32 %(i) |
73 %(i) |
74 % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Where applicable, assumes the reinvestment of distributions. |
(d) |
Not annualized. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the period ended October 31, 2024, the expense ratio would have been 0.46%. |
(g) |
Annualized. |
(h) |
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%. |
(i) |
Excludes underlying investments in total return swaps. |
Fund Name |
Herein Referred To As |
Diversification Classification |
BlackRock GA Disciplined Volatility Equity Fund |
GA Disciplined Volatility Equity |
Diversified |
BlackRock GA Dynamic Equity Fund |
GA Dynamic Equity |
Diversified |
Share Class |
Initial Sales Charge |
CDSC |
Conversion Privilege |
Institutional and Class K Shares |
No |
No |
None |
|
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 |
Fund Name |
Institutional |
Total |
GA Disciplined Volatility Equity |
$ 293,386 |
$ 293,386 |
GA Dynamic Equity |
470,218 |
470,218 |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
GA Disciplined Volatility Equity |
$ 6,338 |
GA Dynamic Equity |
37,176 |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
GA Dynamic Equity |
$ 3,000 |
Fund Name |
Institutional |
Class K |
GA Disciplined Volatility Equity |
0.55 % |
0.50 % |
GA Dynamic Equity |
0.55 |
0.50 |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
GA Disciplined Volatility Equity |
$ 15,068 |
|
Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | |
Fund Name |
Institutional |
Total |
GA Disciplined Volatility Equity |
$ 98,629 |
$ 98,629 |
GA Dynamic Equity |
55,681 |
55,681 |
|
Expired |
Fund Name/Fund Level/Share Class |
06/01/24 |
GA Disciplined Volatility Equity |
|
Fund Level |
$ 551,833 |
Institutional |
168,081 |
Class K |
19 |
GA Dynamic Equity |
|
Fund Level |
458,886 |
Institutional |
195,065 |
Class K |
23 |
Fund Name |
Purchases |
Sales |
GA Disciplined Volatility Equity |
$ 734,360,846 |
$ 473,871,811 |
GA Dynamic Equity |
763,667,821 |
338,304,946 |
Fund Name |
Qualified Late-Year Ordinary Losses |
GA Disciplined Volatility Equity |
$ (1,559,334 ) |
Fund Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
GA Disciplined Volatility Equity |
$ 666,085,763 |
$ 73,733,801 |
$ (22,239,819 ) |
$ 51,493,982 |
GA Dynamic Equity |
1,085,762,541 |
132,943,913 |
(24,894,006 ) |
108,049,907 |
|
Six Months Ended 10/31/24 |
Year Ended 04/30/24 | ||
Fund Name / Share Class |
Shares |
Amounts |
Shares |
Amounts |
GA Disciplined Volatility Equity |
|
|
|
|
Institutional |
|
|
|
|
Shares sold |
24,723,656 |
$ 349,203,533 |
29,738,416 |
$ 376,433,517 |
Shares issued in reinvestment of distributions |
289,616 |
4,034,353 |
490,107 |
6,181,183 |
Shares redeemed |
(7,636,249) |
(107,968,854) |
(6,392,124) |
(80,557,724) |
|
17,377,023 |
$ 245,269,032 |
23,836,399 |
$ 302,056,976 |
Class K |
|
|
|
|
Shares sold |
6,461 |
$ 93,921 |
4,869 |
$ 60,277 |
Shares issued in reinvestment of distributions |
170 |
2,375 |
586 |
7,383 |
Shares redeemed |
(6,461) |
(94,516) |
(4,893) |
(60,530) |
|
170 |
$ 1,780 |
562 |
$ 7,130 |
|
17,377,193 |
$ 245,270,812 |
23,836,961 |
$ 302,064,106 |
|
Six Months Ended 10/31/24 |
Year Ended 04/30/24 | ||
Fund Name / Share Class |
Shares |
Amounts |
Shares |
Amounts |
GA Dynamic Equity |
|
|
|
|
Institutional |
|
|
|
|
Shares sold |
33,512,294 |
$ 545,320,089 |
38,225,836 |
$ 545,765,276 |
Shares issued in reinvestment of distributions |
528,807 |
8,587,829 |
212,682 |
3,016,721 |
Shares redeemed |
(5,664,026) |
(92,585,269) |
(4,952,231) |
(71,239,815) |
|
28,377,075 |
$ 461,322,649 |
33,486,287 |
$ 477,542,182 |
Class K |
|
|
|
|
Shares sold |
— |
$ — |
5,211 |
$ 72,074 |
Shares issued in reinvestment of distributions |
197 |
3,204 |
224 |
3,166 |
Shares redeemed |
— |
— |
(5,226) |
(71,917) |
|
197 |
$ 3,204 |
209 |
$ 3,323 |
|
28,377,272 |
$ 461,325,853 |
33,486,496 |
$ 477,545,505 |
Fund Name |
Class K |
GA Disciplined Volatility Equity |
23,247 |
GA Dynamic Equity |
20,962 |
Currency Abbreviation | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
CNY |
Chinese Yuan |
DKK |
Danish Krone |
EUR |
Euro |
GBP |
British Pound |
HKD |
Hong Kong Dollar |
INR |
Indian Rupee |
JPY |
Japanese Yen |
KRW |
South Korean Won |
MXN |
Mexican Peso |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
Portfolio Abbreviation | |
ADR |
American Depositary Receipt |
ETF |
Exchange-Traded Fund |
MSCI |
Morgan Stanley Capital International |
S&P |
Standard & Poor’s |
SAB |
Special Assessment Bonds |
SCA |
Societe en Commandite par Actions |
SPDR |
Standard & Poor’s Depository Receipt |
Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7 |
Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – See Item 7 |
Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7 |
Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7 |
Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
Item 13 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 16 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940
Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
Item 19 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
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 20, 2024
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 20, 2024
By: |
/s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
Managed Account Series |
Date: December 20, 2024