Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Equity
Dividend
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
3.5%
L3Harris
Technologies,
Inc.
.............
32,118
$
6,844,346
RTX
Corp.
........................
48,109
4,692,071
11,536,417
Automobile
Components
—
0.4%
Lear
Corp.
........................
8,393
1,215,978
Automobiles
—
2.5%
General
Motors
Co.
..................
177,942
8,069,670
Banks
—
11.8%
Bank
of
America
Corp.
................
56,135
2,128,639
Citigroup,
Inc.
......................
171,195
10,826,372
Citizens
Financial
Group,
Inc.
...........
64,388
2,336,640
First
Citizens
BancShares,
Inc.
,
Class
A
.....
4,810
7,864,350
JPMorgan
Chase
&
Co.
...............
21,992
4,404,998
Wells
Fargo
&
Co.
...................
191,943
11,125,016
38,686,015
Beverages
—
1.1%
Diageo
plc
........................
21,343
789,738
Keurig
Dr
Pepper,
Inc.
................
67,607
2,073,507
Pernod
Ricard
SA
...................
4,596
744,020
3,607,265
Broadline
Retail
—
0.3%
Alibaba
Group
Holding
Ltd.
.............
118,700
1,073,384
Building
Products
—
1.5%
Allegion
plc
(a)
.......................
17,260
2,325,095
Johnson
Controls
International
plc
........
41,661
2,721,296
5,046,391
Capital
Markets
—
3.1%
Carlyle
Group,
Inc.
(The)
...............
2,889
135,523
Charles
Schwab
Corp.
(The)
............
23,860
1,726,032
Goldman
Sachs
Group,
Inc.
(The)
........
4,178
1,745,109
Intercontinental
Exchange,
Inc.
..........
22,659
3,114,026
Raymond
James
Financial,
Inc.
..........
13,599
1,746,384
UBS
Group
AG
(Registered)
............
55,081
1,695,995
10,163,069
Chemicals
—
1.2%
International
Flavors
&
Fragrances,
Inc.
.....
22,662
1,948,705
PPG
Industries,
Inc.
..................
12,700
1,840,230
3,788,935
Communications
Equipment
—
1.5%
Cisco
Systems,
Inc.
..................
96,183
4,800,494
Consumer
Finance
—
0.5%
American
Express
Co.
................
6,980
1,589,276
Consumer
Staples
Distribution
&
Retail
—
1.4%
Dollar
General
Corp.
.................
29,330
4,577,240
Containers
&
Packaging
—
1.3%
Sealed
Air
Corp.
(a)
...................
116,806
4,345,183
Diversified
Telecommunication
Services
—
2.2%
AT&T,
Inc.
.........................
136,843
2,408,437
Verizon
Communications,
Inc.
...........
118,676
4,979,645
7,388,082
Electric
Utilities
—
2.8%
American
Electric
Power
Co.,
Inc.
.........
42,312
3,643,063
Edison
International
..................
16,183
1,144,624
Exelon
Corp.
.......................
55,164
2,072,511
Security
Shares
Shares
Value
Electric
Utilities
(continued)
PG&E
Corp.
.......................
133,735
$
2,241,399
9,101,597
Financial
Services
—
4.1%
Equitable
Holdings,
Inc.
...............
38,025
1,445,330
Fidelity
National
Information
Services,
Inc.
...
98,863
7,333,658
Visa,
Inc.
,
Class
A
...................
16,513
4,608,448
13,387,436
Food
Products
—
2.2%
Kraft
Heinz
Co.
(The)
.................
191,752
7,075,649
Health
Care
Equipment
&
Supplies
—
4.8%
Baxter
International,
Inc.
...............
142,319
6,082,714
Koninklijke
Philips
NV
(b)
................
149,254
2,987,163
Medtronic
plc
(a)
.....................
75,859
6,611,112
15,680,989
Health
Care
Providers
&
Services
—
7.2%
Cardinal
Health,
Inc.
..................
46,541
5,207,938
Cencora,
Inc.
......................
6,396
1,554,164
Cigna
Group
(The)
...................
11,842
4,300,896
CVS
Health
Corp.
...................
15,471
1,233,967
Elevance
Health,
Inc.
.................
10,717
5,557,193
Humana,
Inc.
......................
6,474
2,244,665
Laboratory
Corp.
of
America
Holdings
......
16,919
3,696,125
23,794,948
Household
Durables
—
1.7%
Newell
Brands,
Inc.
..................
140,180
1,125,645
Panasonic
Holdings
Corp.
..............
181,000
1,727,422
Sony
Group
Corp.
...................
32,800
2,812,624
5,665,691
Industrial
Conglomerates
—
0.3%
Siemens
AG
(Registered)
..............
4,601
878,510
Insurance
—
6.1%
American
International
Group,
Inc.
........
114,321
8,936,473
Fidelity
National
Financial,
Inc.
,
Class
A
.....
63,835
3,389,639
First
American
Financial
Corp.
...........
5,030
307,081
Prudential
plc
......................
151,833
1,423,978
Willis
Towers
Watson
plc
...............
21,966
6,040,650
20,097,821
IT
Services
—
1.1%
Cognizant
Technology
Solutions
Corp.
,
Class
A
51,667
3,786,674
Leisure
Products
—
0.5%
Hasbro,
Inc.
.......................
31,486
1,779,589
Life
Sciences
Tools
&
Services
—
1.2%
Fortrea
Holdings,
Inc.
(b)
................
35,220
1,413,731
Thermo
Fisher
Scientific,
Inc.
............
4,267
2,480,023
3,893,754
Machinery
—
2.3%
CNH
Industrial
NV
...................
141,013
1,827,529
Komatsu
Ltd.
......................
50,300
1,488,417
Stanley
Black
&
Decker,
Inc.
............
16,224
1,588,816
Westinghouse
Air
Brake
Technologies
Corp.
..
17,975
2,618,598
7,523,360
Media
—
2.8%
Comcast
Corp.
,
Class
A
...............
131,646
5,706,854
Fox
Corp.
,
Class
A
(a)
..................
66,759
2,087,554
WPP
plc
..........................
137,470
1,302,822
9,097,230
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Equity
Dividend
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Multi-Utilities
—
1.3%
Public
Service
Enterprise
Group,
Inc.
......
21,169
$
1,413,666
Sempra
..........................
40,188
2,886,704
4,300,370
Oil,
Gas
&
Consumable
Fuels
—
7.7%
BP
plc
...........................
1,217,478
7,637,762
Chevron
Corp.
......................
23,366
3,685,753
Enterprise
Products
Partners
LP
(a)
........
114,881
3,352,227
Shell
plc
..........................
214,315
7,110,865
Suncor
Energy,
Inc.
..................
95,746
3,533,985
25,320,592
Personal
Care
Products
—
1.5%
Unilever
plc
,
ADR
(a)
..................
97,586
4,897,841
Pharmaceuticals
—
4.4%
AstraZeneca
plc
....................
16,902
2,270,679
Bayer
AG
(Registered)
................
70,451
2,157,532
Bristol-Myers
Squibb
Co.
...............
15,119
819,903
Eli
Lilly
&
Co.
......................
4,139
3,219,977
Pfizer,
Inc.
........................
25,957
720,307
Sanofi
SA
.........................
53,684
5,222,621
14,411,019
Professional
Services
—
4.0%
Leidos
Holdings,
Inc.
.................
49,765
6,523,694
SS&C
Technologies
Holdings,
Inc.
........
102,419
6,592,711
13,116,405
Residential
REITs
—
0.5%
Mid-America
Apartment
Communities,
Inc.
...
11,699
1,539,354
Semiconductors
&
Semiconductor
Equipment
—
0.5%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..........................
11,728
1,595,594
Software
—
1.3%
Microsoft
Corp.
.....................
10,460
4,400,731
Specialized
REITs
—
0.5%
Crown
Castle,
Inc.
...................
16,712
1,768,631
Specialty
Retail
—
0.4%
Ross
Stores,
Inc.
....................
8,460
1,241,590
Technology
Hardware,
Storage
&
Peripherals
—
1.9%
Samsung
Electronics
Co.
Ltd.
,
GDR
(c)
(d)
.....
4,234
6,288,690
Textiles,
Apparel
&
Luxury
Goods
—
0.7%
Swatch
Group
AG
(The)
...............
3,364
784,762
Tapestry,
Inc.
.......................
34,184
1,623,056
2,407,818
Tobacco
—
1.3%
British
American
Tobacco
plc
,
ADR
........
140,671
4,290,465
Wireless
Telecommunication
Services
—
0.0%
Rogers
Communications,
Inc.
,
Class
B
.....
1,682
68,917
Total
Common
Stocks
—
95
.4
%
(Cost:
$
278,504,254
)
..............................
313,298,664
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
0.4%
Household
Products
—
0.4%
Henkel
AG
&
Co.
KGaA
(Preference)
.......
18,360
$
1,475,704
Total
Preferred
Securities
—
0
.4
%
(Cost:
$
1,444,843
)
...............................
1,475,704
Total
Long-Term
Investments
—
95.8%
(Cost:
$
279,949,097
)
..............................
314,774,368
Short-Term
Securities
Money
Market
Funds
—
7.4%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(g)
..................
10,793,072
10,798,469
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
....................
13,445,672
13,445,672
Total
Short-Term
Securities
—
7
.4
%
(Cost:
$
24,244,141
)
...............................
24,244,141
Total
Investments
—
103
.2
%
(Cost:
$
304,193,238
)
..............................
339,018,509
Liabilities
in
Excess
of
Other
Assets
—
(
3.2
)
%
.............
(
10,456,880
)
Net
Assets
—
100.0%
...............................
$
328,561,629
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Equity
Dividend
V.I.
Fund
3
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:
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
..............
$
—
$
10,799,004
(a)
$
—
$
(
535
)
$
—
$
10,798,469
10,793,072
$
17,190
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
13,355,564
90,108
(a)
—
—
—
13,445,672
13,445,672
161,700
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
31,047,658
—
(
31,043,698
)
(a)
(
4,790
)
830
—
—
—
—
$
(
5,325
)
$
830
$
24,244,141
$
178,890
$
—
—
—
(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
Equity
Dividend
V.I.
Fund
4
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
....................................
$
11,536,417
$
—
$
—
$
11,536,417
Automobile
Components
..................................
1,215,978
—
—
1,215,978
Automobiles
..........................................
8,069,670
—
—
8,069,670
Banks
...............................................
38,686,015
—
—
38,686,015
Beverages
...........................................
2,073,507
1,533,758
—
3,607,265
Broadline
Retail
........................................
—
1,073,384
—
1,073,384
Building
Products
.......................................
5,046,391
—
—
5,046,391
Capital
Markets
........................................
8,467,074
1,695,995
—
10,163,069
Chemicals
............................................
3,788,935
—
—
3,788,935
Communications
Equipment
................................
4,800,494
—
—
4,800,494
Consumer
Finance
......................................
1,589,276
—
—
1,589,276
Consumer
Staples
Distribution
&
Retail
........................
4,577,240
—
—
4,577,240
Containers
&
Packaging
..................................
4,345,183
—
—
4,345,183
Diversified
Telecommunication
Services
........................
7,388,082
—
—
7,388,082
Electric
Utilities
........................................
9,101,597
—
—
9,101,597
Financial
Services
......................................
13,387,436
—
—
13,387,436
Food
Products
.........................................
7,075,649
—
—
7,075,649
Health
Care
Equipment
&
Supplies
...........................
12,693,826
2,987,163
—
15,680,989
Health
Care
Providers
&
Services
............................
23,794,948
—
—
23,794,948
Household
Durables
.....................................
1,125,645
4,540,046
—
5,665,691
Industrial
Conglomerates
..................................
—
878,510
—
878,510
Insurance
............................................
18,673,843
1,423,978
—
20,097,821
IT
Services
...........................................
3,786,674
—
—
3,786,674
Leisure
Products
.......................................
1,779,589
—
—
1,779,589
Life
Sciences
Tools
&
Services
..............................
3,893,754
—
—
3,893,754
Machinery
............................................
6,034,943
1,488,417
—
7,523,360
Media
...............................................
7,794,408
1,302,822
—
9,097,230
Multi-Utilities
..........................................
4,300,370
—
—
4,300,370
Oil,
Gas
&
Consumable
Fuels
...............................
10,571,965
14,748,627
—
25,320,592
Personal
Care
Products
..................................
4,897,841
—
—
4,897,841
Pharmaceuticals
.......................................
4,760,187
9,650,832
—
14,411,019
Professional
Services
....................................
13,116,405
—
—
13,116,405
Residential
REITs
.......................................
1,539,354
—
—
1,539,354
Semiconductors
&
Semiconductor
Equipment
....................
1,595,594
—
—
1,595,594
Software
.............................................
4,400,731
—
—
4,400,731
Specialized
REITs
......................................
1,768,631
—
—
1,768,631
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Equity
Dividend
V.I.
Fund
5
Level
1
Level
2
Level
3
Total
Specialty
Retail
........................................
$
1,241,590
$
—
$
—
$
1,241,590
Technology
Hardware,
Storage
&
Peripherals
....................
—
6,288,690
—
6,288,690
Textiles,
Apparel
&
Luxury
Goods
............................
1,623,056
784,762
—
2,407,818
Tobacco
.............................................
4,290,465
—
—
4,290,465
Wireless
Telecommunication
Services
.........................
68,917
—
—
68,917
Preferred
Securities
.......................................
—
1,475,704
—
1,475,704
Short-Term
Securities
Money
Market
Funds
......................................
24,244,141
—
—
24,244,141
$
289,145,821
$
49,872,688
$
—
$
339,018,509
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
REIT
Real
Estate
Investment
Trust
Fair
Value
Hierarchy
as
of
Period
End
(continued)