Schedule
of
Investments
(unaudited)
September
30,
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
—
2.2%
Axon
Enterprise,
Inc.
(a)
.................
4,274
$
3,067,193
Boeing
Co.
(The)
(a)
....................
41,321
8,918,312
GE
Aerospace
.......................
57,732
17,366,940
General
Dynamics
Corp.
................
13,805
4,707,505
Howmet
Aerospace,
Inc.
................
21,817
4,281,150
Huntington
Ingalls
Industries,
Inc.
..........
2,177
626,780
L3Harris
Technologies,
Inc.
..............
10,224
3,122,512
Lockheed
Martin
Corp.
.................
11,185
5,583,664
Northrop
Grumman
Corp.
...............
7,307
4,452,301
RTX
Corp.
.........................
72,824
12,185,640
Textron,
Inc.
........................
9,718
821,074
TransDigm
Group,
Inc.
.................
3,090
4,072,682
69,205,753
Air
Freight
&
Logistics
—
0.3%
CH
Robinson
Worldwide,
Inc.
............
6,493
859,673
Expeditors
International
of
Washington,
Inc.
...
7,566
927,516
FedEx
Corp.
........................
11,779
2,777,606
United
Parcel
Service,
Inc.
,
Class
B
........
40,262
3,363,085
7,927,880
Automobile
Components
—
0.0%
Aptiv
plc
(a)
..........................
12,099
1,043,176
Automobiles
—
2.4%
Ford
Motor
Co.
......................
215,329
2,575,335
General
Motors
Co.
...................
51,833
3,160,258
Tesla,
Inc.
(a)
.........................
152,771
67,940,319
73,675,912
Banks
—
3.6%
Bank
of
America
Corp.
.................
370,987
19,139,219
Citigroup,
Inc.
.......................
100,222
10,172,533
Citizens
Financial
Group,
Inc.
............
23,885
1,269,727
Fifth
Third
Bancorp
(b)
..................
36,485
1,625,407
Huntington
Bancshares,
Inc.
(b)
............
80,587
1,391,738
JPMorgan
Chase
&
Co.
................
149,701
47,220,186
KeyCorp
...........................
50,091
936,201
M&T
Bank
Corp.
.....................
8,455
1,670,877
PNC
Financial
Services
Group,
Inc.
(The)
....
21,440
4,307,939
Regions
Financial
Corp.
................
49,260
1,298,986
Truist
Financial
Corp.
..................
70,199
3,209,498
US
Bancorp
........................
85,345
4,124,724
Wells
Fargo
&
Co.
....................
174,401
14,618,292
110,985,327
Beverages
—
1.0%
Brown-Forman
Corp.
,
Class
B
............
10,585
286,642
Coca-Cola
Co.
(The)
..................
210,869
13,984,832
Constellation
Brands,
Inc.
,
Class
A
.........
7,773
1,046,790
Keurig
Dr
Pepper,
Inc.
.................
73,401
1,872,460
Molson
Coors
Beverage
Co.
,
Class
B
.......
9,152
414,128
Monster
Beverage
Corp.
(a)
...............
38,745
2,607,926
PepsiCo,
Inc.
.......................
74,535
10,467,695
30,680,473
Biotechnology
—
1.6%
AbbVie,
Inc.
........................
96,174
22,268,128
Amgen,
Inc.
........................
29,243
8,252,374
Biogen,
Inc.
(a)
.......................
8,039
1,126,103
Gilead
Sciences,
Inc.
..................
67,552
7,498,272
Incyte
Corp.
(a)
.......................
8,943
758,456
Moderna,
Inc.
(a)
......................
18,860
487,154
Regeneron
Pharmaceuticals,
Inc.
..........
5,546
3,118,349
Security
Shares
Shares
Value
Biotechnology
(continued)
Vertex
Pharmaceuticals,
Inc.
(a)
............
13,901
$
5,444,188
48,953,024
Broadline
Retail
—
3.8%
Amazon.com,
Inc.
(a)
...................
528,360
116,012,005
eBay,
Inc.
..........................
24,629
2,240,008
118,252,013
Building
Products
—
0.5%
A
O
Smith
Corp.
.....................
6,532
479,514
Allegion
plc
.........................
4,708
834,964
Builders
FirstSource,
Inc.
(a)
..............
6,109
740,716
Carrier
Global
Corp.
...................
43,593
2,602,502
Johnson
Controls
International
plc
.........
35,626
3,917,079
Lennox
International,
Inc.
(b)
..............
1,729
915,263
Masco
Corp.
........................
11,414
803,432
Trane
Technologies
plc
.................
12,104
5,107,404
15,400,874
Capital
Markets
—
3.5%
Ameriprise
Financial,
Inc.
...............
5,204
2,556,465
Bank
of
New
York
Mellon
Corp.
(The)
.......
38,395
4,183,519
BlackRock,
Inc.
(c)
.....................
7,841
9,141,587
Blackstone,
Inc.
,
Class
A
................
39,979
6,830,412
CBOE
Global
Markets,
Inc.
..............
5,720
1,402,830
Charles
Schwab
Corp.
(The)
.............
92,894
8,868,590
CME
Group,
Inc.
,
Class
A
...............
19,722
5,328,687
Coinbase
Global,
Inc.
,
Class
A
(a)
...........
12,312
4,155,177
FactSet
Research
Systems,
Inc.
...........
2,054
588,451
Franklin
Resources,
Inc.
(b)
...............
16,508
381,830
Goldman
Sachs
Group,
Inc.
(The)
.........
16,481
13,124,644
Interactive
Brokers
Group,
Inc.
,
Class
A
......
23,980
1,650,064
Intercontinental
Exchange,
Inc.
...........
31,078
5,236,022
Invesco
Ltd.
........................
24,499
562,007
KKR
&
Co.,
Inc.
......................
37,033
4,812,438
Moody's
Corp.
.......................
8,392
3,998,620
Morgan
Stanley
......................
66,049
10,499,149
MSCI,
Inc.
.........................
4,256
2,414,897
Nasdaq,
Inc.
........................
24,678
2,182,769
Northern
Trust
Corp.
...................
10,282
1,383,957
Raymond
James
Financial,
Inc.
...........
9,625
1,661,275
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........
42,136
6,033,033
S&P
Global,
Inc.
.....................
17,013
8,280,397
State
Street
Corp.
....................
15,216
1,765,208
T.
Rowe
Price
Group,
Inc.
...............
12,061
1,237,941
108,279,969
Chemicals
—
1.1%
Air
Products
&
Chemicals,
Inc.
............
12,008
3,274,822
Albemarle
Corp.
.....................
6,626
537,236
CF
Industries
Holdings,
Inc.
..............
9,002
807,480
Corteva,
Inc.
........................
37,295
2,522,261
Dow,
Inc.
..........................
39,239
899,750
DuPont
de
Nemours,
Inc.
...............
22,770
1,773,783
Eastman
Chemical
Co.
.................
6,273
395,513
Ecolab,
Inc.
........................
13,773
3,771,874
International
Flavors
&
Fragrances,
Inc.
......
13,784
848,267
Linde
plc
..........................
25,528
12,125,800
LyondellBasell
Industries
NV
,
Class
A
.......
14,157
694,259
Mosaic
Co.
(The)
.....................
17,496
606,761
PPG
Industries,
Inc.
...................
12,529
1,316,923
Sherwin-Williams
Co.
(The)
..............
12,662
4,384,344
33,959,073
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
........................
18,552
3,807,983
Copart,
Inc.
(a)
.......................
48,112
2,163,597
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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)
Republic
Services,
Inc.
.................
11,098
$
2,546,769
Rollins,
Inc.
.........................
15,329
900,425
Veralto
Corp.
........................
13,487
1,437,849
Waste
Management,
Inc.
................
20,155
4,450,829
15,307,452
Communications
Equipment
—
0.9%
Arista
Networks,
Inc.
(a)
.................
56,015
8,161,946
Cisco
Systems,
Inc.
...................
215,589
14,750,599
F5,
Inc.
(a)
..........................
3,135
1,013,201
Motorola
Solutions,
Inc.
................
9,147
4,182,831
28,108,577
Construction
&
Engineering
—
0.2%
EMCOR
Group,
Inc.
...................
2,437
1,582,929
Quanta
Services,
Inc.
..................
8,122
3,365,919
4,948,848
Construction
Materials
—
0.1%
Martin
Marietta
Materials,
Inc.
............
3,282
2,068,579
Vulcan
Materials
Co.
(b)
.................
7,292
2,243,165
4,311,744
Consumer
Finance
—
0.6%
American
Express
Co.
.................
29,550
9,815,328
Capital
One
Financial
Corp.
..............
34,780
7,393,532
Synchrony
Financial
...................
20,236
1,437,768
18,646,628
Consumer
Staples
Distribution
&
Retail
—
1.8%
Costco
Wholesale
Corp.
................
24,144
22,348,411
Dollar
General
Corp.
..................
11,999
1,240,097
Dollar
Tree,
Inc.
(a)
.....................
10,288
970,879
Kroger
Co.
(The)
.....................
32,689
2,203,565
Sysco
Corp.
........................
25,850
2,128,489
Target
Corp.
........................
24,762
2,221,151
Walmart,
Inc.
........................
238,957
24,626,908
55,739,500
Containers
&
Packaging
—
0.2%
Amcor
plc
..........................
124,845
1,021,232
Avery
Dennison
Corp.
..................
4,316
699,926
Ball
Corp.
..........................
15,415
777,224
International
Paper
Co.
(b)
................
28,717
1,332,469
Packaging
Corp.
of
America
.............
4,904
1,068,729
Smurfit
WestRock
plc
..................
27,473
1,169,525
6,069,105
Distributors
—
0.1%
Genuine
Parts
Co.
....................
7,703
1,067,636
LKQ
Corp.
.........................
14,369
438,829
Pool
Corp.
.........................
1,788
554,405
2,060,870
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
..........................
389,279
10,993,239
Verizon
Communications,
Inc.
............
229,544
10,088,459
21,081,698
Electric
Utilities
—
1.5%
Alliant
Energy
Corp.
...................
14,365
968,345
American
Electric
Power
Co.,
Inc.
..........
29,275
3,293,438
Constellation
Energy
Corp.
..............
16,966
5,583,002
Duke
Energy
Corp.
...................
42,270
5,230,913
Edison
International
...................
21,168
1,170,167
Entergy
Corp.
.......................
23,688
2,207,485
Evergy,
Inc.
.........................
12,560
954,811
Eversource
Energy
...................
20,258
1,441,154
Exelon
Corp.
........................
55,627
2,503,771
Security
Shares
Shares
Value
Electric
Utilities
(continued)
FirstEnergy
Corp.
....................
27,981
$
1,282,089
NextEra
Energy,
Inc.
..................
111,957
8,451,634
NRG
Energy,
Inc.
.....................
10,660
1,726,387
PG&E
Corp.
........................
120,468
1,816,657
Pinnacle
West
Capital
Corp.
.............
6,237
559,209
PPL
Corp.
.........................
40,436
1,502,602
Southern
Co.
(The)
(b)
..................
60,230
5,707,997
Xcel
Energy,
Inc.
.....................
31,733
2,559,266
46,958,927
Electrical
Equipment
—
0.9%
AMETEK,
Inc.
.......................
12,729
2,393,052
Eaton
Corp.
plc
......................
21,194
7,931,855
Emerson
Electric
Co.
..................
30,507
4,001,908
GE
Vernova,
Inc.
.....................
14,820
9,112,818
Generac
Holdings,
Inc.
(a)
................
3,217
538,526
Hubbell,
Inc.
........................
2,895
1,245,747
Rockwell
Automation,
Inc.
...............
6,184
2,161,494
27,385,400
Electronic
Equipment,
Instruments
&
Components
—
0.7%
Amphenol
Corp.
,
Class
A
...............
66,288
8,203,140
CDW
Corp.
.........................
7,186
1,144,586
Corning,
Inc.
........................
42,239
3,464,865
Jabil,
Inc.
..........................
5,934
1,288,687
Keysight
Technologies,
Inc.
(a)
.............
9,494
1,660,690
TE
Connectivity
plc
...................
16,213
3,559,240
Teledyne
Technologies,
Inc.
(a)
.............
2,594
1,520,188
Trimble,
Inc.
(a)
.......................
13,189
1,076,882
Zebra
Technologies
Corp.
,
Class
A
(a)
........
2,742
814,813
22,733,091
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.
,
Class
A
..............
53,189
2,591,368
Halliburton
Co.
......................
46,759
1,150,272
Schlumberger
NV
....................
80,717
2,774,243
6,515,883
Entertainment
—
1.6%
Electronic
Arts,
Inc.
...................
12,143
2,449,243
Live
Nation
Entertainment,
Inc.
(a)
..........
8,324
1,360,142
Netflix,
Inc.
(a)
........................
23,134
27,735,815
Take-Two
Interactive
Software,
Inc.
(a)
........
9,130
2,358,827
TKO
Group
Holdings,
Inc.
,
Class
A
.........
3,743
755,936
Walt
Disney
Co.
(The)
.................
97,883
11,207,604
Warner
Bros
Discovery,
Inc.
(a)
............
134,785
2,632,351
48,499,918
Financial
Services
—
4.0%
Apollo
Global
Management,
Inc.
...........
24,913
3,320,155
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
........
99,832
50,189,540
Block,
Inc.
,
Class
A
(a)
..................
30,291
2,189,131
Corpay,
Inc.
(a)
.......................
3,864
1,113,064
Fidelity
National
Information
Services,
Inc.
....
28,125
1,854,562
Fiserv,
Inc.
(a)
........................
29,594
3,815,554
Global
Payments,
Inc.
.................
13,481
1,120,001
Jack
Henry
&
Associates,
Inc.
............
3,921
583,955
Mastercard,
Inc.
,
Class
A
................
44,941
25,562,890
PayPal
Holdings,
Inc.
(a)
.................
52,012
3,487,925
Visa,
Inc.
,
Class
A
....................
92,479
31,570,481
124,807,258
Food
Products
—
0.5%
Archer-Daniels-Midland
Co.
..............
26,126
1,560,767
Bunge
Global
SA
(b)
....................
7,503
609,619
Campbell's
Co.
(The)
(b)
.................
10,543
332,948
Conagra
Brands,
Inc.
..................
25,545
467,729
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
S&P
500
Index
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
General
Mills,
Inc.
(b)
...................
28,506
$
1,437,272
Hershey
Co.
(The)
....................
8,059
1,507,436
Hormel
Foods
Corp.
...................
15,763
389,977
J
M
Smucker
Co.
(The)
.................
5,919
642,803
Kellanova
..........................
14,850
1,217,997
Kraft
Heinz
Co.
(The)
(b)
.................
45,116
1,174,821
Lamb
Weston
Holdings,
Inc.
.............
7,837
455,173
McCormick
&
Co.,
Inc.
(Non-Voting)
........
13,728
918,540
Mondelez
International,
Inc.
,
Class
A
........
70,958
4,432,746
Tyson
Foods,
Inc.
,
Class
A
..............
15,989
868,203
16,016,031
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
...................
8,788
1,500,551
Ground
Transportation
—
0.9%
CSX
Corp.
.........................
101,494
3,604,052
JB
Hunt
Transport
Services,
Inc.
..........
4,309
578,139
Norfolk
Southern
Corp.
.................
12,186
3,660,796
Old
Dominion
Freight
Line,
Inc.
...........
9,854
1,387,246
Uber
Technologies,
Inc.
(a)
...............
113,534
11,122,926
Union
Pacific
Corp.
...................
32,286
7,631,442
27,984,601
Health
Care
Equipment
&
Supplies
—
2.0%
Abbott
Laboratories
...................
94,753
12,691,217
Align
Technology,
Inc.
(a)
.................
3,827
479,217
Baxter
International,
Inc.
................
28,650
652,360
Becton
Dickinson
&
Co.
................
15,708
2,940,066
Boston
Scientific
Corp.
(a)
................
80,461
7,855,407
Cooper
Cos.,
Inc.
(The)
(a)
...............
11,189
767,118
Dexcom,
Inc.
(a)
......................
21,657
1,457,300
Edwards
Lifesciences
Corp.
(a)
............
32,057
2,493,073
GE
HealthCare
Technologies,
Inc.
.........
24,482
1,838,598
Hologic,
Inc.
(a)
.......................
12,153
820,206
IDEXX
Laboratories,
Inc.
(a)
...............
4,398
2,809,838
Insulet
Corp.
(a)
.......................
3,868
1,194,168
Intuitive
Surgical,
Inc.
(a)
.................
19,500
8,720,985
Medtronic
plc
.......................
69,608
6,629,466
ResMed,
Inc.
(b)
......................
8,059
2,205,990
Solventum
Corp.
(a)
....................
7,857
573,561
STERIS
plc
.........................
5,382
1,331,722
Stryker
Corp.
.......................
18,668
6,901,000
Zimmer
Biomet
Holdings,
Inc.
(b)
...........
10,812
1,064,982
63,426,274
Health
Care
Providers
&
Services
—
1.7%
Cardinal
Health,
Inc.
...................
12,995
2,039,695
Cencora,
Inc.
.......................
10,555
3,298,754
Centene
Corp.
(a)
.....................
25,401
906,308
Cigna
Group
(The)
....................
14,640
4,219,980
CVS
Health
Corp.
....................
69,542
5,242,771
DaVita,
Inc.
(a)
........................
1,826
242,621
Elevance
Health,
Inc.
..................
12,342
3,987,947
HCA
Healthcare,
Inc.
..................
8,917
3,800,425
Henry
Schein,
Inc.
(a)
...................
5,612
372,468
Humana,
Inc.
.......................
6,604
1,718,163
Labcorp
Holdings,
Inc.
.................
4,408
1,265,361
McKesson
Corp.
.....................
6,768
5,228,551
Molina
Healthcare,
Inc.
(a)
................
2,984
571,018
Quest
Diagnostics,
Inc.
(b)
................
6,118
1,165,968
UnitedHealth
Group,
Inc.
................
49,306
17,025,362
Universal
Health
Services,
Inc.
,
Class
B
.....
3,138
641,533
51,726,925
Security
Shares
Shares
Value
Health
Care
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
(b)
.......
8,365
$
697,139
Healthpeak
Properties,
Inc.
..............
37,790
723,678
Ventas,
Inc.
........................
23,446
1,640,986
Welltower,
Inc.
.......................
36,412
6,486,434
9,548,237
Hotel
&
Resort
REITs
—
0.0%
Host
Hotels
&
Resorts,
Inc.
(b)
.............
34,811
592,483
Hotels,
Restaurants
&
Leisure
—
1.9%
Airbnb,
Inc.
,
Class
A
(a)
..................
23,612
2,866,969
Booking
Holdings,
Inc.
.................
1,764
9,524,312
Carnival
Corp.
(a)
......................
57,962
1,675,681
Chipotle
Mexican
Grill,
Inc.
(a)
.............
73,763
2,890,772
Darden
Restaurants,
Inc.
...............
6,403
1,218,875
Domino's
Pizza,
Inc.
...................
1,700
733,907
DoorDash,
Inc.
,
Class
A
(a)
...............
20,153
5,481,415
Expedia
Group,
Inc.
...................
6,435
1,375,481
Hilton
Worldwide
Holdings,
Inc.
...........
12,799
3,320,573
Las
Vegas
Sands
Corp.
................
16,817
904,586
Marriott
International,
Inc.
,
Class
A
.........
12,221
3,182,837
McDonald's
Corp.
....................
38,850
11,806,127
MGM
Resorts
International
(a)
.............
11,433
396,268
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
.......
24,763
609,913
Royal
Caribbean
Cruises
Ltd.
............
13,600
4,400,688
Starbucks
Corp.
......................
62,203
5,262,374
Wynn
Resorts
Ltd.
....................
4,749
609,154
Yum!
Brands,
Inc.
....................
15,213
2,312,376
58,572,308
Household
Durables
—
0.3%
DR
Horton,
Inc.
......................
15,177
2,572,046
Garmin
Ltd.
.........................
8,407
2,069,972
Lennar
Corp.
,
Class
A
..................
12,183
1,535,545
Mohawk
Industries,
Inc.
(a)
...............
2,871
370,129
NVR,
Inc.
(a)
.........................
160
1,285,546
PulteGroup,
Inc.
.....................
10,551
1,394,104
9,227,342
Household
Products
—
0.9%
Church
&
Dwight
Co.,
Inc.
...............
12,920
1,132,180
Clorox
Co.
(The)
.....................
6,786
836,714
Colgate-Palmolive
Co.
.................
44,358
3,545,978
Kimberly-Clark
Corp.
..................
18,200
2,262,988
Procter
&
Gamble
Co.
(The)
.............
127,523
19,593,909
27,371,769
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
.....................
39,344
517,767
Vistra
Corp.
........................
17,339
3,397,057
3,914,824
Industrial
Conglomerates
—
0.4%
3M
Co.
............................
28,997
4,499,754
Honeywell
International,
Inc.
.............
34,565
7,275,933
11,775,687
Industrial
REITs
—
0.2%
Prologis,
Inc.
........................
50,802
5,817,845
Insurance
—
1.9%
Aflac,
Inc.
..........................
26,049
2,909,673
Allstate
Corp.
(The)
...................
14,218
3,051,894
American
International
Group,
Inc.
.........
30,161
2,368,845
Aon
plc
,
Class
A
.....................
11,834
4,219,768
Arch
Capital
Group
Ltd.
................
20,482
1,858,332
Arthur
J
Gallagher
&
Co.
................
14,060
4,354,944
Assurant,
Inc.
.......................
2,795
605,397
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
S&P
500
Index
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Brown
&
Brown,
Inc.
...................
15,271
$
1,432,267
Chubb
Ltd.
.........................
20,180
5,695,805
Cincinnati
Financial
Corp.
...............
8,517
1,346,538
Erie
Indemnity
Co.
,
Class
A
(b)
.............
1,385
440,652
Everest
Group
Ltd.
....................
2,329
815,686
Globe
Life,
Inc.
......................
4,586
655,660
Hartford
Insurance
Group,
Inc.
(The)
........
15,479
2,064,744
Loews
Corp.
........................
9,534
957,118
Marsh
&
McLennan
Cos.,
Inc.
............
26,958
5,432,846
MetLife,
Inc.
........................
30,182
2,486,091
Principal
Financial
Group,
Inc.
............
10,661
883,903
Progressive
Corp.
(The)
................
31,876
7,871,778
Prudential
Financial,
Inc.
................
19,424
2,015,046
Travelers
Cos.,
Inc.
(The)
...............
12,190
3,403,692
Willis
Towers
Watson
plc
................
5,236
1,808,776
WR
Berkley
Corp.
....................
16,289
1,248,063
57,927,518
Interactive
Media
&
Services
—
7.3%
Alphabet,
Inc.
,
Class
A
.................
316,687
76,986,610
Alphabet,
Inc.
,
Class
C
.................
254,232
61,918,203
Match
Group,
Inc.
....................
13,389
472,900
Meta
Platforms,
Inc.
,
Class
A
.............
118,082
86,717,059
226,094,772
IT
Services
—
0.9%
Accenture
plc
,
Class
A
.................
33,909
8,361,959
Akamai
Technologies,
Inc.
(a)
..............
8,043
609,338
Cognizant
Technology
Solutions
Corp.
,
Class
A
.
26,904
1,804,451
EPAM
Systems,
Inc.
(a)
..................
3,182
479,814
Gartner,
Inc.
(a)
.......................
4,236
1,113,517
GoDaddy,
Inc.
,
Class
A
(a)
................
7,418
1,015,005
International
Business
Machines
Corp.
......
50,692
14,303,255
VeriSign,
Inc.
.......................
4,464
1,248,001
28,935,340
Leisure
Products
—
0.0%
Hasbro,
Inc.
........................
7,126
540,507
Life
Sciences
Tools
&
Services
—
0.8%
Agilent
Technologies,
Inc.
...............
15,503
1,989,810
Bio-Techne
Corp.
.....................
8,793
489,155
Charles
River
Laboratories
International,
Inc.
(a)
.
2,656
415,558
Danaher
Corp.
......................
34,580
6,855,831
IQVIA
Holdings,
Inc.
(a)
..................
9,045
1,718,007
Mettler-Toledo
International,
Inc.
(a)
.........
1,100
1,350,371
Revvity,
Inc.
(b)
.......................
6,516
571,127
Thermo
Fisher
Scientific,
Inc.
.............
20,557
9,970,556
Waters
Corp.
(a)
......................
3,273
981,278
West
Pharmaceutical
Services,
Inc.
........
3,984
1,045,123
25,386,816
Machinery
—
1.5%
Caterpillar,
Inc.
......................
25,505
12,169,711
Cummins,
Inc.
.......................
7,428
3,137,364
Deere
&
Co.
........................
13,694
6,261,718
Dover
Corp.
........................
7,494
1,250,224
Fortive
Corp.
........................
18,785
920,277
IDEX
Corp.
.........................
4,186
681,313
Illinois
Tool
Works,
Inc.
.................
14,426
3,761,724
Ingersoll
Rand,
Inc.
...................
19,691
1,626,870
Nordson
Corp.
.......................
2,936
666,325
Otis
Worldwide
Corp.
..................
21,034
1,923,139
PACCAR,
Inc.
.......................
28,693
2,821,096
Parker-Hannifin
Corp.
..................
6,941
5,262,319
Pentair
plc
.........................
9,128
1,011,017
Snap-on,
Inc.
.......................
2,850
987,611
Security
Shares
Shares
Value
Machinery
(continued)
Stanley
Black
&
Decker,
Inc.
.............
8,679
$
645,110
Westinghouse
Air
Brake
Technologies
Corp.
...
9,365
1,877,402
Xylem,
Inc.
.........................
13,302
1,962,045
46,965,265
Media
—
0.4%
Charter
Communications,
Inc.
,
Class
A
(a)
.....
5,040
1,386,529
Comcast
Corp.
,
Class
A
................
200,496
6,299,584
Fox
Corp.
,
Class
A
....................
10,891
686,786
Fox
Corp.
,
Class
B
....................
7,481
428,587
Interpublic
Group
of
Cos.,
Inc.
(The)
........
20,752
579,188
News
Corp.
,
Class
A
...................
21,133
648,995
News
Corp.
,
Class
B
..................
6,293
217,423
Omnicom
Group,
Inc.
(b)
.................
10,726
874,491
Paramount
Skydance
Corp.
,
Class
B
........
17,064
322,851
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
24,327
1,192,266
12,636,700
Metals
&
Mining
—
0.3%
Freeport-McMoRan,
Inc.
................
78,860
3,092,889
Newmont
Corp.
......................
59,801
5,041,823
Nucor
Corp.
........................
12,321
1,668,633
Steel
Dynamics,
Inc.
...................
7,617
1,062,038
10,865,383
Multi-Utilities
—
0.6%
Ameren
Corp.
.......................
14,993
1,564,969
CenterPoint
Energy,
Inc.
................
35,911
1,393,347
CMS
Energy
Corp.
....................
16,414
1,202,490
Consolidated
Edison,
Inc.
...............
19,242
1,934,206
Dominion
Energy,
Inc.
..................
46,524
2,845,873
DTE
Energy
Co.
.....................
11,396
1,611,736
NiSource,
Inc.
.......................
24,119
1,044,353
Public
Service
Enterprise
Group,
Inc.
.......
27,401
2,286,887
Sempra
...........................
35,274
3,173,954
WEC
Energy
Group,
Inc.
................
17,425
1,996,731
19,054,546
Office
REITs
—
0.0%
BXP,
Inc.
(b)
.........................
7,921
588,847
Oil,
Gas
&
Consumable
Fuels
—
2.7%
APA
Corp.
(b)
........................
18,631
452,361
Chevron
Corp.
.......................
104,706
16,259,795
ConocoPhillips
......................
67,994
6,431,552
Coterra
Energy,
Inc.
...................
40,496
957,730
Devon
Energy
Corp.
...................
35,363
1,239,827
Diamondback
Energy,
Inc.
...............
10,208
1,460,765
EOG
Resources,
Inc.
..................
30,040
3,368,085
EQT
Corp.
.........................
33,114
1,802,395
Expand
Energy
Corp.
..................
11,583
1,230,578
Exxon
Mobil
Corp.
....................
232,098
26,169,049
Kinder
Morgan,
Inc.
...................
105,663
2,991,319
Marathon
Petroleum
Corp.
..............
16,472
3,174,813
Occidental
Petroleum
Corp.
(b)
.............
37,844
1,788,129
ONEOK,
Inc.
........................
34,343
2,506,009
Phillips
66
..........................
22,292
3,032,158
Targa
Resources
Corp.
.................
11,883
1,990,878
Texas
Pacific
Land
Corp.
(b)
..............
1,037
968,185
Valero
Energy
Corp.
...................
17,120
2,914,851
Williams
Cos.,
Inc.
(The)
................
66,151
4,190,666
82,929,145
Passenger
Airlines
—
0.1%
Delta
Air
Lines,
Inc.
...................
35,679
2,024,783
Southwest
Airlines
Co.
(b)
................
28,592
912,371
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
S&P
500
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
United
Airlines
Holdings,
Inc.
(a)
............
17,361
$
1,675,336
4,612,490
Personal
Care
Products
—
0.1%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
......
12,926
1,139,039
Kenvue,
Inc.
........................
105,599
1,713,872
2,852,911
Pharmaceuticals
—
2.7%
Bristol-Myers
Squibb
Co.
................
111,379
5,023,193
Eli
Lilly
&
Co.
.......................
43,108
32,891,404
Johnson
&
Johnson
...................
131,114
24,311,158
Merck
&
Co.,
Inc.
.....................
135,983
11,413,053
Pfizer,
Inc.
.........................
309,004
7,873,422
Viatris,
Inc.
.........................
65,288
646,351
Zoetis,
Inc.
,
Class
A
...................
23,978
3,508,461
85,667,042
Professional
Services
—
0.6%
Automatic
Data
Processing,
Inc.
...........
22,025
6,464,337
Broadridge
Financial
Solutions,
Inc.
........
6,411
1,526,908
Dayforce,
Inc.
(a)
......................
9,000
620,010
Equifax,
Inc.
........................
6,769
1,736,452
Jacobs
Solutions,
Inc.
..................
6,618
991,773
Leidos
Holdings,
Inc.
..................
7,115
1,344,450
Paychex,
Inc.
.......................
17,601
2,231,103
Paycom
Software,
Inc.
(b)
................
2,599
540,956
Verisk
Analytics,
Inc.
...................
7,476
1,880,289
17,336,278
Real
Estate
Management
&
Development
—
0.1%
(a)
CBRE
Group,
Inc.
,
Class
A
..............
15,817
2,492,126
CoStar
Group,
Inc.
....................
23,083
1,947,513
4,439,639
Residential
REITs
—
0.2%
AvalonBay
Communities,
Inc.
............
7,835
1,513,487
Camden
Property
Trust
.................
5,962
636,622
Equity
Residential
....................
18,981
1,228,640
Essex
Property
Trust,
Inc.
...............
3,481
931,725
Invitation
Homes,
Inc.
..................
30,815
903,804
Mid-America
Apartment
Communities,
Inc.
....
6,532
912,716
UDR,
Inc.
..........................
16,254
605,624
6,732,618
Retail
REITs
—
0.3%
Federal
Realty
Investment
Trust
...........
4,305
436,139
Kimco
Realty
Corp.
...................
37,586
821,254
Realty
Income
Corp.
...................
48,463
2,946,066
Regency
Centers
Corp.
................
9,117
664,629
Simon
Property
Group,
Inc.
..............
17,774
3,335,647
8,203,735
Semiconductors
&
Semiconductor
Equipment
—
13.7%
Advanced
Micro
Devices,
Inc.
(a)
...........
88,350
14,294,146
Analog
Devices,
Inc.
...................
27,175
6,676,898
Applied
Materials,
Inc.
.................
43,689
8,944,886
Broadcom,
Inc.
......................
256,065
84,478,404
First
Solar,
Inc.
(a)
.....................
5,866
1,293,629
Intel
Corp.
(a)
........................
238,545
8,003,185
KLA
Corp.
..........................
7,179
7,743,269
Lam
Research
Corp.
..................
68,903
9,226,112
Microchip
Technology,
Inc.
...............
29,679
1,905,985
Micron
Technology,
Inc.
.................
60,855
10,182,259
Monolithic
Power
Systems,
Inc.
...........
2,609
2,401,950
NVIDIA
Corp.
.......................
1,328,376
247,848,394
NXP
Semiconductors
NV
...............
13,905
3,166,586
ON
Semiconductor
Corp.
(a)
..............
21,811
1,075,500
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
....................
58,717
$
9,768,160
Skyworks
Solutions,
Inc.
................
8,299
638,857
Teradyne,
Inc.
.......................
8,778
1,208,204
Texas
Instruments,
Inc.
.................
49,441
9,083,795
427,940,219
Software
—
11.4%
Adobe,
Inc.
(a)
........................
23,094
8,146,409
AppLovin
Corp.
,
Class
A
(a)
...............
14,738
10,589,843
Autodesk,
Inc.
(a)
......................
11,724
3,724,363
Cadence
Design
Systems,
Inc.
(a)
..........
14,788
5,194,433
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
........
13,535
6,637,293
Datadog,
Inc.
,
Class
A
(a)
................
17,499
2,491,858
Fair
Isaac
Corp.
(a)
.....................
1,292
1,933,517
Fortinet,
Inc.
(a)
.......................
34,926
2,936,578
Gen
Digital,
Inc.
......................
29,919
849,400
Intuit,
Inc.
..........................
15,186
10,370,671
Microsoft
Corp.
......................
404,674
209,600,898
Oracle
Corp.
........................
90,221
25,373,754
Palantir
Technologies,
Inc.
,
Class
A
(a)
.......
123,815
22,586,332
Palo
Alto
Networks,
Inc.
(a)
...............
36,284
7,388,148
PTC,
Inc.
(a)
.........................
6,605
1,340,947
Roper
Technologies,
Inc.
................
5,918
2,951,248
Salesforce,
Inc.
......................
52,046
12,334,902
ServiceNow,
Inc.
(a)
....................
11,344
10,439,656
Synopsys,
Inc.
(a)
.....................
10,129
4,997,547
Tyler
Technologies,
Inc.
(a)
...............
2,342
1,225,241
Workday,
Inc.
,
Class
A
(a)
................
11,823
2,846,151
353,959,189
Specialized
REITs
—
0.8%
American
Tower
Corp.
.................
25,432
4,891,082
Crown
Castle,
Inc.
....................
23,984
2,314,216
Digital
Realty
Trust,
Inc.
................
17,323
2,994,800
Equinix,
Inc.
........................
5,357
4,195,817
Extra
Space
Storage,
Inc.
...............
11,572
1,630,958
Iron
Mountain,
Inc.
....................
16,326
1,664,272
Public
Storage
.......................
8,659
2,501,152
SBA
Communications
Corp.
.............
5,836
1,128,391
VICI
Properties,
Inc.
...................
57,998
1,891,315
Weyerhaeuser
Co.
....................
39,666
983,320
24,195,323
Specialty
Retail
—
1.8%
AutoZone,
Inc.
(a)
.....................
917
3,934,150
Best
Buy
Co.,
Inc.
....................
10,748
812,764
CarMax,
Inc.
(a)
.......................
8,503
381,530
Home
Depot,
Inc.
(The)
................
54,166
21,947,521
Lowe's
Cos.,
Inc.
.....................
30,447
7,651,636
O'Reilly
Automotive,
Inc.
(a)
...............
46,194
4,980,175
Ross
Stores,
Inc.
.....................
17,646
2,689,074
TJX
Cos.,
Inc.
(The)
...................
60,736
8,778,781
Tractor
Supply
Co.
....................
28,278
1,608,170
Ulta
Beauty,
Inc.
(a)
....................
2,452
1,340,631
Williams-Sonoma,
Inc.
.................
6,751
1,319,483
55,443,915
Technology
Hardware,
Storage
&
Peripherals
—
7.0%
Apple,
Inc.
.........................
807,935
205,724,489
Dell
Technologies,
Inc.
,
Class
C
...........
16,437
2,330,274
Hewlett
Packard
Enterprise
Co.
...........
72,524
1,781,189
HP,
Inc.
...........................
51,728
1,408,553
NetApp,
Inc.
........................
10,803
1,279,723
Seagate
Technology
Holdings
plc
..........
11,429
2,697,930
Super
Micro
Computer,
Inc.
(a)
.............
26,919
1,290,497
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Western
Digital
Corp.
..................
18,592
$
2,232,156
218,744,811
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Deckers
Outdoor
Corp.
(a)
................
7,933
804,168
Lululemon
Athletica,
Inc.
(a)
...............
6,070
1,080,035
NIKE,
Inc.
,
Class
B
...................
64,728
4,513,484
Ralph
Lauren
Corp.
,
Class
A
.............
2,155
675,722
Tapestry,
Inc.
........................
11,320
1,281,650
8,355,059
Tobacco
—
0.6%
Altria
Group,
Inc.
.....................
91,255
6,028,305
Philip
Morris
International,
Inc.
............
84,743
13,745,315
19,773,620
Trading
Companies
&
Distributors
—
0.3%
Fastenal
Co.
........................
62,710
3,075,298
United
Rentals,
Inc.
...................
3,491
3,332,718
WW
Grainger,
Inc.
(b)
...................
2,387
2,274,716
8,682,732
Water
Utilities
—
0.0%
American
Water
Works
Co.,
Inc.
...........
10,806
1,504,087
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
.....................
26,121
$
6,252,845
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
939,992,531
)
..............................
3,105,634,602
Short-Term
Securities
Money
Market
Funds
—
1.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.26
%
(e)
...................
24,118,785
24,130,845
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.01
%
.....................
6,701,144
6,701,144
Total
Short-Term
Securities
—
1
.0
%
(Cost:
$
30,831,989
)
...............................
30,831,989
Total
Investments
—
100
.8
%
(Cost:
$
970,824,520
)
..............................
3,136,466,591
Liabilities
in
Excess
of
Other
Assets
—
(
0.8
)
%
.............
(
24,272,587
)
Net
Assets
—
100.0%
...............................
$
3,112,194,004
(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
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
210,907,500
$
—
$
(
186,796,463
)
(a)
$
19,808
$
—
$
24,130,845
24,118,785
$
138,021
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
8,117,033
—
(
1,415,889
)
(a)
—
—
6,701,144
6,701,144
252,848
—
BlackRock,
Inc.
..........
8,520,715
—
(
484,443
)
403,530
701,785
9,141,587
7,841
126,822
—
$
423,338
$
701,785
$
39,973,576
$
517,691
$
—
—
—
(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)
September
30,
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
.......................................................
22
12/19/25
$
7,413
$
58,317
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,105,634,602
$
—
$
—
$
3,105,634,602
Short-Term
Securities
Money
Market
Funds
......................................
30,831,989
—
—
30,831,989
$
3,136,466,591
$
—
$
—
$
3,136,466,591
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
58,317
$
—
$
—
$
58,317
(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