Schedule of Investments  (unaudited) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 0.1%
TELUS Corp.		6,744	$	120,084
China — 8.6%
Agricultural Bank of China Ltd., Class H		691,000		251,348
AIMA Technology Group Co. Ltd., Class A		116,170		555,178
Anhui Gujing Distillery Co. Ltd., Class A		3,300		125,675
Baidu, Inc., Class A(a)		35,600		696,008
Bank of China Ltd., Class H		1,347,000		499,599
Bank of Communications Co. Ltd., Class H		231,000		139,554
Beijing United Information Technology Co. Ltd., Class A		20,800		111,544
China Conch Venture Holdings Ltd.		103,500		129,619
China Construction Bank Corp., Class H		1,384,000		806,676
China Longyuan Power Group Corp. Ltd., Class H		58,000		56,153
China Merchants Bank Co. Ltd., Class H		17,500		87,023
China Minsheng Banking Corp. Ltd., Class H		493,500		188,105
China National Building Material Co. Ltd., Class H		458,000		289,481
China Resources Pharmaceutical Group Ltd.(b)		158,500		123,364
China Tower Corp. Ltd., Class H(b)		6,476,000		732,037
COSCO SHIPPING Holdings Co. Ltd., Class H		315,000		333,400
CRRC Corp. Ltd., Class H		125,000		68,988
CSPC Pharmaceutical Group Ltd.		196,000		163,714
Dongfang Electric Corp. Ltd., Class A		79,300		213,739
Fosun International Ltd.		682,000		497,130
GoodWe Technologies Co. Ltd., Class A		10,947		254,112
Industrial & Commercial Bank of China Ltd., Class H		1,345,000		656,800
JA Solar Technology Co. Ltd., Class A		22,900		106,658
JD Health International, Inc.(a)(b)		37,650		275,233
JD.com, Inc., Class A		7,700		159,417
Jiangxi Copper Co. Ltd., Class H		92,000		154,556
Kingboard Holdings Ltd.		57,000		158,611
Kuaishou Technology(a)(b)		13,000		114,096
Lenovo Group Ltd.		206,000		237,145
Li Auto, Inc., Class A(a)		11,300		242,577
LONGi Green Energy Technology Co. Ltd., Class A		144,600		605,867
Lufax Holding Ltd., ADR		419,853		747,338
Meituan, Class B(a)(b)		12,760		243,590
NetEase, Inc.		14,000		304,924
Ningbo Deye Technology Co. Ltd., Class A		20,460		358,981
Nongfu Spring Co. Ltd., Class H(b)		45,600		265,868
PetroChina Co. Ltd., Class H		652,000		478,070
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		4,140		138,605
Shenzhen Kstar Science And Technology Co. Ltd., Class A		54,200		254,799
Shenzhen SC New Energy Technology Corp., Class A		17,500		229,765
Sunny Optical Technology Group Co. Ltd.		8,600		84,315
Trina Solar Co. Ltd., Class A		66,171		349,215
Trip.com Group Ltd.(a)		8,450		345,122
Tsingtao Brewery Co. Ltd., Class H		26,000		233,801
Want Want China Holdings Ltd.		192,000		133,896
Xiamen C & D, Inc., Class A		75,100		118,018
Xinyi Solar Holdings Ltd.		76,000		82,524
Yadea Group Holdings Ltd.(b)		26,000		59,167
				13,461,405
Denmark — 1.5%
Novo Nordisk A/S, Class B		14,336		2,311,711
France — 2.6%
Hermes International		349		772,429

Security	Shares		Value
France (continued)
L’Oreal SA		1,400	$	651,153
LVMH Moet Hennessy Louis Vuitton SE		2,777		2,579,188
				4,002,770
Germany — 0.4%
Commerzbank AG		21,741		260,054
Symrise AG		3,969		433,541
				693,595
Hong Kong — 1.7%
CK Asset Holdings Ltd.		58,500		338,778
HKT Trust & HKT Ltd., Class SS		358,000		422,869
Hongkong Land Holdings Ltd.		202,300		720,940
MTR Corp. Ltd.		69,000		317,973
Orient Overseas International Ltd.		19,500		325,849
WH Group Ltd.(b)		893,000		487,390
				2,613,799
India — 2.5%
Asian Paints Ltd.		4,292		176,307
Bajaj Auto Ltd.		8,273		496,601
Bharat Petroleum Corp. Ltd.		17,381		79,824
Eicher Motors Ltd.		12,170		498,472
HCL Technologies Ltd.		27,290		370,925
Infosys Ltd.		15,661		259,207
Kotak Mahindra Bank Ltd.		19,037		430,219
Power Grid Corp. of India Ltd.		75,039		242,957
Samvardhana Motherson International Ltd.		262,130		313,734
Sun Pharmaceutical Industries Ltd.		14,336		199,410
Tata Consultancy Services Ltd.		14,347		597,681
Torrent Pharmaceuticals Ltd.		5,668		138,191
UltraTech Cement Ltd.		1,500		151,818
				3,955,346
Indonesia — 0.1%
Bank Central Asia Tbk PT		204,700		123,973
Ireland — 1.0%
Allegion PLC		1,262		147,477
Kingspan Group PLC		6,235		500,443
Medtronic PLC		1,492		130,938
Seagate Technology Holdings PLC		11,328		719,328
				1,498,186
Italy — 1.3%
Ferrari NV		5,474		1,754,891
UniCredit SpA		10,688		270,623
				2,025,514
Japan — 6.8%
Aeon Co. Ltd.		6,100		132,118
ANA Holdings, Inc.(a)		15,800		378,790
Astellas Pharma, Inc.		28,700		419,661
BayCurrent Consulting, Inc.		7,400		238,981
East Japan Railway Co.		9,300		526,511
FUJIFILM Holdings Corp.		10,300		598,076
Hirose Electric Co. Ltd.		1,300		164,655
Japan Post Insurance Co. Ltd.		22,000		355,524
JFE Holdings, Inc.		13,900		224,845
Kawasaki Kisen Kaisha Ltd.		11,700		352,809
KDDI Corp.		8,500		250,169
Keio Corp.		2,800		93,074
Keyence Corp.		300		134,623
Lixil Corp.		23,600		301,604
Mazda Motor Corp.		27,000		267,853

1

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
MEIJI Holdings Co. Ltd.		12,800	$	295,730
Mitsui OSK Lines Ltd.		8,200		211,985
MonotaRO Co. Ltd.		19,500		237,994
Nexon Co. Ltd.		10,000		190,794
Nintendo Co. Ltd.		13,600		615,192
Nippon Paint Holdings Co. Ltd.		20,300		185,994
Nippon Yusen KK		21,700		527,878
Nomura Research Institute Ltd.		19,000		539,883
Oracle Corp. Japan		2,400		168,237
Persol Holdings Co. Ltd.		5,400		106,815
Secom Co. Ltd.		2,500		167,762
SG Holdings Co. Ltd.		24,800		361,919
Shimadzu Corp.		2,900		88,075
Shionogi & Co. Ltd.		3,300		138,297
Shiseido Co. Ltd.		4,400		192,914
SoftBank Corp.		52,900		587,428
Suntory Beverage & Food Ltd.		7,100		252,739
Takeda Pharmaceutical Co. Ltd.		11,400		348,553
Tokyo Electron Ltd.		1,200		180,104
Tokyu Corp.		12,700		161,134
TOPPAN, Inc.		5,200		122,400
ZOZO, Inc.		27,400		534,903
				10,656,023
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		14,355		136,058
Wal-Mart de Mexico SAB de CV		52,420		218,226
				354,284
Netherlands — 2.0%
ASML Holding NV		4,098		2,935,269
BE Semiconductor Industries NV		648		77,411
Shell PLC		4,844		149,006
				3,161,686
Singapore — 0.4%
Keppel Corp. Ltd.		62,700		348,188
Seatrium Ltd.(a)		1,825,962		193,525
Singapore Airlines Ltd.		16,700		94,606
				636,319
South Korea — 2.3%
DB Insurance Co. Ltd.		14,170		837,877
Hyundai Heavy Industries Co. Ltd.(a)		2,787		305,529
Hyundai Mipo Dockyard Co. Ltd.(a)		1,022		74,894
KB Financial Group, Inc.		10,390		416,134
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		4,360		422,036
Krafton, Inc.(a)		497		66,995
Meritz Financial Group, Inc.		5,420		209,268
NCSoft Corp.		3,030		657,347
Samsung Fire & Marine Insurance Co. Ltd.		3,612		690,421
				3,680,501
Sweden — 0.5%
Assa Abloy AB, Class B		15,627		375,718
Hexagon AB, B Shares		36,305		352,006
				727,724
Switzerland — 1.6%
Lonza Group AG, Registered Shares		2,792		1,622,252
Nestle SA, Registered Shares		4,522		554,032
STMicroelectronics NV		6,322		338,141
				2,514,425

Security	Shares		Value
Taiwan — 3.1%
Advantech Co. Ltd.		9,898	$	123,604
ASE Technology Holding Co. Ltd.		105,000		384,308
Cheng Shin Rubber Industry Co. Ltd.		192,000		235,340
Chunghwa Telecom Co. Ltd.		242,000		892,728
Eva Airways Corp.		171,000		200,505
Far EasTone Telecommunications Co. Ltd.		130,000		293,522
Hua Nan Financial Holdings Co. Ltd.		164,432		116,486
Largan Precision Co. Ltd.		2,000		138,723
Novatek Microelectronics Corp.		19,000		256,947
Quanta Computer, Inc.		146,000		1,110,748
Taiwan Cooperative Financial Holding Co. Ltd.		121,755		113,974
Taiwan Mobile Co. Ltd.		46,000		138,222
Taiwan Semiconductor Manufacturing Co. Ltd.		26,000		469,498
Vanguard International Semiconductor Corp.		39,000		96,157
Voltronic Power Technology Corp.		4,000		223,202
				4,793,964
United Kingdom — 1.5%
Auto Trader Group PLC(b)		35,698		296,064
London Stock Exchange Group PLC		7,173		778,950
Spirax-Sarco Engineering PLC		8,861		1,265,526
				2,340,540
United States — 57.3%
AbbVie, Inc.		3,057		457,266
Adobe, Inc.(a)		1,455		794,677
Advance Auto Parts, Inc.		4,594		341,748
Allstate Corp.		4,315		486,214
Alphabet, Inc., Class C(a)		16,183		2,154,119
American Electric Power Co., Inc.		7,278		616,738
AmerisourceBergen Corp.		1,428		266,893
Amgen, Inc.		2,659		622,605
ANSYS, Inc.(a)		5,642		1,930,128
Aon PLC, Class A		850		270,725
Assurant, Inc.		2,427		326,456
AT&T, Inc.		27,358		397,238
Atlassian Corp., Class A(a)		2,984		542,909
Aura Biosciences, Inc.(a)		3,367		40,067
Autodesk, Inc.(a)		3,442		729,670
AutoZone, Inc.(a)		392		972,834
BioMarin Pharmaceutical, Inc.(a)		4,618		406,061
Booking Holdings, Inc.(a)		385		1,143,758
Boston Scientific Corp.(a)		3,914		202,941
Builders FirstSource, Inc.(a)		2,779		401,371
Cadence Design Systems, Inc.(a)		10,865		2,542,519
Campbell Soup Co.		4,238		194,185
Centene Corp.(a)		1,702		115,889
CH Robinson Worldwide, Inc.		2,061		206,471
Chewy, Inc., Class A(a)		7,126		241,571
Cigna Group.		2,207		651,286
Cintas Corp.		498		250,016
Cisco Systems, Inc.		25,193		1,311,044
Clorox Co.		3,506		531,089
CME Group, Inc., Class A		1,182		235,171
Colgate-Palmolive Co.		9,402		716,997
Consolidated Edison, Inc.		11,149		1,057,594
Costco Wholesale Corp.		3,222		1,806,479
Crowdstrike Holdings, Inc., Class A(a)		626		101,199
CVS Health Corp.		12,277		916,969
Dell Technologies, Inc., Class C		1,622		85,836
Duke Energy Corp.		10,584		990,874
Edison International		1,341		96,498
Edwards Lifesciences Corp.(a)		2,053		168,490

C O N S O L I D A T E D    S C H E D U L E    O  F    I N V E S T M E N T S 2

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Electronic Arts, Inc.		3,501	$	477,361
Eli Lilly & Co.		893		405,913
Entergy Corp.		2,311		237,340
Enterprise Products Partners LP		5,737		152,088
Equity Residential		4,430		292,114
Essential Utilities, Inc.		4,115		174,023
Estee Lauder Cos., Inc., Class A		1,476		265,680
Evergy, Inc.		5,612		336,552
Eversource Energy		12,792		925,245
Expeditors International of Washington, Inc.		601		76,507
Exxon Mobil Corp.		592		63,486
FactSet Research Systems, Inc.		463		201,424
Fair Isaac Corp.(a)		427		357,813
Fidelity National Information Services, Inc.		5,958		359,744
First Solar, Inc.(a)		462		95,819
Floor & Decor Holdings, Inc., Class A(a)		10,904		1,252,324
Fortinet, Inc.(a)		2,483		192,979
GE HealthCare Technologies, Inc.(a)		3,864		301,392
General Mills, Inc.		13,730		1,026,180
Gilead Sciences, Inc.		21,936		1,670,207
GoDaddy, Inc., Class A(a)		6,802		524,366
Hartford Financial Services Group, Inc.		3,681		264,590
Healthpeak Properties, Inc.		18,180		396,869
Hershey Co.		2,513		581,282
Humana, Inc.		2,846		1,300,138
Incyte Corp.(a)		2,617		166,755
Intuit, Inc.		3,459		1,769,970
Intuitive Surgical, Inc.(a)		4,134		1,341,070
Invesco Ltd.		14,787		248,422
Johnson & Johnson		2,171		363,708
Kellogg Co.		5,512		368,698
Keurig Dr. Pepper, Inc.		28,513		969,727
Keysight Technologies, Inc.(a)		9,832		1,583,739
Kimberly-Clark Corp.		4,405		568,685
KLA Corp.		409		210,206
Kraft Heinz Co.		11,215		405,759
Kroger Co.		19,047		926,446
Las Vegas Sands Corp.(a)		3,701		221,357
Linde PLC		334		130,484
Lockheed Martin Corp.		1,760		785,611
Marathon Petroleum Corp.		355		47,222
MarketAxess Holdings, Inc.		1,715		461,712
Marsh & McLennan Cos., Inc.		7,049		1,328,173
Masimo Corp.(a)		4,300		525,890
Mastercard, Inc., Class A		5,718		2,254,493
McDonald’s Corp.		72		21,110
McKesson Corp.		3,264		1,313,434
Merck & Co., Inc.		16,232		1,731,143
MetLife, Inc.		4,356		274,297
Mettler-Toledo International, Inc.(a)		144		181,076
MGM Resorts International		16,844		855,170
Microsoft Corp.		13,342		4,481,845
Moderna, Inc.(a)		1,478		173,901
Motorola Solutions, Inc.		4,505		1,291,268
Nasdaq, Inc.		10,414		525,803
Newmont Corp.		4,856		208,420
NextEra Energy, Inc.		8,615		631,479
NIKE, Inc., Class B		8,871		979,270
Northrop Grumman Corp.		658		292,810
Okta, Inc.(a)		2,055		157,947
O’Reilly Automotive, Inc.(a)		312		288,846

Security	Shares		Value
United States (continued)
Otis Worldwide Corp.		2,031	$	184,740
Paycom Software, Inc.		903		332,990
Paylocity Holding Corp.(a)		1,037		235,243
PepsiCo, Inc.		8,346		1,564,541
Public Service Enterprise Group, Inc.		1,907		120,370
Regeneron Pharmaceuticals, Inc.(a)		467		346,472
Rollins, Inc.		17,963		733,429
Royal Caribbean Cruises Ltd.(a)		2,402		262,082
Royalty Pharma PLC, Class A		9,706		304,574
S&P Global, Inc.		4,756		1,876,290
Salesforce, Inc.(a)		3,492		785,735
Sirius XM Holdings, Inc.		104,284		531,848
Splunk, Inc.(a)		5,521		598,090
Starbucks Corp.		4,289		435,634
Thermo Fisher Scientific, Inc.		1,575		864,139
TransDigm Group, Inc.		968		870,929
Travelers Cos., Inc.		2,196		379,052
UiPath, Inc., Class A(a)		7,087		128,133
UnitedHealth Group, Inc.		2,668		1,350,995
VeriSign, Inc.(a)		7,503		1,582,758
Verisk Analytics, Inc.		5,280		1,208,803
Verizon Communications, Inc.		29,524		1,006,178
Vertex Pharmaceuticals, Inc.(a)		2,832		997,827
Viatris, Inc.		19		200
Visa, Inc., Class A		7,600		1,806,748
Walmart, Inc.		7,049		1,126,853
Warner Bros Discovery, Inc., Class A(a)		606		7,920
Waste Management, Inc.		2,249		368,364
WEC Energy Group, Inc.		12,010		1,079,219
Williams Cos., Inc.		6,400		220,480
Willis Towers Watson PLC		2,223		469,787
Workday, Inc., Class A(a)		1,723		408,575
WP Carey, Inc.		1,694		114,396
Xcel Energy, Inc.		18,835		1,181,520
Yum! Brands, Inc.		1,734		238,720
Zillow Group, Inc., Class C(a)		7,299		395,314
Zoetis, Inc.		671		126,208
Zscaler, Inc.(a)		984		157,814
				89,744,947
Total Long-Term Investments — 95.5% (Cost: $138,220,241)				149,416,796
Short-Term Securities
Money Market Funds — 4.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(c)(d)		7,379,271		7,379,271
Total Short-Term Securities — 4.7% (Cost: $7,379,271)				7,379,271
Total Investments — 100.2% (Cost: $145,599,512)				156,796,067
Liabilities in Excess of Other Assets — (0.2)%				(271,640	)
Net Assets — 100.0%			$	156,524,427

^(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)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

3

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	3,818,942	$	3,560,329	(a)	$	—	$	—	$	—	$	7,379,271		7,379,271	$	90,123	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
HKD	2,245,827	USD	287,408	Citibank N.A.		09/20/23	$	669
HKD	12,574,969	USD	1,608,377	Goldman Sachs International		09/20/23		4,635
HKD	2,520,464	USD	322,776	Morgan Stanley & Co. International PLC		09/20/23		528
HKD	10,484,276	USD	1,341,570	Morgan Stanley & Co. International PLC		09/20/23		3,266
HKD	9,445,195	USD	1,210,224	UBS AG		09/20/23		1,327
INR	224,899,589	USD	2,716,884	Citibank N.A.		09/20/23		13,954
JPY	206,382,628	USD	1,446,164	Canadian Imperial Bank of Commerce		09/20/23		15,627
SGD	433,072	USD	323,068	JPMorgan Chase Bank N.A.		09/20/23		3,367
USD	352,123	DKK	2,378,210	Bank of America N.A.		09/20/23		196
USD	532,065	DKK	3,579,890	Goldman Sachs International		09/20/23		2,315
USD	5,157,763	EUR	4,666,526	Morgan Stanley & Co. International PLC		09/20/23		14,694
USD	547,320	SEK	5,560,485	Bank of America N.A.		09/20/23		17,830
								78,408
JPY	46,076,040	USD	343,784	Bank of America N.A.		09/20/23		(17,432	)
JPY	476,750,890	USD	3,615,914	Bank of America N.A.		09/20/23		(239,127	)
JPY	43,927,365	USD	322,663	Morgan Stanley & Co. International PLC		09/20/23		(11,529	)
JPY	58,555,031	USD	418,233	Royal Bank of Canada		09/20/23		(3,492	)
TWD	28,830,196	USD	928,563	BNP Paribas SA		09/20/23		(9,366	)
TWD	47,910,778	USD	1,582,849	Citibank N.A.		09/20/23		(55,304	)
TWD	8,754,105	USD	287,245	Morgan Stanley & Co. International PLC		09/20/23		(8,137	)
TWD	9,759,875	USD	322,567	Morgan Stanley & Co. International PLC		09/20/23		(11,392	)
USD	388,398	EUR	357,113	Citibank N.A.		09/20/23		(5,183	)
USD	422,572	EUR	383,514	Royal Bank of Canada		09/20/23		(106	)
USD	1,447,255	EUR	1,322,008	Royal Bank of Canada		09/20/23		(9,755	)
USD	322,758	GBP	259,230	Bank of America N.A.		09/20/23		(9,994	)
USD	932,186	GBP	737,064	Morgan Stanley & Co. International PLC		09/20/23		(13,922	)
USD	500,236	INR	41,263,496	BNP Paribas SA		09/20/23		(805	)
USD	1,253,880	CAD	1,659,840	Royal Bank of Canada		11/01/23		(6,391	)
								(401,935	)
							$	(323,527	)

C O N S O L I D A T E D    S C H E D U L E    O  F    I N V E S T M E N T S 4

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date	Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Citibank N.A.(b)	02/26/24 – 02/24/28	$	(92,957	)	$	(490,831	)(c)	$	(554,487	)		12.9	%
	Monthly	JPMorgan Chase Bank N.A.(d)	02/08/24 – 02/15/24		(6,316,135	)		(1,327,768	)(e)		(7,671,626	)		16.8
							$	(1,818,599	)	$	(8,226,113	)

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

^(c)  Amount includes $(29,301) of net dividends and financing fees.

^(e)  Amount includes $27,723 of net dividends and financing fees.

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

	(b)	(d)
Range:	0-82 basis points	0-700 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Ramsay Health Care Ltd.		3,391	$	134,379		(24.2	)%
Brazil
Ambev SA		150,120		471,749		(85.1	)
Telefonica Brasil SA		30,459		271,240		(48.9	)
				742,989
Canada
Barrick Gold Corp.		11,607		200,514		(36.2	)
Enbridge, Inc.		24,419		897,762		(161.9	)
Pembina Pipeline Corp.		4,225		133,768		(24.1	)
Rogers Communications, Inc., Class B		9,864		431,917		(77.9	)
				1,663,961
Denmark
Novo Nordisk A/S		2,420		390,230		(70.4	)
Finland
Elisa OYJ		6,285		327,860		(59.1	)
France
Dassault Aviation SA		260		50,508		(9.1	)
Dassault Systemes SE		8,696		371,655		(67.0	)
				422,163

Security	Shares		Value		% of Basket Value
Germany
Merck KGaA		3,330	$	585,164		(105.5	)%
Zalando SE		2,468		85,207		(15.4	)
				670,371
Italy
Coca-Cola HBC AG		4,118		121,163		(21.9	)
Snam SpA		38,969		204,851		(36.9	)
				326,014
Mexico
Arca Continental SAB de CV		19,210		192,456		(34.7	)
Grupo Aeroportuario del Sureste SAB de CV,
Class B		9,910		280,309		(50.6	)
Wal-Mart de Mexico SAB de CV		41,037		170,838		(30.8	)
				643,603
Netherlands
ABN AMRO Bank NV, CVA		32,072		545,327		(98.3	)
Norway
Orkla ASA		41,486		327,359		(59.0	)
South Africa
Capitec Bank Holdings Ltd.		3,600		361,013		(65.1	)
Gold Fields Ltd.		4,419		68,535		(12.4	)
				429,548
Spain
Aena SME SA, Class A		797		127,275		(23.0	)
Sweden
Epiroc AB		5,164		103,102		(18.6	)
Nibe Industrier AB, B Shares		23,415		210,917		(38.0	)
Saab AB		2,627		138,467		(25.0	)
SKF AB		9,416		179,398		(32.4	)

5

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

Security	Shares			Value			% of Basket Value
Sweden (continued)
Telefonaktiebolaget LM Ericsson, B Shares		78,603		$	395,410			(71.3	)%
Volvo Car AB		22,914			113,264			(20.4	)
					1,140,558
Switzerland
DSM-Firmenich AG		1,108			122,434			(22.1	)
Novartis AG, Registered Shares		17,149			1,795,451			(323.8	)
SGS SA		967			93,891			(16.9	)
					2,011,776
United States
Haleon PLC		29,619			127,848			(23.1	)
Total Reference Entity — Long					10,031,261
Reference Entity — Short
Common Stocks
Brazil
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		(9,835	)		(120,838	)		21.8
Hapvida Participacoes e Investimentos S/A		(357,319	)		(362,703	)		65.4
					(483,541	)
China
C&D International Investment Group Ltd.		(78,543	)		(214,567	)		38.7
China Jinmao Holdings Group Ltd.		(900,000	)		(147,903	)		26.7
China Meidong Auto Holdings Ltd.		(116,000	)		(127,255	)		22.9
Genscript Biotech Corp.		(28,000	)		(72,116	)		13.0
Li Ning Co. Ltd.		(20,000	)		(121,929	)		22.0
Longfor Group Holdings Ltd.		(24,500	)		(66,283	)		12.0
ZhongAn Online P&C Insurance Co. Ltd., Class H		(140,900	)		(461,754	)		83.3
ZTE Corp.		(36,400	)		(133,218	)		24.0
					(1,345,025	)
Finland
Metso OYJ		(6,945	)		(78,923	)		14.2
France
Sartorius Stedim Biotech		(3,058	)		(956,761	)		172.6
Germany
HelloFresh SE		(9,023	)		(257,292	)		46.4
LEG Immobilien SE		(4,388	)		(310,243	)		56.0
Talanx AG		(6,284	)		(384,831	)		69.4
Vonovia SE		(28,754	)		(669,967	)		120.8
					(1,622,333	)
Japan
Advantest Corp.		(2,400	)		(331,944	)		59.9
Rakuten Group, Inc.		(75,200	)		(294,540	)		53.1
					(626,484	)
Mexico
Grupo Financiero Inbursa SAB de CV, Class O		(115,361	)		(280,049	)		50.5
Industrias Penoles SAB de CV		(37,002	)		(529,077	)		95.4
					(809,126	)
Norway
Salmar ASA		(10,382	)		(479,633	)		86.5
Poland
mBank SA		(2,111	)		(251,989	)		45.4

Security	Shares			Value			% of Basket Value
South Korea
SK Innovation Co. Ltd.		(1,948	)	$	(330,418	)		59.6	%
Sweden
Fastighets AB Balder, Class B		(39,031	)		(182,137	)		32.9
Sagax AB, Class B		(14,317	)		(317,918	)		57.3
					(500,055	)
Switzerland
Bachem Holding AG		(4,960	)		(458,161	)		82.6
United States
Blackstone, Inc.		(1,540	)		(161,377	)		29.1
Boston Properties, Inc.		(8,869	)		(590,941	)		106.6
Coinbase Global, Inc., Class A		(2,931	)		(289,026	)		52.1
Entegris, Inc.		(4,743	)		(520,355	)		93.8
First Citizens BancShares, Inc./NC, Class A		(283	)		(405,058	)		73.1
Illumina, Inc.		(867	)		(166,594	)		30.0
					(2,133,351	)
Preferred Stocks
Germany
Sartorius AG		(1,236	)		(509,948	)		92.0
Total Reference Entity — Short					(10,585,748	)
Net Value of Reference Entity — Citibank N.A				$	(554,487	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination dates 02/08/24 - 02/15/24:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Coles Group Ltd.		24,964	$	305,275		(4.0	)%
Medibank Pvt Ltd.		35,050		82,750		(1.1	)
Northern Star Resources Ltd.		13,271		103,596		(1.3	)
Transurban Group		17,558		169,523		(2.2	)
Wesfarmers Ltd.		2,674		89,344		(1.2	)
				750,488
Canada
Franco-Nevada Corp.		5,559		811,180		(10.6	)
Metro, Inc.		2,940		158,231		(2.0	)
Open Text Corp.		2,520		108,242		(1.4	)
West Fraser Timber Co. Ltd.		6,178		520,514		(6.8	)
				1,598,167
France
Bollore SE		25,678		162,355		(2.1	)
Hermes International		39		86,317		(1.1	)
La Francaise des Jeux SAEM		3,422		130,643		(1.7	)
Societe Generale SA		9,800		266,528		(3.5	)
				645,843

C O N S O L I D A T E D    S C H E D U L E    O  F    I N V E S T M E N T S 6

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

Security	Shares			Value			% of Basket Value
Germany
Carl Zeiss Meditec AG		3,188		$	369,427			(4.8	)%
SAP SE		6,869			937,011			(12.2	)
					1,306,438
Norway
Equinor ASA		13,142			401,994			(5.2	)
Poland
PGE Polska Grupa Energetyczna SA		129,890			276,272			(3.6	)
Saudi Arabia
Arabian Internet & Communications Services Co.		3,969			385,833			(5.0	)
Dr Sulaiman Al Habib Medical Services Group Co.		2,202			169,635			(2.2	)
Elm Co.		2,165			392,436			(5.1	)
SABIC Agri-Nutrients Co.		3,925			150,855			(2.0	)
Saudi Telecom Co.		15,687			177,383			(2.3	)
					1,276,142
South Africa
Aspen Pharmacare Holdings Ltd.		13,244			142,032			(1.9	)
Sweden
Getinge AB, B Shares		9,953			185,454			(2.4	)
Switzerland
Clariant AG, Registered Shares		38,769			635,276			(8.3	)
United Kingdom
CNH Industrial NV		25,848			373,322			(4.9	)
United States
Nestle SA		5,680			695,909			(9.1	)
Roche Holding AG		205			67,972			(0.9	)
Roche Holding Par AG		3,992			1,237,725			(16.1	)
					2,001,606
Preferred Stocks
Brazil
Cia Energetica de Minas Gerais		166,450			445,979			(5.8	)
Germany
Dr Ing hc F Porsche AG		2,410			294,701			(3.9	)
Total Reference Entity — Long					10,333,714
Reference Entity — Short
Common Stocks
Australia
Computershare Ltd.		(35,479	)		(598,362	)		7.8
IGO Ltd.		(22,471	)		(209,975	)		2.7
Lendlease Corp Ltd.		(48,657	)		(282,871	)		3.7
Mineral Resources Ltd.		(2,226	)		(107,553	)		1.4
Pilbara Minerals Ltd.		(41,788	)		(136,711	)		1.8
Reece Ltd.		(8,481	)		(111,991	)		1.5
					(1,447,463	)
Brazil
Cia Siderurgica Nacional SA		(52,051	)		(152,342	)		2.0
Hapvida Participacoes e Investimentos S/A		(365,622	)		(371,131	)		4.9
Suzano SA		(28,192	)		(286,585	)		3.7
					(810,058	)

Security	Shares			Value			% of Basket Value
Canada
Ivanhoe Mines Ltd., Class A		(40,701	)	$	(431,502	)		5.6	%
China
Country Garden Holdings Co. Ltd.		(1,508,000	)		(309,805	)		4.0
Flat Glass Group Co. Ltd., Class H		(142,000	)		(425,045	)		5.5
GDS Holdings Ltd., Class A		(163,700	)		(269,534	)		3.5
Microport Scientific Corp.		(207,000	)		(417,754	)		5.5
New Oriental Education & Technology Group, Inc.		(10,800	)		(61,522	)		0.8
Shanghai Fudan Microelectronics Group Co. Ltd.		(48,000	)		(127,963	)		1.7
Xiaomi Corp., Class B		(290,000	)		(461,356	)		6.0
XPeng, Inc., Class A		(113,800	)		(1,213,896	)		15.8
Xtep International Holdings Ltd.		(150,000	)		(167,167	)		2.2
Yuexiu Property Co. Ltd.		(69,000	)		(91,058	)		1.2
					(3,545,100	)
Hong Kong
Nine Dragons Paper Holdings Ltd.		(933,000	)		(614,843	)		8.0
Sino Biopharmaceutical Ltd.		(210,000	)		(95,243	)		1.3
					(710,086	)
Italy
Telecom Italia SpA		(1,162,675	).		(335,166	)		4.4
Japan
Lasertec Corp.		(500	)		(75,691	)		1.0
MatsukiyoCocokara & Co.		(4,500	)		(263,347	)		3.4
Olympus Corp.		(11,200	)		(182,750	)		2.4
					(521,788	)
Poland
LPP SA		(57	)		(196,077	)		2.5
Singapore
Sea Ltd., ADR		(5,796	)		(385,550	)		5.0
South Korea
Delivery Hero SE		(2,785	)		(126,410	)		1.7
Kakao Corp.		(6,524	)		(262,636	)		3.4
L&F Co. Ltd.		(2,157	)		(435,942	)		5.7
Lotte Energy Materials Corp.		(11,842	)		(509,465	)		6.6
POSCO Future M Co. Ltd.		(1,355	)		(560,579	)		7.3
Samsung Engineering Co. Ltd.		(3,441	)		(99,813	)		1.3
SKC Co. Ltd.		(4,183	)		(325,633	)		4.2
					(2,320,478	)
Switzerland
Dufry AG		(8,147	)		(420,943	)		5.5
SIG Group AG		(9,206	)		(246,110	)		3.2
					(667,053	)
Taiwan
Powerchip Semiconductor Manufacturing Corp.		(30,000	)		(28,676	)		0.4
Shin Kong Financial Holding Co. Ltd.		(203,000	)		(62,308	)		0.8
Winbond Electronics Corp.		(145,000	)		(135,913	)		1.8
					(226,897	)
United Kingdom
Just Eat Takeaway.com NV		(7,404	)		(132,828	)		1.7
Ocado Group PLC		(41,096	)		(494,737	)		6.5
					(627,565	)
United States
Ares Management Corp., Class A		(6,310	)		(626,078	)		8.2
Caesars Entertainment, Inc.		(4,818	)		(284,358	)		3.7
Celanese Corp., Class A		(668	)		(83,761	)		1.1

7

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

Security	Shares			Value			%of Basket Value
United States (continued)
Charles River Laboratories International, Inc.		(1,588	)	$	(332,750	)		4.3	%
Cloudflare, Inc., Class A		(1,358	)		(93,390	)		1.2
Constellation Energy Corp.		(3,510	)		(339,241	)		4.4
Darling Ingredients, Inc.		(4,027	)		(278,870	)		3.6
Legend Biotech Corp., ADR		(811	)		(61,247	)		0.8
Lucid Group, Inc.		(46,731	)		(355,623	)		4.6
Monolithic Power Systems, Inc.		(795	)		(444,795	)		5.8
Novocure Ltd.		(7,306	)		(238,468	)		3.1
Paramount Global, Class B		(34,743	)		(556,930	)		7.3
Repligen Corp.		(706	)		(121,121	)		1.6
Roku, Inc.		(6,389	)		(615,069	)		8.0

Security	Shares			Value			%of Basket Value
United States (continued)
Take-Two Interactive Software, Inc.		(2,859	)	$	(437,255	)		5.7	%
Toast, Inc., Class A		(11,850	)		(261,529	)		3.4
Webster Financial Corp.		(9,986	)		(472,537	)		6.2
Wolfspeed, Inc.		(2,694	)		(177,535	)		2.3
					(5,780,557	)
Total Reference Entity — Short					(18,005,340	)
Net Value of Reference Entity — JPMorgan Chase Bank N.A				$	(7,671,626	)

Fair Value Hierarchy as of Period End

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

• 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); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Canada	$	120,084	$	—	$	—	$	120,084
China		747,338		12,714,067		—		13,461,405
Denmark		—		2,311,711		—		2,311,711
France		—		4,002,770		—		4,002,770
Germany		—		693,595		—		693,595
Hong Kong		—		2,613,799		—		2,613,799
India		—		3,955,346		—		3,955,346
Indonesia		—		123,973		—		123,973
Ireland		1,498,186		—		—		1,498,186
Italy		—		2,025,514		—		2,025,514
Japan		—		10,656,023		—		10,656,023
Mexico		354,284		—		—		354,284
Netherlands		—		3,161,686		—		3,161,686
Singapore		—		636,319		—		636,319
South Korea		—		3,680,501		—		3,680,501
Sweden		—		727,724		—		727,724
Switzerland		—		2,514,425		—		2,514,425

C O N S O L I D A T E D    S C H E D U L E    O  F    I N V E S T M E N T S 8

Schedule of Investments  (unaudited) (continued) July 31, 2023 BlackRock GA Disciplined Volatility Equity Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Common Stocks (continued)
Taiwan	$	—	$	4,793,964		$	—	$	4,793,964
United Kingdom		—		2,340,540			—		2,340,540
United States		89,744,947		—			—		89,744,947
Short-Term Securities
Money Market Funds		7,379,271		—			—		7,379,271
	$	99,844,110	$	56,951,957		$	—	$	156,796,067
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	78,408		$	—	$	78,408
Liabilities
Equity Contracts		—		(1,818,599	)		—		(1,818,599	)
Foreign Currency Exchange Contracts		—		(401,935	)		—		(401,935	)
	$	—	$	(2,142,126	)	$	—	$	(2,142,126	)

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

Currency Abbreviation
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwan Dollar
USD	United States Dollar

9