Managed Account Series N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-21763

Name of Fund:  Managed Account Series

                  Advantage Global SmallCap Fund

                  Mid Cap Dividend Fund

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, Managed Account Series, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2019

Date of reporting period: 02/28/2019

Item 1 – Report to Stockholders

FEBRUARY 28, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

Managed Account Series

▶ Advantage Global SmallCap Fund

▶ Mid Cap Dividend Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800)441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured§ May Lose Value§ No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended February 28, 2019, concerns about a variety of political risks and a modest slowdown in global growth led to modest positive returns for the U.S. equity and bond markets. Though the market’s appetite for risk remained healthy for most of the reporting period, risk taking declined sharply in late 2018.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates declined slightly. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. At its most recent meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. We expect profit margins to continue to contract, which tends to happen late in the business cycle.

In addition, trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. As Brexit moves forward, the U.K. and the European Union may face significant obstacles. Most recently, Britain’s Parliament voted to extend the deadline for the separation, as policy makers continue to seek the least disruptive ways to disentangle Europe’s second-largest economy from the European Union. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.comfor further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of February 28, 2019
	6-month	12-month
U.S. large cap equities (S&P 500®Index)	(3.04)%	4.68%
U.S. small cap equities (Russell 2000®Index)	(8.86)	5.58
International equities (MSCI Europe, Australasia, Far East Index)	(3.58)	(6.04)
Emerging market equities (MSCI Emerging Markets Index)	0.33	(9.89)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	2.04
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	2.57	4.02
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.99	3.17
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.21	4.03
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	2.00	4.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Schedules of Investments		9
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		25
Notes to Financial Statements		27
Trustee and Officer Information		34
Additional Information		35
Glossary of Terms Used in This Report		36

3

Fund Summary  as of February 28, 2019 Advantage Global SmallCap Fund

Investment Objective

Advantage Global SmallCap Fund’s (the “Fund”)investment objective is to seek long-term growth of capital.

On November 13, 2018, the Board of Trustees approved a proposal to liquidate the Fund. Effective January 15, 2019, the Fund no longer accepted purchase orders from new investors or existing shareholders. The liquidation was completed on March 15, 2019.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended February 28, 2019, the Fund performed in line with the MSCI All Country World Small Cap Index and underperformed the MSCI World Index. Shares of the Fund can be purchased or held only by or on behalf of certain separately managed account clients and represent only a portion of a broader separately managed account. Comparisons of the Fund’s performance versus its benchmarks will differ from comparisons of the benchmarks against the performance of the separately managed accounts. The following discussion of relative performance pertains to the MSCI All Country World Small Cap Index.

What factors influenced performance?

As both the fourth quarter 2018sell-off and the rebound seen over the first two months of 2019 were largely driven by broad geopolitical and macro-economic factors, the market movements were often disconnected with the company-specific sentiment of management and market participants. This disconnect created a difficult environment for sentiment- and trend-based signals and resulted in these insights broadly detracting from relative performance for the period. For example, an insight that gauges sell-side analyst sentiment by capturing changes in analyst recommendations and expectations was a notable detractor throughout the period. Similarly, a signal that evaluates broker sentiment by analyzing sell-side research reports and identifying unique aspects of those reports further detracted. Also among trend- and sentiment-based insights, text-based analyses of management conference calls to determine longer-term trends in company fundamentals was a drag on relative performance for the period. While certain value-based insights were additive, capturing investor flows to identify crowded trades and take contrarian positions detracted from relative returns. From a regional perspective, poor security selection in several emerging markets countries, particularly among Brazilian and South African companies, hindered relative performance. Negative stock selection within the Canadian market further detracted from relative returns, particularly in the materials and consumer discretionary sectors.

As discussed above, after a fourth quartersell-off driven by slowing global growth and a series of negative geopolitical factors, markets rallied in early 2019 sparked by hopes for more supportive central bank policies and an easing of global trade tensions. During thesix-month period’s prevailing uncertainties and market swings, investors returned their focus to company fundamentals and to finding quality businesses offering sustainable growth prospects. In this vein, the Fund’s fundamental insights, particularly quality measures, were the primary drivers of positive relative returns over the course of the period. Among these insights, signals that identify companies with improving cash flows by way of efficient capital allocation were additive to relative performance. Although there was not a noticeable rotation to value over the period, evaluating alternative measures of value such as identifying meaningful price dispersions between highly correlated stocks proved additive over the period as well. While the Fund maintained a neutral allocation to Europe over the period, strong stock selection within the region, particularly among French, Dutch and Swedish companies, bolstered relative return. The Fund’s overweight position in Turkey also proved beneficial for the period, as a rebound in the lira along with declines in both inflation and dollar-denominated debt propelled the market upwards.

Describe recent portfolio activity.

During thesix-month period, the Fund maintained a balanced allocation of risk across all major return drivers. However, a number of new signals were added within the stock selection group of insights. These included an insight that expands upon earlier research for machine learned signal combination. The new signal uses the full library of the investment adviser’s researched insights and through machine learning, creates bespoke portfolios of those insights at a security level. Elsewhere, there was inclusion of fundamental stock selection insights that seek to identify sustainability measures across companies. These included capturing greenhouse gas emissions as a business cost and an insight that identifies diversity in corporate management.

The Fund’s cash balance was modestly elevated at times during the period. However, as the investment adviser uses futures contracts to equitize the cash and prevent a drag on performance, the cash levels had no material impact on overall Fund performance.

Describe portfolio positioning at period end.

Relative to the MSCI All Country World Small Cap Index, the Fund was positioned essentially neutrally from a sector perspective. The Fund had slight overweight positions in the consumer discretionary and consumer staples sectors and slight underweight positions in the financials and real estate sectors.

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

4 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Fund Summary  as of February 28, 2019 (continued) Advantage Global SmallCap Fund

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Chemed Corp.		1%
Dream Office Real Estate Investment Trust		1
Insperity, Inc.		1
Synovus Financial Corp.		1
Royal Unibrew A/S		1
Evercore, Inc., Class A		1
Bovis Homes Group PLC		1
Tekfen Holding A/S		1
Cheesecake Factory, Inc.		1
Aecon Group, Inc.		1

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
United States	51%
Japan	10
United Kingdom	5
Canada	4
Germany	3
Australia	2
Denmark	2
Taiwan	2
India	2
Sweden	2
Norway	2
Other(a)	15

^(a)  Includes holdings within countries that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries.

Performance Summary for the Period Ended February 28, 2019

			Average Annual Total Returns(a)(b)(c)
	6-Month Total Returns		1 Year			5 Years		10 Years
Advantage Global SmallCap Fund		(6.94)%		(2.28	)%		4.08%		13.74%
MSCI World Index(d)		(3.34)		0.43			6.53		13.05
MSCI All Country World Small Cap Index(e)		(6.92)		(2.35	)		5.60		15.32

^(a)  Assuming transaction costs, if any, and other operating expenses, including investment advisory fees.

^(b)  See “About Fund Performance” on page 8.

^(c)  Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in small cap equity securities and derivatives that have similar economic characteristics to such securities. The Fund’s total returns prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name Global SmallCap Portfolio.

^(d)  A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

^(e)  A free float-adjusted market capitalization weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual			Hypothetical(b)
	Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period(a)	Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period(a)	Annualized Expense Ratio
Advantage Global SmallCap Fund	$1,000.00	$930.60	$0.00	$1,000.00	$1,024.79	$0.00	0.00%

^(a)  For shares of the Fund, expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period shown). BlackRock Advisors, LLC has contractually agreed to waive all fees and pay or reimburse all expenses, except extraordinary expenses, incurred by the Fund. This agreement has no fixed term.

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

F U N D  S U M M A R Y 5

Fund Summary  as of February 28, 2019 Mid Cap Dividend Fund

Investment Objective

Mid Cap Dividend Fund’s (the “Fund”)investment objective is to seek capital appreciation and, secondarily, income.

On November 13, 2018, the Board of Trustees approved a proposal to liquidate the Fund. Effective January 15, 2019, the Fund no longer accepted purchase orders from new investors or existing shareholders. The liquidation was completed on March 15, 2019.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended February 28, 2019, the Fund underperformed its benchmark, the Russell MidCap® Value Index. Shares of the Fund can be purchased or held only by or on behalf of certain separately managed account clients and represent only a portion of a broader separately managed account. Comparisons of the Fund’s performance versus its benchmark index will differ from comparisons of the benchmark index against the performance of the separately managed accounts.

What factors influenced performance?

The largest detractor from the Fund’s relative performance during the period was a combination of stock selection and allocation decisions in the utilities sector. More specifically, an underweight exposure to the multi-utilities sector weighed on the Fund’s return, while selection among electric utilities was detrimental as well. Stock selection among materials firms was also challenged, most notably within the containers & packaging industry. Selection within the chemicals industry was also a source of underperformance within materials. With respect to the real estate sector, underweight exposure was the primary constraint on relative return while stock selection also negatively impacted the portfolio. In addition, selection in both the consumer discretionary and consumer staples sectors hampered Fund performance. Lastly, stock selection in health care, primarily among health care equipment & supplies firms, was a source of underperformance.

The largest positive contributor to relative performance for the period was stock selection in the information technology (“IT”) sector. Notably, selection in the software industry proved beneficial, as did selection decisions within and underweight exposure to semiconductors and semiconductor equipment firms. In terms of specific names, overweight exposures to Dell Technologies Inc., Constellation Software Inc. and Marvell Technology Group Ltd. enhanced Fund performance within IT. Stock selection in the communication services sector was the next largest contributor to relative return, as selection in both the wireless telecommunication services and diversified telecommunication services industries contributed to performance. Stock selection in energy also proved favorable, although an overweight exposure to the sector was a drag on Fund results.

Describe recent portfolio activity.

During thesix-month period, the Fund’s exposure to the financials, industrials and communication services sectors was increased. Conversely, the allocation to the utilities and IT sectors was reduced.

Describe portfolio positioning at period end.

As of period end, the Fund’s largest allocations were in the financials, IT and health care sectors. Relative to the benchmark, the largest overweight positions were in financials, health care and energy. Conversely, the largest relative underweights were in the real estate, utilities and industrials sectors.

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

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
FirstEnergy Corp.		3%
Koninklijke Philips NV		2
Regions Financial Corp.		2
Telephone & Data Systems, Inc.		2
Brighthouse Financial, Inc.		2
Marvell Technology Group Ltd.		2
Hess Corp.		2
Williams Cos., Inc.		2
KeyCorp		2
Avnet, Inc.		2

SECTOR ALLOCATION

Sector	Percent of Net Assets
Financials		26%
Information Technology		11
Health Care		10
Industrials		9
Energy		8
Consumer Discretionary		7
Utilities		7
Real Estate		6
Materials		5
Consumer Staples		4
Communication Services		3
Short-Term Securities		4

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sectorsub-classifications for reporting ease.

6 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Fund Summary  as of February 28, 2019 (continued) Mid Cap Dividend Fund

Performance Summary for the Period Ended February 28, 2019

			Average Annual Total Returns(a)(b)(c)
	6-Month Total Returns		1 Year		5 Years		10 Years
Mid Cap Dividend Fund		(5.28)%		2.64%		6.48%		16.46%
Russell MidCap®Value Index(d)		(3.98)		2.63		7.44		17.31

^(a)  Assuming transaction costs, if any, and other operating expenses, including investment advisory fees.

^(b)  See “About Fund Performance” on page 8.

^(c)  Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities of mid cap companies and at least 80% of its net assets plus the amount of any borrowings for investment purposes in dividend-paying securities. The Fund’s total returns prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name Mid Cap Value Opportunities Portfolio.

^(d)  An unmanaged index that measures the performance of themid-capitalization value sector of the U.S. equity market. It is a subset of the Russell Midcap^®Index, which measures the performance of themid-capitalization sector of the U.S. equity market. The Russell Midcap^®Value Index measures the performance of equity securities of Russell Midcap^®Index issuers with relatively lowerprice-to-book ratios and lower forecasted growth. The Russell Midcap^®Index is a float adjusted, capitalization-weighted index of approximately 793 of the smallest issuers in the Russell 1000^®Index and includes securities issued by issuers which range in size between approximately $10 million and $85 billion, although this range may change from time to time.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual			Hypothetical(b)
	Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period(a)	Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period(a)	Annualized Expense Ratio
Mid Cap Dividend Fund	$1,000.00	$947.20	$0.00	$1,000.00	$1,024.79	$0.00	0.00%

^(a)  For shares of the Fund, expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period shown). BlackRock Advisors, LLC has contractually agreed to waive all fees and pay or reimburse all expenses, except extraordinary expenses, incurred by the Fund. This agreement has no fixed term.

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

F U N D  S U M M A R Y 7

About Fund Performance

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.blackrock.comto obtain performance data current to the most recentmonth-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on theex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

BlackRock Advisors, LLC, each Fund’s investment adviser, has contractually agreed to waive all fees and pay or reimburse all operating expenses of each Fund, except extraordinary expenses. This agreement has no fixed termination date. Without such waiver and/or reimbursement, each Fund’s performance would have been lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on September 1, 2018 and held through February 28, 2019) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

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

8 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited)  February 28, 2019 Advantage Global SmallCap Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 95.7%
Australia — 1.6%
Adelaide Brighton Ltd.		11,073	$	37,406
CSR Ltd.		13,932		33,192
IDP Education Ltd.		4,796		50,647
Iluka Resources Ltd.		26,440		172,007
Mineral Resources Ltd.		9,455		100,766
Regis Resources Ltd.		31,208		117,919
Shopping Centres Australasia Property Group		870		1,488
St Barbara Ltd.		6,328		19,979
WiseTech Global Ltd.		441		6,023
				539,427
Austria — 0.7%
Oesterreichische Post AG		2,880		114,107
Telekom Austria AG		452		3,354
Wienerberger AG		5,929		134,172
				251,633
Belgium — 0.5%
D’ieteren SA/NV		3,690		140,023
Galapagos NV(a)		210		20,554
				160,577
Brazil — 0.7%
Qualicorp Consultoria e Corretora de Seguros SA		1,700		6,965
SLC AgriCola SA		11,531		126,787
Tupy SA		19,504		95,906
Yamana Gold, Inc.		4,870		12,657
				242,315
Canada — 3.0%
Aecon Group, Inc.		22,255		310,499
Aritzia, Inc., Subordinate Voting Shares(a)		1,847		22,681
Canaccord Genuity Group, Inc.		1,801		8,855
Canfor Corp.(a)		88		946
Dream Office Real Estate Investment Trust		21,305		402,317
Enghouse Systems Ltd.		1,411		40,863
Fortuna Silver Mines, Inc.(a)		2,992		11,232
Labrador Iron Ore Royalty Corp.		516		12,869
Martinrea International, Inc.		3,569		33,278
Pason Systems, Inc.		7,267		111,881
TFI International, Inc.		1,658		51,090
				1,006,511
China — 1.4%
361 Degrees International Ltd.		110,000		21,717
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		27,000		46,571
China Lilang Ltd.		14,000		13,421
China Shineway Pharmaceutical Group Ltd.		24,000		25,126
China Suntien Green Energy Corp. Ltd., H Shares		165,000		45,773
China Yuchai International Ltd.		2,366		45,498
CITIC Telecom International Holdings Ltd.		98,000		36,444
CT Environmental Group Ltd.		74,000		3,627
Li Ning Co. Ltd.(a)		18,000		25,243
Lonking Holdings Ltd.		347,000		116,211
Shanghai Haohai Biological Technology Co. Ltd., H Shares(b)		1,500		9,177
Shougang Fushan Resources Group Ltd.		82,000		18,588
Tianneng Power International Ltd.		52,000		50,958
West China Cement Ltd.		88,000		13,236
Xtep International Holdings Ltd.		12,500		8,200
				479,790
Denmark — 1.9%
GN Store Nord A/S		3,511		169,105
Rockwool International A/S, Class B		430		104,920

Security	Shares		Value
Denmark (continued)
Royal Unibrew A/S		5,179	$	382,903
				656,928
Finland — 0.3%
Kesko OYJ, Class B		792		47,271
Ramirent OYJ		6,953		47,354
Sanoma OYJ		87		865
Valmet OYJ		553		13,768
				109,258
France — 0.9%
Cie des Alpes		216		6,216
Gaztransport Et Technigaz SA		2,672		240,172
Mersen SA		591		19,108
Metropole Television SA		2,261		41,409
				306,905
Germany — 2.8%
Amadeus Fire AG		1,531		160,941
Deutz AG		1,609		11,651
Elmos Semiconductor AG		4,999		137,830
Hamborner REIT AG		2,825		28,623
Jenoptik AG		4,683		170,562
Koenig & Bauer AG		118		5,456
MorphoSys AG(a)		176		18,087
Nemetschek SE		233		34,007
Rational AG		139		91,185
Salzgitter AG		699		21,362
Software AG		7,492		273,668
				953,372
Hong Kong — 1.0%
Champion REIT		90,000		71,981
First Pacific Co. Ltd.		86,000		34,837
Giordano International Ltd.		58,000		28,723
HKBN Ltd.		116,000		180,587
Road King Infrastructure Ltd.		15,000		28,674
				344,802
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		12,130		20,423
India — 1.9%
Birlasoft Ltd.		43,190		65,964
Edelweiss Financial Services Ltd.		20,300		39,106
Gujarat State Petronet Ltd.		2,364		5,229
KEC International Ltd.		1,781		6,626
KPIT Engineering Ltd.(a)		46,818		52,718
Mphasis Ltd.		13,326		195,037
NIIT Technologies Ltd.		6,328		117,577
Reliance Capital Ltd.		23,743		57,734
Sanofi India Ltd.		812		68,151
Sterlite Technologies Ltd.		6,289		21,384
				629,526
Israel — 0.9%
Radware Ltd.(a)		11,613		291,602
Italy — 0.5%
Fincantieri SpA		51,290		73,261
Interpump Group SpA		242		7,839
RAI Way SpA(b)		13,812		75,175
Saras SpA		9,054		17,923
				174,198
Japan — 9.4%
ADEKA Corp.		1,100		16,412
Advantest Corp.		1,800		42,530
Aida Engineering Ltd.		18,400		134,484
Anritsu Corp.		1,400		27,827
ASKA Pharmaceutical Co. Ltd.		3,400		39,621

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Avex, Inc.		3,800	$	49,642
Capcom Co. Ltd.		7,200		144,532
CMIC Holdings Co. Ltd.		800		12,526
cocokara fine, Inc.		100		4,476
Corona Corp.		600		5,819
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		700		19,858
Digital Garage, Inc.		4,400		119,144
DTS Corp.		300		11,440
en-japan, Inc.		500		16,159
Fancl Corp.		300		6,849
Ferrotec Holdings Corp.		8,200		77,305
Frontier Real Estate Investment Corp.		45		185,749
Fudo Tetra Corp.		400		5,928
Furukawa Co. Ltd.		500		6,523
Glory Ltd.		1,000		24,502
Hachijuni Bank Ltd.		12,100		50,494
Heiwa Corp.		800		15,848
Hitachi Capital Corp.		200		4,745
Hokuhoku Financial Group, Inc.		2,400		26,361
Horiba Ltd.		400		20,329
IBJ Leasing Co. Ltd.		2,300		56,740
Ichiyoshi Securities Co. Ltd.		600		4,767
Ines Corp.		2,600		30,405
Jaccs Co. Ltd.		900		15,556
Jafco Co. Ltd.		500		17,563
Japan Petroleum Exploration Co. Ltd.		200		4,156
Japan Steel Works Ltd.		2,600		47,143
J-Oil Mills, Inc.		200		7,133
Kaga Electronics Co. Ltd.		1,900		36,759
Kanamoto Co. Ltd.		2,300		60,652
Kasai Kogyo Co. Ltd.		900		7,475
Kissei Pharmaceutical Co. Ltd.		3,100		85,381
KYB Corp.		1,300		34,308
Kyokuto Securities Co. Ltd.		1,200		12,809
Lintec Corp.		5,100		115,911
Meitec Corp.		1,100		50,424
Mitsubishi Research Institute, Inc.		300		8,779
Mitsui E&S Holdings Co. Ltd.(a)		1,000		11,050
Modec, Inc.		1,300		35,193
Mori Trust Sogo REIT, Inc.		11		16,805
Nakanishi, Inc.		2,500		44,689
Nippon Soda Co. Ltd.		900		23,415
Nissin Corp.		400		6,921
Nitto Kohki Co. Ltd.		300		6,014
Noevir Holdings Co. Ltd.		500		24,114
North Pacific Bank Ltd.		16,600		45,941
NSD Co. Ltd.		1,800		40,786
Okasan Securities Group, Inc.		4,200		18,372
PeptiDream, Inc.(a)		400		19,032
Press Kogyo Co. Ltd.		2,800		15,429
Resorttrust, Inc.		1,300		18,051
SCSK Corp.		1,000		43,750
Seino Holdings Co. Ltd.		4,200		59,425
Senshu Ikeda Holdings, Inc.		66,800		177,905
Shinko Electric Industries Co. Ltd.		10,800		78,389
Shizuoka Gas Co. Ltd.		5,900		47,463
Suruga Bank Ltd.		13,100		63,204
Takara Bio, Inc.		300		6,853
Takara Leben Co. Ltd.		30,600		99,253
Tamron Co. Ltd.		1,600		31,046
T-Gaia Corp.		1,100		20,019
TIS, Inc.		5,400		251,782
TOC Co. Ltd.		2,100		15,225
Tochigi Bank Ltd.		5,000		10,538
Toenec Corp.		200		5,960
Toho Holdings Co. Ltd.		400		10,120
Tokai Tokyo Financial Holdings, Inc.		1,200		5,198
Tokyo Kiraboshi Financial Group, Inc.		2,200		32,211
Tokyo Ohka Kogyo Co. Ltd.		700		20,353

Security	Shares		Value
Japan (continued)
Toppan Forms Co. Ltd.		4,100	$	35,562
TS Tech Co. Ltd.		3,300		96,391
UNITED, Inc.		800		11,532
Vital KSK Holdings, Inc.		1,200		12,121
Wacoal Holdings Corp.		500		12,564
Yamato Kogyo Co. Ltd.		600		16,608
Yurtec Corp.		2,000		16,148
				3,170,496
Malaysia — 0.5%
Bumi Armada Bhd(a)		156,200		6,919
Carlsberg Brewery Malaysia Bhd		19,500		117,367
FGV Holdings Bhd(a)		21,900		6,019
Malaysian Pacific Industries Bhd		18,900		45,828
				176,133
Mexico — 1.2%
Bolsa Mexicana de Valores SAB de CV		82,824		173,325
Corp. Inmobiliaria Vesta SAB de CV		68,500		99,474
Grupo Aeroportuario del Centro Norte SAB de CV		10,200		58,127
Grupo Comercial Chedraui SA de CV		25,586		50,385
Macquarie Mexico Real Estate Management SA de CV(b)		9,200		10,717
				392,028
Netherlands — 0.6%
Aalberts Industries NV		196		7,236
Arcadis NV		4,102		68,880
Argenx SE(a)		105		13,962
ASR Nederland NV		724		31,868
SBM Offshore NV		320		6,031
TomTom NV(a)		879		7,254
Wereldhave NV		2,577		75,111
				210,342
Norway — 1.2%
Aker Solutions ASA(a)		17,927		85,778
PetroleumGeo-Services ASA(a)		10,475		22,128
Salmar ASA		847		40,577
TGS NOPEC Geophysical Co. ASA		9,119		248,182
				396,665
Poland — 0.1%
Asseco Poland SA		1,728		24,248
Energa SA(a)		9,462		24,527
				48,775
Portugal — 0.8%
Altri SGPS SA		27,023		220,414
Semapa-Sociedade de Investimento e Gestao		2,128		37,130
				257,544
Singapore — 0.1%
Best World International Ltd.		10,200		18,470
First Real Estate Investment Trust		6,500		5,195
				23,665
South Africa — 0.8%
Adcock Ingram Holdings Ltd.		4,329		19,899
African Rainbow Minerals Ltd.		4,368		52,058
Astral Foods Ltd.		14,907		172,406
Blue Label Telecoms Ltd.(a)		86,898		28,116
Imperial Logistics Ltd.		3,555		16,215
				288,694
South Korea — 0.7%
Binggrae Co. Ltd.		1,177		73,255
Genexine Co. Ltd.(a)		53		4,077
Green Cross Holdings Corp.		229		5,318
Samchully Co. Ltd.(a)		101		8,571

10 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Samjin Pharmaceutical Co. Ltd.		1,511	$	54,339
Taekwang Industrial Co. Ltd.		66		88,023
				233,583
Spain — 1.0%
Almirall SA		6,803		119,000
Atresmedia Corp. de Medios de Comunicacion SA		4,515		22,413
Grupo Catalana Occidente SA		338		12,034
Mediaset Espana Comunicacion SA		15,623		117,183
Melia Hotels International SA		6,246		59,607
				330,237
Sweden — 1.7%
Betsson AB		11,109		89,232
BioGaia AB, Class B		245		11,404
Biotage AB		2,283		31,172
Hexpol AB		749		6,679
NetEnt AB		23,001		89,647
Nobina AB(b)		15,325		106,359
Ratos AB, Class B		13,044		28,521
SSAB AB, Class A		30,510		119,488
SSAB AB, Class B		16,490		54,217
Swedish Orphan Biovitrum AB(a)		1,141		24,794
Vitrolife AB		458		9,296
				570,809
Switzerland — 1.0%
Idorsia Ltd.(a)		389		6,632
Kardex AG, Registered Shares		71		9,440
Logitech International SA, Registered Shares		2,105		79,002
OC Oerlikon Corp. AG, Registered Shares		15,828		211,201
Swissquote Group Holding SA, Registered Shares		963		46,998
				353,273
Taiwan — 1.9%
Coretronic Corp.		140,000		210,716
E Ink Holdings, Inc.		37,000		38,723
Elan Microelectronics Corp.		19,000		55,152
Formosa Advanced Technologies Co. Ltd.		62,000		68,594
HannStar Display Corp.		135,000		31,067
Radiant Opto-Electronics Corp.		43,000		127,951
Sigurd Microelectronics Corp.		21,000		20,382
TCI Co. Ltd.		2,000		30,337
Tripod Technology Corp.		16,000		49,012
Xxentria Technology Materials Corp.		3,000		7,134
				639,068
Thailand — 1.4%
AP Thailand PCL — NVDR		281,500		62,920
Bangkok Chain Hospital PCL — NVDR		153,500		79,370
Beauty Community PCL		28,200		6,125
Major Cineplex Group PCL — NVDR		6,300		5,546
Quality Houses PCL — NVDR		1,000		97
SPCG PCL — NVDR		19,700		11,939
Thanachart Capital PCL — NVDR		153,800		271,975
Tisco Financial Group PCL — NVDR		8,100		22,488
				460,460
Turkey — 1.0%
Migros Ticaret A/S(a)		282		828
Tekfen Holding A/S		69,802		344,419
				345,247
United Kingdom — 4.9%
Abcam PLC		1,285		21,875
Bodycote PLC		1,083		10,901
Bovis Homes Group PLC		25,158		360,707
BTG PLC(a)		1,263		13,954
Dart Group PLC		8,841		94,169

Security	Shares		Value
United Kingdom (continued)
Dialog Semiconductor PLC(a)		333	$	10,142
Electrocomponents PLC		31,879		234,035
EMIS Group PLC		12,655		159,457
Fevertree Drinks PLC		3,243		114,928
Genus PLC		574		16,673
Grainger PLC		11,278		36,948
IG Group Holdings PLC		26,299		196,907
Moneysupermarket.com Group PLC		18,873		86,258
National Express Group PLC		8,918		50,200
Pagegroup PLC		3,830		22,867
Safestore Holdings PLC		2,608		21,187
Softcat PLC		3,376		34,034
SSP Group PLC		96		846
Stock Spirits Group PLC		11,184		34,044
Victrex PLC		317		9,860
William Hill PLC		46,298		115,258
				1,645,250
United States — 49.2%
ACADIA Pharmaceuticals, Inc.(a)		468		12,402
Acceleron Pharma, Inc.(a)		159		7,002
Acorda Therapeutics, Inc.(a)		407		5,999
AG Mortgage Investment Trust, Inc.		2,811		49,980
Agios Pharmaceuticals, Inc.(a)		236		15,309
Aimmune Therapeutics, Inc.(a)		172		4,143
Alder Biopharmaceuticals, Inc.(a)		264		3,384
Allison Transmission Holdings, Inc.		2,246		111,626
AMAG Pharmaceuticals, Inc.(a)		496		7,385
Amedisys, Inc.(a)		6		746
American Eagle Outfitters, Inc.		9,571		195,248
American Equity Investment Life Holding Co.		561		17,756
Amicus Therapeutics, Inc.(a)		898		10,866
AnaptysBio, Inc.(a)		105		7,231
Apartment Investment & Management Co., Class A		3,793		185,591
Arch Coal, Inc., Class A		1,554		144,771
Archrock, Inc.		10,872		106,111
Arena Pharmaceuticals, Inc.(a)		205		10,234
Array BioPharma, Inc.(a)		899		20,623
Arrowhead Pharmaceuticals, Inc.(a)		339		6,617
ASGN, Inc.(a)		388		24,991
Ashford Hospitality Trust, Inc.		12,193		65,354
Aspen Technology, Inc.(a)		2,136		215,117
Assured Guaranty Ltd.		2,879		120,227
Atara Biotherapeutics, Inc.(a)		154		5,515
Avis Budget Group, Inc.(a)		622		22,280
Avista Corp.		269		10,870
Banner Corp.		156		9,692
Bed Bath & Beyond, Inc.		2,755		46,091
Berkshire Hills Bancorp, Inc.		151		4,729
BJ’s Restaurants, Inc.		2,439		116,682
Bloomin’ Brands, Inc.		9,674		200,058
Bluebird Bio, Inc.(a)		249		38,650
Blueprint Medicines Corp.(a)		154		12,657
BOK Financial Corp.		592		53,540
Booz Allen Hamilton Holding Corp.		3,900		206,154
Boston Beer Co., Inc., Class A(a)		625		195,350
Boyd Gaming Corp.		651		19,374
Brandywine Realty Trust		17,087		268,608
BrightSphere Investment Group PLC		10,339		146,297
Brinker International, Inc.		2,653		121,428
BRP, Inc., Subordinate Voting Shares		3,562		106,648
Bruker Corp.		3,668		140,154
Brunswick Corp.		3,193		168,399
Carpenter Technology Corp.		147		6,900
Carrols Restaurant Group, Inc.(a)		1,564		16,719
Charles River Laboratories International, Inc.(a)		102		14,501
Cheesecake Factory, Inc.		6,886		325,708
Chemed Corp.		1,277		420,772

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Chemical Financial Corp.		344	$	15,766
ChemoCentryx, Inc.(a)		463		4,977
Chesapeake Lodging Trust		7,202		216,924
Churchill Downs, Inc.		373		34,987
Cinemark Holdings, Inc.		2,766		104,085
Citi Trends, Inc.		2,026		43,843
Clovis Oncology, Inc.(a)		292		8,842
CNO Financial Group, Inc.		2,946		50,170
Cogent Communications Holdings, Inc.		683		33,269
Colfax Corp.(a)		7,258		192,047
Columbia Sportswear Co.		989		101,818
Comfort Systems USA, Inc.		3,643		195,338
ConnectOne Bancorp, Inc.		1,426		30,759
CONSOL Energy, Inc.(a)		273		10,360
Continental Building Products, Inc.(a)		1,317		37,969
CoreCivic, Inc.		347		7,349
CorePoint Lodging, Inc.		5,364		74,935
Covenant Transportation Group, Inc., Class A(a)(c)		1,777		40,533
Crane Co.		2,919		246,860
CytomX Therapeutics, Inc.(a)		222		2,491
Dana, Inc.		6,678		131,891
Deckers Outdoor Corp.(a)		476		70,424
Denali Therapeutics, Inc.(a)		274		5,962
Diamond Offshore Drilling, Inc.(a)		6,800		64,940
DiamondRock Hospitality Co.		2,657		28,403
Domtar Corp.		1,987		101,158
Douglas Emmett, Inc.		3,521		135,911
DSW, Inc., Class A		1,194		35,354
Dunkin’ Brands Group, Inc.		3		214
DXP Enterprises, Inc.(a)		185		6,543
Eagle Materials, Inc.		837		63,980
EastGroup Properties, Inc.		302		31,909
Editas Medicine, Inc.(a)		159		3,280
El Paso Electric Co.		2,427		130,573
Emergent BioSolutions, Inc.(a)		159		9,278
Employers Holdings, Inc.		325		13,540
Enanta Pharmaceuticals, Inc.(a)		83		8,511
Encompass Health Corp.		4,758		300,420
Ennis, Inc.		2,172		46,046
Enova International, Inc.(a)		3,570		91,106
Enterprise Financial Services Corp.		3,377		152,573
Esperion Therapeutics, Inc.(a)		104		4,794
Evercore, Inc., Class A		3,990		367,479
Exact Sciences Corp.(a)		603		54,873
Exantas Capital Corp.		1,676		18,185
Exelixis, Inc.(a)		1,711		38,309
Extended Stay America, Inc.		10,147		185,081
FibroGen, Inc.(a)		379		21,906
First Horizon National Corp.		1,288		20,131
Five Below, Inc.(a)		586		70,525
Forrester Research, Inc.		1,146		57,529
Franklin Street Properties Corp.		7,490		54,228
Genomic Health, Inc.(a)		144		10,940
Global Blood Therapeutics, Inc.(a)		241		12,653
Globus Medical, Inc., Class A(a)		626		30,480
Great Southern Bancorp, Inc.		522		29,561
Greenhill & Co., Inc.		2,282		53,718
Greif, Inc., Class A		310		12,462
H&E Equipment Services, Inc.		814		23,435
Halozyme Therapeutics, Inc.(a)		855		14,749
Harsco Corp.(a)		3,219		72,041
HealthEquity, Inc.(a)		824		66,316
Heidrick & Struggles International, Inc.		5,883		253,616
Herbalife Nutrition Ltd.(a)		3,521		197,528
Herc Holdings, Inc.(a)		2,106		92,664
Herman Miller, Inc.		852		31,251
Heron Therapeutics, Inc.(a)(c)		229		6,062
Highwoods Properties, Inc.		103		4,770
Hillenbrand, Inc.		1,167		51,686

Security	Shares		Value
United States (continued)
HubSpot, Inc.(a)		1,059	$	178,314
Huntsman Corp.		905		22,435
IDACORP, Inc.		1,175		115,632
ImmunoGen, Inc.(a)		900		4,248
Immunomedics, Inc.(a)(c)		538		8,479
Innoviva, Inc.(a)		858		13,471
Inogen, Inc.(a)		47		5,051
Insmed, Inc.(a)		258		7,650
Insperity, Inc.		3,173		400,655
Intercept Pharmaceuticals, Inc.(a)		102		10,173
Invitae Corp.(a)		414		8,330
Ionis Pharmaceuticals, Inc.(a)		603		42,807
Iovance Biotherapeutics, Inc.(a)		303		3,112
Ironwood Pharmaceuticals, Inc.(a)		1,122		15,977
Jabil, Inc.		1,651		46,888
K12, Inc.(a)		146		4,678
Kforce, Inc.		257		9,512
Landstar System, Inc.		1,145		124,439
Laredo Petroleum, Inc.(a)		41,323		141,738
Lexington Realty Trust		4,404		40,913
Ligand Pharmaceuticals, Inc.(a)		129		16,006
MacroGenics, Inc.(a)		72		1,440
Madrigal Pharmaceuticals, Inc.(a)		48		6,301
Mallinckrodt PLC(a)		968		24,161
Manhattan Associates, Inc.(a)		1,366		74,789
MarineMax, Inc.(a)		42		824
Masimo Corp.(a)		2,031		266,630
Materion Corp.		2,716		156,931
Matrix Service Co.(a)		287		5,995
McGrath RentCorp		3,682		220,331
Medpace Holdings, Inc.(a)		947		52,038
Mercury General Corp.		649		34,378
Momenta Pharmaceuticals, Inc.(a)		789		11,117
Morningstar, Inc.		472		59,736
Movado Group, Inc.		2,491		87,260
Myriad Genetics, Inc.(a)		567		17,594
National Instruments Corp.		1,938		90,582
NCI Building Systems, Inc.(a)		15,382		107,982
Nelnet, Inc., Class A		590		32,344
Neurocrine Biosciences, Inc.(a)		532		41,097
New Relic, Inc.(a)		2,669		282,247
New Senior Investment Group, Inc.		14,804		76,389
Noble Corp. PLC(a)		1,848		5,563
Nu Skin Enterprises, Inc., Class A		1,556		93,531
OMNOVA Solutions, Inc.(a)		1,791		14,597
OPKO Health, Inc.(a)		2,336		5,957
Oshkosh Corp.		1,842		143,326
Otter Tail Corp.		1,094		55,006
Outfront Media, Inc.		868		19,478
PacWest Bancorp		2,049		84,050
Park Hotels & Resorts, Inc.		2,258		70,540
Patterson Cos., Inc.		705		15,898
Paycom Software, Inc.(a)		61		11,086
Piedmont Office Realty Trust, Inc., Class A		7,860		160,894
PolyOne Corp.		1,595		52,029
Portland General Electric Co.		2,522		126,453
Portola Pharmaceuticals, Inc.(a)(c)		196		6,019
PotlatchDeltic Corp.		107		3,851
Protective Insurance Corp., Class B		551		11,632
PTC Therapeutics, Inc.(a)		171		5,906
Puma Biotechnology, Inc.(a)(c)		159		4,422
Pure Storage, Inc., Class A(a)		3,550		72,704
QAD, Inc., Class A		159		7,196
Rayonier, Inc.		269		7,927
RE/MAX Holdings, Inc., Class A		2,651		103,999
Redwood Trust, Inc.		1,832		28,030
Regal Beloit Corp.		868		72,704
REGENXBIO, Inc.(a)		280		14,484
Reliance Steel & Aluminum Co.		450		40,163
Repligen Corp.(a)		188		11,190

12 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Resources Connection, Inc.		2,162	$	37,554
Retrophin, Inc.(a)(c)		126		2,843
Rexnord Corp.(a)		2,917		77,796
RingCentral, Inc., Class A(a)		1,171		123,295
RLI Corp.		186		13,117
RLJ Lodging Trust		2,819		52,349
Ruth’s Hospitality Group, Inc.		4,981		126,617
Ryder System, Inc.		1,854		115,245
Ryman Hospitality Properties, Inc.		483		39,118
Sage Therapeutics, Inc.(a)		209		33,283
Saia, Inc.(a)		281		18,591
SandRidge Energy, Inc.(a)		2,364		18,368
Sangamo Therapeutics, Inc.(a)		636		5,730
Sarepta Therapeutics, Inc.(a)		304		43,849
SeaWorld Entertainment, Inc.(a)		933		25,462
Shenandoah Telecommunications Co.		126		5,599
Shoe Carnival, Inc.		99		3,776
Signet Jewelers Ltd.		5,357		150,585
SITE Centers Corp.		1,858		24,804
Sleep Number Corp.(a)		2,553		111,438
Spark Therapeutics, Inc.(a)		129		14,616
Spectrum Pharmaceuticals, Inc.(a)		188		2,032
SPS Commerce, Inc.(a)		107		11,425
Sunstone Hotel Investors, Inc.		537		8,082
Superior Energy Services, Inc.(a)		22,428		104,963
Synovus Financial Corp.		9,787		388,348
Tableau Software, Inc., Class A(a)		67		8,837
Talos Energy, Inc.(a)		357		8,015
Taubman Centers, Inc.		1,146		61,174
Telephone & Data Systems, Inc.		7,969		255,406
Teradyne, Inc.		1,539		62,837
Terex Corp.		238		7,994
Tetra Tech, Inc.		2,465		147,949
Texas Capital Bancshares, Inc.(a)		452		27,586
Texas Roadhouse, Inc.		670		42,418
Tier REIT, Inc.		1,185		28,736
Titan Machinery, Inc.(a)		3,567		68,522
Tower International, Inc.		5,649		144,897
Twilio, Inc., Class A(a)		136		16,550
Ultragenyx Pharmaceutical, Inc.(a)		202		12,956
Umpqua Holdings Corp.		2,315		42,087
Unit Corp.(a)		1,140		17,727
United States Cellular Corp.(a)		41		1,914
Universal Logistics Holdings, Inc.		2,722		60,292
Urban Outfitters, Inc.(a)		7,375		227,519
USANA Health Sciences, Inc.(a)		2,121		208,919
Vanda Pharmaceuticals, Inc.(a)		264		5,343
W&T Offshore, Inc.(a)		1,149		5,986
Weingarten Realty Investors		410		11,812
Werner Enterprises, Inc.		2,011		69,440
Westwood Holdings Group, Inc.		1,176		45,452
White Mountains Insurance Group Ltd.		11		10,333
Whiting Petroleum Corp.(a)		3,838		93,532
Williams-Sonoma, Inc.		179		10,411
Wingstop, Inc.		684		45,561
Wintrust Financial Corp.		2,584		190,363
Workiva, Inc.(a)		167		8,258
WR Grace & Co.		475		36,893
Wyndham Destinations, Inc.		999		44,985
Xencor, Inc.(a)		202		6,129
Zebra Technologies Corp., Class A(a)		392		78,600
Zendesk, Inc.(a)		116		9,166
Zscaler, Inc.(a)		831		41,284
Zumiez, Inc.(a)		1,543		38,112
				16,650,988
Total Long-Term Investments — 95.7% (Cost: $30,749,927)				32,360,524

Security		Shares		Value
Short-Term Securities — 4.9%
Money Market Funds — 0.1%
SL Liquidity Series, LLC, Money Market Series, 2.63%(d)(e)(f)			31,201	$	31,211
Total Money Market Funds — 0.1% (Cost: $31,208)					31,211
		Par (000)
Time Deposits — 4.8%
Australia — 0.6%
Brown Brothers Harriman & Co., 0.76%, 03/01/19	AUD		292		206,985
Canada — 0.7%
Brown Brothers Harriman & Co., 0.82%, 03/01/19	CAD		300		227,954
Europe — 0.7%
Citibank, New York, (0.57)%, 03/01/19	EUR		200		227,047
Hong Kong — 0.2%
HSBC, 0.36%, 03/01/19	HKD		459		58,431
Japan — 0.3%
Sumitomo, Tokyo, (0.27)%, 03/01/19	JPY		13,600		122,010
Norway — 0.4%
Brown Brothers Harriman & Co., 0.35%, 03/01/19	NOK		1,171		136,820
South Africa — 0.0%
Brown Brothers Harriman & Co., 5.14%, 03/01/19	ZAR		67		4,726
United Kingdom — 0.5%
Citibank, New York, 0.36%, 03/01/19	GBP		133		176,302
United States — 1.4%
Barclays, London, 2.40%, 03/01/19	USD		463		462,871
Total Time Deposits — 4.8% (Cost: $1,619,831)					1,623,146
Total Short-Term Securities — 4.9% (Cost: $1,651,039)					1,654,357
Total Investments — 100.6% (Cost: $32,400,966)
					34,014,881
Liabilities in Excess of Other Assets — (0.6)%					(186,824	)
Net Assets — 100.0%				$	33,828,057

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund

^(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)  Security, or a portion of the security, is on loan.

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  Annualized7-day yield as of period end.

^(f)  During the six months ended February 28, 2019, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
SL Liquidity Series, LLC, Money Market Series		344,835		(313,634	)		31,201	$	31,211	$	792	(a)	$	(132	)	$	(31	)

^(a)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Nikkei 225 Yen Index		2		03/07/19	$	193	$	2,034
Euro STOXX 50 Index		6		03/15/19		225		6,324
FTSE 100 Index		1		03/15/19		94		4,197
Mini MSCI Emerging Markets Index		3		03/15/19		157		(539	)
Russell 2000E-Mini Index		10		03/15/19		788		9,743
							$	21,759

Derivative Financial Instruments Categorized by Risk Exposure

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

Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized appreciation(a)	$	—	$	—	$	22,298	$	—	$	—	$	—	$	22,298
Liabilities — Derivative Financial Instruments
Futures contracts	Net unrealized depreciation(a)	$	—	$	—	$	539	$	—	$	—	$	—	$	539

^(a)  Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	$	—	$	—	$	104,866	$	—	$	—	$	—	$	104,866
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(3,745)	$	—	$	—	$	—	$	(3,745)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,156,465

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

14 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

		Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Australia		$	—		$	539,427	$	—	$	539,427
Austria			—			251,633		—		251,633
Belgium			—			160,577		—		160,577
Brazil			242,315			—		—		242,315
Canada			1,006,511			—		—		1,006,511
China			45,498			434,292		—		479,790
Denmark			—			656,928		—		656,928
Finland			—			109,258		—		109,258
France			6,216			300,689		—		306,905
Germany			—			953,372		—		953,372
Hong Kong			—			344,802		—		344,802
Hungary			—			20,423		—		20,423
India			—			629,526		—		629,526
Israel			291,602			—		—		291,602
Italy	��		75,175			99,023		—		174,198
Japan			—			3,170,496		—		3,170,496
Malaysia			—			176,133		—		176,133
Mexico			392,028			—		—		392,028
Netherlands			—			210,342		—		210,342
Norway			—			396,665		—		396,665
Poland			—			48,775		—		48,775
Portugal			37,130			220,414		—		257,544
Singapore			—			23,665		—		23,665
South Africa			200,522			88,172		—		288,694
South Korea			161,278			72,305		—		233,583
Spain			12,034			318,203		—		330,237
Sweden			24,794			546,015		—		570,809
Switzerland			—			353,273		—		353,273
Taiwan			—			639,068		—		639,068
Thailand			—			460,460		—		460,460
Turkey			—			345,247		—		345,247
United Kingdom			529,370			1,115,880		—		1,645,250
United States			16,650,988			—		—		16,650,988
Short-Term Securities			—			1,623,146		—		1,623,146
Subtotal		$	19,675,461		$	14,308,209	$	—	$	33,983,670
Investments Valued at Net Asset Value (“NAV”)(a)										31,211
Total Investments									$	34,014,881
Derivative Financial Instruments(b)
Assets:
Equity contracts		$	22,298		$	—	$	—	$	22,298
Liabilities:
Equity contracts			(539	)		—		—		(539	)
		$	21,759		$	—	$	—	$	21,759

^(a)  Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Advantage Global SmallCap Fund

Transfers between Level 1 and Level 2 were as follows:

	Transfers Into Level 1(a)		Transfers Out of Level 1(b)		Transfers Into Level 2(b)		Transfers Out of Level 2(a)
Assets:
Investments:
Long-Term Investments:
Common Stocks:
France	$	16,826	$	—	$	—	$	(16,826	)
Portugal		32,073						(32,073	)
South Africa		95,090						(95,090	)
Sweden		68,039						(68,039	)
United Kingdom		737,868						(737,868	)
	$	949,896		—		—	$	(949,896	)

^(a)  Systematic Fair Value Prices were not utilized at period end for these investments.

^(b)  External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

See notes to financial statements.

16 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited) February 28, 2019 Mid Cap Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 96.6%
Aerospace & Defense — 0.9%
BAE Systems PLC		51,263	$	316,071
Auto Components — 1.3%
Adient PLC		7,982		155,170
Garrett Motion, Inc.(a)		11,070		185,312
Magna International, Inc.		2,200		116,006
				456,488
Automobiles — 0.4%
Ford Motor Co.		17,015		149,222
Banks — 6.0%
KeyCorp		38,830		685,738
Popular, Inc.		3,997		225,351
Regions Financial Corp.		50,215		823,526
SunTrust Banks, Inc.		6,850		444,360
				2,178,975
Beverages — 1.4%
Constellation Brands, Inc., Class A		1,076		182,016
Molson Coors Brewing Co., Class B		5,321		328,093
				510,109
Building Products — 2.9%
Johnson Controls International PLC		14,496		511,274
Masco Corp.		14,315		537,671
				1,048,945
Capital Markets — 3.5%
Affiliated Managers Group, Inc.		1,609		176,362
Blackstone Group LP		10,329		344,885
Raymond James Financial, Inc.		2,366		195,384
State Street Corp.		7,594		545,781
				1,262,412
Chemicals — 2.0%
Cabot Corp.		3,388		158,829
Eastman Chemical Co.		4,386		362,678
Huntsman Corp.		7,773		192,693
				714,200
Commercial Services & Supplies — 0.8%
KAR Auction Services, Inc.		6,478		305,438
Communications Equipment — 1.6%
Motorola Solutions, Inc.		2,100		300,552
Nokia OYJ—ADR		16,053		97,763
Telefonaktiebolaget LM Ericsson, Class B		19,593		178,595
				576,910
Construction Materials — 0.7%
CRH PLC		7,547		238,911
Containers & Packaging — 1.7%
International Paper Co.		4,103		187,999
Packaging Corp. of America		1,723		164,702
Westrock Co.		7,392		276,313
				629,014
Diversified Consumer Services — 0.5%
H&R Block, Inc.		7,303		176,367
Diversified Financial Services — 2.7%
AXA Equitable Holdings, Inc.		28,260		540,331
Jefferies Financial Group, Inc.		21,315		432,055
				972,386
Diversified Telecommunication Services — 0.5%
BCE, Inc.		3,993		177,689

Security	Shares		Value
Electric Utilities — 5.9%
Entergy Corp.		4,586	$	428,011
Evergy, Inc.		6,585		368,167
FirstEnergy Corp.		24,465		996,949
PG&E Corp.(a)		20,080		341,962
				2,135,089
Electrical Equipment — 1.0%
Hubbell, Inc.		2,305		272,105
nVent Electric PLC		3,186		87,551
				359,656
Electronic Equipment, Instruments & Components — 2.3%
Avnet, Inc.		15,347		667,441
TE Connectivity Ltd.		2,201		180,680
				848,121
Energy Equipment & Services — 0.6%
Baker Hughes a GE Co.		3,394		89,534
Halliburton Co.		4,236		130,003
				219,537
Entertainment — 0.5%
Viacom, Inc., Class B		5,866		171,405
Equity Real Estate Investment Trusts (REITs) — 5.2%
Crown Castle International Corp.		2,529		300,319
Duke Realty Corp.		3,907		115,530
Lamar Advertising Co., Class A		5,371		416,628
PotlatchDeltic Corp.		6,920		249,051
Prologis, Inc.		5,988		419,519
Welltower, Inc.		1,782		132,420
Weyerhaeuser Co.		9,513		236,779
				1,870,246
Food Products — 2.1%
Bunge Ltd.		4,463		236,896
Conagra Brands, Inc.		7,980		186,493
Danone SA		2,505		189,201
Kellogg Co.		2,694		151,564
				764,154
Health Care Equipment & Supplies — 4.8%
ConvaTec Group PLC(b)		88,953		156,457
Koninklijke Philips NV		20,909		832,016
Smith & Nephew PLC — ADR		4,320		166,925
Zimmer Biomet Holdings, Inc.		4,515		560,402
				1,715,800
Health Care Providers & Services — 5.1%
AmerisourceBergen Corp.		1,220		101,626
Cardinal Health, Inc.		4,369		237,411
Cigna Corp.		2,651		462,440
Humana, Inc.		1,689		481,433
Laboratory Corp. of America Holdings(a)		1,062		157,431
McKesson Corp.		1,843		234,356
Quest Diagnostics, Inc.		2,049		177,341
				1,852,038
Household Durables — 1.2%
Newell Brands, Inc.		16,530		268,282
Whirlpool Corp.		1,110		157,076
				425,358
Household Products — 0.4%
Energizer Holdings, Inc.		3,438		157,735
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.		5,134		88,459

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Mid Cap Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 13.4%
Allstate Corp.		2,742	$	258,790
American International Group, Inc.		6,296		271,987
Arthur J Gallagher & Co.		7,987		641,196
Assurant, Inc.		5,139		529,266
Assured Guaranty Ltd.		10,212		426,453
Brighthouse Financial, Inc.(a)		19,104		739,707
Everest Re Group Ltd.		667		150,815
Hartford Financial Services Group, Inc.		8,475		418,326
Marsh & McLennan Cos., Inc.		3,374		313,850
MetLife, Inc.		8,389		379,099
White Mountains Insurance Group Ltd.		236		221,696
Willis Towers Watson PLC		2,722		468,238
				4,819,423
IT Services — 3.1%
Amdocs Ltd.		4,310		239,507
Cognizant Technology Solutions Corp., Class A		5,058		359,017
Fidelity National Information Services, Inc.		4,682		506,358
				1,104,882
Leisure Products — 0.9%
Mattel, Inc.(a)		9,957		143,580
Polaris Industries, Inc.		2,309		196,796
				340,376
Machinery — 2.6%
Allison Transmission Holdings, Inc.		6,907		343,278
Pentair PLC		7,612		323,814
Stanley Black & Decker, Inc.		2,070		274,130
				941,222
Metals & Mining — 0.5%
Newmont Mining Corp.		4,869		166,130
Multiline Retail — 2.0%
Dollar General Corp.		3,234		383,100
Dollar Tree, Inc.(a)		3,378		325,403
				708,503
Multi-Utilities — 0.8%
Public Service Enterprise Group, Inc.		4,905		288,463
Oil, Gas & Consumable Fuels — 7.7%
Devon Energy Corp.		8,533		251,809
Hess Corp.		11,917		689,398
Marathon Oil Corp.		20,365		338,059
Marathon Petroleum Corp.		5,789		358,976
ONEOK, Inc.		4,297		276,125
Valero Energy Corp.		2,082		169,808
Williams Cos., Inc.		25,800		688,602
				2,772,777
Personal Products — 0.5%
Nu Skin Enterprises, Inc., Class A		3,238		194,636
Pharmaceuticals — 0.6%
Mylan NV(a)		7,700		203,203
Real Estate Management & Development — 0.4%
Realogy Holdings Corp.		9,461		128,670
Road & Rail — 0.7%
Norfolk Southern Corp.		1,419		254,427
Semiconductors & Semiconductor Equipment — 2.6%
Marvell Technology Group Ltd.		34,669		691,647
NXP Semiconductors NV		2,639		240,993
				932,640
Software — 1.7%
Constellation Software, Inc.		727		620,808

Security		Shares		Value
Specialty Retail — 0.8%
Signet Jewelers Ltd.			1,710	$	48,068
Williams-Sonoma, Inc.			4,112		239,154
					287,222
Wireless Telecommunication Services — 2.1%
Telephone & Data Systems, Inc.			23,153		742,054
Total Long-Term Investments — 96.6% (Cost: $33,399,043)					34,826,171
		Par (000)
Short-Term Securities — 3.6%
Time Deposits — 3.6%
United States — 3.6%
Citibank, New York, 2.40%, 3/01/19	USD		1,294		1,293,677
Total Short-Term Securities — 3.6% (Cost: $1,293,677)					1,293,677
Total Investments — 100.2% (Cost: $34,692,720)					36,119,848
Liabilities in Excess of Other Assets — (0.2)%					(63,158	)
Net Assets — 100.0%				$36,056,690

18 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) February 28, 2019 Mid Cap Dividend Fund

^(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.

During the six months ended February 28, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
SL Liquidity Series, LLC, Money Market Series		667,945		(667,945	)		—		—	$	199	(a)	$	(114	)	$	65

^(a)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industrysub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industrysub-classifications for reporting ease.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	—		$	316,071	$	—	$	316,071
Auto Components		456,488			—		—		456,488
Automobiles		149,222			—		—		149,222
Banks		2,178,975			—		—		2,178,975
Beverages		510,109			—		—		510,109
Building Products		1,048,945			—		—		1,048,945
Capital Markets		1,262,412			—		—		1,262,412
Chemicals		714,200			—		—		714,200
Commercial Services & Supplies		305,438			—		—		305,438
Communications Equipment		398,315			178,595		—		576,910
Construction Materials		—			238,911		—		238,911
Containers & Packaging		629,014			—		—		629,014
Diversified Consumer Services		176,367			—		—		176,367
Diversified Financial Services		972,386			—		—		972,386
Diversified Telecommunication Services		177,689			—		—		177,689
Electric Utilities		2,135,089			—		—		2,135,089
Electrical Equipment		359,656			—		—		359,656
Electronic Equipment, Instruments & Components		848,121			—		—		848,121
Energy Equipment & Services		219,537			—		—		219,537
Entertainment		171,405			—		—		171,405
Equity Real Estate Investment Trusts (REITs)		1,870,246			—		—		1,870,246
Food Products		574,953			189,201		—		764,154
Health Care Equipment & Supplies		727,327			988,473		—		1,715,800
Health Care Providers & Services		1,852,038	��		—		—		1,852,038
Household Durables		425,358			—		—		425,358
Household Products		157,735			—		—		157,735
Independent Power and Renewable Electricity Producers		88,459			—		—		88,459
Insurance		4,819,423			—		—		4,819,423
IT Services		1,104,882			—		—		1,104,882
Leisure Products		340,376			—		—		340,376
Machinery		941,222			—		—		941,222
Metals & Mining		166,130			—		—		166,130
Multiline Retail		708,503			—		—		708,503
Multi-Utilities		288,463			—		—		288,463
Oil, Gas & Consumable Fuels		2,772,777			—		—		2,772,777
Personal Products		194,636			—		—		194,636
Pharmaceuticals		203,203			—		—		203,203
Real Estate Management & Development		128,670			—		—		128,670

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 Mid Cap Dividend Fund

	Level 1		Level 2		Level 3		Total
Road & Rail	$	254,427	$	—	$	—	$	254,427
Semiconductors & Semiconductor Equipment		932,640		—		—		932,640
Software		620,808		—		—		620,808
Specialty Retail		287,222		—		—		287,222
Wireless Telecommunication Services		742,054		—		—		742,054
Short-Term Securities		—		1,293,677		—		1,293,677
Total Investments	$	32,914,920	$	3,204,928	$	—	$	36,119,848

During the six months ended February 28, 2019, there were no transfers between levels.

See notes to financial statements.

20 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	Advantage Global SmallCap Fund			Mid Cap Dividend Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	33,983,670		$	36,119,848
Investments at value — affiliated(c)		31,211			—
Cash pledged for futures contracts		87,000			—
Foreign currency at value(d)		92,526			—
Receivables:
Investments sold		52,929			219,164
Securities lending income — affiliated		33			—
Dividends — unaffiliated		90,698			66,980
From the Manager		53,018			23,528
Variation margin on futures contracts		1,297			—
Prepaid expenses		6,609			6,962
Total assets		34,398,991			36,436,482
LIABILITIES
Cash collateral on securities loaned at value		29,797			—
Payables:
Investments purchased		70,990			—
Board realignment and consolidation		1,301			1,296
Accounting services fees		29,569			29,391
Capital shares redeemed		251,809			262,514
Custodian fees		55,604			24,763
Other accrued expenses		78,371			27,219
Other affiliates		295			234
Printing fees		17,774			12,908
Professional fees		23,524			16,899
Trustees’ and Officer’s fees		4,610			4,568
Variation margin on futures contracts		7,290			—
Total liabilities		570,934			379,792
NET ASSETS	$	33,828,057		$	36,056,690
NET ASSETS CONSIST OF
Paid-in capital	$	35,831,679		$	36,213,734
Accumulated loss		(2,003,622	)		(157,044	)
NET ASSETS	$	33,828,057		$	36,056,690
Net asset value per share	$	11.44		$	11.19
Shares outstanding(e)		2,956,246			3,221,633
(a) Investments at cost — unaffiliated	$	32,369,758		$	34,692,720
(b) Securities loaned at value	$	28,405		$	—
(c) Investments at cost — affiliated	$	31,208		$	—
(d) Foreign currency at cost	$	92,984		$	—
(e) Unlimited number of shares authorized, $0.01 par value.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 21

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	Advantage Global SmallCap Fund			Mid Cap Dividend Fund
INVESTMENT INCOME
Dividends — unaffiliated		659,867			600,919
Securities lending income — affiliated — net		792			199
Foreign taxes withheld		(25,049	)		(3,382	)
Total investment income		635,610			597,736
EXPENSES
Investment advisory		238,133			184,123
Custodian		86,761			11,654
Professional		24,419			18,495
Accounting services		19,792			19,794
Registration		12,621			11,879
Transfer agent		11,477			11,303
Printing		11,025			6,086
Trustees and Officer		7,489			7,483
Board realignment and consolidation		510			507
Miscellaneous		20,006			3,210
Total expenses excluding tax expenses		432,233			274,534
Tax Expenses		57			57
Total expenses		432,290			274,591
Less fees waived and/or reimbursed by the Manager		(431,723	)		(274,027	)
Total expenses after fees waived and/or reimbursed		567			564
Net investment income		635,043			597,172
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(132	)		(114	)
Investments — unaffiliated		(2,935,852	)(a)		(72,707	)
Futures contracts		104,866			—
Foreign currency transactions		9,390			2,111
		(2,821,728	)		(70,710	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(31	)		65
Investments — unaffiliated		(6,165,408	)		(6,025,177	)
Futures contracts		(3,745	)		—
Foreign currency translations		566			(3	)
		(6,168,618	)		(6,025,115	)
Net realized and unrealized loss		(8,990,346	)		(6,095,825	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,355,303	)	$	(5,498,653	)

^(a)  Net of $(9,509) foreign capital gain tax.

See notes to financial statements.

22 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Statements of Changes in Net Assets

	Advantage Global SmallCap Fund
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	635,043		$	2,103,851
Net realized gain (loss)		(2,821,728	)		5,963,715
Net change in unrealized appreciation (depreciation)		(6,168,618	)		4,717,744
Net increase (decrease) in net assets resulting from operations		(8,355,303	)		12,785,310
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
From net investment income and realized gain		(6,400,626	)		(4,728,556	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(36,347,013	)		(27,913,586	)
NET ASSETS(b)
Total increase (decrease) in net assets		(51,102,942	)		(19,856,832	)
Beginning of period		84,930,999			104,787,831
End of period	$	33,828,057		$	84,930,999

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 23

Statements of Changes in Net Assets  (continued)

	Mid Cap Dividend Fund
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	597,172		$	1,917,216
Net realized gain (loss)		(70,710	)		3,610,054
Net change in unrealized appreciation (depreciation)		(6,025,115	)		8,443,600
Net increase (decrease) in net assets resulting from operations		(5,498,653	)		13,970,870
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
From net investment income		(5,194,857	)		(2,568,169	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(33,797,681	)		(23,463,105	)
NET ASSETS(b)
Total increase (decrease) in net assets		(44,491,191	)		(12,060,404	)
Beginning of period		80,547,881			92,608,285
End of period	$	36,056,690		$	80,547,881

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

24 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Financial Highlights  

(For a share outstanding throughout each period)

	Advantage Global SmallCap Fund
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/2018			Period from 05/01/2017 to 08/31/2017			Year Ended April 30,
										2017			2016			2015			2014
Net asset value, beginning of period	$	14.05		$	12.88		$	14.16		$	12.32		$	14.49		$	16.29		$	14.09
Net investment income(a)		0.14			0.31			0.14			0.22			0.15			0.22			0.21
Net realized and unrealized gain (loss)		(1.24	)		1.49			0.64			1.90			(1.53	)		0.40			3.58
Net increase (decrease) from investment operations		(1.10	)		1.80			0.78			2.12			(1.38	)		0.62			3.79
Distributions(b)
From net investment income		(0.43	)		(0.40	)		(0.16	)		(0.28	)		(0.21	)		(0.03	)		(0.39	)
From net realized gain		(1.08	)		(0.23	)		(1.90	)		—			(0.58	)		(2.39	)		(1.20	)
Total distributions		(1.51	)		(0.63	)		(2.06	)		(0.28	)		(0.79	)		(2.42	)		(1.59	)
Net asset value, end of period	$	11.44		$	14.05		$	12.88		$	14.16		$	12.32		$	14.49		$	16.29
Total Return(c)
Based on net asset value		(6.94	)%(d)		14.38	%		5.43	%(d)		17.33	%(e)		(9.86	)%		4.48	%		27.71	%
Ratios to Average Net Assets
Total expenses		1.54	%(f)		1.44	%		1.24	%(f)(g)		1.18	%		1.14	%		1.07	%		1.08	%
Total expenses after fees waived and/or reimbursed		0.00	%(f)		0.01	%		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses after fees waived and/or reimbursed and excluding excise tax		0.00	%(f)		0.00	%		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%
Net investment income		2.27	%(f)		2.32	%		3.09	%(f)		1.65	%		1.17	%		1.46	%		1.35	%
Supplemental Data
Net assets, end of period (000)	$  33,828			$  84,931			$  104,788			$116,168			$113,029			$175,671			$171,594
Portfolio turnover rate		93	%		170	%		143	%		69	%		86	%		91	%		81	%

^(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)  Aggregate total return.

^(e)  Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

^(f)  Annualized.

^(g)  Certain legal and audit expenses were not annualized in the calculation of the total expense ratio. If these expenses were annualized, the total expense ratio would have been 1.35%.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 25

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	Mid Cap Dividend Fund
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/2018			Period from 05/01/2017 to 08/31/2017			Year Ended April 30,
										2017			2016			2015			2014
Net asset value, beginning of period	$	12.98		$	11.37		$	14.32		$	12.20		$	14.27		$	15.83		$	14.10
Net investment income(a)		0.12			0.28			0.11			0.21			0.22			0.25			0.24
Net realized and unrealized gain (loss)		(0.84	)		1.69			(0.23	)		2.13			(0.62	)		0.68			2.83
Net increase (decrease) from investment operations		(0.72	)		1.97			(0.12	)		2.34			(0.40	)		0.93			3.07
Distributions(b)
From net investment income		(0.18	)		(0.35	)		(0.06	)		(0.20	)		(0.22	)		(0.23	)		(0.24	)
From net realized gain		(0.89	)		(0.01	)		(2.77	)		(0.02	)		(1.45	)		(2.26	)		(1.10	)
Total distributions		(1.07	)		(0.36	)		(2.83	)		(0.22	)		(1.67	)		(2.49	)		(1.34	)
Net asset value, end of period	$	11.19		$	12.98		$	11.37		$	14.32		$	12.20		$	14.27		$	15.83
Total Return(c)
Based on net asset value		(5.28	)%(d)		17.58	%		(1.37	)%(d)		19.24	%(e)		(2.62	)%		6.58	%		22.36	%
Ratios to Average Net Assets
Total expenses		0.97	%(f)		0.95	%		0.92	%(f)(g)		0.85	%		0.83	%		0.81	%		0.81	%
Total expenses after fees waived and/or reimbursed		0.00	%(f)		0.00	%		0.00	%(f)		0.00	%		0.00	%		0.00	%		0.00	%
Net investment income		2.11	%(f)		2.30	%		2.55	%(f)		1.53	%		1.72	%		1.66	%		1.58	%
Supplemental Data
Net assets, end of period (000)	$    36,057			$    80,548			$      92,608			$106,594			$101,503			$165,931			$167,656
Portfolio turnover rate	22%			42%			144%			82%			91%			83%			61%

^(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)  Aggregate total return.

^(e)  Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

^(f)  Annualized.

^(g)  Certain legal and audit expenses were not annualized in the calculation of the total expense ratio. If these expenses were annualized, the total expense ratio would have been 1.04%.

See notes to financial statements.

26 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
Advantage Global SmallCap Fund	Advantage Global SmallCap		Diversified
Mid Cap Dividend Fund	Mid Cap Dividend		Diversified

Investors may only purchase shares in the Funds by entering into awrap-fee program or other separately managed account. Participants inwrap-fee programs pay a single aggregate fee to the program sponsor for all costs and expenses of thewrap-fee programs including investment advice and portfolio execution.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

On November 13, 2018, the Board of Trustees approved a proposal to liquidate both the Advantage Global Small Cap and Mid Cap Dividend Funds. Effective January 15, 2019, both Funds no longer accepted purchase orders from new investors or existing shareholders. The liquidation of both Funds was completed on March 15, 2019.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization:In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management continues to evaluate the impact of this guidance to the Funds.

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

Other:Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 27

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies:The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

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

Fair Value Hierarchy:Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of February 28, 2019, certain investments of the Funds were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

28 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending:Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell orre-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Advantage Global SmallCap securities lending agreement by counterparty which are subject to offset under an MSLA:

Advantage Global SmallCap
		Securities Loaned at Value		Cash Collateral Received	(a)		Net Amount
Counterparty
Deutsche Bank Securities, Inc.	$	12,899	$	(12,899	)	$	—
National Financial Services LLC		14,784		(14,784	)		—
State Street Bank & Trust Co.		722		(722	)		—
	$	28,405	$	(28,405	)	$	—

^(a)  Cash collateral with a value of $29,797 has been received in connection with securities lending agreements for Advantage Global SmallCap. Collateral received in excess of the value of securities loaned from the individual counterparty, if any, is not shown for financial reporting purposes in the tables above.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 29

Notes to Financial Statements  (unaudited) (continued)

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Average Daily Net Assets	Investment Advisory Fee
	Advantage Global SmallCap		Mid Cap Dividend
First $1 Billion	0.85	%	0.65	%
$1 Billion — $3 Billion	0.80		0.61
$3 Billion — $5 Billion	0.77		0.59
$5 Billion — $10 Billion	0.74		0.57
Greater than $10 Billion	0.72		0.55

Expense Limitations, Waivers, and Reimbursements:The Manager contractually agreed to waive all fees and pay or reimburse all operating expenses of each Fund, except extraordinary expenses which includes taxes. This agreement has no fixed termination date and will remain in effect for as long as shares of a Fund may be purchased and held only by or on behalf of separately managed account clients who have retained the Manager to manage their accounts pursuant to an investment management agreement with the Manager and/or a managed account program sponsor.

Although the Funds do not compensate the Manager directly for its services under the Investment Advisory Agreement, because each Fund is an investment option for certainwrap-fee or other separately managed account program clients, the Manager may benefit from the fees charged to such clients who have retained the Manager’s affiliates to manage their accounts. The Manager waived fees for each Fund which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The waivers were as follows:

Advantage Global SmallCap	$	238,133
Mid Cap Dividend		184,123

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through December 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of a Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended February 28, 2019, there were no fees waived by the Manager pursuant to this arrangement.

In addition, the Manager reimbursed each Fund’s operating expenses as follows, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations:

Advantage Global SmallCap	$	193,590
Mid Cap Dividend		89,904

For the six months ended February 28, 2019, the Funds reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

Advantage Global SmallCap	$	442
Mid Cap Dividend		426

Securities Lending:The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Mid Cap Dividend retains 73.5% of securities lending income (which excludes collateral investment expenses), and

30 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Notes to Financial Statements  (unaudited) (continued)

this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Pursuant to the securities lending agreement, Advantage Global SmallCap retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Multi-Asset Complex in a calendar year exceeds a specified threshold, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income as follows: Mid Cap Dividend will retain 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Advantage Global SmallCap will retain 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2019, each Fund was subject to a different securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended February 28, 2019, each Fund paid BIM the following amounts for securities lending agent services:

Advantage Global SmallCap	$	144
Mid Cap Dividend		63

Interfund Lending:In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

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

During the six months ended February 28, 2019, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments excluding short-term securities, were as follows:

	Advantage Global SmallCap	Mid Cap Dividend
Purchases	$51,970,393	$12,354,258
Sales	92,996,137	48,904,248

8. INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for the year ended August 31, 2018, the period ended August 31, 2017 and each of the four years ended April 30, 2017. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Advantage Global SmallCap			Mid Cap Dividend
Tax cost	$	33,178,129		$	35,290,701
Gross unrealized appreciation	$	2,298,541		$	2,669,883
Gross unrealized depreciation		(1,440,030	)		(1,840,736	)
Net unrealized appreciation	$	858,511		$	829,147

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended February 28, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

32 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Notes to Financial Statements  (unaudited) (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk:Advantage Global SmallCap invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities, and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

As of period end, Mid Cap Dividend invested a significant portion of its assets in securities in the Financials sector. Changes in economic conditions affecting such sector would have a greater impact on the Fund and could affect the value, income and/or liquidity of positions in such securities.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended 02/28/2019						Year Ended 08/31/2018
	Shares			Amount			Shares			Amount
Advantage Global SmallCap
Shares sold		99,734		$	1,316,608			441,171		$	5,979,732
Shares redeemed		(3,186,728	)		(37,663,621	)		(2,532,496	)		(33,893,318	)
Net decrease		(3,086,994	)	$	(36,347,013	)		(2,091,325	)	$	(27,913,586	)
Mid Cap Dividend
Shares sold		118,997		$	1,500,048			684,027		$	8,329,621
Shares redeemed		(3,103,598	)		(35,297,729	)		(2,622,941	)		(31,792,726	)
Net decrease		(2,984,601	)	$	(33,797,681	)		(1,938,914	)	$	(23,463,105	)

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:

Share Class	Net Investment Income		Net Realized Gain
Advantage Global SmallCap Fund	$	3,000,001	$	1,728,555
Mid Cap Dividend Fund		2,495,024		73,145

Undistributed net investment income as of August 31, 2018 was as follows:

Advantage Global SmallCap Fund	$	876,896
Mid Cap Dividend Fund		332,515

13. SUBSEQUENT EVENTS

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

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

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Robert M. Hernandez, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

At a special meeting of shareholders held on November 21, 2018, each Fund’s shareholders elected Trustees who took office on January 1, 2019. The newly elected Trustees include seven former Trustees and eight individuals who served as directors/trustees of the funds in the BlackRock Equity-Liquidity Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin

New York, NY 10019

34 F E B R U A R Y  28 ,  2 0 1 9  2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R  T  T O  S H A R E H O L D E R S

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected Trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of Managed Account Series with voting results as follows:

	Votes For		Votes Withheld
Bruce R. Bond		12,295,691		0
Susan J. Carter		12,295,691		0
Collette Chilton		12,295,691		0
Neil A. Cotty		12,295,691		0
Robert Fairbairn		12,295,691		0
Lena G. Goldberg		12,295,691		0
Robert M. Hernandez		12,295,691		0
Henry R. Keizer		12,295,691		0
Cynthia A. Montgomery		12,295,691		0
Donald C. Opatrny		12,295,691		0
John M. Perlowski		12,295,691		0
Joseph P. Platt		12,295,691		0
Mark Stalnecker		12,295,691		0
Kenneth L. Urish		12,295,691		0
Claire A. Walton		12,295,691		0

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800)441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ FormsN-Q may also be obtained upon request and without charge by calling (800)441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800)441-7762; (2) athttp://www.blackrock.com;and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolio during the most recent12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.comor by calling (800)441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup ofopen-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income andtax-exempt investing. Visithttp://www.blackrock.comfor more information.

Shareholder Privileges

Account Information

Call us at (800)441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web athttp://www.blackrock.com.

A D D I T I O N A L  I N F O R M A T I O N 35

Additional Information  (continued)

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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

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

Glossary of Terms Used in This Report

Currency
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
USD	U.S. Dollar
ZAR	South African Rand

Portfolio Abbreviations
ADR	American Depositary Receipts
NVDR	Non-Voting Depositary Receipts

36 2 0 1 9  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

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

Shares of each Fund may be purchased and held only by or on behalf of separately managed account clients who have retained BlackRock Advisors, LLC or an affiliate (“BlackRock”) to manage their accounts pursuant to an investment management agreement with BlackRock and/or a managed account program sponsor.

MAS2-2/19-SAR

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 Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previousForm N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers ofClosed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(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 Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Disclosure of Securities Lending Activities forClosed-End Management Investment
	Companies – Not Applicable
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable

2

(a)(4) – Not Applicable

(b) –   Certifications – Attached hereto

3

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

Managed Account Series
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Managed Account Series
Date: May 3, 2019

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: May 3, 2019
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Managed Account Series
Date: May 3, 2019

4