Managed Account Series NPORT-P BlackRock GA Disciplined Volatility Equity Fund (Jan 2024 report)

Schedule of Investments (unaudited) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 6.3%
Aier Eye Hospital Group Co. Ltd., Class A		69,500	$	124,042
Alibaba Group Holding Ltd.		16,800		150,679
Anjoy Foods Group Co. Ltd., Class A		29,500		305,318
Asymchem Laboratories Tianjin Co. Ltd., Class A		21,100		251,639
Baidu, Inc., Class A (a)		47,650		616,934
Bank of China Ltd., Class H		1,280,000		480,346
Beijing Shiji Information Technology Co. Ltd., Class A (a)		666,300		658,027
China Construction Bank Corp., Class H		379,000		225,074
China Minsheng Banking Corp. Ltd., Class H		540,000		179,601
China Overseas Property Holdings Ltd., Class H		535,000		354,593
China Resources Pharmaceutical Group Ltd. (b)		839,500		511,862
China Tower Corp. Ltd., Class H (b)		7,042,000		783,361
COSCO SHIPPING Holdings Co. Ltd., Class H		642,000		674,503
Fosun International Ltd.		641,000		336,381
Haidilao International Holding Ltd. (b)		588,000		926,403
Huadong Medicine Co. Ltd., Class A		42,500		171,211
Huaneng Power International, Inc., Class H (a)		892,000		503,013
Hundsun Technologies, Inc., Class A		114,700		335,251
Industrial & Commercial Bank of China Ltd., Class H		944,000		459,850
JD.com, Inc., Class A		60,850		686,153
Jiangxi Copper Co. Ltd., Class H		92,000		128,665
Kingboard Holdings Ltd.		136,500		242,957
Kuaishou Technology (a)(b)		84,900		427,925
Li Auto, Inc., Class A (a)		65,500		905,401
Li Ning Co. Ltd.		62,500		133,520
NetEase, Inc.		53,800		1,045,770
Nongfu Spring Co. Ltd., Class H (b)		152,200		826,012
PetroChina Co. Ltd., Class A		300,700		349,830
PetroChina Co. Ltd., Class H		1,114,000		805,829
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		243,400		574,593
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		439,800		621,661
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,700		287,869
Shenzhen SC New Energy Technology Corp., Class A		91,200		717,563
Shenzhen Transsion Holdings Co. Ltd., Class A		23,656		449,673
Skshu Paint Co. Ltd., Class A (a)		24,000		120,230
Tencent Holdings Ltd.		34,400		1,194,069
Tongcheng Travel Holdings Ltd. (a)		566,000		1,154,557
Trip.com Group Ltd. (a)		10,300		374,914
Tsingtao Brewery Co. Ltd., Class H		26,000		148,375
Wilmar International Ltd.		170,700		417,991
Yutong Bus Co. Ltd., Class A		334,800		705,504
Zhejiang Weixing New Building Materials Co. Ltd., Class A		373,200		705,983
				21,073,132
Denmark — 2.3%
Novo Nordisk A/S, Class B		68,700		7,852,711
France — 2.3%
Hermes International SCA		725		1,529,503
L’Oreal SA		2,554		1,222,227
LVMH Moet Hennessy Louis Vuitton SE		6,091		5,068,068
				7,819,798
Germany — 0.2%
Symrise AG, Class A		5,393		556,416
Hong Kong — 1.1%
Bosideng International Holdings Ltd.		568,000		256,768
HKT Trust & HKT Ltd., Class SS		1,584,000		1,902,795

Security	Shares		Value
Hong Kong (continued)
Hongkong Land Holdings Ltd.		273,900	$	854,980
Jardine Matheson Holdings Ltd.		12,800		513,973
Wharf Real Estate Investment Co. Ltd.		61,000		178,720
				3,707,236
India — 3.3%
Asian Paints Ltd.		32,536		1,155,728
Bajaj Auto Ltd.		16,013		1,480,288
Bharat Petroleum Corp. Ltd.		124,463		754,377
Eicher Motors Ltd.		12,170		563,364
HCL Technologies Ltd.		78,390		1,486,720
Hindustan Petroleum Corp. Ltd. (a)		96,389		537,924
Indian Oil Corp. Ltd.		480,278		850,509
Indraprastha Gas Ltd.		43,923		227,862
Kotak Mahindra Bank Ltd.		19,037		418,411
One 97 Communications Ltd. (a)		25,867		236,508
Petronet LNG Ltd.		100,610		326,153
Power Grid Corp. of India Ltd.		222,734		695,675
Sun Pharmaceutical Industries Ltd.		13,112		224,004
Tata Consultancy Services Ltd.		22,283		1,023,482
Torrent Pharmaceuticals Ltd.		23,773		724,472
UltraTech Cement Ltd.		3,231		395,061
				11,100,538
Indonesia — 0.2%
Bank Central Asia Tbk PT		449,600		272,020
Bank Mandiri Persero Tbk PT		533,300		224,528
Bank Syariah Indonesia Tbk PT		1,059,000		156,155
				652,703
Ireland — 0.7%
Jazz Pharmaceuticals PLC (a)		3,718		456,273
Kingspan Group PLC		12,074		980,609
Seagate Technology Holdings PLC		8,637		740,018
				2,176,900
Italy — 1.4%
Ferrari NV		12,332		4,300,627
UniCredit SpA		12,501		366,180
				4,666,807
Japan — 7.7%
Asahi Kasei Corp.		37,000		280,591
FUJIFILM Holdings Corp.		37,000		2,345,241
Hikari Tsushin, Inc.		1,900		331,075
Japan Post Insurance Co. Ltd.		17,400		325,761
JFE Holdings, Inc.		14,700		232,096
Keyence Corp.		200		89,479
Koei Tecmo Holdings Co. Ltd.		63,200		787,229
Kyushu Railway Co.		12,500		274,750
Makita Corp.		8,600		231,469
MEIJI Holdings Co. Ltd.		38,400		928,689
Mitsubishi Chemical Group Corp.		48,900		294,854
Mitsubishi Electric Corp.		42,500		630,713
Mizuho Financial Group, Inc.		72,500		1,316,713
Nexon Co. Ltd.		48,300		770,821
NIDEC Corp.		30,600		1,141,282
Nintendo Co. Ltd.		9,600		536,360
Nippon Paint Holdings Co. Ltd.		175,900		1,385,445
Nippon Steel Corp.		23,800		572,739
Nomura Research Institute Ltd.		45,800		1,400,725
Obic Co. Ltd.		1,800		278,047
Ono Pharmaceutical Co. Ltd.		60,000		1,081,448
Oracle Corp. Japan		8,300		654,116
Otsuka Corp.		37,000		1,556,877

1

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Panasonic Holdings Corp.		87,600	$	825,085
Sekisui Chemical Co. Ltd.		33,000		471,159
Shiseido Co. Ltd.		61,300		1,708,841
SoftBank Corp.		238,200		3,164,688
Sompo Holdings, Inc.		12,300		637,773
Sumitomo Mitsui Financial Group, Inc.		8,300		431,711
TIS, Inc.		11,900		264,678
Tokyo Electron Ltd.		4,200		779,404
				25,729,859
Mexico — 0.1%
Fibra Uno Administracion SA de CV		172,971		294,055
Netherlands — 2.6%
ASML Holding NV		9,307		8,074,640
BE Semiconductor Industries NV		3,437		516,507
Shell PLC		7,328		229,356
				8,820,503
Singapore — 0.0%
Singapore Telecommunications Ltd.		92,000		164,178
South Korea — 1.8%
Doosan Bobcat, Inc.		7,819		297,779
Hyundai Glovis Co. Ltd.		1,106		144,822
Hyundai Mobis Co. Ltd.		3,239		507,724
Hyundai Motor Co.		2,525		367,262
JYP Entertainment Corp.		4,730		266,202
KB Financial Group, Inc.		48,423		2,054,962
Krafton, Inc. (a)		3,184		510,575
Meritz Financial Group, Inc.		12,346		633,844
Orion Corp./Republic of Korea		6,988		483,325
Samsung C&T Corp.		5,721		591,005
				5,857,500
Sweden — 0.3%
Assa Abloy AB, Class B		33,633		922,409
Switzerland — 0.4%
Nestle SA, Registered Shares, Class N		3,918		446,458
Sika AG, Registered Shares		2,886		796,703
				1,243,161
Taiwan — 3.3%
Acer, Inc.		743,000		1,091,165
Advantech Co. Ltd.		100,898		1,087,601
ASE Technology Holding Co. Ltd.		41,000		177,275
Asustek Computer, Inc.		96,000		1,363,133
Cheng Shin Rubber Industry Co. Ltd.		192,000		278,389
Chunghwa Telecom Co. Ltd.		242,000		917,400
Compal Electronics, Inc.		1,401,000		1,606,746
Evergreen Marine Corp. Taiwan Ltd.		68,000		326,166
Far EasTone Telecommunications Co. Ltd.		136,000		349,088
Lite-On Technology Corp.		220,000		761,885
MediaTek, Inc.		7,000		216,003
Novatek Microelectronics Corp.		30,000		488,691
Quanta Computer, Inc.		144,000		1,138,610
Taiwan Mobile Co. Ltd.		46,000		143,789
Taiwan Semiconductor Manufacturing Co. Ltd.		17,000		340,314
WPG Holdings Ltd.		214,000		595,755
Yang Ming Marine Transport Corp.		144,000		219,575
				11,101,585

Security	Shares		Value
United Kingdom — 1.7%
Auto Trader Group PLC (b)		75,126	$	691,150
London Stock Exchange Group PLC		19,839		2,244,069
Spirax-Sarco Engineering PLC		22,987		2,893,163
				5,828,382
United States — 60.8%
3M Co.		3,483		328,621
Abbott Laboratories		2,233		252,664
AbbVie, Inc.		13,328		2,191,123
Adobe, Inc. (a)		1,178		727,745
Alphabet, Inc., Class C (a)		29,431		4,173,316
Altair Engineering, Inc., Class A (a)		11,309		961,491
Amazon.com, Inc. (a)		1,808		280,602
American Electric Power Co., Inc.		5,335		416,877
American Water Works Co., Inc.		15,440		1,914,869
AMETEK, Inc.		11,449		1,855,310
Amgen, Inc.		4,038		1,268,982
ANSYS, Inc. (a)		10,035		3,289,774
Aon PLC, Class A		791		236,058
Applied Materials, Inc.		2,552		419,294
Assurant, Inc.		1,970		330,862
AT&T, Inc.		88,556		1,566,556
Atmos Energy Corp.		4,748		540,987
Aura Biosciences, Inc. (a)		12,294		94,664
Autodesk, Inc. (a)		1,417		359,649
Baxter International, Inc.		6,420		248,390
Berkshire Hathaway, Inc., Class B (a)		407		156,182
Block, Inc., Class A (a)		8,131		528,596
Booking Holdings, Inc. (a)		613		2,150,079
Boston Scientific Corp. (a)		1,589		100,520
Bristol-Myers Squibb Co.		40,284		1,968,679
Cadence Design Systems, Inc. (a)		24,757		7,141,404
Capital One Financial Corp.		1,962		265,498
Centene Corp. (a)		22,393		1,686,417
CH Robinson Worldwide, Inc.		20,463		1,720,734
Cheniere Energy, Inc		2,008		329,292
Cisco Systems, Inc.		26,927		1,351,197
Clorox Co.		2,174		315,774
CME Group, Inc., Class A		3,817		785,691
Coca-Cola Co.		7,950		472,946
Colgate-Palmolive Co.		13,160		1,108,072
Comcast Corp., Class A		11,900		553,826
ConocoPhillips		2,393		267,705
Consolidated Edison, Inc.		17,049		1,549,754
Costco Wholesale Corp.		8,598		5,974,578
Coterra Energy, Inc.		10,546		262,384
Cummins, Inc.		1,315		314,680
D.R. Horton, Inc.		2,548		364,135
Dell Technologies, Inc., Class C		4,652		385,558
Dexcom, Inc. (a)		4,211		511,005
DocuSign, Inc. (a)		5,707		347,670
Duke Energy Corp.		8,177		783,602
eBay, Inc.		11,194		459,738
Electronic Arts, Inc.		7,328		1,008,186
Eli Lilly & Co.		305		196,911
Enterprise Products Partners LP		8,508		227,674
EOG Resources, Inc.		2,733		310,988
Essential Utilities, Inc.		6,536		234,381
Exact Sciences Corp. (a)		9,311		608,939
Fastenal Co.		7,154		488,117
Floor & Decor Holdings, Inc., Class A (a)		28,062		2,821,915

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) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Fortinet, Inc. (a)		13,104	$	845,077
Fortune Brands Innovations, Inc.		9,900		768,141
Franklin Resources, Inc.		70,798		1,885,351
General Mills, Inc.		17,049		1,106,651
Gilead Sciences, Inc.		22,570		1,766,328
GoDaddy, Inc., Class A (a)		3,084		328,939
Healthpeak Properties, Inc.		16,309		301,717
Hewlett Packard Enterprise Co.		27,533		420,980
Hormel Foods Corp.		22,266		676,218
Humana, Inc.		5,579		2,109,197
Incyte Corp. (a)		21,870		1,285,300
Insulet Corp. (a)		4,194		800,509
International Paper Co.		34,420		1,233,269
Intuit, Inc.		5,948		3,755,151
Intuitive Surgical, Inc. (a)		10,633		4,021,613
J M Smucker Co.		17,050		2,242,927
Jacobs Solutions, Inc.		1,353		182,344
Johnson & Johnson		13,910		2,210,299
Juniper Networks, Inc.		33,451		1,236,349
Kellanova		47,911		2,623,606
Keysight Technologies, Inc. (a)		8,997		1,378,880
Kimberly-Clark Corp.		20,499		2,479,764
KLA Corp.		1,662		987,294
Lam Research Corp.		904		745,954
Leidos Holdings, Inc.		16,403		1,812,039
Lennar Corp., Class A		1,400		209,790
Lennox International, Inc.		705		301,853
Linde PLC		644		260,711
Lockheed Martin Corp.		5,318		2,283,602
Marathon Petroleum Corp.		355		58,788
MarketAxess Holdings, Inc.		1,712		386,073
Marsh & McLennan Cos., Inc.		10,631		2,060,713
Marvell Technology, Inc.		40,303		2,728,513
Masimo Corp. (a)		9,937		1,281,277
Mastercard, Inc., Class A		10,352		4,650,429
Match Group, Inc. (a)		7,142		274,110
McCormick & Co., Inc.		8,337		568,250
McDonald’s Corp.		215		62,935
McKesson Corp.		2,829		1,414,189
Merck & Co., Inc.		7,345		887,129
Meta Platforms, Inc., Class A (a)		3,412		1,331,158
Mettler-Toledo International, Inc. (a)		264		316,058
MGM Resorts International		10,547		457,423
Microsoft Corp. (c)		30,516		12,132,551
Molson Coors Beverage Co., Class B		5,902		364,685
Motorola Solutions, Inc.		9,796		3,129,822
MSCI, Inc., Class A		2,203		1,318,760
Nasdaq, Inc.		5,353		309,243
Netflix, Inc. (a)		870		490,776
Neurocrine Biosciences, Inc. (a)		6,614		924,439
NextEra Energy, Inc.		3,852		225,843
NIKE, Inc., Class B		19,563		1,986,231
NiSource, Inc.		22,272		578,404
Northrop Grumman Corp.		2,415		1,078,925
Nucor Corp.		6,100		1,140,273
NVIDIA Corp.		1,557		957,975
O’Reilly Automotive, Inc. (a)		369		377,505
PACCAR, Inc.		5,137		515,703
Packaging Corp. of America		7,874		1,306,139
Paychex, Inc.		7,312		890,090
PepsiCo, Inc.		17,868		3,011,294

Security	Shares		Value
United States (continued)
PPG Industries, Inc.		2,658	$	374,884
Progressive Corp.		3,153		562,022
Prologis, Inc.		6,510		824,752
QUALCOMM, Inc.		1,477		219,349
Regeneron Pharmaceuticals, Inc. (a)		1,165		1,098,339
Republic Services, Inc.		539		92,234
ResMed, Inc.		5,494		1,044,959
Robert Half, Inc.		2,395		190,498
Rollins, Inc.		33,402		1,446,641
Roper Technologies, Inc.		5,579		2,995,923
Royal Caribbean Cruises Ltd. (a)		5,762		734,655
Royalty Pharma PLC, Class A		12,388		351,695
S&P Global, Inc.		10,871		4,874,013
Salesforce, Inc. (a)		1,905		535,476
Sempra		24,174		1,729,891
Skyworks Solutions, Inc.		2,653		277,132
Snap-on, Inc.		4,290		1,243,800
Stryker Corp.		4,233		1,420,087
Synchrony Financial		39,189		1,523,276
Thermo Fisher Scientific, Inc.		6,041		3,255,978
TJX Cos., Inc.		21,651		2,054,896
T-Mobile U.S., Inc.		2,257		363,896
TransDigm Group, Inc.		2,275		2,485,847
Travelers Cos., Inc.		11,225		2,372,516
UiPath, Inc., Class A (a)		22,112		508,134
UnitedHealth Group, Inc.		1,773		907,315
VeriSign, Inc. (a)		13,878		2,760,057
Verisk Analytics, Inc.		13,395		3,235,294
Verizon Communications, Inc.		84,140		3,563,329
Vertex Pharmaceuticals, Inc. (a)		5,804		2,515,338
Visa, Inc., Class A		19,361		5,290,587
Walmart, Inc.		18,302		3,024,405
Walt Disney Co.		6,989		671,293
Warner Bros Discovery, Inc., Series A (a)		606		6,072
Waste Management, Inc.		3,022		560,974
Williams Cos., Inc.		1,745		60,482
Workday, Inc., Class A (a)		2,884		839,446
Xcel Energy, Inc.		14,423		863,505
				203,565,207
Total Long-Term Investments — 96.5% (Cost: $291,284,137)				323,133,080

3

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 3.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.21%(d)(e)		11,450,649	$	11,450,649
Total Short-Term Securities — 3.4% (Cost: $11,450,649)				11,450,649
Options Purchased — 0.0% (Cost: $8,565)				3,685
Total Investments Before Options Written — 99.9% (Cost: $302,743,351)				334,587,414
Options Written — (0.0)% (Premiums Received: $(3,553))				(8,375	)
Total Investments, Net of Options Written — 99.9% (Cost: $302,739,798)				334,579,039
Other Assets Less Liabilities — 0.1%				276,197
Net Assets — 100.0%			$	334,855,236

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

^(d) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	3,818,942	$	7,631,707	(a)	$	—	$	—	$	—	$	11,450,649		11,450,649	$	415,338	$	—

^(a)  Represents net amount 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)
Short Contracts
S&P 500 E-Mini Index		3		03/15/24	$	731	$	(8,382	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CHF	987,717	USD	1,144,785	UBS AG		03/20/24	$	5,621
INR	498,522,204	USD	5,967,103	Citibank N.A.		03/20/24		21,908
USD	51,035	AUD	76,010	Canadian Imperial Bank of Commerce		03/20/24		1,092
USD	1,618,882	CAD	2,167,973	Citibank N.A.		03/20/24		5,342
USD	856,438	DKK	5,731,759	Canadian Imperial Bank of Commerce		03/20/24		23,402
USD	865,841	DKK	5,897,487	Citibank N.A.		03/20/24		8,719
USD	1,412,575	DKK	9,506,487	Deutsche Bank AG		03/20/24		30,932
USD	793,761	DKK	5,447,021	JPMorgan Chase Bank N.A.		03/20/24		2,108
USD	2,646,679	DKK	17,865,917	Morgan Stanley & Co. International PLC		03/20/24		50,102
USD	713,618	EUR	641,296	Citibank N.A.		03/20/24		19,192
USD	847,182	EUR	765,748	Morgan Stanley & Co. International PLC		03/20/24		17,994
USD	13,379,276	EUR	12,129,017	UBS AG		03/20/24		245,404

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) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,350,751	GBP	3,408,935	Morgan Stanley & Co. International PLC		03/20/24	$	29,012
USD	795,251	SEK	8,112,837	Barclays Bank PLC		03/20/24		14,202
USD	704,249	JPY	99,026,707	Goldman Sachs International		03/21/24		26,317
								501,347
AUD	2,143,913	USD	1,412,969	Barclays Bank PLC		03/20/24		(4,304	)
CHF	2,428,731	USD	2,831,299	UBS AG		03/20/24		(2,527	)
HKD	82,704,258	USD	10,606,238	Barclays Bank PLC		03/20/24		(13,986	)
SGD	2,330,560	USD	1,761,805	JPMorgan Chase Bank N.A.		03/20/24		(20,892	)
SGD	1,188,951	USD	888,684	Morgan Stanley & Co. International PLC		03/20/24		(546	)
TWD	154,281,678	USD	5,025,462	Morgan Stanley & Co. International PLC		03/20/24		(65,640	)
USD	1,174,997	MXN	20,532,608	Citibank N.A.		03/20/24		(8,675	)
JPY	1,853,056,953	USD	13,253,251	Morgan Stanley & Co. International PLC		03/21/24		(567,301	)
								(683,871	)
							$	(182,524	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call STMicroelectronics NV, ADR		67		02/16/24	USD	46.00	USD	296	$	3,685

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put STMicroelectronics NV, ADR		67		02/16/24	USD	39.00	USD	296	$	(8,375	)

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	$	(7,442,137	)	$	(513,891	)(c)	$	(7,977,347	)		18.6	%
	Monthly	JPMorgan Chase Bank N.A.(d)	02/08/24 – 02/18/25		(7,175,946	)		1,692,814	(e)		(5,488,424	)		11.5
							$	1,178,923		$	(13,465,771	)

^(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 $21,319 of net dividends and financing fees.

^(e)  Amount includes $5,292 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:	0-115 basis points	6-1,244 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

5

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

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 2/26/24 - 2/24/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Brazil
B3 SA - Brasil Bolsa Balcao		263,070	$	695,056		(8.7	)%
BB Seguridade Participacoes SA		33,802		234,304		(2.9	)
Magazine Luiza SA		1,031,044		437,024		(5.5	)
Telefonica Brasil SA		110,535		1,145,866		(14.4	)
Vibra Energia SA		55,114		264,201		(3.3	)
WEG SA		38,211		249,423		(3.1	)
				3,025,874
Canada
Enbridge, Inc.		9,031		320,681		(4.0	)
George Weston Ltd.		11,937		1,520,926		(19.1	)
National Bank of Canada		4,303		329,114		(4.1	)
Pembina Pipeline Corp.		10,176		350,516		(4.4	)
Power Corp. of Canada		64,030		1,866,440		(23.4	)
				4,387,677
Denmark
Genmab A/S		1,514		418,655		(5.2	)
Novo Nordisk A/S		15,534		1,775,604		(22.3	)
				2,194,259
Finland
Elisa OYJ		50,040		2,279,895		(28.6	)
Germany
Bechtle AG		5,875		304,635		(3.8	)
Deutsche Lufthansa AG		56,156		466,958		(5.9	)
Deutsche Telekom AG		16,421		403,100		(5.0	)
RWE AG		37,925		1,400,404		(17.6	)
Zalando SE		11,558		230,774		(2.9	)
				2,805,871
Mexico
Wal-Mart de Mexico SAB de CV		166,693		688,699		(8.6	)
Netherlands
ABN AMRO Bank NV, CVA		15,744		231,711		(2.9	)
ING Groep NV		33,374		474,193		(6.0	)
Koninklijke KPN NV		329,106		1,119,533		(14.0	)
				1,825,437
New Zealand
Xero Ltd.		6,962		498,330		(6.3	)
Norway
Orkla ASA		52,173		408,678		(5.1	)
South Africa
Vodacom Group Ltd.		24,659		122,962		(1.5	)
Spain
Aena SME SA, Class A		797		140,995		(1.8	)
Banco Santander SA		73,747		296,394		(3.7	)
				437,389

Security	Shares			Value			% of Basket Value
Sweden
Swedbank AB		13,261		$	272,176			(3.4	)%
Telia Co. AB		643,162			1,658,825			(20.8	)
Volvo Car AB, Class B		171,602			447,367			(5.6	)
					2,378,368
Switzerland
Kuehne & Nagel International AG, Registered Shares		4,833			1,637,805			(20.5	)
Novartis AG, Registered Shares		27,025			2,794,756			(35.1	)
SGS SA		3,968			368,846			(4.6	)
Swisscom AG, Registered Shares		842			503,755			(6.3	)
					5,305,162
United States
Nestle SA		2,090			239,572			(3.0	)
Roche Holding AG		667			189,906			(2.4	)
					429,478
Zambia
First Quantum Minerals Ltd.		52,710			478,309			(6.0	)
Total Reference Entity — Long					27,266,388
Reference Entity — Short
Common Stocks
Belgium
Lotus Bakeries		(39	)		(332,542	)		4.2
Brazil
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		(20,262	)		(322,513	)		4.1
Hapvida Participacoes e Investimentos S/A		(1,389,350	)		(1,088,059	)		13.6
					(1,410,572	)
Canada
Element Fleet Management Corp.		(38,655	)		(652,085	)		8.2
Ivanhoe Mines Ltd.		(2,264	)		(23,761	)		0.3
					(675,846	)
Chile
Lundin Mining Corp.		(21,501	)		(175,597	)		2.2
China
C&D International Investment Group Ltd.		(121,543	)		(200,705	)		2.5
China Vanke Co., Ltd., Class H		(311,000	)		(244,694	)		3.1
Country Garden Services Holdings Co. Ltd.		(41,000	)		(27,084	)		0.3
CSPC Pharmaceutical Group Ltd.		(446,000	)		(328,118	)		4.1
Hansoh Pharmaceutical Group Co., Ltd.		(198,000	)		(297,385	)		3.7
Lenovo Group Ltd.		(228,000	)		(238,732	)		3.0
XPeng, Inc., Class A		(97,300	)		(405,220	)		5.1
					(1,741,938	)
Finland
Metso Corporation		(36,931	)		(369,112	)		4.6
Nokia OYJ		(177,104	)		(640,270	)		8.0
					(1,009,382	)
France
Remy Cointreau SA		(3,141	)		(318,259	)		4.0
Sartorius Stedim Biotech		(2,484	)		(669,282	)		8.4
					(987,541	)

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) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

Security	Shares			Value			% of Basket Value
Germany
Puma SE		(7,876	)	$	(316,960	)		4.0	%
Italy
Nexi SpA		(33,032	)		(253,371	)		3.2
Japan
Advantest Corp.		(21,400	)		(851,673	)		10.7
Disco Corp.		(1,000	)		(271,694	)		3.4
Lasertec Corp.		(4,200	)		(1,093,802	)		13.7
Rakuten Group, Inc.		(230,900	)		(1,014,288	)		12.7
Sony Group Corp.		(3,800	)		(372,660	)		4.7
					(3,604,117	)
Mexico
Industrias Penoles SAB de CV		(40,364	)		(530,807	)		6.7
Netherlands
Heineken Holding NV		(4,609	)		(386,730	)		4.8
Norway
Salmar ASA		(29,692	)		(1,648,215	)		20.7
Poland
Cyfrowy Polsat SA		(111,422	)		(301,615	)		3.8
Singapore
Sea Ltd.		(5,054	)		(192,760	)		2.4
South Korea
Delivery Hero SE		(20,716	)		(470,031	)		5.9
LG Energy Solution Ltd.		(2,348	)		(666,458	)		8.3
Yuhan Corp.		(9,190	)		(406,191	)		5.1
					(1,542,680	)
Sweden
Beijer Ref AB, Class B		(103,509	)		(1,409,274	)		17.7
EQT AB		(27,409	)		(735,990	)		9.2
Skanska AB		(45,624	)		(791,102	)		9.9
					(2,936,366	)
Switzerland
Bachem Holding AG		(3,775	)		(252,713	)		3.2
DSM-Firmenich AG		(12,992	)		(1,373,651	)		17.2
Swiss Life Holding AG		(2,321	)		(1,666,775	)		20.9
					(3,293,139	)
United States
Airbnb, Inc., Class A		(4,848	)		(698,791	)		8.8
Alexandria Real Estate Equities, Inc.		(1,874	)		(226,567	)		2.8
Avantor, Inc.		(10,541	)		(242,338	)		3.0
Blackstone, Inc., Class A		(2,613	)		(325,188	)		4.1
Boston Properties, Inc.		(18,242	)		(1,213,093	)		15.2
Celsius Holdings, Inc.		(7,788	)		(388,621	)		4.9
Coinbase Global, Inc., Class A		(4,417	)		(566,259	)		7.1
Darling Ingredients, Inc.		(11,298	)		(489,203	)		6.1
Dollar General Corp.		(5,297	)		(699,575	)		8.8
Enphase Energy, Inc.		(4,799	)		(499,720	)		6.3
Entegris, Inc.		(14,462	)		(1,702,177	)		21.3
EQT Corp.		(15,580	)		(551,532	)		6.9
GE HealthCare, Inc.		(11,442	)		(839,385	)		10.5
Illumina, Inc.		(3,795	)		(542,723	)		6.8
Jabil, Inc.		(1,816	)		(227,527	)		2.8
ON Semiconductor Corp.		(3,374	)		(239,993	)		3.0
Rivian Automotive, Inc., Class A		(16,993	)		(260,163	)		3.3
Robinhood Markets, Inc., Class A		(22,939	)		(246,365	)		3.1
Super Micro Computer, Inc.		(721	)		(381,849	)		4.8

Security	Shares			Value			% of Basket Value
United States (continued)
Unity Software, Inc.		(11,493	)	$	(372,373	)		4.7	%
VF Corp.		(52,092	)		(857,434	)		10.7
Walgreens Boots Alliance, Inc.		(18,778	)		(423,819	)		5.3
Waters Corp.		(4,096	)		(1,301,340	)		16.3
Western Digital Corp.		(3,891	)		(222,760	)		2.8
Zebra Technologies Corp.		(761	)		(182,297	)		2.3
					(13,701,092	)
Preferred Stocks
Germany
Sartorius AG		(555	)		(202,465	)		2.5
Total Reference Entity — Short					(35,243,735	)
Net Value of Reference Entity — Citibank N.A.				$	(7,977,347	)

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 2/8/24 - 2/18/25:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Brambles Ltd.		44,864	$	427,767		(7.8	)%
Woolworths Group Ltd.		27,763		652,013		(11.9	)
				1,079,780
Belgium
Ageas SA/NV		11,402		489,967		(8.9	)
Brazil
Lojas Renner SA		193,623		627,250		(11.4	)
Canada
Franco-Nevada Corp.		17,372		1,879,528		(34.3	)
Metro, Inc.		9,244		485,354		(8.8	)
West Fraser Timber Co. Ltd.		4,643		369,209		(6.7	)
				2,734,091
China
Prosus NV		65,948		1,962,064		(35.7	)
France
La Francaise des Jeux SAEM		3,894		157,838		(2.9	)
Germany
Scout24 SE		3,955		291,208		(5.3	)
Netherlands
Koninklijke Ahold Delhaize NV		88,112		2,477,987		(45.2	)
Norway
Kongsberg Gruppen ASA		7,135		363,624		(6.6	)
Telenor ASA		81,498		904,306		(16.5	)
				1,267,930
Poland
Powszechny Zaklad Ubezpieczen SA		163,669		1,970,601		(35.9	)
Saudi Arabia
Arabian Internet & Communications Services Co.		4,185		365,144		(6.6	)

7

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

Security	Shares			Value			% of Basket Value
Saudi Arabia (continued)
Dr Sulaiman Al Habib Medical Services Group Co.		3,517		$	271,872			(5.0	)%
Mouwasat Medical Services Co.		4,182			132,164			(2.4	)
Saudi Telecom Co.		49,402			537,573			(9.8	)
					1,306,753
South Africa
Discovery Ltd.		54,709			404,798			(7.4	)
Sweden
Getinge AB, B Shares		16,670			356,357			(6.5	)
Swedbank AB		5,683			116,641			(2.1	)
					472,998
Switzerland
Julius Baer Group Ltd.		4,084			222,339			(4.1	)
United States
Roche Holding AG		205			62,100			(1.1	)
Total Reference Entity — Long					15,527,704
Reference Entity — Short
Common Stocks
Australia
CAR Group Ltd.		(38,344	)		(823,296	)		15.0
Endeavour Group Ltd.		(165,528	)		(605,789	)		11.1
Mineral Resources Ltd.		(39,734	)		(1,532,493	)		27.9
					(2,961,578	)
Brazil
Hapvida Participacoes e Investimentos S/A		(841,953	)		(659,369	)		12.0
Localiza Rent a Car SA		(58,075	)		(634,390	)		11.6
					(1,293,759	)
Canada
Ivanhoe Mines Ltd., Class A		(73,637	)		(772,820	)		14.1
China
Country Garden Services Holdings Co. Ltd.		(534,000	)		(352,756	)		6.4
Flat Glass Group Co. Ltd., Class H		(301,000	)		(452,710	)		8.2
Genscript Biotech Corp.		(128,000	)		(212,469	)		3.9
Microport Scientific Corp.		(508,700	)		(375,681	)		6.8
XPeng, Inc., Class A		(257,800	)		(1,073,647	)		19.6
					(2,467,263	)
Hong Kong
Nine Dragons Paper Holdings Ltd.		(993,000	)		(367,893	)		6.7
Italy
Telecom Italia SpA		(3,032,743	)		(914,091	)		16.7
Japan
Rakuten Group, Inc.		(34,200	)		(150,232	)		2.7
Poland
CD Projekt SA		(16,467	)		(429,835	)		7.8
Dino Polska SA		(3,607	)		(389,295	)		7.1
					(819,130	)

Security	Shares			Value			% of Basket Value
South Africa
Harmony Gold Mining Co. Ltd.		(140,854	)	$	(880,442	)		16.0	%
South Korea
F&F Co., Ltd.		(2,047	)		(108,709	)		2.0
Kakao Corp.		(3,192	)		(124,826	)		2.3
L&F Co. Ltd.		(2,157	)		(229,982	)		4.2
Lotte Chemical Corp.		(3,730	)		(364,852	)		6.6
POSCO Future M Co. Ltd.		(3,852	)		(725,581	)		13.2
POSCO Holdings, Inc.		(3,322	)		(1,054,005	)		19.2
SKC Co. Ltd.		(2,688	)		(154,110	)		2.8
Yuhan Corp.		(6,364	)		(281,284	)		5.1
					(3,043,349	)
Sweden
Beijer Ref AB, Class B		(10,952	)		(149,111	)		2.7
Taiwan
Powerchip Semiconductor Manufacturing Corp.		(402,000	)		(345,650	)		6.3
United Kingdom
Ocado Group PLC		(39,284	)		(269,092	)		4.9
Pepco Group NV		(50,728	)		(277,751	)		5.1
					(546,843	)
United States
Ares Management Corp., Class A		(6,865	)		(833,960	)		15.2
Celanese Corp., Class A		(6,181	)		(904,219	)		16.5
Charles River Laboratories International, Inc.		(1,281	)		(277,055	)		5.1
Confluent, Inc., Class A		(9,547	)		(213,471	)		3.9
Lucid Group, Inc.		(140,343	)		(474,359	)		8.6
Revvity, Inc.		(10,276	)		(1,101,382	)		20.1
Take-Two Interactive Software, Inc.		(9,466	)		(1,561,227	)		28.4
					(5,365,673	)
					(20,077,834	)
Preferred Stocks
Germany
Sartorius AG		(2,571	)		(937,907	)		17.1
					(937,907	)
Rights
Brazil
Localiza Rent a Car SA, (Expires 02/19/24, Strike Price BRL 45.35)		(213	)		(387	)		0.0
					(387	)
Total Reference Entity — Short					(21,016,128	)
Net Value of Reference Entity — JPMorgan Chase Bank N.A				$	(5,488,424	)

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) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

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
China	$	705,504	$	20,367,628	$	—	$	21,073,132
Denmark		—		7,852,711		—		7,852,711
France		—		7,819,798		—		7,819,798
Germany		—		556,416		—		556,416
Hong Kong		—		3,707,236		—		3,707,236
India		—		11,100,538		—		11,100,538
Indonesia		—		652,703		—		652,703
Ireland		1,196,291		980,609		—		2,176,900
Italy		—		4,666,807		—		4,666,807
Japan		—		25,729,859		—		25,729,859
Mexico		294,055		—		—		294,055
Netherlands		—		8,820,503		—		8,820,503
Singapore		—		164,178		—		164,178
South Korea		—		5,857,500		—		5,857,500
Sweden		—		922,409		—		922,409
Switzerland		—		1,243,161		—		1,243,161
Taiwan		—		11,101,585		—		11,101,585
United Kingdom		—		5,828,382		—		5,828,382
United States		203,565,207		—		—		203,565,207
Short-Term Securities
Money Market Funds		11,450,649		—		—		11,450,649
Options Purchased Equity Contracts		3,685		—		—		3,685
	$	217,215,391	$	117,372,023	$	—	$	334,587,414
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,692,814	$	—	$	1,692,814
Foreign Currency Exchange Contracts		—		501,347		—		501,347

9

Schedule of Investments (unaudited) (continued) January 31, 2024 BlackRock GA Disciplined Volatility Equity Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(16,757	)	$	(513,891	)	$	—	$	(530,648	)
Foreign Currency Exchange Contracts		—			(683,871	)		—		(683,871	)
	$	(16,757	)	$	996,399		$	—	$	979,642

^(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
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwan Dollar
USD	United States Dollar

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 10