Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

Axon

Enterprise,

Inc.

(a)

.................

4,073

$

2,142,194

Boeing

Co.

(The)

(a)

....................

42,145

7,187,830

GE

Aerospace

.......................

60,329

12,074,849

General

Dynamics

Corp.

................

14,263

3,887,809

Howmet

Aerospace,

Inc.

(b)

...............

22,647

2,937,995

Huntington

Ingalls

Industries,

Inc.

..........

2,177

444,195

L3Harris

Technologies,

Inc.

..............

10,569

2,212,198

Lockheed

Martin

Corp.

.................

11,775

5,260,010

Northrop

Grumman

Corp.

...............

7,648

3,915,853

RTX

Corp.

.........................

75,053

9,941,520

Textron,

Inc.

........................

10,491

757,975

TransDigm

Group,

Inc.

.................

3,152

4,360,130

55,122,558

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

............

6,742

690,381

Expeditors

International

of

Washington,

Inc.

...

7,826

941,076

FedEx

Corp.

........................

12,455

3,036,280

United

Parcel

Service,

Inc.

,

Class

B

........

41,326

4,545,447

9,213,184

Automobile

Components

—

0.0%

Aptiv

plc

(a)

..........................

12,897

767,372

Automobiles

—

1.7%

Ford

Motor

Co.

(b)

.....................

218,035

2,186,891

General

Motors

Co.

...................

55,928

2,630,294

Tesla,

Inc.

(a)

.........................

157,294

40,764,313

45,581,498

Banks

—

3.5%

Bank

of

America

Corp.

.................

372,187

15,531,363

Citigroup,

Inc.

.......................

105,510

7,490,155

Citizens

Financial

Group,

Inc.

............

24,510

1,004,175

Fifth

Third

Bancorp

...................

37,903

1,485,798

Huntington

Bancshares,

Inc.

.............

82,346

1,236,013

JPMorgan

Chase

&

Co.

................

157,167

38,553,065

KeyCorp

...........................

53,351

853,082

M&T

Bank

Corp.

.....................

9,279

1,658,621

PNC

Financial

Services

Group,

Inc.

(The)

....

22,374

3,932,678

Regions

Financial

Corp.

................

51,768

1,124,919

Truist

Financial

Corp.

..................

73,968

3,043,783

US

Bancorp

........................

87,967

3,713,967

Wells

Fargo

&

Co.

....................

184,867

13,271,602

92,899,221

Beverages

—

1.3%

Brown-Forman

Corp.

,

Class

B

(b)

...........

10,585

359,255

Coca-Cola

Co.

(The)

..................

217,631

15,586,732

Constellation

Brands,

Inc.

,

Class

A

(b)

........

8,825

1,619,564

Keurig

Dr

Pepper,

Inc.

.................

64,209

2,197,232

Molson

Coors

Beverage

Co.

,

Class

B

.......

9,754

593,726

Monster

Beverage

Corp.

(a)

...............

39,602

2,317,509

PepsiCo,

Inc.

.......................

77,091

11,559,025

34,233,043

Biotechnology

—

1.9%

AbbVie,

Inc.

........................

99,229

20,790,460

Amgen,

Inc.

........................

30,196

9,407,564

Biogen,

Inc.

(a)

.......................

8,257

1,129,888

Gilead

Sciences,

Inc.

..................

70,274

7,874,202

Incyte

Corp.

(a)

.......................

8,943

541,498

Moderna,

Inc.

(a)

......................

18,860

534,681

Regeneron

Pharmaceuticals,

Inc.

..........

5,914

3,750,836

Security

Shares

Shares

Value

Biotechnology

(continued)

Vertex

Pharmaceuticals,

Inc.

(a)

............

14,434

$

6,997,892

51,027,021

Broadline

Retail

—

3.8%

Amazon.com,

Inc.

(a)

...................

530,164

100,869,003

eBay,

Inc.

..........................

26,956

1,825,730

102,694,733

Building

Products

—

0.5%

A

O

Smith

Corp.

.....................

6,532

426,931

Allegion

plc

.........................

4,909

640,428

Builders

FirstSource,

Inc.

(a)

..............

6,589

823,230

Carrier

Global

Corp.

...................

45,392

2,877,853

Johnson

Controls

International

plc

.........

37,106

2,972,562

Lennox

International,

Inc.

(b)

..............

1,830

1,026,319

Masco

Corp.

........................

11,829

822,589

Trane

Technologies

plc

.................

12,607

4,247,550

13,837,462

Capital

Markets

—

3.2%

Ameriprise

Financial,

Inc.

...............

5,407

2,617,583

Bank

of

New

York

Mellon

Corp.

(The)

.......

40,341

3,383,400

BlackRock,

Inc.

(c)

.....................

8,182

7,744,099

Blackstone,

Inc.

,

Class

A

................

40,686

5,687,089

CBOE

Global

Markets,

Inc.

..............

5,956

1,347,783

Charles

Schwab

Corp.

(The)

.............

95,762

7,496,249

CME

Group,

Inc.

,

Class

A

...............

20,320

5,390,693

FactSet

Research

Systems,

Inc.

...........

2,135

970,656

Franklin

Resources,

Inc.

................

16,508

317,779

Goldman

Sachs

Group,

Inc.

(The)

.........

17,539

9,581,380

Intercontinental

Exchange,

Inc.

...........

32,296

5,571,060

Invesco

Ltd.

........................

24,499

371,650

KKR

&

Co.,

Inc.

......................

38,159

4,411,562

MarketAxess

Holdings,

Inc.

..............

2,167

468,830

Moody's

Corp.

.......................

8,701

4,051,969

Morgan

Stanley

......................

69,553

8,114,749

MSCI,

Inc.

.........................

4,358

2,464,449

Nasdaq,

Inc.

........................

23,340

1,770,572

Northern

Trust

Corp.

...................

11,015

1,086,630

Raymond

James

Financial,

Inc.

(b)

..........

10,367

1,440,080

S&P

Global,

Inc.

.....................

17,706

8,996,419

State

Street

Corp.

....................

16,390

1,467,397

T.

Rowe

Price

Group,

Inc.

(b)

..............

12,638

1,161,053

85,913,131

Chemicals

—

1.3%

Air

Products

&

Chemicals,

Inc.

............

12,519

3,692,104

Albemarle

Corp.

(b)

....................

6,626

477,205

CF

Industries

Holdings,

Inc.

..............

9,936

776,498

Corteva,

Inc.

........................

38,633

2,431,175

Dow,

Inc.

..........................

39,239

1,370,226

DuPont

de

Nemours,

Inc.

...............

23,571

1,760,282

Eastman

Chemical

Co.

.................

6,619

583,200

Ecolab,

Inc.

........................

14,210

3,602,519

International

Flavors

&

Fragrances,

Inc.

......

14,240

1,105,166

Linde

plc

..........................

26,764

12,462,389

LyondellBasell

Industries

NV

,

Class

A

(b)

......

14,627

1,029,741

Mosaic

Co.

(The)

.....................

17,496

472,567

PPG

Industries,

Inc.

...................

13,032

1,425,049

Sherwin-Williams

Co.

(The)

..............

13,014

4,544,359

35,732,480

Commercial

Services

&

Supplies

—

0.6%

Cintas

Corp.

........................

19,270

3,960,563

Copart,

Inc.

(a)

.......................

49,190

2,783,662

Republic

Services,

Inc.

.................

11,440

2,770,310

Rollins,

Inc.

.........................

15,856

856,700

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Veralto

Corp.

........................

14,044

$

1,368,588

Waste

Management,

Inc.

................

20,595

4,767,949

16,507,772

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(a)

.................

58,132

4,504,068

Cisco

Systems,

Inc.

...................

223,868

13,814,894

F5,

Inc.

(a)

..........................

3,230

860,052

Juniper

Networks,

Inc.

.................

18,828

681,385

Motorola

Solutions,

Inc.

................

9,394

4,112,787

23,973,186

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

..................

8,287

2,106,390

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

(b)

...........

3,440

1,644,767

Vulcan

Materials

Co.

..................

7,396

1,725,487

3,370,254

Consumer

Finance

—

0.6%

American

Express

Co.

.................

31,196

8,393,284

Capital

One

Financial

Corp.

..............

21,427

3,841,861

Discover

Financial

Services

..............

14,041

2,396,799

Synchrony

Financial

...................

22,032

1,166,374

15,798,318

Consumer

Staples

Distribution

&

Retail

—

2.0%

Costco

Wholesale

Corp.

................

24,951

23,598,157

Dollar

General

Corp.

..................

12,263

1,078,286

Dollar

Tree,

Inc.

(a)

.....................

11,298

848,141

Kroger

Co.

(The)

.....................

37,538

2,540,947

Sysco

Corp.

........................

27,714

2,079,659

Target

Corp.

........................

25,665

2,678,399

Walgreens

Boots

Alliance,

Inc.

............

39,990

446,688

Walmart,

Inc.

........................

243,837

21,406,450

54,676,727

Containers

&

Packaging

—

0.2%

Amcor

plc

(b)

.........................

81,308

788,688

Avery

Dennison

Corp.

..................

4,481

797,483

Ball

Corp.

..........................

17,039

887,221

International

Paper

Co.

.................

29,841

1,592,017

Packaging

Corp.

of

America

.............

5,048

999,605

Smurfit

WestRock

plc

..................

28,060

1,264,384

6,329,398

Distributors

—

0.1%

Genuine

Parts

Co.

....................

7,910

942,397

LKQ

Corp.

.........................

14,952

636,058

Pool

Corp.

.........................

2,136

679,996

2,258,451

Diversified

Telecommunication

Services

—

0.8%

AT&T,

Inc.

..........................

403,480

11,410,414

Verizon

Communications,

Inc.

............

236,624

10,733,265

22,143,679

Electric

Utilities

—

1.6%

Alliant

Energy

Corp.

...................

14,365

924,388

American

Electric

Power

Co.,

Inc.

..........

30,079

3,286,732

Constellation

Energy

Corp.

..............

17,582

3,545,059

Duke

Energy

Corp.

...................

43,558

5,312,769

Edison

International

...................

21,744

1,281,157

Entergy

Corp.

.......................

24,025

2,053,897

Evergy,

Inc.

.........................

12,975

894,626

Eversource

Energy

...................

20,258

1,258,224

Exelon

Corp.

........................

56,893

2,621,629

FirstEnergy

Corp.

....................

29,284

1,183,659

Security

Shares

Shares

Value

Electric

Utilities

(continued)

NextEra

Energy,

Inc.

..................

115,577

$

8,193,254

NRG

Energy,

Inc.

.....................

11,566

1,104,090

PG&E

Corp.

........................

122,439

2,103,502

Pinnacle

West

Capital

Corp.

.............

6,528

621,792

PPL

Corp.

.........................

41,250

1,489,538

Southern

Co.

(The)

...................

61,748

5,677,729

Xcel

Energy,

Inc.

.....................

31,733

2,246,379

43,798,424

Electrical

Equipment

—

0.7%

AMETEK,

Inc.

.......................

13,053

2,246,943

Eaton

Corp.

plc

......................

22,279

6,056,101

Emerson

Electric

Co.

..................

31,696

3,475,150

GE

Vernova,

Inc.

.....................

15,507

4,733,977

Generac

Holdings,

Inc.

(a)

................

3,417

432,763

Hubbell,

Inc.

........................

3,041

1,006,297

Rockwell

Automation,

Inc.

(b)

..............

6,363

1,644,072

19,595,303

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.

,

Class

A

...............

67,826

4,448,707

CDW

Corp.

.........................

7,517

1,204,674

Corning,

Inc.

........................

43,292

1,981,908

Jabil,

Inc.

..........................

6,157

837,783

Keysight

Technologies,

Inc.

(a)

.............

9,677

1,449,324

TE

Connectivity

plc

...................

16,699

2,359,903

Teledyne

Technologies,

Inc.

(a)

.............

2,650

1,318,932

Trimble,

Inc.

(a)

.......................

13,747

902,491

Zebra

Technologies

Corp.

,

Class

A

(a)

........

2,949

833,269

15,336,991

Energy

Equipment

&

Services

—

0.3%

Baker

Hughes

Co.

,

Class

A

..............

55,955

2,459,222

Halliburton

Co.

......................

49,352

1,252,060

Schlumberger

NV

(b)

...................

78,741

3,291,374

7,002,656

Entertainment

—

1.5%

Electronic

Arts,

Inc.

...................

13,331

1,926,596

Live

Nation

Entertainment,

Inc.

(a)

..........

8,324

1,086,948

Netflix,

Inc.

(a)

........................

24,044

22,421,751

Take-Two

Interactive

Software,

Inc.

(a)

........

9,249

1,916,855

TKO

Group

Holdings,

Inc.

,

Class

A

.........

3,743

571,968

Walt

Disney

Co.

(The)

.................

101,614

10,029,302

Warner

Bros

Discovery,

Inc.

(a)

............

126,187

1,353,987

39,307,407

Financial

Services

—

5.0%

Apollo

Global

Management,

Inc.

...........

25,114

3,439,111

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

........

103,029

54,871,185

Corpay,

Inc.

(a)

.......................

3,946

1,376,049

Fidelity

National

Information

Services,

Inc.

....

29,774

2,223,522

Fiserv,

Inc.

(a)

........................

32,080

7,084,227

Global

Payments,

Inc.

.................

13,918

1,362,851

Jack

Henry

&

Associates,

Inc.

............

4,107

749,938

Mastercard,

Inc.

,

Class

A

................

45,777

25,091,289

PayPal

Holdings,

Inc.

(a)

.................

55,605

3,628,226

Visa,

Inc.

,

Class

A

....................

96,869

33,948,710

133,775,108

Food

Products

—

0.7%

Archer-Daniels-Midland

Co.

..............

27,168

1,304,336

Bunge

Global

SA

.....................

7,503

573,379

Campbell's

Co.

(The)

(b)

.................

11,356

453,331

Conagra

Brands,

Inc.

..................

27,097

722,677

General

Mills,

Inc.

(b)

...................

30,878

1,846,196

Hershey

Co.

(The)

(b)

...................

8,371

1,431,692

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Hormel

Foods

Corp.

...................

16,687

$

516,296

J

M

Smucker

Co.

(The)

.................

5,919

700,869

Kellanova

..........................

15,175

1,251,786

Kraft

Heinz

Co.

(The)

..................

49,387

1,502,846

Lamb

Weston

Holdings,

Inc.

.............

8,245

439,458

McCormick

&

Co.,

Inc.

(Non-Voting)

........

14,158

1,165,345

Mondelez

International,

Inc.

,

Class

A

........

72,708

4,933,238

Tyson

Foods,

Inc.

,

Class

A

..............

15,989

1,020,258

17,861,707

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

...................

8,788

1,358,449

Ground

Transportation

—

0.9%

CSX

Corp.

.........................

108,302

3,187,328

JB

Hunt

Transport

Services,

Inc.

..........

4,503

666,219

Norfolk

Southern

Corp.

.................

12,751

3,020,074

Old

Dominion

Freight

Line,

Inc.

...........

10,460

1,730,607

Uber

Technologies,

Inc.

(a)

...............

117,422

8,555,367

Union

Pacific

Corp.

...................

33,966

8,024,128

25,183,723

Health

Care

Equipment

&

Supplies

—

2.5%

Abbott

Laboratories

...................

97,492

12,932,314

Align

Technology,

Inc.

(a)

.................

3,984

632,898

Baxter

International,

Inc.

................

28,650

980,689

Becton

Dickinson

&

Co.

................

16,140

3,697,028

Boston

Scientific

Corp.

(a)

................

82,836

8,356,496

Cooper

Cos.,

Inc.

(The)

(a)

...............

11,189

943,792

Dexcom,

Inc.

(a)

......................

21,971

1,500,400

Edwards

Lifesciences

Corp.

(a)

............

33,273

2,411,627

GE

HealthCare

Technologies,

Inc.

.........

25,665

2,071,422

Hologic,

Inc.

(a)

.......................

12,613

779,105

IDEXX

Laboratories,

Inc.

(a)

...............

4,634

1,946,048

Insulet

Corp.

(a)

.......................

3,973

1,043,350

Intuitive

Surgical,

Inc.

(a)

.................

20,084

9,947,003

Medtronic

plc

.......................

72,024

6,472,077

ResMed,

Inc.

.......................

8,276

1,852,583

Solventum

Corp.

(a)

....................

7,857

597,446

STERIS

plc

.........................

5,505

1,247,708

Stryker

Corp.

.......................

19,346

7,201,549

Zimmer

Biomet

Holdings,

Inc.

(b)

...........

11,124

1,259,014

65,872,549

Health

Care

Providers

&

Services

—

2.4%

Cardinal

Health,

Inc.

...................

13,482

1,857,415

Cencora,

Inc.

.......................

9,746

2,710,265

Centene

Corp.

(a)

.....................

27,875

1,692,291

Cigna

Group

(The)

....................

15,389

5,062,981

CVS

Health

Corp.

....................

70,838

4,799,274

DaVita,

Inc.

(a)

........................

2,511

384,108

Elevance

Health,

Inc.

..................

13,037

5,670,574

HCA

Healthcare,

Inc.

..................

10,051

3,473,123

Henry

Schein,

Inc.

(a)

...................

7,120

487,649

Humana,

Inc.

.......................

6,807

1,801,132

Labcorp

Holdings,

Inc.

.................

4,738

1,102,722

McKesson

Corp.

.....................

7,044

4,740,542

Molina

Healthcare,

Inc.

(a)

................

3,120

1,027,697

Quest

Diagnostics,

Inc.

(b)

................

6,271

1,061,053

UnitedHealth

Group,

Inc.

................

51,728

27,092,540

Universal

Health

Services,

Inc.

,

Class

B

.....

3,311

622,137

63,585,503

Health

Care

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

........

8,733

807,890

Healthpeak

Properties,

Inc.

..............

39,480

798,286

Ventas,

Inc.

........................

23,446

1,612,147

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Welltower,

Inc.

.......................

34,245

$

5,246,676

8,464,999

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts,

Inc.

(b)

.............

40,365

573,587

Hotels,

Restaurants

&

Leisure

—

2.1%

Airbnb,

Inc.

,

Class

A

(a)

..................

24,279

2,900,369

Booking

Holdings,

Inc.

.................

1,866

8,596,494

Caesars

Entertainment,

Inc.

(a)

............

12,331

308,275

Carnival

Corp.

(a)

......................

57,962

1,131,998

Chipotle

Mexican

Grill,

Inc.

(a)

.............

76,182

3,825,098

Darden

Restaurants,

Inc.

...............

6,676

1,387,006

Domino's

Pizza,

Inc.

...................

1,938

890,414

DoorDash,

Inc.

,

Class

A

(a)

...............

19,069

3,485,241

Expedia

Group,

Inc.

...................

6,912

1,161,907

Hilton

Worldwide

Holdings,

Inc.

...........

13,524

3,077,386

Las

Vegas

Sands

Corp.

(b)

...............

19,312

746,023

Marriott

International,

Inc.

,

Class

A

.........

12,862

3,063,728

McDonald's

Corp.

....................

40,281

12,582,576

MGM

Resorts

International

(a)

.............

12,536

371,567

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.......

24,763

469,507

Royal

Caribbean

Cruises

Ltd.

............

13,600

2,793,984

Starbucks

Corp.

......................

63,912

6,269,128

Wynn

Resorts

Ltd.

....................

5,020

419,170

Yum!

Brands,

Inc.

....................

15,778

2,482,826

55,962,697

Household

Durables

—

0.3%

DR

Horton,

Inc.

......................

15,941

2,026,579

Garmin

Ltd.

.........................

8,675

1,883,603

Lennar

Corp.

,

Class

A

..................

13,126

1,506,602

Mohawk

Industries,

Inc.

(a)

...............

2,871

327,811

NVR,

Inc.

(a)

.........................

168

1,217,058

PulteGroup,

Inc.

.....................

11,515

1,183,742

8,145,395

Household

Products

—

1.2%

Church

&

Dwight

Co.,

Inc.

...............

13,884

1,528,490

Clorox

Co.

(The)

.....................

6,981

1,027,952

Colgate-Palmolive

Co.

.................

45,616

4,274,219

Kimberly-Clark

Corp.

..................

18,628

2,649,274

Procter

&

Gamble

Co.

(The)

.............

131,802

22,461,697

31,941,632

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

.....................

39,344

488,652

Vistra

Corp.

........................

19,252

2,260,955

2,749,607

Industrial

Conglomerates

—

0.5%

3M

Co.

............................

30,651

4,501,406

Honeywell

International,

Inc.

.............

36,538

7,736,921

12,238,327

Industrial

REITs

—

0.2%

Prologis,

Inc.

........................

52,166

5,831,637

Insurance

—

2.4%

Aflac,

Inc.

..........................

27,822

3,093,528

Allstate

Corp.

(The)

...................

14,939

3,093,419

American

International

Group,

Inc.

.........

33,351

2,899,536

Aon

plc

,

Class

A

.....................

12,177

4,859,719

Arch

Capital

Group

Ltd.

................

21,112

2,030,552

Arthur

J

Gallagher

&

Co.

................

14,060

4,854,074

Assurant,

Inc.

.......................

2,934

615,407

Brown

&

Brown,

Inc.

...................

13,441

1,672,060

Chubb

Ltd.

.........................

20,947

6,325,785

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Cincinnati

Financial

Corp.

...............

8,896

$

1,314,117

Erie

Indemnity

Co.

,

Class

A

(b)

.............

1,385

580,384

Everest

Group

Ltd.

....................

2,418

878,532

Globe

Life,

Inc.

......................

4,807

633,178

Hartford

Insurance

Group,

Inc.

(The)

........

16,234

2,008,633

Loews

Corp.

........................

9,857

905,957

Marsh

&

McLennan

Cos.,

Inc.

............

27,679

6,754,506

MetLife,

Inc.

........................

32,541

2,612,717

Principal

Financial

Group,

Inc.

............

11,824

997,591

Progressive

Corp.

(The)

................

32,929

9,319,236

Prudential

Financial,

Inc.

................

19,961

2,229,244

Travelers

Cos.,

Inc.

(The)

...............

12,741

3,369,485

Willis

Towers

Watson

plc

................

5,603

1,893,534

WR

Berkley

Corp.

....................

17,072

1,214,844

64,156,038

Interactive

Media

&

Services

—

6.1%

Alphabet,

Inc.

,

Class

A

.................

327,868

50,701,507

Alphabet,

Inc.

,

Class

C

.................

265,725

41,514,217

Match

Group,

Inc.

....................

14,300

446,160

Meta

Platforms,

Inc.

,

Class

A

.............

122,925

70,849,053

163,510,937

IT

Services

—

1.2%

Accenture

plc

,

Class

A

.................

35,151

10,968,518

Akamai

Technologies,

Inc.

(a)

..............

8,424

678,132

Cognizant

Technology

Solutions

Corp.

,

Class

A

.

28,019

2,143,453

EPAM

Systems,

Inc.

(a)

..................

3,182

537,249

Gartner,

Inc.

(a)

.......................

4,299

1,804,462

GoDaddy,

Inc.

,

Class

A

(a)

................

7,987

1,438,778

International

Business

Machines

Corp.

......

51,974

12,923,855

VeriSign,

Inc.

(a)

......................

4,573

1,160,948

31,655,395

Leisure

Products

—

0.0%

Hasbro,

Inc.

........................

7,501

461,236

Life

Sciences

Tools

&

Services

—

1.0%

Agilent

Technologies,

Inc.

...............

15,994

1,870,978

Bio-Techne

Corp.

.....................

8,793

515,534

Charles

River

Laboratories

International,

Inc.

(a)

.

2,846

428,380

Danaher

Corp.

......................

35,974

7,374,670

IQVIA

Holdings,

Inc.

(a)

..................

9,404

1,657,925

Mettler-Toledo

International,

Inc.

(a)

.........

1,174

1,386,388

Revvity,

Inc.

(b)

.......................

6,837

723,355

Thermo

Fisher

Scientific,

Inc.

.............

21,500

10,698,400

Waters

Corp.

(a)

......................

3,350

1,234,709

West

Pharmaceutical

Services,

Inc.

(b)

.......

4,109

919,923

26,810,262

Machinery

—

1.6%

Caterpillar,

Inc.

......................

26,864

8,859,747

Cummins,

Inc.

.......................

7,739

2,425,712

Deere

&

Co.

........................

14,237

6,682,136

Dover

Corp.

........................

7,663

1,346,236

Fortive

Corp.

........................

19,179

1,403,519

IDEX

Corp.

.........................

4,186

757,540

Illinois

Tool

Works,

Inc.

.................

15,013

3,723,374

Ingersoll

Rand,

Inc.

...................

22,747

1,820,442

Nordson

Corp.

.......................

3,074

620,087

Otis

Worldwide

Corp.

..................

22,288

2,300,122

PACCAR,

Inc.

.......................

29,564

2,878,647

Parker-Hannifin

Corp.

..................

7,258

4,411,775

Pentair

plc

.........................

9,415

823,624

Snap-on,

Inc.

.......................

2,944

992,158

Stanley

Black

&

Decker,

Inc.

(b)

............

8,679

667,242

Westinghouse

Air

Brake

Technologies

Corp.

...

9,673

1,754,199

Security

Shares

Shares

Value

Machinery

(continued)

Xylem,

Inc.

.........................

13,748

$

1,642,336

43,108,896

Media

—

0.5%

Charter

Communications,

Inc.

,

Class

A

(a)

.....

5,452

2,009,226

Comcast

Corp.

,

Class

A

................

211,997

7,822,689

Fox

Corp.

,

Class

A

....................

12,436

703,878

Fox

Corp.

,

Class

B

....................

7,481

394,323

Interpublic

Group

of

Cos.,

Inc.

(The)

........

20,752

563,624

News

Corp.

,

Class

A

...................

21,133

575,240

News

Corp.

,

Class

B

..................

6,293

191,119

Omnicom

Group,

Inc.

(b)

.................

11,123

922,208

Paramount

Global

,

Class

B

..............

29,378

351,361

13,533,668

Metals

&

Mining

—

0.3%

Freeport-McMoRan,

Inc.

................

81,104

3,070,597

Newmont

Corp.

......................

63,776

3,079,105

Nucor

Corp.

........................

13,318

1,602,688

Steel

Dynamics,

Inc.

...................

8,069

1,009,271

8,761,661

Multi-Utilities

—

0.7%

Ameren

Corp.

.......................

14,993

1,505,297

CenterPoint

Energy,

Inc.

(b)

...............

36,651

1,327,866

CMS

Energy

Corp.

....................

16,830

1,264,101

Consolidated

Edison,

Inc.

...............

19,491

2,155,510

Dominion

Energy,

Inc.

..................

47,561

2,666,745

DTE

Energy

Co.

.....................

11,612

1,605,591

NiSource,

Inc.

.......................

24,119

966,931

Public

Service

Enterprise

Group,

Inc.

.......

28,086

2,311,478

Sempra

...........................

35,628

2,542,414

WEC

Energy

Group,

Inc.

................

17,937

1,954,774

18,300,707

Office

REITs

—

0.0%

BXP,

Inc.

(b)

.........................

8,337

560,163

Oil,

Gas

&

Consumable

Fuels

—

3.4%

APA

Corp.

.........................

18,631

391,624

Chevron

Corp.

.......................

93,942

15,715,557

ConocoPhillips

......................

71,715

7,531,509

Coterra

Energy,

Inc.

...................

41,619

1,202,789

Devon

Energy

Corp.

...................

36,287

1,357,134

Diamondback

Energy,

Inc.

...............

10,419

1,665,790

EOG

Resources,

Inc.

..................

31,615

4,054,308

EQT

Corp.

.........................

33,616

1,796,103

Expand

Energy

Corp.

..................

11,821

1,315,914

Exxon

Mobil

Corp.

....................

244,679

29,099,673

Hess

Corp.

.........................

15,585

2,489,392

Kinder

Morgan,

Inc.

...................

108,787

3,103,693

Marathon

Petroleum

Corp.

..............

17,762

2,587,746

Occidental

Petroleum

Corp.

(b)

.............

37,844

1,867,980

ONEOK,

Inc.

(b)

.......................

34,983

3,471,013

Phillips

66

..........................

23,337

2,881,653

Targa

Resources

Corp.

.................

12,239

2,453,552

Texas

Pacific

Land

Corp.

................

1,060

1,404,489

Valero

Energy

Corp.

...................

17,795

2,350,186

Williams

Cos.,

Inc.

(The)

................

68,519

4,094,695

90,834,800

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

...................

36,231

1,579,672

Southwest

Airlines

Co.

(b)

................

33,430

1,122,579

United

Airlines

Holdings,

Inc.

(a)

............

18,699

1,291,166

3,993,417

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Care

Products

—

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

......

13,363

$

881,958

Kenvue,

Inc.

........................

108,110

2,592,478

3,474,436

Pharmaceuticals

—

3.4%

Bristol-Myers

Squibb

Co.

................

114,364

6,975,060

Eli

Lilly

&

Co.

.......................

44,289

36,578,728

Johnson

&

Johnson

...................

135,330

22,443,127

Merck

&

Co.,

Inc.

.....................

142,189

12,762,885

Pfizer,

Inc.

.........................

318,531

8,071,576

Viatris,

Inc.

.........................

68,232

594,301

Zoetis,

Inc.

,

Class

A

...................

25,170

4,144,240

91,569,917

Professional

Services

—

0.7%

Automatic

Data

Processing,

Inc.

...........

22,870

6,987,471

Broadridge

Financial

Solutions,

Inc.

........

6,638

1,609,449

Dayforce,

Inc.

(a)

......................

9,000

524,970

Equifax,

Inc.

........................

7,011

1,707,599

Jacobs

Solutions,

Inc.

..................

6,831

825,800

Leidos

Holdings,

Inc.

..................

7,370

994,508

Paychex,

Inc.

.......................

17,998

2,776,731

Paycom

Software,

Inc.

(b)

................

2,707

591,425

Verisk

Analytics,

Inc.

...................

7,904

2,352,389

18,370,342

Real

Estate

Management

&

Development

—

0.2%

(a)

CBRE

Group,

Inc.

,

Class

A

..............

16,614

2,172,779

CoStar

Group,

Inc.

....................

23,426

1,856,042

4,028,821

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

............

7,974

1,711,380

Camden

Property

Trust

(b)

................

5,962

729,153

Equity

Residential

....................

19,359

1,385,717

Essex

Property

Trust,

Inc.

...............

3,596

1,102,426

Invitation

Homes,

Inc.

..................

31,807

1,108,474

Mid-America

Apartment

Communities,

Inc.

(b)

...

6,532

1,094,632

UDR,

Inc.

..........................

17,047

770,013

7,901,795

Retail

REITs

—

0.3%

Federal

Realty

Investment

Trust

...........

4,305

421,115

Kimco

Realty

Corp.

...................

37,586

798,327

Realty

Income

Corp.

...................

49,397

2,865,520

Regency

Centers

Corp.

................

9,117

672,470

Simon

Property

Group,

Inc.

..............

17,268

2,867,869

7,625,301

Semiconductors

&

Semiconductor

Equipment

—

9.8%

Advanced

Micro

Devices,

Inc.

(a)

...........

91,086

9,358,176

Analog

Devices,

Inc.

...................

27,964

5,639,500

Applied

Materials,

Inc.

.................

45,681

6,629,227

Broadcom,

Inc.

......................

263,363

44,094,867

Enphase

Energy,

Inc.

(a)

.................

7,420

460,411

First

Solar,

Inc.

(a)

.....................

6,046

764,396

Intel

Corp.

.........................

243,547

5,530,952

KLA

Corp.

..........................

7,469

5,077,426

Lam

Research

Corp.

..................

72,154

5,245,596

Microchip

Technology,

Inc.

...............

30,155

1,459,804

Micron

Technology,

Inc.

.................

62,413

5,423,066

Monolithic

Power

Systems,

Inc.

(b)

..........

2,688

1,558,986

NVIDIA

Corp.

.......................

1,376,564

149,192,006

NXP

Semiconductors

NV

...............

14,390

2,734,963

ON

Semiconductor

Corp.

(a)

..............

23,581

959,511

QUALCOMM,

Inc.

....................

62,167

9,549,473

Skyworks

Solutions,

Inc.

(b)

...............

9,134

590,330

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Teradyne,

Inc.

.......................

9,097

$

751,412

Texas

Instruments,

Inc.

.................

51,169

9,195,069

264,215,171

Software

—

9.7%

Adobe,

Inc.

(a)

........................

24,468

9,384,212

ANSYS,

Inc.

(a)

.......................

4,945

1,565,389

Autodesk,

Inc.

(a)

......................

12,113

3,171,183

Cadence

Design

Systems,

Inc.

(a)

..........

15,416

3,920,751

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

........

13,845

4,881,470

Fair

Isaac

Corp.

(a)

.....................

1,368

2,522,811

Fortinet,

Inc.

(a)

.......................

35,871

3,452,942

Gen

Digital,

Inc.

......................

30,862

819,078

Intuit,

Inc.

..........................

15,734

9,660,519

Microsoft

Corp.

......................

417,858

156,859,715

Oracle

Corp.

........................

90,627

12,670,561

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

115,140

9,717,816

Palo

Alto

Networks,

Inc.

(a)

...............

36,873

6,292,009

PTC,

Inc.

(a)

.........................

6,757

1,046,997

Roper

Technologies,

Inc.

................

6,024

3,551,630

Salesforce,

Inc.

......................

53,792

14,435,621

ServiceNow,

Inc.

(a)

....................

11,579

9,218,505

Synopsys,

Inc.

(a)

.....................

8,662

3,714,699

Tyler

Technologies,

Inc.

(a)

...............

2,397

1,393,592

Workday,

Inc.

,

Class

A

(a)

................

12,051

2,814,270

261,093,770

Specialized

REITs

—

1.0%

American

Tower

Corp.

.................

26,332

5,729,843

Crown

Castle,

Inc.

....................

24,506

2,554,261

Digital

Realty

Trust,

Inc.

................

17,673

2,532,364

Equinix,

Inc.

........................

5,429

4,426,535

Extra

Space

Storage,

Inc.

...............

11,964

1,776,534

Iron

Mountain,

Inc.

....................

16,603

1,428,522

Public

Storage

.......................

8,856

2,650,512

SBA

Communications

Corp.

.............

6,097

1,341,401

VICI

Properties,

Inc.

...................

59,711

1,947,773

Weyerhaeuser

Co.

....................

40,799

1,194,595

25,582,340

Specialty

Retail

—

1.9%

AutoZone,

Inc.

(a)

.....................

943

3,595,451

Best

Buy

Co.,

Inc.

....................

11,147

820,531

CarMax,

Inc.

(a)

.......................

8,503

662,554

Home

Depot,

Inc.

(The)

................

55,836

20,463,336

Lowe's

Cos.,

Inc.

.....................

31,739

7,402,487

O'Reilly

Automotive,

Inc.

(a)

...............

3,231

4,628,666

Ross

Stores,

Inc.

.....................

18,660

2,384,561

TJX

Cos.,

Inc.

(The)

...................

63,188

7,696,298

Tractor

Supply

Co.

(b)

...................

29,887

1,646,774

Ulta

Beauty,

Inc.

(a)

....................

2,606

955,203

Williams-Sonoma,

Inc.

.................

6,919

1,093,894

51,349,755

Technology

Hardware,

Storage

&

Peripherals

—

7.3%

Apple,

Inc.

.........................

844,379

187,561,907

Dell

Technologies,

Inc.

,

Class

C

...........

16,437

1,498,232

Hewlett

Packard

Enterprise

Co.

...........

74,079

1,143,039

HP,

Inc.

...........................

52,713

1,459,623

NetApp,

Inc.

........................

11,582

1,017,363

Seagate

Technology

Holdings

plc

(b)

.........

11,429

970,894

Super

Micro

Computer,

Inc.

(a)

.............

28,273

968,067

Western

Digital

Corp.

(a)

.................

18,592

751,675

195,370,800

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

S&P

500

Index

V.I.

Fund

7

(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,

2025

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

—

0.3%

Deckers

Outdoor

Corp.

(a)

................

8,451

$

944,906

Lululemon

Athletica,

Inc.

(a)

...............

6,295

1,781,863

NIKE,

Inc.

,

Class

B

...................

66,397

4,214,881

Ralph

Lauren

Corp.

,

Class

A

.............

2,251

496,886

Tapestry,

Inc.

........................

11,636

819,291

8,257,827

Tobacco

—

0.7%

Altria

Group,

Inc.

.....................

95,504

5,732,150

Philip

Morris

International,

Inc.

............

87,397

13,872,526

19,604,676

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

........................

32,304

2,505,175

United

Rentals,

Inc.

...................

3,664

2,296,229

WW

Grainger,

Inc.

....................

2,493

2,462,660

7,264,064

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

...........

10,991

1,621,392

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.3%

T-Mobile

US,

Inc.

.....................

26,954

$

7,188,901

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

931,642,701

)

..............................

2,672,978,067

Short-Term

Securities

Money

Market

Funds

—

1.7%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.50

%

(e)

...................

37,983,292

38,002,283

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.22

%

.....................

8,937,910

8,937,910

Total

Short-Term

Securities

—

1

.7

%

(Cost:

$

46,940,193

)

...............................

46,940,193

Total

Investments

—

101

.4

%

(Cost:

$

978,582,894

)

..............................

2,719,918,260

Liabilities

in

Excess

of

Other

Assets

—

(

1.4

)

%

.............

(

36,998,981

)

Net

Assets

—

100.0%

...............................

$

2,682,919,279

(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

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/25

Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

210,907,500

$

—

$

(

172,928,686

)

(a)

$

23,469

$

—

$

38,002,283

37,983,292

$

37,484

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

8,117,033

820,877

(a)

—

—

—

8,937,910

8,937,910

74,945

—

BlackRock,

Inc.

..........

8,520,715

—

(

121,041

)

99,279

(

754,854

)

7,744,099

8,182

43,128

—

$

122,748

$

(

754,854

)

$

54,684,292

$

155,557

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

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,

2025

BlackRock

S&P

500

Index

V.I.

Fund

8

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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,

that

may

not

have

a

secondary

market,

and/

or may

have

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

.......................................................

36

06/20/25

$

10,176

$

(

117,160

)

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,672,978,067

$

—

$

—

$

2,672,978,067

Short-Term

Securities

Money

Market

Funds

......................................

46,940,193

—

—

46,940,193

$

2,719,918,260

$

—

$

—

$

2,719,918,260

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

117,160

)

$

—

$

—

$

(

117,160

)

(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

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

REIT

Real

Estate

Investment

Trust