Schedule
of
Investments
(unaudited)
September
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.1%
General
Dynamics
Corp.
..............
3,608
$
797,260
Lockheed
Martin
Corp.
...............
5,691
2,327,391
Textron,
Inc.
......................
6,257
488,922
3,613,573
Automobiles
—
3.0%
Ford
Motor
Co.
....................
68,781
854,260
General
Motors
Co.
.................
65,691
2,165,832
Tesla,
Inc.
(a)
.......................
8,430
2,109,355
5,129,447
Banks
—
1.6%
Bank
of
America
Corp.
...............
69,426
1,900,884
Citigroup,
Inc.
.....................
2,964
121,909
KeyCorp
.........................
58,163
625,834
Synovus
Financial
Corp.
..............
1,821
50,624
2,699,251
Beverages
—
2.3%
Coca-Cola
Co.
(The)
................
17,954
1,005,065
PepsiCo,
Inc.
.....................
17,336
2,937,412
3,942,477
Biotechnology
—
4.0%
AbbVie,
Inc.
......................
3,125
465,813
Amgen,
Inc.
......................
9,467
2,544,351
Exelixis,
Inc.
(a)
.....................
31,079
679,076
Gilead
Sciences,
Inc.
................
4,740
355,216
Horizon
Therapeutics
plc
(a)
............
970
112,219
Incyte
Corp.
(a)
.....................
22,781
1,316,058
Neurocrine
Biosciences,
Inc.
(a)
..........
4,945
556,312
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
662
544,800
Seagen,
Inc.
(a)
.....................
257
54,523
Ultragenyx
Pharmaceutical,
Inc.
(a)
........
8,536
304,308
6,932,676
Broadline
Retail
—
3.8%
Amazon.com,
Inc.
(a)
.................
52,414
6,662,868
Building
Products
—
0.8%
A
O
Smith
Corp.
...................
5,276
348,902
Builders
FirstSource,
Inc.
(a)
............
3,599
448,039
Owens
Corning
....................
2,462
335,841
Trane
Technologies
plc
...............
1,104
224,013
1,356,795
Capital
Markets
—
2.3%
Moody's
Corp.
.....................
6,669
2,108,538
Nasdaq,
Inc.
......................
38,205
1,856,381
3,964,919
Chemicals
—
1.7%
Ecolab,
Inc.
......................
11,023
1,867,296
LyondellBasell
Industries
NV,
Class
A
.....
649
61,461
Sherwin-Williams
Co.
(The)
............
3,842
979,902
2,908,659
Commercial
Services
&
Supplies
—
0.6%
Cintas
Corp.
......................
1,940
933,159
Republic
Services,
Inc.
...............
1,095
156,049
1,089,208
Construction
&
Engineering
—
1.3%
AECOM
.........................
6,369
528,882
EMCOR
Group,
Inc.
.................
1,940
408,156
Valmont
Industries,
Inc.
...............
5,856
1,406,670
2,343,708
Security
Shares
Shares
Value
Construction
Materials
—
0.4%
Martin
Marietta
Materials,
Inc.
..........
507
$
208,113
Vulcan
Materials
Co.
................
2,756
556,767
764,880
Consumer
Staples
Distribution
&
Retail
—
1.9%
Sysco
Corp.
......................
9,174
605,943
Walmart,
Inc.
......................
17,305
2,767,588
3,373,531
Electric
Utilities
—
1.2%
IDACORP,
Inc.
....................
1,337
125,210
OGE
Energy
Corp.
..................
4,400
146,652
PPL
Corp.
.......................
76,414
1,800,314
2,072,176
Electrical
Equipment
—
0.3%
AMETEK,
Inc.
.....................
3,509
518,490
Electronic
Equipment,
Instruments
&
Components
—
0.6%
TE
Connectivity
Ltd.
.................
7,836
967,981
Entertainment
—
0.9%
Electronic
Arts,
Inc.
.................
9,185
1,105,874
Playtika
Holding
Corp.
(a)
..............
42,715
411,345
Warner
Bros
Discovery,
Inc.
(a)
..........
3,580
38,879
1,556,098
Financial
Services
—
4.9%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
2,694
943,708
Block,
Inc.,
Class
A
(a)
................
29,878
1,322,400
Euronet
Worldwide,
Inc.
(a)
.............
320
25,402
Fidelity
National
Information
Services,
Inc.
..
2,516
139,059
Mastercard,
Inc.,
Class
A
..............
8,358
3,309,016
Visa,
Inc.,
Class
A
(b)
.................
11,751
2,702,848
8,442,433
Food
Products
—
1.7%
Archer-Daniels-Midland
Co.
............
18,166
1,370,080
Hershey
Co.
(The)
..................
7,819
1,564,425
2,934,505
Ground
Transportation
—
0.3%
CSX
Corp.
.......................
5,980
183,885
Norfolk
Southern
Corp.
...............
252
49,626
Ryder
System,
Inc.
..................
215
22,994
Saia,
Inc.
(a)
.......................
464
184,974
441,479
Health
Care
Equipment
&
Supplies
—
2.4%
Abbott
Laboratories
.................
5,651
547,299
Boston
Scientific
Corp.
(a)
..............
10,378
547,958
Enovis
Corp.
(a)
.....................
753
39,706
IDEXX
Laboratories,
Inc.
(a)
.............
347
151,733
Medtronic
plc
.....................
3,591
281,391
ResMed,
Inc.
.....................
1,836
271,489
Stryker
Corp.
.....................
8,618
2,355,041
4,194,617
Health
Care
Providers
&
Services
—
2.8%
Elevance
Health,
Inc.
................
5,517
2,402,212
Ensign
Group,
Inc.
(The)
(b)
.............
650
60,405
HCA
Healthcare,
Inc.
................
3,745
921,195
Tenet
Healthcare
Corp.
(a)
..............
1,032
67,998
UnitedHealth
Group,
Inc.
..............
2,870
1,447,025
4,898,835
Health
Care
Technology
—
0.2%
Teladoc
Health,
Inc.
(a)
................
17,617
327,500
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
0.9%
Boyd
Gaming
Corp.
.................
7,788
$
473,744
McDonald's
Corp.
..................
917
241,575
Travel
+
Leisure
Co.
.................
23,411
859,886
1,575,205
Household
Durables
—
0.8%
DR
Horton,
Inc.
....................
2,467
265,129
Leggett
&
Platt,
Inc.
.................
21,076
535,541
Toll
Brothers,
Inc.
...................
8,617
637,313
1,437,983
Household
Products
—
1.2%
Kimberly-Clark
Corp.
................
16,595
2,005,506
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
...................
20,083
305,262
Industrial
Conglomerates
—
0.5%
Honeywell
International,
Inc.
...........
4,251
785,330
Insurance
—
3.3%
Chubb
Ltd.
.......................
126
26,231
Everest
Group
Ltd.
..................
647
240,470
Marsh
&
McLennan
Cos.,
Inc.
..........
7,122
1,355,317
MetLife,
Inc.
......................
32,347
2,034,950
Reinsurance
Group
of
America,
Inc.
......
5,580
810,160
Travelers
Cos.,
Inc.
(The)
.............
7,941
1,296,845
W
R
Berkley
Corp.
..................
631
40,062
5,804,035
Interactive
Media
&
Services
—
6.8%
(a)
Alphabet,
Inc.,
Class
A
...............
39,143
5,122,253
Alphabet,
Inc.,
Class
C
...............
22,063
2,909,006
Meta
Platforms,
Inc.,
Class
A
...........
12,698
3,812,067
11,843,326
Life
Sciences
Tools
&
Services
—
0.6%
Agilent
Technologies,
Inc.
.............
10,005
1,118,759
Machinery
—
3.0%
Illinois
Tool
Works,
Inc.
...............
4,471
1,029,716
Oshkosh
Corp.
....................
16,722
1,595,780
Otis
Worldwide
Corp.
................
4,291
344,610
Snap-on,
Inc.
.....................
3,718
948,313
Timken
Co.
(The)
...................
4,339
318,873
Xylem,
Inc.
.......................
10,183
926,959
5,164,251
Media
—
1.5%
Comcast
Corp.,
Class
A
..............
22,926
1,016,539
Fox
Corp.,
Class
A
..................
43,266
1,349,899
Fox
Corp.,
Class
B
..................
762
22,007
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
....
11,860
301,952
2,690,397
Oil,
Gas
&
Consumable
Fuels
—
4.0%
Chevron
Corp.
.....................
10,267
1,731,221
ConocoPhillips
....................
4,849
580,910
Devon
Energy
Corp.
.................
28,743
1,371,041
EOG
Resources,
Inc.
................
3,335
422,745
Exxon
Mobil
Corp.
..................
929
109,232
Marathon
Oil
Corp.
..................
4,639
124,093
Marathon
Petroleum
Corp.
............
772
116,834
Pioneer
Natural
Resources
Co.
.........
1,981
454,739
Targa
Resources
Corp.
...............
8,161
699,561
Valero
Energy
Corp.
.................
9,452
1,339,443
6,949,819
Security
Shares
Shares
Value
Passenger
Airlines
—
0.1%
United
Airlines
Holdings,
Inc.
(a)
..........
3,299
$
139,548
Pharmaceuticals
—
2.8%
Bristol-Myers
Squibb
Co.
..............
34,600
2,008,184
Eli
Lilly
&
Co.
.....................
3,550
1,906,812
Johnson
&
Johnson
.................
5,679
884,504
4,799,500
Residential
REITs
—
1.2%
Camden
Property
Trust
...............
12,745
1,205,422
Equity
Residential
..................
16,470
966,954
2,172,376
Semiconductors
&
Semiconductor
Equipment
—
7.1%
Applied
Materials,
Inc.
...............
16,520
2,287,194
ARM
Holdings
plc,
ADR
(a)
.............
3,687
197,328
Intel
Corp.
.......................
37,889
1,346,954
Lam
Research
Corp.
................
1,187
743,976
MaxLinear,
Inc.
(a)
...................
8,586
191,039
NVIDIA
Corp.
.....................
13,672
5,947,183
NXP
Semiconductors
NV
.............
2,655
530,788
QUALCOMM,
Inc.
..................
9,216
1,023,529
12,267,991
Software
—
10.8%
Adobe,
Inc.
(a)
......................
4,001
2,040,110
Autodesk,
Inc.
(a)
....................
1,604
331,884
Cadence
Design
Systems,
Inc.
(a)
........
3,065
718,129
Fortinet,
Inc.
(a)
.....................
10,842
636,209
Manhattan
Associates,
Inc.
(a)
...........
9,017
1,782,300
Microsoft
Corp.
....................
38,332
12,103,329
RingCentral,
Inc.,
Class
A
(a)
............
1,901
56,327
Salesforce,
Inc.
(a)
...................
3,812
772,997
Synopsys,
Inc.
(a)
...................
96
44,061
Teradata
Corp.
(a)
...................
2,006
90,310
VMware,
Inc.,
Class
A
(a)
(b)
.............
932
155,159
18,730,815
Specialized
REITs
—
0.5%
SBA
Communications
Corp.
...........
4,773
955,411
Specialty
Retail
—
1.8%
AutoNation,
Inc.
(a)
...................
2,411
365,025
Best
Buy
Co.,
Inc.
..................
6,876
477,676
Five
Below,
Inc.
(a)
...................
2,286
367,817
Penske
Automotive
Group,
Inc.
(b)
........
2,484
414,977
TJX
Cos.,
Inc.
(The)
.................
17,184
1,527,314
3,152,809
Technology
Hardware,
Storage
&
Peripherals
—
8.4%
Apple,
Inc.
.......................
71,059
12,166,011
Dell
Technologies,
Inc.,
Class
C
.........
10,816
745,222
Hewlett
Packard
Enterprise
Co.
.........
94,842
1,647,406
14,558,639
Textiles,
Apparel
&
Luxury
Goods
—
1.3%
Lululemon
Athletica,
Inc.
(a)
.............
2,762
1,065,055
NIKE,
Inc.,
Class
B
.................
271
25,913
Skechers
USA,
Inc.,
Class
A
(a)
..........
22,445
1,098,683
2,189,651
Trading
Companies
&
Distributors
—
1.0%
WW
Grainger,
Inc.
..................
2,573
1,780,104
Total
Long-Term
Investments
—
98
.9
%
(Cost:
$
160,433,413
)
.............................
171,562,823
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.9%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.23
%
...................
1,854,430
$
1,854,430
SL
Liquidity
Series,
LLC,
Money
Market
Series
,
5.52
%
(e)
.......................
3,129,852
3,130,791
Total
Short-Term
Securities
—
2
.9
%
(Cost:
$
4,985,221
)
..............................
4,985,221
Total
Investments
—
101
.8
%
(Cost:
$
165,418,634
)
.............................
176,548,044
Liabilities
in
Excess
of
Other
Assets
—
(
1.8
)
%
............
(
3,165,364
)
Net
Assets
—
100.0%
..............................
$
173,382,680
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,693,555
$
160,875
(a)
$
—
$
—
$
—
$
1,854,430
1,854,430
$
57,167
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
1,552,176
1,576,989
(a)
—
1,734
(
108
)
3,130,791
3,129,852
7,861
(b)
—
$
1,734
$
(
108
)
$
4,985,221
$
65,028
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
5
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.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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.
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
S&P
500
E-Mini
Index
.......................................................
9
12/15/23
$
1,946
$
(
82,585
)
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
171,562,823
$
—
$
—
$
171,562,823
Short-Term
Securities
Money
Market
Funds
......................................
1,854,430
—
—
1,854,430
$
173,417,253
$
—
$
—
$
173,417,253
Investments
Valued
at
NAV
(a)
......................................
3,130,791
$
176,548,044
Derivative
Financial
Instruments
(b)
Liabilities
Equity
contracts
...........................................
$
(
82,585
)
$
—
$
—
$
(
82,585
)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
ADR
American
Depositary
Receipts