Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Capital
Appreciation
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.2%
TransDigm
Group,
Inc.
................
3,653
$
4,499,035
Automobiles
—
1.6%
Ferrari
NV
........................
4,030
1,756,838
Tesla,
Inc.
(a)
........................
8,724
1,533,592
3,290,430
Broadline
Retail
—
9.4%
Amazon.com,
Inc.
(a)
..................
109,386
19,731,047
Capital
Markets
—
4.6%
Blackstone,
Inc.
,
Class
A
...............
18,656
2,450,839
MSCI,
Inc.
........................
6,706
3,758,377
S&P
Global,
Inc.
....................
7,751
3,297,663
9,506,879
Chemicals
—
1.0%
Sherwin-Williams
Co.
(The)
.............
6,320
2,195,126
Commercial
Services
&
Supplies
—
2.4%
Copart,
Inc.
(a)
......................
52,760
3,055,859
Waste
Connections,
Inc.
...............
11,255
1,935,973
4,991,832
Entertainment
—
2.6%
Netflix,
Inc.
(a)
.......................
8,925
5,420,420
Financial
Services
—
5.5%
Mastercard,
Inc.
,
Class
A
...............
7,323
3,526,537
Visa,
Inc.
,
Class
A
...................
28,499
7,953,501
11,480,038
Health
Care
Equipment
&
Supplies
—
5.2%
(a)
Align
Technology,
Inc.
.................
7,193
2,358,729
Boston
Scientific
Corp.
................
30,772
2,107,574
IDEXX
Laboratories,
Inc.
...............
3,877
2,093,309
Intuitive
Surgical,
Inc.
.................
10,759
4,293,809
10,853,421
Health
Care
Providers
&
Services
—
1.1%
UnitedHealth
Group,
Inc.
...............
4,442
2,197,457
Hotels,
Restaurants
&
Leisure
—
0.6%
Chipotle
Mexican
Grill,
Inc.
(a)
............
461
1,340,021
Interactive
Media
&
Services
—
7.2%
Alphabet,
Inc.
,
Class
A
(a)
...............
49,534
7,476,167
Meta
Platforms,
Inc.
,
Class
A
............
15,610
7,579,904
15,056,071
IT
Services
—
2.1%
(a)
MongoDB,
Inc.
,
Class
A
...............
5,056
1,813,284
Shopify,
Inc.
,
Class
A
.................
32,300
2,492,591
4,305,875
Life
Sciences
Tools
&
Services
—
2.7%
Danaher
Corp.
.....................
11,104
2,772,891
Thermo
Fisher
Scientific,
Inc.
............
5,011
2,912,443
5,685,334
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Cheniere
Energy,
Inc.
.................
1,887
304,335
Pharmaceuticals
—
3.1%
Eli
Lilly
&
Co.
......................
8,454
6,576,874
Real
Estate
Management
&
Development
—
1.4%
CoStar
Group,
Inc.
(a)
..................
29,784
2,877,134
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
19.3%
ASML
Holding
NV
(Registered)
,
ADR
......
7,397
$
7,178,567
Broadcom,
Inc.
.....................
6,059
8,030,659
KLA
Corp.
.........................
4,244
2,964,731
NVIDIA
Corp.
......................
24,433
22,076,681
40,250,638
Software
—
19.9%
Cadence
Design
Systems,
Inc.
(a)
.........
13,563
4,221,891
Intuit,
Inc.
.........................
12,969
8,429,850
Microsoft
Corp.
.....................
49,076
20,647,255
Roper
Technologies,
Inc.
...............
6,470
3,628,635
ServiceNow,
Inc.
(a)
...................
3,000
2,287,200
Synopsys,
Inc.
(a)
....................
4,079
2,331,148
41,545,979
Technology
Hardware,
Storage
&
Peripherals
—
6.3%
Apple,
Inc.
........................
76,481
13,114,962
Textiles,
Apparel
&
Luxury
Goods
—
1.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
2,810
2,528,429
Total
Common
Stocks
—
99
.5
%
(Cost:
$
122,203,657
)
..............................
207,751,337
Preferred
Securities
Preferred
Stocks
—
0.7%
IT
Services
—
0.7%
ByteDance
Ltd.
,
Series
E-1
,
(Acquired
11/11/20
,
cost
$
1,061,774
)
(a)
(b)
(c)
...............
9,690
1,550,400
Total
Preferred
Securities
—
0
.7
%
(Cost:
$
1,061,774
)
...............................
1,550,400
Total
Long-Term
Investments
—
100.2%
(Cost:
$
123,265,431
)
..............................
209,301,737
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(d)
(e)
..................
186,184
186,184
Total
Short-Term
Securities
—
0
.1
%
(Cost:
$
186,184
)
.................................
186,184
Total
Investments
—
100
.3
%
(Cost:
$
123,451,615
)
..............................
209,487,921
Liabilities
in
Excess
of
Other
Assets
—
(
0.3
)
%
.............
(
662,006
)
Net
Assets
—
100.0%
...............................
$
208,825,915
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Capital
Appreciation
V.I.
Fund
2
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)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,550,400,
representing
0.74%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,061,774.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
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
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
1,152,059
$
—
$
(
965,875
)
(a)
$
—
$
—
$
186,184
186,184
$
3,253
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
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
Capital
Appreciation
V.I.
Fund
3
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,499,035
$
—
$
—
$
4,499,035
Automobiles
..........................................
3,290,430
—
—
3,290,430
Broadline
Retail
........................................
19,731,047
—
—
19,731,047
Capital
Markets
........................................
9,506,879
—
—
9,506,879
Chemicals
............................................
2,195,126
—
—
2,195,126
Commercial
Services
&
Supplies
.............................
4,991,832
—
—
4,991,832
Entertainment
.........................................
5,420,420
—
—
5,420,420
Financial
Services
......................................
11,480,038
—
—
11,480,038
Health
Care
Equipment
&
Supplies
...........................
10,853,421
—
—
10,853,421
Health
Care
Providers
&
Services
............................
2,197,457
—
—
2,197,457
Hotels,
Restaurants
&
Leisure
..............................
1,340,021
—
—
1,340,021
Interactive
Media
&
Services
...............................
15,056,071
—
—
15,056,071
IT
Services
...........................................
4,305,875
—
—
4,305,875
Life
Sciences
Tools
&
Services
..............................
5,685,334
—
—
5,685,334
Oil,
Gas
&
Consumable
Fuels
...............................
304,335
—
—
304,335
Pharmaceuticals
.......................................
6,576,874
—
—
6,576,874
Real
Estate
Management
&
Development
.......................
2,877,134
—
—
2,877,134
Semiconductors
&
Semiconductor
Equipment
....................
40,250,638
—
—
40,250,638
Software
.............................................
41,545,979
—
—
41,545,979
Technology
Hardware,
Storage
&
Peripherals
....................
13,114,962
—
—
13,114,962
Textiles,
Apparel
&
Luxury
Goods
............................
—
2,528,429
—
2,528,429
Preferred
Securities
.......................................
—
—
1,550,400
1,550,400
Short-Term
Securities
Money
Market
Funds
......................................
186,184
—
—
186,184
$
205,409,092
$
2,528,429
$
1,550,400
$
209,487,921
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
MSCI
Morgan
Stanley
Capital
International