Schedule of Investments  (unaudited)  December 31, 2019 BlackRock Technology Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 95.8%
Automobiles — 1.0%
Tesla, Inc.(a)		55,956	$	23,408,073
Capital Markets — 0.3%
XP, Inc.(a)		162,111		6,244,516
Communications Equipment — 0.6%
Viavi Solutions, Inc.(a)		911,098		13,666,470
Diversified Consumer Services — 1.6%
Arco Platform Ltd., Class A(a)(b)		449,796		19,880,983
TAL Education Group(a)		344,269		16,593,766
				36,474,749
Diversified Financial Services — 0.2%
TransferWise (Acquired 06/03/19, cost $3,861,759)(a)(c)(d)		43,665		4,406,235
Diversified Telecommunication Services — 0.4%
Bandwidth, Inc., Class A(a)		141,268		9,048,215
Electronic Equipment, Instruments & Components — 4.1%
Keysight Technologies, Inc.(a)		151,357		15,533,769
Murata Manufacturing Co. Ltd.		293,600		18,070,670
Samsung Electro-Mechanics Co., Ltd.		131,079		14,099,009
Sunny Optical Technology Group Co. Ltd.		1,451,600		25,150,580
Yageo Corp		1,487,000		21,664,101
				94,518,129
Entertainment — 3.3%
Activision Blizzard, Inc.		414,059		24,603,386
NetEase, Inc. — ADR		47,930		14,697,255
Netflix, Inc.(a)		47,753		15,451,438
Roku, Inc.(a)		157,009		21,023,505
				75,775,584
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		26,774		15,627,984
Health Care Technology — 1.3%
Ping An Healthcare and Technology Co. Ltd.(a)(e)		2,167,759		15,821,810
Teladoc Health, Inc.(a)(b)		175,972		14,732,376
				30,554,186
Hotels, Restaurants & Leisure — 0.8%
Luckin Coffee, Inc. — ADR(a)(b)		445,077		17,518,231
Interactive Media & Services — 11.3%
Alphabet, Inc., Class A(a)		50,977		68,278,084
Facebook, Inc., Class A(a)		165,959		34,063,085
IAC/InterActiveCorp(a)		90,570		22,561,893
Kakao Corp.(a)		166,346		22,031,644
Pinterest, Inc., Class A(a)		502,481		9,366,246
Snap, Inc., Class A(a)		1,137,207		18,570,590
Tencent Holdings Ltd.		1,279,700		61,651,029
Yandex NV, Class A(a)		483,698		21,036,026
				257,558,597
Internet & Direct Marketing Retail — 10.2%
Alibaba Group Holding Ltd. — ADR(a)(b)		334,237		70,891,668
Amazon.com, Inc.(a)(b)		30,619		56,579,013
Delivery Hero SE(a)(e)		327,016		25,919,165
Ensogo Ltd.(a)(c)		94,425		1
Farfetch Ltd., Class A(a)(b)		1,093,091		11,313,492
Jasper Infotech Private Ltd. (Acquired 5/7/14, cost $1,414,399)(a)(c)(d)		1,900		478,895
Meituan Dianping, Class B(a)		1,668,430		21,799,963
MercadoLibre, Inc.(a)		35,188		20,125,425
Trainline PLC(a)(e)		1,878,574		12,723,321
Zalando SE(a)(e)		250,700		12,642,901
				232,473,844

Security	Shares		Value
IT Services — 14.2%
Adyen NV(a)(e)		15,841	$	13,030,801
Endava PLC — ADR(a)		278,568		12,981,269
GDS Holdings Ltd. — ADR(a)(b)		351,695		18,140,428
GMO Payment Gateway, Inc.		235,900		16,154,751
Mastercard, Inc., Class A		103,299		30,844,048
MongoDB, Inc.(a)		91,725		12,071,927
Network International Holdings PLC(a)(e)		1,894,561		16,038,096
Okta, Inc.(a)(b)		154,128		17,781,747
Pagseguro Digital Ltd., Class A(a)(b)		384,537		13,135,784
PayPal Holdings, Inc.(a)(b)		309,510		33,479,697
Shopify, Inc., Class A(a)(b)		54,888		21,822,371
Square, Inc., Class A(a)		383,437		23,987,819
StoneCo Ltd., Class A(a)		394,280		15,727,829
Twilio, Inc., Class A(a)(b)		274,686		26,996,140
Visa, Inc., Class A		149,252		28,044,451
Wirecard AG		106,327		12,821,259
Wix.com Ltd.(a)		95,136		11,642,744
				324,701,161
Multiline Retail — 1.3%
Magazine Luiza SA		2,546,202		30,192,119
Professional Services — 0.5%
HeadHunter Group PLC — ADR		501,706		10,761,594
Road & Rail — 0.2%
Uber Technologies, Inc.(a)		187,878		5,587,492
Semiconductors & Semiconductor Equipment — 14.8%
Advanced Micro Devices, Inc.(a)		734,116		33,666,560
ASML Holding NV		89,323		26,444,780
Cree, Inc.(a)(b)		366,174		16,898,930
Inphi Corp.(a)		255,376		18,902,932
Lam Research Corp.		110,313		32,255,521
Marvell Technology Group Ltd.(b)		1,059,021		28,127,598
Micron Technology, Inc.(a)		415,988		22,371,835
Monolithic Power Systems, Inc.		90,178		16,053,488
NVIDIA Corp.		62,668		14,745,780
ON Semiconductor Corp.(a)		658,208		16,047,111
Silicon Laboratories, Inc.(a)		127,573		14,795,917
Skyworks Solutions, Inc.		197,188		23,836,085
SOITEC(a)		215,916		22,795,663
STMicroelectronics NV		902,519		24,350,633
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		485,501		28,207,608
				339,500,441
Software — 25.5%
Adobe, Inc.(a)(b)		91,842		30,290,410
Alteryx, Inc., Class A(a)(b)		151,852		15,195,830
Altium Ltd.		592,612		14,439,684
Anaplan, Inc.(a)		264,660		13,868,184
Aspen Technology, Inc.(a)		82,928		10,028,483
Atlassian Corp. PLC, Class A(a)(b)		176,546		21,245,546
Autodesk, Inc.(a)		115,077		21,112,026
Avalara, Inc.(a)(b)		206,244		15,107,373
Cadence Design Systems, Inc.(a)		318,894		22,118,488
Crowdstrike Holdings, Inc., Class A(a)		155,348		7,747,205
Elastic NV(a)		116,861		7,514,162
Fair Isaac Corp.(a)		47,394		17,757,584
Five9, Inc.(a)(b)		218,563		14,333,362
Freee KK(a)(b)		178,000		5,283,236
Intuit, Inc.		54,066		14,161,507
Kingdee International Software Group Co. Ltd.		13,999,000		14,005,166
Linx SA		1,770,037		15,585,231
Microsoft Corp.		639,005		100,771,088
RingCentral, Inc., Class A(a)(b)		132,590		22,363,955
salesforce.com, Inc.(a)		308,509		50,175,904
ServiceNow, Inc.(a)		82,166		23,197,105
Smartsheet, Inc., Class A(a)(b)		256,895		11,539,723

1

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Technology Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Splunk, Inc.(a)(b)		108,363	$	16,229,527
SVMK, Inc.(a)		620,505		11,088,424
TeamViewer AG(a)		801,083		28,646,692
Weimob, Inc.(a)(b)(e)		20,409,000		8,877,636
Xero Ltd.(a)(b)		277,851		15,610,113
Zendesk, Inc.(a)		192,075		14,718,707
Zoom Video Communications, Inc., Class A(a)(b)		109,020		7,417,721
Zscaler, Inc.(a)(b)		275,047		12,789,685
				583,219,757
Technology Hardware, Storage & Peripherals — 3.5%
Apple Inc.		272,277		79,954,141
Total Common Stocks — 95.8% (Cost: $1,483,633,431)				2,191,191,518
Preferred Stocks — 1.5%
Diversified Financial Services — 0.2%
TransferWise (Seed Preferred) (Acquired 06/03/19, cost $1,327,042)(a)(c)(d)		15,005		1,514,155
TransferWise, Series A (Acquired 06/03/19, cost $1,569,103)(a)(c)(d)		17,742		1,790,345
TransferWise, Series B (Acquired 06/03/19, cost $450,608)(a)(c)(d)		5,095		514,136
TransferWise, Series C (Acquired 06/03/19, cost $251,969)(a)(c)(d)		2,849		287,493
TransferWise, Series D (Acquired 06/03/19, cost $69,694)(a)(c)(d)		788		79,517
TransferWise, Series E (Acquired 06/03/19, cost $7,429)(a)(c)(d)		84		8,476
				4,194,122
Internet & Direct Marketing Retail — 0.3%
Postmates, Inc., Series F (Acquired 01/08/19, cost $6,260,003)(a)(c)(d)		784,550		6,715,748

Security	Shares		Value
Road & Rail — 0.2%
FlixMobility GmbH Series F (Acquired 07/26/19, cost $2,490,608)(a)(c)(d)		125	$	2,511,338
Xiaoju Kuaizhi, Inc., Series A-17 (Acquired 07/28/15, cost $1,080,592)(a)(c)(d)		39,400		2,006,642
				4,517,980
Semiconductors & Semiconductor Equipment — 0.1%
PsiQuantum Corp., Series C (Acquired 09/09/19, cost $2,698,453)(a)(c)(d)		581,814		2,693,799
Software — 0.7%
C3 AI, Inc., Series H (Acquired 08/14/19, cost $5,995,815)(a)(c)(d)		1,190,000		5,997,600
Databricks, Inc. Series F (Acquired 22/10/19, cost $3,700,005)(a)(c)(d)		86,150		3,700,142
GitLab Inc., Series E (Acquired 09/10/19, cost $5,163,325)(a)(c)(d)		277,160		5,083,114
Palantir Technologies, Inc., Series I (Acquired 02/07/14, cost $1,500,011)(a)(c)(d)		244,700		1,448,624
				16,229,480
Total Preferred Stocks — 1.5% (Cost: $32,564,658)				34,351,129
Total Long-Term Investments — 97.3% (Cost: $1,516,198,089)				2,225,542,647
Short-Term Securities — 12.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(f)(h)		62,311,099		62,311,099
SL Liquidity Series, LLC, Money Market Series, 1.80%(f)(g)(h)		214,540,059		214,582,967
Total Short-Term Securities — 12.1% (Cost: $276,884,200)				276,894,066
Total Investments — 109.4% (Cost: $1,793,082,289)				2,502,436,713
Liabilities in Excess of Other Assets — (9.4)%				(214,170,963	)
Net Assets — 100.0%			$	2,288,265,750

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $39,236,259, representing 1.7% of its net assets as of period end, and an original cost $37,840,815.

^(e)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(g)  Security was purchased with the cash collateral from loaned securities.

^(h)  During the period ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/19		Net Activity		Shares Held at 12/31/19		Value at 12/31/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		17,180,622		45,130,477		62,311,099	$	62,311,099	$	161,934		$	106	$	—
SL Liquidity Series, LLC, Money Market Series		145,550,227		68,989,832		214,540,059		214,582,967		1,008,322	(b)		7,531		(7,718	)
							$	276,894,066	$	1,170,256		$	7,637	$	(7,718	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

2

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Technology Opportunities Portfolio     

Portfolio Abbreviation
ADR	American Depository Receipts

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately held companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Automobiles	$	23,408,073	$	—	$	—	$	23,408,073
Capital Markets		6,244,516		—		—		6,244,516
Communications Equipment		13,666,470		—		—		13,666,470
Diversified Consumer Services		36,474,749		—		—		36,474,749
Diversified Financial Services		—		—		4,406,235		4,406,235
Diversified Telecommunication Services		9,048,215		—		—		9,048,215
Electronic Equipment, Instruments & Components		15,533,769		78,984,360		—		94,518,129
Entertainment		75,775,584		—		—		75,775,584
Equity Real Estate Investment Trusts (REITs)		15,627,984		—		—		15,627,984
Health Care Technology		14,732,376		15,821,810		—		30,554,186
Hotels, Restaurants & Leisure		17,518,231		—		—		17,518,231
Interactive Media & Services		173,875,924		83,682,673		—		257,558,597
Internet & Direct Marketing Retail		158,909,598		73,085,350		478,896		232,473,844
IT Services		279,477,513		45,223,648		—		324,701,161
Multiline Retail		30,192,119		—		—		30,192,119
Professional Services		10,761,594		—		—		10,761,594
Road & Rail		5,587,492		—		—		5,587,492
Semiconductors & Semiconductor Equipment		265,909,365		73,591,076		—		339,500,441
Software		530,287,158		52,932,599		—		583,219,757
Technology Hardware, Storage & Peripherals		79,954,141		—		—		79,954,141
Preferred Stocks		—		—		34,351,129		34,351,129
Short-Term Securities		62,311,099		—		—		62,311,099
Subtotal	$	1,825,295,970	$	423,321,516	$	39,236,260	$	2,287,853,746
Investments Valued at Net Asset Value (“NAV”)(a)								214,582,967
Total Investments							$	2,502,436,713

^(a) Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

3

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Technology Opportunities Portfolio

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks		Preferred Stocks			Total
Assets:
Opening Balance, as of September 30, 2019	$	4,466,728	$	30,773,810		$	35,240,538
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Other		—		—			—
Accrued discounts/premiums		—		—			—
Net realized gain (loss)		—		—			—
Net change in unrealized appreciation (depreciation)(a)		418,403		(122,686	)		295,717
Purchases		—		3,700,005			3,700,005
Sales		—		—			—
Closing Balance, as of December 31, 2019	$	4,885,131	$	34,351,129		$	39,236,260
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(a)	$	418,403	$	(122,686	)	$	295,717

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach	Unobservable Inputs		Range of Unobservable Inputs Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets:
Common Stocks	$	4,885,131	Market		Revenue Multiple		5.25x - 12.50x		11.79x
Preferred Stocks(b)(c)		34,351,129	Market		Revenue Multiple		5.25x - 15.50x		10.79x
					Recent Transactions		—		—
					Volatility		66%		—
					Time to Exit		5.0		—
	$	39,236,260

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)  For the period end December 31, 2019, the valuation technique for investments classified as Preferred Stocks amounting to $2,693,799 changed to Option Pricing Model. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

^(c)  For the period end December 31, 2019, the valuation technique for investments classified as Preferred Stocks amounting to $11,798,862 changed to Current Value Method. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

4