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

Security	Shares		Value
Common Stocks
Australia — 0.6%
Glencore PLC		197,775	$	1,202,756
Canada — 2.0%
Cameco Corp.		16,435		577,855
Enbridge, Inc.		66,793		2,455,636
Suncor Energy, Inc.		26,456		827,797
Teck Resources Ltd., Class B		4,236		188,205
				4,049,493
China — 2.1%
Aier Eye Hospital Group Co. Ltd., Class A		22,294		62,903
Alibaba Group Holding Ltd.(a)		21,600		276,035
Amoy Diagnostics Co. Ltd., Class A		22,910		77,436
Bank of Chengdu Co. Ltd., Class A		51,300		101,668
BYD Co. Ltd., Class H		21,000		747,978
China Construction Bank Corp., Class H		119,000		69,360
Foshan Haitian Flavouring & Food Co. Ltd., Class A		12,159		78,960
Glodon Co. Ltd., Class A		11,200		50,695
Gree Electric Appliances, Inc. of Zhuhai, Class A		24,643		133,810
Guangzhou Baiyun International Airport Co. Ltd., Class A(a)		42,400		85,489
Haidilao International Holding Ltd.(b)		26,000		73,436
Hangzhou Robam Appliances Co. Ltd., Class A		47,871		195,679
Hundsun Technologies, Inc., Class A		12,396		71,451
Hygeia Healthcare Holdings Co. Ltd.(b)		9,200		59,809
Industrial & Commercial Bank of China Ltd., Class H		154,000		75,202
JD Health International, Inc.(a)(b)		16,700		122,082
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		11,425		71,375
Kingsoft Corp. Ltd.		11,200		48,207
Kweichow Moutai Co. Ltd., Class A		500		131,962
Meituan, Class B(a)(b)		6,710		128,095
Microport Cardioflow Medtech Corp.(a)(b)		217,000		62,866
Ping An Insurance Group Co. of China Ltd., Class A		9,800		72,403
Shanghai Jinjiang International Hotels Co. Ltd., Class A		8,459		59,015
StarPower Semiconductor Ltd., Class A		2,400		73,642
Tencent Holdings Ltd.		21,900		1,006,548
Wuliangye Yibin Co. Ltd., Class A		3,800		96,517
Yonyou Network Technology Co. Ltd., Class A		33,108		87,531
				4,120,154
France — 5.4%
Accor SA		8,949		337,664
BNP Paribas SA		33,482		2,208,064
Cie de Saint-Gobain		25,874		1,749,894
EssilorLuxottica SA		6,182		1,243,665
Kering SA		1,964		1,127,661
LVMH Moet Hennessy Louis Vuitton SE		1,559		1,447,948
Sanofi		8,964		956,320
TotalEnergies SE		9,226		560,539
Vinci SA		9,448		1,109,643
				10,741,398
Germany — 3.6%
Bayer AG, Registered Shares		16,992		993,750
Commerzbank AG		23,693		283,403
Mercedes-Benz Group AG, Registered Shares		15,346		1,225,576
SAP SE		16,455		2,244,652
SAP SE, ADR		1,101		150,122
Siemens AG, Registered Shares		13,813		2,354,318
				7,251,821

Security	Shares		Value
Hong Kong — 0.5%
AIA Group Ltd.		97,800	$	978,463
Israel — 0.6%
Nice Ltd., ADR(a)		5,264		1,146,762
Italy — 0.6%
Intesa Sanpaolo SpA		324,199		937,476
UniCredit SpA		7,693		194,544
				1,132,020
Japan — 6.3%
FANUC Corp.		50,200		1,535,740
Honda Motor Co. Ltd.		25,000		797,035
Hoya Corp.		6,578		766,069
Japan Airlines Co. Ltd.		62,400		1,350,998
Keyence Corp.		3,500		1,570,597
Kose Corp.		4,600		450,461
Mitsubishi UFJ Financial Group, Inc.		250,700		2,018,699
Mitsui & Co. Ltd.		17,900		698,638
SMC Corp.		2,000		1,045,126
Sysmex Corp.		15,900		1,076,670
Toyota Motor Corp.		68,600		1,153,423
				12,463,456
Netherlands — 4.4%
Adyen NV(a)(b)		463		859,335
ASML Holding NV		2,882		2,064,286
ING Groep NV, Series N		187,887		2,742,523
Shell PLC		73,919		2,273,813
Shell PLC, ADR		14,574		898,196
				8,838,153
South Korea — 0.5%
Amorepacific Corp.		3,093		273,194
SK Hynix, Inc.		8,025		777,181
				1,050,375
Spain — 1.1%
Cellnex Telecom SA(b)		51,121		2,087,734
Switzerland — 3.2%
Alcon, Inc.		17,707		1,506,717
Nestle SA, Registered Shares		26,555		3,253,496
Roche Holding AG		1,524		472,518
TE Connectivity Ltd.		8,106		1,163,130
				6,395,861
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		76,000		1,372,378
United Arab Emirates — 0.0%
NMC Health PLC(a)(c)		504		—
United Kingdom — 3.9%
AstraZeneca PLC		8,684		1,247,684
AstraZeneca PLC, ADR		6,694		479,960
BAE Systems PLC		116,552		1,393,851
Barclays PLC		210,871		418,434
Compass Group PLC		31,772		826,632
Genius Sports Ltd.(a)		7,645		59,937
Lloyds Banking Group PLC		255,242		147,465
RELX PLC		25,325		852,356
Unilever PLC		44,428		2,387,245
				7,813,564
United States — 54.2%
Abbott Laboratories		17,643		1,964,195

1

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

Security	Shares		Value
United States (continued)
AbbVie, Inc.		3,865	$	578,127
Advanced Micro Devices, Inc.(a)		6,500		743,600
Air Products and Chemicals, Inc.		5,262		1,606,646
Albemarle Corp.		4,475		949,953
Alphabet, Inc., Class C(a)		41,135		5,475,480
Amazon.com, Inc.(a)		35,374		4,728,796
American Tower Corp.		7,009		1,333,883
Apple, Inc.(d)		39,415		7,743,077
Applied Materials, Inc.		6,343		961,535
Aptiv PLC(a)		8,468		927,213
Archer-Daniels-Midland Co.		16,298		1,384,678
Atlas Energy Solutions, Inc., Class A		1,258		24,846
Ball Corp.		136		7,982
Boston Scientific Corp.(a)		38,736		2,008,460
Bunge Ltd.		9,098		988,680
California Resources Corp.		713		38,039
CF Industries Holdings, Inc.		12,778		1,048,818
Charter Communications, Inc., Class A(a)		1,988		805,518
Chesapeake Energy Corp.		562		47,399
Chipotle Mexican Grill, Inc.(a)		116		227,625
Chubb Ltd.		7,298		1,491,784
Citigroup, Inc.		200		9,532
Comcast Corp., Class A		19,542		884,471
ConocoPhillips		12,257		1,442,894
Costco Wholesale Corp.		2,504		1,403,918
Crowdstrike Holdings, Inc., Class A(a)		2,769		447,637
Crown Holdings, Inc.		79		7,328
Deere & Co.		2,014		865,214
Delta Air Lines, Inc.		14,055		650,184
Dexcom, Inc.(a)		4,128		514,184
Dynatrace, Inc.(a)		17,856		976,545
Edwards Lifesciences Corp.(a)		7,350		603,215
Element Solutions, Inc.		875		18,340
Eli Lilly & Co.		2,151		977,737
EQT Corp.		3,494		147,377
F5, Inc.(a)		6,388		1,010,837
Fortinet, Inc.(a)		8,172		635,128
Fortive Corp.		29,454		2,307,721
Freeport-McMoRan, Inc.		23,971		1,070,305
General Motors Co.		5,724		219,630
Green Plains, Inc.(a)		130		4,616
Halliburton Co.		798		31,186
Hilton Worldwide Holdings, Inc.		5,164		802,950
Humana, Inc.		4,536		2,072,181
Intuitive Surgical, Inc.(a)		2,419		784,724
Johnson & Johnson		9,270		1,553,003
JPMorgan Chase & Co.		8,958		1,415,006
Kenvue, Inc.(a)		27,785		657,949
KLA Corp.		798		410,132
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		10,256		325,115
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		9,575		304,772
Lockheed Martin Corp.		2,982		1,331,075
Lowe’s Cos., Inc.		591		138,454
LPL Financial Holdings, Inc.		8,937		2,049,790
LyondellBasell Industries NV, Class A		1,890		186,845
Marathon Petroleum Corp.		479		63,717
Marsh & McLennan Cos., Inc.		14,589		2,748,859
Masco Corp.		1,981		120,207
Mastercard, Inc., Class A		6,265		2,470,164

Security	Shares		Value
United States (continued)
McDonald’s Corp.		3,951	$	1,158,433
Merck & Co., Inc.		18,150		1,935,698
Micron Technology, Inc.		11,313		807,635
Microsoft Corp.(d)		24,860		8,350,971
Mirion Technologies, Inc.(a)		3,697		27,912
Morgan Stanley		933		85,425
Mr. Cooper Group, Inc.(a)		405		23,478
NextEra Energy, Inc.		26,210		1,921,193
Northrop Grumman Corp.		4,082		1,816,490
NVIDIA Corp.		3,097		1,447,197
Palo Alto Networks, Inc.(a)		2,695		673,642
Park Hotels & Resorts, Inc.		1,815		24,738
Peloton Interactive, Inc., Class A(a)		10,820		105,062
Pfizer, Inc.		16,373		590,410
Phillips 66		282		31,457
Progressive Corp.		6,328		797,201
Rockwell Automation, Inc.		1,507		506,789
Salesforce, Inc.(a)		6,272		1,411,263
Sarcos Technology & Robotics Corp.		20		35
Schlumberger NV		1,719		100,286
Sempra		16,392		2,442,736
Starbucks Corp.		8,415		854,712
Tesla, Inc.(a)		6,562		1,754,876
Texas Capital Bancshares, Inc.(a)		157		10,024
Thermo Fisher Scientific, Inc.		3,149		1,727,730
TJX Cos., Inc.		10,799		934,437
Transocean Ltd.(a)		7,339		64,583
United Airlines Holdings, Inc.(a)		5,659		307,340
United Parcel Service, Inc., Class B		7,799		1,459,427
UnitedHealth Group, Inc.		5,935		3,005,306
Valero Energy Corp.		8,900		1,147,299
Visa, Inc., Class A		1,645		391,066
Vulcan Materials Co.		4,157		916,619
Walmart, Inc.		6,582		1,052,199
Walt Disney Co.(a)		15,845		1,408,462
Wells Fargo & Co.		22,729		1,049,171
Zoetis, Inc.		2,696		507,091
Zscaler, Inc.(a)		2,140		343,213
				107,940,882
Total Common Stocks — 89.7% (Cost: $161,771,717)				178,585,270
	Par (000)
Corporate Bonds
United States — 0.0%
Stem, Inc., 0.50%, 12/01/28(b)(e)	$	1		616
Total Corporate Bonds — 0.0% (Cost: $1,000)				616

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 Dynamic Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
United States — 0.5%
iShares MSCI China ETF(f)		19,824	$	987,235
Total Investment Companies — 0.5% (Cost: $1,061,580)				987,235
Preferred Securities
Preferred Stocks — 0.3%
Germany — 0.3%
Dr Ing hc F Porsche AG(b)		4,176		510,653
Total Preferred Securities — 0.3% (Cost: $420,318)				510,653
Warrants
Israel — 0.0%
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)(a)		22		2
United States(a) — 0.0%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 03/03/26, Strike Price USD 11.50)		121		25
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)		60		37
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 11.50)		57		2
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)		107		2
Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50)		354		12
				78
Total Warrants — 0.0% (Cost: $1,487)				80
Total Long-Term Investments — 90.5% (Cost: $163,256,102)				180,083,854

Security	Shares		Value
Short-Term Securities
Money Market Funds — 7.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(f)(g)		15,509,903	$	15,509,903
Total Short-Term Securities — 7.8% (Cost: $15,509,903)				15,509,903
Options Purchased — 0.6% (Cost: $1,096,882)				1,262,868
Total Investments Before Options Written — 98.9% (Cost: $179,862,887)				196,856,625
Options Written — (0.2)% (Premiums Received: $(348,385))				(387,692	)
Total Investments, Net of Options Written — 98.7% (Cost: $179,514,502)				196,468,933
Other Assets Less Liabilities — 1.3%				2,580,989
Net Assets — 100.0%			$	199,049,922

^(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)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(e)  Convertible security.

^(f)  Affiliate of the Fund.

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

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	$	13,956,763	$	1,553,140	(a)	$	—	$	—	$	—	$	15,509,903		15,509,903	$	171,610	$	—
iShares MSCI China ETF		946,001		—			—		—		41,234		987,235		19,824		8,508		—
								$	—	$	41,234	$	16,497,138			$	180,118	$	—

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

3

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

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
NSE IFSC Nifty 50 Index		9		08/31/23	$	357	$	(1,789	)
S&P/TSE 60 Index		4		09/14/23		752		28,301
S&P 500 E-Mini Index		82		09/15/23		18,919		854,689
								881,201
Short Contracts
CAC 40 Index		8		08/18/23		661		(17,578	)
FTSE Taiwan Index		54		08/30/23		3,210		1,835
Nikkei 225 Yen-Denominated		32		09/07/23		3,741		(107,491	)
KOSPI 200 Index		34		09/14/23		2,316		(11,304	)
DAX Index		2		09/15/23		909		(16,255	)
FTSE 100 Index		21		09/15/23		2,073		(30,391	)
SPI 200 Index		3		09/21/23		372		(15,035	)
								(196,219	)
							$	684,982

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	509,168	USD	377,894	HSBC Bank PLC		09/20/23	$	8,492
CAD	1,301,295	USD	976,059	HSBC Bank PLC		09/20/23		11,438
CHF	1,588,812	USD	1,812,399	HSBC Bank PLC		09/20/23		18,931
USD	964,336	CNY	6,626,643	BNP Paribas SA		09/20/23		31,525
USD	7,515,348	EUR	6,799,269	BNP Paribas SA		09/20/23		21,742
USD	567,487	EUR	503,824	Deutsche Bank AG		09/20/23		12,213
USD	479,104	EUR	425,884	HSBC Bank PLC		09/20/23		9,729
USD	394,026	JPY	53,987,901	BNP Paribas SA		09/20/23		11,634
USD	505,382	JPY	70,755,051	Deutsche Bank AG		09/20/23		4,230
USD	516,152	JPY	72,857,416	Natwest Markets PLC		09/20/23		109
								130,043
AUD	2,723,159	USD	1,849,444	Barclays Bank PLC		09/20/23		(17,243	)
AUD	623,668	USD	424,512	HSBC Bank PLC		09/20/23		(4,895	)
DKK	3,345,160	USD	497,131	Bank of America N.A.		09/20/23		(2,116	)
JPY	513,190,022	USD	3,892,287	Bank of America N.A.		09/20/23		(257,404	)
SEK	6,212,713	USD	611,520	Bank of America N.A.		09/20/23		(19,922	)
USD	719,335	CHF	641,464	Royal Bank of Canada		09/20/23		(20,043	)
USD	854,421	EUR	782,808	HSBC Bank PLC		09/20/23		(8,327	)
USD	756,067	GBP	597,810	Morgan Stanley & Co. International PLC		09/20/23		(11,292	)
USD	534,488	HKD	4,180,678	Bank of America N.A.		09/20/23		(1,775	)
USD	601,252	HKD	4,692,471	UBS AG		09/20/23		(659	)
USD	941,547	JPY	134,721,828	Royal Bank of Canada		09/20/23		(12,677	)
USD	480,588	KRW	629,574,616	UBS AG		09/20/23		(13,490	)
								(369,843	)
							$	(239,800	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Advanced Micro Devices, Inc.		39		08/18/23	USD	130.00	USD	446	$	6,727
Alibaba Group Holding Ltd.		23		08/18/23	USD	100.00	USD	235		13,455
Alphabet Inc., Class C		91		08/18/23	USD	130.00	USD	1,211		43,452

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 Dynamic Equity Fund

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Alphabet Inc., Class C		40		08/18/23	USD	125.00	USD	532	$	32,100
Amazon.com, Inc.		88		08/18/23	USD	135.00	USD	1,176		44,000
Apple, Inc.		37		08/18/23	USD	190.00	USD	727		32,282
Apple, Inc.		22		08/18/23	USD	200.00	USD	432		6,413
Applied Materials, Inc.		14		08/18/23	USD	145.00	USD	212		13,055
Boston Scientific Corp.		39		08/18/23	USD	57.50	USD	202		878
Boston Scientific Corp.		39		08/18/23	USD	55.00	USD	202		488
ConocoPhillips		42		08/18/23	USD	110.00	USD	494		35,280
D.R. Horton, Inc.		26		08/18/23	USD	125.00	USD	330		10,660
D.R. Horton, Inc.		13		08/18/23	USD	130.00	USD	165		2,113
Delta Air Lines, Inc.		89		08/18/23	USD	48.00	USD	412		4,495
Freeport-McMoRan, Inc.		40		08/18/23	USD	40.00	USD	179		19,600
Freeport-McMoRan, Inc.		67		08/18/23	USD	39.00	USD	299		39,027
General Motors Co.		52		08/18/23	USD	41.00	USD	200		832
Humana, Inc.		15		08/18/23	USD	465.00	USD	685		15,825
Lenar Corp., Class A		27		08/18/23	USD	135.00	USD	342		1,148
Micron Technology, Inc.		50		08/18/23	USD	72.50	USD	357		8,425
Microsoft Corp.		11		08/18/23	USD	330.00	USD	370		11,852
Microsoft Corp.		12		08/18/23	USD	340.00	USD	403		6,540
Microsoft Corp.		40		08/18/23	USD	355.00	USD	1,344		6,080
NVIDIA Corp.		6		08/18/23	USD	420.00	USD	280		30,855
NVIDIA Corp.		5		08/18/23	USD	435.00	USD	234		19,387
salesforce.com, Inc.		9		08/18/23	USD	220.00	USD	203		7,627
Shell plc, ADR		63		08/18/23	USD	62.50	USD	388		3,150
Starbucks Corp.		20		08/18/23	USD	100.00	USD	203		7,800
Tesla, Inc.		19		08/18/23	USD	310.00	USD	508		1,976
Tesla, Inc.		7		08/18/23	USD	295.00	USD	187		1,652
Toll Brothers Inc.		26		08/18/23	USD	80.00	USD	209		5,980
Toll Brothers Inc.		18		08/18/23	USD	85.00	USD	145		900
United Airlines Holdings, Inc.		89		08/18/23	USD	57.50	USD	483		4,494
UnitedHealth Group, Inc.		6		08/18/23	USD	480.00	USD	304		17,445
Valero Energy Corp.		17		08/18/23	USD	120.00	USD	219		15,385
Walt Disney Co.		22		08/18/23	USD	95.00	USD	196		2,552
D.R. Horton, Inc.		22		08/25/23	USD	120.00	USD	279		18,370
Lenar Corp., Class A		22		08/25/23	USD	125.00	USD	279		10,230
Advanced Micro Devices, Inc.		35		09/15/23	USD	130.00	USD	400		4,170
Advanced Micro Devices, Inc.		12		09/15/23	USD	115.00	USD	137		9,930
Alibaba Group Holding Ltd.		34		09/15/23	USD	100.00	USD	347		27,115
Alphabet Inc., Class C		47		09/15/23	USD	130.00	USD	626		30,550
Alphabet Inc., Class C		42		09/15/23	USD	125.00	USD	559		44,625
Amazon.com, Inc.		39		09/15/23	USD	145.00	USD	521		12,285
Amazon.com, Inc.		38		09/15/23	USD	135.00	USD	508		25,650
Apple, Inc.		49		09/15/23	USD	195.00	USD	963		36,750
Apple, Inc.		55		09/15/23	USD	205.00	USD	1,080		15,867
Apple, Inc.		24		09/15/23	USD	200.00	USD	471		11,580
Applied Materials, Inc.		14		09/15/23	USD	140.00	USD	212		21,210
Archer-Daniels-Midland Co.		29		09/15/23	USD	82.50	USD	246		11,310
Edwards Lifesciences Corp.		24		09/15/23	USD	85.00	USD	197		3,840
Humana, Inc.		9		09/15/23	USD	450.00	USD	411		20,745
Humana, Inc.		2		09/15/23	USD	460.00	USD	91		3,470
JPMorgan Chase & Co.		70		09/15/23	USD	160.00	USD	1,106		22,750
Microsoft Corp.		32		09/15/23	USD	365.00	USD	1,075		9,360
Microsoft Corp.		7		09/15/23	USD	355.00	USD	235		3,465
NVIDIA Corp.		31		09/15/23	USD	430.00	USD	1,449		183,055
NVIDIA Corp.		12		09/15/23	USD	500.00	USD	561		30,420
NVIDIA Corp.		2		09/15/23	USD	485.00	USD	93		6,170
NVIDIA Corp.		2		09/15/23	USD	480.00	USD	93		6,585
Pfizer, Inc.		70		09/15/23	USD	42.50	USD	252		455
Pfizer, Inc.		62		09/15/23	USD	40.00	USD	224		1,147
salesforce.com, Inc.		5		09/15/23	USD	230.00	USD	113		4,463
salesforce.com, Inc.		5		09/15/23	USD	240.00	USD	113		2,638
Starbucks Corp.		11		09/15/23	USD	105.00	USD	112		2,431

5

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

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Tesla, Inc.		14		09/15/23	USD	290.00	USD	374	$	11,935
Tesla, Inc.		4		09/15/23	USD	280.00	USD	107		4,700
Tesla, Inc.		4		09/15/23	USD	275.00	USD	107		5,490
Toll Brothers Inc.		22		09/15/23	USD	80.00	USD	177		9,020
Valero Energy Corp.		44		09/15/23	USD	125.00	USD	567		33,000
Valero Energy Corp.		9		09/15/23	USD	120.00	USD	116		9,922
Walt Disney Co.		12		09/15/23	USD	90.00	USD	107		4,470
Bunge Ltd.		22		10/20/23	USD	105.00	USD	239		16,280
NVIDIA Corp.		11		12/15/23	USD	440.00	USD	514		82,307
Pfizer, Inc.		59		01/19/24	USD	47.00	USD	213		797
Pfizer, Inc.		97		01/19/24	USD	50.00	USD	350		825
										1,233,312
Put
Alphabet Inc., Class C		51		08/18/23	USD	120.00	USD	679		791
Amazon.com, Inc.		42		08/18/23	USD	120.00	USD	561		3,864
Apple, Inc.		42		08/18/23	USD	180.00	USD	825		2,205
Microsoft Corp.		19		08/18/23	USD	325.00	USD	638		5,206
NVIDIA Corp.		7		08/18/23	USD	380.00	USD	327		308
Walt Disney Co.		35		08/18/23	USD	82.00	USD	311		2,363
										14,737
									$	1,248,049

OTC Options Purchased

Description

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Notional  Amount (000)

Value

Call

TOPIX Banks Index

BNP Paribas SA

53,383

11/10/23

JPY

239.44

JPY

12,858

$

3,934

TOPIX Banks Index

Goldman Sachs International

88,935

11/10/23

JPY

239.30

JPY

21,421

7,782

TOPIX Banks Index

JPMorgan Chase Bank N.A.

35,624

11/10/23

JPY

239.43

JPY

8,580

3,103

$

14,819

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Alibaba Group Holding Ltd.		23		08/18/23	USD	110.00	USD	235	$	(4,738	)
Alphabet Inc., Class C		81		08/18/23	USD	135.00	USD	1,078		(16,038	)
Amazon.com, Inc.		72		08/18/23	USD	145.00	USD	962		(13,356	)
Apple, Inc.		45		08/18/23	USD	210.00	USD	884		(2,678	)
Applied Materials, Inc.		28		08/18/23	USD	160.00	USD	424		(5,880	)
Delta Air Lines, Inc.		89		08/18/23	USD	55.00	USD	412		(223	)
DexCom, Inc.		7		08/18/23	USD	140.00	USD	87		(245	)
Freeport-McMoRan, Inc.		67		08/18/23	USD	45.00	USD	299		(8,341	)
General Motors Co.		104		08/18/23	USD	45.00	USD	399		(156	)
Humana, Inc.		9		08/18/23	USD	495.00	USD	411		(2,880	)
NVIDIA Corp.		9		08/18/23	USD	485.00	USD	421		(10,012	)
salesforce.com, Inc.		19		08/18/23	USD	240.00	USD	428		(1,900	)
Starbucks Corp.		41		08/18/23	USD	110.00	USD	416		(2,235	)
Tesla, Inc.		14		08/18/23	USD	325.00	USD	374		(728	)
Tesla, Inc.		19		08/18/23	USD	340.00	USD	508		(542	)
United Airlines Holdings, Inc.		89		08/18/23	USD	65.00	USD	483		(312	)
Valero Energy Corp.		34		08/18/23	USD	130.00	USD	438		(8,670	)
Walt Disney Co.		45		08/18/23	USD	100.00	USD	400		(2,205	)
D.R. Horton, Inc.		22		08/25/23	USD	130.00	USD	279		(4,785	)
Lenar Corp., Class A		22		08/25/23	USD	135.00	USD	279		(1,760	)
Albemarle Corp.		9		09/15/23	USD	240.00	USD	191		(3,510	)

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 Dynamic Equity Fund

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Alibaba Group Holding Ltd.		34		09/15/23	USD	115.00	USD	347	$	(9,282	)
Alphabet Inc., Class C		70		09/15/23	USD	140.00	USD	932		(15,750	)
Alphabet Inc., Class C		84		09/15/23	USD	135.00	USD	1,118		(34,020	)
Amazon.com, Inc.		54		09/15/23	USD	160.00	USD	722		(4,752	)
Amazon.com, Inc.		74		09/15/23	USD	150.00	USD	989		(15,318	)
Apple, Inc.		55		09/15/23	USD	220.00	USD	1,080		(2,448	)
Apple, Inc.		46		09/15/23	USD	210.00	USD	904		(7,291	)
Applied Materials, Inc.		30		09/15/23	USD	150.00	USD	455		(25,500	)
CF Industries Holdings, Inc.		13		09/15/23	USD	90.00	USD	107		(1,853	)
Humana, Inc.		5		09/15/23	USD	490.00	USD	228		(3,350	)
JPMorgan Chase & Co.		70		09/15/23	USD	170.00	USD	1,106		(3,430	)
KLA Corp.		7		09/15/23	USD	550.00	USD	360		(7,315	)
Micron Technology, Inc.		24		09/15/23	USD	80.00	USD	171		(2,076	)
NVIDIA Corp.		12		09/15/23	USD	600.00	USD	561		(7,620	)
NVIDIA Corp.		5		09/15/23	USD	560.00	USD	234		(5,562	)
NVIDIA Corp.		5		09/15/23	USD	550.00	USD	234		(6,387	)
salesforce.com, Inc.		10		09/15/23	USD	260.00	USD	225		(1,715	)
salesforce.com, Inc.		10		09/15/23	USD	250.00	USD	225		(3,025	)
Starbucks Corp.		21		09/15/23	USD	110.00	USD	213		(1,901	)
Tesla, Inc.		21		09/15/23	USD	340.00	USD	562		(3,696	)
Tesla, Inc.		7		09/15/23	USD	310.00	USD	187		(3,097	)
Tesla, Inc.		7		09/15/23	USD	305.00	USD	187		(3,640	)
Toll Brothers Inc.		22		09/15/23	USD	90.00	USD	177		(1,595	)
Valero Energy Corp.		18		09/15/23	USD	130.00	USD	232		(8,595	)
Walt Disney Co.		23		09/15/23	USD	95.00	USD	204		(4,473	)
Bunge Ltd.		22		10/20/23	USD	120.00	USD	239		(2,970	)
NVIDIA Corp.		11		12/15/23	USD	530.00	USD	514		(41,470	)
										(319,325	)
Put
Alphabet Inc., Class C		51		08/18/23	USD	110.00	USD	679		(281	)
Tesla, Inc.		19		08/18/23	USD	255.00	USD	508		(8,930	)
Toll Brothers Inc.		26		08/18/23	USD	65.00	USD	209		(1,950	)
Toll Brothers Inc.		18		08/18/23	USD	70.00	USD	145		(315	)
United Airlines Holdings, Inc.		66		08/18/23	USD	50.00	USD	358		(1,980	)
Walt Disney Co.		35		08/18/23	USD	75.00	USD	311		(420	)
Albemarle Corp.		9		09/15/23	USD	180.00	USD	191		(2,340	)
Alibaba Group Holding Ltd.		34		09/15/23	USD	80.00	USD	347		(1,564	)
Apple, Inc.		41		09/15/23	USD	175.00	USD	805		(3,485	)
Microsoft Corp.		17		09/15/23	USD	300.00	USD	571		(3,119	)
NVIDIA Corp.		12		09/15/23	USD	400.00	USD	561		(12,180	)
Pfizer, Inc.		132		09/15/23	USD	35.00	USD	476		(8,382	)
Tesla, Inc.		21		09/15/23	USD	220.00	USD	562		(5,071	)
Toll Brothers Inc.		13		09/15/23	USD	70.00	USD	104		(1,040	)
Valero Energy Corp.		44		09/15/23	USD	105.00	USD	567		(1,518	)
Bunge Ltd.		22		10/20/23	USD	90.00	USD	239		(5,005	)
NVIDIA Corp.		11		12/15/23	USD	310.00	USD	514		(5,307	)
										(62,887	)
									$	(382,212	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
TOPIX Banks Index	BNP Paribas SA		53,383		11/10/23		JPY	262.25		JPY	12,858	$	(1,087	)
TOPIX Banks Index	Goldman Sachs International		88,935		11/10/23		JPY	262.09		JPY	21,421		(3,142	)
TOPIX Banks Index	JPMorgan Chase Bank N.A.		35,624		11/10/23		JPY	262.23		JPY	8,580		(1,251	)
												$	(5,480	)

7

Schedule of Investments (unaudited) (continued) July 31, 2023 BlackRock GA Dynamic 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 Short	Monthly	JPMorgan Chase Bank N.A.(b)		02/08/24	$	(1,065,195	)	$	(82,265	)(c)	$	(1,149,051	)		0.5	%

^(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 $1,591 of net dividends and financing fees.

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

		(b)
Range:		15-120 basis points
Benchmarks:		USD - 1D Overnight Bank Funding Rate (OBFR01)

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 02/08/24:

Security	Shares			Value			% of Basket Value
Reference Entity — Short
Common Stocks
France
Pernod Ricard SA		(238	)	$	(52,472	)		4.6	%
United States
Bank of America Corp.		(279	)		(8,928	)		0.8
Bank of Hawaii Corp.		(209	)		(11,940	)		1.0
BankUnited, Inc.		(444	)		(13,249	)		1.1
Banner Corp.		(158	)		(7,522	)		0.7
Charles Schwab Corp.		(310	)		(20,491	)		1.8
Cloudflare, Inc., Class A		(4,364	)		(300,112	)		26.1
Community Bank System, Inc.		(319	)		(17,172	)		1.5
Cullen/Frost Bankers, Inc.		(85	)		(9,229	)		0.8
FB Financial Corp.		(282	)		(9,989	)		0.9
Glacier Bancorp, Inc.		(257	)		(8,404	)		0.7
Hope Bancorp, Inc.		(300	)		(3,258	)		0.3

Security	Shares			Value			% of Basket Value
United States (continued)
Huntington Bancshares, Inc./OH		(1,535	)	$	(18,788	)		1.6	%
Independent Bank Group, Inc.		(200	)		(8,974	)		0.8
J M Smucker Co.		(25	)		(3,766	)		0.3
OceanFirst Financial Corp.		(272	)		(5,067	)		0.4
Pacific Premier Bancorp, Inc.		(411	)		(10,497	)		0.9
Palantir Technologies, Inc.		(12,266	)		(243,358	)		21.2
Prosperity Bancshares, Inc.		(122	)		(7,725	)		0.7
Simmons First National Corp., Class A		(400	)		(8,076	)		0.7
Snowflake, Inc.		(1,683	)		(299,086	)		26.0
Truist Financial Corp.		(529	)		(17,573	)		1.5
UMB Financial Corp.		(129	)		(9,159	)		0.8
Valley National Bancorp		(1,071	)		(10,989	)		1.0
Washington Federal, Inc.		(288	)		(8,940	)		0.8
Western Alliance Bancorp		(593	)		(30,806	)		2.7
Zions Bancorp NA		(91	)		(3,481	)		0.3
					(1,096,579	)
Net Value of Reference Entity — JPMorgan Chase Bank N.A.				$	(1,149,051	)

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

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 Dynamic Equity Fund

Fair Value Hierarchy as of Period End (continued)

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 Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—		$	1,202,756		$	—	$	1,202,756
Canada		4,049,493			—			—		4,049,493
China		—			4,120,154			—		4,120,154
France		—			10,741,398			—		10,741,398
Germany		150,122			7,101,699			—		7,251,821
Hong Kong		—			978,463			—		978,463
Israel		1,146,762			—			—		1,146,762
Italy		—			1,132,020			—		1,132,020
Japan		—			12,463,456			—		12,463,456
Netherlands		898,196			7,939,957			—		8,838,153
South Korea		—			1,050,375			—		1,050,375
Spain		—			2,087,734			—		2,087,734
Switzerland		1,163,130			5,232,731			—		6,395,861
Taiwan		—			1,372,378			—		1,372,378
United Arab Emirates		—			—			—		—
United Kingdom		539,897			7,273,667			—		7,813,564
United States		107,940,882			—			—		107,940,882
Corporate Bonds		—			616			—		616
Investment Companies		987,235			—			—		987,235
Preferred Securities
Preferred Stocks		—			510,653			—		510,653
Warrants		80			—			—		80
Short-Term Securities
Money Market Funds		15,509,903			—			—		15,509,903
Options Purchased
Equity Contracts		1,248,049			14,819			—		1,262,868
	$	133,633,749		$	63,222,876		$	—	$	196,856,625
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	882,990		$	1,835		$	—	$	884,825
Foreign Currency Exchange Contracts		—			130,043			—		130,043
Liabilities
Equity Contracts		(491,492	)		(178,308	)		—		(669,800	)
Foreign Currency Exchange Contracts		—			(369,843	)		—		(369,843	)
	$	391,498		$	(416,273	)	$	—	$	(24,775	)

^(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.

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan

Currency Abbreviation (continued)
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar

9

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

Currency Abbreviation (continued)
JPY	Japanese Yen
KRW	South Korean Won
SEK	Swedish Krona
USD	United States Dollar

  

Portfolio Abbreviation
ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s

S C H E D U L E  O F I N V E S T M E N T S 10