Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
Axon
Enterprise,
Inc.
(a)
................
4,178
$
1,307,213
Boeing
Co.
(The)
(a)
...................
33,975
6,556,835
General
Dynamics
Corp.
...............
13,556
3,829,434
Howmet
Aerospace,
Inc.
...............
23,300
1,594,419
Huntington
Ingalls
Industries,
Inc.
.........
2,417
704,483
L3Harris
Technologies,
Inc.
.............
11,353
2,419,324
Lockheed
Martin
Corp.
................
12,816
5,829,614
Northrop
Grumman
Corp.
..............
8,448
4,043,720
RTX
Corp.
........................
79,068
7,711,502
Textron,
Inc.
.......................
11,706
1,122,957
TransDigm
Group,
Inc.
................
3,299
4,063,048
39,182,549
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
(b)
..........
7,060
537,548
Expeditors
International
of
Washington,
Inc.
..
8,761
1,065,075
FedEx
Corp.
.......................
13,700
3,969,438
United
Parcel
Service,
Inc.
,
Class
B
.......
43,044
6,397,630
11,969,691
Automobile
Components
—
0.1%
Aptiv
plc
(a)
.........................
16,543
1,317,650
BorgWarner,
Inc.
....................
13,456
467,461
1,785,111
Automobiles
—
1.3%
Ford
Motor
Co.
.....................
232,027
3,081,319
General
Motors
Co.
..................
68,795
3,119,853
Tesla,
Inc.
(a)
........................
165,229
29,045,606
35,246,778
Banks
—
3.3%
Bank
of
America
Corp.
................
410,286
15,558,045
Citigroup,
Inc.
......................
113,409
7,171,985
Citizens
Financial
Group,
Inc.
...........
27,846
1,010,531
Comerica,
Inc.
......................
7,730
425,073
Fifth
Third
Bancorp
(b)
.................
40,588
1,510,279
Huntington
Bancshares,
Inc.
............
85,882
1,198,054
JPMorgan
Chase
&
Co.
...............
172,280
34,507,684
KeyCorp
..........................
56,749
897,202
M&T
Bank
Corp.
....................
9,883
1,437,383
PNC
Financial
Services
Group,
Inc.
(The)
...
23,798
3,845,757
Regions
Financial
Corp.
...............
55,559
1,168,961
Truist
Financial
Corp.
.................
79,412
3,095,480
US
Bancorp
.......................
92,677
4,142,662
Wells
Fargo
&
Co.
...................
214,462
12,430,218
88,399,314
Beverages
—
1.4%
Brown-Forman
Corp.
,
Class
B
...........
11,094
572,672
Coca-Cola
Co.
(The)
.................
231,876
14,186,174
Constellation
Brands,
Inc.
,
Class
A
........
9,583
2,604,276
Keurig
Dr
Pepper,
Inc.
................
60,279
1,848,757
Molson
Coors
Beverage
Co.
,
Class
B
......
10,860
730,335
Monster
Beverage
Corp.
(a)
..............
44,259
2,623,674
PepsiCo,
Inc.
......................
81,905
14,334,194
36,900,082
Biotechnology
—
1.9%
AbbVie,
Inc.
.......................
105,211
19,158,923
Amgen,
Inc.
.......................
31,880
9,064,121
Biogen,
Inc.
(a)
......................
8,576
1,849,243
Gilead
Sciences,
Inc.
.................
74,436
5,452,437
Incyte
Corp.
(a)
......................
11,278
642,508
Moderna,
Inc.
(a)
.....................
19,787
2,108,503
Regeneron
Pharmaceuticals,
Inc.
(a)
........
6,296
6,059,837
Security
Shares
Shares
Value
Biotechnology
(continued)
Vertex
Pharmaceuticals,
Inc.
(a)
...........
15,333
$
6,409,347
50,744,919
Broadline
Retail
—
3.8%
Amazon.com,
Inc.
(a)
..................
544,722
98,256,954
eBay,
Inc.
.........................
30,779
1,624,516
Etsy,
Inc.
(a)
........................
7,182
493,547
100,375,017
Building
Products
—
0.5%
A
O
Smith
Corp.
....................
7,254
648,943
Allegion
plc
........................
5,323
717,061
Builders
FirstSource,
Inc.
(a)
.............
7,303
1,523,041
Carrier
Global
Corp.
..................
49,911
2,901,326
Johnson
Controls
International
plc
........
40,393
2,638,471
Masco
Corp.
.......................
13,276
1,047,211
Trane
Technologies
plc
................
13,554
4,068,911
13,544,964
Capital
Markets
—
2.8%
Ameriprise
Financial,
Inc.
..............
5,971
2,617,925
Bank
of
New
York
Mellon
Corp.
(The)
......
45,251
2,607,363
BlackRock,
Inc.
(c)
....................
8,355
6,965,564
Blackstone,
Inc.
,
Class
A
...............
42,428
5,573,766
Cboe
Global
Markets,
Inc.
..............
6,265
1,151,068
Charles
Schwab
Corp.
(The)
............
88,887
6,430,086
CME
Group,
Inc.
,
Class
A
..............
21,473
4,622,922
FactSet
Research
Systems,
Inc.
..........
2,260
1,026,921
Franklin
Resources,
Inc.
(b)
..............
16,508
464,040
Goldman
Sachs
Group,
Inc.
(The)
........
19,483
8,137,854
Intercontinental
Exchange,
Inc.
..........
34,123
4,689,524
Invesco
Ltd.
.......................
26,309
436,466
MarketAxess
Holdings,
Inc.
.............
2,285
500,986
Moody's
Corp.
......................
9,374
3,684,263
Morgan
Stanley
.....................
74,656
7,029,609
MSCI,
Inc.
........................
4,710
2,639,720
Nasdaq,
Inc.
.......................
22,915
1,445,937
Northern
Trust
Corp.
..................
12,246
1,088,914
Raymond
James
Financial,
Inc.
..........
11,181
1,435,864
S&P
Global,
Inc.
....................
19,147
8,146,091
State
Street
Corp.
...................
17,993
1,391,219
T.
Rowe
Price
Group,
Inc.
..............
13,363
1,629,217
73,715,319
Chemicals
—
1.6%
Air
Products
&
Chemicals,
Inc.
...........
13,296
3,221,222
Albemarle
Corp.
(b)
...................
6,909
910,192
Celanese
Corp.
(b)
....................
5,906
1,015,005
CF
Industries
Holdings,
Inc.
.............
11,389
947,679
Corteva,
Inc.
.......................
41,933
2,418,276
Dow,
Inc.
.........................
41,732
2,417,535
DuPont
de
Nemours,
Inc.
..............
25,521
1,956,695
Eastman
Chemical
Co.
................
6,909
692,420
Ecolab,
Inc.
.......................
15,138
3,495,364
FMC
Corp.
(b)
.......................
7,563
481,763
International
Flavors
&
Fragrances,
Inc.
.....
15,180
1,305,328
Linde
plc
.........................
28,895
13,416,527
LyondellBasell
Industries
NV
,
Class
A
......
15,283
1,563,145
Mosaic
Co.
(The)
....................
19,496
632,840
PPG
Industries,
Inc.
..................
14,119
2,045,843
Sherwin-Williams
Co.
(The)
.............
14,046
4,878,597
41,398,431
Commercial
Services
&
Supplies
—
0.6%
Cintas
Corp.
.......................
5,120
3,517,593
Copart,
Inc.
(a)
......................
52,216
3,024,351
Republic
Services,
Inc.
................
12,180
2,331,739
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Rollins,
Inc.
........................
17,025
$
787,747
Veralto
Corp.
.......................
12,965
1,149,477
Waste
Management,
Inc.
...............
21,824
4,651,786
15,462,693
Communications
Equipment
—
0.8%
Arista
Networks,
Inc.
(a)
................
15,097
4,377,828
Cisco
Systems,
Inc.
..................
241,991
12,077,771
F5,
Inc.
(a)
.........................
3,463
656,550
Juniper
Networks,
Inc.
................
18,828
697,766
Motorola
Solutions,
Inc.
...............
9,956
3,534,181
21,344,096
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.
.................
8,682
2,255,584
Construction
Materials
—
0.2%
Martin
Marietta
Materials,
Inc.
...........
3,698
2,270,350
Vulcan
Materials
Co.
.................
7,948
2,169,168
4,439,518
Consumer
Finance
—
0.5%
American
Express
Co.
................
34,078
7,759,220
Capital
One
Financial
Corp.
.............
22,747
3,386,801
Discover
Financial
Services
.............
14,941
1,958,616
Synchrony
Financial
..................
24,094
1,038,933
14,143,570
Consumer
Staples
Distribution
&
Retail
—
1.8%
Costco
Wholesale
Corp.
...............
26,451
19,378,796
Dollar
General
Corp.
.................
13,123
2,047,975
Dollar
Tree,
Inc.
(a)
....................
12,334
1,642,272
Kroger
Co.
(The)
....................
39,513
2,257,378
Sysco
Corp.
.......................
29,667
2,408,367
Target
Corp.
.......................
27,491
4,871,680
Walgreens
Boots
Alliance,
Inc.
...........
42,368
918,962
Walmart,
Inc.
.......................
255,091
15,348,826
48,874,256
Containers
&
Packaging
—
0.2%
Amcor
plc
.........................
86,776
825,240
Avery
Dennison
Corp.
.................
4,764
1,063,563
Ball
Corp.
.........................
18,664
1,257,207
International
Paper
Co.
................
20,980
818,640
Packaging
Corp.
of
America
............
5,304
1,006,593
WestRock
Co.
......................
15,539
768,403
5,739,646
Distributors
—
0.1%
Genuine
Parts
Co.
...................
8,341
1,292,271
LKQ
Corp.
........................
16,223
866,471
Pool
Corp.
(b)
.......................
2,302
928,857
3,087,599
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
.........................
425,686
7,492,074
Verizon
Communications,
Inc.
...........
250,527
10,512,113
18,004,187
Electric
Utilities
—
1.5%
Alliant
Energy
Corp.
..................
15,324
772,330
American
Electric
Power
Co.,
Inc.
.........
30,948
2,664,623
Constellation
Energy
Corp.
.............
19,046
3,520,653
Duke
Energy
Corp.
..................
45,979
4,446,629
Edison
International
..................
22,897
1,619,505
Entergy
Corp.
......................
12,578
1,329,243
Evergy,
Inc.
........................
13,928
743,477
Eversource
Energy
..................
20,718
1,238,315
Exelon
Corp.
.......................
59,059
2,218,847
Security
Shares
Shares
Value
Electric
Utilities
(continued)
FirstEnergy
Corp.
...................
30,626
$
1,182,776
NextEra
Energy,
Inc.
.................
122,141
7,806,031
NRG
Energy,
Inc.
....................
13,427
908,874
PG&E
Corp.
.......................
126,802
2,125,201
Pinnacle
West
Capital
Corp.
............
6,871
513,470
PPL
Corp.
........................
43,765
1,204,850
Southern
Co.
(The)
..................
65,074
4,668,409
Xcel
Energy,
Inc.
....................
33,054
1,776,652
38,739,885
Electrical
Equipment
—
0.7%
AMETEK,
Inc.
......................
13,701
2,505,913
Eaton
Corp.
plc
.....................
23,795
7,440,220
Emerson
Electric
Co.
.................
34,145
3,872,726
Generac
Holdings,
Inc.
(a)
...............
3,588
452,590
Hubbell,
Inc.
.......................
3,179
1,319,444
Rockwell
Automation,
Inc.
..............
6,790
1,978,131
17,569,024
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Amphenol
Corp.
,
Class
A
..............
35,673
4,114,881
CDW
Corp.
........................
8,019
2,051,100
Corning,
Inc.
.......................
45,759
1,508,217
Jabil,
Inc.
.........................
7,536
1,009,447
Keysight
Technologies,
Inc.
(a)
............
10,409
1,627,759
TE
Connectivity
Ltd.
..................
18,515
2,689,119
Teledyne
Technologies,
Inc.
(a)
............
2,795
1,199,949
Trimble,
Inc.
(a)
......................
15,057
969,068
Zebra
Technologies
Corp.
,
Class
A
(a)
.......
3,113
938,383
16,107,923
Energy
Equipment
&
Services
—
0.3%
Baker
Hughes
Co.
,
Class
A
.............
59,644
1,998,074
Halliburton
Co.
.....................
53,043
2,090,955
Schlumberger
NV
...................
85,226
4,671,237
8,760,266
Entertainment
—
1.3%
Electronic
Arts,
Inc.
..................
14,573
1,933,400
Live
Nation
Entertainment,
Inc.
(a)
.........
8,597
909,305
Netflix,
Inc.
(a)
.......................
25,789
15,662,433
Take-Two
Interactive
Software,
Inc.
(a)
.......
9,430
1,400,261
Walt
Disney
Co.
(The)
................
109,316
13,375,906
Warner
Bros
Discovery,
Inc.
(a)
...........
132,457
1,156,349
34,437,654
Financial
Services
—
4.3%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.......
108,424
45,594,460
Corpay,
Inc.
(a)
......................
4,351
1,342,458
Fidelity
National
Information
Services,
Inc.
...
35,156
2,607,872
Fiserv,
Inc.
(a)
.......................
35,815
5,723,953
Global
Payments,
Inc.
................
15,575
2,081,755
Jack
Henry
&
Associates,
Inc.
...........
4,272
742,175
Mastercard,
Inc.
,
Class
A
...............
49,165
23,676,389
PayPal
Holdings,
Inc.
(a)
................
63,867
4,278,450
Visa,
Inc.
,
Class
A
...................
94,250
26,303,290
112,350,802
Food
Products
—
0.8%
Archer-Daniels-Midland
Co.
.............
31,863
2,001,315
Bunge
Global
SA
....................
8,755
897,563
Campbell
Soup
Co.
..................
11,960
531,622
Conagra
Brands,
Inc.
.................
28,975
858,819
General
Mills,
Inc.
...................
33,842
2,367,925
Hershey
Co.
(The)
...................
8,957
1,742,137
Hormel
Foods
Corp.
..................
17,555
612,494
J
M
Smucker
Co.
(The)
................
6,191
779,261
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Kellanova
.........................
15,984
$
915,723
Kraft
Heinz
Co.
(The)
.................
47,760
1,762,344
Lamb
Weston
Holdings,
Inc.
............
8,612
917,436
McCormick
&
Co.,
Inc.
(Non-Voting)
.......
14,868
1,142,011
Mondelez
International,
Inc.
,
Class
A
.......
80,239
5,616,730
Tyson
Foods,
Inc.
,
Class
A
.............
16,870
990,775
21,136,155
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
..................
8,788
1,044,630
Ground
Transportation
—
1.1%
CSX
Corp.
........................
117,719
4,363,843
JB
Hunt
Transport
Services,
Inc.
.........
4,829
962,178
Norfolk
Southern
Corp.
................
13,461
3,430,805
Old
Dominion
Freight
Line,
Inc.
..........
10,622
2,329,511
Uber
Technologies,
Inc.
(a)
..............
122,611
9,439,821
Union
Pacific
Corp.
..................
36,419
8,956,525
29,482,683
Health
Care
Equipment
&
Supplies
—
2.6%
Abbott
Laboratories
..................
103,455
11,758,695
Align
Technology,
Inc.
(a)
................
4,228
1,386,446
Baxter
International,
Inc.
...............
30,077
1,285,491
Becton
Dickinson
&
Co.
...............
17,292
4,278,905
Boston
Scientific
Corp.
(a)
...............
87,450
5,989,451
Cooper
Cos.,
Inc.
(The)
...............
11,752
1,192,358
Dentsply
Sirona,
Inc.
.................
12,927
429,047
Dexcom,
Inc.
(a)
.....................
22,935
3,181,085
Edwards
Lifesciences
Corp.
(a)
...........
36,216
3,460,801
GE
HealthCare
Technologies,
Inc.
........
25,236
2,294,205
Hologic,
Inc.
(a)
......................
13,988
1,090,504
IDEXX
Laboratories,
Inc.
(a)
..............
4,941
2,667,794
Insulet
Corp.
(a)
......................
4,234
725,708
Intuitive
Surgical,
Inc.
(a)
................
21,034
8,394,459
Medtronic
plc
......................
79,190
6,901,408
ResMed,
Inc.
......................
8,769
1,736,525
STERIS
plc
........................
5,872
1,320,143
Stryker
Corp.
......................
20,199
7,228,616
Teleflex,
Inc.
.......................
2,849
644,358
Zimmer
Biomet
Holdings,
Inc.
...........
12,471
1,645,923
67,611,922
Health
Care
Providers
&
Services
—
2.6%
Cardinal
Health,
Inc.
..................
14,408
1,612,255
Cencora,
Inc.
......................
9,867
2,397,582
Centene
Corp.
(a)
....................
31,869
2,501,079
Cigna
Group
(The)
...................
17,472
6,345,656
CVS
Health
Corp.
...................
74,993
5,981,442
DaVita,
Inc.
(a)
.......................
3,104
428,507
Elevance
Health,
Inc.
.................
13,987
7,252,819
HCA
Healthcare,
Inc.
.................
11,847
3,951,330
Henry
Schein,
Inc.
(a)
..................
7,918
597,967
Humana,
Inc.
......................
7,276
2,522,735
Laboratory
Corp.
of
America
Holdings
......
5,116
1,117,641
McKesson
Corp.
....................
7,831
4,204,072
Molina
Healthcare,
Inc.
(a)
...............
3,468
1,424,759
Quest
Diagnostics,
Inc.
................
6,607
879,458
UnitedHealth
Group,
Inc.
...............
55,118
27,266,875
Universal
Health
Services,
Inc.
,
Class
B
....
3,604
657,586
69,141,763
Health
Care
REITs
—
0.2%
Healthpeak
Properties,
Inc.
.............
42,283
792,806
Ventas,
Inc.
.......................
23,916
1,041,303
Security
Shares
Shares
Value
Health
Care
REITs
(continued)
Welltower,
Inc.
......................
33,020
$
3,085,389
4,919,498
Hotel
&
Resort
REITs
—
0.0%
Host
Hotels
&
Resorts,
Inc.
.............
41,914
866,782
Hotels,
Restaurants
&
Leisure
—
2.0%
Airbnb,
Inc.
,
Class
A
(a)
.................
25,678
4,235,843
Booking
Holdings,
Inc.
................
2,084
7,560,502
Caesars
Entertainment,
Inc.
(a)
...........
13,054
570,982
Carnival
Corp.
(a)
.....................
61,080
998,047
Chipotle
Mexican
Grill,
Inc.
(a)
............
1,634
4,749,662
Darden
Restaurants,
Inc.
(b)
.............
7,182
1,200,471
Domino's
Pizza,
Inc.
..................
2,069
1,028,045
Expedia
Group,
Inc.
(a)
.................
7,793
1,073,486
Hilton
Worldwide
Holdings,
Inc.
..........
15,027
3,205,409
Las
Vegas
Sands
Corp.
...............
19,931
1,030,433
Marriott
International,
Inc.
,
Class
A
........
14,739
3,718,797
McDonald's
Corp.
...................
43,224
12,187,007
MGM
Resorts
International
(a)
............
16,467
777,407
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......
25,795
539,889
Royal
Caribbean
Cruises
Ltd.
(a)
..........
14,104
1,960,597
Starbucks
Corp.
.....................
67,470
6,166,083
Wynn
Resorts
Ltd.
...................
5,624
574,942
Yum!
Brands,
Inc.
(b)
..................
16,806
2,330,152
53,907,754
Household
Durables
—
0.4%
DR
Horton,
Inc.
.....................
17,796
2,928,332
Garmin
Ltd.
........................
9,100
1,354,717
Lennar
Corp.
,
Class
A
.................
14,729
2,533,093
Mohawk
Industries,
Inc.
(a)
..............
3,112
407,330
NVR,
Inc.
(a)
........................
188
1,522,792
PulteGroup,
Inc.
....................
12,640
1,524,637
10,270,901
Household
Products
—
1.2%
Church
&
Dwight
Co.,
Inc.
..............
14,664
1,529,602
Clorox
Co.
(The)
....................
7,340
1,123,828
Colgate-Palmolive
Co.
................
49,103
4,421,725
Kimberly-Clark
Corp.
.................
20,118
2,602,263
Procter
&
Gamble
Co.
(The)
............
140,221
22,750,857
32,428,275
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
AES
Corp.
(The)
....................
40,603
728,012
Industrial
Conglomerates
—
0.9%
3M
Co.
...........................
32,988
3,499,037
General
Electric
Co.
..................
64,856
11,384,174
Honeywell
International,
Inc.
............
39,258
8,057,704
22,940,915
Industrial
REITs
—
0.3%
Prologis,
Inc.
.......................
55,010
7,163,402
Insurance
—
2.2%
Aflac,
Inc.
.........................
31,370
2,693,428
Allstate
Corp.
(The)
..................
15,688
2,714,181
American
International
Group,
Inc.
........
41,951
3,279,310
Aon
plc
,
Class
A
....................
11,982
3,998,633
Arch
Capital
Group
Ltd.
(a)
..............
22,006
2,034,235
Arthur
J
Gallagher
&
Co.
...............
12,868
3,217,515
Assurant,
Inc.
......................
3,071
578,085
Brown
&
Brown,
Inc.
..................
13,971
1,223,021
Chubb
Ltd.
........................
24,151
6,258,249
Cincinnati
Financial
Corp.
..............
9,291
1,153,663
Everest
Group
Ltd.
...................
2,568
1,020,780
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Globe
Life,
Inc.
.....................
5,082
$
591,392
Hartford
Financial
Services
Group,
Inc.
(The)
.
17,845
1,838,927
Loews
Corp.
.......................
10,876
851,482
Marsh
&
McLennan
Cos.,
Inc.
...........
29,317
6,038,716
MetLife,
Inc.
.......................
36,582
2,711,092
Principal
Financial
Group,
Inc.
...........
13,176
1,137,220
Progressive
Corp.
(The)
...............
34,952
7,228,773
Prudential
Financial,
Inc.
...............
21,523
2,526,800
Travelers
Cos.,
Inc.
(The)
..............
13,640
3,139,110
Willis
Towers
Watson
plc
...............
6,160
1,694,000
WR
Berkley
Corp.
...................
12,034
1,064,287
56,992,899
Interactive
Media
&
Services
—
6.1%
Alphabet,
Inc.
,
Class
A
(a)
...............
351,174
53,002,692
Alphabet,
Inc.
,
Class
C
(a)
...............
294,012
44,766,267
Match
Group,
Inc.
(a)
..................
16,137
585,450
Meta
Platforms,
Inc.
,
Class
A
............
131,105
63,661,966
162,016,375
IT
Services
—
1.2%
Accenture
plc
,
Class
A
................
37,364
12,950,736
Akamai
Technologies,
Inc.
(a)
.............
9,012
980,145
Cognizant
Technology
Solutions
Corp.
,
Class
A
29,567
2,166,965
EPAM
Systems,
Inc.
(a)
.................
3,433
948,057
Gartner,
Inc.
(a)
......................
4,643
2,213,179
International
Business
Machines
Corp.
.....
54,552
10,417,250
VeriSign,
Inc.
(a)
.....................
5,331
1,010,278
30,686,610
Leisure
Products
—
0.0%
Hasbro,
Inc.
.......................
7,908
446,960
Life
Sciences
Tools
&
Services
—
1.4%
Agilent
Technologies,
Inc.
..............
17,445
2,538,422
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
.......
1,282
443,405
Bio-Techne
Corp.
....................
9,546
671,943
Charles
River
Laboratories
International,
Inc.
(a)
(b)
3,109
842,384
Danaher
Corp.
.....................
39,188
9,786,028
Illumina,
Inc.
(a)
......................
9,428
1,294,653
IQVIA
Holdings,
Inc.
(a)
.................
10,880
2,751,443
Mettler-Toledo
International,
Inc.
(a)
........
1,280
1,704,051
Revvity,
Inc.
.......................
7,307
767,235
Thermo
Fisher
Scientific,
Inc.
............
23,025
13,382,360
Waters
Corp.
(a)
.....................
3,511
1,208,592
West
Pharmaceutical
Services,
Inc.
.......
4,413
1,746,268
37,136,784
Machinery
—
1.8%
Caterpillar,
Inc.
.....................
30,337
11,116,387
Cummins,
Inc.
......................
8,488
2,500,989
Deere
&
Co.
.......................
15,517
6,373,453
Dover
Corp.
.......................
8,324
1,474,930
Fortive
Corp.
.......................
21,012
1,807,452
IDEX
Corp.
........................
4,469
1,090,525
Illinois
Tool
Works,
Inc.
................
16,203
4,347,751
Ingersoll
Rand,
Inc.
..................
24,210
2,298,739
Nordson
Corp.
......................
3,283
901,315
Otis
Worldwide
Corp.
.................
24,122
2,394,591
PACCAR,
Inc.
......................
31,210
3,866,607
Parker-Hannifin
Corp.
.................
7,673
4,264,577
Pentair
plc
........................
10,012
855,425
Snap-on,
Inc.
......................
3,125
925,688
Stanley
Black
&
Decker,
Inc.
............
9,012
882,545
Westinghouse
Air
Brake
Technologies
Corp.
..
10,671
1,554,551
Security
Shares
Shares
Value
Machinery
(continued)
Xylem,
Inc.
........................
14,385
$
1,859,117
48,514,642
Media
—
0.6%
Charter
Communications,
Inc.
,
Class
A
(a)
....
5,885
1,710,358
Comcast
Corp.
,
Class
A
...............
236,127
10,236,105
Fox
Corp.
,
Class
A
...................
14,594
456,355
Fox
Corp.
,
Class
B
...................
8,207
234,884
Interpublic
Group
of
Cos.,
Inc.
(The)
(b)
......
22,604
737,569
News
Corp.
,
Class
A
..................
23,099
604,732
News
Corp.
,
Class
B
(b)
................
6,293
170,288
Omnicom
Group,
Inc.
.................
11,709
1,132,963
Paramount
Global
,
Class
B
.............
29,378
345,779
15,629,033
Metals
&
Mining
—
0.4%
Freeport-McMoRan,
Inc.
...............
85,670
4,028,204
Newmont
Corp.
.....................
68,573
2,457,656
Nucor
Corp.
.......................
14,668
2,902,797
Steel
Dynamics,
Inc.
..................
9,166
1,358,676
10,747,333
Multi-Utilities
—
0.6%
Ameren
Corp.
......................
15,582
1,152,445
CenterPoint
Energy,
Inc.
(b)
..............
37,431
1,066,409
CMS
Energy
Corp.
...................
17,263
1,041,649
Consolidated
Edison,
Inc.
..............
20,649
1,875,136
Dominion
Energy,
Inc.
.................
49,698
2,444,645
DTE
Energy
Co.
....................
12,283
1,377,416
NiSource,
Inc.
......................
25,058
693,104
Public
Service
Enterprise
Group,
Inc.
......
29,870
1,994,719
Sempra
..........................
37,497
2,693,409
WEC
Energy
Group,
Inc.
...............
18,853
1,548,208
15,887,140
Office
REITs
—
0.1%
(b)
Alexandria
Real
Estate
Equities,
Inc.
.......
9,442
1,217,168
Boston
Properties,
Inc.
................
8,790
574,075
1,791,243
Oil,
Gas
&
Consumable
Fuels
—
3.6%
APA
Corp.
........................
18,631
640,534
Chevron
Corp.
......................
103,359
16,303,849
ConocoPhillips
.....................
70,205
8,935,692
Coterra
Energy,
Inc.
..................
44,986
1,254,210
Devon
Energy
Corp.
..................
38,318
1,922,797
Diamondback
Energy,
Inc.
..............
10,692
2,118,834
EOG
Resources,
Inc.
.................
34,839
4,453,818
EQT
Corp.
(b)
.......................
21,929
812,908
Exxon
Mobil
Corp.
(b)
..................
236,639
27,506,917
Hess
Corp.
........................
16,403
2,503,754
Kinder
Morgan,
Inc.
..................
116,005
2,127,532
Marathon
Oil
Corp.
...................
35,268
999,495
Marathon
Petroleum
Corp.
.............
21,930
4,418,895
Occidental
Petroleum
Corp.
.............
39,366
2,558,396
ONEOK,
Inc.
.......................
34,657
2,778,452
Phillips
66
.........................
25,624
4,185,424
Pioneer
Natural
Resources
Co.
..........
13,929
3,656,362
Targa
Resources
Corp.
................
13,288
1,488,123
Valero
Energy
Corp.
..................
20,340
3,471,835
Williams
Cos.,
Inc.
(The)
...............
72,432
2,822,675
94,960,502
Passenger
Airlines
—
0.2%
American
Airlines
Group,
Inc.
(a)
(b)
.........
39,886
612,250
Delta
Air
Lines,
Inc.
..................
38,406
1,838,495
Southwest
Airlines
Co.
................
35,302
1,030,465
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
United
Airlines
Holdings,
Inc.
(a)
...........
19,887
$
952,190
4,433,400
Personal
Care
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
13,894
2,141,760
Kenvue,
Inc.
.......................
103,382
2,218,578
4,360,338
Pharmaceuticals
—
3.9%
Bristol-Myers
Squibb
Co.
...............
121,091
6,566,765
Catalent,
Inc.
(a)
.....................
10,993
620,555
Eli
Lilly
&
Co.
......................
47,520
36,968,659
Johnson
&
Johnson
..................
143,454
22,692,988
Merck
&
Co.,
Inc.
....................
151,007
19,925,374
Pfizer,
Inc.
........................
336,431
9,335,960
Viatris,
Inc.
........................
72,733
868,432
Zoetis,
Inc.
,
Class
A
..................
27,406
4,637,369
101,616,102
Professional
Services
—
0.7%
Automatic
Data
Processing,
Inc.
..........
24,468
6,110,638
Broadridge
Financial
Solutions,
Inc.
.......
7,039
1,442,010
Dayforce,
Inc.
(a)
(b)
....................
9,436
624,758
Equifax,
Inc.
.......................
7,338
1,963,062
Jacobs
Solutions,
Inc.
.................
7,454
1,145,903
Leidos
Holdings,
Inc.
.................
8,126
1,065,237
Paychex,
Inc.
......................
19,059
2,340,445
Paycom
Software,
Inc.
................
2,848
566,780
Robert
Half,
Inc.
....................
6,221
493,201
Verisk
Analytics,
Inc.
..................
8,693
2,049,201
17,801,235
Real
Estate
Management
&
Development
—
0.2%
(a)
CBRE
Group,
Inc.
,
Class
A
.............
17,721
1,723,190
CoStar
Group,
Inc.
...................
24,484
2,365,154
4,088,344
Residential
REITs
—
0.3%
AvalonBay
Communities,
Inc.
...........
8,480
1,573,549
Camden
Property
Trust
................
6,474
637,042
Equity
Residential
...................
20,510
1,294,386
Essex
Property
Trust,
Inc.
..............
3,787
927,095
Invitation
Homes,
Inc.
.................
34,174
1,216,936
Mid-America
Apartment
Communities,
Inc.
...
7,075
930,928
UDR,
Inc.
.........................
18,380
687,596
7,267,532
Retail
REITs
—
0.3%
Federal
Realty
Investment
Trust
..........
4,305
439,627
Kimco
Realty
Corp.
..................
37,586
737,061
Realty
Income
Corp.
..................
49,397
2,672,378
Regency
Centers
Corp.
...............
9,963
603,359
Simon
Property
Group,
Inc.
.............
19,486
3,049,364
7,501,789
Semiconductors
&
Semiconductor
Equipment
—
10.2%
Advanced
Micro
Devices,
Inc.
(a)
..........
96,288
17,379,021
Analog
Devices,
Inc.
..................
29,548
5,844,299
Applied
Materials,
Inc.
................
49,584
10,225,708
Broadcom,
Inc.
.....................
26,224
34,757,552
Enphase
Energy,
Inc.
(a)
................
8,069
976,188
First
Solar,
Inc.
(a)
....................
6,311
1,065,297
Intel
Corp.
........................
251,876
11,125,363
KLA
Corp.
.........................
8,059
5,629,776
Lam
Research
Corp.
.................
7,813
7,590,876
Microchip
Technology,
Inc.
..............
32,173
2,886,240
Micron
Technology,
Inc.
................
65,535
7,725,921
Monolithic
Power
Systems,
Inc.
..........
2,855
1,934,034
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
......................
147,192
$
132,996,804
NXP
Semiconductors
NV
..............
15,347
3,802,526
ON
Semiconductor
Corp.
(a)
.............
25,465
1,872,951
Qorvo,
Inc.
(a)
.......................
5,719
656,713
QUALCOMM,
Inc.
...................
66,494
11,257,434
Skyworks
Solutions,
Inc.
(b)
..............
9,432
1,021,674
Teradyne,
Inc.
......................
9,097
1,026,414
Texas
Instruments,
Inc.
................
54,259
9,452,460
269,227,251
Software
—
10.7%
Adobe,
Inc.
(a)
.......................
26,935
13,591,401
ANSYS,
Inc.
(a)
......................
5,196
1,803,843
Autodesk,
Inc.
(a)
.....................
12,758
3,322,438
Cadence
Design
Systems,
Inc.
(a)
.........
16,213
5,046,783
Fair
Isaac
Corp.
(a)
....................
1,486
1,856,921
Fortinet,
Inc.
(a)
......................
38,032
2,597,966
Gen
Digital,
Inc.
.....................
34,119
764,266
Intuit,
Inc.
.........................
16,682
10,843,300
Microsoft
Corp.
.....................
442,792
186,291,450
Oracle
Corp.
.......................
95,015
11,934,834
Palo
Alto
Networks,
Inc.
(a)
..............
18,460
5,245,040
PTC,
Inc.
(a)
........................
7,067
1,335,239
Roper
Technologies,
Inc.
...............
6,380
3,578,159
Salesforce,
Inc.
(b)
....................
57,685
17,373,568
ServiceNow,
Inc.
(a)
...................
12,213
9,311,191
Synopsys,
Inc.
(a)
....................
9,077
5,187,506
Tyler
Technologies,
Inc.
(a)
..............
2,493
1,059,550
281,143,455
Specialized
REITs
—
1.0%
American
Tower
Corp.
................
27,839
5,500,708
Crown
Castle,
Inc.
...................
25,875
2,738,351
Digital
Realty
Trust,
Inc.
...............
18,011
2,594,305
Equinix,
Inc.
.......................
5,609
4,629,276
Extra
Space
Storage,
Inc.
..............
12,661
1,861,167
Iron
Mountain,
Inc.
...................
17,352
1,391,804
Public
Storage
......................
9,423
2,733,235
SBA
Communications
Corp.
............
6,479
1,403,999
VICI
Properties,
Inc.
..................
61,449
1,830,566
Weyerhaeuser
Co.
...................
43,618
1,566,322
26,249,733
Specialty
Retail
—
2.1%
AutoZone,
Inc.
(a)
....................
1,030
3,246,200
Bath
&
Body
Works,
Inc.
...............
13,411
670,818
Best
Buy
Co.,
Inc.
(b)
..................
11,469
940,802
CarMax,
Inc.
(a)
......................
9,277
808,119
Home
Depot,
Inc.
(The)
...............
59,309
22,750,932
Lowe's
Cos.,
Inc.
....................
34,272
8,730,107
O'Reilly
Automotive,
Inc.
(a)
..............
3,535
3,990,591
Ross
Stores,
Inc.
....................
20,063
2,944,446
TJX
Cos.,
Inc.
(The)
..................
67,915
6,887,939
Tractor
Supply
Co.
(b)
..................
6,489
1,698,301
Ulta
Beauty,
Inc.
(a)
...................
2,894
1,513,215
54,181,470
Technology
Hardware,
Storage
&
Peripherals
—
6.0%
Apple,
Inc.
........................
864,996
148,329,514
Hewlett
Packard
Enterprise
Co.
..........
76,896
1,363,366
HP,
Inc.
..........................
51,812
1,565,758
NetApp,
Inc.
.......................
12,273
1,288,297
Seagate
Technology
Holdings
plc
.........
11,695
1,088,220
Super
Micro
Computer,
Inc.
(a)
............
2,900
2,929,087
Western
Digital
Corp.
(a)
................
19,399
1,323,788
157,888,030
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
S&P
500
Index
V.I.
Fund
6
(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
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Deckers
Outdoor
Corp.
(a)
...............
1,530
$
1,440,128
Lululemon
Athletica,
Inc.
(a)
..............
6,824
2,665,796
NIKE,
Inc.
,
Class
B
..................
72,537
6,817,027
Ralph
Lauren
Corp.
,
Class
A
............
2,403
451,187
Tapestry,
Inc.
.......................
13,402
636,327
VF
Corp.
.........................
20,042
307,444
12,317,909
Tobacco
—
0.5%
Altria
Group,
Inc.
....................
105,491
4,601,517
Philip
Morris
International,
Inc.
...........
92,474
8,472,468
13,073,985
Trading
Companies
&
Distributors
—
0.3%
Fastenal
Co.
.......................
34,272
2,643,742
United
Rentals,
Inc.
..................
4,004
2,887,325
WW
Grainger,
Inc.
...................
2,634
2,679,568
8,210,635
Water
Utilities
—
0.0%
American
Water
Works
Co.,
Inc.
..........
11,630
1,421,302
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
....................
30,363
$
4,955,849
Total
Long-Term
Investments
—
99
.7
%
(Cost:
$
926,982,834
)
..............................
2,626,769,450
Short-Term
Securities
Money
Market
Funds
—
1.9%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(e)
..................
42,872,838
42,894,274
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
....................
8,317,270
8,317,270
Total
Short-Term
Securities
—
1
.9
%
(Cost:
$
51,211,544
)
...............................
51,211,544
Total
Investments
—
101
.6
%
(Cost:
$
978,194,378
)
..............................
2,677,980,994
Liabilities
in
Excess
of
Other
Assets
—
(
1.6
)
%
.............
(
41,612,431
)
Net
Assets
—
100.0%
...............................
$
2,636,368,563
(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
..............
$
—
$
42,894,792
(a)
$
—
$
(
518
)
$
—
$
42,894,274
42,872,838
$
52,280
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
7,346,814
970,456
(a)
—
—
—
8,317,270
8,317,270
82,353
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
52,327,632
—
(
52,314,615
)
(a)
(
11,899
)
(
1,118
)
—
—
—
—
BlackRock,
Inc.
..........
6,841,039
—
(
57,097
)
42,500
139,122
6,965,564
8,355
42,611
—
$
30,083
$
138,004
$
58,177,108
$
177,244
$
—
—
—
(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
S&P
500
Index
V.I.
Fund
7
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
.......................................................
41
06/21/24
$
10,882
$
250,292
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,626,769,450
$
—
$
—
$
2,626,769,450
Short-Term
Securities
Money
Market
Funds
......................................
51,211,544
—
—
51,211,544
$
2,677,980,994
$
—
$
—
$
2,677,980,994
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
250,292
$
—
$
—
$
250,292
(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