NPORT-EX 2 Managed_Volatility.htm
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.7%
Airbus
SE
..........................
1,441
$
253,739
Axon
Enterprise,
Inc.
(a)
.................
187
98,353
BAE
Systems
plc
.....................
4,626
93,411
Boeing
Co.
(The)
(a)
....................
1,418
241,840
Bombardier,
Inc.
,
Class
B
(a)
..............
368
20,709
BWX
Technologies,
Inc.
................
176
17,362
Curtiss-Wright
Corp.
...................
196
62,185
Dassault
Aviation
SA
..................
69
22,751
GE
Aerospace
.......................
2,043
408,906
General
Dynamics
Corp.
................
881
240,143
HEICO
Corp.
,
Class
A
..................
1,009
212,869
Howmet
Aerospace,
Inc.
(b)
...............
892
115,719
Kongsberg
Gruppen
ASA
...............
848
124,330
L3Harris
Technologies,
Inc.
..............
348
72,840
Lockheed
Martin
Corp.
.................
1,007
449,837
Northrop
Grumman
Corp.
...............
626
320,518
Rheinmetall
AG
......................
143
204,622
Rolls-Royce
Holdings
plc
(a)
..............
6,848
66,558
RTX
Corp.
.........................
2,919
386,651
Saab
AB
,
Class
B
....................
857
33,697
Safran
SA
..........................
813
214,049
Thales
SA
..........................
200
53,164
TransDigm
Group,
Inc.
.................
240
331,990
4,046,243
Air
Freight
&
Logistics
—
0.5%
FedEx
Corp.
........................
1,201
292,780
Nippon
Express
Holdings,
Inc.
............
1,600
29,144
United
Parcel
Service,
Inc.
,
Class
B
........
3,793
417,192
739,116
Automobile
Components
—
0.2%
BorgWarner,
Inc.
.....................
823
23,579
Cie
Generale
des
Etablissements
Michelin
SCA
1,165
40,946
Continental
AG
......................
262
18,476
Denso
Corp.
........................
11,500
142,676
Magna
International,
Inc.
................
968
32,900
258,577
Automobiles
—
0.9%
Ferrari
NV
.........................
121
51,674
General
Motors
Co.
...................
768
36,119
Stellantis
NV
........................
2,795
31,349
Tesla,
Inc.
(a)
.........................
3,552
920,536
Toyota
Motor
Corp.
...................
14,600
258,089
1,297,767
Banks
—
4.6%
ANZ
Group
Holdings
Ltd.
...............
1,014
18,565
Banco
Bilbao
Vizcaya
Argentaria
SA
........
11,518
157,193
Banco
BPM
SpA
.....................
1,170
11,906
Banco
de
Sabadell
SA
.................
8,780
24,651
Banco
Santander
SA
..................
31,733
213,782
Bank
Leumi
Le-Israel
BM
...............
2,543
34,246
Bank
of
America
Corp.
.................
18,287
763,116
Bank
of
Ireland
Group
plc
...............
1,406
16,612
Barclays
plc
........................
31,637
118,956
BNP
Paribas
SA
.....................
2,400
200,590
BOC
Hong
Kong
Holdings
Ltd.
............
18,500
74,905
CaixaBank
SA
.......................
5,721
44,565
Citigroup,
Inc.
.......................
4,523
321,088
Citizens
Financial
Group,
Inc.
............
1,484
60,799
Commerzbank
AG
....................
1,715
39,248
Commonwealth
Bank
of
Australia
..........
4,105
390,360
Credit
Agricole
SA
....................
2,332
42,459
Security
Shares
Shares
Value
Banks
(continued)
DBS
Group
Holdings
Ltd.
...............
3,300
$
113,326
FinecoBank
Banca
Fineco
SpA
...........
2,173
43,040
HSBC
Holdings
plc
...................
39,522
448,041
Intesa
Sanpaolo
SpA
..................
71,593
368,967
JPMorgan
Chase
&
Co.
................
4,281
1,050,129
Mitsubishi
UFJ
Financial
Group,
Inc.
........
34,500
470,367
Mizuho
Financial
Group,
Inc.
.............
1,800
49,399
NatWest
Group
plc
....................
14,448
85,307
Nordea
Bank
Abp
....................
7,336
93,831
NU
Holdings
Ltd.
,
Class
A
(a)
..............
4,605
47,155
PNC
Financial
Services
Group,
Inc.
(The)
....
1,312
230,610
Societe
Generale
SA
..................
925
41,730
Standard
Chartered
plc
.................
5,978
88,710
Sumitomo
Mitsui
Financial
Group,
Inc.
.......
15,300
393,434
Sumitomo
Mitsui
Trust
Group,
Inc.
.........
10,600
266,816
Svenska
Handelsbanken
AB
,
Class
A
.......
6,267
70,827
UniCredit
SpA
.......................
4,235
237,720
United
Overseas
Bank
Ltd.
..............
1,100
31,038
US
Bancorp
........................
4,313
182,095
Wells
Fargo
&
Co.
....................
943
67,698
6,913,281
Beverages
—
0.7%
Coca-Cola
Co.
(The)
..................
5,125
367,052
Coca-Cola
Europacific
Partners
plc
.........
1,839
160,048
Coca-Cola
HBC
AG
...................
1,000
45,290
Constellation
Brands,
Inc.
,
Class
A
(b)
........
911
167,187
Molson
Coors
Beverage
Co.
,
Class
B
.......
454
27,635
Monster
Beverage
Corp.
(a)
...............
615
35,990
PepsiCo,
Inc.
.......................
1,829
274,240
1,077,442
Biotechnology
—
1.6%
AbbVie,
Inc.
........................
3,444
721,587
Alkermes
plc
(a)
.......................
1,591
52,535
Alnylam
Pharmaceuticals,
Inc.
(a)
...........
151
40,773
Amgen,
Inc.
........................
764
238,024
Argenx
SE
(a)
........................
264
155,785
Biogen,
Inc.
(a)
.......................
466
63,767
BioMarin
Pharmaceutical,
Inc.
(a)
...........
1,371
96,916
CSL
Ltd.
...........................
740
116,468
Exact
Sciences
Corp.
(a)
.................
532
23,030
Genmab
A/S
(a)
.......................
181
35,263
Gilead
Sciences,
Inc.
..................
3,624
406,069
GRAIL,
Inc.
(a)
.......................
41
1,047
Incyte
Corp.
(a)
.......................
270
16,349
Natera,
Inc.
(a)
.......................
845
119,491
Neurocrine
Biosciences,
Inc.
(a)
............
283
31,300
Regeneron
Pharmaceuticals,
Inc.
..........
171
108,453
Sarepta
Therapeutics,
Inc.
(a)
.............
669
42,696
Telix
Pharmaceuticals
Ltd.
(a)
..............
1,059
17,731
United
Therapeutics
Corp.
(a)
..............
398
122,692
Vertex
Pharmaceuticals,
Inc.
(a)
............
72
34,907
2,444,883
Broadline
Retail
—
1.9%
Amazon.com,
Inc.
(a)
...................
13,756
2,617,217
Coupang,
Inc.
,
Class
A
(a)
................
1,593
34,935
Etsy,
Inc.
(a)
.........................
830
39,159
Prosus
NV
,
Class
N
...................
3,169
147,229
Rakuten
Group,
Inc.
(a)
..................
6,800
39,011
Takashimaya
Co.
Ltd.
..................
2,200
17,895
2,895,446
Building
Products
—
0.4%
Assa
Abloy
AB
,
Class
B
................
3,501
105,105
Belimo
Holding
AG
(Registered)
...........
170
104,807
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Cie
de
Saint-Gobain
SA
................
648
$
64,552
CSW
Industrials,
Inc.
..................
51
14,868
Daikin
Industries
Ltd.
..................
500
54,259
Kingspan
Group
plc
...................
176
14,217
Trane
Technologies
plc
.................
899
302,891
660,699
Capital
Markets
—
3.4%
3i
Group
plc
........................
2,831
133,115
Ameriprise
Financial,
Inc.
(b)
..............
558
270,133
Amundi
SA
(c)
(d)
.......................
567
44,422
Ares
Management
Corp.
,
Class
A
..........
281
41,197
Blackstone,
Inc.
,
Class
A
................
1,094
152,919
Blue
Owl
Capital,
Inc.
,
Class
A
............
479
9,599
Carlyle
Group,
Inc.
(The)
(b)
...............
331
14,428
Charles
Schwab
Corp.
(The)
.............
3,729
291,906
CME
Group,
Inc.
,
Class
A
...............
986
261,576
Coinbase
Global,
Inc.
,
Class
A
(a)
...........
493
84,909
Daiwa
Securities
Group,
Inc.
.............
7,800
52,519
Deutsche
Bank
AG
(Registered)
...........
9,688
230,935
Deutsche
Boerse
AG
..................
309
91,173
Euronext
NV
(c)
(d)
......................
371
53,844
Evercore,
Inc.
,
Class
A
.................
54
10,785
Goldman
Sachs
Group,
Inc.
(The)
.........
115
62,823
Hong
Kong
Exchanges
&
Clearing
Ltd.
......
1,700
75,623
Houlihan
Lokey,
Inc.
,
Class
A
(b)
............
1,131
182,657
HUB24
Ltd.
.........................
272
11,726
Intercontinental
Exchange,
Inc.
...........
380
65,550
Invesco
Ltd.
........................
2,980
45,207
Janus
Henderson
Group
plc
.............
7,813
282,440
KKR
&
Co.,
Inc.
......................
1,083
125,206
Lazard,
Inc.
........................
892
38,624
London
Stock
Exchange
Group
plc
.........
1,067
158,479
Moody's
Corp.
.......................
1,186
552,308
Morgan
Stanley
......................
4,784
558,149
MSCI,
Inc.
.........................
233
131,762
Nasdaq,
Inc.
........................
1,795
136,169
Nomura
Holdings,
Inc.
.................
36,600
225,526
Piper
Sandler
Cos.
....................
83
20,556
S&P
Global,
Inc.
.....................
860
436,966
Schroders
plc
.......................
8,796
39,824
St.
James's
Place
plc
..................
2,147
27,292
Swissquote
Group
Holding
SA
(Registered)
...
24
10,367
UBS
Group
AG
(Registered)
.............
4,038
124,026
XP,
Inc.
,
Class
A
.....................
217
2,984
5,057,724
Chemicals
—
0.2%
Air
Liquide
SA
.......................
898
170,571
Arkema
SA
.........................
165
12,634
Givaudan
SA
(Registered)
...............
24
103,032
286,237
Commercial
Services
&
Supplies
—
0.7%
Brambles
Ltd.
.......................
3,123
39,454
Cintas
Corp.
........................
2,345
481,968
MSA
Safety,
Inc.
.....................
9
1,320
RB
Global,
Inc.
......................
278
27,883
Rollins,
Inc.
.........................
1,907
103,035
Securitas
AB
,
Class
B
..................
1,944
27,510
Tetra
Tech,
Inc.
......................
1,872
54,756
Waste
Management,
Inc.
................
1,297
300,268
1,036,194
Communications
Equipment
—
0.7%
Arista
Networks,
Inc.
(a)
.................
3,135
242,900
Ciena
Corp.
(a)
.......................
263
15,893
Security
Shares
Shares
Value
Communications
Equipment
(continued)
Cisco
Systems,
Inc.
...................
6,466
$
399,017
Juniper
Networks,
Inc.
.................
495
17,914
Motorola
Solutions,
Inc.
................
935
409,352
1,085,076
Construction
&
Engineering
—
0.6%
AECOM
...........................
2,051
190,189
Bouygues
SA
.......................
588
23,179
Comfort
Systems
USA,
Inc.
..............
274
88,319
Dycom
Industries,
Inc.
(a)
................
139
21,175
Eiffage
SA
.........................
220
25,615
EMCOR
Group,
Inc.
...................
83
30,679
Ferrovial
SE
........................
3,500
156,547
MasTec,
Inc.
(a)
.......................
1,319
153,941
Obayashi
Corp.
......................
3,200
42,689
Quanta
Services,
Inc.
..................
306
77,779
Sterling
Infrastructure,
Inc.
(a)
.............
124
14,038
Vinci
SA
...........................
868
109,420
933,570
Construction
Materials
—
0.2%
CRH
plc
...........................
216
19,002
Holcim
AG
.........................
2,153
231,691
250,693
Consumer
Finance
—
0.2%
American
Express
Co.
.................
695
186,990
Capital
One
Financial
Corp.
..............
206
36,936
Credit
Saison
Co.
Ltd.
..................
900
21,391
Discover
Financial
Services
..............
343
58,550
OneMain
Holdings,
Inc.
.................
319
15,593
319,460
Consumer
Staples
Distribution
&
Retail
—
0.9%
Costco
Wholesale
Corp.
................
619
585,438
Kesko
OYJ
,
Class
B
...................
1,619
33,093
Seven
&
i
Holdings
Co.
Ltd.
..............
3,000
43,443
Target
Corp.
........................
675
70,443
Walgreens
Boots
Alliance,
Inc.
............
215
2,402
Walmart,
Inc.
(b)
......................
6,850
601,361
1,336,180
Containers
&
Packaging
—
0.0%
Berry
Global
Group,
Inc.
................
29
2,024
Diversified
Consumer
Services
—
0.0%
Duolingo,
Inc.
,
Class
A
(a)
................
51
15,838
Diversified
REITs
—
0.0%
Land
Securities
Group
plc
...............
3,084
21,981
Diversified
Telecommunication
Services
—
0.9%
AT&T,
Inc.
..........................
11,762
332,629
Deutsche
Telekom
AG
(Registered)
........
17,653
651,749
Frontier
Communications
Parent,
Inc.
(a)
......
371
13,304
Nippon
Telegraph
&
Telephone
Corp.
.......
82,700
79,927
Sunrise
Communications
AG
,
ADR,
Class
A
(a)
..
1,943
93,827
Verizon
Communications,
Inc.
............
2,813
127,598
1,299,034
Electric
Utilities
—
1.3%
Chubu
Electric
Power
Co.,
Inc.
............
4,200
45,537
Constellation
Energy
Corp.
..............
361
72,788
Duke
Energy
Corp.
...................
2,585
315,292
Edison
International
...................
5,614
330,777
Enel
SpA
..........................
16,442
133,287
Entergy
Corp.
.......................
3,217
275,021
Fortum
OYJ
........................
4,020
65,830
Iberdrola
SA
........................
16,333
263,747
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Kansai
Electric
Power
Co.,
Inc.
(The)
.......
5,300
$
62,901
NextEra
Energy,
Inc.
..................
2,675
189,631
Origin
Energy
Ltd.
....................
4,539
30,036
PG&E
Corp.
........................
3,095
53,172
Southern
Co.
(The)
...................
180
16,551
SSE
plc
...........................
3,208
66,080
Terna
-
Rete
Elettrica
Nazionale
...........
4,764
43,054
1,963,704
Electrical
Equipment
—
1.3%
ABB
Ltd.
(Registered)
..................
5,643
291,167
Accelleron
Industries
AG
................
306
14,188
AMETEK,
Inc.
.......................
1,139
196,067
Eaton
Corp.
plc
......................
1,927
523,816
GE
Vernova,
Inc.
.....................
443
135,239
Hubbell,
Inc.
........................
56
18,531
Legrand
SA
........................
795
84,193
Mitsubishi
Electric
Corp.
................
2,400
44,262
nVent
Electric
plc
.....................
1,394
73,074
Rockwell
Automation,
Inc.
(b)
..............
94
24,288
Schneider
Electric
SE
..................
1,464
337,958
Siemens
Energy
AG
(a)
..................
2,262
134,096
Vertiv
Holdings
Co.
,
Class
A
.............
1,230
88,806
Vestas
Wind
Systems
A/S
(a)
..............
1,399
19,354
1,985,039
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Amphenol
Corp.
,
Class
A
...............
2,701
177,159
Badger
Meter,
Inc.
....................
298
56,695
Flex
Ltd.
(a)
..........................
1,036
34,271
Keyence
Corp.
......................
400
157,284
Kyocera
Corp.
.......................
2,200
24,849
Murata
Manufacturing
Co.
Ltd.
............
5,300
81,752
TE
Connectivity
plc
...................
1,167
164,920
Teledyne
Technologies,
Inc.
(a)
.............
35
17,420
714,350
Entertainment
—
1.0%
Netflix,
Inc.
(a)
........................
648
604,279
ROBLOX
Corp.
,
Class
A
(a)
...............
1,454
84,754
Sea
Ltd.
,
ADR,
Class
A
(a)
................
1,848
241,146
Spotify
Technology
SA
(a)
................
442
243,113
Walt
Disney
Co.
(The)
.................
3,422
337,751
1,511,043
Financial
Services
—
1.9%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
........
1,743
928,287
Block,
Inc.
,
Class
A
(a)
..................
469
25,481
Edenred
SE
........................
573
18,621
Essent
Group
Ltd.
....................
3,607
208,196
EXOR
NV
..........................
341
30,967
Global
Payments,
Inc.
.................
144
14,100
Groupe
Bruxelles
Lambert
NV
............
502
37,459
Investor
AB
,
Class
B
...................
2,424
72,294
M&G
plc
...........................
9,749
25,113
Mastercard,
Inc.
,
Class
A
................
703
385,328
MGIC
Investment
Corp.
................
1,701
42,151
ORIX
Corp.
.........................
4,600
96,043
PayPal
Holdings,
Inc.
(a)
.................
1,076
70,209
Remitly
Global,
Inc.
(a)
..................
694
14,435
Visa,
Inc.
,
Class
A
....................
2,524
884,561
2,853,245
Food
Products
—
0.4%
Cal-Maine
Foods,
Inc.
(b)
................
237
21,543
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
......................
1
131,226
Security
Shares
Shares
Value
Food
Products
(continued)
Hershey
Co.
(The)
....................
230
$
39,337
Ingredion,
Inc.
(b)
......................
1,691
228,640
Kellanova
..........................
399
32,913
Kerry
Group
plc
,
Class
A
................
268
28,064
Tyson
Foods,
Inc.
,
Class
A
..............
811
51,750
533,473
Gas
Utilities
—
0.1%
Brookfield
Infrastructure
Corp.
,
Class
A
......
650
23,474
National
Fuel
Gas
Co.
.................
751
59,472
Snam
SpA
.........................
8,457
43,848
126,794
Ground
Transportation
—
0.2%
Uber
Technologies,
Inc.
(a)
...............
2,331
169,836
Union
Pacific
Corp.
...................
257
60,714
230,550
Health
Care
Equipment
&
Supplies
—
1.4%
Abbott
Laboratories
...................
2,046
271,402
Alcon
AG
..........................
563
53,420
Boston
Scientific
Corp.
(a)
................
4,217
425,411
Cochlear
Ltd.
.......................
191
31,479
Dexcom,
Inc.
(a)
......................
956
65,285
Edwards
Lifesciences
Corp.
(a)
............
198
14,351
EssilorLuxottica
SA
...................
620
178,665
Globus
Medical,
Inc.
,
Class
A
(a)
...........
135
9,882
IDEXX
Laboratories,
Inc.
(a)
...............
114
47,874
Inspire
Medical
Systems,
Inc.
(a)
...........
123
19,591
Insulet
Corp.
(a)
.......................
75
19,696
Intuitive
Surgical,
Inc.
(a)
.................
484
239,711
Medtronic
plc
.......................
2,877
258,527
ResMed,
Inc.
(b)
......................
587
131,400
STERIS
plc
.........................
324
73,435
Stryker
Corp.
.......................
381
141,827
Terumo
Corp.
.......................
3,300
62,093
2,044,049
Health
Care
Providers
&
Services
—
2.6%
Cardinal
Health,
Inc.
...................
925
127,437
Centene
Corp.
(a)
.....................
4,681
284,184
Cigna
Group
(The)
....................
742
244,118
CVS
Health
Corp.
....................
2,541
172,153
Elevance
Health,
Inc.
..................
757
329,265
Encompass
Health
Corp.
...............
4,374
442,999
HCA
Healthcare,
Inc.
..................
1,257
434,356
Humana,
Inc.
.......................
91
24,079
Labcorp
Holdings,
Inc.
.................
203
47,246
McKesson
Corp.
.....................
268
180,361
Molina
Healthcare,
Inc.
(a)
................
434
142,955
RadNet,
Inc.
(a)
.......................
569
28,291
Sonic
Healthcare
Ltd.
..................
1,533
24,891
Tenet
Healthcare
Corp.
(a)
................
1,109
149,160
UnitedHealth
Group,
Inc.
................
2,062
1,079,973
Universal
Health
Services,
Inc.
,
Class
B
.....
978
183,766
3,895,234
Health
Care
Technology
—
0.1%
Doximity,
Inc.
,
Class
A
(a)
................
371
21,529
Pro
Medicus
Ltd.
.....................
406
51,390
Veeva
Systems,
Inc.
,
Class
A
(a)
...........
236
54,665
Waystar
Holding
Corp.
(a)
................
770
28,767
156,351
Hotels,
Restaurants
&
Leisure
—
0.8%
Airbnb,
Inc.
,
Class
A
(a)
..................
1,335
159,479
Aristocrat
Leisure
Ltd.
..................
3,150
127,396
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Booking
Holdings,
Inc.
.................
49
$
225,739
Chipotle
Mexican
Grill,
Inc.
(a)
.............
2,213
111,115
DoorDash,
Inc.
,
Class
A
(a)
...............
834
152,430
DraftKings,
Inc.
,
Class
A
(a)
...............
540
17,933
Evolution
AB
(c)
(d)
......................
179
13,337
Flutter
Entertainment
plc
(a)
...............
104
23,041
Marriott
Vacations
Worldwide
Corp.
.........
54
3,469
McDonald's
Corp.
....................
370
115,577
Royal
Caribbean
Cruises
Ltd.
............
61
12,532
Texas
Roadhouse,
Inc.
.................
905
150,800
Viking
Holdings
Ltd.
(a)
(b)
.................
977
38,836
Wingstop,
Inc.
.......................
159
35,867
1,187,551
Household
Durables
—
1.5%
Barratt
Redrow
plc
....................
3,654
20,100
Berkeley
Group
Holdings
plc
.............
799
37,187
DR
Horton,
Inc.
......................
1,536
195,272
GN
Store
Nord
A/S
(a)
..................
743
11,622
KB
Home
..........................
451
26,212
Lennar
Corp.
,
Class
A
..................
1,610
184,796
Meritage
Homes
Corp.
.................
524
37,141
NVR,
Inc.
(a)
.........................
11
79,688
Panasonic
Holdings
Corp.
...............
23,200
276,765
Persimmon
plc
......................
1,755
27,145
PulteGroup,
Inc.
.....................
1,378
141,658
Sekisui
House
Ltd.
....................
7,000
156,675
Sony
Group
Corp.
....................
26,000
657,878
Taylor
Morrison
Home
Corp.
(a)
............
3,485
209,239
Taylor
Wimpey
plc
....................
11,228
15,775
Toll
Brothers,
Inc.
.....................
718
75,814
TopBuild
Corp.
(a)
.....................
94
28,665
2,181,632
Household
Products
—
0.1%
Henkel
AG
&
Co.
KGaA
................
1,670
120,316
Reckitt
Benckiser
Group
plc
..............
1,408
95,210
215,526
Industrial
Conglomerates
—
0.4%
Hitachi
Ltd.
.........................
6,100
143,224
Honeywell
International,
Inc.
.............
1,018
215,562
Siemens
AG
(Registered)
...............
1,258
290,530
649,316
Industrial
REITs
—
0.0%
Segro
plc
..........................
3,824
34,201
Insurance
—
1.2%
Aegon
Ltd.
.........................
2,286
15,014
Ageas
SA
..........................
790
47,355
AIA
Group
Ltd.
......................
1,800
13,626
Allianz
SE
(Registered)
.................
746
285,502
Allstate
Corp.
(The)
...................
228
47,212
American
Financial
Group,
Inc.
...........
514
67,509
Aon
plc
,
Class
A
.....................
270
107,754
AXA
SA
...........................
3,623
154,796
Baloise
Holding
AG
(Registered)
..........
133
27,913
Brighthouse
Financial,
Inc.
(a)
.............
92
5,335
Cincinnati
Financial
Corp.
...............
186
27,476
Dai-ichi
Life
Holdings,
Inc.
...............
6,800
51,922
Globe
Life,
Inc.
......................
252
33,193
Great-West
Lifeco,
Inc.
.................
390
15,280
Hartford
Insurance
Group,
Inc.
(The)
........
365
45,161
Helvetia
Holding
AG
(Registered)
..........
60
12,445
Insurance
Australia
Group
Ltd.
............
11,706
56,944
MS&AD
Insurance
Group
Holdings,
Inc.
.....
1,200
26,097
Security
Shares
Shares
Value
Insurance
(continued)
NN
Group
NV
.......................
297
$
16,527
Power
Corp.
of
Canada
(b)
...............
851
30,089
Progressive
Corp.
(The)
................
307
86,884
Prudential
plc
.......................
2,291
24,722
Tokio
Marine
Holdings,
Inc.
..............
1,100
42,793
Travelers
Cos.,
Inc.
(The)
...............
909
240,394
Zurich
Insurance
Group
AG
..............
379
264,545
1,746,488
Interactive
Media
&
Services
—
3.6%
Alphabet,
Inc.
,
Class
A
.................
10,676
1,650,937
Alphabet,
Inc.
,
Class
C
.................
8,743
1,365,919
LY
Corp.
...........................
50,500
171,001
Meta
Platforms,
Inc.
,
Class
A
.............
3,559
2,051,265
REA
Group
Ltd.
......................
664
92,126
Reddit,
Inc.
,
Class
A
(a)
..................
91
9,546
5,340,794
IT
Services
—
1.0%
Accenture
plc
,
Class
A
.................
1,075
335,443
Capgemini
SE
.......................
222
33,357
Gartner,
Inc.
(a)
.......................
193
81,010
GoDaddy,
Inc.
,
Class
A
(a)
................
592
106,643
International
Business
Machines
Corp.
......
1,171
291,181
NEC
Corp.
.........................
8,000
170,406
Nomura
Research
Institute
Ltd.
...........
3,000
97,657
Obic
Co.
Ltd.
........................
1,000
28,833
Snowflake,
Inc.
,
Class
A
(a)
...............
103
15,054
VeriSign,
Inc.
(a)
......................
903
229,245
Wix.com
Ltd.
(a)
.......................
432
70,580
1,459,409
Leisure
Products
—
0.1%
Hasbro,
Inc.
........................
3,100
190,619
Sankyo
Co.
Ltd.
......................
1,600
23,381
214,000
Life
Sciences
Tools
&
Services
—
0.5%
Agilent
Technologies,
Inc.
...............
121
14,155
Bruker
Corp.
........................
287
11,979
Danaher
Corp.
......................
1,044
214,020
Eurofins
Scientific
SE
..................
540
28,805
ICON
plc
(a)
.........................
150
26,248
Illumina,
Inc.
(a)
.......................
314
24,913
IQVIA
Holdings,
Inc.
(a)
..................
79
13,928
Medpace
Holdings,
Inc.
(a)
...............
58
17,672
Mettler-Toledo
International,
Inc.
(a)
.........
46
54,322
Sartorius
Stedim
Biotech
................
114
22,585
Thermo
Fisher
Scientific,
Inc.
.............
396
197,050
West
Pharmaceutical
Services,
Inc.
........
216
48,358
674,035
Machinery
—
1.2%
Alfa
Laval
AB
.......................
4,042
173,301
Alstom
SA
(a)
........................
1,013
22,439
Amada
Co.
Ltd.
......................
1,200
11,688
Atlas
Copco
AB
,
Class
A
................
633
10,111
Atlas
Copco
AB
,
Class
B
................
721
10,139
Caterpillar,
Inc.
......................
760
250,648
Dover
Corp.
........................
425
74,664
Federal
Signal
Corp.
..................
290
21,329
Flowserve
Corp.
.....................
1,953
95,385
GEA
Group
AG
......................
580
35,258
Illinois
Tool
Works,
Inc.
.................
848
210,312
ITT,
Inc.
...........................
473
61,093
Mitsubishi
Heavy
Industries
Ltd.
...........
3,800
65,260
PACCAR,
Inc.
.......................
115
11,198
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Parker-Hannifin
Corp.
..................
498
$
302,709
Pentair
plc
.........................
3,111
272,150
Rational
AG
........................
16
13,330
Techtronic
Industries
Co.
Ltd.
.............
1,500
17,976
Wartsila
OYJ
Abp
.....................
1,479
26,390
Westinghouse
Air
Brake
Technologies
Corp.
...
540
97,929
1,783,309
Marine
Transportation
—
0.0%
AP
Moller
-
Maersk
A/S
,
Class
B
...........
10
17,404
Media
—
0.2%
Comcast
Corp.
,
Class
A
................
2,662
98,228
Fox
Corp.
,
Class
B
....................
1,449
76,377
Informa
plc
.........................
5,500
55,148
Interpublic
Group
of
Cos.,
Inc.
(The)
........
191
5,187
New
York
Times
Co.
(The)
,
Class
A
.........
680
33,728
Publicis
Groupe
SA
...................
443
41,796
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
319
17,456
WPP
plc
...........................
1,452
11,034
338,954
Metals
&
Mining
—
0.8%
Anglo
American
plc
...................
2,049
57,430
Antofagasta
plc
......................
1,339
29,152
Barrick
Gold
Corp.
....................
2,067
40,132
Endeavour
Mining
plc
..................
5,938
142,689
Evolution
Mining
Ltd.
..................
7,054
31,562
Franco-Nevada
Corp.
..................
164
25,793
Freeport-McMoRan,
Inc.
................
1,858
70,344
Glencore
plc
........................
25,998
95,156
Kinross
Gold
Corp.
....................
1,984
24,996
Newmont
Corp.
......................
4,589
221,557
Northern
Star
Resources
Ltd.
.............
10,777
124,422
Rio
Tinto
plc
........................
1,507
90,435
Royal
Gold,
Inc.
......................
1,150
188,037
Southern
Copper
Corp.
.................
133
12,430
Wheaton
Precious
Metals
Corp.
...........
573
44,465
1,198,600
Multi-Utilities
—
0.5%
AGL
Energy
Ltd.
.....................
11,595
76,534
Centrica
plc
........................
10,071
19,500
E.ON
SE
..........................
22,658
342,017
Engie
SA
..........................
2,677
52,164
National
Grid
plc
.....................
10,931
142,586
Veolia
Environnement
SA
...............
2,285
78,585
711,386
Office
REITs
—
0.0%
Gecina
SA
.........................
208
19,517
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Aker
BP
ASA
........................
666
15,790
BP
plc
............................
36,406
204,291
Canadian
Natural
Resources
Ltd.
..........
3,545
109,081
Cheniere
Energy,
Inc.
..................
783
181,186
Chevron
Corp.
.......................
1,603
268,166
ConocoPhillips
......................
4,597
482,777
Devon
Energy
Corp.
...................
1,942
72,631
Eni
SpA
...........................
1,653
25,566
EOG
Resources,
Inc.
(b)
.................
1,012
129,779
Exxon
Mobil
Corp.
....................
3,639
432,786
Hess
Corp.
.........................
424
67,726
Marathon
Petroleum
Corp.
..............
1,012
147,438
ONEOK,
Inc.
........................
732
72,629
Repsol
SA
.........................
940
12,481
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Santos
Ltd.
.........................
15,337
$
64,269
Shell
plc
...........................
13,917
506,583
Targa
Resources
Corp.
.................
327
65,554
TotalEnergies
SE
.....................
2,862
184,407
Williams
Cos.,
Inc.
(The)
................
3,440
205,574
3,248,714
Passenger
Airlines
—
0.1%
Delta
Air
Lines,
Inc.
...................
2,952
128,707
Qantas
Airways
Ltd.
...................
9,063
51,670
United
Airlines
Holdings,
Inc.
(a)
............
622
42,949
223,326
Personal
Care
Products
—
0.4%
L'Oreal
SA
.........................
696
258,698
Unilever
plc
.........................
4,572
272,798
531,496
Pharmaceuticals
—
3.3%
Astellas
Pharma,
Inc.
(b)
.................
2,900
28,230
AstraZeneca
plc
.....................
3,068
450,520
Bristol-Myers
Squibb
Co.
................
1,749
106,671
Daiichi
Sankyo
Co.
Ltd.
.................
2,100
50,009
Eli
Lilly
&
Co.
(b)
......................
967
798,655
GSK
plc
...........................
8,245
157,564
Haleon
plc
.........................
9,317
47,053
Intra-Cellular
Therapies,
Inc.
(a)
............
79
10,422
Ipsen
SA
..........................
204
23,497
Johnson
&
Johnson
...................
3,268
541,965
Merck
&
Co.,
Inc.
.....................
5,178
464,777
Merck
KGaA
........................
278
38,256
Novartis
AG
(Registered)
...............
3,307
367,308
Novo
Nordisk
A/S
,
Class
B
..............
7,100
485,486
Pfizer,
Inc.
.........................
11,281
285,860
Roche
Holding
AG
....................
1,084
358,663
Royalty
Pharma
plc
,
Class
A
.............
583
18,149
Sanofi
SA
..........................
2,419
267,836
Takeda
Pharmaceutical
Co.
Ltd.
...........
8,200
243,038
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...
983
15,109
Zoetis,
Inc.
,
Class
A
...................
1,213
199,720
4,958,788
Professional
Services
—
1.2%
Automatic
Data
Processing,
Inc.
...........
697
212,954
Booz
Allen
Hamilton
Holding
Corp.
.........
1,734
181,342
Bureau
Veritas
SA
....................
552
16,748
CACI
International,
Inc.
,
Class
A
(a)
.........
316
115,947
Computershare
Ltd.
...................
2,374
58,517
Equifax,
Inc.
........................
345
84,028
Experian
plc
........................
4,304
199,427
Leidos
Holdings,
Inc.
..................
946
127,653
Paycom
Software,
Inc.
.................
146
31,898
Recruit
Holdings
Co.
Ltd.
...............
5,700
295,324
RELX
plc
..........................
2,555
128,339
Robert
Half,
Inc.
(b)
....................
636
34,694
SGS
SA
(Registered)
..................
1,341
133,616
UL
Solutions,
Inc.
,
Class
A
...............
232
13,085
Wolters
Kluwer
NV
....................
680
105,874
1,739,446
Real
Estate
Management
&
Development
—
0.5%
Daito
Trust
Construction
Co.
Ltd.
..........
200
20,465
Daiwa
House
Industry
Co.
Ltd.
............
3,300
109,146
Fastighets
AB
Balder
,
Class
B
(a)
...........
4,089
25,587
FirstService
Corp.
....................
805
133,483
Nomura
Real
Estate
Holdings,
Inc.
.........
10,000
58,356
Sino
Land
Co.
Ltd.
....................
14,000
14,014
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Tokyo
Tatemono
Co.
Ltd.
................
10,000
$
169,320
Tokyu
Fudosan
Holdings
Corp.
............
18,700
125,469
Vonovia
SE
.........................
1,855
49,919
705,759
Retail
REITs
—
0.2%
Brixmor
Property
Group,
Inc.
.............
1,047
27,798
Scentre
Group
.......................
14,752
31,212
Simon
Property
Group,
Inc.
..............
1,218
202,285
261,295
Semiconductors
&
Semiconductor
Equipment
—
5.6%
Advanced
Micro
Devices,
Inc.
(a)
...........
3,275
336,473
Analog
Devices,
Inc.
...................
685
138,144
Applied
Materials,
Inc.
.................
2,476
359,317
ASM
International
NV
..................
75
34,177
ASML
Holding
NV
....................
682
451,330
Broadcom,
Inc.
......................
7,201
1,205,663
Intel
Corp.
.........................
7,436
168,872
KLA
Corp.
..........................
381
259,004
Lam
Research
Corp.
..................
4,984
362,337
Marvell
Technology,
Inc.
................
2,833
174,428
Micron
Technology,
Inc.
.................
935
81,242
Monolithic
Power
Systems,
Inc.
...........
98
56,838
NVIDIA
Corp.
.......................
37,082
4,018,947
Onto
Innovation,
Inc.
(a)
(b)
................
518
62,854
QUALCOMM,
Inc.
....................
2,836
435,638
Rambus,
Inc.
(a)
......................
242
12,530
STMicroelectronics
NV
.................
4,061
89,048
Texas
Instruments,
Inc.
.................
735
132,079
Tokyo
Electron
Ltd.
...................
400
54,853
Ulvac,
Inc.
.........................
400
13,799
8,447,573
Software
—
5.7%
ACI
Worldwide,
Inc.
(a)
..................
729
39,884
Adobe,
Inc.
(a)
........................
793
304,139
ANSYS,
Inc.
(a)
.......................
108
34,188
AppLovin
Corp.
,
Class
A
(a)
...............
331
87,705
Atlassian
Corp.
,
Class
A
(a)
...............
267
56,660
Autodesk,
Inc.
(a)
......................
94
24,609
Box,
Inc.
,
Class
A
(a)
(b)
..................
2,210
68,201
Check
Point
Software
Technologies
Ltd.
(a)
....
385
87,749
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
........
132
46,541
CyberArk
Software
Ltd.
(a)
................
193
65,234
Dassault
Systemes
SE
.................
1,961
74,661
Datadog,
Inc.
,
Class
A
(a)
................
549
54,466
DocuSign,
Inc.
(a)
.....................
405
32,967
Elastic
NV
(a)
........................
585
52,123
Fair
Isaac
Corp.
(a)
.....................
133
245,273
Fortinet,
Inc.
(a)
.......................
1,518
146,123
Guidewire
Software,
Inc.
(a)
...............
186
34,849
Intuit,
Inc.
..........................
422
259,104
Microsoft
Corp.
......................
11,270
4,230,645
Nice
Ltd.
(a)
.........................
396
61,127
Oracle
Corp.
........................
2,572
359,591
Oracle
Corp.
Japan
...................
300
31,570
Palantir
Technologies,
Inc.
,
Class
A
(a)
.......
2,964
250,162
Palo
Alto
Networks,
Inc.
(a)
...............
197
33,616
Q2
Holdings,
Inc.
(a)
....................
136
10,881
Salesforce,
Inc.
......................
1,755
470,972
SAP
SE
...........................
1,807
484,185
ServiceNow,
Inc.
(a)
....................
487
387,720
Synopsys,
Inc.
(a)
.....................
27
11,579
Technology
One
Ltd.
..................
5,463
96,090
Teradata
Corp.
(a)
.....................
146
3,282
Security
Shares
Shares
Value
Software
(continued)
Tyler
Technologies,
Inc.
(a)
...............
81
$
47,093
Varonis
Systems,
Inc.
(a)
.................
393
15,897
WiseTech
Global
Ltd.
..................
535
27,589
Workday,
Inc.
,
Class
A
(a)
................
402
93,879
Xero
Ltd.
(a)
.........................
2,494
243,772
8,574,126
Specialized
REITs
—
0.4%
American
Tower
Corp.
.................
148
32,205
CubeSmart
.........................
3,290
140,516
Digital
Realty
Trust,
Inc.
................
541
77,520
Equinix,
Inc.
........................
58
47,290
Iron
Mountain,
Inc.
....................
1,676
144,203
Lamar
Advertising
Co.
,
Class
A
(b)
..........
1,162
132,212
Millrose
Properties,
Inc.
,
Class
A
(a)
.........
164
4,348
578,294
Specialty
Retail
—
0.4%
Aritzia,
Inc.
(a)
........................
239
8,400
Gap,
Inc.
(The)
......................
797
16,426
Home
Depot,
Inc.
(The)
................
1,088
398,741
Industria
de
Diseno
Textil
SA
.............
670
33,361
JB
Hi-Fi
Ltd.
........................
1,228
71,777
Lithia
Motors,
Inc.
,
Class
A
..............
137
40,215
TJX
Cos.,
Inc.
(The)
...................
345
42,021
610,941
Technology
Hardware,
Storage
&
Peripherals
—
3.3%
Apple,
Inc.
.........................
21,609
4,800,007
Canon,
Inc.
.........................
3,400
106,023
NetApp,
Inc.
........................
248
21,784
4,927,814
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
adidas
AG
.........................
649
153,073
Amer
Sports,
Inc.
(a)
....................
4,134
110,502
Birkenstock
Holding
plc
(a)
...............
448
20,541
Capri
Holdings
Ltd.
(a)
..................
1
20
Deckers
Outdoor
Corp.
(a)
................
780
87,212
Hermes
International
SCA
...............
21
55,254
Lululemon
Athletica,
Inc.
(a)
...............
320
90,579
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......
343
212,413
Moncler
SpA
........................
645
39,730
NIKE,
Inc.
,
Class
B
...................
1,692
107,408
Ralph
Lauren
Corp.
,
Class
A
.............
376
82,998
Tapestry,
Inc.
........................
157
11,054
970,784
Tobacco
—
0.7%
Altria
Group,
Inc.
.....................
7,046
422,901
British
American
Tobacco
plc
.............
727
29,825
Japan
Tobacco,
Inc.
...................
1,500
41,229
Philip
Morris
International,
Inc.
............
3,696
586,666
1,080,621
Trading
Companies
&
Distributors
—
0.8%
AddTech
AB
,
Class
B
..................
551
16,137
AerCap
Holdings
NV
..................
460
46,998
Ashtead
Group
plc
....................
1,855
100,294
Ferguson
Enterprises,
Inc.
...............
1,040
166,639
FTAI
Aviation
Ltd.
.....................
404
44,856
Herc
Holdings,
Inc.
....................
527
70,760
ITOCHU
Corp.
......................
2,400
111,415
Mitsubishi
Corp.
......................
1,200
21,186
Mitsui
&
Co.
Ltd.
.....................
5,400
101,807
Toyota
Tsusho
Corp.
...................
3,300
55,598
United
Rentals,
Inc.
...................
284
177,983
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
(b)
.......................
113
$
57,438
WESCO
International,
Inc.
...............
855
132,782
WW
Grainger,
Inc.
....................
26
25,684
1,129,577
Transportation
Infrastructure
—
0.0%
Aena
SME
SA
(c)
(d)
.....................
92
21,584
Aeroports
de
Paris
SA
.................
102
10,384
31,968
Water
Utilities
—
0.0%
Severn
Trent
plc
.....................
885
28,973
United
Utilities
Group
plc
................
2,354
30,715
59,688
Wireless
Telecommunication
Services
—
0.1%
SoftBank
Corp.
......................
157,200
219,290
Total
Common
Stocks
—
69
.5
%
(Cost:
$
99,058,135
)
...............................
104,062,919
Par
(000)
Par
(000)
Corporate
Bonds
Diversified
Telecommunication
Services
—
0.0%
AT&T,
Inc.,
7.13%,
12/15/31
............
USD
25
27,673
Total
Corporate
Bonds
—
0.0
%
(Cost:
$
28,150
)
.................................
27,673
Beneficial
Interest
(000)
Other
Interests
(e)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)
(f)
(g)
........
25
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.1%
Household
Products
—
0.1%
Henkel
AG
&
Co.
KGaA
(Preference)
........
913
72,645
Total
Preferred
Securities
—
0
.1
%
(Cost:
$
80,155
)
.................................
72,645
Security
Shares
Shares
Value
Rights
Health
Care
Equipment
&
Supplies
—
0.0%
ABIOMED,
Inc.,
CVR
(a)
(g)
...............
105
$
225
Total
Rights
—
0.0
%
(Cost:
$
107
)
....................................
225
Total
Long-Term
Investments
—
69.6%
(Cost:
$
99,166,547
)
...............................
104,163,462
Short-Term
Securities
Money
Market
Funds
—
8.4%
(h)(i)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(j)
....................
2,859,034
2,860,464
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.22
%
.....................
9,779,483
9,779,483
Total
Money
Market
Funds
—
8
.4
%
(Cost:
$
12,639,947
)
...............................
12,639,947
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
5.8%
U.S.
Treasury
Bills
(k)
4.24
%
,
04/08/25
...................
USD
949
947,917
4.24
%
,
04/15/25
...................
4,399
4,391,642
4.26
%
,
04/22/25
...................
3,360
3,351,171
Total
U.S.
Treasury
Obligations
—
5
.8
%
(Cost:
$
8,690,793
)
...............................
8,690,730
Total
Short-Term
Securities
—
14.2%
(Cost:
$
21,330,740
)
...............................
21,330,677
Total
Investments
—
83
.8
%
(Cost:
$
120,497,287
)
..............................
125,494,139
Other
Assets
Less
Liabilities
—
16.2
%
...................
24,180,202
Net
Assets
—
100.0%
...............................
$
149,674,341
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(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)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(h)
Affiliate
of
the
Fund.
(i)
Annualized
7-day
yield
as
of
period
end.
(j)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(k)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
9
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:
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
..............
$
1,106,310
$
1,754,118
(a)
$
—
$
36
$
—
$
2,860,464
2,859,034
$
1,190
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
11,020,763
—
(
1,241,280
)
(a)
—
—
9,779,483
9,779,483
68,915
—
$
36
$
—
$
12,639,947
$
70,105
$
—
—
—
(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
Managed
Volatility
V.I.
Fund
10
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
OMX
Stockholm
30
Index
....................................................
410
04/16/25
$
10,143
$
(
705,194
)
IBEX
35
Index
............................................................
25
04/17/25
3,558
(
27,547
)
IFSC
NIFTY
50
Index
.......................................................
98
04/24/25
4,562
(
110,520
)
TOPIX
Index
.............................................................
77
06/12/25
13,819
(
34,611
)
U.S.
Treasury
10-Year
Note
...................................................
259
06/18/25
28,858
202,006
S&P/TSX
60
Index
.........................................................
36
06/19/25
7,493
110,246
FTSE
100
Index
...........................................................
11
06/20/25
1,226
(
3,232
)
Mini-DAX
Index
...........................................................
9
06/20/25
1,096
(
18,316
)
MSCI
EAFE
Index
.........................................................
34
06/20/25
4,108
(
98,930
)
S&P
500
E-Mini
Index
.......................................................
77
06/20/25
21,765
(
31,210
)
Long
Gilt
................................................................
515
06/26/25
60,997
(
465,379
)
SET50
Index
.............................................................
1,049
06/27/25
4,537
(
89,109
)
U.S.
Treasury
2-Year
Note
....................................................
1
06/30/25
207
491
(
1,271,305
)
Short
Contracts
CAC
40
Index
............................................................
79
04/17/25
6,692
198,029
MSCI
Singapore
Index
......................................................
143
04/29/25
4,124
61,686
Euro-Bund
..............................................................
585
06/06/25
81,493
570,378
Euro-Buxl
...............................................................
27
06/06/25
3,482
(
61,539
)
Japan
10-Year
Bond
........................................................
39
06/13/25
35,986
(
173,466
)
Australia
10-Year
Bond
......................................................
253
06/16/25
17,810
(
80,620
)
U.S.
Treasury
10-Year
Note
...................................................
149
06/18/25
16,602
(
257,287
)
U.S.
Treasury
Ultra
Bond
.....................................................
242
06/18/25
29,743
(
424,138
)
Canada
10-Year
Bond
.......................................................
101
06/19/25
8,713
(
40,964
)
FTSE/JSE
Top
40
Index
.....................................................
3
06/19/25
135
(
717
)
SPI
200
Index
............................................................
68
06/19/25
8,367
37,518
DAX
Index
..............................................................
18
06/20/25
10,963
394,161
FTSE/MIB
Index
...........................................................
19
06/20/25
3,854
50,680
MSCI
EAFE
Index
.........................................................
218
06/20/25
26,338
622,203
Nasdaq-100
E-Mini
Index
.....................................................
23
06/20/25
8,942
6,790
WIG20
Index
.............................................................
6
06/20/25
84
2,164
904,878
$
(
366,427
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
3,672,000
USD
630,498
Citibank
NA
06/18/25
$
2,473
CAD
6,345,296
USD
4,417,370
Goldman
Sachs
International
06/18/25
9,080
EUR
628,188
JPY
99,567,000
Barclays
Bank
plc
06/18/25
12,609
NOK
1,187,000
USD
110,166
Toronto
Dominion
Bank
06/18/25
2,656
SEK
730,000
USD
72,400
Natwest
Markets
plc
06/18/25
560
USD
788,452
AUD
1,245,000
Bank
of
Montreal
06/18/25
10,014
USD
960,526
AUD
1,523,000
Morgan
Stanley
&
Co.
International
plc
06/18/25
8,268
USD
131,991
CHF
115,000
HSBC
Bank
plc
06/18/25
799
USD
493,303
CHF
431,000
Toronto
Dominion
Bank
06/18/25
1,618
USD
1,189,160
EUR
1,093,000
Natwest
Markets
plc
06/18/25
2,123
USD
332,964
EUR
304,000
Toronto
Dominion
Bank
06/18/25
2,809
USD
1,467,741
JPY
214,392,000
JPMorgan
Chase
Bank
NA
06/18/25
25,873
USD
537,714
MXN
11,058,000
Goldman
Sachs
International
06/18/25
2,929
USD
5,736
NZD
10,000
Goldman
Sachs
International
06/18/25
48
USD
93,557
SGD
124,000
Barclays
Bank
plc
06/18/25
889
USD
210,588
THB
7,096,000
HSBC
Bank
plc
06/18/25
266
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
11
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
93,940
ZAR
1,732,000
HSBC
Bank
plc
06/18/25
$
66
83,080
AUD
469,000
USD
294,980
Goldman
Sachs
International
06/18/25
(
1,737
)
AUD
28,206,384
USD
17,789,202
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
153,119
)
CHF
275,000
USD
314,817
Canadian
Imperial
Bank
of
Commerce
06/18/25
(
1,097
)
CHF
479,000
USD
549,731
Toronto
Dominion
Bank
06/18/25
(
3,287
)
CLP
3,130,260,000
USD
3,369,995
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
75,281
)
EUR
368,000
USD
400,132
Natwest
Markets
plc
06/18/25
(
471
)
JPY
2,645,529,565
EUR
16,687,374
BNP
Paribas
SA
06/18/25
(
330,912
)
JPY
1,304,572,901
USD
8,787,624
Barclays
Bank
plc
06/18/25
(
13,879
)
JPY
686,791,871
USD
4,716,446
Natwest
Markets
plc
06/18/25
(
97,512
)
KRW
259,057,000
USD
178,725
JPMorgan
Chase
Bank
NA
06/18/25
(
2,258
)
MXN
6,219,000
USD
302,387
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
1,625
)
SEK
3,419,000
USD
343,649
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
1,938
)
SGD
402,000
USD
303,261
HSBC
Bank
plc
06/18/25
(
2,837
)
USD
217,122
BRL
1,285,000
Bank
of
America
NA
06/18/25
(
4,383
)
USD
1,031,715
CAD
1,482,000
Goldman
Sachs
International
06/18/25
(
2,121
)
USD
265,721
EUR
245,000
JPMorgan
Chase
Bank
NA
06/18/25
(
358
)
USD
773,939
GBP
600,000
Barclays
Bank
plc
06/18/25
(
1,055
)
USD
8,894
INR
782,000
HSBC
Bank
plc
06/18/25
(
203
)
USD
52,647
PLN
205,000
UBS
AG
06/18/25
(
127
)
USD
233,812
SEK
2,357,000
Toronto
Dominion
Bank
06/18/25
(
1,757
)
(
695,957
)
$
(
612,877
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
...........
5
.00
%
Quarterly
06/20/30
B+
USD
3,729
$
175,625
$
175,625
$
—
Markit
CDX
North
American
Investment
Grade
Index
Series
44.V1
.......
1
.00
Quarterly
06/20/30
BBB+
USD
20,871
389,707
405,018
(
15,311
)
$
565,332
$
580,643
$
(
15,311
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
THOR
Quarterly
1.98%
Quarterly
N/A
09/21/27
THB
137,500
$
50,904
$
—
$
50,904
1-day
THOR
Quarterly
2.00%
Quarterly
N/A
09/21/27
THB
137,500
53,394
—
53,394
1-day
THOR
Quarterly
2.02%
Quarterly
N/A
09/21/27
THB
93,500
37,629
—
37,629
1-day
THOR
Quarterly
2.04%
Quarterly
N/A
09/21/27
THB
93,500
38,814
—
38,814
2.00%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
137,500
(
53,394
)
30,481
(
83,875
)
2.02%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
93,500
(
37,629
)
19,594
(
57,223
)
1.98%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
137,500
(
50,904
)
32,618
(
83,522
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
12
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.04%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
93,500
$
(
38,815
)
$
18,577
$
(
57,392
)
1-day
MXIBTIIE
Monthly
8.02%
Monthly
09/17/25
(a)
09/11/30
MXN
40,000
—
—
—
1-day
MXIBTIIE
Monthly
8.12%
Monthly
09/17/25
(a)
09/11/30
MXN
278,000
55,060
—
55,060
1-day
MXIBTIIE
Monthly
8.13%
Monthly
09/17/25
(a)
09/11/30
MXN
13,000
2,638
—
2,638
1-day
MXIBTIIE
Monthly
8.14%
Monthly
09/17/25
(a)
09/11/30
MXN
1,000
232
—
232
1-day
MXIBTIIE
Monthly
8.25%
Monthly
09/17/25
(a)
09/11/30
MXN
42,000
18,771
—
18,771
1-day
MXIBTIIE
Monthly
8.30%
Monthly
09/17/25
(a)
09/11/30
MXN
12,000
6,534
—
6,534
1-day
SARON
Annual
0.48%
Annual
09/17/25
(a)
09/17/30
CHF
1,000
4,732
4,164
568
1-day
SARON
Annual
0.56%
Annual
09/17/25
(a)
09/17/30
CHF
1,000
9,240
(
67
)
9,307
1-day
SARON
Annual
0.63%
Annual
09/17/25
(a)
09/17/30
CHF
1,000
13,044
1,750
11,294
3-mo.
STIBOR
Quarterly
1.00%
Annual
09/17/25
(a)
09/17/30
SEK
426,000
(
3,306,306
)
(
3,012,512
)
(
293,794
)
1-day
SORA
Semi-Annual
2.21%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
3,000
(
7,681
)
—
(
7,681
)
1-day
SORA
Semi-Annual
2.24%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
1,000
(
1,382
)
—
(
1,382
)
1-day
SORA
Semi-Annual
2.29%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
1,750
859
—
859
1-day
SORA
Semi-Annual
2.29%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
2,250
675
—
675
1-day
SORA
Semi-Annual
2.30%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
1,000
890
—
890
1-day
SORA
Semi-Annual
2.32%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
1,000
1,496
—
1,496
1-day
SORA
Semi-Annual
2.34%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
2,500
5,648
—
5,648
1-day
SORA
Semi-Annual
2.34%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
2,500
5,388
—
5,388
1-day
SORA
Semi-Annual
2.38%
Semi-Annual
09/17/25
(a)
09/17/30
SGD
1,000
3,438
—
3,438
6-mo.
EURIBOR
Semi-Annual
2.39%
Annual
09/17/25
(a)
09/17/30
EUR
42,000
(
104,042
)
31,882
(
135,924
)
6-mo.
EURIBOR
Semi-Annual
2.49%
Annual
09/17/25
(a)
09/17/30
EUR
3,000
7,738
(
202
)
7,940
6-mo.
EURIBOR
Semi-Annual
2.53%
Annual
09/17/25
(a)
09/17/30
EUR
4,000
19,782
(
500
)
20,282
6-mo.
EURIBOR
Semi-Annual
2.54%
Annual
09/17/25
(a)
09/17/30
EUR
12,000
65,506
3,346
62,160
6-mo.
EURIBOR
Semi-Annual
2.56%
Annual
09/17/25
(a)
09/17/30
EUR
8,000
50,748
863
49,885
6-mo.
EURIBOR
Semi-Annual
2.57%
Annual
09/17/25
(a)
09/17/30
EUR
2,000
13,307
(
489
)
13,796
6-mo.
EURIBOR
Semi-Annual
2.58%
Annual
09/17/25
(a)
09/17/30
EUR
2,000
14,311
2,094
12,217
6-mo.
EURIBOR
Semi-Annual
2.58%
Annual
09/17/25
(a)
09/17/30
EUR
6,000
43,028
649
42,379
3-mo.
STIBOR
Quarterly
2.69%
Annual
09/17/25
(a)
09/17/30
SEK
27,000
(
1,167
)
18
(
1,185
)
3-mo.
STIBOR
Quarterly
2.73%
Annual
09/17/25
(a)
09/17/30
SEK
31,000
5,306
(
1,272
)
6,578
3-mo.
STIBOR
Quarterly
2.74%
Annual
09/17/25
(a)
09/17/30
SEK
14,000
3,166
487
2,679
3-mo.
STIBOR
Quarterly
2.74%
Annual
09/17/25
(a)
09/17/30
SEK
14,000
3,102
4,930
(
1,828
)
3-mo.
JIBAR
Quarterly
7.89%
Quarterly
09/17/25
(a)
09/17/30
ZAR
37,000
98
—
98
3-mo.
JIBAR
Quarterly
7.92%
Quarterly
09/17/25
(a)
09/17/30
ZAR
15,000
1,087
—
1,087
3-mo.
JIBAR
Quarterly
7.92%
Quarterly
09/17/25
(a)
09/17/30
ZAR
14,000
922
—
922
3-mo.
JIBAR
Quarterly
7.92%
Quarterly
09/17/25
(a)
09/17/30
ZAR
320,500
23,635
—
23,635
3-mo.
JIBAR
Quarterly
7.92%
Quarterly
09/17/25
(a)
09/17/30
ZAR
173,500
11,811
—
11,811
5.86%
Semi-Annual
1-day
MIBOR
Semi-Annual
09/17/25
(a)
09/17/30
INR
239,000
4,027
—
4,027
5.95%
Semi-Annual
1-day
MIBOR
Semi-Annual
09/17/25
(a)
09/17/30
INR
65,000
(
1,744
)
—
(
1,744
)
5.96%
Semi-Annual
1-day
MIBOR
Semi-Annual
09/17/25
(a)
09/17/30
INR
422,173
(
12,746
)
—
(
12,746
)
2.50%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/17/25
(a)
09/17/30
CAD
1,000
(
2,868
)
(
518
)
(
2,350
)
2.50%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/17/25
(a)
09/17/30
CAD
9,000
(
24,647
)
3,212
(
27,859
)
2.52%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/17/25
(a)
09/17/30
CAD
2,000
(
6,444
)
(
747
)
(
5,697
)
2.48%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
09/17/25
(a)
09/17/30
CAD
1,000
(
2,158
)
(
176
)
(
1,982
)
3.76%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
2,000
(
17,155
)
(
17,155
)
—
3.79%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
1,000
(
8,444
)
(
568
)
(
7,876
)
3.75%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
14,000
(
90,028
)
(
34,196
)
(
55,832
)
3.74%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
1,000
(
5,983
)
(
482
)
(
5,501
)
3.73%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
2,000
(
11,698
)
219
(
11,917
)
3.70%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
30,000
(
124,472
)
24,885
(
149,357
)
3.76%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
5,000
(
36,179
)
(
5,525
)
(
30,654
)
3.73%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
8,000
(
45,718
)
(
13,612
)
(
32,106
)
3.76%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/30
USD
11,000
(
77,134
)
(
28,197
)
(
48,937
)
4.01%
Annual
1-day
SONIA
Annual
09/17/25
(a)
09/17/30
GBP
3,000
(
7,377
)
(
404
)
(
6,973
)
1.65%
Quarterly
1-day
THOR
Quarterly
09/17/25
(a)
09/17/30
THB
44,000
(
6,349
)
—
(
6,349
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
13
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.55%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/30
CNY
23,000
$
3,742
$
—
$
3,742
1.57%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/30
CNY
9,000
—
—
—
1.59%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/30
CNY
10,000
(
594
)
—
(
594
)
1.64%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/30
CNY
40,000
(
15,962
)
—
(
15,962
)
2.58%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/17/25
(a)
09/17/30
KRW
237,000
(
197
)
—
(
197
)
2.57%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/17/25
(a)
09/17/30
KRW
3,310,000
(
1,801
)
—
(
1,801
)
2.63%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/17/25
(a)
09/17/30
KRW
3,915,000
(
9,710
)
—
(
9,710
)
2.58%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/17/25
(a)
09/17/30
KRW
6,900,000
(
6,164
)
—
(
6,164
)
3.45%
Quarterly
3-mo.
HIBOR
Quarterly
09/17/25
(a)
09/17/30
HKD
1,000
(
1,339
)
—
(
1,339
)
3.35%
Quarterly
3-mo.
HIBOR
Quarterly
09/17/25
(a)
09/17/30
HKD
4,000
(
2,820
)
—
(
2,820
)
3.35%
Quarterly
3-mo.
HIBOR
Quarterly
09/17/25
(a)
09/17/30
HKD
24,000
(
17,277
)
—
(
17,277
)
3.37%
Quarterly
3-mo.
HIBOR
Quarterly
09/17/25
(a)
09/17/30
HKD
11,000
(
9,125
)
—
(
9,125
)
3.37%
Quarterly
3-mo.
HIBOR
Quarterly
09/17/25
(a)
09/17/30
HKD
14,000
(
11,946
)
—
(
11,946
)
1.97%
Quarterly
3-mo.
TWCPBA
Quarterly
09/17/25
(a)
09/17/30
TWD
4,000
(
990
)
—
(
990
)
1.86%
Quarterly
3-mo.
TWCPBA
Quarterly
09/17/25
(a)
09/17/30
TWD
22,000
(
1,907
)
—
(
1,907
)
1.86%
Quarterly
3-mo.
TWCPBA
Quarterly
09/17/25
(a)
09/17/30
TWD
29,000
(
2,577
)
—
(
2,577
)
1.87%
Quarterly
3-mo.
TWCPBA
Quarterly
09/17/25
(a)
09/17/30
TWD
68,000
(
6,391
)
—
(
6,391
)
1.96%
Quarterly
3-mo.
TWCPBA
Quarterly
09/17/25
(a)
09/17/30
TWD
181,000
(
41,346
)
—
(
41,346
)
4.05%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
3,500
(
7,954
)
—
(
7,954
)
4.06%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
3,500
(
9,127
)
—
(
9,127
)
4.11%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
3,000
(
12,162
)
—
(
12,162
)
4.00%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
3,000
(
2,881
)
—
(
2,881
)
4.04%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
3,000
(
6,064
)
—
(
6,064
)
3.64%
Annual
6-mo.
PRIBOR
Semi-Annual
09/17/25
(a)
09/17/30
CZK
9,000
(
1,128
)
—
(
1,128
)
3.56%
Annual
6-mo.
PRIBOR
Semi-Annual
09/17/25
(a)
09/17/30
CZK
134,000
3,122
—
3,122
3.68%
Annual
6-mo.
PRIBOR
Semi-Annual
09/17/25
(a)
09/17/30
CZK
13,000
(
2,841
)
—
(
2,841
)
3.64%
Annual
6-mo.
PRIBOR
Semi-Annual
09/17/25
(a)
09/17/30
CZK
4,000
(
533
)
—
(
533
)
3.53%
Annual
6-mo.
PRIBOR
Semi-Annual
09/17/25
(a)
09/17/30
CZK
8,000
670
—
670
4.53%
Annual
6-mo.
WIBOR
Semi-Annual
09/17/25
(a)
09/17/30
PLN
4,000
—
—
—
4.84%
Annual
6-mo.
WIBOR
Semi-Annual
09/17/25
(a)
09/17/30
PLN
13,800
(
47,725
)
—
(
47,725
)
$
(
3,718,531
)
$
(
2,936,853
)
$
(
781,678
)
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
14.36%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/29
BRL
9,000
$
12,530
$
—
$
12,530
14.43%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
8,000
7,375
—
7,375
14.45%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/29
BRL
27,000
15,957
—
15,957
14.48%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
10,000
6,791
—
6,791
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
14
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
14.63%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
11,000
$
(
5,390
)
$
—
$
(
5,390
)
14.66%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/29
BRL
13,000
(
9,470
)
—
(
9,470
)
14.69%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
13,000
(
11,391
)
—
(
11,391
)
14.87%
At
Termination
1-day
BZDIOVER
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/29
BRL
4,000
(
7,937
)
—
(
7,937
)
14.96%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
9,000
(
25,154
)
—
(
25,154
)
15.00%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
16,000
(
48,207
)
—
(
48,207
)
15.05%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/29
BRL
8,000
(
25,693
)
—
(
25,693
)
15.25%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/29
BRL
10,000
(
47,763
)
—
(
47,763
)
$
(
138,352
)
$
—
$
(
138,352
)
OTC
Total
Return
Swap
s
-
Future
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
BOVESPA
Index
Futures
April
2025
................
BRL
(
1,298,386
)
Merrill
Lynch
International
&
Co.
04/16/25
BRL
1,298
$
(
2,123
)
$
—
$
(
2,123
)
BOVESPA
Index
Futures
April
2025
................
BRL
(
3,373,249
)
Merrill
Lynch
International
&
Co.
04/16/25
BRL
3,373
(
28,932
)
—
(
28,932
)
BOVESPA
Index
Futures
April
2025
................
BRL
(
4,641,725
)
Merrill
Lynch
International
&
Co.
04/16/25
BRL
4,642
(
13,331
)
—
(
13,331
)
BOVESPA
Index
Futures
April
2025
................
BRL
(
41,908,631
)
Merrill
Lynch
International
&
Co.
04/16/25
BRL
41,909
(
165,553
)
—
(
165,553
)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
April
2025
................
TWD
248,128,673
Merrill
Lynch
International
&
Co.
04/16/25
TWD
248,129
(
468,997
)
—
(
468,997
)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
April
2025
................
TWD
26,715,159
Merrill
Lynch
International
&
Co.
04/16/25
TWD
26,715
(
54,163
)
—
(
54,163
)
KOSPI
200
Index
Futures
June
2025
................
KRW
(
762,444,450
)
Merrill
Lynch
International
&
Co.
06/12/25
KRW
762,444
7,738
—
7,738
KOSPI
200
Index
Futures
June
2025
................
KRW
(
249,388,650
)
Merrill
Lynch
International
&
Co.
06/12/25
KRW
249,389
(
653
)
—
(
653
)
KOSPI
200
Index
Futures
June
2025
................
KRW
(
10,967,209,500
)
Merrill
Lynch
International
&
Co.
06/12/25
KRW
10,967,210
80,618
—
80,618
Mexican
Bolsa
Index
Futures
June
2025
............
MXN
(
78,591,192
)
Merrill
Lynch
International
&
Co.
06/20/25
MXN
78,591
61,660
—
61,660
Mexican
Bolsa
Index
Futures
June
2025
............
MXN
(
40,682,372
)
Merrill
Lynch
International
&
Co.
06/20/25
MXN
40,682
34,331
—
34,331
Swiss
Market
Index
Futures
June
2025
................
CHF
2,044,160
HSBC
Bank
plc
06/20/25
CHF
2,044
(
45,936
)
—
(
45,936
)
$
(
595,341
)
$
—
$
(
595,341
)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
15
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
S&P
500
Total
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.65%
Quarterly
Merrill
Lynch
International
&
Co.
05/23/25
USD
64,941
$
4,248,816
$
—
$
4,248,816
S&P
500
Total
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.70%
Quarterly
Citibank
NA
07/28/25
USD
6,736
491,135
—
491,135
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.25%
Quarterly
BNP
Paribas
SA
08/28/25
USD
522
(
25,584
)
—
(
25,584
)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.15%
Quarterly
BNP
Paribas
SA
08/28/25
USD
271
(
723
)
—
(
723
)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.20%
Quarterly
BNP
Paribas
SA
08/28/25
USD
157
(
5,925
)
—
(
5,925
)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.20%
Quarterly
JPMorgan
Chase
Bank
NA
08/28/25
USD
2,218
(
107,854
)
—
(
107,854
)
1-day
SOFR
plus
0.63%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/06/25
USD
4,252
13,356
—
13,356
$
4,613,221
$
—
$
4,613,221
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.05
%
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
7
.20
1-day
MXIBTIIE
.......................................
Mexico
Interbank
TIIE
1-day
9
.05
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
2
.77
1-day
SARON
........................................
Swiss
Average
Rate
Overnight
0
.21
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.33
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4
.46
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
2
.14
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
1
.99
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2
.25
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
2
.84
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
3
.88
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
7
.56
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
2
.36
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1
.68
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4
.30
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.34
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.61
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.66
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
16
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
2,979,922
$
1,066,321
$
—
$
4,046,243
Air
Freight
&
Logistics
....................................
709,972
29,144
—
739,116
Automobile
Components
..................................
23,579
234,998
—
258,577
Automobiles
..........................................
956,655
341,112
—
1,297,767
Banks
...............................................
2,722,690
4,190,591
—
6,913,281
Beverages
...........................................
1,032,152
45,290
—
1,077,442
Biotechnology
.........................................
2,119,636
325,247
—
2,444,883
Broadline
Retail
........................................
2,691,311
204,135
—
2,895,446
Building
Products
.......................................
317,759
342,940
—
660,699
Capital
Markets
........................................
3,778,853
1,278,871
—
5,057,724
Chemicals
............................................
103,032
183,205
—
286,237
Commercial
Services
&
Supplies
.............................
969,230
66,964
—
1,036,194
Communications
Equipment
................................
1,085,076
—
—
1,085,076
Construction
&
Engineering
................................
576,120
357,450
—
933,570
Construction
Materials
....................................
19,002
231,691
—
250,693
Consumer
Finance
......................................
298,069
21,391
—
319,460
Consumer
Staples
Distribution
&
Retail
........................
1,259,644
76,536
—
1,336,180
Containers
&
Packaging
..................................
2,024
—
—
2,024
Diversified
Consumer
Services
..............................
15,838
—
—
15,838
Diversified
REITs
.......................................
—
21,981
—
21,981
Diversified
Telecommunication
Services
........................
473,531
825,503
—
1,299,034
Electric
Utilities
........................................
1,386,519
577,185
—
1,963,704
Electrical
Equipment
.....................................
1,059,821
925,218
—
1,985,039
Electronic
Equipment,
Instruments
&
Components
.................
450,465
263,885
—
714,350
Entertainment
.........................................
1,511,043
—
—
1,511,043
Financial
Services
......................................
2,572,748
280,497
—
2,853,245
Food
Products
.........................................
374,183
159,290
—
533,473
Gas
Utilities
...........................................
126,794
—
—
126,794
Ground
Transportation
...................................
230,550
—
—
230,550
Health
Care
Equipment
&
Supplies
...........................
1,718,392
325,657
—
2,044,049
Health
Care
Providers
&
Services
............................
3,870,343
24,891
—
3,895,234
Health
Care
Technology
..................................
104,961
51,390
—
156,351
Hotels,
Restaurants
&
Leisure
..............................
1,046,818
140,733
—
1,187,551
Household
Durables
.....................................
978,485
1,203,147
—
2,181,632
Household
Products
.....................................
—
215,526
—
215,526
Industrial
Conglomerates
..................................
215,562
433,754
—
649,316
Industrial
REITs
........................................
—
34,201
—
34,201
Insurance
............................................
676,198
1,070,290
—
1,746,488
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
17
Level
1
Level
2
Level
3
Total
Interactive
Media
&
Services
...............................
$
5,077,667
$
263,127
$
—
$
5,340,794
IT
Services
...........................................
1,129,156
330,253
—
1,459,409
Leisure
Products
.......................................
190,619
23,381
—
214,000
Life
Sciences
Tools
&
Services
..............................
622,645
51,390
—
674,035
Machinery
............................................
1,397,417
385,892
—
1,783,309
Marine
Transportation
....................................
—
17,404
—
17,404
Media
...............................................
230,976
107,978
—
338,954
Metals
&
Mining
........................................
770,443
428,157
—
1,198,600
Multi-Utilities
..........................................
—
711,386
—
711,386
Office
REITs
..........................................
—
19,517
—
19,517
Oil,
Gas
&
Consumable
Fuels
...............................
2,235,327
1,013,387
—
3,248,714
Passenger
Airlines
......................................
171,656
51,670
—
223,326
Personal
Care
Products
..................................
—
531,496
—
531,496
Pharmaceuticals
.......................................
2,441,328
2,517,460
—
4,958,788
Professional
Services
....................................
801,601
937,845
—
1,739,446
Real
Estate
Management
&
Development
.......................
159,070
546,689
—
705,759
Retail
REITs
..........................................
230,083
31,212
—
261,295
Semiconductors
&
Semiconductor
Equipment
....................
7,804,366
643,207
—
8,447,573
Software
.............................................
7,555,132
1,018,994
—
8,574,126
Specialized
REITs
......................................
578,294
—
—
578,294
Specialty
Retail
........................................
505,803
105,138
—
610,941
Technology
Hardware,
Storage
&
Peripherals
....................
4,821,791
106,023
—
4,927,814
Textiles,
Apparel
&
Luxury
Goods
............................
510,314
460,470
—
970,784
Tobacco
.............................................
1,009,567
71,054
—
1,080,621
Trading
Companies
&
Distributors
............................
723,140
406,437
—
1,129,577
Transportation
Infrastructure
...............................
—
31,968
—
31,968
Water
Utilities
.........................................
—
59,688
—
59,688
Wireless
Telecommunication
Services
.........................
—
219,290
—
219,290
Corporate
Bonds
........................................
—
27,673
—
27,673
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
72,645
—
72,645
Rights
................................................
—
—
225
225
Short-Term
Securities
Money
Market
Funds
......................................
12,639,947
—
—
12,639,947
U.S.
Treasury
Obligations
...................................
—
8,690,730
—
8,690,730
$
90,063,319
$
35,430,595
$
225
$
125,494,139
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
739,239
$
5,681,892
$
—
$
6,421,131
Foreign
currency
exchange
contracts
............................
—
83,080
—
83,080
Interest
rate
contracts
.......................................
772,875
613,222
—
1,386,097
Liabilities
Credit
contracts
...........................................
—
(
15,311
)
—
(
15,311
)
Equity
contracts
...........................................
(
130,140
)
(
1,909,020
)
—
(
2,039,160
)
Foreign
currency
exchange
contracts
............................
—
(
695,957
)
—
(
695,957
)
Interest
rate
contracts
.......................................
(
1,503,393
)
(
1,533,252
)
—
(
3,036,645
)
$
(
121,419
)
$
2,224,654
$
—
$
2,103,235
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Managed
Volatility
V.I.
Fund
18
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CVR
Contingent
Value
Rights
EURIBOR
Euro
Interbank
Offered
Rate
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
OMX
Stockholm
Nordic
Exchange
OTC
Over-the-counter
PRIBOR
Prague
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
REPO_CORRA
Canadian
Overnight
Repo
Rate
SARON
Swiss
Average
Rate
Overnight
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
THOR
Thailand
Overnight
Repo
Rate
ON
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate