Schedule of Investments (unaudited) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks — 95.5% |
| |||||||
Australia — 1.2% | ||||||||
Newcrest Mining Ltd. | 2,834 | $ | 56,737 | |||||
Woolworths Group Ltd. | 413 | 11,470 | ||||||
|
| |||||||
68,207 | ||||||||
Belgium — 1.1% | ||||||||
Colruyt SA | 728 | 36,453 | ||||||
Telenet Group Holding NV | 556 | 25,852 | ||||||
|
| |||||||
62,305 | ||||||||
Brazil — 0.5% | ||||||||
BB Seguridade Participacoes SA | 100 | 812 | ||||||
Petrobras Distribuidora SA | 4,400 | 29,590 | ||||||
|
| |||||||
30,402 | ||||||||
Canada — 4.6% | ||||||||
Agnico Eagle Mines Ltd. | 571 | 35,294 | ||||||
Barrick Gold Corp. | 737 | 13,650 | ||||||
Empire Co. Ltd., Class A | 1,320 | 30,621 | ||||||
Fairfax Financial Holdings Ltd. | 51 | 22,821 | ||||||
Franco-Nevada Corp. | 299 | 33,987 | ||||||
Intact Financial Corp. | 40 | 4,333 | ||||||
Kinross Gold Corp.(a) | 2,153 | 10,916 | ||||||
Kirkland Lake Gold Ltd. | 330 | 13,533 | ||||||
Loblaw Cos. Ltd. | 154 | 8,057 | ||||||
RioCan Real Estate Investment Trust | 2,626 | 53,893 | ||||||
Rogers Communications, Inc., Class B | 15 | 751 | ||||||
Thomson Reuters Corp. | 381 | 30,629 | ||||||
Wheaton Precious Metals Corp. | 364 | 10,716 | ||||||
|
| |||||||
269,201 | ||||||||
China — 2.6% | ||||||||
Agricultural Bank of China Ltd., Class H | 77,000 | 29,728 | ||||||
Bank of Communications Co. Ltd., Class H | 17,000 | 10,890 | ||||||
China Mobile Ltd. | 6,000 | 49,318 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 13,500 | 11,295 | ||||||
China Telecom Corp. Ltd., Class H | 38,000 | 14,785 | ||||||
China Unicom Hong Kong Ltd. | 2,000 | 1,669 | ||||||
Lenovo Group Ltd. | 10,000 | 6,525 | ||||||
NetEase, Inc. — ADR | 24 | 7,698 | ||||||
Shenzhen International Holdings Ltd. | 9,000 | 17,978 | ||||||
TAL Education Group — ADR(a) | 37 | 1,846 | ||||||
|
| |||||||
151,732 | ||||||||
Denmark — 1.0% | ||||||||
Carlsberg A/S, Class B | 49 | 7,156 | ||||||
Coloplast A/S, Class B | 61 | 7,691 | ||||||
Novo Nordisk A/S, Class B | 28 | 1,704 |
Security | Shares | Value | ||||||
Denmark (continued) | ||||||||
Tryg A/S | 1,480 | $ | 44,844 | |||||
|
| |||||||
61,395 | ||||||||
Finland — 0.3% | ||||||||
Nokia OYJ(a) | 3,853 | 14,999 | ||||||
|
| |||||||
France — 1.7% | ||||||||
Cie de Saint-Gobain | 248 | 9,356 | ||||||
Danone SA | 155 | 12,404 | ||||||
Eiffage SA | 69 | 7,998 | ||||||
EssilorLuxottica SA | 37 | 5,478 | ||||||
Eurazeo SE | 77 | 5,511 | ||||||
Orange SA | 3,021 | 42,705 | ||||||
Sanofi | 123 | 11,862 | ||||||
Sodexo SA | 50 | 5,235 | ||||||
|
| |||||||
100,549 | ||||||||
Germany — 1.4% | ||||||||
Deutsche Telekom AG, Registered Shares | 654 | 10,592 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares | 28 | 8,255 | ||||||
Siemens AG, Registered Shares | 46 | 5,674 | ||||||
TeamViewer AG(a) | 250 | 8,904 | ||||||
Telefonica Deutschland Holding AG | 13,324 | 40,385 | ||||||
Vonovia SE | 170 | 9,703 | ||||||
|
| |||||||
83,513 | ||||||||
Hong Kong — 2.4% | ||||||||
CLP Holdings Ltd. | 2,500 | 25,999 | ||||||
HKT Trust & HKT Ltd.(c) | 25,000 | 37,318 | ||||||
Link REIT | 2,000 | 20,225 | ||||||
Power Assets Holdings Ltd. | 7,500 | 54,146 | ||||||
Yue Yuen Industrial Holdings Ltd. | 500 | 1,390 | ||||||
|
| |||||||
139,078 | ||||||||
Italy — 0.1% | ||||||||
Assicurazioni Generali SpA | 137 | 2,670 | ||||||
Snam SpA | 1,124 | 6,024 | ||||||
|
| |||||||
8,694 | ||||||||
Japan — 10.9% | ||||||||
ABC-Mart, Inc. | 100 | 6,416 | ||||||
Ajinomoto Co., Inc. | 1,800 | 29,646 | ||||||
Astellas Pharma, Inc. | 300 | 5,301 | ||||||
East Japan Railway Co. | 100 | 8,805 | ||||||
FUJIFILM Holdings Corp. | 700 | 34,765 | ||||||
Hankyu Hanshin Holdings, Inc. | 200 | 8,114 | ||||||
Japan Post Holdings Co. Ltd. | 5,100 | 46,393 | ||||||
Japan Prime Realty Investment Corp. | 4 | 18,505 | ||||||
Japan Real Estate Investment Corp. | 4 | 29,209 | ||||||
Japan Retail Fund Investment Corp. | 4 | 8,559 | ||||||
KDDI Corp. | 300 | 9,066 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 900 | 42,778 | ||||||
MEIJI Holdings Co. Ltd. | 200 | 14,075 |
1 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Mitsubishi Estate Co. Ltd. | 500 | $ | 9,792 | |||||
NEC Corp. | 1,300 | 57,867 | ||||||
Nippon Building Fund, Inc. | 3 | 24,302 | ||||||
Nippon Telegraph & Telephone Corp. | 1,200 | 30,597 | ||||||
Nissan Motor Co. Ltd. | 100 | 543 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 22,518 | ||||||
Nomura Real Estate Master Fund, Inc. | 4 | 7,044 | ||||||
Nomura Research Institute Ltd. | 400 | 8,802 | ||||||
NTT Data Corp. | 1,300 | 18,261 | ||||||
NTT DOCOMO, Inc. | 1,000 | 28,412 | ||||||
Sankyo Co. Ltd. | 1,300 | 43,675 | ||||||
Secom Co. Ltd. | 300 | 26,326 | ||||||
Seven & i Holdings Co. Ltd. | 800 | 30,675 | ||||||
Shimamura Co. Ltd. | 100 | 7,513 | ||||||
Suntory Beverage & Food Ltd. | 200 | 8,468 | ||||||
United Urban Investment Corp. | 8 | 14,346 | ||||||
West Japan Railway Co. | 200 | 16,922 | ||||||
Yamada Denki Co. Ltd. | 4,800 | 24,193 | ||||||
|
| |||||||
641,888 | ||||||||
Netherlands — 0.8% | ||||||||
Koninklijke Ahold Delhaize NV | 1,877 | 46,064 | ||||||
|
| |||||||
Singapore — 0.9% | ||||||||
CapitaLand Commercial Trust | 4,600 | 6,923 | ||||||
CapitaLand Mall Trust | 5,000 | 9,192 | ||||||
SATS Ltd. | 8,900 | 29,624 | ||||||
United Overseas Bank Ltd. | 400 | 7,461 | ||||||
|
| |||||||
53,200 | ||||||||
South Korea — 1.4% | ||||||||
DB Insurance Co. Ltd. | 383 | 13,556 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 573 | 10,511 | ||||||
KT&G Corp. | 366 | 29,084 | ||||||
SK Telecom Co. Ltd. | 138 | 26,436 | ||||||
|
| |||||||
79,587 | ||||||||
Sweden — 0.5% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,590 | 28,226 | ||||||
Telia Co. AB | 748 | 3,199 | ||||||
|
| |||||||
31,425 | ||||||||
Switzerland — 4.6% | ||||||||
Cie Financiere Richemont SA, Registered Shares | 39 | 2,832 | ||||||
Kuehne + Nagel International AG, Registered Shares | 5 | 808 | ||||||
Nestle SA, Registered Shares | 1,018 | 112,278 | ||||||
Novartis AG, Registered Shares | 169 | 15,965 | ||||||
Roche Holding AG | 57 | 19,122 | ||||||
Sonova Holding AG, Registered Shares | 31 | 7,774 | ||||||
Swiss Prime Site AG, Registered Shares(a) | 194 | 23,684 |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Swiss Re AG | 791 | $ | 89,319 | |||||
|
| |||||||
271,782 | ||||||||
Taiwan — 3.4% | ||||||||
Chang Hwa Commercial Bank Ltd. | 12,240 | 8,670 | ||||||
Chicony Electronics Co. Ltd. | 5,000 | 14,079 | ||||||
China Development Financial Holding Corp. | 60,000 | 18,356 | ||||||
Chunghwa Telecom Co. Ltd. | 10,000 | 35,726 | ||||||
CTBC Financial Holding Co. Ltd. | 3,000 | 2,176 | ||||||
Lite-On Technology Corp. | 12,000 | 18,590 | ||||||
Mega Financial Holding Co. Ltd. | 6,000 | 6,234 | ||||||
Quanta Computer, Inc. | 3,000 | 6,091 | ||||||
Synnex Technology International Corp. | 27,000 | 33,320 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 70,040 | 48,014 | ||||||
Taiwan Mobile Co. Ltd. | 2,000 | 7,084 | ||||||
WPG Holdings Ltd. | 3,000 | 3,761 | ||||||
|
| |||||||
202,101 | ||||||||
United Kingdom — 1.4% | ||||||||
AstraZeneca PLC | 114 | 11,152 | ||||||
Berkeley Group Holdings PLC | 160 | 11,071 | ||||||
Coca-Cola European Partners PLC | 771 | 40,562 | ||||||
GlaxoSmithKline PLC | 458 | 10,754 | ||||||
Vodafone Group PLC | 4,173 | 8,199 | ||||||
|
| |||||||
81,738 | ||||||||
United States — 54.7% | ||||||||
Abbott Laboratories | 332 | 28,930 | ||||||
Adobe, Inc.(a) | 17 | 5,969 | ||||||
Air Products & Chemicals, Inc. | 44 | 10,503 | ||||||
Alleghany Corp.(a) | 5 | 3,988 | ||||||
Allstate Corp. | 444 | 52,632 | ||||||
Alphabet, Inc., Class C(a) | 5 | 7,171 | ||||||
Altair Engineering, Inc., Class A(a) | 160 | 5,912 | ||||||
Altria Group, Inc. | 368 | 17,491 | ||||||
Amazon.com, Inc.(a) | 8 | 16,070 | ||||||
Ameren Corp. | 6 | 492 | ||||||
American Electric Power Co., Inc. | 595 | 62,011 | ||||||
American Tower Corp. | 44 | 10,197 | ||||||
American Water Works Co., Inc. | 128 | 17,434 | ||||||
Amgen, Inc. | 43 | 9,290 | ||||||
Anthem, Inc. | 119 | 31,568 | ||||||
Aon PLC | 16 | 3,524 | ||||||
Applied Materials, Inc. | 369 | 21,398 | ||||||
AutoZone, Inc.(a) | 52 | 55,014 | ||||||
AvalonBay Communities, Inc. | 274 | 59,373 | ||||||
Baxter International, Inc. | 117 | 10,439 | ||||||
Berkshire Hathaway, Inc., Class B(a) | 105 | 23,565 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 42 | 3,507 | ||||||
Booz Allen Hamilton Holding Corp. | 502 | 39,176 | ||||||
Boston Scientific Corp.(a) | 174 | 7,285 | ||||||
Bristol-Myers Squibb Co. | 869 | 54,704 | ||||||
Broadridge Financial Solutions, Inc. | 66 | 7,864 |
2 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
C.H. Robinson Worldwide, Inc. | 307 | $ | 22,172 | |||||
Cadence Design Systems, Inc.(a) | 37 | 2,668 | ||||||
Cboe Global Markets, Inc. | 338 | 41,648 | ||||||
Charter Communications, Inc., Class A(a) | 28 | 14,489 | ||||||
Church & Dwight Co., Inc. | 375 | 27,832 | ||||||
Cisco Systems, Inc. | 269 | 12,366 | ||||||
Citrix Systems, Inc. | 461 | 55,882 | ||||||
Cognizant Technology Solutions Corp., Class A | 25 | 1,534 | ||||||
Colgate-Palmolive Co. | 952 | 70,239 | ||||||
Comcast Corp., Class A | 727 | 31,399 | ||||||
Consolidated Edison, Inc. | 166 | 15,604 | ||||||
Cummins, Inc. | 27 | 4,319 | ||||||
Darden Restaurants, Inc. | 107 | 12,458 | ||||||
DocuSign, Inc.(a) | 103 | 8,087 | ||||||
Dollar General Corp. | 226 | 34,671 | ||||||
Dollar Tree, Inc.(a) | 65 | 5,660 | ||||||
DTE Energy Co. | 448 | 59,409 | ||||||
Duke Energy Corp. | 195 | 19,038 | ||||||
Duke Realty Corp. | 735 | 26,688 | ||||||
Edwards Lifesciences Corp.(a) | 19 | 4,177 | ||||||
Eli Lilly & Co. | 45 | 6,284 | ||||||
Essex Property Trust, Inc. | 2 | 620 | ||||||
Evergy, Inc. | 171 | 12,339 | ||||||
Exelon Corp. | 145 | 6,901 | ||||||
Extra Space Storage, Inc. | 109 | 12,064 | ||||||
Exxon Mobil Corp. | 87 | 5,404 | ||||||
Facebook, Inc., Class A(a) | 69 | 13,932 | ||||||
Fair Isaac Corp.(a) | 7 | 2,817 | ||||||
Ferguson PLC | 90 | 8,082 | ||||||
Fidelity National Financial, Inc. | 438 | 21,352 | ||||||
Fortune Brands Home & Security, Inc. | 96 | 6,596 | ||||||
Global Payments, Inc. | 41 | 8,013 | ||||||
Hartford Financial Services Group, Inc. | 198 | 11,737 | ||||||
Henry Schein, Inc.(a) | 199 | 13,719 | ||||||
Hershey Co. | 172 | 26,689 | ||||||
Home Depot, Inc. | 94 | 21,441 | ||||||
Incyte Corp.(a) | 140 | 10,230 | ||||||
Intel Corp. | 377 | 24,102 | ||||||
Intercontinental Exchange, Inc. | 242 | 24,137 | ||||||
International Business Machines Corp. | 73 | 10,492 | ||||||
Intuit, Inc. | 174 | 48,786 | ||||||
J.M. Smucker Co. | 111 | 11,501 | ||||||
Johnson & Johnson | 442 | 65,801 | ||||||
Kimberly-Clark Corp. | 284 | 40,680 | ||||||
L3Harris Technologies, Inc. | 154 | 34,085 | ||||||
Liberty Broadband Corp., Class C(a) | 39 | 5,184 | ||||||
Lockheed Martin Corp. | 83 | 35,534 | ||||||
Lowe’s Cos., Inc. | 108 | 12,554 | ||||||
Madrigal Pharmaceuticals, Inc.(a) | 37 | 3,072 | ||||||
Marsh & McLennan Cos., Inc. | 116 | 12,976 | ||||||
Masco Corp. | 259 | 12,308 | ||||||
Mastercard, Inc., Class A | 36 | 11,374 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
McDonald’s Corp. | 263 | $ | 56,274 | |||||
Medtronic PLC | 542 | 62,568 | ||||||
Merck & Co., Inc. | 1,056 | 90,225 | ||||||
Micron Technology, Inc.(a) | 515 | 27,341 | ||||||
Microsoft Corp. | 317 | 53,963 | ||||||
Mid-America Apartment Communities, Inc. | 160 | 21,954 | ||||||
Mondelez International, Inc., Class A | 120 | 6,886 | ||||||
Motorola Solutions, Inc. | 317 | 56,109 | ||||||
Neurocrine Biosciences, Inc.(a) | 57 | 5,705 | ||||||
Newmont Corp. | 1,237 | 55,739 | ||||||
NextEra Energy, Inc. | 95 | 25,479 | ||||||
O’Reilly Automotive, Inc.(a) | 15 | 6,091 | ||||||
Omnicom Group, Inc. | 52 | 3,916 | ||||||
Oracle Corp. | 1,049 | 55,020 | ||||||
Paychex, Inc. | 55 | 4,717 | ||||||
PayPal Holdings, Inc.(a) | 51 | 5,808 | ||||||
PepsiCo, Inc. | 604 | 85,780 | ||||||
Pfizer, Inc. | 522 | 19,439 | ||||||
Philip Morris International, Inc. | 258 | 21,337 | ||||||
Procter & Gamble Co. | 643 | 80,131 | ||||||
Progressive Corp. | 32 | 2,582 | ||||||
PTC, Inc.(a) | 160 | 13,299 | ||||||
Public Storage | 64 | 14,321 | ||||||
QUALCOMM, Inc. | 150 | 12,796 | ||||||
Raytheon Co. | 123 | 27,176 | ||||||
Republic Services, Inc. | 189 | 17,964 | ||||||
Ross Stores, Inc. | 42 | 4,712 | ||||||
salesforce.com, Inc.(a) | 205 | 37,374 | ||||||
Schlumberger Ltd. | 120 | 4,021 | ||||||
Square, Inc., Class A(a) | 93 | 6,946 | ||||||
Starbucks Corp. | 794 | 67,355 | ||||||
Stryker Corp. | 188 | 39,612 | ||||||
Sysco Corp. | 338 | 27,763 | ||||||
Target Corp. | 435 | 48,172 | ||||||
Thermo Fisher Scientific, Inc. | 20 | 6,264 | ||||||
TJX Cos., Inc. | 91 | 5,373 | ||||||
TransDigm Group, Inc. | 34 | 21,871 | ||||||
Travelers Cos., Inc. | 66 | 8,687 | ||||||
U.S. Bancorp | 276 | 14,689 | ||||||
UDR, Inc. | 316 | 15,140 | ||||||
UnitedHealth Group, Inc. | 96 | 26,155 | ||||||
Universal Health Services, Inc., Class B | 360 | 49,360 | ||||||
VeriSign, Inc.(a) | 87 | 18,108 | ||||||
Verizon Communications, Inc. | 1,427 | 84,821 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 16 | 3,633 | ||||||
Visa, Inc., Class A | 61 | 12,137 | ||||||
Vistra Energy Corp. | 403 | 9,076 | ||||||
Walmart, Inc. | 340 | 38,927 | ||||||
Waste Management, Inc. | 423 | 51,479 | ||||||
WEC Energy Group, Inc. | 412 | 41,155 | ||||||
Wells Fargo & Co. | 262 | 12,298 | ||||||
Western Union Co. | 166 | 4,465 | ||||||
Weyerhaeuser Co. | 440 | 12,738 |
3 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Xcel Energy, Inc. | 199 | $ | 13,769 | |||||
Xilinx, Inc. | 77 | 6,505 | ||||||
Yum! Brands, Inc. | 741 | 78,376 | ||||||
Zillow Group, Inc., Class C(a) | 328 | 15,157 | ||||||
Zoetis, Inc. | 67 | 8,992 | ||||||
|
| |||||||
3,204,403 | ||||||||
|
| |||||||
Total Long-Term Investments — 95.5% |
| 5,602,263 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities — 5.2% |
| |||||||
BlackRock Liquidity Funds,T-Fund, Institutional Class, 1.48%(d)(e) | 303,208 | $ | 303,208 | |||||
|
| |||||||
Total Short-Term Securities — 5.2% |
| 303,208 | ||||||
|
| |||||||
Total Investments — 100.7% |
| 5,905,471 | ||||||
Liabilities in Excess of Other Assets — (0.7)% |
| (42,325 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 5,863,146 | |||||
|
|
(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) | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(d) | Annualized7-day yield as of period end. |
(e) | During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 10/31/19 | Net Activity | Shares Held at 01/31/20 | Value at 01/31/20 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds,T-Fund, Institutional Class | 219,979 | 83,229 | 303,208 | $ | 303,208 | $ | 1,009 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
Currency Abbreviations
HKD | Hong Kong Dollar | |
INR | Indian Rupee | |
USD | United States Dollar |
Portfolio Abbreviations
ADR | American Depositary Receipts | |
REIT | Real Estate Investment Trust |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Appreciation | ||||||||||||
Long Contracts | ||||||||||||||||
SGX Nifty 50 Index | 7 | 02/27/20 | $ | 168 | $ | (1,981 | ) | |||||||||
|
|
4 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund |
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
HKD | 536,000 | USD | 69,011 | BNP Paribas S.A. | 02/03/20 | $ | 3 | |||||||||||||
INR | 7,812,000 | USD | 107,692 | Barclays Bank PLC | 02/14/20 | 1,321 | ||||||||||||||
|
| |||||||||||||||||||
1,324 | ||||||||||||||||||||
|
| |||||||||||||||||||
USD | 68,376 | HKD | 536,000 | JPMorgan Chase Bank N.A. | 02/03/20 | (638 | ) | |||||||||||||
USD | 68,918 | HKD | 536,000 | BNP Paribas S.A. | 05/07/20 | (14 | ) | |||||||||||||
|
| |||||||||||||||||||
(652 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | $ | 672 | ||||||||||||||||||
|
|
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 associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.
5 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock GA Disciplined Volatility Equity Fund |
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Common Stocks: |
| |||||||||||||||
Australia | $ | — | $ | 68,207 | $ | — | $ | 68,207 | ||||||||
Belgium | 36,453 | 25,852 | — | 62,305 | ||||||||||||
Brazil | 30,402 | — | — | 30,402 | ||||||||||||
Canada | 269,201 | — | — | 269,201 | ||||||||||||
China | 9,544 | 142,188 | — | 151,732 | ||||||||||||
Denmark | — | 61,395 | — | 61,395 | ||||||||||||
Finland | — | 14,999 | — | 14,999 | ||||||||||||
France | — | 100,549 | — | 100,549 | ||||||||||||
Germany | 40,385 | 43,128 | — | 83,513 | ||||||||||||
Hong Kong | — | 139,078 | — | 139,078 | ||||||||||||
Italy | — | 8,694 | — | 8,694 | ||||||||||||
Japan | 21,390 | 620,498 | — | 641,888 | ||||||||||||
Netherlands | — | 46,064 | — | 46,064 | ||||||||||||
Singapore | — | 53,200 | — | 53,200 | ||||||||||||
South Korea | — | 79,587 | — | 79,587 | ||||||||||||
Sweden | — | 31,425 | — | 31,425 | ||||||||||||
Switzerland | — | 271,782 | — | 271,782 | ||||||||||||
Taiwan | 7,084 | 195,017 | — | 202,101 | ||||||||||||
United Kingdom | 51,633 | 30,105 | — | 81,738 | ||||||||||||
United States | 3,196,321 | 8,082 | — | 3,204,403 | ||||||||||||
Short-Term Securities | 303,208 | — | �� | — | 303,208 | |||||||||||
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$ | 3,965,621 | $ | 1,939,850 | $ | — | $ | 5,905,471 | |||||||||
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Derivative Financial Instruments(a) |
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Assets: |
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Forward foreign currency contracts | $ | — | $ | 1,324 | $ | — | $ | 1,324 | ||||||||
Liabilities: |
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Equity contracts | (1,981 | ) | — | — | (1,981 | ) | ||||||||||
Forward foreign currency contracts | — | (652 | ) | — | (652 | ) | ||||||||||
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$ | (1,981 | ) | $ | 672 | $ | — | $ | (1,309 | ) | |||||||
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(a) | Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
6 |