NPORT-EX 2 Large_Cap_Focus_Growth.htm
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.1%
TransDigm
Group,
Inc.
.................
3,507
$
4,851,198‌
Automobiles
—
3.3%
Ferrari
NV
(a)
........................
7,036
3,010,564‌
Tesla,
Inc.
(b)
.........................
18,526
4,801,198‌
7,811,762‌
Broadline
Retail
—
10.1%
Amazon.com,
Inc.
(b)
...................
123,450
23,487,597‌
Building
Products
—
1.1%
Trane
Technologies
plc
.................
7,638
2,573,395‌
Capital
Markets
—
2.9%
KKR
&
Co.,
Inc.
......................
30,918
3,574,430‌
S&P
Global,
Inc.
.....................
6,150
3,124,815‌
6,699,245‌
Chemicals
—
0.9%
Sherwin-Williams
Co.
(The)
..............
5,851
2,043,111‌
Commercial
Services
&
Supplies
—
1.1%
Copart,
Inc.
(b)
.......................
46,275
2,618,702‌
Electrical
Equipment
—
0.6%
Vertiv
Holdings
Co.
,
Class
A
.............
20,252
1,462,194‌
Entertainment
—
5.0%
(b)
Netflix,
Inc.
.........................
8,529
7,953,548‌
Spotify
Technology
SA
.................
6,663
3,664,850‌
11,618,398‌
Financial
Services
—
4.7%
Visa,
Inc.
,
Class
A
....................
31,273
10,959,936‌
Ground
Transportation
—
0.6%
Old
Dominion
Freight
Line,
Inc.
(a)
..........
9,054
1,497,984‌
Health
Care
Equipment
&
Supplies
—
3.3%
(b)
Boston
Scientific
Corp.
.................
28,732
2,898,484‌
Intuitive
Surgical,
Inc.
..................
9,593
4,751,125‌
7,649,609‌
Hotels,
Restaurants
&
Leisure
—
1.1%
Hilton
Worldwide
Holdings,
Inc.
...........
10,809
2,459,588‌
Interactive
Media
&
Services
—
10.0%
Alphabet,
Inc.
,
Class
A
.................
48,549
7,507,617‌
Meta
Platforms,
Inc.
,
Class
A
.............
27,504
15,852,206‌
23,359,823‌
IT
Services
—
1.1%
Shopify,
Inc.
,
Class
A
(b)
.................
26,253
2,506,636‌
Life
Sciences
Tools
&
Services
—
1.4%
Danaher
Corp.
......................
16,009
3,281,845‌
Pharmaceuticals
—
3.9%
Eli
Lilly
&
Co.
.......................
11,165
9,221,285‌
Real
Estate
Management
&
Development
—
1.2%
CoStar
Group,
Inc.
(b)
...................
35,146
2,784,618‌
Semiconductors
&
Semiconductor
Equipment
—
17.6%
ASML
Holding
NV
(Registered),
NYRS
,
ADR
(a)
.
4,103
2,718,771‌
Broadcom,
Inc.
......................
59,149
9,903,317‌
NVIDIA
Corp.
.......................
230,462
24,977,472‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
...........................
21,202
3,519,532‌
41,119,092‌
Security
Shares
Shares
Value
Software
—
17.2%
AppLovin
Corp.
,
Class
A
(b)
...............
9,706
$
2,571,799‌
Cadence
Design
Systems,
Inc.
(b)
..........
24,475
6,224,727‌
Intuit,
Inc.
..........................
7,838
4,812,454‌
Microsoft
Corp.
......................
58,492
21,957,312‌
Salesforce,
Inc.
......................
16,832
4,517,035‌
40,083,327‌
Technology
Hardware,
Storage
&
Peripherals
—
8.4%
Apple,
Inc.
.........................
88,517
19,662,281‌
Total
Common
Stocks
—
97
.6
%
(Cost:
$
145,509,784
)
..............................
227,751,626‌
Preferred
Securities
Preferred
Stocks
—
1.6%
Interactive
Media
&
Services
—
1.6%
ByteDance
Ltd.
,
Series
E-1
,
(Acquired
11/11/20
,
cost
$
1,906,152
)
(b)
(c)
(d)
................
17,396
3,763,102‌
Total
Preferred
Securities
—
1
.6
%
(Cost:
$
1,906,152
)
...............................
3,763,102‌
Total
Long-Term
Investments
—
99.2%
(Cost:
$
147,415,936
)
..............................
231,514,728‌
Short-Term
Securities
Money
Market
Funds
—
2.6%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(g)
...................
3,851,291
3,853,217‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.22
%
.....................
2,112,054
2,112,054‌
Total
Short-Term
Securities
—
2
.6
%
(Cost:
$
5,965,271
)
...............................
5,965,271‌
Total
Investments
—
101
.8
%
(Cost:
$
153,381,207
)
..............................
237,479,999‌
Liabilities
in
Excess
of
Other
Assets
—
(
1.8
)
%
.............
(
4,297,454‌
)
Net
Assets
—
100.0%
...............................
$
233,182,545‌
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,763,102,
representing
1.61%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,906,152.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
3
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
..............
$
—
$
3,853,175
(a)
$
—
$
42
$
—
$
3,853,217
3,851,291
$
1,960
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
336,790
1,775,264
(a)
—
—
—
2,112,054
2,112,054
4,367
—
$
42
$
—
$
5,965,271
$
6,327
$
—
—
—
(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
Large
Cap
Focus
Growth
V.I.
Fund
4
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
.........................................
$
227,751,626
$
—
$
—
$
227,751,626
Preferred
Securities
.......................................
—
—
3,763,102
3,763,102
Short-Term
Securities
Money
Market
Funds
......................................
5,965,271
—
—
5,965,271
$
233,716,897
$
—
$
3,763,102
$
237,479,999
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Preferred
Securities
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2024
...................................................................................
$
3,143,457
$
3,143,457
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
realized
gain
....................................................................................................
—
—
Net
change
in
unrealized
appreciation
(a)
......................................................................................
619,645
619,645
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
—
—
Closing
balance,
as
of
March
31,
2025
......................................................................................
$
3,763,102
$
3,763,102
Net
change
in
unrealized
appreciation
on
investments
still
held
at
March
31,
2025
(a)
.........................................................
$
619,645
$
619,645
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2025
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
5
(a)
A
significant
change
in
unobservable
input
could
result
in
a
correlated
or
inverse
change
in
value.
(b)
For
the
period
end
March
31,
2025,
the
valuation
technique
used
recent
prior
transaction
prices
as
inputs
within
the
model
used
for
the
approximation
of
fair
value.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Preferred
Stocks
...........................
$
3,763,102
Market
Revenue
Multiple
1.50x
—
Recent
Transactions
(b)
—
$
3,763,102
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
NYRS
New
York
Registered
Shares