UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05742

Name of Fund: BlackRock Funds

All-Cap Energy & Resources Portfolio (formerly All-Cap Global Resources Portfolio)	Municipal Money Market Portfolio
	New Jersey Municipal Money Market Portfolio
Asset Allocation Portfolio	North Carolina Municipal Money Market Portfolio
Aurora Portfolio	Ohio Municipal Money Market Portfolio
Capital Appreciation Portfolio	Pennsylvania Municipal Money Market Portfolio
Energy & Resources Portfolio	Science & Technology Opportunities Portfolio
(formerly Global Resources Portfolio)	Small Cap Core Equity Portfolio
Global Opportunities Portfolio	Small Cap Growth Equity Portfolio
Health Sciences Opportunities Portfolio	Small Cap Value Equity Portfolio
International Opportunities Portfolio	Small/Mid-Cap Growth Portfolio
Mid-Cap Growth Equity Portfolio	U.S. Opportunities Portfolio
Mid-Cap Value Equity Portfolio	U.S. Treasury Money Market Portfolio
Money Market Portfolio	Virginia Municipal Money Market Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Funds, 800 Scudders Mill Road,

Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 09/30/2009

Date of reporting period: 12/31/2008

Item 1 –  Schedule of Investments

Schedule of Investments December 31, 2008 (Unaudited)	Energy & Resources Portfolio (formerly Global Resources Portfolio)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Auto Components — 0.3%
Westport Innovations, Inc.(a)	221,086	$	1,119,308
Westport Innovations, Inc. (acquired 01/20/05, cost $258,513)(a)(b)	53,057		268,616
			1,387,924
Capital Markets — 0.1%
Treasure Island Royalty Trust(a)	366,922		183,461
Commercial Services & Supplies — 0.2%
Alexco Resource Corp.(a)	615,583		1,103,149
Republic Resources, Inc.	28,750		37
			1,103,186
Diversified Financial Services — 0.0%
Quest Capital Corp.	61,000		42,495
Electrical Equipment — 0.1%
ITM Power Plc(a)	525,200		110,883
Ocean Power Technologies, Inc.(a)	63,900		427,491
			538,374
Energy Equipment & Services — 7.8%
BJ Services Co.	1,012,400		11,814,708
Complete Production Services, Inc.(a)	34,400		280,360
ENSCO International, Inc.	94,100		2,671,499
Halliburton Co.	190,726		3,467,398
Hercules Offshore, Inc.(a)(c)	68,900		327,275
HSE Integrated Ltd.(a)	28,238		6,176
Key Energy Services, Inc.(a)	676,000		2,981,160
Leader Energy Services Ltd.(a)	454,104		14,714
National Oilwell Varco, Inc.(a)	43,270		1,057,519
Technicoil Corp.(a)	547,800		168,622
Technicoil Corp. (acquired 01/20/05, cost $548,935)(a)(b)	753,100		231,817
Transocean Ltd.(a)	151,500		7,158,375
Weatherford International Ltd.(a)	754,396		8,162,565
			38,342,188
Gas Utilities — 1.8%
Equitable Resources, Inc.	256,500		8,605,575
Independent Power Producers & Energy Traders — 0.0%
Dynegy, Inc. - Class A	1,560		3,120
Machinery — 0.0%
Railpower Technologies Corp.(a)	360,600		42,355
Metals & Mining — 4.8%
Archipelago Resources Plc(a)	2,247,400		105,014
Baja Mining Corp.(a)	3,654,800		651,321
Corriente Resources, Inc. - Class A	982,800		3,096,875
Crosshair Exploration & Mining Corp.(a)	352,800		54,299
Crosshair Exploration & Mining Corp. (acquired 04/04/08, cost $248,613, unrestricted issue on 04/01/08 was valued at $0.86 per share)(a)(b)	206,800		31,828
Eldorado Gold Corp.(a)	368,965		2,884,174
Eldorado Gold Corp., Exchange Receipts (acquired 7/14/08, cost $0, unrestricted issue on 7/14/08 was valued at $8.72 per share)(a)(b)	3,024,300		—
Epsilon Energy, Inc. (acquired 10/24/07, cost $1,357,489, unrestricted issue on 10/24/07 was valued at CAD 4.05 per share)(a)(b)(d)	332,500		215,472
Erdene Gold, Inc. (acquired 4/12/07, cost $959,233)(b)(e)	1,100,000		169,299
European Goldfields Ltd.(a)	561,400		1,473,419
Gold Reserve, Inc.(a)	123,948		116,511
Goldcorp, Inc.	4,600		143,049
Golden Star Resources Ltd.	789,408		792,925
Kinross Gold Corp.	111,175		2,047,843
Linear Gold Corp.	1,000,000		615,634
MAG Silver Corp.	964,000		4,271,430
Minefinders Corp. Ltd.(a)(c)	250,000		1,287,500
Nevsun Resources Ltd.	1,054,800		811,713
Nevsun Resources Ltd. (acquired 01/20/05, cost $2,603,750)(a)(b)	500,000		384,771
Northern Star Mining Corp.	1,133,500		532,548
Polymet Mining Corp.	2,250,000		1,549,210
Q2 Gold Resources, Inc. (acquired 6/18/07, cost $0)(b)(e)	327,600		—
Romarco Minerals, Inc.	223,000		30,709
Rusoro Mining Ltd.	11,764		6,194
Selkirk Metals Corp.	2,000,000		81,004
Sunridge Gold Corp.(a)	3,325,559		309,793
Virginia Mines, Inc.	216,350		701,013
West Timmins Mining, Inc.(a)	2,660,128		1,249,797
X-Cal Resources Ltd.	1,755,500		71,102
			23,684,447
Oil, Gas & Consumable Fuels — 82.9%
Alberta Clipper Energy, Inc.(a)	95,415		34,781
American Oil & Gas, Inc.(a)	224,088		179,270
Approach Resources, Inc.(a)	93,700		684,947
Arch Coal, Inc.	1,324,400		21,574,476
Argosy Energy, Inc.(a)	3,422		4,435
ATP Oil & Gas Corp.(a)(c)	168,800		987,480
Aventine Renewable Energy Holdings, Inc.(a)	436,000		283,400
Bayou Bend Petroleum Ltd.(a)	2,237,500		326,245
Baytex Energy Trust	421,948		5,007,321
Bow Valley Energy Ltd.	634,600		221,043
Bronco Energy Ltd.(a)	656,100		674,967
Canadian Superior Energy, Inc.(a)	3,029,100		2,938,227
CanArgo Energy Corp.(a)	4,657,900		279,474
Canext Energy Ltd.(a)	207,829		48,822

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names of certain securities have been abbreviated according to the list on the right.	ADR	American Depository Receipts	JPY	Japanese Yen
	AUD	Australian Dollar	LLC	Limited Liability Company
	CAD	Canadian Dollar	NOK	Norwegian Krone
	CHF	Swiss Francs	SDR	Swedish Depository Receipts
	CZK	Czechoslovakian Krone	SEK	Swedish Krona
	DKK	Danish Krone	SGD	Singapore Dollar
	EUR	Euro	USD	United States Dollar
	GBP	British Pound	ZAR	South African Rand
	HKD	Hong Kong Dollar

DECEMBER 31, 2008 1

Schedule of Investments (continued)	Energy & Resources Portfolio (formerly Global Resources Portfolio)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Oil, Gas & Consumable Fuels (continued)
Cinch Energy Corp. (acquired 7/12/05, cost $1,418,282)(a)(b)	901,980	$	401,854
Clayton Williams Energy, Inc.(a)	319,421		14,514,490
Compton Petroleum Corp. (acquired 01/20/05, cost $727,951)(a)(b)	104,300		78,574
Comstock Resources, Inc.(a)	163,300		7,715,925
CONSOL Energy, Inc.	997,600		28,511,408
Continental Resources, Inc.(a)(c)	135,000		2,795,850
Crescent Point Energy Trust	102,000		1,990,425
Crew Energy, Inc.(a)	535,837		2,300,475
Crew Energy, Inc. (acquired 01/20/05, cost $737,366)(a)(b)	191,300		821,296
Daylight Resources Trust	346,361		2,191,235
Delphi Energy Corp.(a)	831,300		666,656
Delta Petroleum Corp.(a)(c)	1,731,197		8,240,498
Denbury Resources, Inc.	595,200		6,499,584
Ember Resources, Inc.(a)	109,690		55,978
Energy XXI Bermuda Ltd.	553,900		437,581
Evergreen Energy, Inc.(a)	393,400		114,086
EXCO Resources, Inc.(a)	1,068,800		9,683,328
Fairborne Energy Ltd.(a)	259,558		1,229,983
Forest Oil Corp.	100,000		1,649,000
Foundation Coal Holdings, Inc.	230,300		3,228,806
Galleon Energy, Inc. - Class A(a)	1,605,432		6,632,404
Galleon Energy, Inc. - Class A (acquired 2/10/05, cost $841,377)(a)(b)	145,050		599,235
Gasco Energy, Inc.(a)(c)	927,600		361,764
Gastar Exploration Ltd.(a)	1,055,300		348,249
GMX Resources, Inc.(a)(c)	270,289		6,843,717
Goodrich Petroleum Corp.(a)(c)	709,700		21,255,515
Gulfsands Petroleum Plc(a)	422,500		784,642
Heritage Oil Ltd.(a)	2,523,000		7,730,464
Highpine Oil & Gas Ltd.(a)	323,650		1,376,397
Iteration Energy Ltd.(a)	226,744		251,632
James River Coal Co.(a)	131,100		2,009,763
Longview Energy Co. (acquired 1/20/05, cost $1,281,000)(a)(b)(e)	85,400		1,959,930
Lynden Energy Corp.(a)	200,400		40,583
Marathon Oil Corp.	6,447		176,390
Massey Energy Co.	1,694,840		23,371,844
Masters Energy, Inc.	27,741		29,213
Matador Resources Co. (acquired 1/20/05 through 4/19/06, cost $2,957,155)(a)(b)(e)	171,131		6,181,252
MGM Energy Corp.	15,084		2,322
Midnight Oil Exploration Ltd.(a)	550,300		334,326
Midnight Oil Exploration Ltd. (acquired 12/12/05, cost $1,971,489)(a)(b)	577,400		350,790
Newfield Exploration Co.(a)	959,310		18,946,372
Niko Resources Ltd. (acquired 1/20/05, cost $689,948)(b)	39,000		1,342,333
Open Range Energy Corp.(a)	48,061		43,214
Pacific Rodera Energy, Inc.(a)	990,200		184,484
Pacific Rubiales Energy Corp.(a)	678,950		1,204,456
Pan Orient Energy Corp.(a)	198,600		542,148
Parallel Petroleum Corp.(a)	107,032		215,134
Paramount Resources Ltd. - Class A	377,100		2,098,564
Patriot Coal Corp.(a)	377,346		2,358,412
Peabody Energy Corp.	895,436		20,371,169
Pengrowth Energy Trust	25,486		193,029
Penn Virginia Corp.	896,200		23,283,276
Penn West Energy Trust	153,333		1,685,483
Petro Andina Resources, Inc. (acquired 5/23/07, cost $405,719)(a)(b)	49,500		233,366
PetroHawk Energy Corp.(a)	1,756,500		27,454,095
Petrolifera Petroleum Ltd.(a)	392,415		333,767
Pioneer Natural Resources Co.	209,200		3,384,856
Plains Exploration & Production Co.(a)	1,055,525		24,530,401
Profound Energy, Inc.(a)	89,600		42,096
ProspEx Resources Ltd.(a)	1,504,120		731,043
Quest Resource Corp.(a)	112,000		49,280
Range Resources Corp.	200,000		6,878,000
Rex Energy Corp.(a)	333,300		979,902
Ship Finance International Ltd.	27		298
Southwestern Energy Co.(a)	1,248,600		36,171,942
Stone Energy Corp.(a)	27,274		300,559
Tag Oil Ltd.	198,000		5,614
Tanganyika Oil Co. Ltd. - SDR(a)	232,700		5,855,791
Trafalgar Energy Ltd.(a)	21,717		9,148
TransCanada Corp.	40,700		1,093,576
Triex Minerals Corp.(a)	156,050		46,771
Triex Minerals Corp.(a)	312,100		93,541
Trilogy Energy Trust	152,791		715,376
TriStar Oil & Gas Ltd.(a)	772,437		7,139,333
TriStar Oil & Gas Ltd. (acquired 01/20/05, cost $107,665)(a)(b)	34,400		317,946
True Energy Trust	188,332		183,069
Tullow Oil Plc	544,198		5,210,265
TUSK Energy Corp.(a)	1,566,341		1,167,302
TUSK Energy Corp. (acquired 3/15/04 through 6/07/06, cost $2,546,071)(a)(b)	681,846		508,140
TXCO Resources, Inc.(a)(c)	179,600		267,604
Uranium One, Inc.(a)	500,365		725,519
Venture Production Plc	289,729		1,788,974
Verasun Energy Corp.(a)(c)	383,900		21,114
Vero Energy, Inc.(a)	55,374		244,013
Vero Energy, Inc. (acquired 11/28/05, cost $68,976)(a)(b)	36,268		159,820
Warren Resources, Inc.(a)	222,282		442,341
West Energy Ltd.(a)	1,199,235		1,806,867
WesternZagros Resources Ltd.(a)	76,800		37,327
			408,409,482
Total Common Stocks — 98.0%			482,342,607
Warrants
Metals & Mining — 0.0%
Crosshair Exploration & Mining Corp. (issued 4/04/08, 1 share for 1 warrant, expiring 10/04/09, strike price 1.80 CAD) (acquired 4/04/08, cost $2,004)(b)(e)	206,800		1,843
Total Long-Term Investments (Cost — $711,745,334) — 98.0%			482,344,450
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(f)(g)(h)	37,914,650		37,914,650
TCW Money Market Fund, 1.38%(h)	10,956,594		10,956,594
Total Short-Term Securities (Cost — $48,871,244) — 9.9%			48,871,244

2 DECEMBER 31, 2008

Schedule of Investments (concluded)	Energy & Resources Portfolio (formerly Global Resources Portfolio)
	(Percentages shown are based on Net Assets)

	Value
Total Investments (Cost — $760,616,578*) — 107.9%	$	531,215,694
Liabilities in Excess of Other Assets — (7.9)%		(38,692,244	)
Net Assets — 100.0%	$	492,523,450

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	770,950,721
Gross unrealized appreciation	$	97,640,020
Gross unrealized depreciation		(337,375,047	)
Net unrealized depreciation	$	(239,735,027	)

(a) Non-income producing security.

(b) Restricted security as to resale. As of report date the Portfolio held 2.9% of its net assets, with a current market value of $14,258,180 and an original cost of $19,731,537 in these securities.

(c) Security, or a portion of security, is on loan.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) Security is valued in accordance with the Portfolio’s fair valuation policy.

(f) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(26,551,550	)**	$	121,924

** Represents net sales cost.

(g) Security purchased with the cash proceeds from securities loans.

(h) Represents current yield as of report date.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Depreciation
USD	5,797,789	SEK	46,472,000	01/05/09	$	(78,829	)

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments ***
	Assets		Liabilities
Level 1	$	509,407,371	$	—
Level 2		15,625,228		(78,829	)
Level 3		6,183,095		—
Total	$	531,215,694	$	(78,829	)

*** Other financial instruments are foreign currency exchange contracts.

The following table is a reconciliation of Level 3 investments for the period ended December 31, 2008:

	Investments in Securities
	Assets
Balance, as of October 1, 2008	$	7,282,906
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,099,811	)
Net purchases (sales)		—
Net transfers in/out of Level 3		—
Balance as of December 31, 2008	$	6,183,095

DECEMBER 31, 2008 3

Schedule of Investments December 31, 2008 (Unaudited)	All-Cap Energy & Resources Portfolio (formerly All-Cap Global Resources Portfolio)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Chemicals — 2.5%
Potash Corp. of Saskatchewan, Inc.	169,500	$	12,410,790
Energy Equipment & Services — 20.2%
Cameron International Corp.	233,030		4,777,115
Core Laboratories NV	162,950		9,754,187
ENSCO International, Inc.	136,638		3,879,153
FMC Technologies, Inc.(a)	428,290		10,206,151
Halliburton Co.	283,500		5,154,030
Helmerich & Payne, Inc.	365,830		8,322,632
Noble Corp.	232,410		5,133,937
Oceaneering International, Inc.	150,310		4,380,033
Petrofac Ltd.	1,132,940		5,671,187
Pride International, Inc.	252,380		4,033,032
Schlumberger Ltd.	217,180		9,193,229
Smith International, Inc.	179,840		4,116,538
Transocean Ltd.(a)	204,840		9,678,690
Unit Corp.	305,740		8,169,373
Weatherford International Ltd.(a)	760,470		8,228,285
			100,697,572
Gas Utilities — 4.5%
Equitable Resources, Inc.	384,610		12,903,665
Questar Corp.	297,730		9,732,794
			22,636,459
Metals & Mining — 10.1%
Agnico-Eagle Mines Ltd.	111,290		5,712,516
BHP Billiton Ltd. - ADR	262,110		11,244,519
Eldorado Gold Corp.(a)	624,520		4,881,829
Goldcorp, Inc.	265,852		8,382,314
Silver Standard Resources, Inc.(b)	749,010		11,939,219
Silver Wheaton Corp.	882,524		5,727,581
Teck Cominco Ltd.	479,690		2,339,193
			50,227,171
Oil, Gas & Consumable Fuels — 59.5%
Apache Corp.	190,030		14,162,936
Arch Coal, Inc.	365,000		5,945,850
BG Group PLC - ADR	165,510		11,776,036
Bill Barrett Corp.	595,021		12,572,794
Cameco Corp.	84,070		1,450,207
Canadian Natural Resources Ltd.	189,740		7,585,805
CONSOL Energy, Inc.	594,930		17,003,099
Crescent Point Energy Trust	603,870		11,783,903
Denbury Resources, Inc.	734,590		8,021,723
Devon Energy Corp.	208,020		13,668,994
EnCana Corp.	256,460		11,920,261
EOG Resources, Inc.	269,170		17,921,339
Forest Oil Corp.	349,790		5,768,037
Galleon Energy, Inc. - Class A(a)	768,194		3,173,584
Gasco Energy, Inc.(a)(b)	1,668,900		650,871
Heritage Oil Ltd.(a)	524,050		1,605,688
Hess Corp.	227,070		12,180,035
Hugoton Royalty Trust	1		16
Massey Energy Co.	683,639		9,427,382
Murphy Oil Corp.	150,990		6,696,406
Nexen, Inc.	334,954		5,819,978
Noble Energy, Inc.	190,200		9,361,644
Occidental Petroleum Corp.	243,250		14,592,567
OGX Petroleo e Gas Participacoes SA	12,000		2,706,741
Patriot Coal Corp.(a)	70,216		438,850
Peabody Energy Corp.	448,090		10,194,048
PetroChina Co. Ltd. - ADR	35,590		3,166,798
Petroleo Brasileiro SA - ADR	389,640		9,542,284
Plains Exploration & Production Co.(a)	310,410		7,213,928
Range Resources Corp.	410,200		14,106,778
Rex Energy Corp.(a)	339,800		999,012
Southwestern Energy Co.(a)	442,600		12,822,122
StatoilHydro ASA	398,122		6,658,508
StatoilHydro ASA - ADR	167,940		2,797,880
Suncor Energy, Inc.	132,880		2,591,160
TriStar Oil & Gas Ltd.(a)	253,114		2,339,434
TriStar Oil & Gas Ltd. (acquired 12/22/05, cost $131,838)(a)(c)	6,000		55,456
Whiting Petroleum Corp.	176,230		5,896,656
XTO Energy, Inc.	339,971		11,990,777
			296,609,587
Total Long-Term Investments (Cost — $676,936,721) — 96.8%			482,581,579
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(d)(e)(f)	12,051,200		12,051,200
TCW Money Market Fund, 1.38%(f)	17,534,394		17,534,394
Total Short-Term Securities (Cost — $29,585,594) — 5.9%			29,585,594
Total Investments (Cost — $706,522,315*) — 102.7%			512,167,173
Liabilities in Excess of Other Assets — (2.7)%			(13,305,946	)
Net Assets — 100.0%		$	498,861,227

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	701,041,504
Gross unrealized appreciation	$	37,528,017
Gross unrealized depreciation		(226,402,348	)
Net unrealized depreciation	$	(188,874,331	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Restricted security as to resale. As of report date the Portfolio held less than 0.0% of its net assets, with a current market value of $55,456 and an original cost of $131,838 in these securities.

(d) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(29,746,800	)**	$	52,847

** Represents net sales cost.

(e) Security purchased with the cash proceeds from securities loans.

(f) Represents current yield as of report date.

4 DECEMBER 31, 2008

Schedule of Investments (concluded) All-Cap Energy & Resources Portfolio (formerly All-Cap
Global Resources Portfolio)

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	498,231,791
Level 2		13,935,382
Level 3		—
Total	$	512,167,173

DECEMBER 31, 2008 5

Schedule of Investments December 31, 2008 (Unaudited)	Capital Appreciation Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 2.7%
Honeywell International, Inc.	104,218	$	3,421,477
Northrop Grumman Corp.	50,800		2,288,032
			5,709,509
Air Freight & Logistics — 1.7%
Expeditors International of Washington, Inc.	79,528		2,645,897
United Parcel Service, Inc. - Class B	19,600		1,081,136
			3,727,033
Airlines — 1.1%
Delta Air Lines, Inc.(a)	203,800		2,335,548
Beverages — 3.8%
The Coca-Cola Co.	126,354		5,720,046
PepsiCo, Inc.	43,524		2,383,809
			8,103,855
Biotechnology — 5.5%
Celgene Corp.(a)	74,900		4,140,472
Genzyme Corp.(a)	52,477		3,482,899
Gilead Sciences, Inc.(a)	80,200		4,101,428
			11,724,799
Capital Markets — 0.4%
Janus Capital Group, Inc.	107,983		867,104
Chemicals — 0.8%
Ecolab, Inc.	49,400		1,736,410
Commercial Banks — 1.0%
Wells Fargo & Co.	72,900		2,149,092
Commercial Services & Supplies — 1.1%
Waste Management, Inc.	69,000		2,286,660
Communications Equipment — 7.2%
Cisco Systems, Inc.(a)	457,521		7,457,592
QUALCOMM, Inc.	222,323		7,965,833
			15,423,425
Computers & Peripherals — 3.8%
Apple, Inc.(a)	50,418		4,303,176
Hewlett-Packard Co.	107,000		3,883,030
			8,186,206
Construction & Engineering — 0.9%
Fluor Corp.	42,700		1,915,949
Diversified Consumer Services — 2.0%
Apollo Group, Inc. - Class A(a)	56,600		4,336,692
Diversified Financial Services — 1.4%
CME Group, Inc.	4,220		878,224
JPMorgan Chase & Co.	63,900		2,014,767
			2,892,991
Diversified Telecommunication Services — 0.6%
AT&T, Inc.	44,448		1,266,768
Electric Utilities — 1.5%
Exelon Corp.	58,051		3,228,216
Energy Equipment & Services — 1.7%
Schlumberger Ltd.	68,817		2,913,024
Transocean Ltd.(a)	15,405		727,886
			3,640,910
Food & Staples Retailing — 7.3%
CVS Caremark Corp.	83,200		2,391,168
The Kroger Co.	55,400		1,463,114
Safeway, Inc.	70,600		1,678,162
Wal-Mart Stores, Inc.	181,486		10,174,105
			15,706,549
Health Care Equipment & Supplies — 2.1%
C.R. Bard, Inc.	17,700		1,491,402
Medtronic, Inc.	98,400		3,091,728
			4,583,130
Health Care Providers & Services — 3.9%
Henry Schein, Inc.(a)	44,900		1,647,381
Medco Health Solutions, Inc.(a)	88,222		3,697,384
UnitedHealth Group, Inc.	113,800		3,027,080
			8,371,845
Hotels, Restaurants & Leisure — 2.7%
Burger King Holdings, Inc.	102,700		2,452,476
McDonald’s Corp.	53,600		3,333,384
			5,785,860
Household Durables — 0.5%
D.R. Horton, Inc.	137,200		970,004
Household Products — 1.2%
Clorox Co.	27,600		1,533,456
Procter & Gamble Co.	17,086		1,056,257
			2,589,713
Insurance — 1.2%
The Travelers Cos., Inc.	55,600		2,513,120
Internet & Catalog Retail — 1.1%
Amazon.com, Inc.(a)	47,340		2,427,595
Internet Software & Services — 2.6%
Google, Inc. - Class A(a)	18,154		5,585,078
Life Sciences Tools & Services — 1.1%
Thermo Fisher Scientific, Inc.(a)	67,800		2,309,946
Machinery — 3.8%
Cummins, Inc.	80,000		2,138,400
Danaher Corp.	106,822		6,047,193
			8,185,593
Metals & Mining — 2.3%
Agnico-Eagle Mines Ltd.	69,800		3,582,834
Freeport-McMoRan Copper & Gold, Inc.	52,237		1,276,672
			4,859,506
Multiline Retail — 1.9%
Kohl’s Corp.(a)	115,068		4,165,462
Oil, Gas & Consumable Fuels — 4.9%
EOG Resources, Inc.	67,120		4,468,850
Exxon Mobil Corp.	48,100		3,839,823
Massey Energy Co.	87,386		1,205,053
Valero Energy Corp.	47,400		1,025,736
			10,539,462
Pharmaceuticals — 6.9%
Abbott Laboratories	114,400		6,105,528
Bristol-Myers Squibb Co.	145,000		3,371,250
Johnson & Johnson	61,600		3,685,528

6 DECEMBER 31, 2008

Schedule of Investments (concluded)	Capital Appreciation Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Pharmaceuticals (concluded)
Teva Pharmaceutical Industries Ltd. - ADR	36,400	$	1,549,548
			14,711,854
Semiconductors & Semiconductor Equipment — 2.9%
Broadcom Corp. - Class A(a)	137,627		2,335,530
Lam Research Corp.(a)	53,617		1,140,970
PMC-Sierra, Inc.(a)	583,757		2,837,059
			6,313,559
Software — 8.3%
Activision Blizzard, Inc.(a)	328,100		2,834,784
Adobe Systems, Inc.(a)	91,020		1,937,816
Check Point Software Technologies(a)	145,600		2,764,944
Microsoft Corp.	288,942		5,617,032
Oracle Corp.(a)	149,710		2,654,358
Salesforce.com, Inc.(a)	63,079		2,019,159
			17,828,093
Specialty Retail — 1.6%
The Home Depot, Inc.	41,900		964,538
Ross Stores, Inc.	85,270		2,535,077
			3,499,615
Tobacco — 2.8%
Philip Morris International, Inc.	139,140		6,053,981
Wireless Telecommunication Services — 2.1%
American Tower Corp. - Class A(a)	156,838		4,598,490
Total Long-Term Investments (Cost — $242,769,506) — 98.4%			211,129,622
Short-Term Securities
TCW Money Market Fund, 1.38%(b) (Cost — $3,647,514) — 1.7%	3,647,514		3,647,514
Total Investments (Cost — $246,417,020*) — 100.1%			214,777,136
Liabilities in Excess of Other Assets — (0.1)%			(188,534	)
Net Assets — 100.0%		$	214,588,602

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	247,959,107
Gross unrealized appreciation	$	10,565,089
Gross unrealized depreciation		(43,747,060	)
Net unrealized depreciation	$	(33,181,971	)

(a) Non-income producing security.

(b) Represents current yield as of report date.

• Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(9,760,350	)**	$	1,008

** Represents net sales cost

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	214,777,136
Level 2		—
Level 3		—
Total	$	214,777,136

DECEMBER 31, 2008 7

Schedule of Investments December 31, 2008 (Unaudited)	Aurora Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 3.0%
Curtiss-Wright Corp.	90,100	$	3,008,439
Orbital Sciences Corp.(a)	418,277		8,168,950
Teledyne Technologies, Inc.(a)	115,700		5,154,435
			16,331,824
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.	35,600		1,959,068
Airlines — 1.0%
Delta Air Lines, Inc.(a)	481,500		5,517,990
Beverages — 0.7%
Constellation Brands, Inc. - Class A(a)	231,100		3,644,447
Biotechnology — 0.9%
Dyax Corp.(a)	1,372,010		4,994,116
Building Products — 1.1%
Lennox International, Inc.	182,525		5,893,732
Capital Markets — 2.7%
Affiliated Managers Group, Inc.(a)	45,900		1,924,128
Invesco Ltd.	315,140		4,550,622
Jefferies Group, Inc.(b)	591,000		8,309,460
			14,784,210
Chemicals — 1.7%
Airgas, Inc.	122,700		4,784,073
FMC Corp.	95,300		4,262,769
			9,046,842
Commercial Banks — 5.7%
Associated Banc-Corp.	143,800		3,009,734
City National Corp.	167,800		8,171,860
Cullen/Frost Bankers, Inc.	213,200		10,804,976
United Bankshares, Inc.(b)	270,160		8,974,715
			30,961,285
Commercial Services & Supplies — 4.4%
The Brink’s Co.	401,251		10,785,627
The GEO Group, Inc.(a)	270,400		4,875,312
Rollins, Inc.	149,553		2,703,918
Waste Connections, Inc.(a)	170,300		5,376,371
			23,741,228
Computers & Peripherals — 0.8%
Seagate Technology	956,100		4,235,523
Construction & Engineering — 0.9%
URS Corp.(a)	115,200		4,696,704
Construction Materials — 1.1%
Texas Industries, Inc.(b)	179,200		6,182,400
Containers & Packaging — 1.7%
Crown Holdings, Inc.(a)	223,100		4,283,520
Silgan Holdings, Inc.	98,900		4,728,409
			9,011,929
Diversified Consumer Services — 1.1%
Brink’s Home Security Holdings, Inc.(a)	273,151		5,987,470
Diversified Financial Services — 4.5%
NYSE Euronext, Inc.	208,700		5,714,206
PHH Corp.(a)	1,471,925		18,737,605
			24,451,811
Electric Utilities — 1.0%
ITC Holdings Corp.	126,158		5,510,581
Electrical Equipment — 1.4%
Ametek, Inc.	174,800		5,280,708
Roper Industries, Inc.	51,400		2,231,274
			7,511,982
Electronic Equipment, Instruments & Components — 0.5%
Anixter International, Inc.(a)	82,900		2,496,948
Energy Equipment & Services — 1.5%
Core Laboratories NV	81,200		4,860,632
Lufkin Industries, Inc.	90,774		3,131,703
			7,992,335
Food & Staples Retailing — 1.1%
Spartan Stores, Inc.	244,700		5,689,275
Food Products — 3.4%
Fresh Del Monte Produce, Inc.(a)	126,000		2,824,920
Hain Celestial Group, Inc.(a)	664,608		12,687,367
Ralcorp Holdings, Inc.(a)	45,270		2,643,768
			18,156,055
Gas Utilities — 1.7%
Equitable Resources, Inc.	154,000		5,166,700
Southwest Gas Corp.	149,366		3,767,011
			8,933,711
Health Care Equipment & Supplies — 1.2%
Teleflex, Inc.	127,100		6,367,710
Health Care Providers & Services — 2.5%
Amedisys, Inc.(a)(b)	56,600		2,339,844
HMS Holdings Corp.(a)	163,934		5,167,200
Magellan Health Services, Inc.(a)	154,118		6,035,261
			13,542,305
Hotels, Restaurants & Leisure — 3.7%
Jack-in-the-Box, Inc.	142,500		3,147,825
Papa John’s International, Inc.	133,700		2,464,091
Penn National Gaming, Inc.	151,800		3,245,484
Scientific Games Corp. - Class A(a)	646,754		11,344,065
			20,201,465
Household Durables — 2.3%
Jarden Corp.(a)	357,100		4,106,650
Lennar Corp. - Class A	788,300		6,834,561
Pulte Homes, Inc.	136,400		1,490,852
			12,432,063
Insurance — 8.5%
Aspen Insurance Holdings Ltd.	175,800		4,263,150
Fidelity National Financial, Inc. - Class A	384,913		6,832,206
The Hanover Insurance Group, Inc.	360,130		15,474,786
HCC Insurance Holdings, Inc.	112,800		3,017,400
Platinum Underwriters Holdings Ltd.	335,277		12,096,794
W.R. Berkley Corp.	139,700		4,330,700
			46,015,036
Internet Software & Services — 1.9%
SkillSoft Plc - ADR(a)	1,411,281		10,076,546
IT Services — 4.2%
Forrester Research, Inc.(a)	277,500		7,828,275
Hewitt Associates, Inc. - Class A(a)	232,400		6,595,512
Lender Processing Services, Inc.	279,600		8,234,220
			22,658,007

8 DECEMBER 31, 2008

Schedule of Investments (continued)	Aurora Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Leisure Equipment & Products — 1.2%
Hasbro, Inc.	167,300	$	4,880,141
LeapFrog Enterprises, Inc.(a)(b)	426,000		1,491,000
			6,371,141
Machinery — 3.7%
Dover Corp.	196,300		6,462,196
IDEX Corp.	231,100		5,581,065
Pentair, Inc.	177,800		4,208,526
Terex Corp.(a)	203,500		3,524,620
			19,776,407
Media — 0.9%
Lions Gate Entertainment Corp.(a)	909,100		5,000,050
Metals & Mining — 2.5%
Steel Dynamics, Inc.	490,500		5,483,790
United States Steel Corp.	211,800		7,878,960
			13,362,750
Oil, Gas & Consumable Fuels — 2.3%
Peabody Energy Corp.	187,500		4,265,625
Penn Virginia Corp.	161,400		4,193,172
Swift Energy Co.(a)	226,500		3,807,465
			12,266,262
Personal Products — 0.5%
Chattem, Inc.(a)(b)	36,400		2,603,692
Real Estate Investment Trusts — 3.3%
Annaly Capital Management, Inc.	593,600		9,420,432
Essex Property Trust, Inc.	49,700		3,814,475
Mack-Cali Realty Corp.	177,900		4,358,550
			17,593,457
Road & Rail — 2.8%
Genesee & Wyoming, Inc. - Class A(a)	147,000		4,483,500
Landstar System, Inc.	152,000		5,841,360
Ryder System, Inc.	124,800		4,839,744
			15,164,604
Semiconductors & Semiconductor Equipment — 1.3%
Microsemi Corp.(a)	206,500		2,610,160
ON Semiconductor Corp.(a)	782,700		2,661,180
Verigy Ltd.(a)	177,912		1,711,513
			6,982,853
Software — 2.9%
Lawson Software, Inc.(a)	1,368,200		6,485,268
McAfee, Inc.(a)	184,200		6,367,794
Synopsys, Inc.	146,900		2,720,588
			15,573,650
Specialty Retail — 4.7%
The Gap, Inc.	348,900		4,671,771
J. Crew Group, Inc.(a)(b)	287,600		3,508,720
Limited Brands, Inc.	882,100		8,856,284
PetSmart, Inc.	193,600		3,571,920
Urban Outfitters, Inc.(a)	329,900		4,941,902
			25,550,597
Textiles, Apparel & Luxury Goods — 2.6%
Carter’s, Inc.(a)	208,200		4,009,932
VF Corp.	183,900		10,072,203
			14,082,135
Thrifts & Mortgage Finance — 3.8%
Astoria Financial Corp.	329,360		5,427,853
First Niagara Financial Group, Inc.	919,400		14,866,698
			20,294,551
Total Long-Term Investments (Cost — $555,224,375) — 99.1%			533,646,747
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	18,892,600		18,892,600
BlackRock TempFund, 1.66%(c)(e)	7,486,323		7,486,323
Total Short-Term Securities (Cost — $26,378,923) — 4.9%			26,378,923
Total Investments (Cost — $581,603,298*) — 104.0%			560,025,670
Liabilities in Excess of Other Assets — (4.0)%			(21,661,430	)
Net Assets — 100.0%		$	538,364,240

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	597,948,995
Gross unrealized appreciation	$	32,838,512
Gross unrealized depreciation		(70,761,837	)
Net unrealized depreciation	$	(37,923,325	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(64,014,350	)**	$	117,461
BlackRock TempFund	$	7,486,323	***	$	1,002

** Represents net sales cost.

*** Represents net purchase cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

DECEMBER 31, 2008 9

Schedule of Investments (concluded) Aurora Portfolio

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	560,025,670
Level 2		—
Level 3		—
Total	$	560,025,670

10 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Small Cap Value Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 2.4%
Curtiss-Wright Corp.	7,800	$	260,442
Orbital Sciences Corp.(a)	15,100		294,903
Teledyne Technologies, Inc.(a)	3,800		169,290
			724,635
Airlines — 1.1%
JetBlue Airways Corp.(a)	47,800		339,380
Building Products — 1.8%
Lennox International, Inc.	16,200		523,098
Capital Markets — 4.2%
Affiliated Managers Group, Inc.(a)	4,000		167,680
Jefferies Group, Inc.	24,800		348,688
KBW, Inc.(a)(b)	21,900		503,700
TradeStation Group, Inc.(a)	34,380		221,751
			1,241,819
Chemicals — 1.6%
Sensient Technologies Corp.	19,219		458,950
Commercial Banks — 8.9%
City National Corp.	6,600		321,420
CVB Financial Corp.	21,300		253,470
First Midwest Bancorp, Inc.	7,300		145,781
Glacier Bancorp, Inc.	16,000		304,320
PacWest Bancorp	9,700		260,930
Prosperity Bancshares, Inc.	13,700		405,383
United Bankshares, Inc.(b)	20,119		668,353
Westamerica Bancorp	2,700		138,105
Wintrust Financial Corp.	6,422		132,101
			2,629,863
Commercial Services & Supplies — 3.8%
The Brink’s Co.	17,100		459,648
The GEO Group, Inc.(a)	15,100		272,253
Rollins, Inc.	7,900		142,832
Waste Connections, Inc.(a)	8,300		262,031
			1,136,764
Communications Equipment — 1.1%
ADTRAN, Inc.	14,000		208,320
Polycom, Inc.(a)	8,800		118,888
			327,208
Computers & Peripherals — 0.5%
Seagate Technology	32,100		142,203
Construction & Engineering — 0.5%
Granite Construction, Inc.	3,600		158,148
Containers & Packaging — 2.5%
Silgan Holdings, Inc.	8,700		415,947
Temple-Inland, Inc.	69,100		331,680
			747,627
Diversified Consumer Services — 1.1%
Brink’s Home Security Holdings, Inc.(a)	14,600		320,032
Diversified Financial Services — 3.4%
PHH Corp.(a)	80,182		1,020,717
Electric Utilities — 1.2%
Cleco Corp.	10,000		228,300
UIL Holdings Corp.	4,500		135,135
			363,435
Electrical Equipment — 1.3%
Regal-Beloit Corp.	10,100		383,699
Energy Equipment & Services — 0.5%
Lufkin Industries, Inc.	3,876		133,722
Food & Staples Retailing — 1.2%
Ruddick Corp.	5,388		148,978
Spartan Stores, Inc.	8,900		206,925
			355,903
Food Products — 4.9%
Chiquita Brands International, Inc.(a)	14,800		218,744
Hain Celestial Group, Inc.(a)	40,100		765,509
Ralcorp Holdings, Inc.(a)	5,400		315,360
TreeHouse Foods, Inc.(a)	5,700		155,268
			1,454,881
Gas Utilities — 0.7%
Southwest Gas Corp.	8,712		219,717
Health Care Equipment & Supplies — 3.0%
Greatbatch, Inc. (a)	13,900		367,794
Integra LifeSciences Holdings Corp.(a)	5,200		184,964
Symmetry Medical, Inc.(a)	20,900		166,573
Teleflex, Inc.	3,400		170,340
			889,671
Health Care Providers & Services — 3.5%
Amedisys, Inc.(a)	3,300		136,422
Amsurg Corp.(a)	5,989		139,783
HMS Holdings Corp.(a)	5,300		167,056
Magellan Health Services, Inc.(a)	8,605		336,972
Skilled Healthcare Group, Inc. - Class A(a)	10,900		91,996
Sun Healthcare Group, Inc.(a)	18,666		165,194
			1,037,423
Hotels, Restaurants & Leisure — 2.8%
Brinker International, Inc.	18,200		191,828
The Cheesecake Factory, Inc.(a)	11,100		112,110
Pinnacle Entertainment, Inc.(a)	20,700		158,976
Scientific Games Corp. - Class A(a)	20,401		357,834
			820,748
Household Durables — 3.1%
Centex Corp.	28,700		305,368
Jarden Corp.(a)	18,400		211,600
Lennar Corp. - Class A	47,800		414,426
			931,394
Insurance — 9.2%
Aspen Insurance Holdings Ltd.	24,300		589,275
Endurance Specialty Holdings Ltd.	11,200		341,936
The Hanover Insurance Group, Inc.	16,309		700,798
Navigators Group, Inc.(a)	5,262		288,936
Platinum Underwriters Holdings Ltd.	22,189		800,579
			2,721,524
Internet Software & Services — 1.7%
SkillSoft Plc - ADR(a)	71,189		508,289
IT Services — 3.4%
Forrester Research, Inc.(a)	14,400		406,224
Hewitt Associates, Inc. - Class A(a)	10,200		289,476

DECEMBER 31, 2008 11

Schedule of Investments (continued)	Small Cap Value Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
IT Services (concluded)
Lender Processing Services, Inc.	10,200	$	300,390
			996,090
Leisure Equipment & Products — 0.6%
LeapFrog Enterprises, Inc.(a)	46,760		163,660
Machinery — 2.7%
Astec Industries, Inc.(a)	7,600		238,108
IDEX Corp.	16,400		396,060
Wabtec Corp.	4,100		162,975
			797,143
Media — 1.2%
Lions Gate Entertainment Corp.(a)	61,900		340,450
Metals & Mining — 1.9%
Reliance Steel & Aluminum Co.	13,900		277,166
Steel Dynamics, Inc.	25,300		282,854
			560,020
Multi-Utilities — 0.6%
Black Hills Corp.	6,500		175,240
Oil, Gas & Consumable Fuels — 1.9%
Berry Petroleum Co.	18,600		140,616
Goodrich Petroleum Corp.(a)	4,500		134,775
James River Coal Co.(a)	13,700		210,021
Swift Energy Co.(a)	3,900		65,559
			550,971
Personal Products — 0.5%
Chattem, Inc.(a)	2,100		150,213
Professional Services — 0.9%
Huron Consulting Group, Inc.(a)	4,900		280,623
Real Estate Investment Trusts — 5.7%
Duke Realty Corp.	14,000		153,440
Mack-Cali Realty Corp.	6,100		149,450
MFA Mortgage Investments, Inc.	117,800		693,842
Mid-America Apartment Communities, Inc.	7,800		289,848
Washington Real Estate Investment Trust	14,200		401,860
			1,688,440
Road & Rail — 2.2%
Genesee & Wyoming, Inc. - Class A(a)	14,200		433,100
Ryder System, Inc.	5,500		213,290
			646,390
Semiconductors & Semiconductor Equipment — 1.5%
Microsemi Corp.(a)	11,300		142,832
ON Semiconductor Corp.(a)	30,800		104,720
Verigy Ltd. (a)	19,841		190,870
			438,422
Software — 1.2%
Lawson Software, Inc.(a)	72,400		343,176
Specialty Retail — 2.8%
Abercrombie & Fitch Co. - Class A	11,900		274,533
Gymboree Corp.(a)	13,600		354,824
Tractor Supply Co.(a)	5,700		205,998
			835,355
Thrifts & Mortgage Finance — 4.0%
Astoria Financial Corp.	18,100		298,288
First Niagara Financial Group, Inc.	54,300		878,031
			1,176,319
Total Long-Term Investments (Cost — $29,414,768) — 97.1%			28,733,362
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e) (Cost — $492,750) — 1.7%	492,750		492,750
Total Investments (Cost — $29,907,518*) — 98.8%			29,226,112
Other Assets in Excess of Liabilities — 1.2%			359,278
Net Assets — 100.0%		$	29,585,390

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	30,518,133
Gross unrealized appreciation	$	2,127,101
Gross unrealized depreciation		(3,419,122	)
Net unrealized depreciation	$	(1,292,021	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(1,384,750	)**	$	9,000

** Represents net sales cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

12 DECEMBER 31, 2008

Schedule of Investments (concluded) Small Cap Value Equity Portfolio

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	29,226,112
Level 2		—
Level 3		—
Total	$	29,226,112

DECEMBER 31, 2008 13

Schedule of Investments December 31, 2008 (Unaudited)	Small Cap Core Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 1.9%
Orbital Sciences Corp.(a)	67,750	$	1,323,158
Air Freight & Logistics — 1.7%
Forward Air Corp.	33,200		805,764
UTi Worldwide, Inc.	25,200		361,368
			1,167,132
Airlines — 1.1%
Continental Airlines, Inc. - Class B(a)	43,100		778,386
Biotechnology — 3.0%
Dyax Corp.(a)	319,321		1,162,328
Martek Biosciences Corp.(a)	30,400		921,424
			2,083,752
Capital Markets — 3.8%
Evercore Partners, Inc. - Class A	50,300		628,247
KBW, Inc.(a)(b)	47,600		1,094,800
Piper Jaffray Cos., Inc.(a)	23,550		936,348
			2,659,395
Commercial Banks — 11.3%
Cathay General Bancorp(b)	28,500		676,875
CoBiz Financial, Inc.(b)	92,612		902,041
Columbia Banking System, Inc.	28,960		345,493
CVB Financial Corp.	62,400		742,560
First Midwest Bancorp, Inc.	28,300		565,151
PacWest Bancorp	39,900		1,073,310
Prosperity Bancshares, Inc.	37,300		1,103,707
Sterling Bancshares, Inc.	44,150		268,432
United Bankshares, Inc.	35,201		1,169,377
Westamerica Bancorp	14,100		721,215
Wintrust Financial Corp.	12,700		261,239
			7,829,400
Commercial Services & Supplies — 6.8%
Clean Harbors, Inc.(a)	15,300		970,632
Copart, Inc.(a)	24,300		660,717
The GEO Group, Inc.(a)	91,280		1,645,778
Team, Inc.(a)	25,197		697,957
Tetra Tech, Inc.(a)	30,900		746,235
			4,721,319
Communications Equipment — 3.4%
Arris Group, Inc.(a)	111,400		885,630
EMS Technologies, Inc.(a)	44,700		1,156,389
Polycom, Inc.(a)	25,400		343,154
			2,385,173
Containers & Packaging — 1.9%
Silgan Holdings, Inc.	26,850		1,283,699
Diversified Telecommunication Services — 1.3%
Iowa Telecommunications Services, Inc.(b)	63,800		911,064
Electric Utilities — 3.5%
El Paso Electric Co.(a)	42,490		768,644
UIL Holdings Corp.	54,400		1,633,632
			2,402,276
Electrical Equipment — 1.2%
Brady Corp. - Class A	8,800		210,760
Franklin Electric Co., Inc.	22,300		626,853
			837,613
Electronic Equipment, Instruments & Components — 0.7%
TTM Technologies, Inc.(a)	97,400		507,454
Energy Equipment & Services — 0.4%
Cal Dive International, Inc.(a)	43,400		282,534
Food & Staples Retailing — 1.2%
Ruddick Corp.	30,500		843,325
Food Products — 1.4%
Fresh Del Monte Produce, Inc.(a)	44,300		993,206
Health Care Equipment & Supplies — 1.6%
Hill-Rom Holdings, Inc.	13,500		222,210
Symmetry Medical, Inc.(a)	110,100		877,497
			1,099,707
Health Care Providers & Services — 11.2%
Amedisys, Inc.(a)	34,000		1,405,560
HMS Holdings Corp.(a)(b)	105,045		3,311,018
MWI Veterinary Supply, Inc.(a)	21,981		592,608
Pediatrix Medical Group, Inc.(a)	43,650		1,383,705
Sun Healthcare Group, Inc.(a)	121,200		1,072,620
			7,765,511
Health Care Technology — 1.0%
Phase Forward, Inc.(a)	56,200		703,624
Hotels Restaurants & Leisure — 0.6%
Sonic Corp.(a)	33,400		406,478
Household Durables — 2.0%
Centex Corp.	52,500		558,600
Lennar Corp. - Class A	94,800		821,916
			1,380,516
Insurance — 3.9%
Aspen Insurance Holdings Ltd.	40,600		984,550
First Mercury Financial Corp.(a)	50,500		720,130
Platinum Underwriters Holdings Ltd.	26,879		969,794
			2,674,474
Internet Software & Services — 2.3%
SkillSoft Plc - ADR(a)	218,508		1,560,147
IT Services — 2.2%
Forrester Research, Inc.(a)	27,950		788,470
NCI, Inc. - Class A(a)	23,186		698,594
			1,487,064
Life Sciences Tools & Services — 1.1%
ICON Plc - ADR(a)	36,800		724,592
Machinery — 2.9%
Actuant Corp. - Class A	44,700		850,194
Altra Holdings, Inc.(a)	100,000		791,000
Chart Industries, Inc.(a)	36,300		385,869
			2,027,063
Oil, Gas & Consumable Fuels — 3.0%
Goodrich Petroleum Corp.(a)(b)	15,800		473,210
James River Coal Co.(a)	52,800		809,424
Parallel Petroleum Corp.(a)	64,300		129,243
Petroleum Development Corp.(a)	26,400		635,448
			2,047,325
Personal Products — 2.8%
Chattem, Inc.(a)(b)	17,682		1,264,793

14 DECEMBER 31, 2008

Schedule of Investments (continued)	Small Cap Core Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Personal Products (concluded)
Elizabeth Arden, Inc.(a)	52,000	$	655,720
			1,920,513
Professional Services — 0.8%
Huron Consulting Group, Inc.(a)	10,100		578,427
Real Estate Investment Trusts — 4.2%
Home Properties, Inc.	12,900		523,740
Mack-Cali Realty Corp.	17,900		438,550
MFA Mortgage Investments, Inc.	200,800		1,182,712
Mid-America Apartment Communities, Inc.	9,900		367,884
Tanger Factory Outlet Centers, Inc.	10,100		379,962
			2,892,848
Road & Rail — 1.1%
Landstar System, Inc.	19,000		730,170
Vitran Corp., Inc.(a)	9,397		58,261
			788,431
Semiconductors & Semiconductor Equipment — 2.8%
Cymer, Inc.(a)	15,400		337,414
Microsemi Corp.(a)	36,200		457,568
ON Semiconductor Corp.(a)	205,500		698,700
Verigy Ltd.(a)	47,600		457,912
			1,951,594
Software — 2.3%
Blackboard, Inc.(a)	20,070		526,436
DemandTec, Inc.(a)	72,700		586,689
Lawson Software, Inc.(a)	102,550		486,087
			1,599,212
Specialty Retail — 2.9%
J. Crew Group, Inc.(a)	20,400		248,880
Rent-A-Center, Inc.(a)	74,300		1,311,395
Sally Beauty Holdings, Inc.(a)(b)	82,450		469,141
			2,029,416
Textiles, Apparel & Luxury Goods — 3.8%
Carter’s, Inc.(a)	28,500		548,910
Deckers Outdoor Corp.(a)	12,700		1,014,349
Iconix Brand Group, Inc.(a)	67,800		663,084
Movado Group, Inc.	42,400		398,136
			2,624,479
Thrifts & Mortgage Finance — 1.4%
First Niagara Financial Group, Inc.	57,700		933,009
Total Long-Term Investments (Cost — $75,758,715) — 98.5%			68,203,316
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	5,654,900		5,654,900
TCW Money Market Fund, 1.38%(e)	1,398,793		1,398,793
Total Short-Term Securities (Cost — $7,053,693) — 10.2%			7,053,693
Total Investments (Cost — $82,812,408*) — 108.7%			75,257,009
Liabilities in Excess of Other Assets — (8.7)%			(5,999,532	)
Net Assets — 100.0%		$	69,257,477

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	83,050,623
Gross unrealized appreciation	$	5,262,759
Gross unrealized depreciation		(13,056,373	)
Net unrealized depreciation	$	(7,793,614	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(2,871,900	)**	$	21,150

** Represents net sales cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

DECEMBER 31, 2008 15

Schedule of Investments (concluded) Small Cap Core Equity Portfolio

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	75,257,009
Level 2		—
Level 3		—
Total	$	75,257,009

16 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Small Cap Growth Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 1.8%
Argon ST, Inc.(a)	510,514	$	9,628,294
BE Aerospace, Inc.(a)	516,360		3,970,808
			13,599,102
Beverages — 1.4%
Heckmann Corp.(a)(b)	1,865,100		10,537,815
Biotechnology — 1.4%
Martek Biosciences Corp.(a)(b)	345,100		10,459,981
Capital Markets — 1.7%
RiskMetrics Group, Inc.(a)	563,456		8,389,860
Waddell & Reed Financial, Inc. - Class A	314,700		4,865,262
			13,255,122
Chemicals — 2.2%
Airgas, Inc.	183,500		7,154,665
Intrepid Potash, Inc.(a)	466,900		9,697,513
			16,852,178
Commercial Banks — 1.0%
Signature Bank(a)	268,200		7,694,658
Commercial Services & Supplies — 5.2%
Clean Harbors, Inc.(a)	272,309		17,275,283
Sykes Enterprises, Inc.(a)	1,203,849		23,017,593
			40,292,876
Communications Equipment — 3.0%
EMS Technologies, Inc.(a)	447,478		11,576,256
Neutral Tandem, Inc.(a)	683,051		11,079,087
Occam Networks, Inc.(a)	335,291		804,698
			23,460,041
Containers & Packaging — 1.3%
Rock-Tenn Co. - Class A	296,332		10,128,628
Diversified Consumer Services — 1.3%
DeVry, Inc.	180,481		10,361,414
Diversified Financial Services — 1.9%
MSCI, Inc. - Class A(a)	842,700		14,966,352
Electrical Equipment — 0.5%
Energy Conversion Devices, Inc.(a)(b)	161,700		4,076,457
Electronic Equipment, Instruments & Components — 0.5%
Cogent, Inc.(a)	306,200		4,155,134
Energy Equipment & Services — 2.8%
IHS, Inc. - Class A(a)	410,645		15,366,336
Superior Energy Services, Inc.(a)	377,177		6,008,429
			21,374,765
Food Products — 2.2%
Green Mountain Coffee Roasters, Inc.(a)(b)	340,900		13,192,830
Smart Balance, Inc.(a)	566,837		3,854,492
			17,047,322
Health Care Equipment & Supplies — 8.6%
Hologic, Inc.(a)	617,500		8,070,725
Merit Medical Systems, Inc.(a)	479,218		8,592,379
SonoSite, Inc.(a)(b)	748,300		14,277,564
Symmetry Medical, Inc.(a)	441,965		3,522,461
Wright Medical Group, Inc.(a)	837,981		17,119,952
Zoll Medical Corp.(a)	814,400		15,384,016
			66,967,097
Health Care Providers & Services — 6.6%
Amedisys, Inc.(a)(b)	73,100		3,021,954
Lincare Holdings, Inc.(a)	278,783		7,507,626
Magellan Health Services, Inc.(a)	467,300		18,299,468
MedCath Corp.(a)	518,170		5,409,695
Pediatrix Medical Group, Inc.(a)	525,000		16,642,500
			50,881,243
Health Care Technology — 1.1%
Omnicell, Inc.(a)	667,718		8,152,837
Hotels, Restaurants & Leisure — 4.1%
Orient-Express Hotels Ltd. - Class A	465,600		3,566,496
P.F. Chang’s China Bistro, Inc.(a)	337,800		7,073,532
Scientific Games Corp. - Class A(a)	820,700		14,395,078
Texas Roadhouse, Inc. - Class A(a)	914,200		7,085,050
			32,120,156
Household Durables — 0.9%
iRobot Corp.(a)(b)	795,198		7,180,638
Internet & Catalog Retail — 0.8%
Ticketmaster Entertainment, Inc.(a)	987,037		6,336,777
Internet Software & Services — 7.2%
comScore, Inc.(a)	826,411		10,536,740
Omniture, Inc.(a)	770,212		8,195,056
SkillSoft Plc - ADR(a)	3,560,930		25,425,040
SonicWALL, Inc.(a)	2,902,900		11,553,542
			55,710,378
IT Services — 9.0%
ExlService Holdings, Inc.(a)	1,606,896		13,771,099
Forrester Research, Inc.(a)	805,700		22,728,797
Gartner, Inc.(a)	371,050		6,615,821
SRA International, Inc. - Class A(a)	1,013,300		17,479,425
Wright Express Corp.(a)	738,200		9,301,320
			69,896,462
Life Sciences Tools & Services — 0.3%
Bruker Corp.(a)	646,500		2,611,860
Machinery — 1.2%
Bucyrus International, Inc.	255,974		4,740,639
Kaydon Corp.	120,800		4,149,480
RBC Bearings, Inc.(a)	22,236		450,946
			9,341,065
Media — 4.7%
CKX, Inc.(a)	2,765,996		10,151,205
Dolan Media Co.(a)	829,279		5,464,949
Outdoor Channel Holdings, Inc.(a)	198,142		1,484,083
RHI Entertainment, Inc.(a)	1,270,357		10,315,299
World Wrestling Entertainment, Inc. - Class A(b)	787,800		8,728,824
			36,144,360
Oil, Gas & Consumable Fuels — 4.6%
Comstock Resources, Inc.(a)	240,010		11,340,473
Delta Petroleum Corp.(a)(b)	389,900		1,855,924
James River Coal Co.(a)(b)	279,788		4,289,150
Massey Energy Co.	443,452		6,115,203
Plains Exploration & Production Co.(a)	392,800		9,128,672
Venoco, Inc.(a)	1,025,457		2,778,988
			35,508,410

DECEMBER 31, 2008 17

Schedule of Investments (concluded)	Small Cap Growth Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Personal Products — 1.7%
Chattem, Inc.(a)(b)	181,200	$	12,961,236
Pharmaceuticals — 1.9%
Alpharma, Inc. - Class A(a)	50,803		1,876,663
Medicis Pharmaceutical Corp. - Class A	735,000		10,216,500
Santarus, Inc.(a)	1,560,700		2,450,299
			14,543,462
Professional Services — 2.8%
The Advisory Board Co.(a)	398,608		8,888,959
Diamond Management & Technology Consultants, Inc.	1,440,196		6,063,225
Watson Wyatt Worldwide, Inc. - Class A	145,400		6,953,028
			21,905,212
Real Estate Management & Development — 0.0%
FX Real Estate & Entertainment, Inc.(a)(b)	299,560		44,934
Semiconductors & Semiconductor Equipment — 3.2%
Microsemi Corp.(a)	630,300		7,966,992
ON Semiconductor Corp.(a)	2,328,200		7,915,880
Standard Microsystems Corp.(a)	554,607		9,062,278
			24,945,150
Software — 7.4%
Aladdin Knowledge Systems Ltd.(a)	519,093		3,197,613
Ansys, Inc.(a)	52,000		1,450,280
Blackboard, Inc.(a)(b)	477,252		12,518,320
DemandTec, Inc.(a)	1,351,500		10,906,605
i2 Technologies, Inc.(a)(b)	1,346,505		8,604,167
TiVo, Inc.(a)	2,829,800		20,261,368
			56,938,353
Textiles, Apparel & Luxury Goods — 1.2%
Deckers Outdoor Corp.(a)	47,500		3,793,825
Lululemon Athletica, Inc.(a)(b)	649,600		5,151,328
			8,945,153
Total Long-Term Investments (Cost — $951,943,382) — 95.5%			739,396,628
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	73,338,350		73,338,350
TCW Money Market Fund, 1.38%(e)	36,844,309		36,844,309
Total Short-Term Securities (Cost — $110,182,659) — 14.2%			110,182,659
Total Investments (Cost — $1,062,126,041*) — 109.7%			849,579,287
Liabilities in Excess of Other Assets — (9.7)%			(75,215,223	)
Net Assets — 100.0%		$	774,364,064

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	1,068,659,453
Gross unrealized appreciation	$	46,509,354
Gross unrealized depreciation		(265,589,520	)
Net unrealized depreciation	$	(219,080,166	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(66,079,000	)**	$	782,785

** Represents net sales cost.

(d) Security purchased with the cash proceeds from securities loans. (e) Represents current yield as of report date.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	849,579,287
Level 2		—
Level 3		—
Total	$	849,579,287

18 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Mid-Cap Value Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 1.1%
Honeywell International, Inc.	195,100	$	6,405,133
Air Freight & Logistics — 1.1%
FedEx Corp.	100,400		6,440,660
Airlines — 1.1%
Delta Air Lines, Inc.(a)(b)	582,350		6,673,731
Auto Components — 1.1%
Autoliv, Inc.	295,200		6,334,992
Automobiles — 0.3%
Ford Motor Co.(a)(b)	680,614		1,558,606
Beverages — 1.2%
Constellation Brands, Inc. - Class A(a)	467,200		7,367,744
Capital Markets — 3.8%
Affiliated Managers Group, Inc.(a)	101,100		4,238,112
Freedom Pay, Inc.(c)	43,051		431
Invesco Ltd.	474,980		6,858,711
Piper Jaffray Cos., Inc.(a)	85,800		3,411,408
TD Ameritrade Holding Corp.(a)	577,000		8,222,250
			22,730,912
Chemicals — 2.1%
Albemarle Corp.	258,400		5,762,320
FMC Corp.	151,350		6,769,886
			12,532,206
Commercial Banks — 4.0%
Cullen/Frost Bankers, Inc.	118,400		6,000,512
Fifth Third Bancorp	368,000		3,039,680
First Midwest Bancorp, Inc.	269,613		5,384,172
KeyCorp	651,800		5,553,336
Zions Bancorp(b)	170,240		4,172,582
			24,150,282
Commercial Services & Supplies — 1.9%
The Brink’s Co.	187,650		5,044,032
Republic Services, Inc.	261,900		6,492,501
			11,536,533
Communications Equipment — 0.4%
ADC Telecommunications, Inc.(a)(b)	455,700		2,492,679
Computers & Peripherals — 1.3%
Seagate Technology	682,000		3,021,260
Teradata Corp.(a)	329,200		4,882,036
			7,903,296
Consumer Finance — 0.6%
Capital One Financial Corp.	121,150		3,863,474
Containers & Packaging — 2.2%
Owens-Illinois, Inc.(a)	319,040		8,719,363
Pactiv Corp.(a)	183,300		4,560,504
			13,279,867
Diversified Financial Services — 2.1%
CME Group, Inc.	30,050		6,253,706
NYSE Euronext, Inc.	241,800		6,620,484
			12,874,190
Electric Utilities — 3.7%
Edison International	246,000		7,901,520
Entergy Corp.	117,200		9,742,836
PPL Corp.	140,150		4,301,204
			21,945,560
Electronic Equipment, Instruments & Components — 2.0%
Agilent Technologies, Inc.(a)	293,000		4,579,590
Anixter International, Inc.(a)(b)	103,275		3,110,643
Tech Data Corp.(a)	250,600		4,470,704
			12,160,937
Energy Equipment & Services — 0.6%
Noble Corp.	151,700		3,351,053
Food & Staples Retailing — 2.0%
Safeway, Inc.	497,150		11,817,256
Food Products — 2.7%
Dean Foods Co.(a)	437,800		7,867,266
Del Monte Foods Co.(d)	1,168,717		8,344,639
			16,211,905
Gas Utilities — 2.1%
Equitable Resources, Inc.	205,000		6,877,750
Questar Corp.	183,200		5,988,808
			12,866,558
Health Care Equipment & Supplies — 2.1%
The Cooper Cos., Inc.	276,776		4,539,126
Teleflex, Inc.	163,200		8,176,320
			12,715,446
Health Care Providers & Services — 4.7%
DaVita, Inc.(a)	87,900		4,357,203
Laboratory Corp. of America Holdings(a)	133,900		8,624,499
Pediatrix Medical Group, Inc.(a)	239,050		7,577,885
Quest Diagnostics, Inc.	143,500		7,449,085
			28,008,672
Hotels, Restaurants & Leisure — 0.6%
Pinnacle Entertainment, Inc.(a)(b)	502,200		3,856,896
Household Durables — 1.6%
Centex Corp.	429,950		4,574,668
Fortune Brands, Inc.	129,200		5,333,376
			9,908,044
Independent Power Producers & Energy Traders — 1.4%
NRG Energy, Inc.(a)	363,500		8,480,455
Industrial Conglomerates — 0.4%
Textron, Inc.	194,700		2,700,489
Insurance — 10.0%
Assurant, Inc.	183,150		5,494,500
AXIS Capital Holdings Ltd.	347,150		10,109,008
The Hanover Insurance Group, Inc.	299,469		12,868,183
HCC Insurance Holdings, Inc.	417,900		11,178,825
Lincoln National Corp.	244,330		4,603,177
The Travelers Cos., Inc.	121,750		5,503,100
W.R. Berkley Corp.	336,000		10,416,000
			60,172,793
IT Services — 1.9%
Convergys Corp.(a)	417,200		2,674,252
Fidelity National Information Services, Inc.	341,450		5,555,392

DECEMBER 31, 2008 19

Schedule of Investments (continued)	Mid-Cap Value Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
IT Services (concluded)
Fiserv, Inc.(a)	95,600	$	3,476,972
			11,706,616
Life Sciences Tools & Services — 0.5%
Thermo Fisher Scientific, Inc.(a)	83,900		2,858,473
Machinery — 4.1%
Danaher Corp.	85,500		4,840,155
Dover Corp.	224,400		7,387,248
Eaton Corp.	69,000		3,429,990
SPX Corp.	119,250		4,835,587
Terex Corp.(a)	237,400		4,111,768
			24,604,748
Media — 1.6%
Cablevision Systems Corp. - Class A	195,000		3,283,800
Viacom, Inc. - Class B(a)	320,550		6,109,683
			9,393,483
Metals & Mining — 0.6%
Reliance Steel & Aluminum Co.	180,650		3,602,161
Multiline Retail — 0.8%
Macy’s, Inc.	469,150		4,855,702
Multi-Utilities — 4.2%
PG&E Corp.	214,600		8,307,166
Wisconsin Energy Corp.	223,000		9,361,540
Xcel Energy, Inc.	399,300		7,407,015
			25,075,721
Oil, Gas & Consumable Fuels — 4.2%
CONSOL Energy, Inc.	188,181		5,378,213
EOG Resources, Inc.	66,100		4,400,938
Hess Corp.	92,200		4,945,608
Newfield Exploration Co.(a)	286,100		5,650,475
Southwestern Energy Co.(a)	160,200		4,640,994
			25,016,228
Paper & Forest Products — 0.6%
Weyerhaeuser Co.	117,500		3,596,675
Real Estate Investment Trusts — 3.7%
Boston Properties, Inc.	114,600		6,303,000
Duke Realty Corp.	276,400		3,029,344
Mack-Cali Realty Corp.	245,600		6,017,200
Simon Property Group, Inc.	126,470		6,719,351
			22,068,895
Road & Rail — 1.3%
Norfolk Southern Corp.	165,400		7,782,070
Semiconductors & Semiconductor Equipment — 1.8%
Intersil Corp. - Class A	668,350		6,142,136
Micron Technology, Inc.(a)	651,300		1,719,432
Varian Semiconductor Equipment Associates, Inc.(a)	155,950		2,825,814
			10,687,382
Software — 1.1%
Amdocs Ltd.(a)	368,314		6,736,463
Phase Metrics, Inc.(a)(c)	108,409		2,168
			6,738,631
Specialty Retail — 4.7%
Abercrombie & Fitch Co. - Class A	211,050		4,868,923
Chico’s FAS, Inc.(a)	521,900		2,181,542
The Gap, Inc.	479,300		6,417,827
Limited Brands, Inc.	686,666		6,894,127
The Sherwin-Williams Co.	130,400		7,791,400
			28,153,819
Thrifts & Mortgage Finance — 2.5%
Astoria Financial Corp.	438,610		7,228,293
People’s United Financial, Inc.(b)	426,508		7,604,637
			14,832,930
Tobacco — 1.6%
Lorillard, Inc.	112,100		6,316,835
UST, Inc.	46,600		3,233,108
			9,549,943
Trading Companies & Distributors — 0.9%
W.W. Grainger, Inc.	72,392		5,707,385
Total Long-Term Investments (Cost — $632,830,784) — 94.3%			566,571,231
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(e)(f)(g)	13,893,850		13,893,850
TCW Money Market Fund, 1.38%(g)	33,095,946		33,095,946
Total Short-Term Securities (Cost — $46,989,796) — 7.8%			46,989,796
Total Investments (Cost — $679,820,580*) — 102.1%			613,561,027
Liabilities in Excess of Other Assets — (2.1)%			(12,388,407	)
Net Assets — 100.0%		$	601,172,620

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	722,814,540
Gross unrealized appreciation	$	35,526,343
Gross unrealized depreciation		(144,779,856	)
Net unrealized depreciation	$	(109,253,513	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Security is valued in accordance with the Portfolio’s fair valuation policy.

(d) Security, or a portion thereof, has been pledged as collateral for call options written.

(e) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(26,494,700	)**	$	77,638

** Represents net sales cost.

(f) Security purchased with the cash proceeds from securities loans.

(g) Represents current yield as of report date.

20 DECEMBER 31, 2008

Schedule of Investments (concluded) Mid-Cap Value Equity Portfolio

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	613,558,859
Level 2		—
Level 3		2,168
Total	$	613,561,027

The following table is a reconciliation of Level 3 investments for the period ended December 31, 2008:

	Investments in Securities
	Assets
Balances as of October 1, 2008	$	2,168
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases (sales)		—
Net transfers in/out of Level 3		—
Balances as of December 31, 2008	$	2,168

DECEMBER 31, 2008 21

Schedule of Investments December 31, 2008 (Unaudited)	Mid-Cap Growth Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 2.2%
BE Aerospace, Inc.(a)	190,800	$	1,467,252
Goodrich Corp.	64,800		2,398,896
			3,866,148
Biotechnology — 1.4%
Martek Biosciences Corp.(a)	82,000		2,485,420
Capital Markets — 1.1%
Invesco Ltd.	132,107		1,907,625
Chemicals — 3.1%
Agrium, Inc.	52,100		1,778,173
Airgas, Inc.	39,600		1,544,004
Celanese Corp. - Series A	167,400		2,080,782
			5,402,959
Commercial Services & Supplies — 2.2%
Iron Mountain, Inc.(a)	156,500		3,870,245
Communications Equipment — 2.7%
Harris Corp.	124,581		4,740,307
Construction & Engineering — 1.9%
Quanta Services, Inc.(a)	167,900		3,324,420
Containers & Packaging — 1.4%
Rock-Tenn Co. - Class A	70,400		2,406,272
Diversified Consumer Services — 2.3%
Apollo Group, Inc. - Class A(a)	53,700		4,114,494
Diversified Financial Services — 2.9%
CME Group, Inc.	6,400		1,331,904
MSCI, Inc. - Class A(a)	211,100		3,749,136
			5,081,040
Electrical Equipment — 2.9%
Ametek, Inc.	171,400		5,177,994
Electronic Equipment, Instruments & Components — 1.5%
Amphenol Corp. - Class A	110,000		2,637,800
Energy Equipment & Services — 5.8%
Acergy SA - ADR	145,400		840,412
IHS, Inc. - Class A(a)	70,000		2,619,400
National Oilwell Varco, Inc.(a)	56,800		1,388,192
Noble Corp.	101,000		2,231,090
Superior Energy Services, Inc.(a)	108,800		1,733,184
Weatherford International Ltd.(a)	125,200		1,354,664
			10,166,942
Health Care Equipment & Supplies — 2.9%
Hologic, Inc.(a)	187,900		2,455,853
ResMed, Inc.(a)	70,000		2,623,600
			5,079,453
Health Care Providers & Services — 10.2%
AmerisourceBergen Corp.	64,500		2,300,070
Laboratory Corp. of America Holdings(a)	20,100		1,294,641
Lincare Holdings, Inc.(a)	85,000		2,289,050
Magellan Health Services, Inc.(a)	94,500		3,700,620
Medco Health Solutions, Inc.(a)	100,100		4,195,191
Pediatrix Medical Group, Inc.(a)	133,500		4,231,950
			18,011,522
Hotels Restaurants & Leisure — 7.2%
Burger King Holdings, Inc.	83,700		1,998,756
Darden Restaurants, Inc.	99,600		2,806,728
Orient-Express Hotels Ltd. - Class A(b)	77,200		591,352
Panera Bread Co. - Class A(a)(b)	41,200		2,152,288
Scientific Games Corp. - Class A(a)	293,000		5,139,220
			12,688,344
Household Products — 1.2%
Church & Dwight Co., Inc.	39,200		2,199,904
IT Services — 6.4%
Genpact Ltd.(a)	300,000		2,466,000
Lender Processing Services, Inc.	114,300		3,366,135
SAIC, Inc.(a)	187,600		3,654,448
TeleTech Holdings, Inc.(a)	204,000		1,703,400
			11,189,983
Life Sciences Tools & Services — 1.2%
Thermo Fisher Scientific, Inc.(a)	61,900		2,108,933
Machinery — 4.6%
IDEX Corp.	188,200		4,545,030
Joy Global, Inc.	91,700		2,099,013
Oshkosh Corp.	173,100		1,538,859
			8,182,902
Media — 2.5%
CKX, Inc.(a)	353,000		1,295,510
DreamWorks Animation SKG, Inc. - Class A(a)	120,100		3,033,726
			4,329,236
Metals & Mining — 0.8%
Century Aluminum Co.(a)(b)	147,757		1,477,570
Oil, Gas & Consumable Fuels — 4.8%
Chesapeake Energy Corp.	109,000		1,762,530
CONSOL Energy, Inc.	81,200		2,320,696
Massey Energy Co.	89,100		1,228,689
Plains Exploration & Production Co.(a)	81,100		1,884,764
Ultra Petroleum Corp.(a)	37,900		1,307,929
			8,504,608
Personal Products — 1.5%
Avon Products, Inc.	62,100		1,492,263
Bare Escentuals, Inc.(a)(b)	206,800		1,081,564
			2,573,827
Pharmaceuticals — 3.6%
Medicis Pharmaceutical Corp. - Class A	147,500		2,050,250
Shire Plc - ADR	95,356		4,270,042
			6,320,292
Real Estate Management & Development — 0.0%
FX Real Estate & Entertainment, Inc.(a)	70,600		10,590
Semiconductors & Semiconductor Equipment — 4.6%
Broadcom Corp. - Class A(a)	199,500		3,385,515
Lam Research Corp.(a)	84,800		1,804,544
PMC-Sierra, Inc.(a)	598,600		2,909,196
			8,099,255
Software — 7.7%
Adobe Systems, Inc.(a)	141,300		3,008,277
Amdocs Ltd.(a)	219,300		4,010,997
Ansys, Inc.(a)	44,500		1,241,105
Intuit, Inc.(a)	144,300		3,432,897

22 DECEMBER 31, 2008

Schedule of Investments (concluded)	Mid-Cap Growth Equity Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Software (concluded)
Salesforce.com, Inc.(a)	61,200	$	1,959,012
			13,652,288
Specialty Retail — 4.9%
Bed Bath & Beyond, Inc.(a)	73,200		1,860,744
GameStop Corp. - Class A(a)	149,300		3,233,838
TJX Cos., Inc.	101,600		2,089,912
Urban Outfitters, Inc.(a)(b)	93,100		1,394,638
			8,579,132
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.(a)(b)	107,200		850,096
Wireless Telecommunication Services — 1.0%
American Tower Corp. - Class A(a)	62,600		1,835,432
Total Common Stocks — 97.0%			170,875,033
Exchange-Traded Funds — 1.0%
iShares Russell Midcap Growth Index Fund	58,600		1,835,352
Total Long-Term Investments (Cost — $234,631,966) — 98.0%			172,710,385
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	3,689,500		3,689,500
TCW Money Market Fund, 1.38%(e)	4,473,981		4,473,981
Total Short-Term Securities (Cost — $8,163,481) — 4.6%			8,163,481
Total Investments (Cost — $242,795,447*) — 102.6%			180,873,866
Liabilities in Excess of Other Assets — (2.6)%			(4,667,677	)
Net Assets — 100.0%		$	176,206,189

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	250,079,171
Gross unrealized appreciation	$	12,314,703
Gross unrealized depreciation		(81,520,008	)
Net unrealized depreciation	$	(69,205,305	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(16,782,400	)**	$	73,802

** Represents net sales cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	180,873,866
Level 2		—
Level 3		—
Total	$	180,873,866

DECEMBER 31, 2008 23

Schedule of Investments December 31, 2008 (Unaudited)	Small/Mid-Cap Growth Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 1.9%
Argon ST, Inc.(a)	83,411	$	1,573,131
BE Aerospace, Inc.(a)	103,600		796,684
			2,369,815
Beverages — 1.2%
Heckmann Corp.(a)(b)	265,900		1,502,335
Biotechnology — 1.4%
Martek Biosciences Corp.(a)	55,600		1,685,236
Capital Markets — 0.9%
Invesco Ltd.	78,400		1,132,096
Chemicals — 2.0%
Airgas, Inc.	28,778		1,122,054
Celanese Corp. - Series A	63,600		790,548
Intrepid Potash, Inc.(a)	30,300		629,331
			2,541,933
Commercial Banks — 1.4%
Signature Bank(a)	62,400		1,790,256
Commercial Services & Supplies — 5.7%
Clean Harbors, Inc.(a)	48,300		3,064,152
Sykes Enterprises, Inc.(a)	207,084		3,959,446
			7,023,598
Communications Equipment — 3.0%
Harris Corp.	49,300		1,875,865
Neutral Tandem, Inc.(a)	116,200		1,884,764
			3,760,629
Containers & Packaging — 1.3%
Rock-Tenn Co. - Class A	48,402		1,654,380
Diversified Consumer Services — 1.3%
Apollo Group, Inc. - Class A(a)	20,900		1,601,358
Diversified Financial Services — 2.2%
MSCI, Inc. - Class A(a)	152,900		2,715,504
Electrical Equipment — 1.3%
Ametek, Inc.	55,400		1,673,634
Electronic Equipment, Instruments & Components — 0.6%
Cogent, Inc.(a)	51,500		698,855
Energy Equipment & Services — 3.5%
IHS, Inc. - Class A(a)	53,108		1,987,301
Noble Corp.	36,500		806,285
Superior Energy Services, Inc.(a)	57,700		919,161
Weatherford International Ltd.(a)	54,000		584,280
			4,297,027
Food Products — 1.9%
Green Mountain Coffee Roasters, Inc.(a)(b)	62,400		2,414,880
Health Care Equipment & Supplies — 10.2%
Arthrocare Corp.(b)	64,600		308,142
Hologic, Inc.(a)	116,000		1,516,120
ResMed, Inc.(a)	60,000		2,248,800
SonoSite, Inc.(a)	115,378		2,201,412
Symmetry Medical, Inc.(a)	136,800		1,090,296
Wright Medical Group, Inc.(a)	146,648		2,996,019
Zoll Medical Corp.(a)	122,642		2,316,707
			12,677,496
Health Care Providers & Services — 6.5%
Lincare Holdings, Inc.(a)	62,700		1,688,511
Magellan Health Services, Inc.(a)	71,100		2,784,276
MedCath Corp.(a)	123,100		1,285,164
Pediatrix Medical Group, Inc.(a)	72,300		2,291,910
			8,049,861
Hotels Restaurants & Leisure — 4.6%
Orient-Express Hotels Ltd. - Class A	53,700		411,342
P.F. Chang’s China Bistro, Inc.(a)	54,400		1,139,136
Scientific Games Corp. - Class A(a)	171,600		3,009,864
Texas Roadhouse, Inc. - Class A(a)	150,900		1,169,475
			5,729,817
Internet & Catalog Retail — 0.9%
Ticketmaster Entertainment, Inc.(a)	166,683		1,070,105
Internet Software & Services — 6.7%
comScore, Inc.(a)	139,400		1,777,350
SkillSoft Plc - ADR(a)	652,906		4,661,749
SonicWALL, Inc.(a)	481,000		1,914,380
			8,353,479
IT Services — 8.4%
ExlService Holdings, Inc.(a)	237,201		2,032,812
Forrester Research, Inc.(a)	84,751		2,390,826
Genpact Ltd.(a)	230,200		1,892,244
SRA International, Inc. - Class A(a)	152,900		2,637,525
Wright Express Corp.(a)	113,418		1,429,067
			10,382,474
Life Sciences Tools & Services — 1.0%
Thermo Fisher Scientific, Inc.(a)	35,000		1,192,450
Machinery — 3.0%
IDEX Corp.	96,192		2,323,037
Joy Global, Inc.	37,200		851,508
Kaydon Corp.	15,331		526,620
			3,701,165
Media — 4.1%
CKX, Inc.(a)	494,700		1,815,549
DreamWorks Animation SKG, Inc. - Class A(a)	73,032		1,844,788
RHI Entertainment, Inc.(a)	168,700		1,369,844
			5,030,181
Oil, Gas & Consumable Fuels — 2.3%
CONSOL Energy, Inc.	28,900		825,962
Delta Petroleum Corp.(a)	22,718		108,138
Plains Exploration & Production Co.(a)	63,900		1,485,036
Venoco, Inc.(a)	155,621		421,733
			2,840,869
Personal Products — 1.1%
Chattem, Inc.(a)(b)	18,700		1,337,611
Pharmaceuticals — 2.9%
Alpharma, Inc. - Class A(a)	1,712		63,241
Medicis Pharmaceutical Corp. - Class A	122,800		1,706,920
Shire Plc - ADR	40,176		1,799,082
			3,569,243
Professional Services — 1.3%
The Advisory Board Co.(a)	73,500		1,639,050
Real Estate Management & Development — 0.0%
FX Real Estate & Entertainment, Inc.(a)	98,060		14,709

24 DECEMBER 31, 2008

Schedule of Investments (concluded)	Small/Mid-Cap Growth Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Semiconductors & Semiconductor Equipment — 4.0%
Intersil Corp. - Class A	70,800	$	650,652
Microsemi Corp.(a)	102,800		1,299,392
ON Semiconductor Corp.(a)	371,400		1,262,760
Standard Microsystems Corp.(a)	105,200		1,718,968
			4,931,772
Software — 7.5%
Amdocs Ltd.(a)	79,175		1,448,111
Ansys, Inc.(a)	10,700		298,423
Blackboard, Inc.(a)	67,500		1,770,525
DemandTec, Inc.(a)	212,400		1,714,068
Net1 UEPS Technologies, Inc.	55,212		756,404
TiVo, Inc.(a)	460,800		3,299,328
			9,286,859
Specialty Retail — 0.9%
GameStop Corp. - Class A(a)	52,766		1,142,912
Textiles, Apparel & Luxury Goods — 1.5%
Deckers Outdoor Corp.(a)	23,900		1,908,893
Total Long-Term Investments (Cost — $155,237,911) — 96.5%			119,720,482
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market
Series, 0.80%(c)(d)(e)	5,065,000		5,065,000
TCW Money Market Fund, 1.38%(e)	5,803,611		5,803,611
Total Short-Term Securities (Cost — $10,868,611) — 8.7%			10,868,611
Total Investments (Cost — $166,106,522*) — 105.2%			130,589,093
Liabilities in Excess of Other Assets — (5.2)%			(6,476,503	)
Net Assets — 100.0%		$	124,112,590

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	168,778,794
Gross unrealized appreciation	$	7,094,610
Gross unrealized depreciation		(45,284,311	)
Net unrealized depreciation	$	(38,189,701	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(39,075,950	)**	$	83,522

** Represents net sales cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	130,589,093
Level 2		—
Level 3		—
Total	$	130,589,093

DECEMBER 31, 2008 25

Schedule of Investments December 31, 2008 (Unaudited)	Science & Technology Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 4.2%
Lockheed Martin Corp.	31,000	$	2,606,480
Raytheon Co.	29,600		1,510,784
			4,117,264
Biotechnology — 12.1%
Amgen, Inc.(a)	61,200		3,534,300
Biogen Idec, Inc.(a)	14,400		685,872
Celera Corp.(a)	58,300		648,879
Genentech, Inc.(a)	35,900		2,976,469
Genzyme Corp.(a)	33,200		2,203,484
Gilead Sciences, Inc.(a)	26,000		1,329,640
Vertex Pharmaceuticals, Inc.(a)	18,700		568,106
			11,946,750
Communications Equipment — 10.1%
Cisco Systems, Inc.(a)	130,000		2,119,000
Corning, Inc.	43,600		415,508
F5 Networks, Inc.(a)	39,000		891,540
Harris Corp.	30,000		1,141,500
Juniper Networks, Inc.(a)	54,600		956,046
Motorola, Inc.	70,800		313,644
Nokia Oyj - ADR	33,400		521,040
QUALCOMM, Inc.	82,700		2,963,141
Research In Motion Ltd.(a)	14,700		596,526
			9,917,945
Computers & Peripherals — 11.9%
Apple, Inc.(a)	39,100		3,337,185
ASUSTeK Computer, Inc.	142,351		160,642
Dell, Inc.(a)	43,800		448,512
EMC Corp.(a)(b)	88,000		921,360
Hewlett-Packard Co.	63,300		2,297,157
HTC Corp.	16,510		165,725
International Business Machines Corp.	43,500		3,660,960
NetApp, Inc.(a)	42,100		588,137
Seagate Technology	46,600		206,438
			11,786,116
Diversified Telecommunication Services — 2.3%
AT&T, Inc.	35,500		1,011,750
Verizon Communications, Inc.	36,200		1,227,180
			2,238,930
Electronic Equipment, Instruments & Components — 2.4%
Agilent Technologies, Inc.(a)	33,400		522,042
Amphenol Corp. - Class A	24,900		597,102
Hon Hai Precision Industry Co. Ltd.	243,630		480,380
Jabil Circuit, Inc.	53,000		357,750
Nidec Corp.	9,700		379,360
			2,336,634
Food & Staples Retailing — 0.8%
CVS Caremark Corp.	29,000		833,460
Health Care Equipment & Supplies — 6.8%
Alcon, Inc.	7,400		660,006
Baxter International, Inc.	16,000		857,440
Beckman Coulter, Inc.	17,800		782,132
Becton, Dickinson & Co.	12,700		868,553
Covidien Ltd.	22,300		808,152
Medtronic, Inc.	67,200		2,111,424
SenoRx, Inc.(a)	22,600		52,884
St. Jude Medical, Inc.(a)	16,900		557,024
			6,697,615
Household Durables — 0.1%
LG Electronics, Inc.(a)	1,200		72,868
Internet & Catalog Retail — 0.6%
priceline.com, Inc.(a)	8,100		596,565
Internet Software & Services — 6.8%
Ariba, Inc.(a)	66,800		481,628
Baidu.Com - ADR(a)	2,700		352,539
Digital River, Inc.(a)	17,900		443,920
eBay, Inc.(a)	70,200		979,992
Google, Inc. - Class A(a)	3,300		1,015,245
Open Text Corp.(a)	32,700		985,251
Sina Corp.(a)	16,300		377,345
VeriSign, Inc.(a)	61,700		1,177,236
Yahoo!, Inc.(a)	75,700		923,540
			6,736,696
IT Services — 1.0%
Automatic Data Processing, Inc.	25,200		991,368
Machinery — 1.2%
Kurita Water Industries Ltd.	44,600		1,205,702
Office Electronics — 0.9%
Canon, Inc.	17,100		541,806
Konica Corp.	47,800		371,924
			913,730
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.	21,800		506,850
Pfizer, Inc.	28,800		510,048
Roche Holding AG	4,400		336,820
Roche Holding AG - ADR	4,500		696,677
Wyeth	13,800		517,638
			2,568,033
Semiconductors & Semiconductor Equipment — 14.7%
Altera Corp.	46,600		778,686
Analog Devices, Inc.	25,000		475,500
Applied Materials, Inc.	105,200		1,065,676
ASM Pacific Technology Ltd.	169,300		557,998
Atheros Communications, Inc.(a)	25,100		359,181
ATMI, Inc.(a)	22,900		353,347
Broadcom Corp. - Class A(a)	57,800		980,866
Cavium Networks, Inc.(a)	26,000		273,260
Intel Corp.	123,600		1,811,976
Intersil Corp. - Class A	49,400		453,986
KLA-Tencor Corp.	36,200		788,798
Lam Research Corp.(a)	33,400		710,752
Linear Technology Corp.(b)	36,700		811,804
Marvell Technology Group Ltd.(a)	85,100		567,617
Netlogic Microsystems, Inc.(a)	30,400		669,104
Samsung Electronics Co. Ltd.	2,300		838,558
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	93,535		738,926
Teradyne, Inc.(a)	78,500		331,270
Texas Instruments, Inc.	43,600		676,672
Varian Semiconductor Equipment Associates, Inc.(a)	23,200		420,384
Xilinx, Inc.	47,400		844,668
			14,509,029
Software — 16.9%
Adobe Systems, Inc.(a)	48,000		1,021,920
BMC Software, Inc.(a)	53,600		1,442,376
CA, Inc.	41,300		765,289

26 DECEMBER 31, 2008

Schedule of Investments (continued)	Science & Technology Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Software (concluded)
Check Point Software Technologies(a)	25,400	$	482,346
Citrix Systems, Inc.(a)	59,800		1,409,486
Electronic Arts, Inc.(a)	24,600		394,584
McAfee, Inc.(a)	49,900		1,725,043
Microsoft Corp.	107,800		2,095,632
Nintendo Co. Ltd.	1,900		726,088
Oracle Corp.(a)	120,200		2,131,146
Progress Software Corp.(a)	31,600		608,616
Red Hat, Inc.(a)	39,400		520,868
Salesforce.com, Inc.(a)	17,000		544,170
SAP AG - ADR	12,600		456,372
Sybase, Inc.(a)	47,700		1,181,529
Symantec Corp.(a)	88,600		1,197,872
			16,703,337
Wireless Telecommunication Services — 1.0%
American Tower Corp. - Class A(a)	29,000		850,280
Bharti Tele-Ventures Ltd.(a)	7,900		116,452
			966,732
Total Long-Term Investments (Cost — $124,423,512) — 96.4%			95,138,774
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	781,000		781,000
TCW Money Market Fund, 1.38%(e)	3,897,266		3,897,266
Total Short-Term Securities (Cost — $4,678,266) — 4.7%			4,678,266
Total Investments (Cost — $129,101,778*) — 101.1%			99,817,040
Liabilities in Excess of Other Assets — (1.1)%			(1,080,693	)
Net Assets — 100.0%		$	98,736,347

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	130,707,799
Gross unrealized appreciation	$	1,194,179
Gross unrealized depreciation		(32,084,938	)
Net unrealized depreciation	$	(30,890,759	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	376,500	**	$	2,319

** Represents net purchase cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
CHF	135,000	USD	111,842	01/21/09	$	15,022
EUR	158,100	USD	226,346	01/21/09		(6,580	)
EUR	143,300	USD	198,320	01/21/09		681
EUR	170,000	USD	217,019	01/21/09		19,059
JPY	39,174,000	USD	433,276	01/21/09		(939	)
JPY	372,300	USD	4,067	01/21/09		41
JPY	135,245,000	USD	1,392,743	01/21/09		99,862
USD	913,000	CHF	757,155	01/21/09		(100,826	)
USD	692,486	EUR	534,000	01/21/09		(49,078	)
USD	101,584	HKD	787,000	01/21/09		22
USD	4,076,893	JPY	411,807,000	01/21/09		(467,935	)
Total					$	(490,671	)

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

DECEMBER 31, 2008 27

Schedule of Investments (concluded) Science & Technology Opportunities Portfolio

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments ***
	Assets		Assets		Liabilities
Level 1	$	93,502,860	$	—	$	—
Level 2		6,314,180		134,687		(625,358	)
Level 3		—		—		—
Total	$	99,817,040	$	134,687	$	(625,358	)

*** Other financial instruments are foreign currency exchange contracts.

28 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Health Sciences Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
Biotechnology — 30.7%
3Sbio, Inc. - ADR(a)	80,200		$	625,560
Acorda Therapeutics, Inc.(a)	21,100			432,761
Alexion Pharmaceuticals, Inc.(a)	199,400			7,216,286
Amgen, Inc.(a)	1,274,710			73,614,502
Biogen Idec, Inc.(a)	24,700			1,176,461
BioMarin Pharmaceutical, Inc.(a)(b)	527,909			9,396,780
Celera Corp.(a)	832,680			9,267,728
Genentech, Inc.(a)	686,460			56,914,399
Genzyme Corp.(a)	570,860			37,887,978
Gilead Sciences, Inc.(a)	845,390			43,233,245
Halozyme Therapeutics, Inc.(a)	254,600			1,425,760
Incyte Corp.(a)	179,500			680,305
Nanosphere, Inc.	79,600			378,896
Poniard Pharmaceuticals, Inc.(a)(b)	401,100			774,123
Rigel Pharmaceuticals, Inc.(a)	325,400			2,603,200
United Therapeutics Corp.(a)	121,600			7,606,080
Vertex Pharmaceuticals, Inc.(a)	433,520			13,170,338
				266,404,402
Food & Staples Retailing — 3.3%
CVS Caremark Corp.	994,780			28,589,977
Health Care Equipment & Supplies — 19.8%
Alcon, Inc.	230,550			20,562,754
Alphatec Holdings, Inc.(a)	186,909			439,236
Baxter International, Inc.	644,610			34,544,650
Beckman Coulter, Inc.	280,830			12,339,670
Becton, Dickinson & Co.	447,990			30,638,036
Covidien Ltd.	477,470			17,303,513
Cyberonics, Inc. (a)(b)	526,600			8,725,762
DiaSorin SpA	171,900			3,498,943
Immucor, Inc.(a)	304,300			8,088,294
Integra LifeSciences Holdings Corp.(a)	212,230			7,549,021
Medtronic, Inc.	742,860			23,340,661
St. Jude Medical, Inc.(a)	141,600			4,667,136
				171,697,676
Health Care Providers & Services — 12.9%
AMERIGROUP Corp.(a)	72,800			2,149,056
AmerisourceBergen Corp.	342,380			12,209,271
Centene Corp.(a)	120,300			2,371,113
DaVita, Inc.(a)	451,480			22,379,864
Express Scripts, Inc.(a)	138,510			7,615,280
Fresenius Medical Care AG & Co. KGaA	337,900			15,533,840
McKesson Corp.	225,530			8,734,777
Medco Health Solutions, Inc.(a)	761,850			31,929,133
UnitedHealth Group, Inc.	343,600			9,139,760
				112,062,094
Health Care Technology — 0.3%
MedAssets, Inc.(a)	146,590			2,140,214
Life Sciences Tools & Services — 2.4%
Medivation, Inc.(a)(b)	147,100			2,143,247
Qiagen NV(a)(b)	1,063,010			18,666,456
				20,809,703
Pharmaceuticals — 28.2%
Abbott Laboratories	526,290			28,088,097
ARYx Therapeutics, Inc.(a)	122,000			366,000
AstraZeneca Plc	146,500			5,993,382
Auxilium Pharmaceuticals, Inc.(a)(b)	280,600			7,980,264
BioForm Medical, Inc.(a)	79,600			72,436
Bristol-Myers Squibb Co.	1,226,800			28,523,100
Johnson & Johnson	365,240			21,852,309
Merck & Co., Inc.	262,100			7,967,840
Novartis AG - ADR	134,140			6,674,806
Optimer Pharmaceuticals, Inc.(a)	48,800			590,968
Pfizer, Inc.	1,237,840			21,922,147
Roche Holding AG - ADR	305,000			47,219,221
Sanofi-Aventis - ADR	131,600			8,417,547
Teva Pharmaceutical Industries Ltd. - ADR	610,260			25,978,768
Wyeth	887,932			33,306,329
				244,953,214
Total Long-Term Investments (Cost — $878,599,758) — 97.6%				846,657,280
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market
Series, 0.80%(c)(d)(e)	14,036,100			14,036,100
BlackRock TempFund, 1.66%(d)(e)	15,200,000			15,200,000
TCW Money Market Fund, 1.38%(d)	10,861,235			10,861,235
Total Short-Term Securities (Cost — $40,097,335) — 4.6%				40,097,335
Total Investments Before Outstanding Options Written (Cost — $918,697,093*) — 102.2%				886,754,615
Options Written	Contracts
Exchange-Traded Call Options Written
Abbott Laboratories, Strike Price $57.50, Expires 1/17/09	(1,720	)		(34,400	)
Baxter International, Inc., Strike Price $57.50, Expires 1/17/09	(1,450	)		(14,500	)
Beckman Coulter, Inc., Strike Price $45, Expires 1/17/09	(705	)		(81,075	)
Genetech, Inc., Strike Price $85, Expires 1/17/09	(1,160	)		(214,600	)
Medco Health Solutions, Inc., Strike Price $42.50, Expires 1/16/09	(171,000	)		(201,301	)
Medtronic, Inc., Strike Price $35, Expires 2/21/09	(3,710	)		(268,975	)
				(814,851	)
Exchange-Traded Put Options Written
Medco Health Solutions, Inc., Strike Price $40, Expires 1/17/09	(1,028	)		(71,960	)
Total Options Written (Premiums Received — $ 1,843,739) — (0.1)%				(886,811	)
Total Investments Net of Outstanding Options Written — 102.1%				885,867,804
Liabilities in Excess of Other Assets — (2.1)%				(18,361,565	)
Net Assets — 100.0%			$	867,506,239

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	916,918,905
Gross unrealized appreciation	$	44,211,088
Gross unrealized depreciation		(74,375,378	)
Net unrealized depreciation	$	(30,164,290	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Security purchased with the cash proceeds from securities loans.

DECEMBER 31, 2008 29

Schedule of Investments (concluded) Health Sciences Opportunities Portfolio

(d) Represents current yield as of report date.

(e) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(64,126,000	)**	$	61,261
BlackRock TempFund	$	(14,800,000	)**	$	240,428

** Represents net sales cost.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
CHF	6,200,000	USD	5,136,469	01/21/09	$	689,909
GPB	7,000	USD	11,199	01/21/09		(1,141	)
USD	44,366,121	CHF	53,498,000	01/21/09		(5,908,000	)
USD	2,025,004	CHF	2,347,000	01/21/09		(180,562	)
USD	928,635	EUR	699,000	01/21/09		(42,064	)
USD	682,141	EUR	532,000	01/21/09		(56,646	)
USD	122,074	EUR	95,000	01/21/09		(9,852	)
USD	13,406,215	EUR	10,338,000	01/21/09		(950,138	)
USD	4,398,865	EUR	3,155,000	01/21/09		17,525
USD	1,316,754	EUR	920,000	01/21/09		37,910
USD	2,688,652	EUR	1,925,000	01/21/09		15,409
USD	4,763,355	GPB	2,956,000	01/21/09		515,961
USD	751,132	GPB	477,000	01/21/09		65,745
Total					$	(5,805,944	)

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments ***
	Assets		Assets		Liabilities
Level 1	$	807,035,956	$	—	$	(71,960	)
Level 2		79,718,659		1,342,459		(7,963,254	)
Level 3		—		—		—
Total	$	886,754,615	$	1,342,459	$	(8,035,214	)

*** Other financial instruments are options written and foreign currency exchange contracts.

30 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	U.S. Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 1.3%
Alliant Techsystems, Inc.(a)	97,600	$	8,370,176
Curtiss-Wright Corp.	161,600		5,395,824
			13,766,000
Airlines — 1.7%
Airtran Holdings, Inc.(a)(b)	1,322,800		5,873,232
Delta Air Lines, Inc.(a)(b)	783,800		8,982,348
USAirways Group, Inc.(a)	414,100		3,200,993
			18,056,573
Auto Components — 0.5%
The Goodyear Tire & Rubber Co.(a)	788,400		4,706,748
Beverages — 0.5%
Pepsi Bottling Group, Inc.	223,400		5,028,734
Biotechnology — 0.8%
Vertex Pharmaceuticals, Inc.(a)	260,600		7,917,028
Building Products — 0.3%
Owens Corning(a)	179,700		3,108,810
Capital Markets — 2.9%
Greenhill & Co., Inc.(b)	81,000		5,651,370
Invesco Ltd.	431,800		6,235,192
Knight Capital Group, Inc. - Class A(a)	220,200		3,556,230
Northern Trust Corp.	66,600		3,472,524
TD Ameritrade Holding Corp.(a)	220,800		3,146,400
Waddell & Reed Financial, Inc. - Class A	500,600		7,739,276
			29,800,992
Chemicals — 0.9%
Airgas, Inc.	234,800		9,154,852
Commercial Banks — 3.9%
Bank of Hawaii Corp.	111,500		5,036,455
BB&T Corp. (b)	135,800		3,729,068
City National Corp.	116,400		5,668,680
Commerce Bancshares, Inc.	93,620		4,114,599
First Horizon National Corp.(b)	254,746		2,692,666
Investors Bancorp, Inc.(a)	199,600		2,680,628
M&T Bank Corp.(b)	31,500		1,808,415
Marshall & IIsley Corp.(b)	188,400		2,569,776
PacWest Bancorp	115,500		3,106,950
PrivateBancorp, Inc.	77,500		2,515,650
Regions Financial Corp.	243,100		1,935,076
UMB Financial Corp.	64,700		3,179,358
Zions Bancorp(b)	60,400		1,480,404
			40,517,725
Commercial Services & Supplies — 1.5%
Iron Mountain, Inc.(a)	285,400		7,057,942
Republic Services, Inc.	357,900		8,872,341
			15,930,283
Communications Equipment — 1.4%
Harris Corp.	186,300		7,088,715
Tekelec(a)	542,000		7,230,280
			14,318,995
Computers & Peripherals — 0.3%
Western Digital Corp.(a)	219,200		2,509,840
Construction & Engineering — 1.2%
Fluor Corp.	129,600		5,815,152
Jacobs Engineering Group, Inc.(a)	134,900		6,488,690
			12,303,842
Containers & Packaging — 1.2%
Crown Holdings, Inc.(a)	374,700		7,194,240
Pactiv Corp.(a)	203,700		5,068,056
			12,262,296
Diversified Consumer Services — 1.9%
Apollo Group, Inc. - Class A(a)	125,700		9,631,134
ITT Educational Services, Inc.(a)	100,400		9,535,992
			19,167,126
Diversified Financial Services — 1.1%
IntercontinentalExchange, Inc.(a)	64,900		5,350,356
NASDAQ Stock Market, Inc.(a)	261,100		6,451,781
			11,802,137
Electric Utilities — 1.5%
DPL, Inc.	319,500		7,297,380
Northeast Utilities	361,100		8,688,066
			15,985,446
Electrical Equipment — 0.7%
GrafTech International Ltd.(a)	622,700		5,180,864
Thomas & Betts Corp.(a)	104,200		2,502,884
			7,683,748
Electronic Equipment, Instruments — 0.5%
Plexus Corp.(a)	185,500		3,144,225
SYNNEX Corp.(a)(b)	136,200		1,543,146
			4,687,371
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp. - Class A	227,400		5,453,052
Jabil Circuit, Inc.	466,000		3,145,500
			8,598,552
Energy Equipment & Services — 1.0%
BJ Services Co.	381,800		4,455,606
Gulf Island Fabrication, Inc.	157,100		2,263,811
Helmerich & Payne, Inc.	153,400		3,489,850
			10,209,267
Food & Staples Retailing — 0.5%
Safeway, Inc.	162,700		3,867,379
SUPERVALU, Inc.	99,300		1,449,780
			5,317,159
Food Products — 2.9%
Dean Foods Co.(a)	125,100		2,248,047
Flowers Foods, Inc.	223,000		5,432,280
The J.M. Smucker Co.	116,100		5,034,096
Ralcorp Holdings, Inc.(a)	88,200		5,150,880
Smithfield Foods, Inc.(a)(b)	371,600		5,228,412
TreeHouse Foods, Inc.(a)	262,200		7,142,328
			30,236,043
Gas Utilities — 0.6%
AGL Resources, Inc.	185,200		5,806,020
Health Care Equipment & Supplies — 2.2%
Beckman Coulter, Inc.	179,000		7,865,260
Becton, Dickinson & Co.	139,100		9,513,049
Immucor, Inc.(a)	212,900		5,658,882
			23,037,191

DECEMBER 31, 2008 31

Schedule of Investments (continued)	U.S. Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Comon Stocks
Health Care Providers & Services — 5.0%
AMERIGROUP Corp.(a)	47,700	$	1,408,104
AmerisourceBergen Corp.	439,700		15,679,702
DaVita, Inc.(a)	302,300		14,985,011
Express Scripts, Inc.(a)	132,600		7,290,348
McKesson Corp.	136,800		5,298,264
Quest Diagnostics, Inc.	149,300		7,750,163
			52,411,592
Hotels, Restaurants & Leisure — 1.9%
Bally Technologies, Inc.(a)	140,900		3,385,827
Burger King Holdings, Inc.	368,800		8,806,944
Darden Restaurants, Inc.	188,600		5,314,748
Life Time Fitness, Inc.(a)(b)	183,400		2,375,030
			19,882,549
Household Durables — 2.2%
Black & Decker Corp.	37,500		1,567,875
Fortune Brands, Inc.	97,700		4,033,056
Jarden Corp.(a)(b)	313,400		3,604,100
Lennar Corp. - Class A(b)	375,700		3,257,319
Mohawk Industries, Inc.(a)	47,700		2,049,669
Toll Brothers, Inc.(a)	303,900		6,512,577
Whirlpool Corp.(b)	48,000		1,984,800
			23,009,396
Household Products — 0.3%
Clorox Co.	47,800		2,655,768
Insurance — 4.3%
Allied World Assurance Co. Holdings Ltd.	65,600		2,663,360
Aon Corp.	120,000		5,481,600
AXIS Capital Holdings Ltd.	128,100		3,730,272
The Hanover Insurance Group, Inc.	127,800		5,491,566
IPC Holdings Ltd.	93,700		2,801,630
Platinum Underwriters Holdings Ltd.	82,700		2,983,816
ProAssurance Corp.(a)	66,800		3,525,704
Reinsurance Group of America, Inc.	66,200		2,834,684
RenaissanceRe Holdings Ltd.	60,200		3,103,912
Torchmark Corp.	62,700		2,802,690
Unum Group	163,900		3,048,540
Validus Holdings Ltd.	101,200		2,647,392
W.R. Berkley Corp.	128,700		3,989,700
			45,104,866
Internet & Catalog Retail — 0.5%
priceline.com, Inc.(a)(b)	74,600		5,494,290
Internet Software & Services — 1.4%
Ariba, Inc.(a)	560,300		4,039,763
Digital River, Inc.(a)	152,300		3,777,040
VeriSign, Inc.(a)	358,500		6,840,180
			14,656,983
IT Services — 0.6%
SAIC, Inc.(a)	305,500		5,951,140
Leisure Equipment & Products — 1.0%
Jakks Pacific, Inc.(a)	177,300		3,657,699
Mattel, Inc.	401,800		6,428,800
			10,086,499
Life Sciences Tools & Services — 1.1%
Qiagen NV(a)	656,300		11,524,628
Machinery — 1.7%
Cummins, Inc.	130,900		3,498,957
Gardner Denver, Inc.(a)	132,600		3,094,884
SPX Corp.	91,100		3,694,105
Terex Corp.(a)	232,700		4,030,364
Trinity Industries, Inc.	234,200		3,690,992
			18,009,302
Marine — 0.4%
Eagle Bulk Shipping, Inc.(b)	646,400		4,408,448
Media — 1.3%
Liberty Media Corp. - Entertainment - Series A(a)	462,500		8,084,500
Lions Gate Entertainment Corp.(a)	421,300		2,317,150
Marvel Entertainment, Inc.(a)	112,500		3,459,375
			13,861,025
Metals & Mining — 3.1%
Alcoa, Inc.	383,300		4,315,958
Kinross Gold Corp.	289,100		5,325,222
Nucor Corp.	158,800		7,336,560
Royal Gold, Inc.	189,500		9,325,295
Steel Dynamics, Inc.	482,600		5,395,468
			31,698,503
Multiline Retail — 0.3%
Nordstrom, Inc.(b)	199,400		2,654,014
Multi-Utilities — 2.4%
NSTAR	229,000		8,356,210
Wisconsin Energy Corp.	159,900		6,712,602
Xcel Energy, Inc.	533,200		9,890,860
			24,959,672
Oil, Gas & Consumable Fuels — 5.2%
Cabot Oil & Gas Corp.	159,900		4,157,400
Comstock Resources, Inc.(a)	95,200		4,498,200
CONSOL Energy, Inc.	129,400		3,698,252
Continental Resources, Inc.(a)(b)	174,000		3,603,540
Encore Acquisition Co.(a)	154,000		3,930,080
Noble Energy, Inc.	158,000		7,776,760
Peabody Energy Corp.	145,600		3,312,400
PetroHawk Energy Corp.(a)	481,200		7,521,156
Range Resources Corp.	169,400		5,825,666
Southwestern Energy Co.(a)	189,900		5,501,403
Ultra Petroleum Corp.(a)	123,800		4,272,338
			54,097,195
Professional Services — 2.2%
The Dun & Bradstreet Corp.	122,300		9,441,560
FTI Consulting, Inc.(a)	56,600		2,528,888
Watson Wyatt Worldwide, Inc. - Class A	235,900		11,280,738
			23,251,186
Real Estate Investment Trusts — 3.9%
AMB Property Corp.	130,100		3,046,942
AvalonBay Communities, Inc.	81,000		4,906,980
Boston Properties, Inc.	60,400		3,322,000
Equity Residential	74,800		2,230,536
Health Care REIT, Inc.	66,100		2,789,420
Plum Creek Timber Co., Inc.	123,300		4,283,442
Rayonier, Inc.	142,400		4,464,240
Taubman Centers, Inc.	178,300		4,539,518
Ventas, Inc.	50,900		1,708,713
Vornado Realty Trust(b)	60,400		3,645,140

32 DECEMBER 31, 2008

Schedule of Investments (continued)	U.S. Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Real Estate Investment Trusts (concluded)
Washington Real Estate Investment Trust(b)	195,500	$	5,532,650
			40,469,581
Road & Rail — 1.5%
Con-Way, Inc.	143,900		3,827,740
Heartland Express, Inc.	297,100		4,682,296
Knight Transportation, Inc.(b)	235,200		3,791,424
Werner Enterprises, Inc.	206,300		3,577,242
			15,878,702
Semiconductors & Semiconductor Equipment — 3.2%
Altera Corp.	255,400		4,267,734
Analog Devices, Inc.	237,600		4,519,152
Cavium Networks, Inc.(a)(b)	63,700		669,487
Hittite Microwave Corp.(a)	194,600		5,732,916
Intersil Corp. - Class A	277,900		2,553,901
Netlogic Microsystems, Inc.(a)	248,000		5,458,480
PMC-Sierra, Inc.(a)	1,203,900		5,850,954
Varian Semiconductor Equipment Associates, Inc.(a)	246,500		4,466,580
			33,519,204
Software — 4.1%
BMC Software, Inc.(a)	296,900		7,989,579
Citrix Systems, Inc.(a)	176,200		4,153,034
McAfee, Inc.(a)	175,000		6,049,750
Quest Software, Inc.(a)	96,247		1,211,750
Salesforce.com, Inc.(a)	187,800		6,011,478
Solera Holdings, Inc.(a)	261,900		6,311,790
Sybase, Inc.(a)	267,600		6,628,452
TIBCO Software, Inc.(a)	786,200		4,080,378
			42,436,211
Specialty Retail — 2.8%
American Eagle Outfitters, Inc.	355,200		3,324,672
Chico’s FAS, Inc.(a)	804,400		3,362,392
Guess?, Inc.	255,500		3,921,925
Gymboree Corp.(a)	154,700		4,036,123
O’Reilly Automotive, Inc.(a)	125,100		3,845,574
Ross Stores, Inc.	209,800		6,237,354
Urban Outfitters, Inc.(a)	314,000		4,703,720
			29,431,760
Textiles, Apparel & Luxury Goods — 1.4%
Coach, Inc.(a)	212,100		4,405,317
Iconix Brand Group, Inc.(a)	431,000		4,215,180
VF Corp.	107,500		5,887,775
			14,508,272
Thrifts & Mortgage Finance — 1.7%
Capitol Federal Financial	82,200		3,748,320
First Niagara Financial Group, Inc.	208,300		3,368,211
Hudson City Bancorp, Inc.	327,600		5,228,496
People’s United Financial, Inc.	317,800		5,666,374
			18,011,401
Wireless Telecommunication Services — 1.6%
American Tower Corp. - Class A(a)	206,400		6,051,648
Centennial Communications Corp.(a)	357,500		2,881,450
NII Holdings, Inc.(a)	149,000		2,708,820
SBA Communications Corp.(a)	304,000		4,961,280
			16,603,198
Total Long-Term Investments (Cost — $1,005,017,291) — 87.2%			906,488,163
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	53,169,450		53,169,450
BlackRock TempFund, 1.66%(c)(e)	67,000,000		67,000,000
TCW Money Market Fund, 1.38%(e)	48,947,318		48,947,318
Total Short-Term Securities (Cost — $169,116,768) — 16.2%			169,116,768
Total Investments (Cost — $1,174,134,059*) — 103.4%			1,075,604,931
Liabilities in Excess of Other Assets — (3.4)%			(35,711,323	)
Net Assets — 100.0%		$	1,039,893,608

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	1,175,470,411
Gross unrealized appreciation	$	41,164,979
Gross unrealized depreciation		(141,030,459	)
Net unrealized depreciation	$	(99,865,480	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(23,192,050	)**	$	305,253
BlackRock TempFund	$	37,000,000	***	$	375,006

** Represents net sales cost.

*** Represents net purchase cost.

(d) Security purchased with the cash proceeds from securities loans.

(e) Represents current yield as of report date.

DECEMBER 31, 2008 33

Schedule of Investments (concluded) U.S. Opportunities Portfolio

• Cash of $7,125,000 pledged as collateral in connection with open financial futures contracts.

• Financial futures contracts as of December 31, 2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
1,175	Russell ICE MINI	March 2009	$	58,009,750	$	4,520,272

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments ****
	Assets		Assets
Level 1	$	1,075,604,931	$	4,520,272
Level 2		—		—
Level 3		—		—
Total	$	1,075,604,931	$	4,520,272

****  Other financial instruments are futures contracts.

34 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Global Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Australia — 1.5%
BHP Billiton Ltd.	24,500	$	520,482
Santos Ltd.	43,800		458,933
			979,415
Belgium — 1.0%
Belgacom SA	17,500		668,997
Bermuda — 0.8%
Covidien Ltd.	9,100		329,784
IPC Holdings Ltd.	5,500		164,450
			494,234
Brazil — 0.5%
Banco Bradesco SA	5,000		49,350
Banco Itau Holding Financeira SA	5,000		58,000
BM&FBOVESPA SA(a)	20,942		54,062
Companhia Energetica de Minas Gerais - CEMIG - ADR	49		673
Unibanco SA - ADR	2,100		135,702
			297,787
Canada — 4.5%
EnCana Corp.	7,500		346,051
Goldcorp, Inc.	17,100		531,769
Imperial Oil Ltd.	8,100		268,950
Kinross Gold Corp.	33,100		603,281
Potash Corp. of Saskatchewan, Inc.	5,300		388,066
Research In Motion Ltd.(a)	3,200		129,856
Royal Bank of Canada	4,700		137,440
Shoppers Drug Mart Corp.	8,600		334,735
Toronto-Dominion Bank - ADR	4,600		161,904
			2,902,052
China — 2.3%
China Construction Bank Corp. - Class H	881,600		490,498
China Railway Construction Corp. - Class H(a)	149,900		224,417
Industrial & Commercial Bank of China - Class H - ADR	1,028,900		546,260
Sina Corp.(a)	9,200		212,980
			1,474,155
Finland — 0.7%
Kesko Oyj - Series B	18,500		466,150
France — 3.4%
France Telecom SA	16,600		462,686
Mercialys SA	1,100		34,739
Nexans SA	4,400		263,482
PPR	3,300		216,068
Sanofi-Aventis - ADR	2,600		166,304
Societe Generale	2,600		131,905
Societe Immobiliere de Location pour l’Industrie et le Commerce	700		65,396
Total SA	9,400		516,804
Unibail-Rodamco	500		74,697
Vivendi Universal SA	8,400		273,790
			2,205,871
Germany — 4.0%
Adidas AG	11,200		426,940
Allianz SE	1,300		138,321
Deutsche Boerse AG	3,100		224,282
Fresenius Medical Care AG & Co. KGaA	10,900		501,091
Linde AG	4,400		369,285
Muenchener Rueckversicherungs-Gesellschaft AG	1,300		201,822
Salzgitter AG	9,100		707,207
			2,568,948
Hong Kong — 1.3%
China Mobile Ltd.	20,900		212,054
China Unicom Hong Kong Ltd.	154,400		187,754
The Hong Kong & Shanghai Hotels Ltd.	253,500		192,573
Industrial and Commercial Bank of China (Asia) Ltd.	70,400		75,801
New World Development Co. Ltd.	139,700		143,042
			811,224
India — 0.8%
Bharti Tele-Ventures Ltd.(a)	35,200		518,877
Israel — 0.5%
Teva Pharmaceutical Industries Ltd. - ADR	7,800		332,046
Italy — 1.0%
Credito Emiliano SpA	15,500		81,810
ENI SpA	15,700		377,799
Intesa Sanpaolo SpA	58,700		213,238
			672,847
Japan — 9.7%
Amada Co. Ltd.	71,600		348,236
Benesse Corp.	13,100		573,271
Daihatsu Motor Co. Ltd.	29,000		256,267
The Gunma Bank Ltd.	38,200		244,543
Hino Motors Ltd.	109,000		224,670
ITOCHU Corp.	59,300		299,174
Kurita Water Industries Ltd.	20,600		556,894
Mitsubishi Electric Corp.	73,800		462,486
Mitsubishi Estate Co. Ltd.	5,700		94,158
Mitsubishi Tokyo Financial Group, Inc.	27,400		172,213
Mitsui Fudosan Co. Ltd.	5,700		95,032
Mizuho Financial Group, Inc.	71		201,950
Nintendo Co. Ltd.	2,300		878,949
Sumitomo Metal Mining Co. Ltd.	37,000		395,811
The Tokyo Electric Power Co.	7,800		260,378
Tokyo Gas Co. Ltd.	57,000		288,926
Toyo Suisan Kaisha Ltd.	13,100		377,495
Yamato Holdings Co. Ltd.	37,400		489,072
			6,219,525
Mexico — 0.5%
Fomento Economico Mexicano S.A.B. de C.V. - ADR	11,800		355,534
Netherlands — 1.3%
Corio NV	1,900		87,492
Heineken Holding NV	12,500		357,057
Royal Dutch Shell - B Shares	15,600		395,436
			839,985
Norway — 1.5%
Norsk Hydro ASA	137,200		559,009
StatoilHydro ASA	24,100		403,067
			962,076
Singapore — 1.6%
Singapore Airlines Ltd.	46,700		367,293
United Overseas Bank Ltd.	41,400		374,133

DECEMBER 31, 2008 35

Schedule of Investments (continued)	Global Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Singapore (concluded)
Wilmar International Ltd.	137,800	$	269,997
			1,011,423
South Africa — 1.0%
Naspers Ltd. - N Shares	34,100		616,878
South Korea — 1.3%
LG Electronics, Inc.(a)	3,700		224,675
Samsung Electronics Co. Ltd.	1,600		583,344
			808,019
Spain — 1.2%
Banco Bilbao Vizcaya Argentaria SA	13,800		170,987
Banco Santander SA	23,500		227,026
Inditex SA	8,100		360,700
			758,713
Sweden — 0.7%
Atlas Copco AB - A Shares	32,200		283,311
Nordea Bank AB	26,500		188,884
			472,195
Switzerland — 3.0%
ACE Ltd.	4,500		238,140
Credit Suisse Group AG - ADR	3,400		95,284
Julius Baer Holding AG	6,100		236,420
Nestle SA	12,300		487,057
Roche Holding AG - ADR	4,700		727,640
UBS AG(a)	9,400		136,764
			1,921,305
Taiwan — 2.7%
ASUSTeK Computer, Inc.	250,965		283,212
Hon Hai Precision Industry Co. Ltd.	118,980		234,600
HTC Corp.	28,810		289,191
Taiwan Mobile Co. Ltd.	341,619		508,339
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	51,500		406,850
			1,722,192
Thailand — 0.3%
Bangkok Bank Public Co. Ltd - ADR	110,100		223,015
United Kingdom — 4.4%
AstraZeneca Plc	8,800		360,012
Barclays Plc	37,200		84,552
BG Group Plc	20,300		280,984
Charter International Plc	45,000		213,506
HSBC Holdings Plc	37,600		367,999
Imperial Tobacco Group Plc	17,300		462,101
Man Group Plc	37,700		129,694
Prudential Plc	22,300		135,366
Standard Chartered Plc	12,729		162,881
Unilever Plc	14,700		337,656
WPP Plc	45,000		263,130
			2,797,881
United States — 42.0%
Alcoa, Inc.	24,100		271,366
Amgen, Inc.(a)	18,700		1,079,925
Anadarko Petroleum Corp.	10,400		400,920
Analog Devices, Inc.	18,000		342,360
Aon Corp.	7,600		347,168
Apache Corp.	4,800		357,744
AvalonBay Communities, Inc.	5,500		333,190
Bank of America Corp.	12,300		173,184
BB&T Corp.	4,600		126,316
Becton, Dickinson & Co.	4,900		335,111
Boston Properties, Inc.	2,300		126,500
Bristol-Myers Squibb Co.	16,700		388,275
Campbell Soup Co.	10,400		312,104
Caterpillar, Inc.	9,200		410,964
The Charles Schwab Corp.	13,300		215,061
Cisco Systems, Inc.(a)	19,900		324,370
Citigroup, Inc.	19,400		130,174
Commerce Bancshares, Inc.	2,970		130,531
CONSOL Energy, Inc.	13,600		388,688
Con-Way, Inc.	9,400		250,040
Cummins, Inc.	10,500		280,665
Delta Air Lines, Inc.(a)	49,000		561,540
Devon Energy Corp.	4,200		275,982
The Dow Chemical Co.	13,700		206,733
eBay, Inc.(a)	28,300		395,068
EOG Resources, Inc.	4,600		306,268
Exxon Mobil Corp.	9,800		782,334
Fluor Corp.	7,400		332,038
FPL Group, Inc.	6,400		322,112
Freeport-McMoRan Copper & Gold, Inc.	16,700		408,148
FTI Consulting, Inc.(a)	4,200		187,656
Genentech, Inc.(a)	13,400		1,110,994
Genzyme Corp.(a)	6,000		398,220
GrafTech International Ltd.(a)	24,200		201,344
Hewlett-Packard Co.	8,700		315,723
Hudson City Bancorp, Inc.	14,900		237,804
Intel Corp.	22,300		326,918
IntercontinentalExchange, Inc.(a)	4,200		346,248
International Business Machines Corp.	4,200		353,472
The J.M. Smucker Co.	7,128		309,070
Jacobs Engineering Group, Inc.(a)	7,800		375,180
JetBlue Airways Corp.(a)	84,400		599,240
JPMorgan Chase & Co.	11,300		356,289
Kohl’s Corp.(a)	8,700		314,940
McDonald’s Corp.	5,100		317,169
Medco Health Solutions, Inc.(a)	9,700		406,527
Medtronic, Inc.(b)	11,900		373,898
Microsoft Corp.	18,000		349,920
NASDAQ Stock Market, Inc.(a)	11,900		294,049
NII Holdings, Inc.(a)	10,100		183,618
Nike, Inc. - Class B	9,100		464,100
Noble Energy, Inc.	5,300		260,866
Northern Trust Corp.	2,800		145,992
Nucor Corp.	8,100		374,220
Occidental Petroleum Corp.	5,000		299,950
Oracle Corp.(a)	14,100		249,993
Peabody Energy Corp.	13,500		307,125
People’s United Financial, Inc.	11,200		199,696
PetroHawk Energy Corp.(a)	19,100		298,533
Pfizer, Inc.	30,300		536,613
Procter & Gamble Co.	10,054		621,547
Public Service Enterprise Group, Inc.	10,400		303,368
QUALCOMM, Inc.(b)	11,000		394,130
Ralcorp Holdings, Inc.(a)	5,400		315,360
Range Resources Corp.	6,600		226,974
Regions Financial Corp.	16,000		127,360
Reinsurance Group of America, Inc.	4,300		184,126
T. Rowe Price Group, Inc.	5,500		194,920
The Travelers Cos., Inc.	8,700		393,240
TreeHouse Foods, Inc.(a)	18,100		493,044

36 DECEMBER 31, 2008

Schedule of Investments (continued)	Global Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
United States (concluded)
U.S. Bancorp	6,900	$	172,569
Ultra Petroleum Corp.(a)	8,600		296,786
UMB Financial Corp.	2,800		137,592
Wal-Mart Stores, Inc.	7,200		403,632
The Walt Disney Co.	18,100		410,689
Wells Fargo & Co.	9,700		285,956
Wyeth	10,300		386,353
XTO Energy, Inc.	11,900		419,713
Yum! Brands, Inc.	11,900		374,850
			26,952,455
Total Long-Term Investments (Cost — $72,628,702) — 93.5%			60,053,799
Short-Term Securities
TCW Money Market Fund, 1.38%(c) (Cost — $3,519,565) — 5.5%	3,519,565		3,519,565
Total Investments (Cost — $76,148,267*) — 99.0%			63,573,364
Other Assets in Excess of Liabilities — 1.0%			622,811
Net Assets — 100.0%		$	64,196,175

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	76,920,788
Gross unrealized appreciation	$	2,663,151
Gross unrealized depreciation		(16,010,575	)
Net unrealized depreciation	$	(13,347,424	)

(a) Non-income producing security.

(b) All or a portion of security pledged as collateral in connection with open financial futures contracts.

(c) Represents current yield as of report date.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
JPY	17,004,000	USD	188,535	01/06/09	$	(957	)
AUD	253,000	USD	158,713	01/21/09		17,249
AUD	1,445,000	USD	937,301	01/21/09		67,702
AUD	990,000	USD	641,708	01/21/09		46,841
AUD	1,460,000	USD	968,433	01/21/09		47,003
AUD	105,400	USD	69,000	01/21/09		4,306
CAD	1,462,000	USD	1,229,905	01/21/09		(46,046	)
CAD	207,900	USD	167,048	01/21/09		1,299
CAD	1,120,000	USD	883,444	01/21/09		23,479
CAD	1,137,793	USD	910,495	01/21/09		10,837
CAD	1,000	USD	810	01/21/09		—
CHF	216,000	USD	180,737	01/21/09		22,246
CHF	540,000	USD	448,092	01/21/09		59,367
CHF	348,000	USD	300,544	01/21/09		26,485
DKK	1,617,000	USD	291,967	01/21/09		9,480
DKK	1,000	USD	172	01/21/09		14
EUR	57,200	USD	81,892	01/21/09		(2,457	)
EUR	547,000	USD	709,270	01/21/09		50,348
EUR	269,000	USD	345,237	01/21/09		28,322
EUR	577,700	USD	805,712	01/21/09		(3,462	)
EUR	276,000	USD	344,280	01/21/09		39,000
EUR	300,000	USD	380,670	01/21/09		35,939
GPB	343,000	USD	539,631	01/21/09		(46,783	)
GPB	1,654,000	USD	2,646,053	01/21/09		(269,467	)
GPB	83,400	USD	123,834	01/21/09		(3,999	)
GPB	129,700	USD	194,941	01/21/09		(8,579	)
GPB	181,000	USD	265,699	01/21/09		(5,625	)
HKD	1,275,100	USD	164,600	01/21/09		(49	)
HKD	2,318,000	USD	299,081	01/21/09		55
HKD	11,326,000	USD	1,462,022	01/21/09		(410	)
JPY	28,298,500	USD	315,920	01/21/09		(3,609	)
JPY	17,182,500	USD	187,714	01/21/09		1,918
JPY	261,589,000	USD	2,588,452	01/21/09		298,523
JPY	67,983,000	USD	679,647	01/21/09		70,635
NOK	1,000	USD	146	01/21/09		(3	)
NOK	249,000	USD	34,826	01/21/09		676
SEK	5,379,000	USD	722,205	01/21/09		(42,292	)
USD	245,660	AUD	374,000	01/21/09		(14,458	)
USD	361,836	AUD	547,000	01/21/09		(18,604	)
USD	69,714	AUD	108,000	01/21/09		(5,400	)
USD	81,365	AUD	126,000	01/21/09		(6,269	)
USD	910,494	AUD	1,445,000	01/21/09		(94,509	)
USD	494,619	AUD	790,000	01/21/09		(54,830	)
USD	549,586	CAD	680,000	01/21/09		(1,046	)
USD	567,689	CAD	736,000	01/21/09		(28,289	)
USD	754,551	CAD	947,000	01/21/09		(12,285	)
USD	937,302	CAD	1,136,228	01/21/09		17,237
USD	177,112	EUR	138,000	01/21/09		(14,528	)
USD	1,078,758	EUR	812,000	01/21/09		(48,864	)
USD	273,088	GPB	180,000	01/21/09		14,451
USD	173,615	GPB	113,000	01/21/09		11,249
USD	286,833	GPB	178,000	01/21/09		31,069
USD	467,499	HKD	3,623,000	01/21/09		(47	)
USD	795,713	JPY	77,555,000	01/21/09		(60,207	)
USD	624,021	JPY	57,775,000	01/21/09		(13,601	)
USD	211,947	JPY	20,206,000	01/21/09		(11,053	)
USD	572,508	JPY	52,000,000	01/21/09		(1,380	)

DECEMBER 31, 2008 37

Schedule of Investments (concluded) Global Opportunities Portfolio

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
USD	242,245	JPY	21,501,500	01/21/09	$	4,947
USD	286,038	JPY	25,929,500	01/21/09		(128	)
USD	188,579	JPY	17,004,000	01/21/09		918
USD	401,248	NOK	2,728,500	01/21/09		12,227
USD	173,149	NOK	1,216,000	01/21/09		(225	)
USD	214,437	NOK	1,403,000	01/21/09		14,401
USD	244,513	SEK	1,940,500	01/21/09		(768	)
USD	523,891	SGD	772,000	01/21/09		(11,551	)
USD	86,271	SGD	132,000	01/21/09		(5,282	)
USD	171,107	SGD	258,000	01/21/09		(7,835	)
USD	18,675	ZAR	195,000	01/21/09		(2,276	)
ZAR	195,000	USD	18,933	01/21/09		2,018
Total					$	123,068

• Financial futures contracts sold as of December 31, 2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
40	Russell ICE Mini	March 2009	$	1,974,800	$	153,882

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments **
	Assets		Assets		Liabilities
Level 1	$	35,926,447	$	153,882	$	—
Level 2		27,646,917		970,241		(847,173	)
Level 3		—		—		—
Total	$	63,573,364	$	1,124,123	$	(847,173	)

** Other financial instruments are futures and foreign currency exchange contracts.

38 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	International Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Australia — 2.2%
BHP Billiton Ltd.	333,600	$	7,087,053
Centennial Coal Co. Ltd.	1,656,800		3,881,874
National Australia Bank Ltd.	96,600		1,420,179
Santos Ltd.	611,200		6,404,102
Westpac Banking Corp. Ltd.	117,800		1,412,858
			20,206,066
Brazil — 1.1%
Banco Bradesco SA - ADR	230,400		2,231,876
BM&FBOVESPA SA(a)	422,700		1,091,190
Companhia Energetica de Minas Gerais - CEMIG - ADR(b)	248,564		3,415,269
Tele Norte Leste Participacoes SA - ADR	285,000		3,967,200
			10,705,535
Canada — 7.4%
Barrick Gold Corp.	266,200		9,640,990
EnCana Corp.	186,200		8,591,294
Goldcorp, Inc.	241,600		7,513,183
Imperial Oil Ltd.	181,400		6,023,156
Kinross Gold Corp.	429,900		7,835,358
Potash Corp. of Saskatchewan, Inc.	92,500		6,772,850
Research In Motion Ltd.(a)	46,600		1,891,028
Royal Bank of Canada	111,900		3,272,248
Shoppers Drug Mart Corp.	116,200		4,522,811
Talisman Energy, Inc.	632,700		6,242,435
Toronto-Dominion Bank - ADR	96,400		3,392,936
TriStar Oil & Gas Ltd.(a)	387,400		3,580,586
			69,278,875
China — 2.6%
Angang Steel Co. Ltd. - Class H	3,448,800		3,903,150
China Construction Bank Corp. - Class H	12,313,700		6,850,998
China Life Insurance Co. Ltd.	751,100		2,307,741
China Railway Construction Corp. - Class H(a)	2,149,900		3,218,636
Hongguo International Holdings Ltd.	4,210,657		589,346
Industrial & Commercial Bank of China - Class H - ADR	14,376,900		7,632,939
			24,502,810
Denmark — 0.7%
TrygVesta AS	101,300		6,383,891
France — 4.3%
AXA SA	101,600		2,280,472
Compagnie Generale des Etablissements Michelin - Class B	81,300		4,295,375
France Telecom SA	162,900		4,540,458
Klepierre	95,200		2,341,163
Mercialys SA	16,100		508,447
PPR	47,100		3,083,884
Sanofi-Aventis - ADR	76,200		4,873,990
Societe Generale	47,500		2,409,813
Societe Immobiliere de Location pour l’Industrie et le Commerce	10,300		962,258
Sodexo	83,400		4,635,106
Total SA	136,400		7,499,153
Unibail-Rodamco	16,600		2,479,949
			39,910,068
Germany — 8.5%
Adidas AG	154,200		5,878,044
Allianz SE	18,600		1,979,051
Deutsche Bank AG	52,600		2,080,129
Deutsche Boerse AG	37,700		2,727,555
Deutsche Telekom AG	543,300		8,214,311
Fresenius Medical Care AG & Co. KGaA	210,400		9,672,448
Gerry Weber International AG	188,751		5,510,107
Hannover Rueckversicherung AG	193,200		6,143,906
MAN AG	97,900		5,491,575
Muenchener Rueckversicherungs-Gesellschaft AG	18,000		2,794,457
Rhoen Klinikum AG	315,300		7,614,927
RWE AG	47,300		4,201,041
Salzgitter AG	124,000		9,636,670
SGL Carbon AG(a)	234,500		7,867,800
			79,812,021
Hong Kong — 3.0%
China Mobile Ltd.	288,600		2,928,169
China Unicom Hong Kong Ltd.	2,147,500		2,611,402
CNOOC Ltd. - ADR	40,000		3,809,600
Hong Kong Exchanges & Clearing Ltd.	328,700		3,155,827
Huabao International Holdings Ltd.	10,655,800		7,002,803
New World Development Co. Ltd.	3,298,700		3,377,609
REXCAPITAL Financial Holdings Ltd.(a)	34,140,900		822,735
Wheelock & Co. Ltd.	2,051,600		4,521,165
			28,229,310
India — 1.5%
Bharti Tele-Ventures Ltd.(a)	492,457		7,259,218
HDFC Bank Ltd.	154,100		3,185,000
State Bank of India Ltd.	137,700		3,656,701
			14,100,919
Israel — 0.5%
Teva Pharmaceutical Industries Ltd. - ADR	109,400		4,657,158
Italy — 2.6%
Benetton Group SpA	705,600		6,123,096
ENI SpA	224,100		5,392,661
Intesa Sanpaolo SpA	1,023,800		3,719,143
Parmalat SpA	1,312,600		2,202,006
UniCredito Italiano SpA	1,141,800		2,903,053
Unione di Banche Italiane ScpA	261,800		3,839,625
			24,179,584
Japan — 18.6%
Air Water, Inc.	661,400		5,896,573
Amada Co. Ltd.	1,237,200		6,017,281
The Bank of Kyoto Ltd.	607,200		6,805,176
Benesse Corp.	183,500		8,030,171
Circle K Sunkus Co. Ltd.	474,500		8,584,584
Geo Corp.	4,000		3,278,144
Hokuto Corp.	183,200		5,200,499
Hosiden Corp.	545,700		8,624,489
Kamigumi Co. Ltd.	522,200		4,639,633
Kintetsu World Express, Inc.	383,700		7,554,123
Kurita Water Industries Ltd.	271,800		7,347,754
Matsui Securities Co. Ltd.	370,700		3,097,352
Mitsubishi Estate Co. Ltd.	82,200		1,357,852
Mitsubishi Tokyo Financial Group, Inc.	728,800		4,580,616
Mitsui Fudosan Co. Ltd.	82,300		1,372,125
Mizuho Financial Group, Inc.	1,026		2,918,329
Nihon Nohyaku Co. Ltd.	628,500		4,243,238
Nintendo Co. Ltd.	28,900		11,044,184
Nippon Carbon Co. Ltd.	1,169,000		3,532,131
Nippon Express Co. Ltd.	802,100		3,380,944
Nissha Printing Co. Ltd.	63,800		2,538,860
Seino Holdings Corp.	960,000		5,358,166

DECEMBER 31, 2008 39

Schedule of Investments (continued)	International Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Japan (concluded)
Shimano, Inc.	135,800	$	5,345,997
Shinko Securities Co. Ltd.	1,358,600		2,980,951
Sumitomo Metal Mining Co. Ltd.	510,000		5,455,774
Sumitomo Mitsui Financial Group, Inc.	600		2,497,293
The Tokyo Electric Power Co.	110,200		3,678,669
Tokyo Gas Co. Ltd.	802,000		4,065,239
Tokyo Steel Manufacturing Co. Ltd	328,600		3,447,808
Toyo Seikan Kaisha Ltd.	392,500		6,803,557
Toyo Suisan Kaisha Ltd.	165,000		4,754,706
Yamato Holdings Co. Ltd.	499,000		6,525,323
Yamato Kogyo Co. Ltd.	241,800		6,544,112
Zeon Corp.	1,790,100		6,128,069
			173,629,722
Luxembourg — 0.7%
SES SA	317,000		6,143,611
Mexico — 0.5%
Fomento Economico Mexicano S.A.B. de C.V. - ADR	164,800		4,965,424
Netherlands — 2.7%
Corio NV	28,100		1,293,965
Heineken NV	161,000		4,929,287
Qiagen NV(a)	778,700		13,772,515
Royal Dutch Shell - B Shares	214,500		5,437,244
			25,433,011
Norway — 2.1%
Norsk Hydro ASA	1,762,800		7,182,365
StatoilHydro ASA	344,600		5,763,363
Yara International ASA	304,700		6,702,415
			19,648,143
Philippines — 0.7%
Philippine Long Distance Telephone Co. - ADR	135,400		6,357,030
Singapore — 1.0%
Singapore Airlines Ltd.	651,300		5,122,436
Wilmar International Ltd.	1,922,100		3,766,054
			8,888,490
South Africa — 0.6%
Naspers Ltd. - N Shares	306,300		5,541,052
South Korea — 1.9%
LG Chem Ltd.(a)	75,300		4,334,620
LG Electronics, Inc.(a)	53,800		3,266,894
Samsung Electronics Co. Ltd.	19,000		6,927,217
Samsung Securities Co. Ltd.	67,400		3,400,461
			17,929,192
Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA	372,300		4,612,934
Banco Santander SA	558,400		5,394,528
Inditex SA	113,900		5,072,059
Telefonica SA	227,900		5,144,082
			20,223,603
Sweden — 0.7%
Atlas Copco AB - A Shares	447,100		3,933,803
Nordea Bank AB	297,900		2,123,338
			6,057,141
Switzerland — 3.5%
ACE Ltd.	63,100		3,339,252
Compagnie Financiere Richemont SA	106,700		2,033,049
Credit Suisse Group AG - ADR	113,200		3,172,382
Julius Baer Holding AG	42,800		1,658,813
Nestle SA	228,500		9,048,176
Novartis AG	95,800		4,797,803
Roche Holding AG - ADR	47,200		7,307,368
UBS AG(a)	114,500		1,665,901
			33,022,744
Taiwan — 3.4%
ASUSTeK Computer, Inc.	2,288,691		2,582,769
Chang Hwa Commercial Bank	6,816,400		2,682,945
Chunghwa Telecom Co. Ltd.	650,580		1,047,956
GeoVision, Inc.	491,000		1,759,703
Hon Hai Precision Industry Co. Ltd.	1,242,000		2,448,927
HTC Corp.	206,960		2,077,434
Polaris Securities Co. Ltd.	11,367,304		4,052,215
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	819,834		6,476,689
U-Ming Marine Transport Corp.	3,510,224		4,237,626
Yuanta Financial Holding Co. Ltd.	10,301,000		4,690,123
			32,056,387
Thailand — 1.0%
Bangkok Bank Public Co. Ltd.	1,638,900		3,292,844
Banpu Public Co. Ltd.	499,700		3,372,459
Siam Commercial Bank Public Co. Ltd.	2,133,000		2,959,093
			9,624,396
United Kingdom — 14.0%
Antofagasta Plc	1,443,300		9,040,988
AstraZeneca Plc	118,800		4,860,162
Barclays Plc	1,311,900		2,981,805
Beazley Group Plc	2,000,000		3,959,284
BG Group Plc	311,100		4,306,118
British American Tobacco Plc	104,587		2,728,337
Britvic Plc	1,816,000		6,956,272
Cable & Wireless Plc	2,289,800		5,178,457
Catlin Group Ltd.	630,000		3,965,554
Charter International Plc	612,800		2,907,482
Cookson Group Plc	1,401,100		2,547,462
Dana Petroleum Plc(a)	360,600		5,182,114
De La Rue Plc	130,598		1,722,265
Domino’s Pizza UK & IRL Plc	1,634,800		3,958,197
Hiscox Ltd.	1,911,400		9,512,225
HSBC Holdings Plc	914,800		8,953,329
Imperial Tobacco Group Plc	306,550		8,188,262
InterContinental Hotels Group Plc	327,504		2,701,955
Man Group Plc	322,900		1,110,826
Next Plc	391,100		6,145,798
Premier Oil Plc(a)	337,600		4,842,492
Prudential Plc	633,900		3,847,926
Standard Chartered Plc	268,859		3,440,335
Unilever Plc	306,000		7,028,763
Vodafone Group Plc	4,503,700		9,222,017
VT Group Plc	520,500		4,205,429
The Weir Group Plc	364,700		1,650,014
			131,143,868
United States — 0.3%
NII Holdings, Inc.(a)	141,000		2,563,380
Total Common Stocks — 88.3%			825,193,431

40 DECEMBER 31, 2008

Schedule of Investments (continued)	International Opportunities Portfolio
	(Percentages shown are based on Net Assets)

	Shares	Value
Preferred Stocks
Netherlands — 0.2%
ING Groep NV, 0.07%	170,400	$	1,875,409
Total Long-Term Investments (Cost — $989,812,180) — 88.5%			827,068,840
Short-Term Securities
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(c)(d)(e)	2,063,600		2,063,600
BlackRock TempFund, 1.66%(d)(e)	65,500,000		65,500,000
TCW Money Market Fund, 1.38%(e)	27,638,036		27,638,036
Total Short-Term Securities (Cost — $95,201,636) — 10.2%			95,201,636
Total Investments (Cost — $1,085,013,816*) — 98.7%			922,270,476
Other Assets in Excess of Liabilities — 1.3%			12,349,742
Net Assets — 100.0%		$	934,620,218

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	1,092,101,402
Gross unrealized appreciation	$	46,123,127
Gross unrealized depreciation		(215,954,053	)
Net unrealized depreciation	$	(169,830,926	)

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Security purchased with the cash proceeds from securities loans.

(d) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(9,747,500	)**	$	13,289
BlackRock TempFund	$	35,500,000	***	$	279,913

** Represents net sales cost.

*** Represents net purchase cost.

(e) Represents current yield as of report date.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
AUD	3,954,000	USD	2,749,216	01/02/09	$	7,510
EUR	1,910,000	USD	2,696,131	01/05/09		(41,141	)
JPY	299,181,000	USD	3,317,230	01/06/09		(16,833	)
AUD	4,178,000	USD	2,771,309	01/21/09		134,507
AUD	36,930,000	USD	25,718,053	01/21/09		(33,095	)
AUD	2,685,000	USD	1,684,368	01/21/09		183,060
AUD	29,430,000	USD	19,089,812	01/21/09		1,378,867
AUD	4,606,900	USD	3,106,562	01/21/09		97,555
CAD	20,540,000	USD	17,279,235	01/21/09		(646,909	)
CAD	23,173,182	USD	18,543,851	01/21/09		220,703
CAD	4,496,200	USD	3,662,997	01/21/09		(22,185	)
CAD	2,925,800	USD	2,350,889	01/21/09		18,285
CAD	2,594,000	USD	2,046,121	01/21/09		54,379
CHF	2,323,800	USD	2,156,060	01/21/09		27,705
CHF	1,496,000	USD	1,251,772	01/21/09		154,076
CHF	9,139,000	USD	7,583,546	01/21/09		1,004,722
CHF	3,013,000	USD	2,456,704	01/21/09		374,728
CHF	8,383,000	USD	7,215,341	01/21/09		662,486
CHF	6,036,000	USD	5,212,885	01/21/09		459,375
DKK	1,000	USD	172	01/21/09		15
DKK	12,752,000	USD	2,302,516	01/21/09		74,758
EUR	6,180,000	USD	8,006,623	01/21/09		575,526
EUR	12,467,000	USD	16,165,385	01/21/09		1,147,505
EUR	3,901,000	USD	4,866,076	01/21/09		551,232
EUR	23,000,000	USD	29,184,699	01/21/09		2,755,341
EUR	1,443,000	USD	1,997,039	01/21/09		6,852
EUR	2,903,900	USD	4,157,412	01/21/09		(124,774	)
EUR	401,200	USD	559,550	01/21/09		(2,404	)
EUR	6,807,000	USD	8,736,172	01/21/09		716,691
EUR	2,706,000	USD	3,542,667	01/21/09		215,147
GPB	7,297,000	USD	11,480,130	01/21/09		(995,276	)
GPB	2,677,000	USD	4,282,638	01/21/09		(436,132	)
GPB	1,388,300	USD	2,061,378	01/21/09		(66,569	)
GPB	4,351,700	USD	6,540,684	01/21/09		(287,849	)
GPB	3,070,000	USD	4,506,601	01/21/09		(95,404	)
GPB	929,000	USD	1,376,286	01/21/09		(41,432	)
GPB	700,000	USD	1,048,956	01/21/09		(43,147	)
GPB	6,635,000	USD	9,921,847	01/21/09		(388,202	)
HKD	88,119,000	USD	11,374,883	01/21/09		(3,186	)
JPY	420,210,100	USD	4,691,159	01/21/09		(53,592	)
JPY	147,876,000	USD	1,682,941	01/21/09		(50,936	)
JPY	115,211,000	USD	1,193,773	01/21/09		77,731
JPY	865,437,000	USD	8,777,073	01/21/09		774,154
JPY	511,082,800	USD	5,629,428	01/21/09		11,038
JPY	145,150,100	USD	1,585,721	01/21/09		16,200
JPY	954,393,000	USD	9,541,354	01/21/09		991,619
JPY	1,366,865,000	USD	13,525,282	01/21/09		1,559,858
NOK	7,765,000	USD	1,096,928	01/21/09		10,183
NOK	15,496,000	USD	2,167,303	01/21/09		42,072
NOK	15,000	USD	2,191	01/21/09		(52	)

DECEMBER 31, 2008 41

Schedule of Investments (continued) International Opportunities Portfolio

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
SEK	144,204,000	USD	19,361,387	01/21/09	$	(1,133,796	)
SGD	3,358,000	USD	2,239,857	01/21/09		89,176
USD	855,932	AUD	1,326,000	01/21/09		(66,305	)
USD	1,000,267	AUD	1,549,000	01/21/09		(77,069	)
USD	6,292,305	AUD	10,050,000	01/21/09		(697,509	)
USD	404,033	AUD	622,000	01/21/09		(28,571	)
USD	935,958	AUD	1,418,000	01/21/09		(50,267	)
USD	648,920	AUD	1,015,000	01/21/09		(57,016	)
USD	1,303,837	AUD	1,985,000	01/21/09		(76,738	)
USD	1,217,807	AUD	1,841,000	01/21/09		(62,616	)
USD	4,795,633	AUD	7,192,000	01/21/09		(206,431	)
USD	18,543,851	AUD	29,430,000	01/21/09		(1,924,828	)
USD	19,089,813	CAD	23,141,309	01/21/09		351,069
USD	7,059,755	CAD	8,735,000	01/21/09		(13,437	)
USD	2,527,429	CAD	3,000,000	01/21/09		98,170
USD	7,328,667	CAD	9,501,500	01/21/09		(365,201	)
USD	2,199,120	CAD	2,848,000	01/21/09		(107,057	)
USD	6,095,370	CAD	7,650,000	01/21/09		(99,241	)
USD	5,459,925	CHF	6,156,000	01/21/09		(325,104	)
USD	1,221,309	CZK	23,173,000	01/21/09		22,801
USD	2,694,133	EUR	1,910,000	01/21/09		41,722
USD	1,980,466	EUR	1,485,500	01/21/09		(82,444	)
USD	11,485,164	EUR	8,879,000	01/21/09		(845,080	)
USD	5,059,325	EUR	4,035,000	01/21/09		(544,069	)
USD	682,007	EUR	532,000	01/21/09		(56,780	)
USD	1,859,068	GPB	1,210,000	01/21/09		120,453
USD	2,501,999	GPB	1,597,000	01/21/09		207,315
USD	2,540,141	GPB	1,612,000	01/21/09		223,904
USD	9,461,844	GPB	6,000,000	01/21/09		840,613
USD	1,578,669	GPB	1,067,000	01/21/09		45,527
USD	1,141,537	GPB	757,000	01/21/09		53,825
USD	6,912,383	GPB	4,600,000	01/21/09		302,772
USD	275,821	GPB	181,000	01/21/09		15,747
USD	3,002,410	GPB	1,957,000	01/21/09		190,451
USD	887,535	GPB	585,000	01/21/09		46,965
USD	2,689,589	GPB	1,708,000	01/21/09		235,412
USD	536,603	GPB	333,000	01/21/09		58,124
USD	6,992,099	GPB	4,100,000	01/21/09		1,100,926
USD	3,376,547	HKD	26,160,000	01/21/09		617
USD	6,058,002	HKD	46,948,000	01/21/09		(606	)
USD	986,732	HKD	7,647,000	01/21/09		(108	)
USD	1,082,193	HKD	8,387,000	01/21/09		(143	)
USD	10,206,277	JPY	994,765,000	01/21/09		(772,254	)
USD	8,671,329	JPY	802,835,000	01/21/09		(189,003	)
USD	1,458,350	JPY	135,418,000	01/21/09		(36,165	)
USD	2,783,348	JPY	265,351,000	01/21/09		(145,147	)
USD	6,903,618	JPY	612,761,000	01/21/09		141,000
USD	4,024,583	JPY	364,830,500	01/21/09		(1,798	)
USD	3,318,007	JPY	299,181,000	01/21/09		16,155
USD	1,042,186	JPY	94,223,000	01/21/09		2,312
USD	1,829,030	NOK	12,845,000	01/21/09		(2,374	)
USD	12,828,324	NOK	83,932,000	01/21/09		861,540
USD	1,361,008	NOK	9,256,000	01/21/09		41,315
USD	5,736,959	NOK	39,011,500	01/21/09		174,812
USD	4,002,368	NOK	28,121,000	01/21/09		(7,043	)
USD	3,610,181	SEK	28,651,000	01/21/09		(11,347	)
USD	1,111,060	SGD	1,700,000	01/21/09		(68,021	)
USD	2,193,889	SGD	3,308,000	01/21/09		(100,466	)
Total					$	8,083,451

• Cash of $8,873,948 pledged as collateral in connection with open financial futures contracts.

• Financial futures contracts purchased as of December 31, 2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
303	FTSE 100 Index	March 2009	$	19,124,559	$	1,113,414
160	S&P 500 Index	March 2009	$	36,004,000		836,273
215	TOPIX Index	March 2009	$	20,444,567		437,053
Total					$	2,386,740

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

42 DECEMBER 31, 2008

Schedule of Investments (concluded) International Opportunities Portfolio

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments ****
	Assets		Assets		Liabilities
Level 1	$	217,751,495	$	2,386,740	$	—
Level 2		704,518,981		19,586,603		(11,503,152	)
Level 3		—		—		—
Total	$	922,270,476	$	21,973,343	$	(11,503,152	)

****  Other financial instruments are futures and foreign currency exchange contracts.

DECEMBER 31, 2008 43

Schedule of Investments December 31, 2008 (Unaudited)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Aerospace & Defense — 0.8%
Alliant Techsystems, Inc.(a)	475	$	40,736
Argon ST, Inc.(a)	5,117		96,507
BAE Systems Plc	92,308		502,353
BE Aerospace, Inc.(a)	18,200		139,958
General Dynamics Corp.	3,525		203,005
Goodrich Corp.	8,500		314,670
Honeywell International, Inc.	34,126		1,120,357
L-3 Communications Holdings, Inc.	1,150		84,847
Lockheed Martin Corp.	3,500		294,280
Northrop Grumman Corp.	23,850		1,074,204
Orbital Sciences Corp.(a)	7,050		137,686
VT Group Plc	51,200		413,675
			4,422,278
Air Freight & Logistics — 0.5%
Deutsche Post AG	31,453		531,984
Expeditors International of Washington, Inc.	20,265		674,217
FedEx Corp.	3,780		242,487
Forward Air Corp.	6,400		155,328
Kintetsu World Express, Inc.	18,100		356,345
United Parcel Service, Inc. - Class B	5,100		281,316
UTi Worldwide, Inc.	4,900		70,266
Yamato Holdings Co. Ltd.	18,700		244,536
			2,556,479
Airlines — 0.2%
Alaska Air Group, Inc.(a)	1,075		31,444
Continental Airlines, Inc. - Class B(a)	8,300		149,898
Delta Air Lines, Inc.(a)	74,650		855,489
Southwest Airlines Co.	16,750		144,385
			1,181,216
Auto Components — 0.1%
Autoliv, Inc.	11,000		236,060
Compagnie Generale des Etablissements Michelin - Class B	3,900		206,051
Westport Innovations, Inc.(a)	18,057		91,418
Westport Innovations, Inc. (acquired 9/15/04, cost $2,904)(a)(b)	2,086		10,561
			544,090
Automobiles — 0.3%
Daihatsu Motor Co. Ltd.	24,400		215,618
Ford Motor Co.(a)	25,418		58,207
PT Astra International Tbk	346,500		340,542
Toyota Motor Corp.	25,600		846,293
			1,460,660
Beverages — 0.8%
Britvic Plc	91,400		350,112
The Coca-Cola Co.	47,573		2,153,630
Coca-Cola Hellenic Bottling Co. SA	6,000		87,244
Constellation Brands, Inc. - Class A(a)	39,585		624,255
Foster’s Group Ltd.	58,900		226,534
Heckmann Corp.(a)(c)	18,500		104,525
PepsiCo, Inc.	10,800		591,516
			4,137,816
Biotechnology — 0.9%
Amgen, Inc.(a)	16,275		939,881
Biogen Idec, Inc.(a)	3,800		180,994
Celgene Corp.(a)	19,500		1,077,960
Cephalon, Inc.(a)	650		50,076
Dyax Corp.(a)	62,302		226,779
Genzyme Corp.(a)	13,600		902,632
Gilead Sciences, Inc.(a)	20,800		1,063,712
Martek Biosciences Corp.(a)	15,500		469,805
Vertex Pharmaceuticals, Inc.(a)	1,375		41,773
			4,953,612
Capital Markets — 1.0%
3i Group Plc	15,700		61,483
Affiliated Managers Group, Inc.(a)	3,790		158,877
Apollo Investment Corp.	2,200		20,482
The Charles Schwab Corp.	12,175		196,870
Daishin Securities Co. Ltd.	7,700		86,122
Evercore Partners, Inc. - Class A	13,600		169,864
Federated Investors, Inc. - Class B	10,975		186,136
The Goldman Sachs Group, Inc.	3,150		265,829
ICAP Plc	17,900		75,560
Invesco Ltd.	26,438		381,765
Janus Capital Group, Inc.	28,008		224,904
Julius Baer Holding AG	2,500		96,893
KBW, Inc.(a)(c)	8,900		204,700
Knight Capital Group, Inc. - Class A(a)	2,700		43,605
Matsui Securities Co. Ltd.	18,700		156,246
Morgan Stanley	9,250		148,370
NGP Capital Resources Co.	2,700		22,599
Northern Trust Corp.	2,174		113,352
Piper Jaffray Cos., Inc.(a)	8,100		322,056
Polaris Securities Co. Ltd.	634,112		226,048
RiskMetrics Group, Inc.(a)	5,400		80,406
Samsung Securities Co. Ltd.	1,500		75,678
Schroders Plc	8,500		106,927
Shinko Securities Co. Ltd.	64,400		141,302
State Street Corp.	7,625		299,891

Portfolio Abbreviations

To simplify the listings of Portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list on the right.	ADR	American Depositary Receipts	HKD	Hong Kong Dollar
	ARM	Adjustable Rate Mortgage	IO	Interest Only
	AUD	Australian Dollar	JPY	Japanese Yen
	CAD	Canadian Dollar	LIBOR	London InterBank Offered Rate
	CHF	Swiss Francs	MXN	Mexican Peso
	CMBX	Commercial Mortgage-Backed	NOK	Norwegian Krone
		Securities Credit Default Index	PO	Principal Only
	CMT	Constant Maturity Treasury Rate	SDR	Special Drawing Rights
	CZK	Czech Koruna	SEK	Swedish Krona
	DJIA	Dow Jones Industrial Average	SGD	Singapore Dollar
	DKK	Danish Krone	TBA	To Be Announced
	EUR	Euro	USD	United States Dollar
	GBP	British Pound

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 1

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Capital Markets
TD Ameritrade Holding Corp.(a)	21,660	$	308,655
Treasure Island Royalty Trust(a)	217,129		108,565
UBS AG(a)	52,917		769,908
Waddell & Reed Financial, Inc. - Class A	3,200		49,472
			5,102,565
Chemicals — 0.9%
Agrium, Inc.	3,450		117,749
Air Water, Inc.	40,700		362,852
Airgas, Inc.	5,275		205,672
Albemarle Corp.	9,700		216,310
Celanese Corp. - Series A	12,200		151,646
Cytec Industries, Inc.	1,600		33,952
E.I. du Pont de Nemours & Co.	5,500		139,150
Ecolab, Inc.	12,600		442,890
FMC Corp.	13,800		617,274
Huabao International Holdings Ltd.	668,100		439,063
Intrepid Potash, Inc.(a)	4,500		93,465
LG Chem Ltd.(a)	3,700		212,989
Monsanto Co.	3,800		267,330
Nihon Nohyaku Co. Ltd.	21,500		145,155
Olin Corp.	1,700		30,736
Rockwood Holdings, Inc.(a)	1,800		19,440
Syngenta AG	3,578		695,082
Terra Industries, Inc.	1,725		28,756
Yara International ASA	10,900		239,765
Zeon Corp.	60,600		207,453
			4,666,729
Commercial Banks — 2.1%
Banco de Sabadell SA	16,500		112,956
Banco Santander SA	51,575		498,250
Bangkok Bank Public Co. Ltd.	49,700		99,856
Bank of Hawaii Corp.	7,650		345,550
The Bank of Kyoto Ltd.	9,100		101,988
Cathay General Bancorp	5,500		130,625
Chang Hwa Commercial Bank	266,000		104,698
The Chiba Bank Ltd.	19,300		120,699
China Construction Bank Corp. - Class H	791,000		440,090
CoBiz Financial, Inc.	17,235		167,869
Columbia Banking System, Inc.	5,594		66,736
Commerce Bancshares, Inc.	4,025		176,910
Commerzbank AG	29,847		283,580
Credit Agricole SA	50,255		564,470
Credito Emiliano SpA	7,500		39,585
Cullen/Frost Bankers, Inc.	5,025		254,667
CVB Financial Corp.	11,700		139,230
DBS Group Holdings Ltd.	93,107		548,436
Fifth Third Bancorp	13,800		113,988
First Midwest Bancorp, Inc.	15,554		310,613
FirstMerit Corp.	1,850		38,092
The Gunma Bank Ltd.	22,000		140,836
Hang Seng Bank Ltd.	33,300		439,647
HBOS Plc	321,222		332,521
HBOS Plc - Subscription Shares(a)	444,539		0
KeyCorp	24,700		210,444
Lloyds TSB Group Plc	21,400		40,504
Lloyds TSB Group Plc - Subscription Shares(a)	9,303		0
Mizuho Financial Group, Inc.	198		563,186
National Bank of Canada	3,100		78,599
PacWest Bancorp	7,400		199,060
Prosperity Bancshares, Inc.	7,000		207,130
Siam Commercial Bank Public Co. Ltd.	68,200		94,613
Signature Bank(a)	2,950		84,636
Standard Chartered Plc	47,401		606,546
Sterling Bancshares, Inc.	8,600		52,288
U.S. Bancorp	11,700		292,617
Unibanco SA - ADR	1,400		90,468
Unione di Banche Italiane ScpA	7,500		109,997
United Bankshares, Inc.	6,600		219,252
Valley National Bancorp	10,075		204,019
Wells Fargo & Co.	61,400		1,810,072
Westamerica Bancorp	3,600		184,140
Wing Hang Bank Ltd.	11,300		65,733
Wintrust Financial Corp.	2,450		50,397
Zions Bancorp(c)	6,450		158,090
			10,893,683
Commercial Services & Supplies — 0.8%
Alexco Resource Corp.(a)	12,122		16,104
Babcock International Group Plc	76,500		527,386
The Brink’s Co.	8,300		223,104
Clean Harbors, Inc.(a)	5,800		367,952
Copart, Inc.(a)	4,600		125,074
De La Rue Plc - Preference Shares(a)	12,360		89,647
Deluxe Corp.	2,675		40,018
The GEO Group, Inc.(a)	17,000		306,510
Iron Mountain, Inc.(a)	9,850		243,590
Nissha Printing Co. Ltd.	2,300		91,526
R.R. Donnelley & Sons Co.	1,700		23,086
Republic Services, Inc.	25,887		641,739
RPS Group Plc	66,200		134,225
Sykes Enterprises, Inc.(a)	11,998		229,402
Team, Inc.(a)	4,900		135,730
Tetra Tech, Inc.(a)	6,000		144,900
Waste Connections, Inc.(a)	1,275		40,252
Waste Management, Inc.	26,075		864,126
			4,244,371
Communications Equipment — 1.2%
ADC Telecommunications, Inc.(a)	17,000		92,990
Arris Group, Inc.(a)	21,500		170,925
Cisco Systems, Inc.(a)	124,616		2,031,241
CommScope, Inc.(a)	2,304		35,804
EMS Technologies, Inc.(a)	19,500		504,465
GeoVision, Inc.	22,500		80,638
Harris Corp.	12,271		466,911
Neutral Tandem, Inc.(a)	6,500		105,430
Nokia Oyj	49,793		781,370
Occam Networks, Inc.(a)	5,300		12,720
Polycom, Inc.(a)	4,900		66,199
QUALCOMM, Inc.	57,672		2,066,388
			6,415,081
Computers & Peripherals — 0.9%
Apple, Inc.(a)	14,909		1,272,483
Hewlett-Packard Co.	48,750		1,769,138
HTC Corp.	7,670		76,990
International Business Machines Corp.	9,425		793,208
Lexmark International, Inc. - Class A(a)	1,675		45,058
NCR Corp.(a)	1,400		19,796
QLogic Corp.(a)	15,975		214,704
Seagate Technology	25,500		112,965
Teradata Corp.(a)	12,440		184,485

2 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Computers & Peripherals
Western Digital Corp.(a)	19,671	$	225,233
			4,714,060
Construction & Engineering — 0.3%
Bauer AG	4,500		190,109
EMCOR Group, Inc.(a)	1,900		42,617
Fluor Corp.	16,000		717,920
Foster Wheeler Ltd.(a)	6,875		160,737
Granite Construction, Inc.	375		16,474
Quanta Services, Inc.(a)	11,600		229,680
The Shaw Group, Inc.(a)	1,850		37,870
United Group Ltd.	53,741		311,278
URS Corp.(a)	450		18,346
			1,725,031
Construction Materials — 0.0%
Martin Marietta Materials, Inc.	175		16,989
Consumer Finance — 0.1%
Capital One Financial Corp.	13,115		418,237
Containers & Packaging — 0.3%
Owens-Illinois, Inc.(a)	12,120		331,240
Pactiv Corp.(a)	9,475		235,738
Rock-Tenn Co. - Class A	7,518		256,965
Silgan Holdings, Inc.	5,250		251,003
Sonoco Products Co.	9,450		218,862
Toyo Seikan Kaisha Ltd.	14,200		246,141
			1,539,949
Diversified Consumer Services — 0.4%
Apollo Group, Inc. - Class A(a)	18,400		1,409,808
Benesse Corp.	6,800		297,576
Brink’s Home Security Holdings, Inc.(a)	1,300		28,496
DeVry, Inc.	3,352		192,438
H&R Block, Inc.	4,025		91,448
Strayer Education, Inc.	125		26,801
			2,046,567
Diversified Financial Services — 1.0%
Bank of America Corp.	61,750		869,440
Citigroup, Inc.	46,850		314,364
CME Group, Inc.	2,850		593,114
Deutsche Boerse AG	1,800		130,228
Hong Kong Exchanges & Clearing Ltd.	11,800		113,291
IG Group Holdings Plc	36,400		136,623
JPMorgan Chase & Co.	62,025		1,955,648
London Stock Exchange Group Plc	5,400		40,505
MSCI, Inc. - Class A(a)	20,250		359,640
NYSE Euronext, Inc.	9,200		251,896
Pohjola Bank Plc	11,100		154,379
Yuanta Financial Holding Co. Ltd.	584,500		266,127
			5,185,255
Diversified Telecommunication Services — 1.0%
AT&T, Inc.	62,099		1,769,822
Cable & Wireless Plc	82,500		186,576
CenturyTel, Inc.	5,800		158,514
Embarq Corp.	3,600		129,456
France Telecom SA	31,962		890,866
Iowa Telecommunications Services, Inc.	11,900		169,932
Koninklijke KPN NV	60,444		878,761
Tele Norte Leste Participacoes SA - ADR	12,700		176,784
Verizon Communications, Inc.	31,744		1,076,122
			5,436,833
Electric Utilities — 1.0%
Companhia Energetica de Minas Gerais - CEMIG - ADR	8,953		123,014
DPL, Inc.	2,050		46,822
E.ON AG	19,551		767,712
Edison International	21,285		683,674
El Paso Electric Co.(a)	7,900		142,911
Entergy Corp.	4,410		366,604
Exelon Corp.	14,879		827,421
NV Energy, Inc.	30,875		305,354
Pepco Holdings, Inc.	12,550		222,888
Pinnacle West Capital Corp.	13,775		442,591
PPL Corp.	5,200		159,588
Progress Energy, Inc.	5,900		235,115
Southern Co.	6,375		235,875
Terna Rete Elettrica Nazionale SpA	97,000		320,098
UIL Holdings Corp.	10,500		315,315
			5,194,982
Electrical Equipment — 0.3%
A.O. Smith Corp.	1,375		40,590
Acuity Brands, Inc.	1,350		47,128
Alstom SA	6,643		395,887
Ametek, Inc.	10,800		326,268
Brady Corp. - Class A	1,600		38,320
Energy Conversion Devices, Inc.(a)	1,600		40,336
Franklin Electric Co., Inc.	4,300		120,873
ITM Power Plc(a)	12,000		2,534
Nexans SA	2,200		131,741
Nippon Carbon Co. Ltd.	90,200		272,539
Ocean Power Technologies, Inc.(a)	1,000		6,690
SGL Carbon AG(a)	8,800		295,252
			1,718,158
Electronic Equipment, Instruments & Components — 0.4%
Agilent Technologies, Inc.(a)	10,990		171,774
Amphenol Corp. - Class A	7,200		172,656
Anixter International, Inc.(a)	3,829		115,329
Arrow Electronics, Inc.(a)	2,300		43,332
Avnet, Inc.(a)	2,250		40,972
Cogent, Inc.(a)	3,000		40,710
FLIR Systems, Inc.(a)	1,000		30,680
Hosiden Corp.	47,300		747,550
Ingram Micro, Inc. - Class A(a)	1,900		25,441
Jabil Circuit, Inc.	25,125		169,594
Nidec Corp.	4,700		183,814
Rotork Plc	23,200		267,502
Tech Data Corp.(a)	9,390		167,518
TTM Technologies, Inc.(a)	18,400		95,864
			2,272,736
Energy Equipment & Services — 1.0%
Acergy SA - ADR	9,050		52,309
Allis-Chalmers Energy, Inc.(a)	7,200		39,600
Baker Hughes, Inc.	15,300		490,671
BJ Services Co.	8,700		101,529
Cal Dive International, Inc.(a)	8,300		54,033
Complete Production Services, Inc.(a)	900		7,335
ENSCO International, Inc.	4,475		127,045

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 3

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Energy Equipment & Services
FMC Technologies, Inc.(a)	975	$	23,234
Halliburton Co.	22,730		413,231
Helix Energy Solutions Group, Inc.(a)	2,075		15,023
Helmerich & Payne, Inc.	1,925		43,794
Hercules Offshore, Inc.(a)	1,400		6,650
HSE Integrated Ltd.(a)	561		123
IHS, Inc. - Class A(a)	8,100		303,102
Key Energy Services, Inc.(a)	10,800		47,628
Leader Energy Services Ltd.(a)	15,957		517
Nabors Industries Ltd.(a)	14,975		179,251
National Oilwell Varco, Inc.(a)	4,599		112,399
Noble Corp.	12,210		269,719
Precision Drilling Trust	3,300		27,687
Schlumberger Ltd.	39,247		1,661,325
Smith International, Inc.	6,400		146,496
Superior Energy Services, Inc.(a)	11,205		178,496
Technicoil Corp.(a)	12,900		3,971
Technicoil Corp. (acquired 06/15/04, cost $24,418)(a)(b)	33,500		10,312
Tidewater, Inc.	800		32,216
Transocean Ltd.(a)	15,956		753,921
Weatherford International Ltd.(a)	22,900		247,778
			5,349,395
Food & Staples Retailing — 1.6%
BJ’s Wholesale Club, Inc.(a)	6,250		214,125
Carrefour SA	13,233		511,513
Circle K Sunkus Co. Ltd.	16,800		303,943
CVS Caremark Corp.	25,200		724,248
Kesko Oyj - Series B	9,000		226,776
The Kroger Co.	16,675		440,387
Ruddick Corp.	5,710		157,881
Safeway, Inc.	36,880		876,638
Shoppers Drug Mart Corp.	4,200		163,475
SUPERVALU, Inc.	16,675		243,455
Tesco Plc	162,999		848,741
Wal-Mart Stores, Inc.	66,686		3,738,417
			8,449,599
Food Products — 1.0%
Archer-Daniels-Midland Co.	12,250		353,168
Barry Callebaut AG(a)	278		181,998
Cadbury Plc	15,000		132,547
Dean Foods Co.(a)	17,637		316,937
Del Monte Foods Co.	43,696		311,989
Flowers Foods, Inc.	1,375		33,495
Fresh Del Monte Produce, Inc.(a)	8,200		183,844
General Mills, Inc.	5,825		353,869
Green Mountain Coffee Roasters, Inc.(a)(c)	3,300		127,710
The Hershey Co.	3,550		123,327
Hokuto Corp.	6,900		195,870
Kraft Foods, Inc. - Class A	19,100		512,835
Nestle SA	37,015		1,465,725
Nong Shim Co. Ltd(a)	1,600		312,305
Parmalat SpA	46,400		77,840
Ralcorp Holdings, Inc.(a)	1,025		59,860
Smart Balance, Inc.(a)	5,500		37,400
Toyo Suisan Kaisha Ltd.	5,900		170,017
Viscofan SA	9,000		178,954
			5,129,690
Gas Utilities — 0.2%
Energen Corp.	5,650		165,714
Equitable Resources, Inc.	11,870		398,239
ONEOK, Inc.	2,200		64,064
Questar Corp.	11,230		367,109
UGI Corp.	7,100		173,382
			1,168,508
Health Care Equipment & Supplies — 0.8%
Baxter International, Inc.	5,675		304,123
Becton, Dickinson & Co.	2,375		162,426
C.R. Bard, Inc.	4,550		383,383
The Cooper Cos., Inc.	10,298		168,887
DiaSorin SpA	6,900		140,446
Edwards Lifesciences Corp.(a)	750		41,213
Essilor International SA	9,795		460,120
Hill-Rom Holdings, Inc.	2,600		42,796
Hologic, Inc.(a)	19,600		256,172
Kinetic Concepts, Inc.(a)	7,725		148,166
Medtronic, Inc.	25,300		794,926
Merit Medical Systems, Inc.(a)	4,700		84,271
ResMed, Inc.(a)	4,600		172,408
SonoSite, Inc.(a)	7,300		139,284
STERIS Corp.	2,050		48,974
Symmetry Medical, Inc.(a)	25,100		200,047
Teleflex, Inc.	7,150		358,215
Varian Medical Systems, Inc.(a)	4,175		146,292
Wright Medical Group, Inc.(a)	8,005		163,542
Zoll Medical Corp.(a)	8,200		154,898
			4,370,589
Health Care Providers & Services — 1.7%
Aetna, Inc.	12,800		364,800
Amedisys, Inc.(a)	7,780		321,625
AMERIGROUP Corp.(a)	1,550		45,756
AmerisourceBergen Corp.	4,600		164,036
Celesio AG	14,057		380,348
Cigna Corp.	8,275		139,434
DaVita, Inc.(a)	3,300		163,581
Express Scripts, Inc.(a)	3,550		195,179
Fresenius Medical Care AG & Co. KGaA	14,200		652,798
Henry Schein, Inc.(a)	11,700		429,273
HMS Holdings Corp.(a)	19,825		624,884
Laboratory Corp. of America Holdings(a)	6,280		404,495
LifePoint Hospitals, Inc.(a)	2,175		49,677
Lincare Holdings, Inc.(a)	8,600		231,598
Magellan Health Services, Inc.(a)	11,100		434,676
MedCath Corp.(a)	5,200		54,288
Medco Health Solutions, Inc.(a)	29,170		1,222,515
MWI Veterinary Supply, Inc.(a)	4,247		114,499
Omnicare, Inc.	1,450		40,252
Owens & Minor, Inc.	1,400		52,710
Pediatrix Medical Group, Inc.(a)	30,630		970,971
Quest Diagnostics, Inc.	5,460		283,428
Rhoen Klinikum AG	16,300		393,667
Sun Healthcare Group, Inc.(a)	22,900		202,665
UnitedHealth Group, Inc.	34,475		917,035
			8,854,190
Health Care Technology — 0.0%
Omnicell, Inc.(a)	6,600		80,586
Phase Forward, Inc.(a)	10,600		132,712
			213,298
Hotels, Restaurants & Leisure — 0.9%
Brinker International, Inc.	4,925		51,910

4 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Hotels, Restaurants & Leisure
Burger King Holdings, Inc.	31,800	$	759,384
Darden Restaurants, Inc.	7,300		205,714
Domino’s Pizza UK & IRL Plc	62,200		150,599
The Hong Kong & Shanghai Hotels Ltd.	128,000		97,236
InterContinental Hotels Group Plc	19,718		162,676
Intralot SA	13,000		54,342
McDonald’s Corp.	27,375		1,702,451
Orient-Express Hotels Ltd. - Class A	9,800		75,068
P.F. Chang’s China Bistro, Inc.(a)	3,300		69,102
Panera Bread Co. - Class A(a)	2,700		141,048
Pinnacle Entertainment, Inc.(a)	18,710		143,693
REXCAPITAL Financial Holdings Ltd.(a)	1,361,400		32,807
Scientific Games Corp. - Class A(a)	26,400		463,056
Sodexo	4,800		266,769
Sol Melia SA	25,700		154,773
Sonic Corp.(a)	3,500		42,595
Texas Roadhouse, Inc. - Class A(a)	8,600		66,650
William Hill Plc	55,900		174,474
			4,814,347
Household Durables — 0.2%
Centex Corp.	26,300		279,832
D.R. Horton, Inc.	35,700		252,399
Fortune Brands, Inc.	4,800		198,144
iRobot Corp.(a)	8,024		72,457
Leggett & Platt, Inc.	1,825		27,722
Lennar Corp. - Class A	18,500		160,395
NVR, Inc.(a)	75		34,219
Toll Brothers, Inc.(a)	650		13,929
Tupperware Brands Corp.	1,450		32,915
			1,072,012
Household Products — 0.6%
Church & Dwight Co., Inc.	9,175		514,901
Clorox Co.	8,475		470,871
Colgate-Palmolive Co.	4,800		328,992
Procter & Gamble Co.	25,405		1,570,537
			2,885,301
Independent Power Producers & Energy Traders — 0.1%
International Power Plc	41,900		146,010
NRG Energy, Inc.(a)	13,560		316,355
			462,365
Industrial Conglomerates — 0.4%
Cookson Group Plc	71,600		130,182
General Electric Co.	76,900		1,245,780
Hutchison Whampoa Ltd.	97,000		489,677
Keppel Corp. Ltd.	112,000		340,042
Textron, Inc.	7,420		102,916
			2,308,597
Insurance — 1.7%
ACE Ltd.	8,650		457,758
AFLAC, Inc.	5,400		247,536
Allianz SE	7,310		777,788
American Financial Group, Inc.	2,550		58,344
Arch Capital Group Ltd.(a)	2,525		177,002
Arthur J. Gallagher & Co.	1,025		26,558
Aspen Insurance Holdings Ltd.	7,900		191,575
Assurant, Inc.	6,820		204,600
AXIS Capital Holdings Ltd.	12,910		375,939
Brit Insurance Holdings Plc	40,300		129,033
Brown & Brown, Inc.	975		20,378
Catlin Group Ltd.	20,000		125,891
CHUBB Corp.	7,325		373,575
Everest Re Group Ltd.	375		28,552
First Mercury Financial Corp.(a)	9,500		135,470
Hannover Rueckversicherung AG	7,200		228,965
The Hanover Insurance Group, Inc.	11,587		497,893
HCC Insurance Holdings, Inc.	15,610		417,568
Hiscox Ltd.	63,300		315,017
Lancashire Holdings Ltd.	22,400		137,825
Lincoln National Corp.	9,140		172,198
MBIA, Inc.(a)	15,825		64,408
PartnerRe Ltd.	3,400		242,318
Platinum Underwriters Holdings Ltd.	5,041		181,879
Prudential Plc	109,614		665,383
StanCorp Financial Group, Inc.	850		35,504
T&D Holdings, Inc.	12,350		522,725
The Travelers Cos., Inc.	30,425		1,375,210
Unum Group	19,075		354,795
W.R. Berkley Corp.	15,640		484,840
			9,026,527
Internet & Catalog Retail — 0.2%
Amazon.com, Inc.(a)	12,300		630,744
Netflix, Inc.(a)(c)	1,975		59,033
priceline.com, Inc.(a)	2,650		195,173
Ticketmaster Entertainment, Inc.(a)	9,470		60,797
			945,747
Internet Software & Services — 0.6%
comScore, Inc.(a)	7,306		93,152
eBay, Inc.(a)	2,250		31,410
Google, Inc. - Class A(a)	5,222		1,606,548
Omniture, Inc.(a)	7,535		80,172
Sina Corp.(a)	4,800		111,120
SkillSoft Plc - ADR(a)	87,090		621,823
SonicWALL, Inc.(a)	29,650		118,007
Tencent Holdings Ltd.	41,800		271,605
Yahoo!, Inc.(a)	4,500		54,900
			2,988,737
IT Services — 0.6%
Accenture Ltd. - Class A	5,200		170,508
Affiliated Computer Services, Inc. - Class A(a)	3,925		180,354
Alliance Data Systems Corp.(a)	1,125		52,346
Broadridge Financial Solutions, Inc.	3,025		37,934
Convergys Corp.(a)	15,900		101,919
ExlService Holdings, Inc.(a)	16,023		137,317
Fidelity National Information Services, Inc.	12,800		208,256
Fiserv, Inc.(a)	3,600		130,932
Forrester Research, Inc.(a)	13,750		387,888
Gartner, Inc.(a)	3,500		62,405
Genpact Ltd.(a)	19,000		156,180
Global Payments, Inc.	2,675		87,713
Hewitt Associates, Inc. - Class A(a)	1,500		42,570
Lender Processing Services, Inc.	7,975		234,864
Mantech International Corp. - Class A(a)	375		20,321
Mastercard, Inc. - Class A	675		96,478
NCI, Inc. - Class A(a)	4,500		135,585
SAIC, Inc.(a)	12,700		247,396
SRA International, Inc. - Class A(a)	10,200		175,950
TeleTech Holdings, Inc.(a)	13,350		111,472
Wright Express Corp.(a)	7,050		88,830
			2,867,218

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 5

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Leisure Equipment & Products — 0.0%
Polaris Industries, Inc.	1,725	$	49,421
Shimano, Inc.	4,900		192,897
			242,318
Life Sciences Tools & Services — 0.3%
Bruker Corp.(a)	6,750		27,270
ICON Plc - ADR(a)	7,200		141,768
Life Technologies Corp.(a)	1,050		24,476
Lonza Group AG	1,700		157,609
Qiagen NV(a)	29,900		528,828
Thermo Fisher Scientific, Inc.(a)	27,000		919,890
			1,799,841
Machinery — 1.3%
Actuant Corp. - Class A	2,700		51,354
AGCO Corp.(a)	9,650		227,644
Altra Holdings, Inc.(a)	18,900		149,499
Amada Co. Ltd.	47,100		229,077
Atlas Copco AB - A Shares	16,200		142,535
Bucyrus International, Inc.	2,540		47,041
Caterpillar, Inc.	2,500		111,675
Chart Industries, Inc.(a)	8,200		87,166
Charter International Plc	32,300		153,250
Cummins, Inc.	24,750		661,568
Danaher Corp.	30,600		1,732,266
Dover Corp.	8,520		280,478
Eaton Corp.	2,600		129,246
Fenner Plc	76,100		78,690
Flowserve Corp.	4,000		206,000
Gardner Denver, Inc.(a)	2,025		47,263
GEA Group AG	13,400		232,694
IDEX Corp.	12,375		298,856
Joy Global, Inc.	7,725		176,825
Kaydon Corp.	1,200		41,220
Kurita Water Industries Ltd.	9,400		254,117
MAN AG	2,700		151,453
Navistar International Corp.(a)	1,000		21,380
Oshkosh Corp.	9,900		88,011
Parker Hannifin Corp.	7,925		337,129
Railpower Technologies Corp.(a)	17,600		2,067
RBC Bearings, Inc.(a)	229		4,644
SPX Corp.	4,450		180,448
Terex Corp.(a)	8,890		153,975
Timken Co.	15,875		311,626
Wabtec Corp.	1,075		42,731
The Weir Group Plc	14,800		66,960
			6,698,888
Marine — 0.0%
U-Ming Marine Transport Corp.	154,430		186,432
Media — 1.0%
Cablevision Systems Corp. - Class A	7,300		122,932
CBS Corp. - Class B	23,450		192,055
CKX, Inc.(a)	57,900		212,493
Comcast Corp. - Class A	21,225		358,278
The DIRECTV Group, Inc.(a)	16,550		379,161
Dolan Media Co.(a)	8,512		56,094
DreamWorks Animation SKG, Inc. - Class A(a)	8,375		211,553
Naspers Ltd. - N Shares	15,600		282,208
Outdoor Channel Holdings, Inc.(a)	2,666		19,968
Reed Elsevier NV	67,393		801,262
RHI Entertainment, Inc.(a)	13,326		108,207
SES SA	53,610		1,032,185
Time Warner, Inc.	50,350		506,521
Viacom, Inc. - Class B(a)	11,950		227,767
Wolters Kluwer NV	9,600		182,021
Woongjin Thinkbig Co. Ltd.(a)	17,370		206,367
World Wrestling Entertainment, Inc. - Class A	7,700		85,316
WPP Plc	19,200		112,269
Zee Entertainment Enterprises Ltd.	32,800		94,628
			5,191,285
Metals & Mining — 1.3%
Agnico-Eagle Mines Ltd.	28,000		1,432,357
Angang Steel Co. Ltd. - Class H	122,400		138,525
Anglo American Plc	22,594		527,279
Antofagasta Plc	54,200		339,515
Archipelago Resources Plc(a)	78,900		3,687
Baja Mining Corp.(a)	59,300		10,568
BHP Billiton Ltd.	30,012		637,580
Century Aluminum Co.(a)	9,734		97,340
Cliffs Natural Resources, Inc.	1,650		42,256
Crosshair Exploration & Mining Corp.(a)	5,600		862
Crosshair Exploration & Mining Corp. (acquired 4/01/08, cost $6,572, unrestricted issue on 4/01/08 was valued at $0.86 per share)(a)(b)	5,300		816
Eldorado Gold Corp.(a)	9,662		75,527
Eldorado Gold Corp., Exchange Receipts (acquired 7/14/08, cost $0, unrestricted issue on 7/14/08 was valued at $8.72 per share)(a)(b)	79,200		0
Epsilon Energy, Inc. (acquired 10/22/07, cost $23,600, unrestricted issue on 10/23/07 was valued at CAD 4.00 per share)(a)(b)(d)	5,900		3,823
European Goldfields Ltd.(a)	12,100		31,757
Freeport-McMoRan Copper & Gold, Inc.	21,457		524,409
Gold Reserve, Inc.(a)	26,280		24,703
Kinross Gold Corp.	39,335		721,233
Minefinders Corp. Ltd.(a)(c)	40,000		206,000
Norsk Hydro ASA	67,300		274,208
Pacific Metals Co. Ltd.	31,000		156,135
Reliance Steel & Aluminum Co.	8,665		172,780
Salzgitter AG	4,500		349,718
Sunridge Gold Corp.(a)	146,757		13,671
Teck Cominco Ltd. - Class B	1		5
Tokyo Steel Manufacturing Co. Ltd	12,100		126,958
United States Steel Corp.	5,200		193,440
West Timmins Mining, Inc.(a)	36,372		17,089
Yamana Gold, Inc.	45,600		349,064
Yamato Kogyo Co. Ltd.	13,200		357,247
			6,828,552
Multiline Retail — 0.4%
Dollar Tree, Inc.(a)	1,200		50,160
Family Dollar Stores, Inc.	11,950		311,537
Kohl’s Corp.(a)	29,877		1,081,547
Macy’s, Inc.	17,550		181,643
Next Plc	14,100		221,569
PPR	1,700		111,308
			1,957,764
Multi-Utilities — 0.4%
Alliant Energy Corp.	1,325		38,663
CenterPoint Energy, Inc.	42,325		534,142
DTE Energy Co.	4,475		159,623
NSTAR	1,175		42,876
PG&E Corp.	20,100		778,071
PNM Resources, Inc.	1,779		17,932

6 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Multi-Utilities
SCANA Corp.	1,606	$	57,174
Vectren Corp.	1,225		30,637
Wisconsin Energy Corp.	8,380		351,792
Xcel Energy, Inc.	14,900		276,395
			2,287,305
Office Electronics — 0.1%
Canon, Inc.	19,700		624,186
Oil, Gas & Consumable Fuels — 4.7%
Alberta Clipper Energy, Inc.(a)	5,027		1,832
American Oil & Gas, Inc.(a)	5,947		4,758
Approach Resources, Inc.(a)	1,700		12,427
Arch Coal, Inc.	33,925		552,638
Argosy Energy, Inc.(a)	1,240		1,607
ATP Oil & Gas Corp.(a)	4,300		25,155
Aventine Renewable Energy Holdings, Inc.(a)	7,900		5,135
Banpu Public Co. Ltd.	29,800		201,314
Bayou Bend Petroleum Ltd.(a)	40,700		5,934
BG Group Plc	54,597		755,709
Bronco Energy Ltd.(a)	3,700		3,806
Canadian Superior Energy, Inc.(a)	57,300		55,581
CanArgo Energy Corp.(a)	194,100		11,646
Canext Energy Ltd.(a)	4,020		944
Chesapeake Energy Corp.	25,325		409,505
Chevron Corp.	21,675		1,603,300
Cimarex Energy Co.	1,325		35,484
Cinch Energy Corp. (acquired 6/07/04 through 7/07/05, cost $69,404)(a)(b)	40,320		17,964
Clayton Williams Energy, Inc.(a)	19,123		868,949
Compton Petroleum Corp. (acquired 2/14/05, cost $45,600)(a)(b)	3,800		2,863
Comstock Resources, Inc.(a)	4,758		224,816
ConocoPhillips	14,975		775,705
CONSOL Energy, Inc.	33,689		962,832
Crescent Point Energy Trust	1,800		35,125
Crew Energy, Inc.(a)	20,000		85,865
Crew Energy, Inc. (acquired 5/12/04, cost $36,232)(a)(b)	9,400		40,356
Dana Petroleum Plc(a)	14,200		204,065
Daylight Resources Trust	13,410		84,838
Delphi Energy Corp.(a)	24,700		19,808
Delta Petroleum Corp.(a)	49,555		235,882
Devon Energy Corp.	2		131
Ember Resources, Inc.(a)	4,854		2,477
Encore Acquisition Co.(a)	1,550		39,556
Energy XXI Bermuda Ltd.	13,100		10,349
EOG Resources, Inc.	19,900		1,324,942
Evergreen Energy, Inc.(a)	11,500		3,335
EXCO Resources, Inc.(a)	20,200		183,012
Exxon Mobil Corp.	58,400		4,662,072
Fairborne Energy Ltd.(a)	1,482		7,023
Felix Resources Ltd.	24,300		151,133
Foundation Coal Holdings, Inc.	3,300		46,266
Galleon Energy, Inc. - Class A(a)	42,317		174,821
Galleon Energy, Inc. - Class A (acquired 2/04/05, cost $68,429)(a)(b)	6,300		26,027
Gasco Energy, Inc.(a)	19,600		7,644
Gastar Exploration Ltd.(a)	15,900		5,247
GMX Resources, Inc.(a)	3,312		83,860
Goodrich Petroleum Corp.(a)	20,100		601,995
Gulfsands Petroleum Plc(a)	6,700		12,443
Heritage Oil Ltd.(a)	40,000		122,560
Hess Corp.	3,430		183,985
Highpine Oil & Gas Ltd.(a)	8,993		38,245
Iteration Energy Ltd.(a)	4,021		4,462
James River Coal Co.(a)	15,300		234,549
Longview Energy Co. (acquired 8/13/04, cost $48,000)(a)(b)(e)	3,200		73,440
Lynden Energy Corp.(a)	3,500		709
Marathon Oil Corp.	21,351		584,163
Massey Energy Co.	67,991		937,596
Matador Resources Co. (acquired 10/14/03 through 4/13/06, cost $62,950)(a)(b)(e)	2,895		104,567
Midnight Oil Exploration Ltd.(a)	69,600		42,285
Midnight Oil Exploration Ltd. (acquired 9/29/05, cost $39,607)(a)(b)	11,600		7,047
Newfield Exploration Co.(a)	10,685		211,029
Niko Resources Ltd. (acquired 1/31/05, cost $52,500)(b)	2,000		68,838
Occidental Petroleum Corp.	2,850		170,971
Oil Search Ltd.	104,500		342,186
Open Range Energy Corp.(a)	1,975		1,776
Pacific Rodera Energy, Inc.(a)	37,300		6,949
Pacific Rubiales Energy Corp.(a)	12,466		22,115
Pan Orient Energy Corp.(a)	3,600		9,827
Parallel Petroleum Corp.(a)	17,079		34,329
Patriot Coal Corp.(a)	2,798		17,487
Peabody Energy Corp.	26,498		602,830
Pengrowth Energy Trust	2,877		21,790
Penn Virginia Corp.	15,000		389,700
Penn West Energy Trust	10,319		113,430
Petro Andina Resources, Inc. - Class A (acquired 5/15/07, cost $7,200)(a)(b)	800		3,772
PetroHawk Energy Corp.(a)	30,200		472,026
Petroleo Brasileiro SA - ADR	23,330		571,352
Petroleum Development Corp.(a)	2,900		69,803
Petrolifera Petroleum Ltd.(a)	30,150		25,644
Plains Exploration & Production Co.(a)	37,575		873,243
Premier Oil Plc(a)	12,300		176,430
ProEx Energy Ltd.(a)	17,600		159,676
Profound Energy, Inc.(a)	1,400		658
ProspEx Resources Ltd.(a)	43,140		20,967
Quest Resource Corp.(a)	2,500		1,100
Rex Energy Corp.(a)	9,100		26,754
Santos Ltd.	13,900		145,643
Southwestern Energy Co.(a)	13,345		386,605
StatoilHydro ASA	31,034		519,037
Stone Energy Corp.(a)	561		6,182
Tag Oil Ltd.	4,000		113
Talisman Energy, Inc.	24,000		236,792
Tanganyika Oil Co. Ltd. - SDR(a)	3,700		93,109
Total SA	16,079		884,009
Trafalgar Energy Ltd.(a)	841		354
TransCanada Corp.	700		18,808
Triex Minerals Corp.(a)	9,900		2,967
TriStar Oil & Gas Ltd.(a)	33,985		314,110
TriStar Oil & Gas Ltd. (acquired 5/22/07, cost $7,469)(a)(b)	700		6,470
True Energy Trust	11,382		11,064
TUSK Energy Corp.(a)	37,409		27,879
TUSK Energy Corp. (acquired 3/10/05 through 6/02/06, cost $88,507)(a)(b)	20,557		15,320
TXCO Resources, Inc.(a)	8,700		12,963
Ultra Petroleum Corp.(a)	2,400		82,824
Uranium One, Inc.(a)	11,270		16,341
Valero Energy Corp.	20,600		445,784
Venoco, Inc.(a)	8,897		24,111
Verasun Energy Corp.(a)	6,900		380

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 7

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Oil, Gas & Consumable Fuels
Vero Energy, Inc.(a)	2,688	$	11,845
Vero Energy, Inc. (acquired 11/28/05, cost $3,907)(a)(b)	1,759		7,751
W&T Offshore, Inc.	11,775		168,618
Warren Resources, Inc.(a)	4,034		8,028
West Energy Ltd.(a)	143		215
WesternZagros Resources Ltd.(a)	1,800		875
			24,784,663
Paper & Forest Products — 0.1%
Ainsworth Lumber Co. Ltd. (Canada)(a)(d)	36,747		27,981
Clearwater Paper Corp.(a)	178		1,493
International Paper Co.	13,475		159,005
UPM-Kymmene Oyj	27,149		348,016
Weyerhaeuser Co.	4,350		133,154
			669,649
Personal Products — 0.2%
Alberto-Culver Co.	1,034		25,343
Avon Products, Inc.	4,500		108,135
Bare Escentuals, Inc.(a)	13,350		69,821
Chattem, Inc.(a)(c)	5,798		414,731
Elizabeth Arden, Inc.(a)	12,200		153,842
			771,872
Pharmaceuticals — 2.6%
Abbott Laboratories	29,300		1,563,741
Alpharma, Inc. - Class A(a)	323		11,932
Bayer AG	12,051		702,193
Bristol-Myers Squibb Co.	37,700		876,525
Eli Lilly & Co.	20,000		805,400
GlaxoSmithKline Plc	42,907		797,974
Johnson & Johnson	42,825		2,562,220
King Pharmaceuticals, Inc.(a)	4,875		51,772
Medicis Pharmaceutical Corp. - Class A	17,100		237,690
Merck & Co., Inc.	3,900		118,560
Novartis AG	26,232		1,313,737
Pfizer, Inc.	90,300		1,599,213
Roche Holding AG - ADR	7,893		1,221,971
Santarus, Inc.(a)	23,450		36,816
Schering-Plough Corp.	13,900		236,717
Shire Plc - ADR	6,350		284,353
Teva Pharmaceutical Industries Ltd. - ADR	9,400		400,158
Watson Pharmaceuticals, Inc.(a)	1,200		31,884
Wyeth	13,875		520,451
			13,373,307
Professional Services — 0.1%
The Advisory Board Co.(a)	3,700		82,510
Diamond Management & Technology Consultants, Inc.	19,194		80,807
Huron Consulting Group, Inc.(a)	2,000		114,540
Watson Wyatt Worldwide, Inc. - Class A	1,600		76,512
			354,369
Real Estate Investment Trusts — 0.6%
Alexandria Real Estate Equities, Inc.	650		39,221
Annaly Capital Management, Inc.	6,950		110,297
Boston Properties, Inc.	4,310		237,050
CFS Retail Property Trust	28,700		37,726
Corio NV	1,100		50,653
Duke Realty Corp.	10,300		112,888
Equity Residential	9,175		273,599
Essex Property Trust, Inc.	300		23,025
Eurocommercial Properties NV	1,700		57,233
Fonciere Des Regions	400		27,407
Hammerson Plc	4,900		37,958
HCP, Inc.	6,600		183,282
Health Care REIT, Inc.	1,350		56,970
Highwoods Properties, Inc.	1,150		31,464
Home Properties, Inc.	2,500		101,500
Hospitality Properties Trust	10,875		161,711
HRPT Properties Trust	28,000		94,360
Klepierre	1,100		27,051
Liberty Property Trust	1,275		29,108
The Macerich Co.	1,975		35,866
Mack-Cali Realty Corp.	13,775		337,488
Mercialys SA	500		15,790
MFA Mortgage Investments, Inc.	38,200		224,998
Mid-America Apartment Communities, Inc.	1,900		70,604
Nationwide Health Properties, Inc.	2,200		63,184
Potlatch Corp.	625		16,256
Segro Plc	6,500		23,173
Simon Property Group, Inc.	6,860		364,472
Societe Immobiliere de Location pour l’Industrie et le Commerce	300		28,027
Suntec Real Estate Investment Trust	80,900		40,217
Tanger Factory Outlet Centers, Inc.	1,900		71,478
Unibail-Rodamco	1,500		224,092
			3,208,148
Real Estate Management & Development — 0.2%
Castellum AB	5,000		39,533
FX Real Estate & Entertainment, Inc.(a)	7,880		1,182
Henderson Land Development Co. Ltd.	138,000		516,144
New World Development Co. Ltd.	138,800		142,120
PSP Swiss Property AG(a)	1,300		64,832
Wheelock & Co. Ltd.	77,200		170,128
			933,939
Road & Rail — 0.5%
East Japan Railway Co.	88		668,858
J.B. Hunt Transport Services, Inc.	6,325		166,158
Landstar System, Inc.	3,600		138,348
Nippon Express Co. Ltd.	30,600		128,983
Norfolk Southern Corp.	18,185		855,604
Ryder System, Inc.	3,750		145,425
Seino Holdings Corp.	45,600		254,513
Vitran Corp., Inc.(a)	1,807		11,203
			2,369,092
Semiconductors & Semiconductor Equipment — 0.8%
ASML Holding NV	4,700		84,929
Broadcom Corp. - Class A(a)	48,900		829,833
Cymer, Inc.(a)	3,000		65,730
Intel Corp.	21,650		317,389
Intersil Corp. - Class A	25,060		230,301
Lam Research Corp.(a)	18,982		403,937
LSI Corp.(a)	72,125		237,291
Micron Technology, Inc.(a)	24,330		64,231
Microsemi Corp.(a)	13,000		164,320
ON Semiconductor Corp.(a)	77,125		262,225
PMC-Sierra, Inc.(a)	188,920		918,151
Samsung Electronics Co. Ltd.	1,007		367,143
Standard Microsystems Corp.(a)	5,550		90,687
Ultra Clean Holdings, Inc.(a)	14,304		28,751
Varian Semiconductor Equipment Associates, Inc.(a)	5,900		106,908

8 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Shares	Value
Common Stocks
Semiconductors & Semiconductor Equipment
Verigy Ltd.(a)	9,000	$	86,580
			4,258,406
Software — 1.7%
Activision Blizzard, Inc.(a)	91,100		787,104
Adobe Systems, Inc.(a)	32,908		700,611
Aladdin Knowledge Systems Ltd.(a)	6,300		38,808
Amdocs Ltd.(a)	28,267		517,003
Ansys, Inc.(a)	3,400		94,826
Blackboard, Inc.(a)	8,727		228,909
BMC Software, Inc.(a)	1,450		39,020
Check Point Software Technologies(a)	37,800		717,822
DemandTec, Inc.(a)	25,900		209,013
i2 Technologies, Inc.(a)	13,150		84,028
Intuit, Inc.(a)	9,050		215,300
Lawson Software, Inc.(a)	19,700		93,378
McAfee, Inc.(a)	750		25,928
Microsoft Corp.	99,250		1,929,420
Nintendo Co. Ltd.	1,800		687,873
Oracle Corp.(a)	63,550		1,126,742
Phase Metrics, Inc.(a)(e)	50,574		1,011
Salesforce.com, Inc.(a)	20,169		645,610
Sybase, Inc.(a)	2,400		59,448
Symantec Corp.(a)	20,650		279,188
TiVo, Inc.(a)	27,700		198,332
			8,679,374
Specialty Retail — 1.0%
Abercrombie & Fitch Co. - Class A	7,900		182,253
Advance Auto Parts, Inc.	1,450		48,792
Aeropostale, Inc.(a)	2,125		34,212
AutoZone, Inc.(a)	2,225		310,321
Bed Bath & Beyond, Inc.(a)	4,700		119,474
Chico’s FAS, Inc.(a)	19,500		81,510
Collective Brands, Inc.(a)	1,875		21,975
Esprit Holdings Ltd.	93,900		535,081
Foot Locker, Inc.	3,050		22,387
GameStop Corp. - Class A(a)	8,750		189,525
The Gap, Inc.	18,200		243,698
Geo Corp.	100		81,954
The Home Depot, Inc.	20,700		476,514
J. Crew Group, Inc.(a)	4,000		48,800
Limited Brands, Inc.	25,700		258,028
Lowe’s Cos., Inc.	19,775		425,558
PetSmart, Inc.	950		17,527
Rent-A-Center, Inc.(a)	13,800		243,570
Ross Stores, Inc.	24,529		729,247
Sally Beauty Holdings, Inc.(a)	15,435		87,825
The Sherwin-Williams Co.	9,440		564,040
Shimachu Co. Ltd.	9,800		220,453
TJX Cos., Inc.	6,200		127,534
Urban Outfitters, Inc.(a)	6,050		90,629
			5,160,907
Textiles, Apparel & Luxury Goods — 0.4%
Adidas AG	6,000		228,718
Anta Sports Products Ltd.	509,100		233,808
ASICS Corp.	25,800		209,058
Benetton Group SpA	25,400		220,418
Carter’s, Inc.(a)	5,300		102,078
Coach, Inc.(a)	9,425		195,757
Deckers Outdoor Corp.(a)	2,900		231,623
Gerry Weber International AG	8,601		251,084
Hanesbrands, Inc.(a)	2		25
Hongguo International Holdings Ltd.	181,475		25,400
Iconix Brand Group, Inc.(a)	12,600		123,228
Lululemon Athletica, Inc.(a)(c)	12,750		101,108
Movado Group, Inc.	8,100		76,059
Nike, Inc. - Class B	2,075		105,825
			2,104,189
Thrifts & Mortgage Finance — 0.2%
Astoria Financial Corp.	17,540		289,059
First Niagara Financial Group, Inc.	10,700		173,019
Hudson City Bancorp, Inc.	18,475		294,861
New York Community Bancorp, Inc.	3,725		44,551
People’s United Financial, Inc.	21,470		382,810
			1,184,300
Tobacco — 0.5%
Altria Group, Inc.	24,850		374,241
Lorillard, Inc.	4,300		242,305
Philip Morris International, Inc.	42,426		1,845,955
UST, Inc.	1,730		120,028
			2,582,529
Trading Companies & Distributors — 0.3%
GATX Corp.	5,350		165,689
Marubeni Corp.	88,000		336,913
Mitsui & Co. Ltd.	62,000		637,383
United Rentals, Inc.(a)	1,995		18,194
W.W. Grainger, Inc.	2,714		213,972
WESCO International, Inc.(a)	1,625		31,249
			1,403,400
Transportation Infrastructure — 0.1%
COSCO Pacific Ltd.	208,000		213,859
Kamigumi Co. Ltd.	30,400		270,097
			483,956
Water Utilities — 0.1%
Guangdong Investment Ltd.	364,000		147,213
Severn Trent Plc	8,400		145,574
			292,787
Wireless Telecommunication Services — 0.8%
American Tower Corp. - Class A(a)	43,950		1,288,614
KDDI Corp.	109		778,292
MTN Group Ltd.	28,657		337,870
NII Holdings, Inc.(a)	5,000		90,900
Philippine Long Distance Telephone Co. - ADR	6,600		309,870
Sprint Nextel Corp.(a)	29,550		54,077
Vodafone Group Plc	590,957		1,210,075
			4,069,698
Total Common Stocks — 46.6%			244,254,653

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 9

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Capital Trusts
Commercial Banks — 0.2%
Barclays Bank Plc (United Kingdom), Unsecured Notes,
7.43%(d)(f)(g)(h)	USD	350	$	176,953
Royal Bank of Scotland Group Plc (United Kingdom), Subordinated Capital Securities,
7.64%(f)(g)(h)		500		199,142
UBS Preferred Funding Trust I, Inc., Capital Securities,
8.62%(g)(h)		35		21,145
Wachovia Corp., Capital Securities,
7.98%(g)(h)		675		575,370
				972,610
Diversified Financial Services — 0.6%
Bank of America Corp., Subordinated Depositary Shares,
8.13%(g)(h)		375		280,500
Bank of America Institutional Capital A, Subordinated Capital Securities,
8.07%, 12/31/26(d)		225		184,533
Citigroup Capital XXI, Trust Preferred Securities,
8.30%, 12/21/57(g)		215		165,816
Credit Suisse Guernsey Ltd. (Switzerland), Unsecured Notes,
5.86%(f)(g)(h)		530		247,369
First Union Capital l, Subordinated Capital Securities,
7.94%, 1/15/27		325		269,735
General Electric Capital Corp., Subordinated Debentures,
6.38%, 11/15/67(g)		475		298,570
Goldman Sachs Capital Trust II, Unsecured Notes,
5.79%(g)(h)		300		115,327
JPMorgan Chase & Co., Subordinated Depositary Shares,
7.90%(g)(h)		775		644,668
JPMorgan Chase Capital XXV, Subordinated Capital Securities,
6.80%, 10/01/37		1,150		1,059,593
Lehman Brothers Holdings Capital Trust VII, Subordinated Trust Preferred Securities,
5.86%(g)(h)(i)		110		11
				3,266,122
Insurance — 0.2%
American International Group, Inc., Junior Subordinated Debentures,
8.18%, 5/15/58(d)(g)		700		272,317
CHUBB Corp., Subordinated Capital Securities,
6.38%, 3/29/67(g)		175		108,534
MetLife, Inc., Junior Subordinated Debentures,
6.40%, 12/15/36		390		234,000
The Progressive Corp., Junior Subordinated Notes,
6.70%, 6/15/37(g)		310		152,391
				767,242
Total Capital Trusts — 1.0%				5,005,974
	Shares
Rights — 0.0%
DBS Group Holdings Ltd., Expiring 1/20/09(a)		46,554		96,936
Warrant — 0.0%
Crosshair Exploration & Mining Corp. (issued/exercisable 4/04/08, 1 share for 1 warrant, expiring 10/04/09, strike price 1.80 CAD)(acquired 4/04/08, cost $51)(b)(e)		5,300		47
	Par (000)
U.S. Government & Agency Obligations
Federal Home Loan Bank, Bonds,
5.38%, 5/15/19	USD	2,005		2,256,026
Federal Home Loan Bank, Subordinated Notes,
5.63%, 6/13/16		890		934,533
Federal Home Loan Mortgage Corp., Subordinated Notes,
5.75%, 6/27/16		920		987,107
Federal Home Loan Mortgage Corp., Unsecured Notes,,
5.25%, 4/18/16		760		865,416
Federal National Mortgage Assoc., Unsecured Notes,
2.88%, 10/12/10-12/11/13		3,575		3,674,598
Resolution Funding Corp., Strip Bonds,
3.52%, 7/15/18(j)		150		107,547
3.56%, 10/15/18(j)		150		106,192
U.S. Treasury Inflation Protected Bonds,
2.38%, 1/15/25		115		129,858
2.00%, 1/15/26		400		411,132
U.S. Treasury Notes,
3.75%, 11/15/18		780		882,983
Total U.S. Government & Agency Obligations — 2.0%				10,355,392
U.S. Government Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 18.0%
Federal Home Loan Mortgage Corp. 1 Year CMT,
4.77%, 1/01/35(g)		584		587,638
5.04%, 12/01/35(g)		537		545,426
Federal Home Loan Mortgage Corp. 15 Year TBA,
6.00%, 1/01/24		300		310,781
Federal Home Loan Mortgage Corp. 30 Year TBA,
4.50%, 1/01/39		100		101,313
5.00%, 1/01/39		4,000		4,080,000
5.50%, 1/01/39		6,300		6,451,594
6.00%, 1/01/39		4,500		4,636,406
Federal Home Loan Mortgage Corp. Gold,
4.00%, 5/01/10		78		77,590
6.00%, 4/01/13-6/01/16		77		79,718
5.50%, 9/01/21-9/01/38(k)		2,607		2,684,402
9.50%, 12/01/22		154		175,165
8.00%, 2/01/23-8/01/27		17		18,368
7.50%, 9/01/27(l)		1		254
6.50%, 1/01/29-8/01/32		56		58,679
5.00%, 5/01/34		182		186,360
4.50%, 10/01/34-9/01/35		1,017		1,033,077
Federal Home Loan Mortgage Corp. Non Gold Pool,
5.05%, 9/01/35(g)		938		943,233
5.07%, 4/01/38(g)		1,019		1,036,179
Federal Home Loan Mortgage Corp., Series 2684, Class SP (IO),
6.31%, 1/15/33(g)		215		37,256

10 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Government Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations
Federal Home Loan Mortgage Corp., Series 2707, Class PW,
4.00%, 7/15/14	USD	13	$	12,833
Federal Home Loan Mortgage Corp., Series 2864, Class NA,
5.50%, 1/15/31		105		107,967
Federal Home Loan Mortgage Corp., Series 3208, Class PS (IO),
5.91%, 8/15/36(g)		1,013		125,061
Federal Home Loan Mortgage Corp., Series 3316, Class SB (IO),
6.01%, 8/15/35(g)		185		23,529
Federal National Mortgage Assoc.,
6.00%, 9/01/11-8/01/36		2,462		2,543,307
7.00%, 8/01/14-10/01/32		198		206,316
5.50%, 4/01/17-7/01/38		17,792		18,296,817
5.00%, 6/01/23-2/01/38		9,160		9,366,146
7.50%, 10/01/25-1/01/31		325		344,126
6.50%, 5/01/29-9/01/36		293		306,106
8.00%, 2/01/33		115		121,645
Federal National Mortgage Assoc. 15 Year TBA,
4.00%, 1/01/24		2,000		2,018,125
5.00%, 1/01/24		3,600		3,695,625
Federal National Mortgage Assoc. 30 Year TBA,
5.50%, 1/01/39		2,200		2,256,375
6.50%, 1/01/39		8,200		8,512,625
4.00%, 2/01/39		3,200		3,194,000
4.50%, 2/01/39		2,900		2,928,094
Federal National Mortgage Assoc. ARM,
4.19%, 12/01/34(g)		867		846,015
Federal National Mortgage Assoc. Grantor Trust, Series 03-T1, Class R (IO),
0.50%, 11/25/12(g)		6,383		118,549
Federal National Mortgage Assoc., Series 04-88, Class HA,
6.50%, 7/25/34		39		40,726
Federal National Mortgage Assoc., Series 07-108, Class AN,
8.90%, 11/25/37(g)		796		865,903
Federal National Mortgage Assoc., Series 378, Class 5 (IO),
5.00%, 7/01/36(g)		1,873		185,284
Government National Mortgage Assoc. I,
6.50%, 2/15/09-1/15/35		1,170		1,226,950
7.50%, 12/15/10		13		13,638
6.00%, 10/15/23-2/15/24		214		222,590
7.00%, 4/15/29-6/15/35		1,954		2,056,504
5.50%, 4/15/33-12/15/34		540		557,918
Government National Mortgage Assoc. I 30 Year TBA,
6.50%, 1/01/39		3,300		3,426,844
5.50%, 2/01/39		700		718,156
6.00%, 2/01/39		2,100		2,160,375
Government National Mortgage Assoc. II,
5.00%, 10/20/33(m)		990		1,016,567
Government National Mortgage Assoc. II 30 Year TBA,
5.00%, 2/01/39		1,000		1,019,375
6.00%, 2/01/39		1,800		1,848,375
6.50%, 2/01/39		900		929,812
Government National Mortgage Assoc. II ARM,
3.75%, 5/20/34(g)		119		114,151
Total U.S. Government Agency Mortgage-Backed Securities — 18.0%				94,469,868
Non-U.S. Government Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 3.9%
Banc of America Alternative Loan Trust, Series 04-6, Class 4A1,
5.00%, 7/25/19		154		127,404
Bear Stearns Adjustable Rate Mortgage Trust, Series 05-4, Class 3A1,
5.37%, 8/25/35(g)		4,057		2,722,956
Bear Stearns Adjustable Rate Mortgage Trust, Series 06-2, Class 2A1,
5.65%, 7/25/36(g)		1,687		888,557
CitiMortgage Alternative Loan Trust, Series 07-A8, Class A1,
6.00%, 10/25/37		1,204		577,049
Countrywide Alternative Loan Trust, Series 05-21CB, Class A17,
6.00%, 6/25/35		1,246		784,134
Countrywide Alternative Loan Trust, Series 06-OA10, Class 1A1,
3.22%, 8/25/46(g)		200		85,717
Countrywide Home Loan Mortgage Pass Through Trust, Series 03-27, Class M,
4.67%, 6/25/33(g)		497		293,700
Countrywide Home Loan Mortgage Pass Through Trust, Series 03-56, Class 4A1,
4.93%, 12/25/33(g)		1,242		937,825
Countrywide Home Loan Mortgage Pass Through Trust, Series 03-58, Class B1,
4.87%, 2/19/34(g)		130		62,780
Countrywide Home Loan Mortgage Pass Through Trust, Series 06-OA5, Class 2A1,
0.67%, 4/25/46(g)		240		93,843
Countrywide Home Loan Mortgage Pass Through Trust, Series 06-OA5, Class 3A1,
0.67%, 4/25/46(g)		445		181,229
Countrywide Home Loan Mortgage Pass Through Trust, Series 07-J3, Class A10,
6.00%, 7/25/37(g)		933		454,527
Credit Suisse Mortgage Capital Certificates, Series 06-8, Class 3A1,
6.00%, 10/25/21		285		167,310
First Horizon Asset Securities, Inc., Series 05-AR3, Class 3A1,
5.50%, 8/25/35(g)		208		156,832
Harborview Mortgage Loan Trust, Series 05-10, Class 2A1A,
0.89%, 11/19/35(g)		660		300,781
Harborview Mortgage Loan Trust, Series 06-9, Class 2A1A,
0.79%, 11/19/36(g)		379		163,153
Homebanc Mortgage Trust, Series 06-2, Class A1,
0.65%, 12/25/36(g)		566		220,207
JPMorgan Mortgage Trust, Series 06-S2, Class 2A2,
5.88%, 7/25/36		141		104,177
JPMorgan Mortgage Trust, Series 07-S1, Class 1A2,
5.50%, 3/25/22		149		100,999
Master Alternative Loans Trust, Series 04-4, Class 1A1,
5.50%, 5/25/34		107		83,211
Residential Accredit Loans, Inc., Series 06-QO2, Class A1,
0.69%, 2/25/46(g)		341		137,815
Residential Funding Mortgage Securities I, Series 04-S9, Class2A1,
4.75%, 12/25/19		1,580		1,438,647
Salomon Brothers Mortgage Securities VI, Inc., Series 87-1 (IO),
11.00%, 2/17/17(g)		25		5,779

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 11

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Non-U.S. Government Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations
Salomon Brothers Mortgage Securities VI, Inc., Series 87-1 (PO),
3.01%, 2/17/17(j)	USD	28	$	22,252
Salomon Brothers Mortgage Securities VI, Inc., Series 87-2 (IO),
11.00%, 3/16/17(g)		19		3,955
Salomon Brothers Mortgage Securities VI, Inc., Series 87-2 (PO),
3.67%, 3/06/17(j)		19		14,023
Structured Adjustable Rate Mortgage Loan Trust, Series 07-3, Class 2A1,
5.73%, 4/25/37(g)		1,298		706,481
Structured Asset Securities Corp., Series 01-21A, Class B2,
5.22%, 1/25/32(g)		5		4,048
Structured Asset Securities Corp., Series 03-2A, Class B2II,
5.20%, 2/25/33(g)		57		23,379
Washington Mutual Mortgage Pass-Through Certificates, Series 03-AR3, Class B2,
5.56%, 4/25/33(g)		43		15,869
Washington Mutual Mortgage Pass-Through Certificates, Series 03-AR5, Class B2,
4.57%, 6/25/33(g)		165		95,476
Washington Mutual Mortgage Pass-Through Certificates, Series 03-AR8, Class B1,
4.28%, 8/25/33(g)		197		128,825
Washington Mutual Mortgage Pass-Through Certificates, Series 04-AR1, Class B1,
4.49%, 3/25/34(g)		808		436,845
Washington Mutual Mortgage Pass-Through Certificates, Series 04-AR3, Class B1,
4.17%, 6/25/34(g)		223		168,915
Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR18, Class 1A1,
5.34%, 1/25/37(g)		876		493,353
Washington Mutual Mortgage Pass-Through Certificates, Series 07-HY3, Class 1A1,
5.65%, 3/25/37(g)		3,348		1,677,078
Washington Mutual Mortgage Pass-Through Certificates, Series 07-HY3, Class 4A1,
5.35%, 3/25/37(g)		1,553		888,251
Washington Mutual Mortgage Pass-Through Certificates, Series 07-OA4, Class 1A,
3.03%, 5/25/47(g)		267		114,671
Washington Mutual Mortgage Pass-Through Certificates, Series 07-OA5, Class 1A,
3.01%, 6/25/47(g)		447		203,735
Washington Mutual Mortgage Pass-Through Certificates, Series 07-OC1, Class A1,
0.71%, 1/25/47(g)		1,430		578,402
Wells Fargo Mortgage Backed Securities Trust, Series 04-K, Class 1A2,
4.48%, 7/25/34(g)		356		272,256
Wells Fargo Mortgage Backed Securities Trust, Series 05-AR15, Class 2A1,
5.12%, 9/25/35(g)		1,832		1,347,910
Wells Fargo Mortgage Backed Securities Trust, Series 06-AR10, Class IIA2,
4.23%, 6/25/35(g)		2,004		1,525,726
Wells Fargo Mortgage Backed Securities Trust, Series 06-AR12, Class 2A1,
6.10%, 9/25/36(g)		367		235,038
Wells Fargo Mortgage Backed Securities Trust, Series 06-AR17, Class A1,
5.33%, 10/25/36(g)		641		394,760
Wells Fargo Mortgage Backed Securities Trust, Series 06-AR2, Class 2A5,
5.09%, 3/25/36(g)		2,006		1,243,024
				20,682,904
Commercial Mortgage-Backed Securities — 5.3%
Banc of America Commercial Mortgage, Inc., Series 07-2, Class A4,
5.69%, 4/10/49(g)		1,000		759,740
Bank of America-First Union Commercial Mortgage, Series 01-3, Class A2,
5.46%, 4/11/37		1,375		1,308,678
Bear Stearns Commercial Mortgage Securities, Inc., Series 99-WF2, Class A2,
7.08%, 7/15/31		129		128,730
Bear Stearns Commercial Mortgage Securities, Inc., Series 00-WF2, Class A2,
7.32%, 10/15/32(g)		471		468,978
Bear Stearns Commercial Mortgage Securities, Inc., Series 02-TOP6, Class A1,
5.92%, 10/15/36		337		333,232
Bear Stearns Commercial Mortgage Securities, Inc., Series 03-T12, Class A4,
4.68%, 9/13/13(g)		1,025		927,179
CDC Commercial Mortgage Trust, Series 02-FX1, Class A1,
5.25%, 5/15/19		657		645,604
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 07-C6, Class AM,
5.70%, 6/10/17(g)		475		217,561
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 07-CD4, Class A4,
5.32%, 12/11/49		68		47,121
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 07-CD5, Class A4,
5.89%, 11/15/44(g)		475		358,193
Commercial Mortgage Acceptance Corp., Series 98-C2, Class E,
7.29%, 6/15/10(g)		930		927,381
Commercial Mortgage Pass-Through Certificates, Series 04-LB3A, Class A3,
5.09%, 7/10/37(g)		515		480,340
Commercial Mortgage Pass-Through Certificates, Series 07-C9, Class A4,
5.82%, 12/10/49(g)		300		227,479
Credit Suisse First Boston Mortgage Securities Corp., Series 01-CP4, Class D,
6.61%, 12/15/35		1,450		1,406,920
Credit Suisse First Boston Mortgage Securities Corp., Series 02-CKN2, Class A3,
6.13%, 3/15/12		1,000		951,772
Credit Suisse First Boston Mortgage Securities Corp., Series 02-CKS4, Class A2,
5.18%, 8/15/12		1,090		996,299
Credit Suisse First Boston Mortgage Securities Corp., Series 02-CP5, Class A2,
4.94%, 12/15/35		1,010		908,676
Credit Suisse First Boston Mortgage Securities Corp., Series 03-C3, Class A5,
3.94%, 5/15/38		1,020		867,647
Donaldson, Lufkin & Jenrette, Inc., Commercial Mortgage Corp., Series 99-CG1, Class A1B,
6.46%, 3/10/32		1		762

12 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Non-U.S. Government Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities (continued)
First Union National Bank Commercial Mortgage Trust, Series 01-C2, Class A2,
6.66%, 1/12/43	USD	952	$	935,694
First Union National Bank Commercial Mortgage Trust, Series 01-C4, Class A2,
6.22%, 12/12/33		1,140		1,098,000
General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 99-C3, Class A2,
7.18%, 8/15/36(g)		114		114,028
General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Series 00-C3, Class A2,
6.96%, 11/15/10		1,277		1,263,550
Impac Commercial Mortgage Backed Trust, Series 04-5, Class 1A1,
0.83%, 10/25/34(g)		85		48,808
Impac Commercial Mortgage Backed Trust, Series 04-7, Class 1A1,
1.21%, 11/25/34(g)		209		105,405
Impac Commercial Mortgage Backed Trust, Series 04-7, Class M4,
2.27%, 11/25/34(g)		69		15,257
JPMorgan Chase Commercial Mortgage Securities Corp., Series 06-CB17, Class A4,
5.43%, 12/12/43(g)		150		113,852
JPMorgan Commercial Mortgage Finance Corp., Series 99-PLSI, Class D,
7.01%, 2/15/32(d)		326		325,451
Lehman Brothers Commercial Conduit Mortgage Trust, Series 99-C2, Class A2,
7.33%, 10/15/32		170		169,427
Lehman Brothers Commercial Conduit Mortgage Trust, Series 99-C2, Class E,
7.47%, 10/15/32		125		124,766
Lehman Brothers-UBS Commercial Mortgage Trust, Series 01-C7, Class A4,
5.93%, 12/15/25		401		392,242
Lehman Brothers-UBS Commercial Mortgage Trust, Series 01-WM, Class A1,
6.16%, 7/14/16(d)		407		399,473
Lehman Brothers-UBS Commercial Mortgage Trust, Series 04-C6, Class A1,
3.88%, 8/15/29		109		107,512
Lehman Brothers-UBS Commercial Mortgage Trust, Series 06-C1, Class A4,
5.16%, 2/15/31		1,085		861,386
Lehman Brothers-UBS Commercial Mortgage Trust, Series 06-C6, Class A4,
5.37%, 9/15/39		470		368,718
Lehman Brothers-UBS Commercial Mortgage Trust, Series 07-C7, Class A3,
5.87%, 9/15/45(g)		1,050		742,974
Morgan Stanley Capital I, Inc., Series 01-TOP1, Class A4,
6.66%, 2/15/33		851		837,553
Morgan Stanley Capital I, Inc., Series 02-TOP7, Class A1,
5.38%, 1/15/39		175		172,315
Morgan Stanley Capital I, Inc., Series 05-HQ6, Class A4A,
4.99%, 8/13/42		2,405		1,964,827
Morgan Stanley Capital I, Series 03-IQ4, Class A2,
4.07%, 5/15/40		1,025		882,207
Nationslink Funding Corp., Series 99-2, Class D,
7.34%, 6/20/31(g)		38		37,767
Salomon Brothers Mortgage Securities VII, Inc., Series 00-C3, Class A2,
6.59%, 12/18/33		1,291		1,267,661
Structured Asset Securities Corp. Commercial Trust, Series 96-CFL, Class X1 (IO),
2.13%, 2/25/28(g)		501		16
TIAA Retail Commercial Trust, Series 01-C1A, Class A4,
6.68%, 6/19/31(d)(g)		876		869,881
Wachovia Bank Commercial Mortgage Trust, Series 05-C21, Class A3,
5.21%, 10/15/44(g)		490		454,938
Wachovia Bank Commercial Mortgage Trust, Series 06-C25, Class A5,
5.74%, 5/15/43(g)		1,050		829,762
Wachovia Bank Commerical Mortgage Trust, Series 07-C33, Class A4,
5.90%, 7/15/17(g)		1,405		1,015,359
Washington Mutual Commercial Mortgage Securities Trust, Series 05-C1A, Class X (IO),
1.94%, 5/25/36(d)(g)		5,446		155,574
				27,636,695
Total Non-U.S. Government Agency Mortgage-Backed Securities — 9.2%				48,319,599
Asset Backed Securities
American Express Issuance Trust, Series 08-2, Class A,
4.02%, 2/15/10		1,420		1,355,465
Amortizing Residential Collateral Trust, Series 02-BC5, Class M2,
2.27%, 7/25/32(g)		22		7,061
Bank of America Credit Card Trust, Series 08-A9, Class A9,
4.07%, 2/16/10		1,365		1,303,685
Carrington Mortgage Loan Trust, Series 06-NC4, Class A1,
0.52%, 10/25/36(g)		269		258,916
Centex Home Equity Loan Trust, Series 02-A, Class MF2,
6.54%, 1/25/32(g)		186		16,314
Centex Home Equity Loan Trust, Series 03-B, Class M3,
3.57%, 6/25/33(g)		137		44,861
Chase Issuance Trust, Series 06-A3, Class A3,
1.19%, 7/15/11(g)		1,075		1,055,391
Chase Issuance Trust, Series 07-A17, Class A,
5.12%, 10/15/12		1,200		1,113,228
Chase Issuance Trust, Series 08-A9, Class A9,
4.26%, 5/15/13		1,360		1,271,835
Citibank OMNI Master Trust, Series 07-A9A, Class A9,
1.61%, 12/23/13(d)(g)		1,435		1,362,893
Conseco Financial Corp., Series 96-7, Class A6,
7.65%, 10/15/27(g)		158		160,106
Countrywide Asset-Backed Certificates, Series 02-2, Class M2,
2.20%, 12/25/31(g)		3		1,222
Countrywide Asset-Backed Certificates, Series 03-2, Class M2,
2.95%, 3/26/33(g)		123		34,329

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 13

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)	Value
Asset Backed Securities
Countrywide Asset-Backed Certificates, Series 03-3, Class M6,
3.37%, 7/25/32(g)	USD 3	$	785
Countrywide Asset-Backed Certificates, Series 03-BCI, Class M2,
3.47%, 9/25/32(g)	35		8,048
Countrywide Asset-Backed Certificates, Series 06-18, Class 2A1,
0.52%, 7/25/36(g)	396		379,877
Credit-Based Asset Servicing and Securitization, Series 04-CB4, Class M1,
5.77%, 5/25/35(n)	224		194,044
General Electric Business Loan Trust, Series 03-1, Class A,
1.63%, 4/15/31(d)(g)	136		97,242
General Electric Business Loan Trust, Series 03-1, Class B,
2.50%, 4/15/31(d)(g)	91		35,224
General Electric Business Loan Trust, Series 03-2A, Class B,
2.20%, 11/15/31(d)(g)	611		405,890
General Electric Business Loan Trust, Series 04-1, Class B,
1.90%, 5/15/32(d)(g)	151		68,965
Green Tree Manufactured Housing Contract, Series 96-6, Class A6,
7.95%, 9/15/27	339		310,290
Harley-Davidson Motorcycle Trust, Series 05-2, Class A2,
4.07%, 2/15/12	603		588,396
Home Equity Asset Trust, Series 07-2, Class 2A1,
0.58%, 7/25/37(g)	348		289,986
Lehman XS Trust, Series 05-5N, Class 3A2,
0.83%, 11/25/35(g)	582		164,812
Long Beach Mortgage Loan Trust, Series 03-4, Class M5A,
4.47%, 8/25/33(g)	53		7,685
Long Beach Mortgage Loan Trust, Series 04-1, Class M5,
1.57%, 2/25/34(g)	177		106,416
Massachusetts RRB Special Purpose Trust, Series 01-1, Class A,
6.53%, 6/01/15	708		729,836
MBNA Credit Card Master Note Trust, Series 06-A4, Class A4,
1.19%, 9/15/11(g)	1,650		1,626,259
Option One Mortgage Loan Trust, Series 02-6, Class M1,
1.60%, 11/25/32(g)	21		13,401
Option One Mortgage Loan Trust, Series 02-6, Class M2,
3.02%, 11/25/32(g)	61		18,449
Option One Mortgage Loan Trust, Series 03-4, Class A2,
0.79%, 7/25/33(g)	85		59,814
Option One Mortgage Loan Trust, Series 03-4, Class M5A,
4.22%, 7/25/33(g)	50		4,841
Option One Mortgage Loan Trust, Series 03-5, Class M4,
3.37%, 8/25/33(g)	34		3,171
Residential Asset Mortgage Products, Inc., Series 03-RZ2, Class M3,
5.50%, 4/25/33(n)	99		32,480
Residential Asset Securities Corp., Series 02-KS4, Class AIIB,
0.97%, 7/25/32(g)	41		20,469
Small Business Administration Participation Certificates, Series 97-20F, Class 1,
7.20%, 6/01/17	302		318,557
Structured Asset Investment Loan Trust, Series 03-BC3, Class M2,
3.40%, 4/25/33(g)	11		1,863
Structured Asset Receivables Trust, Series 03-2A,
4.82%, 1/21/09(d)(g)	75		66,067
Student Loan Marketing Assoc. Student Loan Trust, Series 08-5, Class A2,
4.64%, 10/25/16(g)	1,720		1,635,489
Student Loan Marketing Assoc. Student Loan Trust, Series 08-5, Class A3,
4.84%, 1/25/18(g)	440		398,963
Student Loan Marketing Assoc. Student Loan Trust, Series 08-5, Class A4,
5.24%, 7/25/23(g)	1,170		1,011,468
USAA Auto Owner Trust, Series 06-2, Class A3,
5.32%, 9/15/10	197		196,318
Total Asset Backed Securities — 3.2%			16,780,411
Collateralized Debt Obligations — 0.0%
Knollwood Ltd., Series 04-1A, Class C,
7.49%, 1/10/39(d)(e)(g)	109		0
Corporate Bonds
Aerospace & Defense — 0.0%
L-3 Communications Corp., Senior Subordinated Notes,
6.38%, 10/15/15	35		32,725
Auto Components — 0.0%
The Goodyear Tire & Rubber Co., Unsecured Notes,
8.63%, 12/01/11	125		103,750
Lear Corp., Senior Unsecured Notes,
8.75%, 12/01/16	90		26,100
			129,850
Capital Markets — 0.3%
The Goldman Sachs Group, Inc., Unsecured Notes,
5.25%, 10/15/13	785		721,142
Lehman Brothers Holdings, Inc., Senior Notes,
5.63%, 1/24/13(i)	320		30,400
Lehman Brothers Holdings, Inc., Senior Unsecured Notes,
7.00%, 9/27/27(i)	475		45,125
Lehman Brothers Holdings, Inc., Subordinated Notes,
6.75%, 12/28/17(i)	190		19
Lehman Brothers Holdings, Inc., Unsecured Notes,
5.25%, 2/06/12(i)	440		41,800
Morgan Stanley, Senior Notes,
4.57%, 1/09/12(g)	925		729,836
5.55%, 4/27/17	115		94,965
			1,663,287
Commercial Banks — 0.5%
Banco Central de la Republica Dominicana (Dominican Republic), Unsecured Notes,
9.04%, 1/23/18(f)	33		20,330
Banque Centrale de Tunisie (Tunisia), Unsecured Notes,
7.38%, 4/25/12(f)	425		416,500

14 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Corporate Bonds
Commercial Banks
UBS AG (Switzerland), Senior Notes,
5.88%, 12/20/17(f)	USD	935	$	858,933
UBS AG (Switzerland), Senior Unsecured Notes,
5.75%, 4/25/18(f)		600		544,557
VTB Capital SA (Luxembourg), Unsecured Notes,
7.50%, 10/12/11(f)		110		92,400
Wachovia Bank N.A., Subordinated Notes,
6.60%, 1/15/38		420		455,661
				2,388,381
Commercial Services & Supplies — 0.0%
Aleris International, Inc., Toggle Notes,
9.00%, 12/15/14(o)		230		11,500
Computers & Peripherals — 0.1%
International Business Machines Corp., Unsecured Notes,
5.70%, 9/14/17		360		384,881
7.63%, 10/15/18		300		359,759
				744,640
Consumer Finance — 0.1%
SLM Corp., Senior Unsecured Notes,
3.68%, 7/27/09(g)		525		494,863
Containers & Packaging — 0.0%
Rock-Tenn Co., Senior Unsecured Notes,
8.20%, 8/15/11		250		237,500
Diversified Financial Services — 1.2%
Bank of America Corp., Senior Unsecured Notes,
6.00%, 9/01/17		315		319,921
5.75%, 12/01/17		835		833,698
Bank of America Corp., Subordinated Notes,
7.40%, 1/15/11		325		332,756
The Bear Stearns Cos., Inc., Senior Unsecured Notes,
6.95%, 8/10/12		655		680,265
Citigroup, Inc., Senior Unsecured Notes,
5.30%, 10/17/12		725		698,701
Ford Capital BV (Netherlands), Debentures,
9.50%, 6/01/10(f)		390		169,650
Ford Motor Credit Co. LLC, Senior Unsecured Notes,
8.63%, 11/01/10		250		189,257
Ford Motor Credit Co. LLC, Unsecured Notes,
5.80%, 1/12/09		235		234,335
9.75%, 9/15/10		135		107,999
7.80%, 6/01/12		225		157,854
General Electric Capital Corp., Senior Unsecured Notes,
5.00%, 12/01/10		300		304,892
6.75%, 3/15/32(m)		50		53,162
General Electric Capital Corp., Unsecured Notes,
6.15%, 8/07/37		505		506,321
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Unsecured Notes,
7.13%, 2/15/13		420		289,800
JPMorgan Chase & Co., Unsecured Notes,
5.60%, 6/01/11		550		552,596
JPMorgan Chase Bank N.A., Subordinated Notes,
6.00%, 7/05/17		425		428,654
Leucadia National Corp., Senior Unsecured Notes,
7.13%, 3/15/17		200		148,500
NSG Holdings LLC, Notes,
7.75%, 12/15/25(d)		140		109,200
				6,117,561
Diversified Manufacturing Operations — 0.0%
RBS Global, Inc./Rexnord LLC, Senior Notes,
8.88%, 9/01/16		30		17,550
Diversified Telecommunication Services — 0.8%
AT&T, Inc., Unsecured Notes,
5.50%, 2/01/18		250		252,656
6.50%, 9/01/37		800		861,592
Cincinnati Bell, Inc., Senior Unsecured Notes,
7.25%, 7/15/13		520		457,600
Frontier Communications Corp., Senior Unsecured Notes,
7.88%, 1/15/27		25		14,500
Qwest Communications International, Inc., Senior Unsecured Notes,
7.50%, 2/15/14		280		200,200
7.50%, 2/15/14		30		21,450
Qwest Corp., Unsecured Notes,
5.25%, 6/15/13(g)		75		55,875
Telecom Italia Capital SA (Italy), Senior Unsecured Notes,
4.95%, 9/30/14(f)		475		361,594
Telefonica Emisiones SAU (Spain), Senior Unsecured Notes,
6.42%, 6/20/16(f)		150		149,740
7.05%, 6/20/36(f)		150		163,730
Verizon Communications, Inc., Senior Unsecured Notes,
8.75%, 11/01/18		1,050		1,231,883
Verizon Maryland, Inc., Debentures,
5.13%, 6/15/33		10		7,280
Wind Acquisition Finance SA (Luxembourg), Senior Unsecured Notes,
10.75%, 12/01/15(d)(f)		115		98,900
Windstream Corp., Senior Unsecured Notes,
8.63%, 8/01/16		105		92,925
				3,969,925
Electric Utilities — 0.3%
AES Eastern Energy LP, Pass-Through Certificates, Series 99-A,
9.00%, 1/02/17		205		181,945
Florida Power & Light Co., First Mortgage Bonds,
5.63%, 4/01/34		150		159,174
5.95%, 2/01/38		225		250,617
Florida Power Corp., First Mortgage Bonds,
6.40%, 6/15/38		150		167,511
MidAmerican Energy Holdings Co., Bonds,
6.50%, 9/15/37		250		244,036
PacifiCorp, First Mortgage Bonds,
6.25%, 10/15/37		200		211,426
Texas Competitive Electric Holdings Co. LLC,
10.50%, 11/01/15(d)		90		63,900

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 15

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Corporate Bonds
Electric Utilities
Texas Competitive Electric Holdings Co. LLC, Toggle Notes,
10.50%, 11/01/16(d)(o)	USD	110	$	56,100
				1,334,709
Energy Equipment & Services — 0.0%
Transocean Ltd. (Switzerland), Senior Unsecured Notes,
6.00%, 3/15/18(f)		75		68,310
Transocean, Ltd. (Switzerland), Senior Unsecured Notes,
6.80%, 3/15/38(f)		105		93,654
				161,964
Food & Staples Retailing — 0.3%
Rite Aid Corp., Senior Secured Notes,
7.50%, 3/01/17		120		78,000
Wal-Mart Stores, Inc., Senior Unsecured Notes,
5.80%, 2/15/18		1,250		1,383,187
				1,461,187
Food Products — 0.2%
Kraft Foods, Inc., Senior Unsecured Notes,
6.50%, 8/11/17		535		537,751
6.13%, 2/01/18		475		465,451
				1,003,202
Gas Utilities — 0.2%
Dominion Resources, Inc., Senior Debentures,
5.00%, 3/01/14		20		18,597
Gazprom Capital (Luxembourg), Unsecured Notes,
9.63%, 3/01/13(d)(f)		200		180,000
Gazprom, Unsecured Notes,
9.63%, 3/01/13		680		618,800
				817,397
Health Care Providers & Services — 0.0%
Health Management Associates, Inc., Senior Unsecured Notes,
6.13%, 4/15/16		230		142,600
Hotels, Restaurants & Leisure — 0.1%
Harrah’s Operating Co., Inc., Senior Secured Notes,
10.00%, 12/15/18(d)		61		22,265
Harrah’s Operating Co., Inc., Toggle Notes,
10.75%, 2/01/18(d)(o)		252		28,980
Landry’s Restaurants, Inc., Senior Notes,
9.50%, 12/15/14		90		90,000
Seneca Gaming Corp., Senior Unsecured Notes,
7.25%, 5/01/12		125		100,625
				241,870
Household Durables — 0.0%
Jarden Corp., Senior Subordinated Notes,
7.50%, 5/01/17		75		51,187
Independent Power Producers & Energy Traders — 0.0%
NRG Energy, Inc., Senior Unsecured Notes,
7.38%, 2/01/16		190		176,700
Insurance — 0.3%
Berkshire Hathaway Finance Corp., Senior Unsecured Notes,
4.75%, 5/15/12		355		364,417
Hartford Life Global Funding Trusts, Secured Notes,
2.18%, 6/16/14(d)(g)		950		648,574
Metropolitan Life Global Funding I, Senior Unsecured Notes,
5.13%, 4/10/13(d)		850		791,995
				1,804,986
Media — 0.9%
Cablevision Systems Corp., Senior Unsecured Notes,
8.33%, 4/01/09(g)		325		324,188
Cengage Learning Acquisitions, Inc., Senior Unsecured Notes,
10.50%, 1/15/15(d)		310		127,100
Charter Communications Holdings II LLC, Unsecured Notes,
10.25%, 9/15/10		255		117,300
Comcast Cable Holdings LLC, Senior Debentures,
7.88%, 8/01/13		2		2,056
Comcast Corp., Senior Unsecured Notes,
7.05%, 3/15/33		115		119,955
Comcast Corp., Unsecured Notes,
6.50%, 1/15/17		850		839,557
6.95%, 8/15/37		360		379,099
CSC Holdings, Inc., Senior Unsecured Notes,
8.13%, 7/15/09		640		636,800
DirecTV Holdings LLC/DirecTV Financing Co., Senior Unsecured Notes,
7.63%, 5/15/16		180		174,600
EchoStar DBS Corp., Senior Unsecured Notes,
7.00%, 10/01/13		219		189,983
7.13%, 2/01/16		25		20,875
News America Holdings, Inc., Senior Debentures,
7.75%, 1/20/24		25		25,069
News America, Inc., Senior Debentures,
7.28%, 6/30/28		35		33,681
News America, Inc., Senior Unsecured Notes,
6.20%, 12/15/34		100		91,255
Shaw Communications, Inc. (Canada), Unsecured Notes,
7.20%, 12/15/11(f)		175		165,375
TCI Communications, Inc., Senior Debentures,
7.88%, 2/15/26		5		5,188
TCI Communications, Inc., Senior Notes,
7.13%, 2/15/28		35		33,099
Time Warner Cable, Inc., Senior Unsecured Notes,
6.20%, 7/01/13		1,025		969,542
Time Warner Cos., Inc., Senior Debentures,
7.57%, 2/01/24		30		28,912
Time Warner, Inc., Senior Debentures,
7.63%, 4/15/31(m)		200		196,562
				4,480,196
Metals & Mining — 0.1%
Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes,
7.08%, 4/01/15(g)		130		85,800
8.25%, 4/01/15		145		123,250
8.38%, 4/01/17		445		364,900
Ispat Inland ULC (Canada), Notes,
9.75%, 4/01/14(f)		10		8,559
				582,509
Oil, Gas & Consumable Fuels — 0.5%
Anadarko Petroleum Corp., Senior Unsecured Notes,
5.95%, 9/15/16		405		357,740

16 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Corporate Bonds
Oil, Gas & Consumable Fuels
Arch Western Finance LLC, Senior Notes,
6.75%, 7/01/13	USD	400	$	348,000
Chesapeake Energy Corp., Senior Unsecured Notes,
7.25%, 12/15/18		400		312,000
ConocoPhillips Australia Funding Co., Unsecured Notes,
4.42%, 4/09/09(g)		1,129		1,127,714
EXCO Resources, Inc., Notes,
7.25%, 1/15/11		65		50,700
Forest Oil Corp., Senior Unsecured Notes,
7.25%, 6/15/19		130		94,900
Newfield Exploration Co., Senior Subordinated Notes,
6.63%, 9/01/14		130		106,600
6.63%, 4/15/16		120		95,400
OPTi, Inc. (Canada), Notes,
8.25%, 12/15/14(f)		175		94,500
XTO Energy, Inc., Senior Unsecured Notes,
6.75%, 8/01/37		250		234,141
				2,821,695
Paper & Forest Products — 0.1%
Ainsworth Lumber Co. Ltd. (Canada), Toggle Notes,
11.00%, 7/29/15(d)(f)		146		87,448
Georgia-Pacific LLC, Senior Unsecured Notes,
7.13%, 1/15/17(d)		125		105,000
NewPage Corp., Senior Secured Notes,
10.00%, 5/01/12		140		61,600
Norske Skog Canada Ltd. (Canada), Senior Unsecured Notes,
8.63%, 6/15/11(f)		50		22,000
				276,048
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co., Senior Debentures,
6.88%, 8/01/97		25		27,619
DJO Finance LLC, Senior Unsecured Notes,
10.88%, 11/15/14		345		248,400
GlaxoSmithKline Capital, Inc., Senior Unsecured Notes,
4.85%, 5/15/13		400		401,223
Merck & Co., Inc., Senior Unsecured Notes,
4.38%, 2/15/13		410		424,439
				1,101,681
Real Estate Investment Trust — 0.0%
The Rouse Co. LP, Unsecured Notes,
3.63%, 3/15/09		90		37,350
Software — 0.1%
Oracle Corp., Senior Unsecured Notes,
4.95%, 4/15/13		570		587,660
Specialty Retail — 0.0%
Michaels Stores, Inc., Senior Unsecured Notes,
10.00%, 11/01/14		100		45,500
Rent-A-Center, Inc., Senior Subordinated Notes,
7.50%, 5/01/10		180		165,600
				211,100
Tobacco — 0.1%
Philip Morris International, Inc., Senior Unsecured Notes,
6.88%, 3/17/14		275		288,994
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV,
6.38%, 3/01/35(f)		75		63,601
American Tower Corp., Senior Unsecured Notes,
7.50%, 5/01/12		800		788,000
7.13%, 10/15/12		230		226,550
Rogers Communications, Inc. (Canada), Notes,
7.50%, 3/15/15(f)		500		495,064
Vodafone Group Plc (United Kingdom), Senior Unsecured Notes,
7.75%, 2/15/10(f)		125		127,752
				1,700,967
Total Corporate Bonds — 6.7%				35,091,784
Foreign Government Obligations
Argentina — 0.0%
Republic of Argentina,
8.28%, 12/31/33 (f)		36		11,722
1.33%, 12/31/38 (f)(n)		90		17,100
				28,822
Brazil — 0.2%
Republic of Brazil,
8.25%, 1/20/34 (f)		230		281,175
11.00%, 8/17/40 (f)		705		920,025
				1,201,200
Colombia — 0.0%
Republic of Colombia,
7.38%, 9/18/37 (f)		100		98,000
El Salvador — 0.0%
Republic of El Salvador,
7.65%, 6/15/35 (d)(f)		55		34,925
Germany — 0.1%
Bundesrepublic Deutschland,
4.00%, 1/04/37	EUR	70		104,255
4.25%, 7/04/39		250		394,676
				498,931
Indonesia — 0.0%
Republic of Indonesia,
6.63%, 2/17/37 (d)(f)	USD	100		73,000
7.75%, 1/17/38 (f)		110		91,027
				164,027
Israel — 0.1%
Israel Government AID Bond,
5.50%, 4/26/24 (f)		100		124,213
5.50%, 9/18/33 (f)		85		112,951
				237,164
Mexico — 0.7%
Mexican Bonos,
7.25%, 12/15/16	MXN	30,000		2,075,965
10.00%, 12/05/24		16,930		1,404,303
United Mexican States,
8.30%, 8/15/31 (f)	USD	194		237,650
6.05%, 1/11/40 (f)		125		121,250
				3,839,168

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 17

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Par (000)			Value
Foreign Government Obligations
Panama — 0.1%
Republic of Panama,
7.13%, 1/29/26 (f)	USD	170		$	160,225
8.88%, 9/30/27 (f)		95			103,550
					263,775
Peru — 0.0%
Republic of Peru,
6.55%, 3/14/37 (f)		115			102,638
Philippines — 0.1%
Republic of Philippines,
9.00%, 2/15/13 (f)		370			392,200
Russia — 0.0%
Russian Federation,
7.50%, 3/31/30 (n)		196			170,943
Turkey — 0.1%
Republic of Turkey,
6.75%, 4/03/18 (f)		530			503,500
Ukraine — 0.0%
Ukraine Government,
6.58%, 11/21/16 (d)(f)		100			37,000
United Kingdom — 0.1%
United Kingdom Treasury Bonds,
4.25%, 12/07/49	GBP	275			431,658
Uruguay — 0.0%
Republic of Uruguay,
7.63%, 3/21/36 (f)	USD	165			138,600
Venezuela — 0.1%
Republic of Venezuela,
8.50%, 10/08/14 (f)		200			104,000
9.25%, 9/15/27 (f)		200			107,000
9.38%, 1/13/34 (f)		100			46,000
					257,000
Total Foreign Government Obligations — 1.6%					8,399,551
Taxable Municipal Bonds
Atlantic Marine Corp. Communities LLC, Notes (Delaware),
5.34%, 12/01/49(d)		600			393,564
Ohana Hawaii Military Communities LLC, Military Housing Revenue Bonds (Navy Housing Privatization Project), Series 04-A, Class 1,
6.19%, 4/01/49(d)		25			18,567
Total Taxable Municipal Bonds — 0.1%					412,131
Exchange-Traded Funds	Shares
iShares Russell 2000 Value Index Fund		1,463			71,936
iShares Russell Midcap Growth Index Fund		3,700			115,884
Total Exchange-Traded Funds — 0.0%					187,820
Total Long-Term Investments (Cost — $529,549,422) — 88.4%					463,374,166
	Beneficial Interest Par/Shares (000)
Short-Term Securities
APRECO LLC,
0.50%, 3/02/09(p)	USD	5,000			4,988,766
Atlantis One Funding Corp.,
0.50%, 1/14/09(p)		3,500			3,499,368
0.90%, 2/13/09(p)		1,500			1,496,459
Barton Capital Corp,
0.25%, 1/14/09(p)		5,000			4,999,549
BlackRock Liquidity Series, LLC Money Market Series, 0.80%(q)(r)(s)		805			804,850
BlackRock TempFund, 1.66%(q)(s)		27,595			27,595,120
Chariot Funding LLC,
0.60%, 1/05/09(p)		5,000			4,999,667
1.40%, 1/09/09(p)		4,270			4,268,671
Clipper Receivables Co. LLC,
1.50%, 1/12/09(p)		5,000			4,997,708
Danske Corp.,
1.50%, 6/04/09(p)		6,000			5,959,907
Galleon Capital LLC,
2.25%, 1/05/09(p)		4,840			4,838,790
Hewlett-Packard Co.,
0.29%, 1/21/09(p)		5,000			4,999,194
Liberty Street Funding LLC,
2.00%, 1/09/09(p)		2,060			2,059,084
Prudential Funding LLC,
1.85%, 1/21/09(p)		5,000			4,994,861
Ranger Funding Co. LLC,
0.25%, 1/20/09(p)		3,800			3,799,499
SANPAOLO IMI U.S. Financial Co.,
0.38%, 2/02/09(p)		3,000			2,998,987
Thunder Bay Funding LLC,
0.50%, 1/06/09(p)		3,000			2,999,792
0.35%, 1/15/09(p)		2,950			2,949,598
UBS Finance (Delaware) LLC,
0.45%, 1/02/09(p)		5,000			4,999,937
2.10%, 1/20/09(p)		2,090			2,087,684
United Parcel Service, Inc.,
0.15%, 1/09/09(p)		3,550			3,549,882
Yorktown Capital LLC,
1.40%, 2/02/09(p)		4,950			4,939,962
Total Short-Term Securities (Cost — $108,841,802) — 20.8%					108,827,335
	Contracts
Options Purchased
Over the Counter Call Swaptions Purchased
Receive a fixed rate of 4.120% and pay a floating rate based on 3-month USD LIBOR, expiring September 2009, Broker, Deutsche Bank AG		460	(t)		608,657
Receive a fixed rate of 4.705% and pay a floating rate based on 3-month USD LIBOR, expiring November 2013, Broker, JPMorgan Chase Bank, National Association		240	(t)		196,965
Receive a fixed rate of 5.210% and pay a floating rate based on 3-month USD LIBOR, expiring March 2011, Broker, Goldman Sachs Bank USA		300	(t)		588,857
Receive a fixed rate of 5.360% and pay a floating rate based on 3-month USD LIBOR, expiring June 2013, Broker, UBS AG		300	(t)		320,453
					1,714,932

18 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

	Contracts			Value
Options Purchased
Over the Counter Put Swaptions Purchased
Pay a fixed rate of 4.120% and receive a floating rate based on 3-month USD LIBOR, expiring September 2009, Broker, Deutsche Bank AG		460(t	)	$	46,760
Pay a fixed rate of 4.705% and receive a floating rate based on 3-month USD LIBOR, expiring November 2013, Broker, JPMorgan Chase Bank, National Association		240(t	)		33,631
Pay a fixed rate of 5.210% and receive a floating rate based on 3-month USD LIBOR, expiring March 2011, Broker, Goldman Sachs Bank USA		300(t	)		33,270
Pay a fixed rate of 5.360% and receive a floating rate based on 3-month USD LIBOR, expiring June 2013, Broker, UBS AG		300(t	)		28,383
Pay a fixed rate of 5.500% and receive a floating rate based on 3-month USD LIBOR, expiring December 2009, Broker, Bank of America, N.A.		110(t	)		7,193
Pay a fixed rate of 6.500% and receive a floating rate based on 3-month USD LIBOR, expiring November 2009, Broker, UBS AG		200(t	)		3,589
Pay a fixed rate of 6.500% and receive a floating rate based on 3-month USD LIBOR, expiring October 2009, Broker, Deutsche Bank AG		330(t	)		6,050
Pay a fixed rate of 6.500% and receive a floating rate based on 3-month USD LIBOR, expiring September 2009, Broker, Deutsche Bank AG		180(t	)		3,176
					162,052
Total Options Purchased (Cost — $1,169,840) — 0.4%					1,876,984
Total Investments Before TBA Sale Commitments and Outstanding Options Written (Cost — $639,561,064*) — 109.6%					574,078,485
	Par (000)
TBA Sale Commitments
Federal Home Loan Mortgage Corp. 15 Year TBA,
5.50%, 1/01/24	USD	(1,900	)		(1,956,406	)
Federal National Mortgage Assoc. 15 Year TBA,
5.50%, 1/01/24		(2,800	)		(2,883,125	)
Federal National Mortgage Assoc. 30 Year TBA,
5.00%, 1/01/39-2/01/39		(4,100	)		(4,179,039	)
6.00%, 1/01/39		(1,700	)		(1,751,000	)
4.50%, 2/01/39		(1,500	)		(1,514,532	)
Government National Mortgage Assoc. I 30 Year TBA,
5.50%, 1/01/39		(500	)		(515,156	)
6.50%, 2/01/39		(3,300	)		(3,415,500	)
Government National Mortgage Assoc. II 30 Year TBA,
6.50%, 1/01/39		(900	)		(932,904	)
Total TBA Sale Commitments (Proceeds — $17,067,071) — (3.3)%					(17,147,662	)
	Contracts
Options Written
Over the Counter Call Swaptions Written
Pay a fixed rate of 2.495% and receive a floating rate based on 3-month USD LIBOR, expiring December 2010, Broker, JPMorgan Chase Bank, National Association		(450	)(t)		(170,822	)
Pay a fixed rate of 4.820% and receive a floating rate based on 3-month USD LIBOR, expiring May 2010, Broker, Goldman Sachs Bank USA		(350	)(t)		(621,692	)
Pay a fixed rate of 4.870% and receive a floating rate based on 3-month USD LIBOR, expiring February 2010, Broker, Deutsche Bank AG		(570	)(t)		(1,054,091	)
Pay a fixed rate of 5.050% and receive a floating rate based on 3-month USD LIBOR, expiring May 2011, Broker, Citibank, N.A.		(500	)(t)		(911,943	)
Pay a fixed rate of 5.400% and receive a floating rate based on 3-month USD LIBOR, expiring December 2010, Broker, UBS AG		(260	)(t)		(555,155	)
Pay a fixed rate of 5.485% and receive a floating rate based on 3-month USD LIBOR, expiring October 2009, Broker, JPMorgan Chase Bank, National Association		(140	)(t)		(337,163	)
Pay a fixed rate of 5.670% and receive a floating rate based on 3-month USD LIBOR, expiring January 2010, Broker, Citibank, N.A.		(50	)(t)		(126,001	)
					(3,776,867	)
Receive a fixed rate of 2.495% and pay floating rate based on 3-month USD LIBOR, expiring December 2010, Broker, JPMorgan Chase Bank, National Association		(450	)(t)		(349,738	)
Receive a fixed rate of 4.820% and pay a floating rate based on 3-month USD LIBOR, expiring May 2010, Broker, Goldman Sachs Bank USA		(350	)(t)		(32,231	)
Receive a fixed rate of 4.870% and pay a floating rate based on 3-month USD LIBOR, expiring February 2010, Broker, Deutsche Bank AG		(570	)(t)		(37,713	)
Receive a fixed rate of 5.050% and pay a floating rate based on 3-month USD LIBOR, expiring May 2011, Broker, Citibank, N.A.		(500	)(t)		(69,323	)
Receive a fixed rate of 5.400% and pay a floating rate based on 3-month USD LIBOR, expiring December 2010, Broker, UBS AG		(260	)(t)		(21,794	)
Receive a fixed rate of 5.485% and pay a floating rate based on 3-month USD LIBOR, expiring October 2009, Broker, JPMorgan Chase Bank, National Association		(140	)(t)		(3,298	)
Receive a fixed rate of 5.670% and pay a floating rate based on 3-month USD LIBOR, expiring January 2010, Broker, Citibank, N.A.		(50	)(t)		(1,178	)
					(515,275	)
Total Options Written (Premiums Received — $ 2,211,830) — (0.8)%					(4,292,142	)
Total Investments Net of TBA Sale Commitments and Outstanding Options Written — 105.5%					552,638,681
Liabilities in Excess of Other Assets — (5.5)%					(28,798,236	)
Net Assets — 100.0%				$	523,840,445

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	646,146,852
Gross unrealized appreciation	$	24,528,849
Gross unrealized depreciation		(96,597,216	)
Net unrealized depreciation	$	(72,068,367	)

(a) Non-income producing security.

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 19

Schedule of Investments (continued)
	(Percentages shown are based on Net Assets)

(b) Restricted security as to resale. As of report date the Portfolio held 0.08% of its net assets, with a current market value of $399,974 and an original cost of $587,350 in these securities.

(c) Security, or a portion of security, is on loan.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) Security is valued in accordance with the Portfolio’s fair valuation policy.

(f) U.S. dollar denominated security issued by foreign domiciled entity.

(g) Variable rate security. Rate shown is as of report date.

(h) Security is perpetual in nature and has no stated maturity date. In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at the issuer’s option for a specified time without default.

(i) Issuer filed for bankruptcy and/or is in default of interest payments.

(j) Represents a zero coupon bond. Rate shown reflects the current yield as of report date.

(k) Security, or a portion thereof, has been pledged as collateral for swap contracts.

(l) Par is less than $500.

(m) All or a portion of security pledged as collateral in connection with open financial futures contracts.

(n) Represents a step bond. Rate shown reflects the effective yield at the time of purchase.

(o) Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.

(p) The rate shown is the effective yield on the discount notes at the time of purchase.

(q) Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Series, LLC Money Market Series	$	(665,050	)**	$	11,585
BlackRock TempFund	$	27,595,120		$	3,942

** Represents net sale cost.

(r) Security purchased with the cash proceeds from securities loans.

(s) Represents current yield as of report date.

(t) One contract represents a notional amount of $10,000.

• Foreign currency exchange contracts as of December 31, 2008 were as follows:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
USD	95,023	SEK	739,000	1/5/09	$	1,573
JPY	1,734,000	USD	19,226	1/6/09		(98	)
AUD	297,000	USD	206,831	1/21/09		(266	)
AUD	89,000	USD	59,035	1/21/09		2,865
AUD	84,000	USD	52,695	1/21/09		5,727
AUD	465,000	USD	301,408	1/21/09		22,001
AUD	685,000	USD	446,242	1/21/09		30,178
CAD	927,000	USD	779,837	1/21/09		(29,196	)
CAD	260,000	USD	216,995	1/21/09		(6,459	)
CAD	53,200	USD	44,194	1/21/09		(1,115	)
CAD	1,000	USD	810	1/21/09		—
CAD	539,369	USD	423,742	1/21/09		13,014
CHF	88,000	USD	73,634	1/21/09		9,063
CHF	127,000	USD	109,310	1/21/09		10,036
CHF	1,588,000	USD	1,317,723	1/21/09		174,581
DKK	3,105,000	USD	560,642	1/21/09		18,203
EUR	77,500	USD	110,954	1/21/09		(3,330	)
EUR	210,800	USD	294,001	1/21/09		(1,263	)
EUR	71,600	USD	99,091	1/21/09		340
EUR	150,000	USD	194,336	1/21/09		13,969
EUR	500,000	USD	668,406	1/21/09		25,942
EUR	355,000	USD	464,762	1/21/09		28,225
EUR	450,000	USD	571,005	1/21/09		53,909
GBP	376,000	USD	563,440	1/21/09		(23,176	)
GBP	149,000	USD	234,417	1/21/09		(20,323	)
GBP	200,600	USD	301,505	1/21/09		(13,269	)
GBP	200,000	USD	299,076	1/21/09		(11,702	)
GBP	206,000	USD	302,397	1/21/09		(6,402	)
GBP	19,400	USD	28,933	1/21/09		(1,057	)
HKD	6,008,000	USD	775,546	1/21/09		(217	)
JPY	17,275,300	USD	190,282	1/21/09		373
JPY	6,740,000	USD	69,837	1/21/09		4,547
JPY	56,304,500	USD	615,110	1/21/09		6,284
JPY	26,300,000	USD	276,956	1/21/09		13,299
JPY	160,575	USD	15,833,000	1/21/09		14,163
JPY	61,086,000	USD	610,695	1/21/09		63,469
JPY	100,000,000	USD	1,029,793	1/21/09		73,838
NOK	1,000	USD	146	1/21/09		(3	)
NOK	447,000	USD	63,146	1/21/09		586
NOK	881,000	USD	123,219	1/21/09		2,392
SEK	6,634,000	USD	890,707	1/21/09		(52,159	)
SGD	403,000	USD	268,809	1/21/09		10,702
USD	423,742	AUD	685,000	1/21/09		(52,678	)
USD	225,396	AUD	360,000	1/21/09		(24,985	)
USD	127,741	AUD	195,000	1/21/09		(7,883	)
USD	57,162	AUD	88,000	1/21/09		(4,042	)
USD	60,196	AUD	91,000	1/21/09		(3,095	)
USD	35,470	AUD	54,000	1/21/09		(2,088	)
USD	116,469	CAD	151,000	1/21/09		(5,804	)
USD	191,287	CAD	242,000	1/21/09		(4,673	)
USD	58,026	CAD	71,000	1/21/09		534
USD	92,910	CAD	114,000	1/21/09		599
USD	71,625	CAD	87,500	1/21/09		772
USD	97,965	CAD	120,000	1/21/09		794
USD	446,242	CAD	538,627	1/21/09		10,088

20 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
USD	254,453	CHF	300,000	1/21/09	$	(27,469	)
USD	18,195	CHF	22,000	1/21/09		(2,480	)
USD	48,013	CZK	911,000	1/21/09		896
USD	368,303	EUR	290,000	1/21/09		(34,419	)
USD	326,791	EUR	252,000	1/21/09		(23,161	)
USD	213,156	EUR	170,000	1/21/09		(22,922	)
USD	242,928	EUR	190,000	1/21/09		(20,925	)
USD	198,092	EUR	157,000	1/21/09		(19,934	)
USD	204,081	EUR	157,000	1/21/09		(13,945	)
USD	108,037	EUR	85,000	1/21/09		(10,003	)
USD	25,167	EUR	20,000	1/21/09		(2,607	)
USD	1,283	EUR	1,000	1/21/09		(106	)
USD	121,956	GBP	83,000	1/21/09		2,696
USD	58,811	GBP	39,000	1/21/09		2,773
USD	161,865	GBP	109,500	1/21/09		4,528
USD	172,515	GBP	115,000	1/21/09		7,275
USD	127,551	GBP	81,000	1/21/09		11,164
USD	104,742	GBP	65,000	1/21/09		11,346
USD	424,224	GBP	285,000	1/21/09		14,715
USD	416,258	GBP	278,000	1/21/09		16,807
USD	319,591	GBP	199,000	1/21/09		33,654
USD	2,240,988	GBP	1,399,000	1/21/09		230,804
USD	167,301	HKD	1,297,000	1/21/09		(76	)
USD	23,180	HKD	180,000	1/21/09		(49	)
USD	41,255	HKD	320,000	1/21/09		(40	)
USD	42,300	HKD	328,000	1/21/09		(28	)
USD	48,517	HKD	376,000	1/21/09		(5	)
USD	97,174	HKD	753,000	1/21/09		—
USD	75,174	HKD	582,500	1/21/09		3
USD	69,691	HKD	540,000	1/21/09		5
USD	126,104	HKD	977,000	1/21/09		23
USD	1,538,046	JPY	155,358,000	1/21/09		(176,533	)
USD	461,349	JPY	44,791,000	1/21/09		(32,978	)
USD	355,098	JPY	34,610,000	1/21/09		(26,868	)
USD	201,759	JPY	19,958,000	1/21/09		(18,504	)
USD	104,222	JPY	9,936,000	1/21/09		(5,435	)
USD	41,998	JPY	3,797,000	1/21/09		93
USD	19,231	JPY	1,734,000	1/21/09		94
USD	170,718	MXN	2,335,000	1/21/09		3,396
USD	3,576,452	MXN	45,868,000	1/21/09		289,628
USD	36,387	NOK	257,000	1/21/09		(256	)
USD	142,896	NOK	1,004,000	1/21/09		(251	)
USD	69,345	NOK	487,000	1/21/09		(90	)
USD	48,965	NOK	333,000	1/21/09		1,486
USD	606,935	NOK	3,971,000	1/21/09		40,761
USD	130,794	SEK	1,038,000	1/21/09		(411	)
USD	2,360	SEK	19,000	1/21/09		(42	)
Total					$	569,393

• Financial futures contracts purchased as of December 31, 2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation (Depreciation)
200	DJIA Index	March 2009	$	17,454,000	$	60,000
152	DJ Euro STOXX 50 Index	March 2009	$	5,176,536		(120,434	)
16	Euro-Bund	March 2009	$	2,776,536		40,325
27	Gilt Futures	March 2009	$	4,793,023		302,029
60	S&P 500 Index	March 2009	$	13,501,500		72,000
16	U.S. Treasury Bonds	March 2009	$	2,208,750		138,021
46	U.S. Treasury Notes (5 Year)	March 2009	$	5,476,516		109,250
Total					$	601,191

• Financial futures contracts sold as of December 31, 2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation (Depreciation)
30	U.S. Treasury Notes (2 Year)	March 2009	$	6,541,875	$	(55,312	)
4	U.S. Treasury Notes (10 Year)	March 2009	$	503,000		9,031
32	Euro Dollar Futures (90 Day)	June 2009	$	7,909,600		(144,389	)
Total					$	(190,670	)

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 21

Schedule of Investments (continued)

• Interest rate swaps outstanding as of December 31, 2008 were as follows:

		Notional Amount	Unrealized Appreciation (Depreciation)
Receive a fixed rate of 5.50% and pay a floating rate based on 3-month USD LIBOR Counterparty, Bank of America, N.A. Expires, July 2009	USD	7,500,000	$	298,970
Receive a fixed rate of 4.05% and pay a floating rate based on 3-month USD LIBOR Counterparty, Barclays Bank, PLC Expires, December 2009	USD	2,600,000		66,775
Receive a fixed rate of 5.11% and pay a floating rate based on 3-month USD LIBOR Counterparty, UBS AG Expires, November 2011	USD	9,100,000		871,542
Receive a fixed rate of 3.77% and pay a floating rate based on 3-month USD LIBOR Counterparty, Bank of America, N.A. Expires, January 2013	USD	4,100,000		312,848
Receive a fixed rate of 3.46% and pay a floating rate based on 3-month USD LIBOR Counterparty, Goldman Sachs Bank USA Expires, March 2013	USD	1,400,000		(94,937	)
Receive a fixed rate of 3.48% and pay a floating rate based on 3-month USD LIBOR Counterparty, Goldman Sachs Bank USA Expires, March 2013	USD	1,400,000		(96,305	)
Receive a fixed rate of 4.27% and pay a floating rate based on 3-month USD LIBOR Counterparty, Deutsche Bank AG Expires, July 2013	USD	4,100,000		439,261
Receive a fixed rate of 2.95% and pay a floating rate based on 3-month USD LIBOR Counterparty, Bank of America, N.A. Expires, November 2013	USD	5,800,000		225,921
Pay a fixed rate of 4.96% and receive a floating rate based on 3-month USD LIBOR Counterparty, UBS AG Expires, March 2015	USD	5,000,000		(846,073	)
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month USD LIBOR Counterparty, JPMorgan Chase Bank, National Association Expires, May 2015	USD	1,700,000		(226,003	)
Pay a fixed rate of 4.39% and receive a floating rate based on 3-month USD LIBOR Counterparty, Morgan Stanley Capital Services, Inc. Expires, July 2015	USD	6,300,000		(885,362	)
Receive a fixed rate of 5.30% and pay a floating rate based on 3-month USD LIBOR Counterparty, UBS AG Expires, February 2017	USD	6,700,000		1,524,297
Pay a fixed rate of 5.64% and receive a floating rate based on 3-month USD LIBOR Counterparty, Citibank, N.A. Expires, July 2017	USD	1,000,000		(236,375	)
Receive a fixed rate of 4.47% and pay a floating rate based on 3-month USD LIBOR Counterparty, Morgan Stanley Capital Services, Inc. Expires, May 2018	USD	2,900,000		479,700
Receive a fixed rate of 4.36% and pay a floating rate based on 3-month USD LIBOR Counterparty, JPMorgan Chase Bank, National Association Expires, May 2018	USD	500,000		77,856
Pay a fixed rate of 5.46% and receive a floating rate based on 3-month USD LIBOR Counterparty, JPMorgan Chase Bank, National Association Expires, August 2018	USD	1,700,000		(453,127	)
Pay a fixed rate of 4.40% and receive a floating rate based on 3-month USD LIBOR Counterparty, Bank of America, N.A. Expires, November 2018	USD	1,400,000		228,859

22 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments (continued)

		Notional Amount	Unrealized Appreciation (Depreciation)
Pay a fixed rate of 4.10% and receive a floating rate based on 3-month USD LIBOR Counterparty, Barclays Bank, PLC Expires, November 2018	USD	1,200,000	$	(164,319	)
Pay a fixed rate of 4.20% and receive a floating rate based on 3-month USD LIBOR Counterparty, UBS AG Expires, November 2018	USD	4,000,000		(531,429	)
Pay a fixed rate of 4.65% and receive a floating rate based on 3-month USD LIBOR Counterparty, UBS AG Expires, November 2018	USD	700,000		(128,197	)
Receive a fixed rate of 2.94% and pay a floating rate based on 3-month USD LIBOR Counterparty, Deutsche Bank AG Expires, December 2018	USD	1,900,000		61,879
Receive a fixed rate of 2.98% and pay a floating rate based on 3-month USD LIBOR Counterparty, Citibank, N.A. Expires, December 2018	USD	1,900,000		67,579
Receive a fixed rate of 3.03% and pay a floating rate based on 3-month USD LIBOR Counterparty, Morgan Stanley Capital Services, Inc. Expires, December 2018	USD	1,000,000		40,143
Pay a fixed rate of 2.77% and receive a floating rate based on 3-month USD LIBOR Counterparty, Deutsche Bank AG Expires, December 2018	USD	1,400,000		(25,332	)
Receive a fixed rate of 2.21% and pay a floating rate based on 3-month USD LIBOR Counterparty, Goldman Sachs Bank USA Expires, December 2018	USD	2,500,000		(78,753	)
Receive a fixed rate of 2.30% and pay a floating rate based on 3-month USD LIBOR Counterparty, Citibank, N.A. Expires, December 2018	USD	2,200,000		(52,774	)
Receive a fixed rate of 5.41% and pay a floating rate based on 3-month USD LIBOR Counterparty, JPMorgan Chase Bank, National Association Expires, August 2022	USD	1,130,000		363,763
Receive a fixed rate of 5.41% and pay a floating rate based on 3-month USD LIBOR Counterparty, Goldman Sachs Bank USA Expires, April 2027	USD	750,000		282,558
Total			$	1,522,965

• Credit default swaps on traded indexes - sold protection outstanding as of December 31, 2008 were as follows:

Issuer

Receive Fixed Rate

Counterparty

Expiration

Credit Rating1

Notional Amount (000)2

Premiums Received

Unrealized Depreciation

CMBX.-

Credit

NA.3.-

Suisse

December

AAA(u)

5.41

%

International

2049

AAA

USD

1,200

$

124,163

$

(233,487

)

(u) Security is valued in accordance with the Portfolio’s fair valuation policy.

¹ Using Standard & Poor’s weighted average ratings of the underlying securities in the index.

² The maximum potential amount the Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry subclassifications used by one or more widely recognized market indexes or ratings group indexes and/or defined by portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for 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)

BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008 23

Schedule of Investments (concluded)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities					Other Financial Instruments **
	Assets		Liabilities			Assets		Liabilities
Level 1	$	212,313,364	$	—		$	732,229	$	(320,233	)
Level 2		361,659,496		(17,147,662	)		6,624,591		(4,533,708	)
Level 3		105,625		—			—		(233,487	)
Total	$	574,078,485	$	(17,147,662	)	$	7,356,820	$	(5,087,428	)

The following table is a reconciliation of Level 3 investments for the period ended December 31, 2008:

	Investments in Securities			Other Financial Instruments **
	Assets			Liabilities
Balance, as of October 1, 2008	$	124,226		$	(818	)
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(18,601	)		(232,669	)
Net purchases (sales)		—			—
Net transfers in/out of Level 3		—			—
Balance, as of December 31, 2008	$	105,625		$	(233,487	)

** Other financial instruments are written swaptions, futures, forwards and swap contracts.

24 BLACKROCK ASSET ALLOCATION PORTFOLIO DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Agency Obligations
Federal Home Loan Bank Variable Rate Notes — 1.7%(a)
1.35%, 3/20/09	$	8,535	$	8,536,701
1.12%, 8/13/09		9,050		9,050,000
1.10%, 8/14/09		13,255		13,254,182
				30,840,883
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2%(a)
1.33%, 9/25/09		24,015		24,009,834
0.40%, 9/28/09		14,820		14,817,283
				38,827,117
Federal National Mortgage Assoc. Discount Notes — 0.9%(b)
2.00%, 5/14/09		6,850		6,799,386
1.30%, 6/22/09		9,000		8,972,968
				15,772,354
Total Agency Obligations (Cost — $85,440,354) — 4.8%				85,440,354
Certificates of Deposit
Domestic — 1.4%
Bank of America, N.A.,
2.45%, 5/19/09		5,000		5,000,000
Chase Bank USA, N.A.,
0.40%, 3/30/09		15,000		15,000,000
Citibank N.A.,
1.50%, 3/17/09		5,000		5,000,000
				25,000,000
Yankee — 26.3%(c)
Banco Bilbao Vizcaya Argentaria S.A., New York,
3.61%, 1/30/09		22,400		22,400,179
3.36%, 2/04/09		13,000		13,000,122
1.94%, 3/12/09		10,000		10,000,194
1.37%, 3/17/09		15,000		15,000,000
2.71%, 4/14/09		12,000		12,000,339
2.77%, 5/12/09		7,000		7,000,251
Banco Santander, New York,
3.70%, 2/24/09		26,000		26,000,000
2.78%, 5/12/09		5,000		5,000,000
Bank of Nova Scotia, Houston,
2.05%, 2/09/09		10,000		9,999,998
BNP Paribas, New York,
3.12%, 2/20/09		15,000		15,000,000
2.29%, 6/08/09		16,350		16,350,000
DnB NOR Bank ASA, New York,
2.05%, 2/05/09		8,000		8,000,000
2.32%, 3/09/09		10,000		10,009,627
1.40%, 3/23/09		10,000		10,001,121
Intesa San Paolo SpA, New York,
1.85%, 3/10/09		5,450		5,450,000
1.45%, 3/11/09		7,000		7,000,000
Lloyds TSB Bank Plc, New York,
1.85%, 1/20/09		15,000		15,000,000
2.08%, 3/05/09		11,000		11,000,000
Mizuho Corporate Bank, New York,
2.00%, 2/12/09		5,550		5,550,000
1.50%, 2/17/09		11,500		11,500,000
Nordea Bank Finland Plc, New York,
3.41%, 2/24/09		30,000		30,000,000
Rabobank Nederland N.V., New York,
3.01%, 2/19/09		8,500		8,500,000
Royal Bank of Scotland Plc, New York,
3.14%, 3/09/09		18,190		18,190,000
1.40%, 3/30/09		14,000		14,000,000
1.35%, 3/31/09		10,000		10,000,000
San Paolo IMI SpA, New York,
3.24%, 3/03/09		12,000		12,000,000
1.21%, 3/18/09		10,000		10,000,211
2.85%, 5/12/09		14,000		14,000,000
Societe Generale, New York,
2.65%, 2/05/09		22,000		22,000,000
2.25%, 2/13/09		15,000		15,000,000
1.50%, 3/11/09		3,400		3,400,000
Svenska Handelsbanken, New York,
2.96%, 2/03/09		14,000		14,000,127
Toronto Dominion Bank, New York,
3.03%, 2/11/09		3,600		3,600,000
3.01%, 2/13/09		5,000		5,000,000
2.50%, 6/09/09		6,150		6,150,000
2.42%, 6/11/09		10,050		10,050,000
UBS AG, Stamford,
1.70%, 3/18/09		40,000		40,000,000
Total Certificates of Deposit (Cost — $496,152,169) — 27.7%				496,152,169

Portfolios Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the list on the right.	AMBAC	American Municipal Bond Assurance Corp.	MB	Municipal Bond
	AMT	Alternative Minimum Tax (subject to)	MBIA	Municipal Bond Insurance Association
	BAN	Bond Anticipation Note	MERLOTS	Municipal Exempt Receipt-Liquidity Optional Tender
	COP	Certificate of Participation	PCRB	Pollution Control Revenue Bond
	DN	Demand Note	PUTTERS	Putable Tax-Exempt Receipt
	FGIC	Financial Guaranty Insurance Co.	RAN	Revenue Anticipation Note
	FSA	Financial Security Assurance	RB	Revenue Bond
	GAN	Grant Anticipation Note	ROC	Reset Option Certificate
	GO	General Obligation	SBPA	Stand-by Bond Purchase Agreement
	HFA	Housing Finance Authority	SPEARS	Short Puttable Exempt Adjustable Receipts
	IDA	Industrial Development Authority	TAN	Tax Anticipation Note
	IDRB	Industrial Development Revenue Bond	TECP	Tax-Exempt Commercial Paper
	ISD	Independent School District	TOB	Tender Option Bond
	LOC	Letter of Credit	TRAN	Tax & Revenue Anticipation Note

DECEMBER 31, 2008 1

Schedule of Investments (continued)	Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Commercial Paper(b)
Asset Backed Securities — 49.7%
Amstel Funding Corp.,
1.50%, 1/12/09	$	10,000	$	9,995,417
1.40%, 1/21/09		10,000		9,992,222
0.50%, 1/23/09		11,353		11,349,531
2.45%, 1/23/09		8,650		8,637,049
Amsterdam Funding Corp.,
2.05%, 1/12/09		5,000		4,996,868
Apreco LLC,
2.15%, 1/29/09		3,000		2,994,983
3.15%, 1/30/09		10,000		9,974,625
Atlantis One Funding Corp.,
3.00%, 1/30/09		30,000		29,927,500
2.05%, 2/05/09		10,000		9,980,069
1.95%, 2/06/09		10,000		9,980,500
0.70%, 3/16/09		15,000		14,978,417
Barton Capital Corp.,
1.80%, 2/05/09		8,000		7,986,000
1.75%, 2/09/09		1,750		1,746,682
1.52%, 2/20/09		27,000		26,943,000
Bryant Park Funding LLC,
2.55%, 1/26/09		30,000		29,946,875
1.75%, 2/05/09		5,208		5,199,139
1.65%, 2/23/09		12,304		12,274,112
CAFCO LLC,
4.30%, 1/07/09		10,000		9,992,833
0.87%, 3/09/09		5,000		4,991,904
Cancara Asset Securitisation LLC,
2.00%, 1/07/09		24,403		24,394,866
Charta LLC,
3.55%, 2/20/09		15,000		14,926,042
3.12%, 3/17/09		30,000		29,805,000
Clipper Receivables Co. LLC,
0.55%, 1/02/09		16,725		16,724,745
1.25%, 1/12/09		13,800		13,794,729
CRC Funding LLC,
1.70%, 2/09/09		34,000		33,937,383
3.25%, 2/13/09		40,000		39,844,722
Dakota Notes Program,
2.23%, 2/06/09		3,050		3,043,199
Enterprise Funding LLC,
3.00%, 2/13/09		21,873		21,844,663
Erasmus Capital Corp.,
2.60%, 1/08/09		10,000		9,994,944
1.50%, 1/12/09		5,000		4,997,708
2.25%, 1/23/09		29,000		28,960,125
2.00%, 2/10/09		5,000		4,988,889
Fairway Finance Co. LLC,
0.75%, 1/12/09		6,000		5,998,625
2.37%, 1/16/09		1,250		1,248,766
1.69%, 2/10/09		31,000		30,941,789
1.65%, 2/12/09		8,500		8,483,638
Falcon Asset Securitization Co. LLC,
1.50%, 2/17/09		3,000		2,994,125
Galleon Capital LLC,
0.55%, 1/02/09		25,000		24,999,618
Govco LLC,
4.20%, 1/14/09		18,000		17,972,700
2.95%, 1/27/09		5,000		4,989,347
0.40%, 3/25/09		20,000		19,981,556
Kitty Hawk Funding Corp.,
0.60%, 2/06/09		15,000		14,991,000
Liberty Street Funding LLC,
2.80%, 2/02/09		20,000		19,950,222
0.90%, 3/20/09		6,000		5,988,300
0.62%, 3/23/09		40,000		39,944,200
Nieuw Amsterdam Receivables Corp.,
3.10%, 2/03/09		40,000		39,886,333
3.05%, 2/26/09		8,000		7,962,045
2.60%, 3/11/09		5,000		4,975,083
Old Line Funding LLC,
4.50%, 1/09/09		20,000		19,980,000
Ranger Funding Co. LLC,
1.45%, 2/23/09		20,000		19,957,306
Regency Markets No. 1 LLC,
4.80%, 1/15/09		40,000		39,925,333
4.10%, 1/20/09		15,000		14,967,542
Tempo Finance Corp.,
2.50%, 1/23/09		21,000		20,967,917
Thunder Bay Funding LLC,
0.50%, 1/23/09		5,000		4,998,472
0.92%, 3/03/09		35,293		35,237,982
Victory Receivables Corp.,
0.50%, 3/18/09		6,000		5,993,667
Yorktown Capital LLC,
1.50%, 2/18/09		8,000		7,984,000
				890,464,307
Banks — 7.4%
Bank of America Corp.,
2.96%, 3/12/09		17,000		16,902,156
BNP Paribas Finance Inc.,
1.32%, 3/19/09		2,000		1,994,353
Citigroup Funding, Inc.,
2.05%, 2/19/09		5,000		4,986,049
Danske Corp.,
0.60%, 2/17/09		17,000		16,986,683
1.75%, 3/16/09		30,000		29,892,083
DnB NOR Bank ASA,
3.19%, 1/06/09		12,000		11,994,683
Nordea North America, Inc.,
3.00%, 1/12/09		5,000		4,995,417
San Paolo IMI U.S. Financial Co.,
3.35%, 1/30/09		10,000		9,973,014
Societe Generale N.A., Inc.,
2.47%, 2/05/09		2,000		1,995,197
1.43%, 3/16/09		7,000		6,979,424
UBS Finance Delaware LLC,
1.59%, 1/23/09		15,000		14,985,425
1.13%, 1/30/09		10,000		9,990,897
				131,675,381
Total Commercial Paper (Cost — $1,022,139,688) — 57.1%				1,022,139,688
Master Notes
Security Brokers & Dealers — 1.7%
Bank of America Securities LLC,
0.34%, 1/02/09(d)
(Cost — $30,250,000) — 1.7%		30,250		30,250,000

2 DECEMBER 31, 2008

Schedule of Investments (concluded)	Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Variable Rate Obligations
Banks — 4.1%
Bank of Montreal, Chicago,
2.39%, 10/05/09(a)	$	14,550	$	14,550,000
Deutsche Bank AG, New York,
1.74%, 1/21/09(a)		12,265		12,265,000
HSBC (USA), Inc.,
5.22%, 10/15/09(a)		2,580		2,580,000
ING Bank N.V.,
2.47%, 8/24/09(a)		7,700		7,700,000
Lloyds TSB Group Plc,
2.81%, 8/07/09(a)		10,850		10,850,000
Nordea Bank AB,
3.89%, 10/23/09(a)		10,250		10,250,000
U.S. Bank N.A.,
2.25%, 8/24/09(a)		2,950		2,924,003
Wachovia Bank, N.A.,
4.61%, 8/04/09(a)		9,300		9,300,000
Wells Fargo & Co.,
1.67%, 9/23/09(a)		3,050		3,024,371
				73,443,374
Life Insurance — 3.6%
ING USA Global Funding Trust IV,
2.03%, 9/18/09(a)		4,070		4,070,000
Transamerica Life Insurance Co.,
2.59%, 10/02/09(a)(e)		60,000		60,000,000
				64,070,000
Municipal Bonds — 1.5%
Park Street Properties I LLC Series 2004 DN (U.S. Bank N.A. LOC),
1.69%, 1/07/09(d)		425		425,000
Park Village Assisted Living LLC (Bank One N.A. LOC),
2.47%, 1/02/09(d)		6,495		6,495,000
Savannah College Georgia RB (Art & Design Project) Series 2004 DN (Bank of America N.A. LOC),
1.25%, 1/02/09(d)		6,300		6,300,000
South Central Texas IDRB (Rohr Industries Project) Series 1990 DN (Bank One N.A. LOC),
1.80%, 1/07/09(d)		14,800		14,800,000
				28,020,000
Total Variable Rate Obligations (Cost — $165,533,374) — 9.2%				165,533,374
Total Investments (Cost — $1,799,515,585*) — 100.5%				1,799,515,585
Liabilities in Excess of Other Assets — (0.5)%				(9,153,442	)
Net Assets — 100.0%			$	1,790,362,143

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and the date shown is the final maturity date.

(b) Rate shown reflects the discount rate at the time of purchase.

(c) Issuer is a U.S. branch of a foreign domiciled bank.

(d) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(e) Restricted security as to resale. As of report date, the Portfolio held 3.4% of its net assets, with a current market value of $60,000,000 and an original cost of $60,000,000 in these securities.

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. These industry classifications are unaudited.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		1,799,515,585
Level 3		—
Total	$	1,799,515,585

DECEMBER 31, 2008 3

Schedule of Investments December 31, 2008 (Unaudited)	U.S. Treasury Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
U.S. Treasury Obligations
U.S. Treasury Bills — 39.7%(a)
0.54%, 1/02/09	$	5,000	$	4,999,925
0.70%, 1/02/09		50,000		49,999,028
0.45%, 1/22/09		50,000		49,986,875
0.53%, 1/29/09		25,000		24,989,694
0.65%, 1/29/09		50,000		49,974,722
0.66%, 1/29/09		25,000		24,987,215
0.05%, 4/02/09		20,000		19,997,500
1.03%, 4/09/09		33,000		32,907,472
1.04%, 4/09/09		25,000		24,928,882
1.05%, 4/09/09		10,000		9,971,376
0.30%, 6/11/09		1,850		1,847,518
				294,590,207
U.S. Treasury Notes — 1.2%
4.88%, 5/15/09		8,350		8,494,125
Total U.S. Treasury Obligations (Cost — $303,084,332) — 40.9%				303,084,332
Repurchase Agreements
Barclays Capital, Inc.,
0.02%, 1/02/09		50,000		50,000,000
(Agreement dated 12/31/08 to be repurchased at $50,000,056, collateralized by U.S. Treasury Strips due 11/15/13.)
Credit Suisse Securities (USA) LLC,
2.05%, 1/05/09		25,000		25,000,000
(Agreement dated 8/08/08 to be repurchased at $25,213,542, collateralized by U.S. Treasury Inflation Indexed Securities 2.5% due 7/15/16.)
Credit Suisse Securities (USA) LLC,
0.55%, 1/15/09		50,000		50,000,000
(Agreement dated 11/03/08 to be repurchased at $50,055,764, collateralized by U.S. Treasury Inflation Indexed Securities 2.5% due 7/15/16.)
Deutsche Bank Securities Inc.,
0.02%, 1/02/09		79,805		79,805,000
(Agreement dated 12/31/08 to be repurchased at $79,805,089, collateralized by U.S. Treasury Strips, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Strips Principals 0.00% to 6.88% due from 1/15/10 to 8/15/34.)
Deutsche Bank Securities Inc.,
1.00%, 1/05/09		50,000		50,000,000
(Agreement dated 10/07/08 to be repurchased at $50,125,000, collateralized by U.S. Treasury Strips, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Strips Principals 0.00% to 6.88% due from 1/15/10 to 8/15/34.)
Deutsche Bank Securities Inc.,
0.84%, 1/08/09		25,000		25,000,000
(Agreement dated 10/30/08 to be repurchased at $25,040,833, collateralized by U.S. Treasury Strips, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Strips Principals 0.00% to 6.88% due from 1/15/10 to 8/15/34.)
Deutsche Bank Securities Inc.,
0.55%, 1/15/09		20,000		20,000,000
(Agreement dated 11/12/08 to be repurchased at $20,019,556, collateralized by U.S. Treasury Strips, U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Strips Principals 0.00% to 6.88% due from 1/15/10 to 8/15/34.)
Greenwich Capital Markets, Inc.,
0.20%, 1/06/09		50,000		50,000,000
(Agreement dated 12/03/08 to be repurchased at $50,009,444, collateralized by U.S. Treasury Bonds 7.63% due 2/15/25.)
Greenwich Capital Markets, Inc.,
2.04%, 2/02/09		25,000		25,000,000
(Agreement dated 9/09/08 to be repurchased at $25,206,833, collateralized by U.S. Treasury Bonds 7.63% due 2/15/25.)
HSBC Securities (USA) Inc.,
0.02%, 1/02/09		50,000		50,000,000
(Agreement dated 12/31/08 to be repurchased at $50,000,056, collateralized by U.S. Treasury Strips due from 5/15/21 to 5/15/27.)
JPMorgan Securities Inc.,
0.01%, 1/02/09		30,000		30,000,000
(Agreement dated 12/31/08 to be repurchased at $30,000,017, collateralized by U.S. Treasury Notes 4.25% due 8/15/15.)
Total Repurchase Agreements (Cost — $454,805,000) — 61.3%				454,805,000
Total Investments (Cost — $757,889,332*) — 102.2%				757,889,332
Liabilities in Excess of Other Assets — (2.2)%				(16,003,865	)
Net Assets — 100.0%			$	741,885,467

* Cost for federal income tax purposes.

(a) Rate shown reflects the discount rate at the time of purchase.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		757,889,332
Level 3		—
Total	$	757,889,332

4 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Alabama — 1.0%
Geneva County Health Care Authority RB Series 2001 DN (Southtrust Bank N.A. LOC),
2.10%, 1/07/09(a)	$	2,833	$	2,833,000
Arkansas — 0.6%
Little Rock Residential Housing & Public Facilities Board Capital Improvement RB (Park Systems Project) Series 2001 DN (Bank of America N.A. LOC),
1.35%, 1/07/09(a)		1,840		1,840,000
California — 0.2%
California GO Series 2008A RAN,
5.50%, 5/20/09		680		684,432
Colorado — 12.1%
Colorado Educational & Cultural Facilities Authority RB (Parker & Denver High Schools Project) Series 2006 DN (Bank of America N.A. LOC),
1.43%, 1/02/09(a)		12,450		12,450,000
Colorado HFA RB Series 2003B-3 AMT DN (Federal Home Loan Bank SBPA),
1.10%, 1/07/09(a)		5,000		5,000,000
Colorado HFA Single Family Mortgage RB Series 2008A-3 AMT DN (Dexia Credit Local SBPA),
2.45%, 1/07/09(a)		8,500		8,500,000
Southglenn Metropolitan District RB Series 2007 DN (BNP Paribas LOC),
1.25%, 1/07/09(a)		1,500		1,500,000
University of Colorado Hospital Authority RB Series 2006 ROCS-RR-II-R-573CE DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility),
1.40%, 1/07/09(a)(b)		8,000		8,000,000
				35,450,000
District of Columbia — 3.9%
District of Columbia GO Series 2002D DN (Dexia Credit Local LOC),
1.85%, 1/07/09(a)		11,500		11,500,000
Florida — 11.6%
Brevard County Health Facilities Authority RB (Health First, Inc. Project) Series 2003 DN (SunTrust Bank LOC),
1.10%, 1/02/09(a)		1,800		1,800,000
Florida Housing Finance Corp. Multi-Family Mortgage RB Series 2006 ROCS-RR-II-R-600CE AMT DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility),
1.48%, 1/07/09(a)(b)		45		45,000
Florida Housing Finance Corp. RB (Boynton Bay Apartments Project) Series 2007 AMT DN (Citibank N.A. LOC),
1.45%, 1/07/09(a)		7,690		7,690,000
Florida Hurricane Catastrophe Fund RB Series 2008 ROCS-RR-II-R-11549 DN (Citibank N.A. Liquidity Facility),
1.35%, 1/07/09(a)(b)		2,400		2,400,000
Gainesville Utilities System RB Series 2008B DN (Bank of New York SBPA),
0.80%, 1/07/09(a)		2,300		2,300,000
Highlands County Health Facilities Authority RB (Adventist Health Systems Project) Series 2007A-2 DN (Adventist Health Guaranty),
1.20%, 1/07/09(a)		2,300		2,300,000
Jacksonville Health Facilities Authority Hospital RB (Baptist Medical Center Project) Series 2007 DN (Bank of America N.A. LOC),
1.05%, 1/02/09(a)		5,000		5,000,000
Jacksonville Transportation RB Series 2008A DN (JPMorgan Chase Bank SBPA),
1.05%, 1/07/09(a)		7,000		7,000,000
Palm Beach County RB (Morse Obligation Group Project) Series 2003 DN (TD Commerce Bank LOC),
1.10%, 1/07/09(a)		1,000		1,000,000
Pasco County School Board COP Series 2008C DN (Bank of America N.A. LOC),
1.20%, 1/07/09(a)		2,200		2,200,000
Wauchula IDRB (Hardee County Center Project) Series 1993 DN (JPMorgan Chase Bank LOC),
1.15%, 1/07/09(a)		2,275		2,275,000
				34,010,000
Georgia — 4.8%
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 1992-1ST DN,
1.00%, 1/02/09(a)		855		855,000
Metropolitan Atlanta Rapid Transit Autority Sales Tax RB Series 2000A DN (Bayerische Landesbank Girozentrale LOC, WestLB AG LOC),
1.00%, 1/07/09(a)		11,830		11,830,000
Monroe County Development Authority RB (Georgia Power Co. Plant Scherer Project) Series 2008 MB,
1.95%, 12/10/09		1,500		1,500,000
				14,185,000
Illinois — 0.8%
Illinois Development Finance Authority PCRB (Amoco Oil Co. Project) Series 1994 DN,
1.10%, 1/02/09(a)		700		700,000
Quad Cities Regional Economic Development Authority RB (Whitey’s Ice Cream Manufacturing Project) Series 1995 AMT DN (Bank One N.A. LOC),
3.80%, 1/07/09(a)		240		240,000
Rockford County RB (Fairhaven Christian Center Project) Series 2000 DN (JPMorgan Chase Bank LOC),
1.30%, 1/07/09(a)		1,100		1,100,000
Roselle Village IDRB (Abrasive-Form, Inc. Project) Series 1995 AMT DN (Lasalle Bank N.A. LOC),
1.55%, 1/07/09(a)(c)		300		300,000
				2,340,000
Indiana — 2.1%
Elkhart County Industrial Hospital Authority RB (Oaklawn Center Project) Series 2006 DN (Charter One Bank FSB LOC),
1.23%, 1/07/09(a)		3,225		3,225,000
Indiana Bond Bank RB (Mid-Year Funding Program Notes Project) Series 2008A RAN (Bank of New York LOC),
3.00%, 5/28/09		3,000		3,013,921
				6,238,921

DECEMBER 31, 2008 5

Schedule of Investments (continued)	Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Iowa — 0.3%
Urbandale IDRB (Meredith Drive Assoc. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC),
0.94%, 1/07/09(a)	$	1,000	$	1,000,000
Louisiana — 0.7%
Lake Charles Harbor & Terminal District RB (Lake Charles Cogeneration Project) Series 2008 MB (Rabobank N.A. GIC),
2.25%, 3/15/09		2,000		2,000,000
Maryland — 2.4%
Baltimore County RB (Odyssey School Facility Project) Series 2001 DN (M&T Bank Corp. LOC),
1.25%, 1/07/09(a)		95		95,000
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 DN (Allfirst Bank LOC),
1.25%, 1/07/09(a)		1,410		1,410,000
Maryland Community Development Administration Department of Housing & Community Development RB (Residential Project) Series 2003C AMT DN (State Street Bank & Trust Co. SBPA),
1.23%, 1/07/09(a)		4,200		4,200,000
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999B DN (Allfirst Bank LOC),
1.25%, 1/07/09(a)		1,200		1,200,000
				6,905,000
Massachusetts — 0.7%
Massachusetts GO Series 2008B RAN,
4.00%, 4/30/09		1,000		1,005,794
Massachusetts GO Series 2008C RAN,
4.00%, 5/29/09		1,000		1,007,198
				2,012,992
Michigan — 3.7%
Macomb County Economic Development Corp. RB (AIM Plastics, Inc. Project) Series 2007 AMT DN (Comerica Bank LOC),
1.40%, 1/02/09(a)		3,295		3,295,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2008B-1 DN,
0.60%, 1/07/09(a)		900		900,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2008B-3 DN,
0.60%, 1/07/09(a)		1,600		1,600,000
Michigan Housing Development Authority Multi-Family Housing RB (Berrien Woods III Project) Series 2000A AMT DN (Citibank N.A. LOC),
0.88%, 1/07/09(a)		300		300,000
Michigan Municipal Bond Authority GO Series 2008A-1 RAN,
3.00%, 8/20/09		2,500		2,521,328
Michigan Strategic Fund Ltd. Obligation RB (Continental Carbonic Products, Inc. Project) Series 2007 AMT DN (JPMorgan Chase Bank LOC),
1.15%, 1/02/09(a)		1,000		1,000,000
University of Michigan RB Series 2005B DN,
0.80%, 1/07/09(a)		1,100		1,100,000
				10,716,328
Missouri — 0.6%
Taney County IDRB (Keeter Heights Project) Series 2006 AMT DN (U.S. Bank N.A. LOC),
1.18%, 1/07/09(a)		1,745		1,745,000
Nevada — 1.0%
Clark County Airport System Junior Subordinate Lien GO Series 2008 AMT RAN,
3.00%, 7/01/09		3,000		3,015,380
New Hampshire — 3.4%
New Hampshire Business Finance Authority RB (Littleton Regional Hospital Project) Series 2007 DN (TD Banknorth N.A. LOC),
1.36%, 1/02/09(a)		10,000		10,000,000
New Jersey — 1.7%
Livingston Township GO Series 2008 BAN,
2.50%, 5/21/09		5,000		5,016,273
New York — 7.4%
Ardsley Union Free School District GO Series 2008 TAN,
2.75%, 6/26/09		305		306,085
Beacon School District GO Series 2008 BAN,
2.50%, 6/30/09		1,800		1,806,208
Carmel Central School District GO Series 2008 RAN,
3.00%, 6/30/09		365		367,139
Clarence Central School District GO Series 2008A BAN (State Aid Withholding Insurance),
2.50%, 7/23/09		1,000		1,003,051
Livonia Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.50%, 6/25/09		215		215,312
Middletown GO Series 2008 BAN,
2.75%, 4/10/09		425		427,846
Monticello Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.50%, 7/24/09		525		526,755
New York City GO Series 2005E-3 DN (Bank of America N.A. LOC),
1.69%, 1/07/09(a)		1,400		1,400,000
New York City GO Series 2008L-3 DN (Bank of America N.A. SBPA),
0.95%, 1/02/09(a)		8,300		8,300,000
New York City Trust For Cultural Resources RB (The Museum of Modern Art Project) Series 2008-1A MB,
4.00%, 8/01/09(a)		445		450,723
New York Housing Finance Agency RB (Worth Street Housing Project) Series 2002 AMT DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility),
0.70%, 1/07/09(a)		1,100		1,100,000
Northeastern Clinton Central School District GO Series 2008 BAN,
2.50%, 6/30/09		375		375,560
Plainview Old Bethpage Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.75%, 7/30/09		650		653,125
Rockland County IDRB (Northern River Assisted Living Project) Series 1999 DN (M&T Bank Corp. LOC),
1.35%, 1/07/09(a)		1,065		1,065,000

6 DECEMBER 31, 2008

Schedule of Investments (continued)	Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New York (concluded)
Rocky Point Union Free School District GO Series 2008 BAN,
2.75%, 6/30/09	$	465	$	467,388
Rocky Point Union Free School District GO Series 2008 TAN,
2.75%, 6/25/09		230		231,149
Schenectady School District GO Series 2008 BAN,
2.75%, 7/10/09		480		482,109
South Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.75%, 6/19/09		520		522,174
South Glens Falls Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.75%, 6/19/09		315		316,273
South Glens Falls Central School District GO Series 2008 RAN (State Aid Withholding Insurance),
2.75%, 6/19/09		350		351,382
Thousand Islands Central School District GO Series 2008 BAN,
3.00%, 6/30/09		640		642,314
West Babylon Union Free School District GO Series 2008 BAN,
2.75%, 7/30/09		465		467,124
Williamsville Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.75%, 6/25/09		275		275,851
				21,752,568
North Carolina — 6.8%
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		1,550		1,550,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		3,045		3,045,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1991B DN,
0.80%, 1/07/09(a)		3,000		3,000,000
North Carolina Medical Care Commission Health Care Facilities RB Series 2007 ROCS-RR-II-R-10313 DN (Citigroup Financial Products Liquidity Facility),
1.42%, 1/07/09(a)(b)		4,300		4,300,000
North Carolina Ports Authority RB Series 2008 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		3,500		3,500,000
North Carolina State University Raleigh RB Series 2003B DN (Bayerische Landesbank Girozentrale LOC),
1.05%, 1/07/09(a)		4,500		4,500,000
				19,895,000
Ohio — 6.8%
American Municipal Power, Inc. GO (Bowling Green Project) Series 2008 BAN,
3.00%, 11/24/09		500		501,770
Avon GO (Various Purposes Project) Series 2008 BAN,
2.35%, 5/14/09		100		100,127
Cuyahoga County GO Series 2008 BAN,
2.50%, 12/23/09		3,000		3,041,959
Deerfield GO Series 2008 BAN,
2.15%, 11/17/09		1,300		1,300,000
Dublin School District GO (School Construction Project) Series 2008 BAN,
2.00%, 5/28/09		2,700		2,709,803
Mayfield Heights GO Series 2008 BAN,
2.50%, 8/20/09		2,400		2,410,435
Napoleon GO Series 2008 BAN,
2.55%, 7/22/09		1,800		1,805,364
Ohio Housing Finance Agency Residential Mortgage RB Series 2008 ROCS-RR-II-R-11575 DN (Governemnt National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, Federal Home Loan Mortgage Corp. Insurance, Citibank N.A. Liquidity Facility),
1.20%, 1/07/09(a)(b)		3,445		3,445,000
Summit County Civic Facility RB (Akron Area Electric Junction Project) Series 2001 DN (KeyBank N.A. LOC),
2.45%, 1/07/09(a)		1,145		1,145,000
Tallmadge GO Series 2008 BAN,
2.50%, 6/04/09		1,300		1,302,634
Vermilion GO Series 2008 BAN,
2.50%, 7/23/09		1,000		1,003,294
Wapakoneta School District GO (School Improvement Project) Series 2008 BAN,
2.50%, 5/27/09		1,200		1,202,257
				19,967,643
Oklahoma — 0.3%
Oklahoma Development Finance Authority GO (ConocoPhillips Co. Project) Series 2003 AMT DN,
0.93%, 1/07/09(a)		1,000		1,000,000
Oregon — 1.4%
Clackamas County Hospital Facility Authority RB (Legacy Health System Project) Series 2008A DN (U.S. Bank N.A. LOC),
0.68%, 1/07/09(a)		4,000		4,000,000
Pennsylvania — 9.7%
Delaware County IDRB (Scott Paper Co. Project) Series 1984A DN,
1.25%, 1/07/09(a)		2,500		2,500,000
Delaware River Joint Toll Bridge Commission RB Series 2007B-2 DN (Dexia Credit Local LOC),
2.50%, 1/07/09(a)		5,000		5,000,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008A DN (Wachovia Bank N.A. LOC),
0.90%, 1/02/09(a)		1,175		1,175,000
Lehigh County General Purpose Authority RB (Lehigh Valley Health Network Project) Series 2008C DN (Bank of America N.A. LOC),
1.10%, 1/02/09(a)		7,500		7,500,000
Pennsylvania Economic Development Financing Authority RB Series 2008 DN (TD Commerce Bank LOC),
1.36%, 1/02/09(a)		6,950		6,950,000

DECEMBER 31, 2008 7

Schedule of Investments (concluded)	Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania (concluded)
Philadelphia Authority IDRB (Gift of Life Donor Program Project) Series 2003 DN (TD Commerce Bank LOC),
1.28%, 1/07/09(a)	$	955	$	955,000
Philadelphia GO Series 2008A TRAN,
3.50%, 6/30/09		4,000		4,029,364
Upper Merion General Authority Lease RB Series 2003 DN (TD Commerce Bank LOC),
1.28%, 1/07/09(a)		440		440,000
				28,549,364
Rhode Island — 0.7%
Rhode Island & Providence Plantations GO Series 2008 TAN,
3.50%, 6/30/09		2,000		2,012,704
South Carolina — 0.5%
Greenwood County Exempt Facility IDRB (FUJIFILM Photo Project) Series 2004 AMT DN (FUJIFILM Corp. Guaranty),
1.40%, 1/07/09(a)		1,500		1,500,000
Tennessee — 3.5%
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 DN (Bank of America N.A. LOC),
1.20%, 1/07/09(a)		1,300		1,300,000
Municipal Energy Acquistion Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 DN (JPMorgan Chase & Co. Liquidity Facility),
1.28%, 1/07/09(a)(b)		5,425		5,425,000
Tennergy Corp. Gas RB BNP Paribas STARS Certificates Trust Series 2006-001 DN (BNP Paribas Liquidity Facility),
1.28%, 1/07/09(a)(b)		1,755		1,755,000
Tennergy Corp. Gas RB PUTTERS Series 2006-1258Q DN (JPMorgan Chase & Co. Liquidity Facility),
1.28%, 1/07/09(a)(b)		1,755		1,755,000
				10,235,000
Texas — 6.4%
Harris County Cultural Education Facilities Finance Corp. RB (Young Men’s Christian Assoc. of the Greater Houston Area Project) Series 2008C DN (Bank of America N.A. LOC),
1.15%, 1/07/09(a)		1,500		1,500,000
Houston ISD GO (Schoolhouse Project) Series 2004 MB (PSF-GTD Insurance, Bank of America N.A. SBPA),
1.85%, 6/15/09(a)		3,000		3,000,000
Houston Water & Sewer System RB Municipal Trust Receipts Floaters Series 2007-2043 DN (Branch Banking & Trust Co. Liquidity Facility),
1.13%, 1/07/09(a)(b)		1,325		1,325,000
North East ISD GO Series 2000 SG-143 DN (PSF-GTD Insurance, Societe Generale Group Liquidity Facility),
1.25%, 1/07/09(a)(b)		5,000		5,000,000
Red River Education Finance RB (Texas Christian University Project) Series 2000 DN,
0.80%, 1/07/09(a)		1,300		1,300,000
Texas GO Series 2008 TRAN,
3.00%, 8/28/09		4,500		4,540,132
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROCS-RR-II-R-10014 DN (Dexia Credit Local Liquidity Facility),
1.42%, 1/07/09(a)(b)		2,100		2,100,000
				18,765,132
Virginia — 2.0%
Capital Beltway Funding Corp. RB (Senior Lien-I-495 Hot Lanes Project) Series 2008B AMT DN (Banco Espirito Santo LOC),
1.05%, 1/07/09(a)		2,000		2,000,000
Capital Beltway Funding Corp. RB (Senior Lien-I-495 Hot Lanes Project) Series 2008D AMT DN (Bank of Nova Scotia LOC),
1.05%, 1/07/09(a)		2,000		2,000,000
Norfolk Redevelopment & Housing Authority Multi-Family Housing RB (Residential Rental Project) Series 2003 AMT DN (SunTrust Bank LOC),
1.92%, 1/07/09(a)		1,920		1,920,000
				5,920,000
Washington — 0.8%
Washington Housing Finance Commission Non-Profit RB (Eastside Catholic School Project) Series 2007A DN (KeyBank N.A. LOC),
1.75%, 1/07/09(a)		1,000		1,000,000
Washington Housing Finance Commission Non-Profit RB (Eastside Catholic School Project) Series 2007B DN (KeyBank N.A. LOC),
1.75%, 1/07/09(a)		1,200		1,200,000
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT DN (Bank of America N.A. LOC),
1.50%, 1/07/09(a)		180		180,000
				2,380,000
Wisconsin — 1.3%
Amery IDRB (Plastech Corp. Project) Series 1997 AMT DN (U.S. Bank N.A. LOC),
1.70%, 1/07/09(a)		2,000		2,000,000
Sheboygan Falls IDRB (HTT, Inc. Project) Series 2007A AMT DN (U.S. Bank N.A. LOC),
1.17%, 1/07/09(a)		1,890		1,890,000
				3,890,000
Total Investments (Cost — $291,359,737*) — 99.2%				291,359,737
Other Assets in Excess of Liabilities — 0.8%				2,416,607
Net Assets — 100.0%			$	293,776,344

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) Restricted security as to resale. As of report date, the Portfolio held 0.1% of its net assets, with a current market value of $300,000 and an original cost of $300,000 in these securities.

8 DECEMBER 31, 2008

Schedule of Investments (concluded) Municipal Money Market Portfolio

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		291,359,737
Level 3		—
Total	$	291,359,737

DECEMBER 31, 2008 9

Schedule of Investments December 31, 2008 (Unaudited)	New Jersey Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New Jersey — 79.2%
Allamuchy Township GO Series 2008 BAN,
2.50%, 7/21/09	$	450	$	451,237
Bergen County Import Authority GO (Shared Department of Public Works Project) Series 2008 BAN (County Guaranteed Insurance),
2.50%, 4/30/09		500		501,281
Bridgewater Township GO Series 2008 BAN,
2.50%, 8/20/09		3,000		3,016,049
Butler GO Series 2008 BAN,
2.50%, 8/28/09		500		501,637
Camden County Improvement Authority RB (Harvest Village Project) Series 1999A DN (JPMorgan Chase Bank, N.A. LOC),
1.00%, 1/02/09(a)		3,300		3,300,000
Cape May County GO Series 2008 BAN,
2.50%, 7/23/09		400		401,442
Carteret GO Series 2008 BAN,
3.50%, 10/23/09		400		403,152
Clinton GO Series 2008 BAN,
3.25%, 1/23/09		300		300,081
Colts Neck Township GO Series 2008A BAN,
2.50%, 8/19/09		400		401,509
Cranberry Township GO Series 2008 BAN,
2.50%, 1/14/09		300		300,065
Cranford Township GO Series 2008 BAN,
2.25%, 2/04/09		500		500,095
Dennis Township GO Series 2008 BAN,
2.25%, 3/20/09		100		100,054
East Brunswick Township GO Series 2008 BAN,
3.50%, 1/09/09		1,805		1,805,195
East Hanover Township GO Series 2008 BAN,
2.50%, 1/15/09-8/18/09		400		400,401
Edgewater GO Series 2008 BAN,
2.50%, 8/21/09		1,000		1,005,373
Evesham Township GO Series 2008A BAN,
2.75%, 8/04/09		450		452,079
Gloucester City GO Series 2008A BAN,
2.25%, 4/28/09		400		400,516
Haddonfield GO Series 2008 BAN,
2.50%, 7/23/09		200		200,721
Hamilton Township GO Series 2008 BAN,
2.00%, 2/06/09		300		300,046
Hammonton GO Series 2008 BAN,
3.50%, 1/09/09		1,100		1,100,142
Harrison Township GO Series 2008 BAN,
2.75%, 5/19/09		1,000		1,002,703
Hazlet Township GO Series 2008 BAN,
2.50%, 7/31/09		400		401,020
Highlands GO Series 2008 BAN,
3.12%, 1/29/09		400		400,153
Hillsborough Township GO Series 2008 BAN,
2.25%, 12/11/09		300		300,998
Howell Township GO Series 2008 BAN,
3.00%, 9/15/09		1,300		1,308,156
Hudson County Improvement Authority RB (Essential Purpose Pooled Government Project) Series 1986 DN (Bank of New York LOC),
1.05%, 1/07/09(a)		6,320		6,320,000
Keyport GO Series 2008 BAN,
2.25%, 8/07/09		700		701,270
Lakewood Township GO Series 2008 BAN,
2.75%, 7/10/09		400		401,428
Lambertville GO Series 2008 BAN,
2.50%, 6/12/09		550		551,461
Lenape Regional High School District GO Series 2008 TAN,
3.50%, 12/23/09		650		653,075
Leonia GO Series 2008 BAN,
2.50%, 2/27/09		400		400,303
Linwood GO Series 2008 BAN,
3.00%, 6/23/09		100		100,301
Little Ferry GO Series 2008 BAN,
2.75%, 7/17/09		550		552,652
Long Beach Township GO Series 2008 BAN,
3.50%, 12/16/09		300		304,588
Lower Township GO Series 2008 BAN,
2.00%, 4/03/09		400		400,247
2.50%, 5/29/09		400		400,571
Manalapan Township GO Series 2008 BAN,
2.75%, 2/06/09		450		450,396
Manasquan Township GO Series 2008 BAN,
2.50%, 1/30/09		200		200,048
Margate City GO Series 2008 BAN,
3.00%, 7/15/09		800		805,036
Maywood GO Series 2008 BAN,
2.50%, 3/20/09		200		200,214
Medford Township GO Series 2008A BAN,
2.75%, 7/14/09		800		803,377
Middle Township GO Series 2008 BAN,
2.50%, 7/15/09		400		401,594
Middlesex County GO Series 2008 BAN,
2.75%, 4/06/09		700		701,087
Monmouth Beach GO Series 2008 BAN,
5.00%, 10/23/09		200		200,773
Morris Plains GO Series 2008 BAN,
2.50%, 7/24/09		100		100,329
New Jersey Economic Development Authority Multi-Mode IDRB (V&S Amboy Galvanizing LLC Project) Series 1999 AMT DN (KeyBank N.A. LOC),
2.65%, 1/07/09(a)		1,405		1,405,000
New Jersey Economic Development Authority RB (Applewood Estates Project) Series 2005 DN (TD Commerce Bank LOC),
1.05%, 1/07/09(a)		3,750		3,750,000
New Jersey Economic Development Authority RB (Cedar Crest Village, Inc. Project) Series 2006B DN (Bank of New York LOC),
0.97%, 1/07/09(a)		8,200		8,200,000
New Jersey Economic Development Authority RB (Facilities Construction Project) Series 2006R-1 DN (Bank of Nova Scotia LOC, Lloyds TSB Bank Plc LOC),
0.85%, 1/02/09(a)		270		270,000
New Jersey Economic Development Authority RB (Frisch School Project) Series 2006 DN (Princeton University Guaranty, Kredietbank N.V. LOC),
0.95%, 1/07/09(a)		1,550		1,550,000
New Jersey Economic Development Authority RB (Hamilton Industrial Development Project) Series 1998 DN (Wachovia Bank N.A. LOC),
1.38%, 1/07/09(a)		1,235		1,235,000

10 DECEMBER 31, 2008

Schedule of Investments (continued)	New Jersey Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New Jersey (continued)
New Jersey Economic Development Authority RB (J. James Realty Co. Project) Series 1998 AMT DN (Wachovia Bank N.A. LOC),
2.13%, 1/07/09(a)	$	330	$	330,000
New Jersey Economic Development Authority RB (Jacea LLC Project) Series 2004 DN (Wachovia Bank N.A. LOC),
2.13%, 1/07/09(a)		3,045		3,045,000
New Jersey Economic Development Authority RB (Jewish Family Service Project) Series 2002 DN (Wachovia Bank N.A. LOC),
2.03%, 1/07/09(a)		660		660,000
New Jersey Economic Development Authority RB (Nandan Co. Project) Series 2000 AMT DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		2,340		2,340,000
New Jersey Economic Development Authority RB (Nandan Co. Project) Series 2001 AMT DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		750		750,000
New Jersey Economic Development Authority RB (Paddock Realty LLC Project) Series 2006 AMT DN (Wells Fargo Bank N.A. LOC),
1.45%, 1/07/09(a)		1,200		1,200,000
New Jersey Economic Development Authority RB (Pennington Montessori School Project) Series 1998 DN (Wachovia Bank N.A. LOC),
2.13%, 1/07/09(a)		1,005		1,005,000
New Jersey Economic Development Authority RB (Presbyterian Homes Project) Series 2006 DN (TD Commerce Bank LOC),
1.00%, 1/07/09(a)		1,400		1,400,000
New Jersey Economic Development Authority RB (School Facilities Constructions Project) Series 2008 V-2 (Dexia Credit Local LOC),
2.50%, 1/07/09(a)		4,000		4,000,000
New Jersey Economic Development Authority RB (Stuart Country Day School Project) Series 2002 DN (Allied Irish Bank Plc LOC),
1.20%, 1/07/09(a)		1,630		1,630,000
New Jersey Economic Development Authority RB Eagle Trust Receipts Series 2008A-3 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility),
2.16%, 1/07/09(a)(b)		4,950		4,950,000
New Jersey Economic Development Authority Thermal Energy Facilities RB (Marina Energy LLC Project) Series 2001A AMT DN (Wachovia Bank N.A. LOC),
1.50%, 1/07/09(a)		1,100		1,100,000
New Jersey Economic Development Authority Thermal Energy Facilities RB (Thermal Energy LP Project) Series 1995 AMT DN (JPMorgan Chase Bank N.A. LOC),
1.00%, 1/07/09(a)		200		200,000
New Jersey Environmental Infrastructure Trust RB Series 2004-585 AMT DN (JPMorgan Chase Bank Liquidity Facility),
1.33%, 1/07/09(a)(b)		3,410		3,410,000
New Jersey GO Series 2002J MB,
5.00%, 7/15/09		300		306,347
New Jersey Health Care Facilities Financing Authority RB (AHS Hospital Corp. Project) Series 2008B DN (Bank of America N.A. LOC),
0.62%, 1/02/09(a)		5,925		5,925,000
New Jersey Health Care Facilities Financing Authority RB (Hospital Capital Asset Financing Project) Series 1985A DN (Wachovia Bank N.A. LOC),
1.05%, 1/07/09(a)		1,175		1,175,000
New Jersey Health Care Facilities Financing Authority RB (Meridian Health System Project) Series 2003B DN (Bank of America N.A.),
0.60%, 1/07/09(a)		800		800,000
New Jersey Health Care Facilities Financing Authority RB (Recovery Management Systems, Inc. Project) Series 2005 DN (TD Commerce Bank LOC),
1.08%, 1/07/09(a)		9,885		9,885,000
New Jersey Health Care Facilities Financing Authority RB (South Jersey Hospital Systems Project) Series 2004A-4 DN (Wachovia Bank N.A. LOC),
2.08%, 1/07/09(a)		700		700,000
New Jersey Health Care Facilitities Financing Authority RB Series 2008-353 DN (Bank of America N.A. LOC, Bank of America N.A. SBPA),
1.13%, 1/07/09(a)(b)		915		915,000
New Jersey Higher Education Assistance Authority RB Series 2008 ROCS-RR-II0-R-11571 AMT DN (Assured Guaranty Ltd. Insurance, Citibank N.A. Liquidity Facility),
1.65%, 1/02/09(a)(b)		500		500,000
New Jersey Higher Education Assistance Authority Student Loan RB Municipal Trust Receipts Floaters Series 2008L-36 DN (Royal Bank of Canada LOC, Royal Bank of Canada Liquidity Facility),
1.23%, 1/07/09(a)(b)		8,500		8,500,000
New Jersey Housing & Mortgage Finance Agency RB (Single Family Housing Project) Series 2008Y AMT DN (BNP Paribas SBPA),
0.85%, 1/07/09(a)		1,000		1,000,000
New Jersey Housing & Mortgage Finance Agency RB (Single Family Housing Project) Series 2008Z AMT DN (BNP Paribas SBPA),
0.75%, 1/07/09(a)		1,580		1,580,000
New Jersey Transportation Trust Fund Authority Capital Appreciation RB DB SPEARS TOB Series 2007DB-447 DN (Deutsche Bank Liquidity Facility),
1.22%, 1/07/09(a)(b)		3,750		3,750,000
New Jersey Transportation Trust Fund Authority RB PUTTERS Series 2001-241 DN (FSA Insurance, JPMorgan Chase Bank, N.A. Liquidity Facility),
1.85%, 1/07/09(a)(b)		1,540		1,540,000
New Milford GO Series 2008 BAN,
2.25%, 1/30/09		200		200,033
New Providence GO Series 2008 BAN,
2.50%, 2/20/09		100		100,093
Newton GO Series 2008 BAN,
2.50%, 6/25/09		400		401,034
Northvale GO Series 2008 BAN,
2.50%, 2/20/09		100		100,093
Nutley GO Series 2008 BAN,
4.00%, 12/18/09		200		201,866
Oakland GO Series 2008 BAN,
2.25%, 2/11/09		100		100,035
2.50%, 2/11/09		500		500,389

DECEMBER 31, 2008 11

Schedule of Investments (concluded)	New Jersey Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
New Jersey (concluded)
Park Ridge GO Series 2008 BAN,
2.00%, 2/06/09	$	200	$	200,017
Pascack Valley Regional High School District GO Series 2008 TAN,
2.00%, 2/05/09		200		200,017
Pennsauken Township GO Series 2008A BAN,
2.50%, 9/08/09		300		301,331
Phillipsburg GO Series 2008 BAN,
2.25%, 9/04/09		350		350,229
Port Authority of New York & New Jersey RB Municipal Trust Receipts Floaters Series 2002-766 DN (FSA Insurance, Morgan Stanley Liquidity Facility),
2.50%, 1/02/09(a)(b)		1,500		1,500,000
Port Authority of New York & New Jersey RB PUTTERS Series 2006-1546 DN (JPMorgan Chase Bank Liquidity Facility),
1.18%, 1/07/09(a)(b)		1,155		1,155,000
Port Authority of New York & New Jersey Special Obligation RB (Versatile Structure Obligation Project) Series 1995-3 DN (JPMorgan Chase Bank, N.A. SBPA),
0.95%, 1/02/09(a)		4,600		4,600,000
Ridgefield Park GO Series 2008 BAN,
2.75%, 4/24/09		200		200,394
Rutherford Borough GO Series 2008 BAN,
2.75%, 5/01/09		800		802,071
Salem County PCRB Series 1985 DN (GO of Authority Insurance, Bank of Nova Scotia LOC),
0.75%, 1/07/09(a)		1,000		1,000,000
Scotch Plains-Fanwood School District GO Series 2008A BAN,
2.50%, 6/11/09		200		200,432
South Plainfield GO Series 2008 BAN,
2.75%, 7/01/09		800		803,347
Sussex County GO Series 2008 BAN,
2.50%, 6/24/09		300		300,771
Tinton Falls GO Series 2008 BAN,
3.12%, 1/23/09		150		150,047
Union Township GO Series 2008 BAN,
3.50%, 1/09/09		650		650,084
2.50%, 8/07/09		700		702,293
Warren Township GO Series 2008 BAN,
2.50%, 4/23/09		400		400,940
3.00%, 4/23/09		150		150,451
Washington Township & Warren County GO Series 2008 BAN,
2.50%, 5/15/09		400		400,661
Wayne Township GO Series 2008 BAN,
2.00%, 9/18/09		600		603,427
West Long Branch GO Series 2008 BAN,
3.00%, 5/21/09		400		401,200
West Orange Township GO Series 2008 BAN,
2.50%, 4/09/09		300		300,673
West Paterson GO Series 2008 BAN,
2.75%, 7/17/09		600		602,861
Westfield GO Series 2008 BAN,
2.50%, 4/09/09		300		300,490
Westwood GO Series 2008 BAN,
2.50%, 7/24/09		300		300,987
Woodridge GO Series 2008 BAN,
2.25%, 2/20/09		2,300		2,298,145
				133,388,613
Total Investments (Cost — $133,388,613*) — 79.2%			$	133,388,613
Other Assets in Excess of Liabilities — 20.8%				35,024,395
Net Assets — 100.0%			$	168,413,008

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		133,388,613
Level 3		—
Total	$	133,388,613

12 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	North Carolina Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
North Carolina — 90.9%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1011 DN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility),
1.22%, 1/07/09(a)(b)	$	1,800	$	1,800,000
Carrboro GO Series 2008 BAN,
3.00%, 5/20/09		700		702,631
Central Nash Water & Sewer District GO Series 2008 BAN,
2.50%, 5/27/09		1,484		1,487,530
Charlotte GO Series 2007 DN (KBC Bank N.V. SBPA),
1.20%, 1/07/09(a)		2,400		2,400,000
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005C DN (Bank of America N.A. SBPA),
1.05%, 1/02/09(a)		1,300		1,300,000
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005D DN (Bank of America N.A. SBPA),
1.07%, 1/02/09(a)		2,695		2,695,000
Edgecombe County Water & Sewer District No. 5 GO Series 2008 BAN,
2.00%, 1/21/09		878		878,094
Halifax County GO Series 2008 BAN,
2.50%, 2/25/09		1,315		1,315,970
Mecklenburg County COP Series 2005 DN (Wachovia Bank N.A. SBPA),
2.00%, 1/07/09(a)		300		300,000
Mecklenburg County GO Series 2005B DN (Wachovia Bank N.A. SBPA),
2.00%, 1/07/09(a)		515		515,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		760		760,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Megellan Charter School Project) Series 2007 DN (Wachovia Bank N.A. LOC),
2.05%, 1/07/09(a)		1,300		1,300,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		150		150,000
North Carolina Capital Facilities Finance Agency RB (Aquarium Society Project) Series 2004 DN (Bank of America N.A. LOC),
1.20%, 1/07/09(a)		410		410,000
North Carolina Capital Facilities Finance Agency RB Eagle Trust Receipts Series 2006A DN (Citibank N.A. Liquidity Facility),
1.36%, 1/07/09(a)(b)		1,000		1,000,000
North Carolina Capital Facilities Finance Agency Series 2009 TECP,
0.65%, 2/02/09		1,000		1,000,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1987A DN,
0.80%, 1/07/09(a)		3,500		3,500,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1991B DN,
0.80%, 1/07/09(a)		2,600		2,600,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1992A DN,
0.80%, 1/07/09(a)		125		125,000
North Carolina GO Series 2003A MB,
5.00%, 3/01/09		1,340		1,347,365
North Carolina HFA RB (Home Ownership Project) Series 2003-17-C AMT DN (Bank of America N.A. Liquidity Facility),
1.00%, 1/07/09(a)		350		350,000
North Carolina Medical Care Commission Health Care Facilities RB (Duke University Health System Project) Series 2005A DN,
0.71%, 1/07/09(a)		1,750		1,750,000
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004A DN (JPMorgan Chase Bank, N.A. SBPA),
0.70%, 1/07/09(a)		1,000		1,000,000
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004B DN (Morgan Stanley Guaranty Trust LOC),
1.20%, 1/07/09(a)		1,000		1,000,000
North Carolina Medical Care Commission Health Care Facilities RB Series 2007 ROCS-RR-II-R-10313 DN (Citigroup Financial Products Liquidity Facility),
1.42%, 1/07/09(a)(b)		2,700		2,700,000
North Carolina Medical Care Commission Hospital RB (Duke University Hospital Project) Series 1985B DN (Wachovia Bank N.A. SBPA),
2.00%, 1/07/09(a)		250		250,000
North Carolina Medical Care Commission Hospital RB (Moses Cone Health Systems Project) Series 2001B DN (JPMorgan Chase Bank, N.A. SBPA),
1.05%, 1/07/09(a)		2,800		2,800,000
North Carolina Medical Care Commission Retirement Facilities RB (Aldersgate Project) Series 2001 DN (Branch Banking & Trust Co. LOC),
1.00%, 1/07/09(a)		3,100		3,100,000
North Carolina Medical Care Commission Retirement Facilities RB (United Church Homes & Services Project) Series 2007 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(a)		500		500,000
North Carolina State University Raleigh RB Series 2003B DN (Bayerische Landesbank Girozentrale LOC),
1.05%, 1/07/09(a)		1,100		1,100,000
Raleigh County COP (Governmental Facilities Project) Series 2008 BAN (Bank of America N.A. SBPA),
3.00%, 11/25/09		1,500		1,522,618
Raleigh County COP (Packaging Facilities Project) Series 2000A DN (Bank of America N.A. SBPA),
0.80%, 1/07/09(a)		1,000		1,000,000
Sampson County COP Eclipse Funding Trust Series 2006-0160 DN (FSA Insurance, U.S. Bank N.A. Liquidity Facility),
1.25%, 1/07/09(a)(b)		2,460		2,460,000
South Central Water & Sewer District GO Series 2008 BAN,
1.75%, 6/16/09		2,753		2,758,599

DECEMBER 31, 2008 13

Schedule of Investments (concluded)	North Carolina Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
North Carolina (concluded)
University of North Carolina Chapel Hill Hospital RB Series 2001B DN (Landesbank Hessen-Thuringen Girozentrale LOC),
1.10%, 1/02/09(a)	$	2,900	$	2,900,000
Wake County GO Series 2003B DN (Lloyds TSB Bank Plc SBPA),
1.10%, 1/07/09(a)		2,900		2,900,000
Winston-Salem Water & Sewer Systems RB Series 2002B DN (Dexia Credit Local LOC),
1.75%, 1/07/09(a)		2,000		2,000,000
Winston-Salem Water & Sewer Systems RB Series 2002C DN (Dexia Credit Local LOC),
1.50%, 1/07/09(a)		2,605		2,605,000
				58,282,807
Puerto Rico — 6.4%
Commonwealth of Puerto Rico GO Series 2007A-4 DN (FSA Insurance, Dexia Credit Local SBPA),
1.30%, 1/07/09(a)		1,100		1,100,000
Commonwealth of Puerto Rico Series 2008A-2 TRAN (BNP Paribas LOC),
3.00%, 7/30/09		3,000		3,023,149
				4,123,149
Total Investments (Cost — $62,405,956*) — 97.3%				62,405,956
Other Assets in Excess of Liabilities — 2.7%				1,709,199
Net Assets — 100.0%			$	64,115,155

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		62,405,956
Level 3		—
Total	$	62,405,956

14 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Ohio Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Ohio — 100.3%
American Municipal Power, Inc. GO (Brewster Village Project) Series 2008 BAN,
3.50%, 1/09/09	$	150	$	150,013
American Municipal Power, Inc. GO (Bryan Project) Series 2008 BAN,
2.38%, 8/13/09		1,050		1,051,114
American Municipal Power, Inc. GO (Electric System Amherst Project) Series 2008 BAN,
3.00%, 11/24/09		570		571,511
American Municipal Power, Inc. GO (Electric System-Lodi Village Project) Series 2008 BAN,
3.00%, 3/12/09		300		300,284
American Municipal Power, Inc. GO (Tipp City Project) Series 2008 BAN,
2.50%, 5/13/09		300		300,269
American Municipal Power, Inc. GO Series 2008 BAN,
2.25%, 10/29/09		1,300		1,302,662
3.75%, 10/29/09		710		711,433
3.25%, 11/12/09		1,100		1,102,332
American Municipal Power, Inc. RB (Combustion Turbine Project) Series 2006 DN (KeyBank N.A. LOC),
1.60%, 1/07/09(a)		520		520,000
American Municipal Power, Inc. RB (St. Mary’s Electric System Project) Series 2008 BAN,
4.00%, 10/01/09		400		401,464
American Municipal Power, Inc. TECP,
0.98%, 3/19/09		8,208		8,208,000
Ashland GO Series 2008 BAN,
2.50%, 1/13/09		1,000		1,000,161
Avon GO (Recreation Facility Improvement Project) Series 2008 BAN,
2.35%, 5/14/09		600		600,760
Avon Local School District GO Series 2008 BAN,
3.50%, 1/08/09		550		550,053
Avon Local School District GO Series 2009 BAN,
2.50%, 1/07/10		800		808,272
Barberton GO (Fire Station Improvement Project) Series 2008 BAN,
2.75%, 7/07/09		600		602,410
Barberton GO (Street Improvement Project) Series 2008 BAN,
2.25%, 4/08/09		350		350,365
Barberton GO Series 2008 BAN,
4.00%, 11/12/09		250		251,041
Bay Village GO (Police Station Project) Series 2008 BAN,
2.50%, 7/18/09		600		601,914
Beavercreek City School District GO (School Improvement Project) Series 2008 BAN,
2.00%, 8/18/09		200		200,997
Beavercreek GO (Special Assessment Project) Series 2008 BAN,
2.45%, 9/17/09		1,525		1,531,370
Berea GO Series 2008 BAN,
2.50%, 7/02/09		300		300,585
2.10%, 8/27/09		350		350,559
Brecksville GO Series 2008 BAN,
2.35%, 7/02/09		700		700,852
Brooklyn GO Series 2008 BAN,
3.25%, 5/14/09		200		200,605
Brooklyn IDRB (Dylon Industries, Inc. Project) Series 1999 AMT DN (KeyBank N.A. LOC),
2.65%, 1/07/09(a)		570		570,000
Brunswick GO Series 2008 BAN,
2.85%, 11/19/09		500		501,075
Buckeye Tobacco Settlement Financing Authority RB Series 2007 ROC-RR-II-R-10308 DN (Citigroup Financial Products Liquidity Facility, Citigroup Financial Products Guaranty),
1.40%, 1/07/09(a)(b)		600		600,000
Butler County GO Series 2008 BAN,
4.25%, 8/06/09		300		301,300
Butler County Technology and Career Development Schools GO (School Improvement Project) Series 2008 BAN,
2.50%, 3/19/09		1,700		1,701,803
Chillicothe GO (Garage Facility Project) Series 2008 BAN,
2.50%, 8/27/09		1,400		1,405,915
Chillicothe GO Series 2008 BAN,
2.50%, 6/08/09		300		300,648
Cincinnati School District COP Series 2007 ROCS-RR-II-R-12049 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility),
1.66%, 1/07/09(a)(b)		5,400		5,400,000
Clark County GO Series 2008 BAN,
2.50%, 2/11/09		100		100,044
Cleveland Airport System RB Series 1997D AMT DN (WestLB AG LOC),
1.50%, 1/07/09(a)		845		845,000
Columbus GO (Sanitary Sewer Project) Series 2006-1 DN,
0.80%, 1/07/09(a)		1,000		1,000,000
Columbus Regional Airport Authority RB Series 2007 DN (Deutsche Bank Guaranty),
1.25%, 1/07/09(a)(b)		3,605		3,605,000
Columbus Sewerage System RB Series 2008B DN,
0.95%, 1/07/09(a)		1,000		1,000,000
Cuyahoga County Civic Facility RB (Orion Services, Inc. Project) Series 2001 DN (Bank One N.A. LOC),
1.65%, 1/07/09(a)		2,310		2,310,000
Cuyahoga County Economic Development RB (Cleveland Botanical Garden Project) Series 2001 DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		635		635,000
Cuyahoga County Health Care Facilities RB (Franciscan Communities Project) Series 2004E DN (LaSalle Bank N.A. LOC),
1.10%, 1/07/09(a)		3,365		3,365,000
Cuyahoga County IDRB (AFI Generations LLC Project) Series 2007B AMT DN (Royal Bank of Scotland LOC),
1.35%, 1/07/09(a)		2,015		2,015,000
Cuyahoga County IDRB (All Foils, Inc. Project) Series 2007A AMT DN (Royal Bank of Scotland LOC),
1.35%, 1/07/09(a)		900		900,000
Cuyahoga County RB (Great Lakes Brewing Co. Project) Series 2007 AMT DN (Huntington National Bank LOC),
3.30%, 1/07/09(a)		2,400		2,400,000
Deerfield GO Series 2008 BAN,
2.15%, 11/17/09		1,000		1,000,000
Defiance County GO Series 2008 BAN,
2.50%, 7/23/09		300		300,883

DECEMBER 31, 2008 15

Schedule of Investments (continued)	Ohio Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Ohio (continued)
Delaware County Economic Development RB (The Columbus Zoological Park Assoc., Inc. Project) Series 2003 DN (Huntington National Bank LOC),
3.20%, 1/07/09(a)	$	1,600	$	1,600,000
Delaware County IDRB (Air Waves, Inc. Project) Series 1995 DN (KeyBank N.A. LOC),
2.20%, 1/07/09(a)		55		55,000
Erie County Hospital RB Receipts Floaters Series 2008-2801 DN (Morgan Stanley & Co Inc. Municipal Trust, Morgan Stanley Municipal Funding Liquidity Facility, Deutsche Bank Guaranty),
2.17%, 1/07/09(a)(b)		2,200		2,200,000
Fairborn GO Series 2008 BAN,
2.50%, 5/20/09		300		300,503
4.25%, 10/29/09		100		100,597
Fairfield GO (Municipal Court Police Project) Series 2008 BAN,
3.50%, 10/30/09		600		601,205
Fairfield GO (Wastewater System Improvement Project) Series 2008 BAN,
2.25%, 8/28/09		500		501,609
Franklin County Economic Development RB (Columbus Montessori Educational Center Project) Series 2000 DN (Huntington National Bank LOC),
4.97%, 1/07/09(a)		1,405		1,405,000
Franklin County Health Care Facilities RB (Heritage Day Health Centers Project) Series 2002 DN (Huntington National Bank LOC),
3.20%, 1/07/09(a)		366		366,000
Franklin County Health Care Facilities RB (Worthington Christian Project) Series 2007 DN (Huntington National Bank LOC),
3.20%, 1/07/09(a)		1,610		1,610,000
Franklin County Hospital RB (Nationwide Children’s Hospital Project) Series 2008B DN,
0.75%, 1/07/09(a)		5,100		5,100,000
Franklin County Hospital RB (Nationwide Children’s Hospital Project) Series 2008F DN (JPMorgan Chase Bank, N.A. SBPA),
1.28%, 1/02/09(a)		12,400		12,400,000
Franklin County Hospital RB (Nationwide Children’s Hospital Project) Series 2008G DN (JPMorgan Chase Bank, N.A. SBPA),
1.05%, 1/07/09(a)		4,000		4,000,000
Franklin County Senior Housing RB (St. George on the Commons Apartments Project) Series 2007 AMT DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility),
1.35%, 1/07/09(a)		915		915,000
Fulton County RB (Fulton County Health Center Project) Series 2005 DN (JPMorgan Chase Bank, N.A. LOC),
0.70%, 1/07/09(a)		775		775,000
Green GO Series 2008 BAN,
2.75%, 7/14/09		1,100		1,104,872
Greene County IDRB (AFC Stamping & Production, Inc., Barsplice Products Project) Series 1995 AMT DN (KeyBank N.A. LOC),
2.20%, 1/07/09(a)		60		60,000
Independence GO Series 2008 BAN,
2.10%, 4/30/09		1,000		1,000,958
Kent GO (Various Purposes Project) Series 2008 BAN,
3.75%, 10/15/09		400		401,368
Lakewood School District GO PUTTERS Series 2007-1960 DN (FSA Insurance, JPMorgan Chase Bank, N.A. Liquidity Facility),
1.90%, 1/07/09(a)(b)		2,120		2,120,000
Lancaster GO Series 2008 BAN,
3.50%, 10/15/09		300		301,145
Licking County GO Series 2008 BAN,
2.50%, 9/01/09		500		501,959
Lorain County Port Authority RB (St. Ignatius High School Project) Series 2008 DN (U.S. Bank N.A. LOC),
1.39%, 1/07/09(a)		620		620,000
Marion County (Menard Capital Improvement Project) Series 2008 BAN,
3.88%, 10/21/09		200		200,971
Marion County GO (Legacy Crossing Project) Series 2008 BAN,
2.25%, 4/29/09		300		300,428
Mason GO (Real Estate Project) Series 2008 BAN,
2.75%, 7/01/09		1,100		1,104,545
Mentor GO Series 2008 BAN,
2.75%, 8/06/09		200		201,109
Muskingum County GO Series 2008 BAN,
3.50%, 1/15/09		710		710,150
Nordonia Hills Local School District GO Series 2008 BAN,
2.38%, 6/23/09		100		100,531
North Olmsted GO (Capital Improvement Project) Series 2008 BAN,
2.35%, 4/02/09		550		550,267
Ohio Air Quality Development Authority RB (Dayton Power & Light Project) Series 2008 (JPMorgan Chase Bank, N.A. LOC),
0.80%, 1/07/09(a)		3,100		3,100,000
1.10%, 1/07/09(a)		4,000		4,000,000
Ohio Air Quality Development Authority RB (First Energy Project) Series 2008A (Bank of Nova Scotia LOC),
1.00%, 1/07/09(a)		3,050		3,050,000
Ohio GO (Common Schools Project) Series 2005A DN,
0.35%, 1/07/09(a)		280		280,000
Ohio GO PUTTERS Series 2002-306 DN (JPMorgan Chase Bank, N.A. Liquidity Facility),
1.20%, 1/07/09(a)(b)		720		720,000
Ohio Higher Educational Facility RB (Ashland University Project) Series 2004 DN (KeyBank N.A. LOC),
2.00%, 1/07/09(a)		10,515		10,515,000
Ohio Higher Educational Facility RB (Case Western Reserve University Project) Series 2008A DN (Allied Irish Bank Plc LOC),
0.50%, 1/07/09(a)		5,000		5,000,000
Ohio Higher Educational Facility RB (Case Western Reserve University Project) Series 2008B-1 DN (Bank of America N.A. LOC),
0.85%, 1/02/09(a)		3,150		3,150,000
Ohio Higher Educational Facility RB (Cleveland Clinic Project) Series 2008B-2 DN,
1.00%, 1/02/09(a)		4,550		4,550,000

16 DECEMBER 31, 2008

Schedule of Investments (continued)	Ohio Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Ohio (continued)
Ohio Higher Educational Facility RB (University Hospital Health System, Inc. Project) Series 2008C DN (Wells Fargo Bank N.A. LOC),
0.65%, 1/07/09(a)	$	3,700	$	3,700,000
Ohio Higher Educational Facility RB (University Hospital Health System, Inc. Project) Series 2008E DN (RBS Citizens N.A. LOC),
0.85%, 1/07/09(a)		5,000		5,000,000
Ohio Housing Finance Agency Mortgage RB (Residential Mortgage-Backed Securities Program) Series 2006F AMT DN (Citibank N.A. LOC),
0.80%, 1/07/09(a)(c)		1,400		1,400,000
Ohio Housing Finance Agency Mortgage RB (Residential Mortgage-Backed Securities Program) Series 2007B AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, KBC Bank N.V. SBPA),
0.80%, 1/07/09(a)(c)		11,250		11,250,000
Ohio Housing Finance Agency Mortgage RB MERLOTS Trust Receipts Series 2001A-78 DN (Wachovia Bank N.A. LOC),
1.40%, 1/07/09(a)(b)		1,105		1,105,000
Ohio Housing Finance Agency Mortgage RB MERLOTS Trust Receipts Series 2005A-10 AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, Bank of New York Liquidity Facility),
1.20%, 1/07/09(a)(b)		460		460,000
Ohio Housing Finance Agency Mortgage RB Various Certificates Series 2001 DN (Bank of America N.A. LOC),
1.45%, 1/07/09(a)(b)		1,090		1,090,000
Ohio Housing Finance Agency Residental Mortgage RB (Mortgage-Backed Securities Program) Series 2006I AMT DN (Citibank N.A LOC),
0.88%, 1/07/09(a)		4,600		4,600,000
Ohio Housing Finance Agency Residential Mortgage RB (Mortgage-Backed Securities Program) Series 2007J AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, KBC Bank N.V. SBPA),
1.07%, 1/07/09(a)		7,500		7,500,000
Ohio Housing Finance Agency Residential Mortgage RB (Mortgage-Backed Securities Program) Series 2008H AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, Federal Home Loan Mortgage Corp. Insurance),
0.90%, 1/07/09(a)		1,300		1,300,000
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006A AMT DN (Barclays Bank Plc LOC),
1.20%, 1/07/09(a)		125		125,000
Ohio Water Development Authority GO Series 2008 BAN,
4.00%, 10/01/09		1,200		1,214,524
Olmsted Falls School District GO Series 2008 BAN,
3.50%, 1/15/09		300		300,067
Oregon GO (Various Purposes Project) Series 2008 BAN,
2.50%, 9/09/09		350		348,840
Painesville GO (Various Purposes Project) Series 2008 BAN,
4.40%, 11/05/09		300		303,440
Painesville GO Series 2008 BAN,
2.35%, 8/13/09		700		701,684
Parma IDRB (FDC Realty Project) Series 2006 AMT DN (Huntington National Bank LOC),
3.30%, 1/07/09(a)		1,775		1,775,000
Pepper Pike GO (Sanitary Sewer Project) Series 2008 BAN,
1.95%, 6/17/09		1,000		1,000,905
Pickerington GO Series 2008 BAN,
2.25%, 2/27/09		750		750,603
Port of Greater Cincinnati RB (Springdale Public Infrastructure Project) Series 2006 MB (U.S. Bank N.A. LOC),
2.25%, 2/01/09		3,300		3,300,000
Portage County IDRB (Action Super Abrasive Project) Series 1996 AMT DN (Huntington National Bank LOC),
1.86%, 1/07/09(a)		15		15,000
Portage County IDRB (Singer Steel Co. Project) Series 2007 AMT DN (Huntington National Bank LOC),
3.30%, 1/07/09(a)		2,090		2,090,000
Putnam County Health Care Facilities RB (Hilty Memorial Home Project) Series 2004 DN (LaSalle Bank N.A. LOC),
1.40%, 1/07/09(a)		3,245		3,245,000
Richland County GO (Correctional Facilities Project) Series 2008 BAN,
3.50%, 1/15/09		1,000		1,000,223
Seneca County GO Series 2008 BAN,
4.00%, 11/12/09		200		200,832
Seven Hills GO (Recreation Center Improvement Project) Series 2008 BAN,
2.30%, 8/19/09		800		801,976
Sharonville GO Series 2008 BAN,
3.50%, 1/21/09		170		170,054
2.75%, 7/24/09		400		401,421
Sidney GO Series 2008 BAN,
2.75%, 6/25/09		400		401,219
St. Marys GO Series 2008 BAN,
2.55%, 6/02/09		200		200,203
Stark County Port Authority Economic Development RB (Slesnick Iron & Metal Project) Series 2007 AMT DN (Huntington National Bank LOC),
3.30%, 1/07/09(a)		700		700,000
Stark County Sewer District GO Series 2008-1 BAN,
2.65%, 9/10/09		1,000		1,000,000
Summit County Civic Facility RB (Akron Area Electric Junction Project) Series 2001 DN (KeyBank N.A. LOC),
2.45%, 1/07/09(a)		155		155,000
Summit County IDRB (Jendrisak Properties Project) Series 2001 AMT DN (First Merit Bank N.A. LOC),
1.85%, 1/07/09(a)		5		5,000
Summit County IDRB (KB Compost Services, Inc. Project) Series 2001 AMT DN (KeyBank N.A. LOC),
2.65%, 1/07/09(a)		800		800,000
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT DN (KeyBank N.A. LOC),
2.35%, 1/07/09(a)		340		340,000

DECEMBER 31, 2008 17

Schedule of Investments (concluded)	Ohio Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Ohio (concluded)
Toledo Multi-Family Housing RB (Cherrywood Apartments Project) Series 2001 AMT DN (KeyBank N.A. LOC),
2.35%, 1/07/09(a)	$	2,315	$	2,315,000
Trumbull County GO (Sewer Improvement Project) Series 2008 BAN,
2.75%, 3/26/09		200		200,365
Trumbull County Health Care Facilities RB Series 2001 DN (M&T Bank Corp. LOC, Manufacturers and Traders Trust Co. SBPA),
1.25%, 1/07/09(a)		5,655		5,655,000
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT DN (KeyBank N.A. LOC),
2.05%, 1/07/09(a)		3,100		3,100,000
Trumbull County IDRB (United Steel Service, Inc. Project) Series 2000B AMT DN (Bank One N.A. LOC),
3.65%, 1/07/09(a)		100		100,000
University of Akron General Receipts RB Series 2008C-1 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA),
2.50%, 1/07/09(a)		14,000		14,000,000
University of Akron General Receipts RB Series 2008C-2 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA),
2.50%, 1/02/09(a)		3,000		3,000,000
Upper Valley Career Center GO Series 2008 BAN,
3.75%, 11/24/09		200		201,831
Vermilion GO Series 2008 BAN,
2.50%, 7/23/09		1,450		1,454,776
Wadsworth City School District GO Series 2008 BAN,
2.12%, 7/01/09		300		301,297
Wapakoneta GO Series 2008 BAN,
3.00%, 12/03/09		200		200,716
Western Reserve Housing Development Corp. Economic RB (Trumbull Metropolitan Housing Project) Series 2003 DN (KeyBank N.A. LOC),
3.15%, 1/07/09(a)		3,175		3,175,000
Williams County GO (Various Purpose Project) Series 2008 BAN,
2.50%, 9/09/09		2,500		2,510,119
Wyoming GO Series 2008 BAN,
2.25%, 9/03/09		200		200,526
				223,664,532
Total Investments (Cost — $223,664,532*) — 100.3%				223,664,532
Liabilities in Excess of Other Assets — (0.3)%				(626,253	)
Net Assets — 100.0%			$	223,038,279

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) Investments in companies considered to be an affiliate of the Portfolio were as follows:

Affiliate	Purchase Cost	Sales Cost	Realized Gain	Interest Income
Ohio Housing Finance Agency Mortgage RB (Residential Mortgage — Backed Securities Program) Series 2006F AMT DN (Citibank N.A. LOC)	—	—	—	$	7,438
Ohio Housing Finance Agency Mortgage RB (Residential Mortgage-Backed Securities Program) Series 2007B AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, KBC Bank N.V. SBPA)	—	—	—	$	59,769

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	—
Level 2		223,664,532
Level 3		—
Total	$	223,664,532

18 DECEMBER 31, 2008

Schedule of Investments December 31, 2008 (Unaudited)	Pennsylvania Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania — 98.2%
Allegheny County Hospital Development Authority RB (Dialysis Clinic, Inc. Project) Series 2000 DN (Bank of America N.A. LOC),
1.20%, 1/07/09(a)	$	3,400	$	3,400,000
Allegheny County Hospital Development Authority RB (Presbyterian University Hospital Project) Series 1988B-1 DN (Bank One N.A. LOC),
1.00%, 1/07/09(a)		2,000		2,000,000
Allegheny County Hospital Development Authority RB (Presbyterian University Hospital Project) Series 1988B-3 DN (Bank One N.A. LOC),
1.00%, 1/07/09(a)		2,175		2,175,000
Allegheny County Hospital Development Authority RB (University of Pittsburg Medical Center Project) Floater Series 2008 E-11 (Royal Bank of Canada LOC, Royal Bank of Canada Liquidity Facility),
1.20%, 1/07/09(a)(b)		5,400		5,400,000
Allegheny County Hospital Development Authority RB (University of Pittsburgh Medical Center Project) PUTTERS Series 2007-2327 DN (JPMorgan Chase Bank LOC, JPMorgan Chase & Co. Liquidity Facility),
1.28%, 1/07/09(a)(b)		3,920		3,920,000
Allegheny County IDRB (Carnegie Museums Pittsburgh Project) Series 2005 DN (Citizens Bank of Pennsylvania LOC),
1.28%, 1/07/09(a)		1,600		1,600,000
Beaver County IDA PCRB (FirstEnergy Generation Corp. Project) Series 2006B DN (Wachovia Bank LOC),
1.35%, 1/07/09(a)		8,600		8,600,000
Beaver County IDA PCRB (FirstEnergy Generation Corp. Project) Series 2006 DN (Barclays Bank Plc LOC),
1.05%, 1/02/09(a)		600		600,000
Berks County IDRB (Tray-Pak Corp. Project) Series 2001A AMT DN (Wachovia Bank N.A. LOC),
2.20%, 1/07/09(a)		1,155		1,155,000
Berks County Municipal Authority RB (Phoebe-Devitt Homes Project) Series 2008A DN (Banco Santander LOC),
1.10%, 1/07/09(a)		4,200		4,200,000
Berks County Municipal Authority RB (Reading Hospital and Medical Center Project-A-1) (Royal Bank of Canada LOC, Royal Bank of Canada Liquidity Facility),
0.90%, 1/07/09(a)(b)		5,400		5,400,000
Butler County IDA RB (Concordia Lutheran Project) Series 2008 DN (Bank of America N.A. LOC),
1.10%, 1/07/09(a)		2,885		2,885,000
Cambria County IDA Resource Recovery RB (Cambria Cogen Co. Project) Series 1998A-2 AMT DN (Bayerische Landesbank Girozentrale LOC),
1.05%, 1/07/09(a)		16,000		16,000,000
Chester County IDA Student Housing RB (University Student Housing LLC Project) Series 2003 DN (Royal Bank of Scotland LOC),
0.89%, 1/07/09(a)		790		790,000
Chester County IDA Student Housing RB (University Student Housing LLC Project) Series 2008A DN (Citizens Bank of Pennsylvania LOC),
1.10%, 1/07/09(a)		4,000		4,000,000
Chester County IDRB (RV Industrial, Inc. Project) Series 2001 AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		1,650		1,650,000
Dauphin County Authority RB (School District Pooled Funding Program) Series 1997 DN (Bank of Nova Scotia LOC),
1.20%, 1/07/09(a)		400		400,000
Delaware County Authority RB (Dunwoody Village Project) Series 2006 DN (Citizens Bank of Pennsylvania LOC),
1.33%, 1/07/09(a)		3,700		3,700,000
Delaware County Authority RB (White Horse Village Project) Series 2008 DN (Citizens Bank of Pennsylvania LOC),
0.90%, 1/02/09(a)		3,000		3,000,000
Delaware County IDA PCRB (Exploration & Oil Project) Series 1995 DN (Wachovia Bank N.A. LOC),
1.10%, 1/02/09(a)		200		200,000
Delaware County IDRB (Scott Paper Co. Project) Series 1984A DN,
1.25%, 1/07/09(a)		100		100,000
Delaware County IDRB (Sunoco, Inc. Project) Series 1998 DN (Bank of America N.A. LOC),
0.80%, 1/07/09(a)		1,260		1,260,000
Delaware River Joint Toll Bridge Commission RB Series 2007B-1 DN (Dexia Credit Local LOC),
2.25%, 1/07/09(a)		3,000		3,000,000
Delaware River Joint Toll Bridge Commission RB Series 2007B-2 DN (Dexia Credit Local LOC),
2.50%, 1/07/09(a)		25,325		25,325,000
Delaware Valley Regional Financial Authority RB Municipal Trust Receipts Floaters Series 2008-2933 DN (Bayerische Hypovereins Bank Liquidity Facility, GTD Unicredit SPA),
1.40%, 1/07/09(a)(b)		15,280		15,280,000
East Hempfield Township IDRB (Herley Industrial, Inc. Project) Series 2001 AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		2,230		2,230,000
Emmaus General Authority RB Series 1989B-24 DN (U.S. Bank N.A. LOC),
0.80%, 1/07/09(a)		3,100		3,100,000
Emmaus General Authority RB Series 1989F-24 DN (U.S. Bank N.A. LOC),
0.80%, 1/07/09(a)		3,000		3,000,000
Emmaus General Authority RB Series 1989G-18 DN (U.S. Bank N.A. LOC),
0.80%, 1/07/09(a)		15,600		15,600,000
Erie County Hospital Authority RB (St. Mary’s Home Erie Project) Series 2008A DN (Bank of America N.A. LOC),
0.85%, 1/07/09(a)		4,800		4,800,000
Franklin County IDRB (Precast System Project) Series 2001A AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		1,760		1,760,000
Geisinger Authority Health System RB Series 2007 ROCS-RR-II-R-11013 DN (Citibank N.A. Liquidity Facility),
1.35%, 1/07/09(a)(b)		2,020		2,020,000
Horizon Hospital System Authority Health & Housing Facility RB (St. Paul Homes Project) Series 2005 DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		7,800		7,800,000

DECEMBER 31, 2008 19

Schedule of Investments (continued)	Pennsylvania Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania (continued)
Indiana County IDRB (Conemaugh Project) Series 1997A AMT DN (Bank One N.A. LOC),
0.80%, 1/07/09(a)	$	3,160	$	3,160,000
Lancaster County Hospital Authority RB (General Hospital Project) Series 2008 DN (Bank of America N.A. SBPA),
1.02%, 1/02/09(a)		4,000		4,000,000
Lancaster County Hospital Authority RB (Landis Homes Retirement Community Project) Series 2002 DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		2,965		2,965,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 1996 DN (Wachovia Bank N.A. LOC),
1.26%, 1/07/09(a)		13,015		13,015,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008D DN (JPMorgan Chase Bank, N.A. LOC),
0.90%, 1/02/09(a)		4,500		4,500,000
Lancaster County IDRB (Clean Creek Partners Project) Series 2000 AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		4,115		4,115,000
Lancaster County IDRB (D&P Skibo LLC Project) Series 2001 AMT DN (Wachovia Bank N.A. LOC),
2.20%, 1/07/09(a)		1,120		1,120,000
Lawrence County IDRB (L&N Metallurgical Products Project) Series 1996 AMT DN (BNP Paribas LOC),
1.68%, 1/07/09(a)		3,465		3,465,000
Lehigh County General Purpose Authority RB (Lehigh Valley Health Network Project) Series 2008C DN (Bank of America N.A. LOC),
1.10%, 1/02/09(a)		17,900		17,900,000
Lehigh County General Purpose Authority RB (Muhlenberg College Project) Series 2008 DN (Bank of America N.A. LOC),
1.05%, 1/07/09(a)(c)		2,500		2,500,000
Montgomery County Higher Education & Health Authority RB (Pennsylvania Higher Education & Health Loan Project) Series 1996A DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		1,500		1,500,000
Montgomery County IDRB (PECO Energy Project) Series 1999B AMT DN (Wachovia Bank N.A. LOC),
3.00%, 1/07/09(a)		4,060		4,060,000
Moon IDRB (Providence Point Project) Series 2007 DN (Bank of Scotland Plc LOC),
1.75%, 1/07/09(a)		26,395		26,395,000
Northampton County General Purpose Authority RB (Lafayette College Project) Series 2006 DN (JPMorgan Chase Bank, N.A. SBPA),
0.95%, 1/07/09(a)(c)		1,150		1,150,000
Northampton County IDRB (Bethlehem Contracting Project) Series 2001A AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		2,285		2,285,000
Northampton County IDRB (Trent Family Partnership Project) Series 2002 AMT DN (Wachovia Bank N.A. LOC),
2.20%, 1/07/09(a)		1,700		1,700,000
Pennsylvania Economic Development Financing Authority RB (AMC Delancey Traditions Project) Series 2006 AMT DN (Citizens Bank of Pennsylvania LOC),
1.35%, 1/07/09(a)		3,200		3,200,000
Pennsylvania Economic Development Financing Authority RB (Evergreen Community Power Facility Project) Series 2007 AMT DN (Manufacturers & Traders Trust Co. LOC),
1.40%, 1/07/09(a)		8,500		8,500,000
Pennsylvania Economic Development Financing Authority RB (Material Technology Project) Series 2000D AMT DN (Wachovia Bank N.A. LOC),
2.20%, 1/07/09(a)		400		400,000
Pennsylvania Economic Development Financing Authority RB (Merck & Co., Inc. West Point Project) Series 2001 AMT DN,
1.32%, 1/07/09(a)		6,900		6,900,000
Pennsylvania Economic Development Financing Authority RB Series 2008 DN (TD Commerce Bank LOC),
1.36%, 1/02/09(a)		22,220		22,220,000
Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB (IESI, Corp. Project) Series 2006V AMT DN (Bank of America N.A. Liquidity Facility),
1.50%, 1/07/09(a)(b)		8,700		8,700,000
Pennsylvania GO Municipal Trust Receipts Floaters Series 2008-2720 DN (Morgan Stanley Minicipal Funding Liquidity Facility),
2.17%, 1/07/09(a)(b)		5,055		5,055,000
Pennsylvania GO Series 2001 MB,
5.00%, 9/15/09		2,000		2,047,506
Pennsylvania GO Series 2002 MB,
5.00%, 2/01/09		750		752,131
Pennsylvania GO Series 2007 ROCS-RR-II-R-11056 DN (Citibank N.A. Liquidity Facility),
1.35%, 1/07/09(a)(b)		2,000		2,000,000
Pennsylvania Higher Educational Facilities Authority RB (Honeysuckle Student Holding Project) Series 2004A DN (Allied Irish Bank Plc LOC),
1.25%, 1/07/09(a)		4,100		4,100,000
Pennsylvania Higher Educational Facilities Authority RB (Lycoming College Project) Series 2003 MB (Allied Irish Bank Plc LOC),
1.40%, 1/07/09(a)		5,500		5,500,000
Pennsylvania Higher Educational Facilities Authority RB (St. Joseph’s University Project) Series 1998C-4 DN (Allied Irish Bank Plc LOC),
1.00%, 1/07/09(a)		1,300		1,300,000
Pennsylvania Higher Educational Facilities Authority RB (Student Assoc. Housing, Inc. Project) Series 2006A DN (Citizens Bank of Pennsylvania LOC),
1.25%, 1/07/09(a)		7,805		7,805,000
Pennsylvania Higher Educational Facilities Authority RB PUTTERS (Trustees of the University of Pennsylvania) Series 2008-2844 (JPMorgan Chase Bank Liquidity Facility),
1.18%, 1/07/09(a)(b)		5,505		5,505,000
Pennsylvania Higher Educational Facilities Authority RB PUTTERS Series 2006-1271 DN (JPMorgan Chase Bank, N.A. Liquidity Facility),
1.18%, 1/07/09(a)(b)		3,655		3,655,000
Pennsylvania Higher Educational Facilities Authority RB Series 2008A MB,
1.70%, 3/17/09(a)		4,500		4,500,000
Pennsylvania Higher Educational Facilties Authority RB (Holy Family University Project) Series 2008 DN (TD Bank N.A. LOC),
1.20%, 1/02/09(a)		1,500		1,500,000

20 DECEMBER 31, 2008

Schedule of Investments (continued)	Pennsylvania Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania (continued)
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008A DN (Bank of America N.A. SBPA),
0.80%, 1/07/09(a)	$	9,300	$	9,300,000
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008B DN (Bank of America N.A. SBPA),
0.80%, 1/07/09(a)		7,240		7,240,000
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008C DN (Bank of America N.A. SBPA),
0.80%, 1/07/09(a)		1,335		1,335,000
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008D DN (Bank of America N.A. SBPA),
0.80%, 1/07/09(a)		1,900		1,900,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB PUTTERS Series 2007-1213B AMT DN (JPMorgan Chase & Co. Liquidity Facility),
1.33%, 1/07/09(a)(b)		1,245		1,245,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB PUTTERS Series 2008-3211 DN (JPMorgan Chase Bank, N.A. Liquidity Facility),
1.18%, 1/07/09(a)(b)		4,515		4,515,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-83B AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA),
1.05%, 1/07/09(a)		1,810		1,810,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-83C AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA),
1.05%, 1/07/09(a)		1,400		1,400,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-84D AMT DN (Dexia Credit Local SBPA),
3.15%, 1/07/09(a)		5,000		5,000,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-85B AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA),
1.05%, 1/07/09(a)		3,300		3,300,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-85C AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA),
1.05%, 1/07/09(a)		7,145		7,145,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2006-95C AMT DN (Dexia Bank SBPA),
3.50%, 1/07/09(a)		8,000		8,000,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2007-99C AMT DN (Dexia Credit Local SBPA),
2.75%, 1/07/09(a)		2,400		2,400,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2008-101A AMT MB,
2.35%, 3/27/09(a)		1,300		1,300,000
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2008-101B MB,
2.15%, 3/27/09(a)		1,600		1,600,000
Pennsylvania Turnpike Commission RB (Multi-Modal Project) Series 2008A-2 DN (JPMorgan Chase Bank, N.A. SBPA),
1.20%, 1/07/09(a)		7,350		7,350,000
Pennsylvania Turnpike Commission RB (Multi-Modal Project) Series 2008A-3 DN (JPMorgan Chase Bank, N.A. SBPA),
1.40%, 1/07/09(a)		14,000		14,000,000
Pennsylvania Turnpike Commission RB Series 2002A-1 DN (WestLB SBPA),
0.75%, 1/07/09(a)		30,325		30,325,000
Pennsylvania Turnpike Commission RB Series 2002A-2 DN (Landesbank Baden-Wurttemberg Girozentrale SBPA),
0.75%, 1/07/09(a)		27,490		27,490,000
Pennsylvania Turnpike Commission RB Series 2002B DN (Dexia Credit Local SBPA),
3.00%, 1/07/09(a)		440		440,000
Pennsylvania Turnpike RB Series 2002A-3 DN (Bayerische Landesbank Girozentrale SBPA),
0.75%, 1/07/09(a)		2,300		2,300,000
Philadelphia Airport RB Series 2005C AMT DN (TD Bank N.A. LOC),
0.80%, 1/07/09(a)		7,500		7,500,000
Philadelphia Airport RB Series 2008DB-495 DN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility),
1.28%, 1/07/09(a)(b)		2,880		2,880,000
Philadelphia Authority IDRB (Evangelical Manor Project) Series 2008 DN (Citizens Bank of PA LOC),
1.22%, 1/07/09(a)		2,600		2,600,000
Philadelphia Authority IDRB (Gift of Life Donor Program Project) Series 2003 DN (TD Commerce Bank LOC),
1.28%, 1/07/09(a)		2,955		2,955,000
Philadelphia Authority IDRB (Girard Estate Aramark Tower Acquisition Project) Series 2002 DN (JPMorgan Chase Bank, N.A. LOC),
1.05%, 1/07/09(a)		1,050		1,050,000
Philadelphia Authority IDRB (Girard Estate Facilities Leasing Project) Series 2001 DN (Morgan Guaranty Trust LOC),
1.05%, 1/07/09(a)		3,600		3,600,000
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 DN (Bank of America N.A. LOC),
1.10%, 1/07/09(a)		3,900		3,900,000
Philadelphia Authority IDRB (Philadelphia Museum of Arts Project) Series 2008 DN (Citizens Bank of Pennsylvania LOC),
0.80%, 1/07/09(a)		17,640		17,640,000
Philadelphia Authority IDRB (Settlement Music School Project) Series 2004 DN (Allied Irish Bank Plc LOC),
1.25%, 1/07/09(a)		1,000		1,000,000
Philadelphia Authority IDRB (Universal Community Homes Project) Series 2003 DN (Wachovia Bank N.A. LOC),
2.10%, 1/07/09(a)		1,635		1,635,000
Philadelphia Authority IDRB Series 2007B DN (JPMorgan Chase Bank, N.A. LOC),
1.00%, 1/07/09(a)		7,000		7,000,000

DECEMBER 31, 2008 21

Schedule of Investments (continued)	Pennsylvania Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Pennsylvania (continued)
Philadelphia Gas Works RB Series 2004A-2 DN (JPMorgan Chase Bank, N.A. LOC),
1.00%, 1/07/09(a)	$	6,425	$	6,425,000
Philadelphia GO Series 2008A TRAN,
3.50%, 6/30/09		19,500		19,643,150
Philadelphia Hospitals & Higher Education Facilities Authority RB (Children’s Hospital Project) Series 2002B DN (JPMorgan Chase Bank, N.A. SBPA),
1.05%, 1/02/09(a)		20,400		20,400,000
Philadelphia Hospitals & Higher Education Facilities Authority RB (Children’s Hospital Project) Series 2003A DN (JPMorgan Chase Bank, N.A. SBPA),
1.05%, 1/02/09(a)		9,600		9,600,000
Philadelphia School District GO Municipal Trust Receipts Floaters Series 2004 DN (Branch Banking & Trust Co. LOC),
1.12%, 1/07/09(a)(b)		11,090		11,090,000
Philadelphia School District GO Series 2008B-1 DN (State Aid Withholding Insurance, Wachovia Bank N.A. LOC),
2.00%, 1/07/09(a)		5,000		5,000,000
Pittsburgh School District GO Series 2008 BAN (State Aid Withholding Insurance),
3.50%, 11/02/09		4,800		4,859,000
Quakertown General Authority RB (The Trustees of the University of Pennsylvania Project) Series 2008 MB,
1.65%, 3/05/09(a)		3,800		3,800,000
Schuylkill County IDRB (KP-Tamaqua LP Project) Series 2007 AMT DN (Citizens Bank of Pennsylvania LOC),
1.35%, 1/07/09(a)		1,535		1,535,000
Southcentral General Authority RB (Homewood Hanover Project) Series 2003 DN (M&T Bank Corp. LOC),
1.25%, 1/07/09(a)		1,600		1,600,000
Southcentral General Authority RB (Wellspan Health Project) Series 2008B DN (Citizens Bank of Pennsylvania LOC),
0.67%, 1/07/09(a)		6,200		6,200,000
Southcentral General Authority RB (Wellspan Health Project) Series 2008D DN (Suntrust Bank LOC),
0.72%, 1/07/09(a)		10,000		10,000,000
St. Mary Hospital Authority Bucks County RB (Catholic Health Initiatives Project) Series 2004B DN (Landesbank Hessen-Thuringen Girozentrale SBPA),
0.65%, 1/07/09(a)		1,100		1,100,000
St. Mary Hospital Authority Bucks County RB (Catholic Health Initiatives Project) Series 2004C DN,
0.65%, 1/07/09(a)		8,900		8,900,000
Union County IDRB (Stabler Cos., Inc. Project) Series 2001 AMT DN (M&T Bank Corp. LOC),
1.23%, 1/07/09(a)		5,945		5,945,000
University of Pittsburgh of the Commonwealth System of Higher Education RB (University Capital Project) Series 2000B DN (Lloyds TSB Bank Plc SBPA),
0.79%, 1/07/09(a)		1,300		1,300,000
University of Pittsburgh of the Commonwealth System of Higher Education RB (University Capital Project) Series 2006C DN (Lloyds TSB Bank Plc SBPA),
0.79%, 1/07/09(a)		1,200		1,200,000
Upper Merion General Authority Lease RB Series 2003 DN (TD Commerce Bank LOC),
1.28%, 1/07/09(a)		95		95,000
Venango County IDRB (Scrubgrass Project) AMT TECP (Dexia LOC),
3.00%, 1/05/09-1/06/09		24,404		24,404,000
Washington County Authority RB (Girard Estate Refunding Project) Series 1999 DN (JPMorgan Chase Bank, N.A. LOC),
1.05%, 1/07/09(a)		1,455		1,455,000
Washington County Authority RB (University of Pennsylvania Project) Series 2004 DN,
0.75%, 1/07/09(a)		4,825		4,825,000
Westmoreland County IDRB (Redstone Retirement Project) Series 2005B DN (Bank of Nova Scotia LOC),
1.15%, 1/07/09(a)		8,890		8,890,000
York County Hospital Authority RB (Homewood Retirement Centers of The United Church of Christ, Inc. Project) Series 1990 DN (M&T Bank Corp. LOC),
1.25%, 1/07/09(a)		3,600		3,600,000
York County IDRB (Allied-Signal, Inc. Project) Series 1993 DN,
1.20%, 1/07/09(a)		1,000		1,000,000
York County IDRB (Interstate Holdings Co. Project) Series 2003 AMT DN (Wachovia Bank N.A. Liquidity Facility),
2.20%, 1/07/09(a)		1,145		1,145,000
York County IDRB (Raich Family Ltd. Partner Project) Series 2000 AMT DN (M&T Bank Corp. LOC),
1.40%, 1/07/09(a)		1,880		1,880,000
York General Authority RB (Strand Capital Performing Arts Center Project) Series 2002 DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(a)		5,410		5,410,000
				706,275,787
Puerto Rico — 1.1%
Commonwealth of Puerto Rico Series 2008A-3 TRAN (Banco Bilbao Vizcaya Argentaria S.A. LOC),
3.00%, 7/30/09		8,000		8,061,730
Total Investments (Cost — $714,337,517*) — 99.3%				714,337,517
Other Assets in Excess of Liabilities — 0.7%				4,759,010
Net Assets — 100.0%			$	719,096,527

* Cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) Investments in companies considered to be an affiliate of the Portfolio were as follows:

22 DECEMBER 31, 2008

Schedule of Investments (concluded) Pennsylvania Municipal Money Market Portfolio

Affiliate	Purchase Cost	Sales Cost	Realized Gain	Interest Income
Lehigh County General Purpose Authority RB (Muhlenberg College Project) Series 2008 DN (Bank of America N.A. LOC)	—	—	—	$	11,489
Northampton County General Purpose Authority RB (Lafayette College Project) Series 2006 DN (JPMorgan Chase Bank, N.A. SBPA)	—	—	—	$	5,257

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Asstes
Level 1	$	—
Level 2		714,337,517
Level 3		—
Total	$	714,337,517

DECEMBER 31, 2008 23

Schedule of Investments December 31, 2008 (Unaudited)	Virginia Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Puerto Rico — 7.0%
Commonwealth of Puerto Rico GO Series 2008-355 DN (Bank of America N.A. LOC, Bank of America N.A. SBPA),
1.25%, 1/07/09(a)(b)	$	1,000	$	1,000,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB Series 2008 ROCS-RR-II-R-10327CE DN (Citigroup Financial Produsts Liquidity Facility, Citigroup Financial Produsts Guaranty),
1.37%, 1/07/09(a)(b)		1,300		1,300,000
Commonwealth of Puerto Rico Series 2008A-2 TRAN (BNP Paribas LOC),
3.00%, 7/30/09		3,000		3,023,149
				5,323,149
Virginia — 92.9%
Albemarle County IDRB (Jefferson Scholars Foundation Project) Series 2007 DN (SunTrust Bank LOC),
0.85%, 1/07/09(b)		2,400		2,400,000
Alexandria IDRB (YMCA of Billings Project) Series 1998 DN (M&T Bank Corp. LOC),
1.30%, 1/07/09(b)		3,205		3,205,000
Arlington County IDRB (Woodbury Park Project) Series 2005A DN (Federal Home Loan Mortgage Liquidity Facility),
1.20%, 1/07/09(b)		4,920		4,920,000
Fairfax County Economic Development Authority RB (National Industries for Severely Handicapped Project) Series 2002 DN (SunTrust Bank LOC),
0.85%, 1/07/09(b)		450		450,000
Fairfax County IDRB (Inova Health Systems Project) Series 2005A-1 DN,
0.68%, 1/07/09(b)		3,200		3,200,000
Fairfax County IDRB (Inova Health Systems Project) Series 2005C-1 DN,
0.85%, 1/07/09(b)		3,245		3,245,000
Hampton Redevelopment & Housing Authority RB (Multi-Family Housing Project) Series 1998 DN (Federal National Mortgage Assoc. Credit Support & LOC),
0.85%, 1/07/09(b)		1,225		1,225,000
Hanover County IDA Residential Care Facility RB (Covenant Woods Project) Series 1999 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(b)		350		350,000
Lexington IDA Educational Facilities RB (VMI Development Board, Inc. Project) Series 2006 DN (Wachovia Bank N.A. LOC),
0.90%, 1/02/09(b)		8,100		8,100,000
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003A DN,
0.60%, 1/07/09(b)		6,800		6,800,000
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003B DN,
0.60%, 1/07/09(b)		3,000		3,000,000
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003E DN,
0.45%, 1/07/09(b)		1,800		1,800,000
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003F DN,
0.45%, 1/07/09(b)		2,605		2,605,000
Louisa County IDRB (Pooled Financing Project) Series 1995 DN (Bank of America N.A. LOC),
1.20%, 1/07/09(b)		165		165,000
Madison County IDRB (Woodberry Forest School Project) Series 2007 DN (SunTrust Bank LOC),
1.10%, 1/02/09(b)		2,000		2,000,000
Montgomery County IDRB (Virginia Technical Foundation Project) Series 2005 DN (Bank of America N.A. LOC),
1.40%, 1/02/09(b)		1,000		1,000,000
Newport News IDRB (CNU Warwick LLC Student Apartments Project) Series 2004 DN (Bank of America N.A. LOC),
1.20%, 1/07/09(b)		200		200,000
Norfolk Redevelopment & Housing Authority RB (Harbor’s Edge Project) Series 2004B DN (HSH Nordbank AG LOC),
1.22%, 1/07/09(b)		3,700		3,700,000
Richmond IDRB (Diocese of Virginia Church School Project) Series 2001 DN (SunTrust Bank LOC),
1.55%, 1/02/09(b)		400		400,000
Roanoke Public Improvement GO Series 2008 MB (State Aid Withholding Insurance),
3.25%, 2/01/09(b)		1,660		1,661,451
Virginia Beach Development Authority IDRB (Ocean Ranch Motel Corp. Project) Series 1998 DN (Branch Banking & Trust Co. LOC),
1.25%, 1/07/09(b)		600		600,000
Virginia Biotechnology Research Partnership Authority RB (Virginia Blood Services Project) Series 2006 DN (SunTrust Bank LOC),
0.90%, 1/07/09(b)		600		600,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Project) Series 2006B DN (Wachovia Bank N.A. SBPA),
0.90%, 1/02/09(b)		1,500		1,500,000
Virginia College Building Authority Educational Facilities RB (Shenandoah University Project) Series 2006 DN (Branch Banking & Trust Co. LOC),
1.45%, 1/02/09(b)		3,200		3,200,000
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 DN (SunTrust Bank SBPA),
1.55%, 1/02/09(b)		1,000		1,000,000
Virginia Commonwealth University Health System Authority RB Series 2008B DN (Branch Banking & Trust Co. LOC),
1.25%, 1/02/09(b)		400		400,000
Virginia Commonwealth University Health System Authority RB Series 2008C DN (Branch Banking & Trust Co. LOC),
1.45%, 1/02/09(b)		2,800		2,800,000
Virginia Public Building Authority RB Series 2005D DN (Dexia Bank SBPA),
2.25%, 1/07/09(b)		2,200		2,200,000
Virginia Public School Authority RB Series 2003 ROCS-RR-II-R-4050 DN (Citigroup, Inc. Liquidity Facility),
1.35%, 1/07/09(a)(b)		1,830		1,830,000
Virginia Resources Authority Clean Water RB Municipal Trust Receipts Floaters Series 2007-1860 DN (Wells Fargo Bank N.A. LOC),
1.15%, 1/07/09(a)(b)		3,600		3,600,000

24 DECEMBER 31, 2008

Schedule of Investments (concluded)	Virginia Municipal Money Market Portfolio
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Municipal Bonds
Virginia (concluded)
Virginia Small Business Financing Authority RB (Carilion Clinic Obligated Group Project) Series 2008B DN (Bank of America N.A. SBPA), 1.10%, 1/02/09(b)	$	1,100	$	1,100,000
Winchester Authority Residential Care Facility IDRB (Westminster-Canterbury Project) Series 2005B DN (Branch Banking & Trust Co. LOC), 1.25%, 1/07/09(b)		1,400		1,400,000
				70,656,451
Total Investments (Cost — $75,979,600*) — 99.9%				75,979,600
Other Assets in Excess of Liabilities — 0.1%				84,872
Net Assets — 100.0%			$	76,064,472

* Cost for federal income tax purposes.

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal and interest owed can be recovered through demand.

• Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 – price quotations in active markets/exchanges for identical securities

• Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market – corroborated inputs)

• Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Asstes
Level 1	$	—
Level 2		75,979,600
Level 3		—
Total	$	75,979,600

DECEMBER 31, 2008 25

Item 2	–	Controls and Procedures
2(a)	–	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b)	–	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3	–	Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer of BlackRock Funds

Date: February 23, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer (principal executive officer) of BlackRock Funds

Date: February 23, 2009

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of BlackRock Funds

Date: February 23, 2009