Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Mid-Cap Growth Equity Portfolio
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 15.9%
AeroVironment, Inc.(a)(b)
118,842
$  29,977,894
ATI, Inc.(a)
266,044
43,522,138
Axon Enterprise, Inc.(a)(b)
319,331
173,205,135
BWX Technologies, Inc.
571,530
117,723,749
HEICO Corp.(b)
653,487
208,762,957
Howmet Aerospace, Inc.
1,128,543
296,276,394
Karman Holdings, Inc.(a)(b)
423,501
37,314,673
Kratos Defense & Security Solutions, Inc.(a)
381,605
32,886,719
 
939,669,659
Biotechnology — 2.3%
Natera, Inc.(a)
648,166
134,844,455
Capital Markets — 2.6%
Bullish(a)(b)
665,730
20,897,265
Galaxy Digital, Inc., Class A(a)(b)
1,083,574
22,310,789
Robinhood Markets, Inc., Class A(a)
1,459,858
110,730,229
 
153,938,283
Communications Equipment — 3.3%
Lumentum Holdings, Inc.(a)(b)
280,241
196,423,719
Construction & Engineering — 3.9%
Comfort Systems U.S.A., Inc.
59,046
84,398,581
Quanta Services, Inc.(b)
264,623
149,003,919
 
233,402,500
Consumer Staples Distribution & Retail — 1.2%
Casey’s General Stores, Inc.
101,691
69,718,333
Electrical Equipment — 3.7%
Forgent Power Solutions, Inc.(a)(b)
670,951
23,074,005
Vertiv Holdings Co., Class A
757,760
193,145,446
 
216,219,451
Electronic Equipment, Instruments & Components — 3.9%
Corning, Inc.
1,073,913
161,495,037
Fabrinet(a)(b)
122,354
66,760,013
 
228,255,050
Entertainment — 5.7%
ROBLOX Corp., Class A(a)
1,291,657
88,685,170
Take-Two Interactive Software, Inc.(a)
727,850
153,925,718
TKO Group Holdings, Inc., Class A
411,128
92,039,225
 
334,650,113
Financial Services — 2.7%
Affirm Holdings, Inc., Class A(a)
2,549,993
119,798,671
Rocket Cos., Inc., Class A
2,277,001
41,418,648
 
161,217,319
Health Care Equipment & Supplies — 7.8%
Dexcom, Inc.(a)
2,892,286
212,380,561
IDEXX Laboratories, Inc.(a)(b)
308,714
202,741,745
Medline, Inc., Class A(a)
1,008,013
47,890,698
 
463,013,004
Health Care Providers & Services — 5.3%
Cencora, Inc.
841,009
312,973,089
Hotels, Restaurants & Leisure — 15.1%
Dutch Bros, Inc., Class A(a)
1,472,592
78,945,657
Hilton Worldwide Holdings, Inc.
453,127
141,275,936
Norwegian Cruise Line Holdings Ltd.(a)
2,759,599
68,410,459
Planet Fitness, Inc., Class A(a)
1,418,324
116,515,317
Royal Caribbean Cruises Ltd.
783,435
243,616,948
Security
 
 
Shares
Value
Hotels, Restaurants & Leisure (continued)
Viking Holdings Ltd.(a)
866,709
$  67,620,636
Wingstop, Inc.
396,070
102,784,126
Wynn Resorts Ltd.
656,870
71,066,765
 
890,235,844
IT Services — 5.0%
MongoDB, Inc., Class A(a)
345,702
113,552,736
Snowflake, Inc., Class A(a)(b)
1,064,047
179,196,155
 
292,748,891
Life Sciences Tools & Services — 1.5%
Repligen Corp.(a)(b)
710,699
91,488,282
Oil, Gas & Consumable Fuels — 4.4%
EQT Corp.
2,086,456
128,150,128
Texas Pacific Land Corp.
247,059
129,530,563
 
257,680,691
Professional Services — 0.8%
Planet Labs PBC, Class A(a)
2,013,436
48,604,345
Semiconductors & Semiconductor Equipment — 7.3%
Monolithic Power Systems, Inc.
150,999
172,552,597
Teradyne, Inc.
419,472
134,243,624
Tower Semiconductor Ltd.(a)
1,007,299
125,781,426
 
432,577,647
Software — 2.5%
Datadog, Inc., Class A(a)(b)
759,620
85,047,055
Zscaler, Inc.(a)(b)
415,424
61,063,174
 
146,110,229
Specialty Retail — 3.2%
Carvana Co., Class A(a)(b)
451,603
150,907,659
Wayfair, Inc., Class A(a)
536,789
40,973,104
 
191,880,763
Textiles, Apparel & Luxury Goods — 1.0%
Ralph Lauren Corp., Class A
156,579
56,775,545
Trading Companies & Distributors — 0.5%
WESCO International, Inc.
111,325
32,228,587
Total Long-Term Investments — 99.6%
(Cost: $4,610,520,703)
5,884,655,799
Short-Term Securities
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(c)(d)(e)
175,731,503
175,819,369
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(c)(d)
33,707,836
33,707,836
Total Short-Term Securities — 3.6%
(Cost: $209,521,510)
209,527,205
Total Investments — 103.2%
(Cost: $4,820,042,213)
6,094,183,004
Liabilities in Excess of Other Assets — (3.2)%
(186,582,329
)
Net Assets — 100.0%
$  5,907,600,675
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
 
1
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Mid-Cap Growth Equity Portfolio
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional, SL
Agency Shares
$  351,344,459
 
$  —
$  (175,538,096
)(a)
$  35,610
$  (22,604
)
$  175,819,369
175,731,503
$  407,461
(b)
$  —
BlackRock Liquidity Funds,
T-Fund, Institutional
Shares
186,976
 
33,520,860
(a)
—
—
—
33,707,836
33,707,836
550,188
—
 
$  35,610
$  (22,604
)
$  209,527,205
$  957,649
$  —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Common Stocks 
$  5,884,655,799
$  —
$  —
$  5,884,655,799
Short-Term Securities
Money Market Funds
209,527,205
—
—
209,527,205
 
$  6,094,183,004
$  —
$  —
$  6,094,183,004
2