BlackRock

Advantage

Large

Cap

Core

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

March

31,

2023

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.4%

Axon

Enterprise,

Inc.

(a)

...............

326

$

73,301

General

Dynamics

Corp.

..............

3,690

842,095

Lockheed

Martin

Corp.

...............

2,652

1,253,680

Textron,

Inc.

......................

4,045

285,698

2,454,774

Automobile

Components

—

0.4%

BorgWarner,

Inc.

...................

783

38,453

Lear

Corp.

.......................

4,450

620,731

659,184

Automobiles

—

1.5%

General

Motors

Co.

.................

33,463

1,227,423

Tesla,

Inc.

(a)

.......................

6,570

1,363,012

2,590,435

Banks

—

2.1%

Bank

of

America

Corp.

...............

33,468

957,185

Citigroup,

Inc.

.....................

13,024

610,695

JPMorgan

Chase

&

Co.

..............

3,676

479,020

US

Bancorp

......................

9,509

342,799

Wells

Fargo

&

Co.

..................

32,574

1,217,616

3,607,315

Beverages

—

1.8%

PepsiCo,

Inc.

.....................

16,676

3,040,035

Biotechnology

—

2.2%

Amgen,

Inc.

......................

5,294

1,279,825

Biogen,

Inc.

(a)

.....................

214

59,499

BioMarin

Pharmaceutical,

Inc.

(a)

.........

1,360

132,246

Exelixis,

Inc.

(a)

.....................

18,196

353,184

Gilead

Sciences,

Inc.

................

3,199

265,421

Horizon

Therapeutics

plc

(a)

............

1,005

109,686

Incyte

Corp.

(a)

.....................

6,808

492,014

Neurocrine

Biosciences,

Inc.

(a)

..........

5,311

537,579

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

258

211,991

Ultragenyx

Pharmaceutical,

Inc.

(a)(b)

.......

11,409

457,501

3,898,946

Broadline

Retail

—

3.5%

Amazon.com,

Inc.

(a)

.................

45,919

4,742,973

Coupang,

Inc.,

Class

A

(a)

..............

2,899

46,384

eBay,

Inc.

........................

27,624

1,225,677

Etsy,

Inc.

(a)

.......................

309

34,401

6,049,435

Building

Products

—

0.6%

Allegion

plc

.......................

7,777

830,039

Trane

Technologies

plc

...............

1,403

258,124

1,088,163

Capital

Markets

—

2.7%

Bank

of

New

York

Mellon

Corp.

(The)

.....

34,000

1,544,960

Cboe

Global

Markets,

Inc.

.............

4,971

667,307

Charles

Schwab

Corp.

(The)

...........

4,836

253,310

Intercontinental

Exchange,

Inc.

.........

2,671

278,558

LPL

Financial

Holdings,

Inc.

............

1,727

349,545

S&P

Global,

Inc.

...................

4,456

1,536,295

Stifel

Financial

Corp.

................

537

31,731

Tradeweb

Markets,

Inc.,

Class

A

.........

686

54,208

4,715,914

Security

Shares

Shares

Value

Chemicals

—

1.9%

Ecolab,

Inc.

......................

13,226

$

2,189,300

FMC

Corp.

.......................

9,004

1,099,658

3,288,958

Commercial

Services

&

Supplies

—

0.4%

Cintas

Corp.

......................

1,505

696,333

Communications

Equipment

—

0.9%

Juniper

Networks,

Inc.

(b)

..............

47,074

1,620,287

Construction

&

Engineering

—

1.0%

AECOM

.........................

20,348

1,715,743

Consumer

Finance

—

1.6%

American

Express

Co.

...............

14,201

2,342,455

Synchrony

Financial

.................

12,086

351,461

2,693,916

Consumer

Staples

Distribution

&

Retail

—

1.6%

Walmart,

Inc.

(b)

....................

19,299

2,845,638

Distributors

—

0.3%

Genuine

Parts

Co.

..................

2,768

463,114

Electric

Utilities

—

0.3%

Evergy,

Inc.

.......................

7,689

469,952

NRG

Energy,

Inc.

...................

1,289

44,200

PPL

Corp.

.......................

3,227

89,678

603,830

Electrical

Equipment

—

0.8%

AMETEK,

Inc.

.....................

3,074

446,744

Eaton

Corp.

plc

....................

4,976

852,588

1,299,332

Electronic

Equipment,

Instruments

&

Components

—

1.1%

Flex

Ltd.

(a)

........................

81,077

1,865,582

TD

SYNNEX

Corp.

..................

1,116

108,017

1,973,599

Energy

Equipment

&

Services

—

0.2%

Halliburton

Co.

....................

9,824

310,832

Patterson-UTI

Energy,

Inc.

............

4,899

57,318

368,150

Entertainment

—

0.1%

(a)

ROBLOX

Corp.,

Class

A

..............

1,996

89,780

Warner

Bros

Discovery,

Inc.

............

3,571

53,922

143,702

Financial

Services

—

2.5%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

2,253

695,659

Mastercard,

Inc.,

Class

A

..............

3,653

1,327,537

PayPal

Holdings,

Inc.

(a)

...............

16,965

1,288,322

Visa,

Inc.,

Class

A

(b)

.................

4,831

1,089,197

4,400,715

Food

Products

—

1.3%

Archer-Daniels-Midland

Co.

............

26,720

2,128,515

Hershey

Co.

(The)

..................

172

43,758

Kellogg

Co.

.......................

1,210

81,022

2,253,295

Ground

Transportation

—

0.2%

Lyft,

Inc.,

Class

A

(a)

..................

9,032

83,727

Norfolk

Southern

Corp.

...............

477

101,124

Ryder

System,

Inc.

..................

235

20,971

Schneider

National,

Inc.,

Class

B

........

7,034

188,160

393,982

BlackRock

Advantage

Large

Cap

Core

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2023

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

1.7%

Becton

Dickinson

&

Co.

..............

4,874

$

1,206,510

Boston

Scientific

Corp.

(a)(b)

.............

28,783

1,440,013

IDEXX

Laboratories,

Inc.

(a)

.............

347

173,528

ResMed,

Inc.

.....................

890

194,901

3,014,952

Health

Care

Providers

&

Services

—

4.6%

Cardinal

Health,

Inc.

.................

439

33,145

Cigna

Group

(The)

..................

6,833

1,746,036

CVS

Health

Corp.

..................

30,830

2,290,977

Elevance

Health,

Inc.

................

4,833

2,222,262

UnitedHealth

Group,

Inc.

..............

3,562

1,683,366

7,975,786

Health

Care

Technology

—

0.4%

Teladoc

Health,

Inc.

(a)

................

23,398

606,008

Hotel

&

Resort

REITs

—

0.0%

Park

Hotels

&

Resorts,

Inc.

(b)

...........

1,629

20,134

Hotels,

Restaurants

&

Leisure

—

1.8%

Caesars

Entertainment,

Inc.

(a)

..........

10,615

518,118

Darden

Restaurants,

Inc.

(b)

............

4,705

730,028

McDonald's

Corp.

..................

330

92,271

MGM

Resorts

International

............

1,593

70,761

Starbucks

Corp.

....................

1,527

159,007

Travel

+

Leisure

Co.

.................

31,571

1,237,583

Yum!

Brands,

Inc.

..................

1,952

257,820

3,065,588

Household

Durables

—

0.2%

TopBuild

Corp.

(a)

...................

725

150,901

Whirlpool

Corp.

....................

1,433

189,185

340,086

Household

Products

—

2.2%

Colgate-Palmolive

Co.

...............

24,299

1,826,070

Procter

&

Gamble

Co.

(The)

...........

12,941

1,924,197

3,750,267

Industrial

Conglomerates

—

0.7%

Honeywell

International,

Inc.

...........

6,040

1,154,365

Industrial

REITs

—

0.9%

Prologis,

Inc.

......................

12,404

1,547,647

Insurance

—

3.2%

Allstate

Corp.

(The)

.................

5,439

602,696

American

Financial

Group,

Inc.

.........

301

36,571

Arthur

J

Gallagher

&

Co.

..............

290

55,480

Everest

Re

Group

Ltd.

...............

306

109,554

Marsh

&

McLennan

Cos.,

Inc.

..........

12,436

2,071,216

MetLife,

Inc.

......................

31,989

1,853,443

Travelers

Cos.,

Inc.

(The)

.............

4,528

776,144

WR

Berkley

Corp.

..................

631

39,286

5,544,390

Interactive

Media

&

Services

—

5.6%

(a)

Alphabet,

Inc.,

Class

A

...............

39,663

4,114,243

Alphabet,

Inc.,

Class

C

...............

23,734

2,468,336

Bumble,

Inc.,

Class

A

................

945

18,475

Match

Group,

Inc.

..................

5,392

206,999

Meta

Platforms,

Inc.,

Class

A

...........

10,265

2,175,564

Pinterest,

Inc.,

Class

A

...............

12,915

352,192

Snap,

Inc.,

Class

A

..................

37,595

421,440

9,757,249

Security

Shares

Shares

Value

IT

Services

—

0.5%

Accenture

plc,

Class

A

...............

2,213

$

632,498

Gartner,

Inc.

(a)

.....................

795

258,987

891,485

Life

Sciences

Tools

&

Services

—

3.1%

Agilent

Technologies,

Inc.

.............

12,530

1,733,400

Danaher

Corp.

....................

8,413

2,120,413

Thermo

Fisher

Scientific,

Inc.

...........

2,743

1,580,983

5,434,796

Machinery

—

4.2%

Cummins,

Inc.

.....................

3,012

719,507

Deere

&

Co.

......................

5,376

2,219,643

Illinois

Tool

Works,

Inc.

...............

4,694

1,142,754

Snap-on,

Inc.

.....................

3,718

917,937

Timken

Co.

(The)

...................

12,899

1,054,106

Xylem,

Inc.

(b)

......................

11,895

1,245,407

7,299,354

Media

—

1.5%

Comcast

Corp.,

Class

A

..............

25,612

970,951

Fox

Corp.,

Class

A

(b)

.................

44,809

1,525,746

Fox

Corp.,

Class

B

..................

770

24,109

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

347

9,747

2,530,553

Metals

&

Mining

—

0.2%

Reliance

Steel

&

Aluminum

Co.

.........

130

33,376

Steel

Dynamics,

Inc.

.................

2,799

316,455

United

States

Steel

Corp.

.............

594

15,504

365,335

Multi-Utilities

—

1.4%

CMS

Energy

Corp.

..................

3,878

238,032

DTE

Energy

Co.

...................

17,904

1,961,204

NiSource,

Inc.

.....................

7,111

198,823

2,398,059

Oil,

Gas

&

Consumable

Fuels

—

3.3%

Chevron

Corp.

.....................

19,722

3,217,841

ConocoPhillips

....................

3,009

298,523

EOG

Resources,

Inc.

................

4,274

489,929

Exxon

Mobil

Corp.

..................

13,123

1,439,068

Targa

Resources

Corp.

...............

773

56,390

Valero

Energy

Corp.

.................

1,753

244,719

5,746,470

Passenger

Airlines

—

0.0%

Southwest

Airlines

Co.

...............

1,984

64,559

Pharmaceuticals

—

2.7%

Bristol-Myers

Squibb

Co.

..............

29,066

2,014,565

Eli

Lilly

&

Co.

.....................

2,930

1,006,221

Johnson

&

Johnson

.................

5,851

906,905

Pfizer,

Inc.

.......................

19,258

785,726

4,713,417

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.

.........

2,235

497,578

KBR,

Inc.

(b)

.......................

1,659

91,328

588,906

Residential

REITs

—

1.0%

Equity

Residential

..................

30,262

1,815,720

Retail

REITs

—

0.9%

Kimco

Realty

Corp.

.................

1,138

22,225

Simon

Property

Group,

Inc.

............

13,046

1,460,761

1,482,986

BlackRock

Advantage

Large

Cap

Core

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2023

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

5.2%

Analog

Devices,

Inc.

.................

12,069

$

2,380,248

Applied

Materials,

Inc.

...............

3,887

477,440

Intel

Corp.

.......................

41,505

1,355,968

MaxLinear,

Inc.

(a)(b)

..................

12,383

436,006

NVIDIA

Corp.

.....................

15,183

4,217,382

QUALCOMM,

Inc.

..................

1,171

149,396

Teradyne,

Inc.

.....................

223

23,975

9,040,415

Software

—

11.3%

Adobe,

Inc.

(a)(b)

.....................

5,036

1,940,723

Autodesk,

Inc.

(a)

....................

844

175,687

Box,

Inc.,

Class

A

(a)

.................

2,179

58,376

Cadence

Design

Systems,

Inc.

(a)

........

655

137,609

Fortinet,

Inc.

(a)

.....................

1,224

81,347

Intuit,

Inc.

........................

2,483

1,106,996

Manhattan

Associates,

Inc.

(a)

...........

7,298

1,130,095

Microsoft

Corp.

....................

34,167

9,850,346

Paylocity

Holding

Corp.

(a)

.............

126

25,046

Rapid7,

Inc.

(a)

.....................

3,198

146,820

RingCentral,

Inc.,

Class

A

(a)

............

17,911

549,330

Salesforce,

Inc.

(a)

...................

8,451

1,688,341

ServiceNow,

Inc.

(a)

..................

2,169

1,007,978

Splunk,

Inc.

(a)

.....................

2,674

256,383

Synopsys,

Inc.

(a)

...................

579

223,639

Teradata

Corp.

(a)

...................

8,663

348,946

VMware,

Inc.,

Class

A

(a)

..............

969

120,980

Workday,

Inc.,

Class

A

(a)(b)

.............

3,532

729,499

19,578,141

Specialized

REITs

—

0.7%

SBA

Communications

Corp.

...........

4,819

1,258,096

Specialty

Retail

—

2.9%

Best

Buy

Co.,

Inc.

..................

4,689

367,008

Home

Depot,

Inc.

(The)

..............

5,188

1,531,083

Lowe's

Cos.,

Inc.

...................

7,735

1,546,768

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.

(b)

........

1,226

$

173,859

TJX

Cos.,

Inc.

(The)

.................

17,851

1,398,804

5,017,522

Technology

Hardware,

Storage

&

Peripherals

—

7.1%

Apple,

Inc.

.......................

62,916

10,374,848

Dell

Technologies,

Inc.,

Class

C

.........

10,369

416,938

Hewlett

Packard

Enterprise

Co.

.........

61,675

982,483

HP,

Inc.

.........................

15,555

456,539

12,230,808

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Lululemon

Athletica,

Inc.

(a)

.............

2,808

1,022,646

Trading

Companies

&

Distributors

—

0.4%

Herc

Holdings,

Inc.

..................

5,575

634,993

Total

Long-Term

Investments

—

99.0%

(Cost:

$164,805,396)

.............................

171,755,528

Short-Term

Securities

Money

Market

Funds

—

5.1%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.70%

...................

1,397,354

1,397,354

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.01%

(e)

.......................

7,439,576

7,440,320

Total

Short-Term

Securities

—

5.1%

(Cost:

$8,837,344)

..............................

8,837,674

Total

Investments

—

104.1%

(Cost:

$173,642,740

)

.............................

180,593,202

Liabilities

in

Excess

of

Other

Assets

—

(4.1)%

............

(7,113,657)

Net

Assets

—

100.0%

..............................

$

173,479,545

(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

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

1,693,555

$

—

$

(296,201)

(a)

$

—

$

—

$

1,397,354

1,397,354

$

16,464

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

1,552,176

5,887,112

(a)

—

810

222

7,440,320

7,439,576

3,739

(b)

—

$

810

$

222

$

8,837,674

$

20,203

$

—

—

—

(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.

BlackRock

Advantage

Large

Cap

Core

Portfolio

5

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2023

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.

BlackRock

Advantage

Large

Cap

Core

Portfolio

6

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2023

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

06/16/23

$

1,862

$

55,935

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

171,755,528

$

—

$

—

$

171,755,528

Short-Term

Securities

Money

Market

Funds

......................................

1,397,354

—

—

1,397,354

$

173,152,882

$

—

$

—

$

173,152,882

Investments

Valued

at

NAV

(a)

.....................................

7,440,320

$

—

$

180,593,202

$

—

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

...........................................

$

55,935

$

—

$

—

$

55,935

(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

S&P

Standard

&

Poor's