Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.9%
HEICO
Corp.
,
Class
A
.................
3,938
$
606,216
Lockheed
Martin
Corp.
................
2,633
1,197,673
Textron,
Inc.
.......................
2,654
254,598
2,058,487
Air
Freight
&
Logistics
—
1.2%
Expeditors
International
of
Washington,
Inc.
(a)
.
10,343
1,257,399
Automobiles
—
1.2%
Ford
Motor
Co.
.....................
2,442
32,430
General
Motors
Co.
..................
29,142
1,321,589
1,354,019
Banks
—
6.3%
Bank
of
America
Corp.
................
46,377
1,758,616
Citigroup,
Inc.
......................
8,259
522,299
Citizens
Financial
Group,
Inc.
...........
6,196
224,853
Columbia
Banking
System,
Inc.
..........
725
14,029
JPMorgan
Chase
&
Co.
...............
13,874
2,778,962
KeyCorp
..........................
73,533
1,162,557
Truist
Financial
Corp.
.................
3,858
150,385
Valley
National
Bancorp
...............
25,260
201,069
6,812,770
Beverages
—
1.8%
Coca-Cola
Co.
(The)
.................
15,586
953,551
PepsiCo,
Inc.
......................
5,700
997,557
1,951,108
Biotechnology
—
3.5%
AbbVie,
Inc.
.......................
231
42,065
Amgen,
Inc.
.......................
2,667
758,282
CG
oncology,
Inc.
(b)
..................
913
40,081
Exelixis,
Inc.
(b)
......................
7,565
179,518
Gilead
Sciences,
Inc.
.................
22,249
1,629,739
Incyte
Corp.
(b)
......................
9,595
546,627
Kyverna
Therapeutics,
Inc.
(b)
............
529
13,140
Neurocrine
Biosciences,
Inc.
(b)
...........
1,410
194,467
Regeneron
Pharmaceuticals,
Inc.
(b)
........
113
108,761
United
Therapeutics
Corp.
(b)
.............
1,457
334,702
3,847,382
Broadline
Retail
—
1.1%
Amazon.com,
Inc.
(b)
..................
6,619
1,193,935
Building
Products
—
1.7%
A
O
Smith
Corp.
....................
9,589
857,832
Builders
FirstSource,
Inc.
(b)
.............
2,333
486,547
Owens
Corning
.....................
3,191
532,259
1,876,638
Capital
Markets
—
4.4%
Affiliated
Managers
Group,
Inc.
(a)
.........
213
35,671
Cboe
Global
Markets,
Inc.
..............
313
57,508
Franklin
Resources,
Inc.
(a)
..............
410
11,525
Invesco
Ltd.
.......................
74,427
1,234,744
Lazard,
Inc.
.......................
400
16,748
Moody's
Corp.
......................
2,866
1,126,424
MSCI,
Inc.
........................
456
255,565
Nasdaq,
Inc.
.......................
21,413
1,351,160
S&P
Global,
Inc.
....................
702
298,666
SEI
Investments
Co.
..................
2,416
173,710
State
Street
Corp.
...................
411
31,779
T.
Rowe
Price
Group,
Inc.
(a)
.............
1,079
131,552
4,725,052
Security
Shares
Shares
Value
Chemicals
—
2.2%
DuPont
de
Nemours,
Inc.
..............
1,100
$
84,337
Ecolab,
Inc.
.......................
1,639
378,445
LyondellBasell
Industries
NV
,
Class
A
......
11,103
1,135,615
Mosaic
Co.
(The)
....................
6,697
217,385
PPG
Industries,
Inc.
..................
1,878
272,122
Westlake
Corp.
.....................
1,588
242,646
2,330,550
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
.......................
520
357,256
Waste
Management,
Inc.
...............
721
153,681
510,937
Communications
Equipment
—
0.2%
Ciena
Corp.
(b)
......................
2,033
100,532
Juniper
Networks,
Inc.
................
1,547
57,332
Motorola
Solutions,
Inc.
...............
73
25,913
183,777
Construction
&
Engineering
—
1.2%
AECOM
..........................
6,416
629,281
EMCOR
Group,
Inc.
..................
356
124,671
Quanta
Services,
Inc.
.................
1,358
352,808
Valmont
Industries,
Inc.
................
848
193,582
1,300,342
Consumer
Staples
Distribution
&
Retail
—
1.7%
Costco
Wholesale
Corp.
...............
251
183,890
Walmart,
Inc.
.......................
27,303
1,642,822
1,826,712
Containers
&
Packaging
—
0.2%
International
Paper
Co.
................
3,013
117,567
Packaging
Corp.
of
America
............
458
86,919
WestRock
Co.
......................
933
46,137
250,623
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
.........................
40,918
720,157
Liberty
Global
Ltd.
,
Class
A
(b)
............
1,341
22,690
742,847
Electric
Utilities
—
2.2%
Edison
International
..................
568
40,175
IDACORP,
Inc.
(a)
....................
550
51,089
OGE
Energy
Corp.
...................
34,140
1,171,002
Portland
General
Electric
Co.
............
4,364
183,288
PPL
Corp.
........................
33,466
921,319
2,366,873
Electrical
Equipment
—
0.9%
AMETEK,
Inc.
......................
4,437
811,527
Rockwell
Automation,
Inc.
..............
481
140,130
951,657
Electronic
Equipment,
Instruments
&
Components
—
1.1%
Avnet,
Inc.
........................
1,022
50,671
TE
Connectivity
Ltd.
..................
8,151
1,183,851
1,234,522
Energy
Equipment
&
Services
—
0.9%
Baker
Hughes
Co.
,
Class
A
.............
12,284
411,514
Schlumberger
NV
...................
10,071
551,992
963,506
Entertainment
—
0.7%
Electronic
Arts,
Inc.
..................
3,169
420,431
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(b)
...........................
5,030
329,968
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Warner
Bros
Discovery,
Inc.
(b)
...........
3,345
$
29,202
779,601
Financial
Services
—
5.7%
Berkshire
Hathaway,
Inc.
,
Class
B
(b)
.......
8,733
3,672,401
Euronet
Worldwide,
Inc.
(b)
..............
1,657
182,154
Mastercard,
Inc.
,
Class
A
...............
2,461
1,185,144
Visa,
Inc.
,
Class
A
...................
4,123
1,150,647
6,190,346
Food
Products
—
1.5%
Archer-Daniels-Midland
Co.
.............
2,596
163,055
Bunge
Global
SA
....................
7,648
784,073
Hershey
Co.
(The)
...................
3,556
691,642
1,638,770
Gas
Utilities
—
0.2%
New
Jersey
Resources
Corp.
(a)
..........
2,218
95,175
UGI
Corp.
.........................
5,082
124,712
219,887
Ground
Transportation
—
0.7%
Old
Dominion
Freight
Line,
Inc.
..........
3,434
753,111
Health
Care
Equipment
&
Supplies
—
3.5%
Dexcom,
Inc.
(b)
.....................
1,911
265,056
Enovis
Corp.
(a)
(b)
.....................
699
43,653
Hologic,
Inc.
(b)
......................
2,395
186,714
Intuitive
Surgical,
Inc.
(b)
................
827
330,047
Medtronic
plc
......................
20,141
1,755,288
Stryker
Corp.
......................
3,446
1,233,220
3,813,978
Health
Care
Providers
&
Services
—
2.5%
Cardinal
Health,
Inc.
..................
1,551
173,557
Centene
Corp.
(b)
....................
1,211
95,039
Elevance
Health,
Inc.
.................
2,944
1,526,582
HCA
Healthcare,
Inc.
.................
446
148,754
Laboratory
Corp.
of
America
Holdings
......
2,257
493,064
Quest
Diagnostics,
Inc.
................
2,099
279,398
2,716,394
Health
Care
Technology
—
0.2%
Teladoc
Health,
Inc.
(b)
.................
15,492
233,929
Hotels,
Restaurants
&
Leisure
—
1.4%
Boyd
Gaming
Corp.
..................
11,465
771,824
Domino's
Pizza,
Inc.
..................
501
248,937
McDonald's
Corp.
...................
550
155,072
MGM
Resorts
International
(b)
............
7,543
356,105
1,531,938
Household
Durables
—
2.0%
DR
Horton,
Inc.
.....................
6,642
1,092,941
Leggett
&
Platt,
Inc.
..................
16,124
308,775
Toll
Brothers,
Inc.
....................
6,106
789,933
2,191,649
Household
Products
—
2.6%
Colgate-Palmolive
Co.
................
7,936
714,637
Kimberly-Clark
Corp.
.................
9,441
1,221,193
Procter
&
Gamble
Co.
(The)
............
5,287
857,816
2,793,646
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
AES
Corp.
(The)
....................
26,482
474,822
Industrial
Conglomerates
—
0.3%
Honeywell
International,
Inc.
............
1,593
326,963
Security
Shares
Shares
Value
Industrial
REITs
—
0.5%
First
Industrial
Realty
Trust,
Inc.
..........
9,617
$
505,277
Insurance
—
5.1%
Aon
plc
,
Class
A
....................
75
25,029
Arch
Capital
Group
Ltd.
(b)
..............
643
59,439
First
American
Financial
Corp.
...........
491
29,975
Marsh
&
McLennan
Cos.,
Inc.
...........
6,132
1,263,069
MetLife,
Inc.
.......................
7,106
526,626
Progressive
Corp.
(The)
...............
6,471
1,338,332
Reinsurance
Group
of
America,
Inc.
.......
5,736
1,106,360
Travelers
Cos.,
Inc.
(The)
..............
3,642
838,170
Unum
Group
.......................
5,580
299,423
5,486,423
Interactive
Media
&
Services
—
1.4%
Alphabet,
Inc.
,
Class
A
(b)
...............
7,724
1,165,783
Meta
Platforms,
Inc.
,
Class
A
............
303
147,131
Pinterest,
Inc.
,
Class
A
(b)
...............
6,949
240,922
1,553,836
IT
Services
—
0.1%
Amdocs
Ltd.
.......................
1,377
124,439
Life
Sciences
Tools
&
Services
—
0.3%
Agilent
Technologies,
Inc.
..............
2,010
292,475
Machinery
—
4.5%
AGCO
Corp.
.......................
955
117,484
CNH
Industrial
NV
...................
8,920
115,603
Cummins,
Inc.
......................
1,228
361,830
Flowserve
Corp.
....................
12,366
564,879
Graco,
Inc.
........................
499
46,637
Illinois
Tool
Works,
Inc.
................
53
14,222
Oshkosh
Corp.
.....................
9,920
1,237,123
Otis
Worldwide
Corp.
.................
1,245
123,591
Parker-Hannifin
Corp.
.................
1,935
1,075,454
Snap-on,
Inc.
......................
2,493
738,476
Xylem,
Inc.
........................
3,743
483,745
4,879,044
Media
—
2.4%
Comcast
Corp.
,
Class
A
...............
34,293
1,486,602
Fox
Corp.
,
Class
A
(a)
..................
29,191
912,803
Fox
Corp.
,
Class
B
...................
702
20,091
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(b)
295
8,761
Paramount
Global
,
Class
B
.............
15,809
186,072
2,614,329
Metals
&
Mining
—
1.0%
Alcoa
Corp.
........................
859
29,026
Nucor
Corp.
.......................
5,148
1,018,789
1,047,815
Multi-Utilities
—
0.9%
Black
Hills
Corp.
....................
481
26,262
CMS
Energy
Corp.
...................
12,499
754,190
DTE
Energy
Co.
....................
878
98,459
Sempra
..........................
753
54,088
932,999
Oil,
Gas
&
Consumable
Fuels
—
7.2%
Chevron
Corp.
......................
6,247
985,402
ConocoPhillips
.....................
9,431
1,200,378
Devon
Energy
Corp.
..................
13,756
690,276
EOG
Resources,
Inc.
.................
5,868
750,165
Exxon
Mobil
Corp.
...................
15,247
1,772,311
Marathon
Petroleum
Corp.
.............
7,383
1,487,674
Pioneer
Natural
Resources
Co.
..........
1,130
296,625
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
..................
3,649
$
622,848
7,805,679
Paper
&
Forest
Products
—
0.4%
Louisiana-Pacific
Corp.
................
4,971
417,117
Passenger
Airlines
—
0.7%
Alaska
Air
Group,
Inc.
(a)
(b)
..............
2,356
101,284
Delta
Air
Lines,
Inc.
..................
10,481
501,726
United
Airlines
Holdings,
Inc.
(b)
...........
2,892
138,469
741,479
Pharmaceuticals
—
5.0%
Alto
Neuroscience,
Inc.
(b)
...............
14
215
Bristol-Myers
Squibb
Co.
...............
19,425
1,053,418
Eli
Lilly
&
Co.
......................
1,344
1,045,578
Johnson
&
Johnson
..................
5,082
803,921
Merck
&
Co.,
Inc.
....................
7,856
1,036,599
Pfizer,
Inc.
........................
52,005
1,443,139
Zoetis,
Inc.
,
Class
A
..................
351
59,393
5,442,263
Real
Estate
Management
&
Development
—
0.0%
Zillow
Group,
Inc.
,
Class
A
(b)
............
285
13,640
Residential
REITs
—
2.2%
Apartment
Income
REIT
Corp.
...........
4,232
137,413
Camden
Property
Trust
................
11,472
1,128,845
Equity
Residential
...................
18,553
1,170,880
2,437,138
Retail
REITs
—
0.4%
Brixmor
Property
Group,
Inc.
............
626
14,680
Kimco
Realty
Corp.
..................
22,771
446,539
461,219
Semiconductors
&
Semiconductor
Equipment
—
4.6%
Applied
Materials,
Inc.
................
4,157
857,298
Astera
Labs,
Inc.
(b)
...................
821
60,910
Cirrus
Logic,
Inc.
(b)
...................
1,565
144,856
Intel
Corp.
........................
9,321
411,709
Lam
Research
Corp.
.................
466
452,752
Micron
Technology,
Inc.
................
7,569
892,309
NVIDIA
Corp.
......................
996
899,946
QUALCOMM,
Inc.
...................
7,445
1,260,438
4,980,218
Software
—
2.6%
Adobe,
Inc.
(b)
.......................
661
333,541
Fortinet,
Inc.
(b)
......................
951
64,963
Manhattan
Associates,
Inc.
(b)
............
3,873
969,141
Microsoft
Corp.
.....................
2,807
1,180,961
Oracle
Corp.
.......................
1,474
185,149
Teradata
Corp.
(b)
....................
1,596
61,717
2,795,472
Specialized
REITs
—
0.4%
Equinix,
Inc.
.......................
411
339,211
Lamar
Advertising
Co.
,
Class
A
..........
259
30,927
SBA
Communications
Corp.
............
423
91,664
461,802
Specialty
Retail
—
0.2%
AutoNation,
Inc.
(b)
....................
1,249
206,809
Technology
Hardware,
Storage
&
Peripherals
—
1.7%
Apple,
Inc.
........................
5,940
1,018,591
Hewlett
Packard
Enterprise
Co.
..........
35,696
632,890
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
HP,
Inc.
..........................
5,189
$
156,812
1,808,293
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Under
Armour,
Inc.
,
Class
C
(b)
...........
947
6,762
Trading
Companies
&
Distributors
—
0.8%
Watsco,
Inc.
.......................
32
13,823
WESCO
International,
Inc.
..............
3,438
588,861
WW
Grainger,
Inc.
...................
271
275,688
878,372
Total
Long-Term
Investments
—
99
.0
%
(Cost:
$
95,584,946
)
...............................
107,297,070
Short-Term
Securities
Money
Market
Funds
—
2.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(e)
..................
1,361,608
1,362,288
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
....................
1,104,875
1,104,875
Total
Short-Term
Securities
—
2
.3
%
(Cost:
$
2,467,163
)
...............................
2,467,163
Total
Investments
—
101
.3
%
(Cost:
$
98,052,109
)
...............................
109,764,233
Liabilities
in
Excess
of
Other
Assets
—
(
1.3
)
%
.............
(
1,401,038
)
Net
Assets
—
100.0%
...............................
$
108,363,195
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
4
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:
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(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
..............
$
—
$
1,362,438
(a)
$
—
$
(
150
)
$
—
$
1,362,288
1,361,608
$
2,950
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
866,131
238,744
(a)
—
—
—
1,104,875
1,104,875
11,484
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
2,306,856
—
(
2,306,398
)
(a)
(
458
)
—
—
—
—
—
$
(
608
)
$
—
$
2,467,163
$
14,434
$
—
—
—
(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
Value
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
.......................................................
4
06/21/24
$
1,062
$
22,178
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
107,297,070
$
—
$
—
$
107,297,070
Short-Term
Securities
Money
Market
Funds
......................................
2,467,163
—
—
2,467,163
$
109,764,233
$
—
$
—
$
109,764,233
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
22,178
$
—
$
—
$
22,178
(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