Schedule
of
Investments
(unaudited)
September
30,
2025
BlackRock
Advantage
Large
Cap
Core
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
1.4%
Carpenter
Technology
Corp.
.............
2,407
$
591,015‌
GE
Aerospace
.......................
3,174
954,803‌
General
Dynamics
Corp.
................
636
216,876‌
HEICO
Corp.
.......................
106
34,219‌
HEICO
Corp.
,
Class
A
..................
2,292
582,374‌
Lockheed
Martin
Corp.
.................
911
454,780‌
RTX
Corp.
.........................
2,300
384,859‌
3,218,926‌
Air
Freight
&
Logistics
0.0%
FedEx
Corp.
........................
202
47,634‌
Automobile
Components
0.4%
BorgWarner,
Inc.
.....................
22,855
1,004,706‌
Automobiles
1.7%
General
Motors
Co.
...................
12,951
789,622‌
Tesla,
Inc.
(a)
.........................
7,015
3,119,711‌
3,909,333‌
Banks
3.5%
Bank
of
America
Corp.
.................
56,450
2,912,255‌
Citigroup,
Inc.
.......................
6,821
692,331‌
Huntington
Bancshares,
Inc.
.............
57,539
993,699‌
JPMorgan
Chase
&
Co.
................
9,711
3,063,141‌
Southstate
Bank
Corp.
.................
1,887
186,568‌
7,847,994‌
Beverages
0.2%
Keurig
Dr
Pepper,
Inc.
.................
953
24,311‌
Monster
Beverage
Corp.
(a)
...............
5,387
362,599‌
386,910‌
Biotechnology
2.8%
AbbVie,
Inc.
........................
9,324
2,158,879‌
Gilead
Sciences,
Inc.
..................
7,961
883,671‌
Ionis
Pharmaceuticals,
Inc.
(a)
.............
4,969
325,072‌
Moderna,
Inc.
(a)
......................
3,010
77,748‌
Natera,
Inc.
(a)
.......................
3,302
531,523‌
Regeneron
Pharmaceuticals,
Inc.
..........
3,291
1,850,431‌
Ultragenyx
Pharmaceutical,
Inc.
(a)
..........
4,887
147,001‌
United
Therapeutics
Corp.
(a)
..............
912
382,319‌
6,356,644‌
Broadline
Retail
4.5%
Amazon.com,
Inc.
(a)
...................
45,968
10,093,194‌
Building
Products
0.9%
Armstrong
World
Industries,
Inc.
...........
515
100,945‌
Johnson
Controls
International
plc
.........
4,989
548,540‌
Owens
Corning
......................
824
116,563‌
Trane
Technologies
plc
.................
2,809
1,185,286‌
1,951,334‌
Capital
Markets
4.8%
Blackstone,
Inc.
,
Class
A
................
5,397
922,077‌
Charles
Schwab
Corp.
(The)
.............
31,170
2,975,800‌
CME
Group,
Inc.
,
Class
A
...............
5,292
1,429,845‌
Interactive
Brokers
Group,
Inc.
,
Class
A
......
5,200
357,812‌
Intercontinental
Exchange,
Inc.
...........
3,271
551,098‌
Moody's
Corp.
.......................
1,874
892,924‌
Morgan
Stanley
......................
16,401
2,607,103‌
Nasdaq,
Inc.
........................
13,220
1,169,309‌
10,905,968‌
Security
Shares
Shares
Value
Chemicals
0.9%
Celanese
Corp.
......................
906
$
38,124‌
Corteva,
Inc.
........................
30,503
2,062,918‌
2,101,042‌
Commercial
Services
&
Supplies
1.3%
Cintas
Corp.
........................
4,675
959,590‌
Copart,
Inc.
(a)
.......................
11,145
501,191‌
Republic
Services,
Inc.
.................
2,946
676,048‌
Veralto
Corp.
........................
1,333
142,111‌
Waste
Connections,
Inc.
................
2,192
385,354‌
Waste
Management,
Inc.
................
1,224
270,296‌
2,934,590‌
Communications
Equipment
1.5%
Arista
Networks,
Inc.
(a)
.................
13,585
1,979,470‌
Cisco
Systems,
Inc.
...................
1,925
131,709‌
Motorola
Solutions,
Inc.
................
2,705
1,236,969‌
3,348,148‌
Construction
&
Engineering
0.9%
Comfort
Systems
USA,
Inc.
..............
1,253
1,033,950‌
MasTec,
Inc.
(a)
.......................
4,875
1,037,449‌
2,071,399‌
Consumer
Finance
0.8%
Ally
Financial,
Inc.
....................
9,784
383,533‌
American
Express
Co.
.................
4,139
1,374,810‌
1,758,343‌
Consumer
Staples
Distribution
&
Retail
2.9%
Costco
Wholesale
Corp.
................
2,464
2,280,752‌
Performance
Food
Group
Co.
(a)
...........
820
85,313‌
Sprouts
Farmers
Market,
Inc.
(a)
............
1,703
185,287‌
Walmart,
Inc.
........................
39,804
4,102,200‌
6,653,552‌
Diversified
Consumer
Services
0.0%
Duolingo,
Inc.
,
Class
A
(a)
................
85
27,356‌
Electric
Utilities
0.9%
Edison
International
...................
8,321
459,985‌
Entergy
Corp.
.......................
15,098
1,406,983‌
NRG
Energy,
Inc.
.....................
209
33,847‌
PG&E
Corp.
........................
16,054
242,094‌
2,142,909‌
Electrical
Equipment
0.8%
AMETEK,
Inc.
.......................
7,238
1,360,744‌
GE
Vernova,
Inc.
.....................
487
299,457‌
Rockwell
Automation,
Inc.
...............
591
206,572‌
1,866,773‌
Electronic
Equipment,
Instruments
&
Components
1.1%
Amphenol
Corp.
,
Class
A
...............
18,298
2,264,378‌
Flex
Ltd.
(a)
..........................
3,953
229,155‌
2,493,533‌
Entertainment
1.2%
(a)
Netflix,
Inc.
.........................
1,945
2,331,899‌
ROBLOX
Corp.
,
Class
A
................
336
46,543‌
Roku,
Inc.
,
Class
A
....................
1,453
145,489‌
Take-Two
Interactive
Software,
Inc.
.........
797
205,913‌
2,729,844‌
Financial
Services
2.6%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
........
5,041
2,534,312‌
Fidelity
National
Information
Services,
Inc.
....
5,434
358,318‌
Klarna
Group
plc
(a)
(b)
...................
1,515
55,525‌
Mastercard,
Inc.
,
Class
A
................
1,538
874,830‌
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Advantage
Large
Cap
Core
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
(continued)
Visa,
Inc.
,
Class
A
....................
6,248
$
2,132,942‌
5,955,927‌
Food
Products
0.0%
Kellanova
..........................
270
22,145‌
Ground
Transportation
1.1%
Uber
Technologies,
Inc.
(a)
...............
3,242
317,619‌
Union
Pacific
Corp.
...................
9,050
2,139,148‌
2,456,767‌
Health
Care
Equipment
&
Supplies
1.5%
Boston
Scientific
Corp.
(a)
................
17,050
1,664,591‌
Insulet
Corp.
(a)
.......................
632
195,117‌
Intuitive
Surgical,
Inc.
(a)
.................
1,886
843,476‌
Medtronic
plc
.......................
3,365
320,483‌
Stryker
Corp.
.......................
1,098
405,898‌
3,429,565‌
Health
Care
Providers
&
Services
2.2%
Cardinal
Health,
Inc.
...................
14,811
2,324,734‌
Centene
Corp.
(a)
.....................
10,654
380,135‌
Cigna
Group
(The)
....................
528
152,196‌
Elevance
Health,
Inc.
..................
824
266,251‌
Encompass
Health
Corp.
...............
478
60,715‌
HealthEquity,
Inc.
(a)
....................
3,141
297,673‌
Molina
Healthcare,
Inc.
(a)
................
339
64,871‌
UnitedHealth
Group,
Inc.
................
4,020
1,388,106‌
4,934,681‌
Health
Care
REITs
0.1%
Ventas,
Inc.
........................
3,420
239,366‌
Hotels,
Restaurants
&
Leisure
2.1%
Airbnb,
Inc.
,
Class
A
(a)
..................
9,590
1,164,418‌
Booking
Holdings,
Inc.
.................
271
1,463,202‌
Caesars
Entertainment,
Inc.
(a)
............
2,357
63,698‌
Chipotle
Mexican
Grill,
Inc.
(a)
.............
13,650
534,943‌
Darden
Restaurants,
Inc.
...............
3,483
663,024‌
Dutch
Bros,
Inc.
,
Class
A
(a)
..............
400
20,936‌
McDonald's
Corp.
....................
2,986
907,416‌
4,817,637‌
Household
Durables
0.8%
Garmin
Ltd.
.........................
3,643
896,980‌
Meritage
Homes
Corp.
.................
3,982
288,416‌
NVR,
Inc.
(a)
.........................
6
48,208‌
Toll
Brothers,
Inc.
.....................
3,914
540,680‌
1,774,284‌
Household
Products
0.3%
Procter
&
Gamble
Co.
(The)
.............
4,131
634,728‌
Industrial
Conglomerates
1.3%
Honeywell
International,
Inc.
.............
14,096
2,967,208‌
Insurance
1.1%
Allstate
Corp.
(The)
...................
215
46,150‌
Hartford
Insurance
Group,
Inc.
(The)
........
623
83,102‌
Progressive
Corp.
(The)
................
3,385
835,926‌
Travelers
Cos.,
Inc.
(The)
...............
5,762
1,608,865‌
2,574,043‌
Interactive
Media
&
Services
7.2%
Alphabet,
Inc.
,
Class
A
.................
20,585
5,004,214‌
Alphabet,
Inc.
,
Class
C
.................
17,251
4,201,481‌
Meta
Platforms,
Inc.
,
Class
A
.............
9,110
6,690,202‌
Pinterest,
Inc.
,
Class
A
(a)
................
11,156
358,888‌
16,254,785‌
Security
Shares
Shares
Value
IT
Services
0.2%
Globant
SA
(a)
........................
1,811
$
103,915‌
GoDaddy,
Inc.
,
Class
A
(a)
................
1,293
176,921‌
VeriSign,
Inc.
.......................
205
57,312‌
338,148‌
Leisure
Products
0.3%
Hasbro,
Inc.
........................
9,079
688,642‌
Machinery
1.7%
Caterpillar,
Inc.
......................
987
470,947‌
Crane
Co.
..........................
164
30,199‌
Flowserve
Corp.
.....................
1,827
97,087‌
Mueller
Industries,
Inc.
.................
13,696
1,384,803‌
Parker-Hannifin
Corp.
..................
1,817
1,377,559‌
Westinghouse
Air
Brake
Technologies
Corp.
...
1,833
367,461‌
3,728,056‌
Marine
Transportation
0.0%
Kirby
Corp.
(a)
........................
1,328
110,822‌
Media
1.0%
Comcast
Corp.
,
Class
A
................
51,313
1,612,255‌
Fox
Corp.
,
Class
A
....................
4,065
256,339‌
Fox
Corp.
,
Class
B
....................
514
29,447‌
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
5,228
256,224‌
2,154,265‌
Metals
&
Mining
0.5%
Freeport-McMoRan,
Inc.
................
8,725
342,195‌
Newmont
Corp.
......................
8,879
748,588‌
1,090,783‌
Oil,
Gas
&
Consumable
Fuels
1.7%
Devon
Energy
Corp.
...................
54,171
1,899,235‌
Expand
Energy
Corp.
..................
371
39,415‌
Kinder
Morgan,
Inc.
...................
26,691
755,622‌
Ovintiv,
Inc.
.........................
13,086
528,413‌
Williams
Cos.,
Inc.
(The)
................
8,777
556,023‌
3,778,708‌
Passenger
Airlines
0.2%
Delta
Air
Lines,
Inc.
...................
6,478
367,627‌
Personal
Care
Products
0.0%
BellRing
Brands,
Inc.
(a)
.................
335
12,177‌
Pharmaceuticals
3.9%
Bristol-Myers
Squibb
Co.
................
41,127
1,854,828‌
Eli
Lilly
&
Co.
.......................
4,084
3,116,092‌
Johnson
&
Johnson
...................
7,872
1,459,626‌
Pfizer,
Inc.
.........................
92,818
2,365,003‌
8,795,549‌
Professional
Services
0.1%
ExlService
Holdings,
Inc.
(a)
..............
3,204
141,072‌
Retail
REITs
0.5%
Kimco
Realty
Corp.
...................
28,495
622,616‌
Simon
Property
Group,
Inc.
..............
2,613
490,382‌
1,112,998‌
Semiconductors
&
Semiconductor
Equipment
13.1%
Advanced
Micro
Devices,
Inc.
(a)
...........
2,505
405,284‌
Broadcom,
Inc.
......................
16,759
5,528,962‌
Credo
Technology
Group
Holding
Ltd.
(a)
......
2,527
367,956‌
Intel
Corp.
(a)
........................
6,714
225,255‌
Lam
Research
Corp.
..................
23,393
3,132,323‌
Marvell
Technology,
Inc.
................
7,182
603,791‌
Micron
Technology,
Inc.
.................
6,931
1,159,695‌
NVIDIA
Corp.
.......................
93,811
17,503,256‌
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Advantage
Large
Cap
Core
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
....................
3,696
$
614,866‌
29,541,388‌
Software
11.6%
Adobe,
Inc.
(a)
........................
3,156
1,113,279‌
Atlassian
Corp.
,
Class
A
(a)
...............
1,643
262,387‌
Elastic
NV
(a)
........................
6,822
576,391‌
Figma,
Inc.
,
Class
A
(a)
(b)
.................
1,007
52,233‌
HubSpot,
Inc.
(a)
......................
857
400,905‌
Intuit,
Inc.
..........................
2,488
1,699,080‌
Microsoft
Corp.
......................
32,029
16,589,421‌
Oracle
Corp.
........................
2,889
812,502‌
Palantir
Technologies,
Inc.
,
Class
A
(a)
.......
10,041
1,831,679‌
Rubrik,
Inc.
,
Class
A
(a)
..................
722
59,385‌
Salesforce,
Inc.
......................
7,086
1,679,382‌
ServiceNow,
Inc.
(a)
....................
1,248
1,148,509‌
26,225,153‌
Specialized
REITs
0.6%
CubeSmart
.........................
20,620
838,409‌
Equinix,
Inc.
........................
355
278,050‌
Public
Storage
.......................
641
185,153‌
1,301,612‌
Specialty
Retail
1.8%
AutoNation,
Inc.
(a)
.....................
511
111,791‌
CarMax,
Inc.
(a)
.......................
714
32,037‌
Home
Depot,
Inc.
(The)
................
1,714
694,496‌
Lithia
Motors,
Inc.
,
Class
A
..............
910
287,560‌
TJX
Cos.,
Inc.
(The)
...................
20,326
2,937,920‌
4,063,804‌
Technology
Hardware,
Storage
&
Peripherals
6.8%
Apple,
Inc.
.........................
60,186
15,325,161‌
Textiles,
Apparel
&
Luxury
Goods
0.5%
Amer
Sports,
Inc.
(a)
....................
2,438
84,721‌
Ralph
Lauren
Corp.
,
Class
A
.............
1,129
354,009‌
Tapestry,
Inc.
........................
5,245
593,839‌
1,032,569‌
Tobacco
0.2%
Philip
Morris
International,
Inc.
............
3,096
502,171‌
Trading
Companies
&
Distributors
1.2%
Air
Lease
Corp.
,
Class
A
................
567
36,089‌
Applied
Industrial
Technologies,
Inc.
........
2,635
687,867‌
Ferguson
Enterprises,
Inc.
...............
8,584
1,927,795‌
2,651,751‌
Wireless
Telecommunication
Services
0.6%
T-Mobile
US,
Inc.
.....................
5,669
1,357,045‌
Total
Long-Term
Investments
99
.3
%
(Cost:
$
170,000,043
)
..............................
224,230,769‌
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
1.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.26
%
(e)
...................
112,840
$
112,897‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.01
%
.....................
2,216,835
2,216,835‌
Total
Short-Term
Securities
1
.0
%
(Cost:
$
2,329,732
)
...............................
2,329,732‌
Total
Investments
100
.3
%
(Cost:
$
172,329,775
)
..............................
226,560,501‌
Liabilities
in
Excess
of
Other
Assets
(
0.3
)
%
.............
(
741,733‌
)
Net
Assets
100.0%
...............................
$
225,818,768‌
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Advantage
Large
Cap
Core
Portfolio
5
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
4,899,191
$
$
(
4,785,839
)
(a)
$
(
791
)
$
336
$
112,897
112,840
$
3,823
(b)
$
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
2,052,618
164,217
(a)
2,216,835
2,216,835
60,974
$
(
791
)
$
336
$
2,329,732
$
64,797
$
(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
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Advantage
Large
Cap
Core
Portfolio
6
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (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
that
may
not
have
a
secondary
market
and/
or may
have
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.
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
.......................................................
7
12/19/25
$
2,359
$
17,466
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
224,230,769
$
$
$
224,230,769
Short-Term
Securities
Money
Market
Funds
......................................
2,329,732
2,329,732
$
226,560,501
$
$
$
226,560,501
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
17,466
$
$
$
17,466
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
REIT
Real
Estate
Investment
Trust