Schedule of Investments (unaudited) July 31, 2020 | BlackRock GA Dynamic Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 0.1% | ||||||||
BHP Group PLC | 144 | $ | 3,114 | |||||
Rio Tinto PLC | 52 | 3,165 | ||||||
|
| |||||||
6,279 | ||||||||
Belgium — 0.2% | ||||||||
KBC Group NV(a) | 170 | 9,693 | ||||||
|
| |||||||
Brazil — 0.0% | ||||||||
Vale SA, ADR | 185 | 2,153 | ||||||
|
| |||||||
Canada — 0.8% | ||||||||
Enbridge, Inc. | 1,458 | 46,664 | ||||||
|
| |||||||
Chile — 0.0% | ||||||||
Cia Cervecerias Unidas SA, ADR | 23 | 344 | ||||||
|
| |||||||
China — 3.9% | ||||||||
AAC Technologies Holdings, Inc.(a) | 500 | 3,942 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 510 | 3,308 | ||||||
Alibaba Group Holding Ltd.(a) | 100 | 3,138 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 199 | 49,953 | ||||||
Amoy Diagnostics Co. Ltd., Class A | 200 | 2,249 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 100 | 3,125 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 100 | 2,328 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,000 | 2,042 | ||||||
China Merchants Bank Co. Ltd., Class H | 500 | 2,334 | ||||||
Glodon Co. Ltd., Class A | 200 | 2,190 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 400 | 3,255 | ||||||
Guangdong Marubi Biotechnology Co. Ltd., Class A | 100 | 1,102 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 700 | 1,082 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 2,000 | 1,912 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 900 | 1,830 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,100 | 5,823 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 700 | 3,837 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 200 | 3,081 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H | 100 | 1,290 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 500 | 2,860 | ||||||
Huazhu Group Ltd., ADR | 82 | 2,815 | ||||||
Hundsun Technologies, Inc., Class A | 160 | 2,506 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 4,000 | 2,344 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 300 | 1,571 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 200 | 1,095 | ||||||
Kingdee International Software Group Co. Ltd.(a) | 3,000 | 8,297 | ||||||
Li Auto, Inc., ADR(a) | 577 | 9,232 | ||||||
Meituan Dianping, Class B(a) | 100 | 2,475 | ||||||
NetEase, Inc., ADR | 9 | 4,126 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 16 | 2,243 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 200 | 2,169 | ||||||
Qingdao Haier Co. Ltd., Class A | 800 | 2,061 | ||||||
Shanghai International Airport Co. Ltd., Class A | 200 | 1,943 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 400 | 2,878 | ||||||
Tencent Holdings Ltd. | 900 | 61,738 | ||||||
Trip.com Group Ltd., ADR | 161 | 4,379 | ||||||
Venus MedTech Hangzhou, Inc., Class H(a)(b) | 500 | 4,813 | ||||||
Venustech Group, Inc., Class A | 500 | 2,821 | ||||||
Want Want China Holdings Ltd. | 2,000 | 1,480 | ||||||
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A | 200 | 3,030 | ||||||
WuXi AppTec Co. Ltd., Class A | 180 | 2,911 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 180 | 2,225 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Yonyou Network Technology Co. Ltd., Class A | 260 | $ | 1,749 | |||||
Yum China Holdings, Inc.(a) | 78 | 3,997 | ||||||
|
| |||||||
235,579 | ||||||||
Finland — 0.5% | ||||||||
Neste OYJ | 585 | 26,870 | ||||||
Nokia OYJ(a) | 373 | 1,790 | ||||||
|
| |||||||
28,660 | ||||||||
France — 3.5% | ||||||||
Arkema SA | 108 | 11,236 | ||||||
Danone SA | 813 | 54,417 | ||||||
EssilorLuxottica SA(a) | 166 | 22,110 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 60 | 26,091 | ||||||
Safran SA(a) | 350 | 37,223 | ||||||
Sanofi | 543 | 57,013 | ||||||
|
| |||||||
208,090 | ||||||||
Germany — 3.0% | ||||||||
adidas AG(a) | 124 | 34,196 | ||||||
Deutsche Telekom AG, Registered Shares | 2,767 | 46,194 | ||||||
Siemens AG, Registered Shares | 806 | 102,714 | ||||||
|
| |||||||
183,104 | ||||||||
Hong Kong — 1.4% | ||||||||
AIA Group Ltd. | 5,600 | 50,495 | ||||||
CK Infrastructure Holdings Ltd. | 500 | 2,607 | ||||||
Hang Lung Properties Ltd. | 2,000 | 4,907 | ||||||
HKT Trust & HKT Ltd. | 1,000 | 1,474 | ||||||
Jardine Matheson Holdings Ltd. | 83 | 3,394 | ||||||
Sun Hung Kai Properties Ltd. | 1,500 | 18,243 | ||||||
|
| |||||||
81,120 | ||||||||
Indonesia — 0.1% | ||||||||
Bank Central Asia Tbk PT | 1,600 | 3,427 | ||||||
|
| |||||||
Italy — 2.9% | ||||||||
Enel SpA | 10,241 | 93,813 | ||||||
RAI Way SpA(b) | 1,838 | 12,103 | ||||||
UniCredit SpA(a) | 7,360 | 67,550 | ||||||
|
| |||||||
173,466 | ||||||||
Japan — 3.3% | ||||||||
Ajinomoto Co., Inc. | 1,400 | 25,284 | ||||||
Astellas Pharma, Inc. | 1,800 | 28,076 | ||||||
East Japan Railway Co. | 300 | 17,293 | ||||||
Hoya Corp. | 300 | 29,586 | ||||||
Murata Manufacturing Co. Ltd. | 400 | 25,692 | ||||||
Shin-Etsu Chemical Co. Ltd. | 300 | 35,112 | ||||||
Subaru Corp. | 800 | 15,110 | ||||||
Suzuki Motor Corp. | 600 | 19,688 | ||||||
|
| |||||||
195,841 | ||||||||
Netherlands — 4.5% | ||||||||
Adyen NV(a)(b) | 15 | 25,037 | ||||||
Akzo Nobel NV | 636 | 59,927 | ||||||
ASML Holding NV | 164 | 58,308 | ||||||
ING Groep NV(a) | 4,305 | 30,018 | ||||||
Koninklijke Philips NV(a) | 1,138 | 58,802 | ||||||
NXP Semiconductors NV | 299 | 35,141 | ||||||
|
| |||||||
267,233 | ||||||||
Portugal — 0.0% | ||||||||
Jeronimo Martins SGPS SA | 128 | 2,146 | ||||||
|
|
1 |
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore — 0.5% | ||||||||
CapitaLand Ltd. | 9,100 | $ | 18,366 | |||||
ComfortDelGro Corp. Ltd. | 1,400 | 1,393 | ||||||
DBS Group Holdings Ltd. | 200 | 2,889 | ||||||
Singapore Telecommunications Ltd. | 300 | 544 | ||||||
United Overseas Bank Ltd. | 400 | 5,632 | ||||||
|
| |||||||
28,824 | ||||||||
South Africa — 0.0% | ||||||||
Anglo American PLC | 85 | 2,058 | ||||||
|
| |||||||
South Korea — 0.3% | ||||||||
Kakao Corp. | 23 | 6,673 | ||||||
LG Chem Ltd. | 11 | 5,267 | ||||||
NCSoft Corp. | 6 | 4,088 | ||||||
POSCO | 10 | 1,614 | ||||||
|
| |||||||
17,642 | ||||||||
Spain — 0.5% | ||||||||
Cellnex Telecom SA(b) | 484 | 30,460 | ||||||
|
| |||||||
Sweden — 0.5% | ||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 442 | 5,143 | ||||||
Volvo AB, B Shares(a) | 1,410 | 24,367 | ||||||
|
| |||||||
29,510 | ||||||||
Switzerland — 1.9% | ||||||||
Alcon, Inc.(a) | 75 | 4,499 | ||||||
Nestle SA, Registered Shares | 328 | 39,006 | ||||||
Roche Holding AG | 207 | 71,696 | ||||||
|
| |||||||
115,201 | ||||||||
Taiwan — 2.0% | ||||||||
Cathay Financial Holding Co. Ltd. | 1,000 | 1,352 | ||||||
Chunghwa Telecom Co. Ltd. | 1,000 | 3,737 | ||||||
Formosa Chemicals & Fibre Corp. | 1,000 | 2,301 | ||||||
Formosa Plastics Corp. | 1,000 | 2,678 | ||||||
Fubon Financial Holding Co. Ltd. | 1,000 | 1,424 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,000 | 2,673 | ||||||
Nan Ya Plastics Corp. | 1,000 | 2,085 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,000 | 101,875 | ||||||
Uni-President Enterprises Corp. | 1,000 | 2,441 | ||||||
|
| |||||||
120,566 | ||||||||
Thailand — 0.1% | ||||||||
Advanced Info Service PCL, Foreign Registered Shares | 400 | 2,350 | ||||||
Intouch Holdings PCL, Foreign Registered Shares | 1,300 | 2,375 | ||||||
Thai Beverage PCL | 1,500 | 703 | ||||||
|
| |||||||
5,428 | ||||||||
Turkey — 0.0% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS(a) | 32 | 379 | ||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC(a)(c) | 504 | — | ||||||
|
| |||||||
United Kingdom — 2.0% | ||||||||
Unilever NV | 825 | 48,750 | ||||||
Unilever PLC | 405 | 24,116 | ||||||
Vodafone Group PLC | 33,090 | 49,729 | ||||||
|
| |||||||
122,595 | ||||||||
United States — 63.8% | ||||||||
Abbott Laboratories | 423 | 42,571 | ||||||
AbbVie, Inc. | 554 | 52,580 | ||||||
Adobe, Inc.(a) | 43 | 19,106 | ||||||
Agilent Technologies, Inc. | 359 | 34,582 | ||||||
Air Products & Chemicals, Inc. | 261 | 74,810 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 20 | 2,050 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Alphabet, Inc., Class C(a) | 106 | $ | 157,194 | |||||
Amazon.com, Inc.(a) | 68 | 215,198 | ||||||
Analog Devices, Inc. | 13 | 1,493 | ||||||
Anthem, Inc. | 209 | 57,224 | ||||||
Apellis Pharmaceuticals, Inc.(a) | 60 | 1,553 | ||||||
Apple, Inc. | 505 | 214,645 | ||||||
Applied Materials, Inc. | 422 | 27,147 | ||||||
Aptiv PLC(a) | 423 | 32,888 | ||||||
Autodesk, Inc.(a) | 197 | 46,577 | ||||||
Bank of America Corp. | 2,759 | 68,644 | ||||||
Becton Dickinson and Co. | 113 | 31,791 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 29 | 3,474 | ||||||
Boston Scientific Corp.(a) | 557 | 21,483 | ||||||
Bristol-Myers Squibb Co. | 606 | 35,548 | ||||||
Broadcom, Inc. | 10 | 3,168 | ||||||
Cadence Design Systems, Inc.(a) | 61 | 6,664 | ||||||
Capital One Financial Corp. | 694 | 44,277 | ||||||
Charles Schwab Corp. | 468 | 15,514 | ||||||
Charter Communications, Inc., Class A(a) | 128 | 74,240 | ||||||
Ciena Corp.(a) | 13 | 774 | ||||||
Citigroup, Inc. | 532 | 26,605 | ||||||
Comcast Corp., Class A | 1,965 | 84,102 | ||||||
Costco Wholesale Corp. | 84 | 27,345 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 74 | 8,377 | ||||||
D.R. Horton, Inc. | 1,053 | 69,666 | ||||||
DexCom, Inc.(a) | 5 | 2,178 | ||||||
Edwards Lifesciences Corp.(a) | 135 | 10,585 | ||||||
Emerson Electric Co. | 669 | 41,485 | ||||||
Facebook, Inc., Class A(a) | 221 | 56,061 | ||||||
FleetCor Technologies, Inc.(a) | 101 | 26,116 | ||||||
Fortinet, Inc.(a) | 53 | 7,330 | ||||||
Fortive Corp. | 592 | 41,552 | ||||||
Freeport-McMoRan, Inc.(a) | 425 | 5,491 | ||||||
Gilead Sciences, Inc. | 389 | 27,047 | ||||||
Global Payments, Inc. | 144 | 25,635 | ||||||
Guardant Health, Inc.(a) | 59 | 5,026 | ||||||
HCA Healthcare, Inc.(a) | 337 | 42,678 | ||||||
Hess Corp. | 213 | 10,482 | ||||||
Home Depot, Inc. | 207 | 54,956 | ||||||
Illumina, Inc.(a) | 5 | 1,911 | ||||||
Inphi Corp.(a) | 6 | 784 | ||||||
Insulet Corp.(a) | 7 | 1,424 | ||||||
International Flavors & Fragrances, Inc. | 399 | 50,254 | ||||||
Intuit, Inc. | 34 | 10,417 | ||||||
Intuitive Surgical, Inc.(a) | 18 | 12,338 | ||||||
Iovance Biotherapeutics, Inc.(a) | 41 | 1,192 | ||||||
Johnson & Johnson | 470 | 68,507 | ||||||
JPMorgan Chase & Co. | 825 | 79,728 | ||||||
L3Harris Technologies, Inc.(a) | 426 | 71,709 | ||||||
Lennar Corp., Class A | 424 | 30,676 | ||||||
Liberty Media Corp. — Liberty SiriusXM, Class A(a) | 268 | 9,324 | ||||||
Liberty Media Corp. — Liberty SiriusXM, Class C(a) | 470 | 16,445 | ||||||
Live Nation Entertainment, Inc.(a) | 21 | 983 | ||||||
Lowe’s Cos., Inc. | 383 | 57,033 | ||||||
Madison Square Garden Co.(a) | 1 | 154 | ||||||
Marathon Petroleum Corp. | 131 | 5,004 | ||||||
Marsh & McLennan Cos., Inc. | 417 | 48,622 | ||||||
Marvell Technology Group Ltd. | 226 | 8,242 | ||||||
Mastercard, Inc., Class A | 277 | 85,463 | ||||||
McDonald’s Corp. | 306 | 59,450 | ||||||
Merck & Co., Inc. | 491 | 39,398 | ||||||
MGM Resorts International | 40 | 644 |
2 |
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Microchip Technology, Inc. | 194 | $ | 19,736 | |||||
Micron Technology, Inc.(a) | 160 | 8,009 | ||||||
Microsoft Corp. | 1,037 | 212,595 | ||||||
Morgan Stanley | 1,849 | 90,379 | ||||||
Motorola Solutions, Inc. | 62 | 8,668 | ||||||
Nevro Corp.(a) | 11 | 1,463 | ||||||
NextEra Energy, Inc. | 284 | 79,719 | ||||||
NortonLifeLock, Inc. | 170 | 3,646 | ||||||
NVIDIA Corp. | 109 | 46,280 | ||||||
Okta, Inc.(a) | 36 | 7,955 | ||||||
Oracle Corp. | 189 | 10,480 | ||||||
Palo Alto Networks, Inc.(a) | 33 | 8,445 | ||||||
PayPal Holdings, Inc.(a) | 202 | 39,606 | ||||||
Peloton Interactive, Inc., Class A(a) | 321 | 21,899 | ||||||
Pfizer, Inc. | 904 | 34,786 | ||||||
PPG Industries, Inc. | 376 | 40,476 | ||||||
Proofpoint, Inc.(a) | 24 | 2,776 | ||||||
PTC Therapeutics, Inc.(a) | 19 | 880 | ||||||
Raytheon Technologies Corp. | 1,008 | 57,133 | ||||||
ResMed, Inc. | 22 | 4,455 | ||||||
salesforce.com, Inc.(a) | 416 | 81,058 | ||||||
Sarepta Therapeutics, Inc.(a) | 18 | 2,763 | ||||||
SBA Communications Corp. | 7 | 2,181 | ||||||
Seattle Genetics, Inc.(a) | 13 | 2,162 | ||||||
ServiceNow, Inc.(a) | 55 | 24,156 | ||||||
Splunk, Inc.(a) | 49 | 10,281 | ||||||
Starbucks Corp. | 635 | 48,597 | ||||||
Thermo Fisher Scientific, Inc. | 110 | 45,534 | ||||||
Thor Industries, Inc. | 1 | 114 | ||||||
TJX Cos., Inc.(a) | 694 | 36,081 | ||||||
T-Mobile US, Inc.(a) | 50 | 5,369 | ||||||
Uber Technologies, Inc.(a) | 871 | 26,356 | ||||||
Union Pacific Corp. | 434 | 75,234 | ||||||
UnitedHealth Group, Inc. | 324 | 98,101 | ||||||
Vail Resorts, Inc.(a) | 1 | 192 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 81 | 22,032 | ||||||
VMware, Inc., Class A(a) | 234 | 32,809 | ||||||
Walmart, Inc. | 353 | 45,678 | ||||||
Walt Disney Co.(a) | 190 | 22,219 | ||||||
Williams Cos., Inc. | 543 | 10,388 | ||||||
Winnebago Industries, Inc. | 2 | 121 | ||||||
Wynn Resorts Ltd.(a) | 8 | 579 | ||||||
Xilinx, Inc. | 116 | 12,453 | ||||||
Zoetis, Inc. | 19 | 2,882 | ||||||
Zscaler, Inc.(a) | 52 | 6,752 | ||||||
|
| |||||||
3,831,092 | ||||||||
Zambia — 0.1% | ||||||||
First Quantum Minerals Ltd. | 593 | 5,012 | ||||||
|
| |||||||
Total Common Stocks — 95.9% | 5,752,566 | |||||||
|
| |||||||
Investment Companies |
| |||||||
United States — 0.2% | ||||||||
iShares China Large-Cap ETF(d) | 190 | 7,860 | ||||||
KraneShares CSI China Internet ETF | 62 | 4,155 | ||||||
|
| |||||||
Total Investment Companies — 0.2% | 12,015 | |||||||
|
|
Security | Shares | Value | ||||||
Preferred Securities |
| |||||||
Preferred Stocks — 0.2% | ||||||||
Brazil — 0.0% | ||||||||
Itau Unibanco Holding SA, Preference Shares | 450 | $ | 2,320 | |||||
|
| |||||||
United States — 0.2% | ||||||||
Aptiv PLC, Series A, 5.50%, 06/15/23 | 63 | 6,439 | ||||||
Boston Scientific Corp., Series A, 5.50%, 06/01/23 | 40 | 4,492 | ||||||
|
| |||||||
10,931 | ||||||||
|
| |||||||
Total Preferred Securities — 0.2% | 13,251 | |||||||
|
| |||||||
Rights |
| |||||||
Spain — 0.0% | ||||||||
Cellnex Telecom SA (Expires 08/12/20)(a) | 484 | 2,024 | ||||||
|
| |||||||
Total Rights — 0.0% | 2,024 | |||||||
|
| |||||||
Total Long-Term Investments —96.3% | 5,779,856 | |||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 3.5% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(d)(e) | 209,500 | 209,500 | ||||||
|
| |||||||
Total Short-Term Securities — 3.5% | 209,500 | |||||||
|
| |||||||
Options Purchased — 0.0% | 2,425 | |||||||
|
| |||||||
Total Investments Before Options Written — 99.8% |
| 5,991,781 | ||||||
|
| |||||||
Options Written — (0.1)% | (6,624 | ) | ||||||
|
| |||||||
Total Investments, Net of Options Written — 99.7% |
| 5,985,157 | ||||||
Other Assets Less Liabilities — 0.3% | 16,806 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,001,963 | ||||||
|
|
(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 is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
| 3 |
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund |
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 | Shares Purchased | Shares Sold | Shares Held at 07/31/20 | Value at 07/31/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | 254,910 | — | (45,410 | )(b) | 209,500 | $ | 209,500 | $ | 1,433 | $ | — | $ | — | |||||||||||||||||||
iShares China Large-Cap ETF | — | 253 | (63 | ) | 190 | 7,860 | 263 | (439 | ) | (230 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 217,360 | $ | 1,696 | $ | (439 | ) | $ | (230 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
(b) | Represents net shares purchased (sold). |
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 | ||||||||||||||||
SGX Nifty 50 Index | 3 | 08/27/20 | $ | 67 | $ | (1,149 | ) | |||||||||
Nikkei 225 Index | 1 | 09/10/20 | 104 | (4,429 | ) | |||||||||||
S&P/TSE 60 Index | 1 | 09/17/20 | 144 | 3,597 | ||||||||||||
FTSE 100 Index | 1 | 09/18/20 | 77 | (4,531 | ) | |||||||||||
S&P 500 E-Mini Index | 1 | 09/18/20 | 163 | 11,988 | ||||||||||||
|
| |||||||||||||||
5,476 | ||||||||||||||||
|
| |||||||||||||||
Short Contracts | ||||||||||||||||
HSCEI Index | 2 | 08/28/20 | 130 | 706 | ||||||||||||
MSCI Taiwan Index | 2 | 08/28/20 | 100 | (676 | ) | |||||||||||
KOSPI 200 Index | 1 | 09/10/20 | 63 | (1,891 | ) | |||||||||||
|
| |||||||||||||||
(1,861 | ) | |||||||||||||||
|
| |||||||||||||||
$ | 3,615 | |||||||||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
INR | 4,815,000 | USD | 63,126 | JPMorgan Chase Bank N.A. | 09/03/20 | $ | 922 | |||||||||||||
AUD | 155,000 | USD | 108,766 | Morgan Stanley & Co. International PLC | 09/17/20 | 1,991 | ||||||||||||||
CAD | 148,000 | USD | 109,470 | Morgan Stanley & Co. International PLC | 09/17/20 | 1,035 | ||||||||||||||
CHF | 70,000 | USD | 74,301 | BNP Paribas S.A. | 09/17/20 | 2,336 | ||||||||||||||
GBP | 95,000 | USD | 119,809 | Morgan Stanley & Co. International PLC | 09/17/20 | 4,576 | ||||||||||||||
JPY | 18,426,000 | USD | 171,893 | Bank of America N.A. | 09/17/20 | 2,265 | ||||||||||||||
|
| |||||||||||||||||||
13,125 | ||||||||||||||||||||
|
| |||||||||||||||||||
USD | 81,901 | HKD | 635,000 | HSBC Bank USA N.A. | 09/17/20 | (31 | ) | |||||||||||||
USD | 78,787 | TWD | 2,306,000 | HSBC Bank USA N.A. | 09/18/20 | (119 | ) | |||||||||||||
USD | 144,584 | EUR | 128,000 | JPMorgan Chase Bank N.A. | 09/25/20 | (6,361 | ) | |||||||||||||
|
| |||||||||||||||||||
(6,511 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
$ | 6,614 | |||||||||||||||||||
|
|
OTC Options Purchased
Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | ||||||||||||||||||||
Call | ||||||||||||||||||||||||||
Agilent Technologies, Inc. | Citibank N.A. | 161 | 09/18/20 | USD | 100.00 | USD | 15 | $ | 403 |
4 |
|
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund |
OTC Options Purchased (continued)
Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | ||||||||||||||||||||||||
Call (continued) | ||||||||||||||||||||||||||||||
LVMH Moet Hennessy Louis Vuitton SE | Barclays Bank PLC | 21 | 09/18/20 | EUR | 390.00 | EUR | 8 | $ | 145 | |||||||||||||||||||||
Union Pacific Corp. | Goldman Sachs International | 76 | 09/18/20 | USD | 182.50 | USD | 13 | 211 | ||||||||||||||||||||||
Capital One Financial Corp. | Nomura International PlC | 72 | 11/20/20 | USD | 55.00 | USD | 5 | 867 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
1,626 | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | Morgan Stanley & Co. International PLC | 967 | 08/19/20 | TWD | 284.45 | TWD | 411 | — | ||||||||||||||||||||||
ASML Holding NV | Credit Suisse International | 11 | 09/18/20 | EUR | 265.00 | EUR | 3 | 48 | ||||||||||||||||||||||
Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. | 97 | 09/29/20 | HKD | 392.22 | HKD | 52 | 27 | ||||||||||||||||||||||
Amazon.com, Inc. | Citibank N.A. | 5 | 11/20/20 | USD | 2,881.58 | USD | 16 | 724 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
799 | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
$ | 2,425 | |||||||||||||||||||||||||||||
|
|
OTC Options Written
Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | ||||||||||||||||||||||||
Call | ||||||||||||||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | Morgan Stanley & Co. International PLC | 967 | 08/19/20 | TWD | 321.88 | TWD | 411 | $ | (3,417 | ) | ||||||||||||||||||||
Agilent Technologies, Inc. | Citibank N.A. | 161 | 09/18/20 | USD | 110.00 | USD | 16 | (97 | ) | |||||||||||||||||||||
ASML Holding NV | Credit Suisse International | 11 | 09/18/20 | EUR | 305.00 | EUR | 3 | (160 | ) | |||||||||||||||||||||
Roche Holding AG | Barclays Bank PLC | 13 | 09/18/20 | CHF | 365.00 | CHF | 4 | (3 | ) | |||||||||||||||||||||
Sanofi | Barclays Bank PLC | 50 | 09/18/20 | EUR | 102.00 | EUR | 4 | (5 | ) | |||||||||||||||||||||
Union Pacific Corp. | Goldman Sachs International | 76 | 09/18/20 | USD | 200.00 | USD | 13 | (29 | ) | |||||||||||||||||||||
Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. | 97 | 09/29/20 | HKD | 580.00 | HKD | 52 | (242 | ) | |||||||||||||||||||||
Roche Holding AG | Barclays Bank PLC | 18 | 10/16/20 | CHF | 370.00 | CHF | 6 | (8 | ) | |||||||||||||||||||||
Sanofi | Barclays Bank PLC | 49 | 10/16/20 | EUR | 98.00 | EUR | 4 | (33 | ) | |||||||||||||||||||||
Amazon.com, Inc. | Citibank N.A. | 5 | 11/20/20 | USD | 3,397.23 | USD | 16 | (937 | ) | |||||||||||||||||||||
ASML Holding NV | UBS AG | 16 | 11/20/20 | EUR | 370.00 | EUR | 5 | (22 | ) | |||||||||||||||||||||
Autodesk, Inc. | Nomura International PlC | 60 | 11/20/20 | USD | 260.00 | USD | 14 | (684 | ) | |||||||||||||||||||||
Capital One Financial Corp. | Nomura International PlC | �� | 72 | 11/20/20 | USD | 70.00 | USD | 5 | (297 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
(5,934 | ) | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | Morgan Stanley & Co. International PLC | 967 | 08/19/20 | TWD | 250.02 | TWD | 411 | — | ||||||||||||||||||||||
Capital One Financial Corp. | Nomura International PlC | 72 | 08/21/20 | USD | 44.00 | USD | 5 | (2 | ) | |||||||||||||||||||||
ASML Holding NV | Credit Suisse International | 11 | 09/18/20 | EUR | 235.00 | EUR | 3 | (16 | ) | |||||||||||||||||||||
LVMH Moet Hennessy Louis Vuitton SE | Barclays Bank PLC | 14 | 09/18/20 | EUR | 355.00 | EUR | 5 | (157 | ) | |||||||||||||||||||||
Roche Holding AG | Barclays Bank PLC | 13 | 09/18/20 | CHF | 305.00 | CHF | 4 | (70 | ) | |||||||||||||||||||||
Union Pacific Corp. | Goldman Sachs International | 55 | 09/18/20 | USD | 155.00 | USD | 10 | (119 | ) | |||||||||||||||||||||
Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. | 97 | 09/29/20 | HKD | 350.94 | HKD | 52 | (14 | ) | |||||||||||||||||||||
Roche Holding AG | Barclays Bank PLC | 9 | 10/16/20 | CHF | 300.00 | CHF | 3 | (67 | ) | |||||||||||||||||||||
Sanofi | Barclays Bank PLC | 49 | 10/16/20 | EUR | 80.00 | EUR | 4 | (49 | ) | |||||||||||||||||||||
Amazon.com, Inc. | Citibank N.A. | 5 | 11/20/20 | USD | 2,426.59 | USD | 16 | (196 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
(690 | ) | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
$ | (6,624 | ) | ||||||||||||||||||||||||||||
|
|
| 5 |
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund |
OTC Total Return Swaps
Reference Entity | Payment Frequency | Counterparty | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||||
Equity Securities Long/Short | Monthly | Citibank N.A.(a) | 04/09/21 | $ | 27,165 | $ | (2,600 | )(b) | $ | 24,182 | 0.5 | % | ||||||||||||
Monthly | JPMorgan Chase Bank N.A.(c) | 02/08/23 | (5,133 | ) | 125 | (5,008 | ) | 0.1 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 22,032 | $ | (2,475 | ) | $ | 19,174 | ||||||||||||||||||
|
|
|
|
|
|
(a) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays a variable rate of interest, based on a specified benchmark, plus or minus a spread of 30 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmark used in determining the variable rate of interest: USD — 1W US Dollar LIBOR BBA. |
(b) | Amount includes $383 of net dividends and financing fees. |
(c) | The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund receives a variable rate of interest, based on a specified benchmark, plus or minus a spread of 18 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmark used in determining the variable rate of interest: USD — 1D Overnight Bank Funding Rate (OBFR01). |
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date April 9, 2021:
Security | Shares | Value | % of Basket Value | |||||||||
Reference Entity — Long |
| |||||||||||
Common Stocks | ||||||||||||
Italy | ||||||||||||
Leonardo SpA, Class A | 3,766 | $ | 24,182 | 100.0 | % | |||||||
|
|
|
| |||||||||
Net Value of Reference Entity — Citibank N.A | $ | 24,182 | ||||||||||
|
|
The following table represents the individual short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2023:
Security | Shares | Value | % of Basket Value | |||||||||
Reference Entity — Short |
| |||||||||||
Common Stocks | ||||||||||||
United States | ||||||||||||
Exxon Mobil Corp. | (119 | ) | $ | (5,008 | ) | 100.0 | % | |||||
|
|
|
| |||||||||
Net Value of Reference Entity — JPMorgan Chase Bank N.A | $ | (5,008 | ) | |||||||||
|
|
Fair Value Hierarchy as of Period End
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 reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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 the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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. 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
6 |
|
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund |
Fair Value Hierarchy as of Period End (continued)
associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to its most recent financial statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 6,279 | $ | — | $ | 6,279 | ||||||||
Belgium | — | 9,693 | — | 9,693 | ||||||||||||
Brazil | 2,153 | — | — | 2,153 | ||||||||||||
Canada | 46,664 | — | — | 46,664 | ||||||||||||
Chile | 344 | — | — | 344 | ||||||||||||
China | 76,745 | 158,834 | — | 235,579 | ||||||||||||
Finland | — | 28,660 | — | 28,660 | ||||||||||||
France | — | 208,090 | — | 208,090 | ||||||||||||
Germany | — | 183,104 | — | 183,104 | ||||||||||||
Hong Kong | — | 81,120 | — | 81,120 | ||||||||||||
Indonesia | — | 3,427 | — | 3,427 | ||||||||||||
Italy | — | 173,466 | — | 173,466 | ||||||||||||
Japan | — | 195,841 | — | 195,841 | ||||||||||||
Netherlands | 60,178 | 207,055 | — | 267,233 | ||||||||||||
Portugal | — | 2,146 | — | 2,146 | ||||||||||||
Singapore | — | 28,824 | — | 28,824 | ||||||||||||
South Africa | — | 2,058 | — | 2,058 | ||||||||||||
South Korea | — | 17,642 | — | 17,642 | ||||||||||||
Spain | — | 30,460 | — | 30,460 | ||||||||||||
Sweden | — | 29,510 | — | 29,510 | ||||||||||||
Switzerland | 4,499 | 110,702 | — | 115,201 | ||||||||||||
Taiwan | — | 120,566 | — | 120,566 | ||||||||||||
Thailand | — | 5,428 | — | 5,428 | ||||||||||||
Turkey | — | 379 | — | 379 | ||||||||||||
United Arab Emirates | — | — | — | — | ||||||||||||
United Kingdom | — | 122,595 | — | 122,595 | ||||||||||||
United States | 3,831,092 | — | — | 3,831,092 | ||||||||||||
Zambia | 5,012 | — | — | 5,012 | ||||||||||||
Investment Companies | 12,015 | — | — | 12,015 | ||||||||||||
Preferred Securities | ||||||||||||||||
Preferred Stocks | 13,251 | — | — | 13,251 | ||||||||||||
Rights | 2,024 | — | — | 2,024 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 209,500 | — | — | 209,500 | ||||||||||||
Options Purchased | ||||||||||||||||
Equity Contracts | — | 2,425 | — | 2,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,263,477 | $ | 1,728,304 | $ | — | $ | 5,991,781 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 16,291 | $ | 125 | $ | — | $ | 16,416 | ||||||||
Foreign Currency Exchange Contracts | — | 13,125 | — | 13,125 | ||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (12,676 | ) | (9,224 | ) | — | (21,900 | ) | |||||||||
Foreign Currency Exchange Contracts | — | (6,511 | ) | — | (6,511 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,615 | $ | (2,485 | ) | $ | — | $ | 1,130 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
7 |
Schedule of Investments (unaudited) (continued) July 31, 2020 | BlackRock GA Dynamic Equity Fund |
Currency Abbreviation | ||
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
TWD | New Taiwan Dollar | |
USD | United States Dollar |
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
ETF | Exchange-Traded Fund | |
FTSE | Financial Times Stock Exchange | |
MSCI | Morgan Stanley Capital International | |
PCL | Public Company Limited | |
S&P | Standard & Poor’s |
8 |