Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.3%
HEICO
Corp.
,
Class
A
.................
221
$
34,021
Lockheed
Martin
Corp.
................
5,175
2,353,952
2,387,973
Air
Freight
&
Logistics
—
0.7%
Expeditors
International
of
Washington,
Inc.
..
10,619
1,290,952
Automobiles
—
1.4%
General
Motors
Co.
..................
37,763
1,712,552
Tesla,
Inc.
(a)
........................
5,774
1,015,012
2,727,564
Banks
—
2.0%
Bank
of
America
Corp.
................
28,952
1,097,860
Columbia
Banking
System,
Inc.
..........
1,671
32,334
JPMorgan
Chase
&
Co.
...............
10,884
2,180,065
KeyCorp
..........................
32,674
516,576
Valley
National
Bancorp
(b)
..............
9,510
75,699
3,902,534
Beverages
—
1.7%
Coca-Cola
Co.
(The)
.................
19,086
1,167,681
PepsiCo,
Inc.
......................
12,360
2,163,124
3,330,805
Biotechnology
—
4.0%
AbbVie,
Inc.
.......................
7,371
1,342,259
Amgen,
Inc.
.......................
4,777
1,358,197
Exelixis,
Inc.
(a)
......................
6,872
163,073
Gilead
Sciences,
Inc.
.................
33,177
2,430,215
Incyte
Corp.
(a)
......................
17,301
985,638
Neurocrine
Biosciences,
Inc.
(a)
...........
5,896
813,176
United
Therapeutics
Corp.
(a)
.............
2,046
470,007
7,562,565
Broadline
Retail
—
4.4%
Amazon.com,
Inc.
(a)
..................
47,160
8,506,721
Building
Products
—
1.2%
A
O
Smith
Corp.
....................
12,397
1,109,036
Builders
FirstSource,
Inc.
(a)
.............
4,126
860,477
Owens
Corning
.....................
2,445
407,826
2,377,339
Capital
Markets
—
3.1%
Invesco
Ltd.
.......................
99,706
1,654,122
Moody's
Corp.
......................
4,794
1,884,186
Morningstar,
Inc.
....................
444
136,916
MSCI,
Inc.
........................
864
484,229
Nasdaq,
Inc.
.......................
23,013
1,452,120
SEI
Investments
Co.
..................
4,263
306,510
5,918,083
Chemicals
—
0.3%
Ecolab,
Inc.
.......................
337
77,814
LyondellBasell
Industries
NV
,
Class
A
......
501
51,242
PPG
Industries,
Inc.
..................
3,309
479,474
608,530
Commercial
Services
&
Supplies
—
0.7%
Cintas
Corp.
.......................
2,041
1,402,228
Construction
&
Engineering
—
0.8%
AECOM
..........................
5,364
526,101
Quanta
Services,
Inc.
.................
2,433
632,093
Valmont
Industries,
Inc.
................
2,014
459,756
1,617,950
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
1.4%
Costco
Wholesale
Corp.
...............
1,057
$
774,390
Walmart,
Inc.
.......................
32,550
1,958,533
2,732,923
Containers
&
Packaging
—
0.1%
Packaging
Corp.
of
America
............
1,273
241,590
Electric
Utilities
—
0.5%
OGE
Energy
Corp.
(b)
..................
28,268
969,592
Electrical
Equipment
—
0.5%
AMETEK,
Inc.
......................
3,674
671,975
Rockwell
Automation,
Inc.
..............
1,010
294,243
966,218
Electronic
Equipment,
Instruments
&
Components
—
1.1%
TE
Connectivity
Ltd.
..................
14,633
2,125,297
Energy
Equipment
&
Services
—
0.5%
Baker
Hughes
Co.
,
Class
A
.............
10,725
359,287
Schlumberger
NV
...................
10,118
554,568
913,855
Entertainment
—
0.8%
Electronic
Arts,
Inc.
..................
4,822
639,735
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
...........................
2,138
140,253
Netflix,
Inc.
(a)
.......................
979
594,576
Roku,
Inc.
,
Class
A
(a)
.................
1,721
112,157
Warner
Bros
Discovery,
Inc.
(a)
...........
3,771
32,921
1,519,642
Financial
Services
—
4.6%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.......
4,758
2,000,834
Mastercard,
Inc.
,
Class
A
...............
7,610
3,664,748
Visa,
Inc.
,
Class
A
...................
11,399
3,181,233
8,846,815
Food
Products
—
0.6%
Hershey
Co.
(The)
...................
6,293
1,223,989
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
..................
227
26,983
New
Jersey
Resources
Corp.
(b)
..........
1,924
82,559
109,542
Ground
Transportation
—
0.7%
Old
Dominion
Freight
Line,
Inc.
..........
6,450
1,414,550
Health
Care
Equipment
&
Supplies
—
2.2%
Dexcom,
Inc.
(a)
.....................
3,941
546,617
Hologic,
Inc.
(a)
......................
1,583
123,411
Intuitive
Surgical,
Inc.
(a)
................
1,844
735,922
Medtronic
plc
......................
12,050
1,050,157
Stryker
Corp.
......................
4,948
1,770,741
4,226,848
Health
Care
Providers
&
Services
—
2.1%
Cardinal
Health,
Inc.
..................
4,802
537,344
Cencora,
Inc.
......................
1,940
471,401
Elevance
Health,
Inc.
.................
4,714
2,444,397
Laboratory
Corp.
of
America
Holdings
......
2,634
575,424
UnitedHealth
Group,
Inc.
...............
25
12,367
4,040,933
Health
Care
Technology
—
0.3%
(a)
Teladoc
Health,
Inc.
..................
17,736
267,814
Veeva
Systems,
Inc.
,
Class
A
............
992
229,836
497,650
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
2.3%
Booking
Holdings,
Inc.
................
22
$
79,813
Boyd
Gaming
Corp.
..................
22,709
1,528,770
Domino's
Pizza,
Inc.
..................
3,266
1,622,810
McDonald's
Corp.
...................
904
254,883
MGM
Resorts
International
(a)
............
20,080
947,977
4,434,253
Household
Durables
—
1.6%
DR
Horton,
Inc.
.....................
7,587
1,248,441
Leggett
&
Platt,
Inc.
..................
18,131
347,208
Toll
Brothers,
Inc.
....................
11,243
1,454,507
3,050,156
Household
Products
—
1.3%
Kimberly-Clark
Corp.
.................
18,141
2,346,538
Procter
&
Gamble
Co.
(The)
............
254
41,212
2,387,750
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
AES
Corp.
(The)
....................
44,018
789,243
Insurance
—
3.0%
Marsh
&
McLennan
Cos.,
Inc.
...........
12,164
2,505,541
Progressive
Corp.
(The)
...............
9,576
1,980,508
Reinsurance
Group
of
America,
Inc.
.......
5,707
1,100,766
Travelers
Cos.,
Inc.
(The)
..............
548
126,117
5,712,932
Interactive
Media
&
Services
—
7.4%
Alphabet,
Inc.
,
Class
A
(a)
...............
37,153
5,607,502
Alphabet,
Inc.
,
Class
C
(a)
...............
19,761
3,008,810
Meta
Platforms,
Inc.
,
Class
A
............
9,609
4,665,938
Pinterest,
Inc.
,
Class
A
(a)
...............
16,206
561,862
Snap,
Inc.
,
Class
A
(a)
.................
23,397
268,598
14,112,710
IT
Services
—
0.2%
Amdocs
Ltd.
.......................
807
72,929
Snowflake,
Inc.
,
Class
A
(a)
..............
1,667
269,387
342,316
Life
Sciences
Tools
&
Services
—
0.4%
Agilent
Technologies,
Inc.
..............
4,591
668,036
Machinery
—
3.3%
Cummins,
Inc.
......................
1,705
502,378
Flowserve
Corp.
....................
9,619
439,396
Oshkosh
Corp.
.....................
17,712
2,208,864
Otis
Worldwide
Corp.
.................
4,789
475,404
Parker-Hannifin
Corp.
.................
3,384
1,880,793
Snap-on,
Inc.
......................
1,470
435,443
Xylem,
Inc.
........................
2,824
364,974
6,307,252
Media
—
1.3%
Comcast
Corp.
,
Class
A
...............
26,359
1,142,663
Fox
Corp.
,
Class
A
(b)
..................
36,169
1,131,005
Fox
Corp.
,
Class
B
...................
541
15,483
Paramount
Global
,
Class
B
.............
8,232
96,890
2,386,041
Metals
&
Mining
—
0.7%
Nucor
Corp.
.......................
6,554
1,297,037
Multi-Utilities
—
0.5%
CMS
Energy
Corp.
(b)
..................
13,666
824,607
DTE
Energy
Co.
....................
901
101,038
925,645
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
3.2%
Chevron
Corp.
......................
628
$
99,061
ConocoPhillips
.....................
1,793
228,213
Devon
Energy
Corp.
..................
20,003
1,003,750
EOG
Resources,
Inc.
.................
10,046
1,284,281
Exxon
Mobil
Corp.
...................
9,276
1,078,242
Marathon
Petroleum
Corp.
.............
8,596
1,732,094
Pioneer
Natural
Resources
Co.
..........
908
238,350
Valero
Energy
Corp.
..................
2,983
509,168
6,173,159
Paper
&
Forest
Products
—
0.4%
Louisiana-Pacific
Corp.
................
9,679
812,165
Passenger
Airlines
—
0.4%
American
Airlines
Group,
Inc.
(a)
...........
13,102
201,116
Delta
Air
Lines,
Inc.
..................
12,513
598,997
800,113
Pharmaceuticals
—
4.2%
Bristol-Myers
Squibb
Co.
...............
25,411
1,378,039
Eli
Lilly
&
Co.
......................
5,827
4,533,173
Merck
&
Co.,
Inc.
....................
7,601
1,002,952
Pfizer,
Inc.
........................
28,548
792,207
Zoetis,
Inc.
,
Class
A
..................
2,012
340,450
8,046,821
Residential
REITs
—
1.1%
Apartment
Income
REIT
Corp.
...........
3,061
99,391
Camden
Property
Trust
................
12,002
1,180,997
Equity
Residential
...................
13,040
822,954
2,103,342
Semiconductors
&
Semiconductor
Equipment
—
9.5%
Applied
Materials,
Inc.
................
12,797
2,639,125
Broadcom,
Inc.
.....................
122
161,700
Cirrus
Logic,
Inc.
(a)
...................
1,937
179,289
Intel
Corp.
........................
2,533
111,882
Lam
Research
Corp.
.................
992
963,797
Micron
Technology,
Inc.
................
6,803
802,006
Monolithic
Power
Systems,
Inc.
..........
147
99,581
NVIDIA
Corp.
......................
11,628
10,506,596
QUALCOMM,
Inc.
...................
15,970
2,703,721
18,167,697
Software
—
12.0%
Adobe,
Inc.
(a)
.......................
3,655
1,844,313
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
117
37,509
Datadog,
Inc.
,
Class
A
(a)
...............
3,148
389,093
Fortinet,
Inc.
(a)
......................
14,098
963,035
Manhattan
Associates,
Inc.
(a)
............
8,540
2,136,964
Microsoft
Corp.
.....................
34,224
14,398,721
Nutanix,
Inc.
,
Class
A
(a)
................
1,323
81,656
Oracle
Corp.
.......................
6,635
833,422
ServiceNow,
Inc.
(a)
...................
423
322,495
Synopsys,
Inc.
(a)
....................
1,604
916,686
Teradata
Corp.
(a)
....................
9,816
379,585
Workday,
Inc.
,
Class
A
(a)
...............
1,335
364,121
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
.
3,162
206,700
Zscaler,
Inc.
(a)
......................
129
24,849
22,899,149
Specialized
REITs
—
0.4%
Equinix,
Inc.
.......................
803
662,740
Lamar
Advertising
Co.
,
Class
A
..........
499
59,585
SBA
Communications
Corp.
............
488
105,750
828,075
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Specialty
Retail
—
1.6%
AutoNation,
Inc.
(a)
....................
5,124
$
848,432
Best
Buy
Co.,
Inc.
...................
5,658
464,126
Home
Depot,
Inc.
(The)
...............
1,216
466,457
Penske
Automotive
Group,
Inc.
(b)
.........
2,168
351,194
Ross
Stores,
Inc.
....................
1,012
148,521
TJX
Cos.,
Inc.
(The)
..................
6,788
688,439
Ulta
Beauty,
Inc.
(a)
...................
243
127,060
3,094,229
Technology
Hardware,
Storage
&
Peripherals
—
6.2%
Apple,
Inc.
........................
68,060
11,670,929
HP,
Inc.
..........................
5,349
161,647
11,832,576
Trading
Companies
&
Distributors
—
0.5%
Watsco,
Inc.
(b)
......................
185
79,914
WESCO
International,
Inc.
..............
2,424
415,183
WW
Grainger,
Inc.
...................
369
375,384
870,481
Total
Long-Term
Investments
—
99
.0
%
(Cost:
$
151,962,875
)
..............................
189,503,866
Short-Term
Securities
Money
Market
Funds
—
1.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(e)
..................
1,368,814
1,369,498
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
....................
2,091,117
2,091,117
Total
Short-Term
Securities
—
1
.8
%
(Cost:
$
3,460,615
)
...............................
3,460,615
Total
Investments
—
100
.8
%
(Cost:
$
155,423,490
)
..............................
192,964,481
Liabilities
in
Excess
of
Other
Assets
—
(
0.8
)
%
.............
(
1,504,020
)
Net
Assets
—
100.0%
...............................
$
191,460,461
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
1,369,609
(a)
$
—
$
(
111
)
$
—
$
1,369,498
1,368,814
$
8,401
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,370,506
720,611
(a)
—
—
—
2,091,117
2,091,117
27,097
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
3,569,866
—
(
3,568,575
)
(a)
(
1,252
)
(
39
)
—
—
—
—
$
(
1,363
)
$
(
39
)
$
3,460,615
$
35,498
$
—
—
—
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
4
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
5
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
8
06/21/24
$
2,123
$
35,539
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
189,503,866
$
—
$
—
$
189,503,866
Short-Term
Securities
Money
Market
Funds
......................................
3,460,615
—
—
3,460,615
$
192,964,481
$
—
$
—
$
192,964,481
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
35,539
$
—
$
—
$
35,539
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
REIT
Real
Estate
Investment
Trust