BlackRock
High
Yield
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
346
$
8,595
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(a)
..............
71,632
542,254
Element
Solutions,
Inc.
...............
35,892
786,035
1,328,289
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
13,579
107,003
Electrical
Equipment
—
0.1%
AMP
Plus,
Inc.
....................
56,202
456,922
Sensata
Technologies
Holding
plc
(a)
......
6,628
337,034
793,956
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
Gaming
and
Leisure
Properties,
Inc.
......
21,702
1,018,475
VICI
Properties,
Inc.
.................
83,585
2,378,829
3,397,304
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
.........................
9,944
373,894
IT
Services
—
0.1%
(a)
Square,
Inc.,
Class
A
................
2,003
271,607
Twilio,
Inc.,
Class
A
.................
997
164,315
435,922
Life
Sciences
Tools
&
Services
—
0.2%
(a)
Avantor,
Inc.
......................
22,646
765,888
Syneos
Health,
Inc.
.................
10,472
847,708
1,613,596
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
106,359
368,002
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
58,591
1,054,638
Oil,
Gas
&
Consumable
Fuels
—
1.0%
Cheniere
Energy,
Inc.
................
5,254
728,467
Chesapeake
Energy
Corp.
............
25,782
2,243,034
Diamondback
Energy,
Inc.
.............
3,062
419,739
DT
Midstream,
Inc.
..................
8,675
470,706
Energy
Transfer
LP
.................
206,121
2,306,494
EQT
Corp.
(a)
......................
11,462
394,407
Matador
Resources
Co.
..............
8,575
454,303
Occidental
Petroleum
Corp.
............
2,686
152,404
Pioneer
Natural
Resources
Co.
.........
1,646
411,549
Targa
Resources
Corp.
...............
8,000
603,760
8,184,863
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(a)
.............
16,948
604,705
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
31,923
630,160
Total
Common
Stocks
—
2.4%
(Cost:
$15,617,979)
..............................
18,900,927
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
2.9%
Bombardier,
Inc.
(b)
7.50%,
12/01/24
.................
USD
223
230,247
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
7.50%,
03/15/25
.................
USD
50
$
50,255
7.13%,
06/15/26
.................
1,645
1,612,100
7.88%,
04/15/27
.................
1,128
1,104,442
6.00%,
02/15/28
.................
1,039
973,792
7.45%,
05/01/34
.................
201
204,015
BWX
Technologies,
Inc.
(b)
4.13%,
06/30/28
.................
457
439,899
4.13%,
04/15/29
.................
458
440,825
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
741
666,900
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
12
12,420
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
1,940
1,991,216
Spirit
AeroSystems,
Inc.
(b)
5.50%,
01/15/25
.................
251
251,627
7.50%,
04/15/25
.................
72
74,596
TransDigm,
Inc.
8.00%,
12/15/25
(b)
................
1,137
1,189,052
6.25%,
03/15/26
(b)
................
8,533
8,760,319
6.38%,
06/15/26
.................
135
136,219
7.50%,
03/15/27
.................
215
221,450
4.63%,
01/15/29
.................
737
689,073
4.88%,
05/01/29
.................
1,779
1,667,403
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
...
1,604
1,694,145
22,409,995
Airlines
—
1.9%
Air
Canada,
3.88%,
08/15/26
(b)
.........
978
922,987
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
2,345
2,737,764
5.50%,
04/20/26
.................
608
612,983
5.75%,
04/20/29
.................
3,207
3,195,071
Delta
Air
Lines,
Inc.
(b)
7.00%,
05/01/25
.................
170
182,090
4.75%,
10/20/28
.................
794
800,079
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
489
489,279
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
1,768
1,843,140
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(b)
69
73,058
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
86
85,272
Series
2020-1,
Class
A,
5.88%,
10/15/27
430
444,735
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
908
893,177
4.63%,
04/15/29
.................
2,964
2,818,616
15,098,251
Auto
Components
—
1.7%
Adient
US
LLC,
9.00%,
04/15/25
(b)
......
305
317,200
Allison
Transmission,
Inc.
(b)
5.88%,
06/01/29
.................
447
455,703
3.75%,
01/30/31
.................
358
324,760
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
911
943,368
6.25%,
05/15/26
.................
1,622
1,668,632
8.50%,
05/15/27
.................
5,118
5,309,925
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
579
580,447
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(b)
....................
248
215,629
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
152
160,935
5.00%,
07/15/29
(b)
................
263
245,000
5.25%,
07/15/31
(b)
................
357
330,118
5.63%,
04/30/33
.................
832
765,440
Icahn
Enterprises
LP
5.25%,
05/15/27
.................
784
769,437
4.38%,
02/01/29
.................
791
725,743
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(b)
..
126
108,360
BlackRock
High
Yield
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
Tenneco,
Inc.,
7.88%,
01/15/29
(b)
.......
USD
92
$
96,945
13,017,642
Automobiles
—
0.3%
Ford
Motor
Co.
4.35%,
12/08/26
.................
82
82,499
3.25%,
02/12/32
.................
1,426
1,273,603
4.75%,
01/15/43
.................
167
151,679
5.29%,
12/08/46
.................
160
155,297
Thor
Industries,
Inc.,
4.00%,
10/15/29
(b)
...
378
331,846
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(b)
210
212,363
2,207,287
Banks
—
0.3%
Banco
Espirito
Santo
SA
(a)(c)(d)
2.63%,
05/08/17
.................
EUR
100
16,041
4.75%,
01/15/18
.................
100
16,041
4.00%,
01/21/19
.................
100
16,040
Barclays
plc
5.20%,
05/12/26
.................
USD
200
207,952
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(e)(f)
....................
940
827,905
Credit
Agricole
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
4.75%
(b)(e)(f)
..............
460
417,418
HSBC
Holdings
plc
(e)(f)
(USD
Swap
Rate
5
Year
+
3.75%),
6.00%
465
473,138
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
......................
200
178,500
Intesa
Sanpaolo
SpA
(b)(f)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.60%),
4.20%,
06/01/32
...............
320
282,883
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.75%),
4.95%,
06/01/42
...............
235
201,054
2,636,972
Building
Products
—
0.8%
(b)
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
.....................
545
545,779
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
.....................
757
702,534
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
....
822
700,870
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
................
200
196,882
JELD-WEN,
Inc.
6.25%,
05/15/25
.................
245
252,441
4.63%,
12/15/25
.................
99
95,287
4.88%,
12/15/27
.................
30
28,725
Masonite
International
Corp.
5.38%,
02/01/28
.................
74
74,555
3.50%,
02/15/30
.................
454
408,033
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
181
174,010
9.75%,
07/15/28
.................
215
216,881
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
..
1,417
1,397,530
Standard
Industries,
Inc.
5.00%,
02/15/27
.................
221
219,073
4.38%,
07/15/30
.................
1,006
921,451
3.38%,
01/15/31
.................
191
167,125
Summit
Materials
LLC,
5.25%,
01/15/29
...
278
274,525
Victors
Merger
Corp.,
6.38%,
05/15/29
....
317
259,493
6,635,194
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.5%
(b)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
USD
208
$
199,861
Blackstone
Private
Credit
Fund,
4.70%,
03/24/25
.....................
909
922,268
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
403
378,820
Credit
Suisse
Group
AG
(e)(f)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
......................
300
296,121
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
......................
405
374,625
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
................
250
241,965
MSCI,
Inc.
3.63%,
09/01/30
.................
96
89,989
3.88%,
02/15/31
.................
125
118,520
3.63%,
11/01/31
.................
253
238,136
3.25%,
08/15/33
.................
762
684,895
OWL
Rock
Core
Income
Corp.,
5.50%,
03/21/25
.....................
386
385,019
UBS
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(e)(f)
320
288,800
4,219,019
Chemicals
—
2.3%
Ashland
LLC,
3.38%,
09/01/31
(b)
........
693
611,572
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
828
796,573
3.38%,
02/15/29
.................
787
691,931
Chemours
Co.
(The),
5.75%,
11/15/28
(b)
...
186
180,721
Diamond
BC
BV,
4.63%,
10/01/29
(b)
......
739
663,252
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
3,910
3,650,963
EverArc
Escrow
SARL,
5.00%,
10/30/29
(b)
..
1,242
1,134,877
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
574
574,537
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(b)
....................
534
540,675
HB
Fuller
Co.,
4.25%,
10/15/28
........
165
154,473
Herens
Midco
SARL,
4.75%,
05/15/28
(b)
...
888
796,296
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
849
859,613
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
132
119,306
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)(f)
525
509,250
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
253
235,379
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
388
369,570
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(b)
.
81
81,911
PMHC
II,
Inc.,
9.00%,
02/15/30
(b)
.......
182
160,160
SCIH
Salt
Holdings,
Inc.,
6.63%,
05/01/29
(b)
.
268
240,572
SCIL
IV
LLC,
5.38%,
11/01/26
(b)
........
537
494,040
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
490
427,272
4.38%,
02/01/32
.................
55
48,708
SPCM
SA,
3.13%,
03/15/27
(b)
.........
210
193,200
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(b)
4,793
4,481,934
18,016,785
Commercial
Services
&
Supplies
—
2.8%
Allied
Universal
Holdco
LLC
(b)
6.63%,
07/15/26
.................
2,500
2,529,575
9.75%,
07/15/27
.................
1,252
1,294,092
4.63%,
06/01/28
.................
3,485
3,280,767
6.00%,
06/01/29
.................
3,330
2,937,610
APi
Escrow
Corp.,
4.75%,
10/15/29
(b)
.....
225
208,969
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(b)
....
277
255,283
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
455
465,101
5.75%,
07/15/29
.................
954
870,363
Aramark
Services,
Inc.,
5.00%,
04/01/25
(b)
..
246
246,472
BlackRock
High
Yield
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
USD
114
$
114,893
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
233
232,418
5.13%,
07/15/29
.................
199
199,746
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
446
425,796
5.00%,
09/01/30
.................
289
273,828
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
690
661,331
9.50%,
11/01/27
.................
363
372,075
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
140
139,118
3.75%,
08/01/25
.................
170
166,889
5.13%,
12/15/26
.................
673
678,720
4.00%,
08/01/28
.................
514
472,880
3.50%,
09/01/28
.................
474
445,013
4.75%,
06/15/29
.................
990
941,737
4.38%,
08/15/29
.................
649
599,514
IAA,
Inc.,
5.50%,
06/15/27
(b)
..........
274
274,685
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
170
163,200
Madison
IAQ
LLC
(b)
4.13%,
06/30/28
.................
101
93,086
5.88%,
06/30/29
.................
775
695,562
Nielsen
Finance
LLC
(b)
5.63%,
10/01/28
.................
470
473,384
5.88%,
10/01/30
.................
317
317,792
Prime
Security
Services
Borrower
LLC
(b)
5.75%,
04/15/26
.................
42
42,847
6.25%,
01/15/28
.................
669
654,680
Stericycle,
Inc.,
3.88%,
01/15/29
(b)
.......
229
212,970
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
1,204
1,137,876
21,878,272
Communications
Equipment
—
0.9%
Avaya,
Inc.,
6.13%,
09/15/28
(b)
.........
1,371
1,352,039
Ciena
Corp.,
4.00%,
01/31/30
(b)
........
242
232,925
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
1,233
1,167,787
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
151
152,750
8.25%,
03/01/27
.................
342
332,595
7.13%,
07/01/28
.................
535
483,306
4.75%,
09/01/29
.................
1,332
1,226,785
Nokia
OYJ
4.38%,
06/12/27
.................
187
189,687
6.63%,
05/15/39
.................
107
127,464
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
442
431,688
5.63%,
04/15/27
.................
147
144,795
6.50%,
07/15/28
.................
198
190,080
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
758
711,324
6,743,225
Construction
&
Engineering
—
0.2%
(b)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
676
641,355
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
361
335,759
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
190
179,075
MasTec,
Inc.,
4.50%,
08/15/28
.........
318
315,066
1,471,255
Consumer
Finance
—
1.4%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(e)(f)
..............
1,505
1,371,507
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
167
149,047
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
.................
USD
200
$
199,675
4.69%,
06/09/25
.................
200
201,432
5.13%,
06/16/25
.................
548
558,960
4.13%,
08/04/25
.................
296
295,667
3.38%,
11/13/25
.................
200
195,489
4.39%,
01/08/26
.................
475
473,770
2.70%,
08/10/26
.................
607
564,516
4.27%,
01/09/27
.................
200
197,252
4.13%,
08/17/27
.................
400
390,980
3.82%,
11/02/27
.................
200
189,500
2.90%,
02/16/28
.................
585
528,694
5.11%,
05/03/29
.................
303
304,797
4.00%,
11/13/30
.................
911
857,888
3.63%,
06/17/31
.................
200
180,655
Global
Aircraft
Leasing
Co.
Ltd.
(b)(g)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(f)
................
389
353,420
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
273
247,908
Navient
Corp.
6.13%,
03/25/24
.................
150
152,625
5.88%,
10/25/24
.................
49
49,987
5.50%,
03/15/29
.................
617
574,581
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
227
238,695
7.13%,
03/15/26
.................
819
875,421
3.50%,
01/15/27
.................
646
597,550
6.63%,
01/15/28
.................
155
162,362
5.38%,
11/15/29
.................
140
136,020
4.00%,
09/15/30
.................
314
277,105
SLM
Corp.,
3.13%,
11/02/26
..........
393
364,508
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(b)
381
358,470
11,048,481
Containers
&
Packaging
—
2.2%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
1,935
1,768,929
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(b)
...............
2,627
2,367,321
Ardagh
Packaging
Finance
plc
(b)
4.13%,
08/15/26
.................
801
771,704
4.75%,
07/15/27
.................
GBP
100
119,641
5.25%,
08/15/27
.................
USD
2,427
2,243,458
Ball
Corp.
2.88%,
08/15/30
.................
71
63,655
3.13%,
09/15/31
.................
841
751,601
Canpack
SA,
3.13%,
11/01/25
(b)
........
211
194,648
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
860
869,675
8.75%,
04/15/30
.................
726
683,348
Crown
Americas
LLC,
4.25%,
09/30/26
...
275
275,687
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
78
88,019
Graphic
Packaging
International
LLC
(b)
4.75%,
07/15/27
.................
128
129,280
3.50%,
03/15/28
.................
15
14,100
3.50%,
03/01/29
.................
59
54,280
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(b)
....................
274
282,220
LABL,
Inc.,
5.88%,
11/01/28
(b)
.........
587
550,312
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
...............
389
387,455
Sealed
Air
Corp.
(b)
5.13%,
12/01/24
.................
20
20,761
4.00%,
12/01/27
.................
143
139,425
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
3
2,880
BlackRock
High
Yield
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Trivium
Packaging
Finance
BV
(b)(h)
5.50%,
08/15/26
.................
USD
1,316
$
1,310,578
8.50%,
08/15/27
.................
4,176
4,155,120
17,244,097
Distributors
—
0.1%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
.................
220
211,352
3.88%,
11/15/29
.................
97
90,453
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
216
203,515
505,320
Diversified
Consumer
Services
—
0.7%
Graham
Holdings
Co.,
5.75%,
06/01/26
(b)
..
105
107,830
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
427
401,828
Service
Corp.
International
5.13%,
06/01/29
.................
89
90,565
3.38%,
08/15/30
.................
279
251,346
4.00%,
05/15/31
.................
990
921,027
Sotheby's
(b)
7.38%,
10/15/27
.................
2,284
2,339,022
5.88%,
06/01/29
.................
1,375
1,330,312
5,441,930
Diversified
Financial
Services
—
0.7%
(b)
Jefferies
Finance
LLC,
5.00%,
08/15/28
...
665
636,724
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
519
497,521
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
781
865,844
7.38%,
09/01/25
.................
395
412,471
Shift4
Payments
LLC,
4.63%,
11/01/26
....
636
618,510
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
2,393
2,488,720
5,519,790
Diversified
Telecommunication
Services
—
6.5%
Altice
France
Holding
SA
(b)
10.50%,
05/15/27
................
4,037
4,224,741
6.00%,
02/15/28
.................
1,263
1,089,337
Altice
France
SA
(b)
8.13%,
02/01/27
.................
222
228,911
5.50%,
01/15/28
.................
900
834,030
5.13%,
01/15/29
.................
614
550,040
5.13%,
07/15/29
.................
3,089
2,768,516
5.50%,
10/15/29
.................
1,387
1,244,527
CCO
Holdings
LLC
5.00%,
02/01/28
(b)
................
316
312,682
5.38%,
06/01/29
(b)
................
162
162,000
4.75%,
03/01/30
(b)
................
823
790,278
4.50%,
08/15/30
(b)
................
834
782,536
4.25%,
02/01/31
(b)
................
1,463
1,327,673
4.75%,
02/01/32
(b)
................
559
520,563
4.50%,
05/01/32
.................
1,119
1,023,549
4.50%,
06/01/33
(b)
................
424
380,540
4.25%,
01/15/34
(b)
................
3,033
2,634,145
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
....................
800
737,120
Frontier
Communications
Corp.
(b)
5.88%,
10/15/27
.................
1,083
1,075,744
5.00%,
05/01/28
.................
1,613
1,548,480
6.75%,
05/01/29
.................
799
767,040
Frontier
Communications
Holdings
LLC,
6.00%,
01/15/30
(b)
....................
1,211
1,120,175
Iliad
Holding
SAS
(b)
6.50%,
10/15/26
.................
2,100
2,105,670
7.00%,
10/15/28
.................
865
866,280
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Level
3
Financing,
Inc.
(b)
4.25%,
07/01/28
.................
USD
928
$
851,911
3.63%,
01/15/29
.................
284
248,500
3.75%,
07/15/29
.................
343
303,977
Lumen
Technologies,
Inc.
5.13%,
12/15/26
(b)
................
674
641,985
4.00%,
02/15/27
(b)
................
984
916,434
4.50%,
01/15/29
(b)
................
1,607
1,382,012
5.38%,
06/15/29
(b)
................
1,320
1,175,625
Series
P,
7.60%,
09/15/39
..........
51
48,980
Series
U,
7.65%,
03/15/42
..........
439
423,635
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(b)
....................
200
201,390
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
2,020
2,340,554
8.75%,
03/15/32
.................
3,063
4,125,861
Switch
Ltd.
(b)
3.75%,
09/15/28
.................
554
537,239
4.13%,
06/15/29
.................
1,694
1,666,472
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
408
389,938
6.00%,
09/30/34
.................
739
694,712
7.20%,
07/18/36
.................
201
195,472
7.72%,
06/04/38
.................
544
554,774
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
2,905
2,673,268
6.13%,
03/01/28
.................
5,207
4,660,265
51,127,581
Electric
Utilities
—
0.9%
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(e)(f)
...........
385
361,322
FirstEnergy
Corp.
2.65%,
03/01/30
.................
512
464,842
Series
B,
2.25%,
09/01/30
..........
38
33,630
Series
C,
7.38%,
11/15/31
..........
722
890,486
Series
C,
3.40%,
03/01/50
..........
1,582
1,332,503
FirstEnergy
Transmission
LLC
(b)
5.45%,
07/15/44
.................
834
909,228
4.55%,
04/01/49
.................
652
622,914
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(b)
....................
13
13,097
NRG
Energy,
Inc.
5.75%,
01/15/28
.................
8
8,131
3.63%,
02/15/31
(b)
................
501
440,675
3.88%,
02/15/32
(b)
................
479
421,520
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
897
882,478
PG&E
Corp.,
5.25%,
07/01/30
.........
273
264,783
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(b)
455
429,975
7,075,584
Electrical
Equipment
—
0.3%
(b)
Sensata
Technologies
BV
5.63%,
11/01/24
.................
187
193,311
4.00%,
04/15/29
.................
234
222,822
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
2,025
1,848,045
2,264,178
Electronic
Equipment,
Instruments
&
Components
—
0.3%
(b)
II-VI,
Inc.,
5.00%,
12/15/29
...........
746
729,215
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
1,288
1,231,772
3.75%,
02/15/31
.................
408
377,400
2,338,387
BlackRock
High
Yield
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
—
0.7%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
USD
259
$
261,906
6.25%,
04/01/28
.................
1,589
1,566,102
ChampionX
Corp.,
6.38%,
05/01/26
......
122
124,440
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
122
122,000
7.50%,
01/15/28
.................
314
306,150
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(b)
..
560
581,700
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
125
141,580
Transocean,
Inc.,
11.50%,
01/30/27
(b)
.....
241
248,833
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
794
801,146
6.88%,
09/01/27
.................
854
857,279
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
30
31,012
8.63%,
04/30/30
.................
474
481,276
5,523,424
Entertainment
—
1.4%
(b)
AMC
Entertainment
Holdings,
Inc.
10.00%,
06/15/26
................
809
726,853
7.50%,
02/15/29
.................
506
491,708
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
1,232
1,187,340
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
59
59,236
6.50%,
05/15/27
.................
1,293
1,377,071
4.75%,
10/15/27
.................
169
164,775
3.75%,
01/15/28
.................
478
449,263
Magallanes,
Inc.
5.14%,
03/15/52
.................
3,399
3,477,499
5.39%,
03/15/62
.................
2,039
2,106,446
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
1,134
1,046,115
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
191
181,927
11,268,233
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.6%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
397
370,528
CTR
Partnership
LP,
3.88%,
06/30/28
(b)
...
338
318,639
Diversified
Healthcare
Trust,
9.75%,
06/15/25
356
374,690
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
260
239,194
GLP
Capital
LP,
3.25%,
01/15/32
.......
105
95,267
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
384
364,800
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
852
798,750
Iron
Mountain,
Inc.
(b)
5.25%,
07/15/30
.................
312
305,760
5.63%,
07/15/32
.................
264
260,114
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
.................
79
81,329
4.50%,
09/01/26
.................
507
509,535
5.75%,
02/01/27
.................
351
370,744
4.50%,
01/15/28
.................
827
833,202
3.88%,
02/15/29
(b)
................
1,941
1,907,033
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
598
592,020
3.50%,
03/15/31
.................
2,488
2,310,636
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
1,231
1,184,579
4.50%,
02/15/29
(b)
................
404
379,760
RLJ
Lodging
Trust
LP
(b)
3.75%,
07/01/26
.................
258
245,100
4.00%,
09/15/29
.................
217
200,695
SBA
Communications
Corp.,
3.88%,
02/15/27
611
595,985
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Service
Properties
Trust
4.35%,
10/01/24
.................
USD
68
$
65,450
7.50%,
09/15/25
.................
676
709,158
5.50%,
12/15/27
.................
209
201,580
Uniti
Group
LP
(b)
7.88%,
02/15/25
.................
188
195,334
4.75%,
04/15/28
.................
484
456,780
6.50%,
02/15/29
.................
1,139
1,061,946
6.00%,
01/15/30
.................
335
301,500
VICI
Properties
LP
(b)
3.50%,
02/15/25
.................
292
287,693
4.25%,
12/01/26
.................
303
301,727
3.75%,
02/15/27
.................
751
730,348
4.63%,
12/01/29
.................
1,384
1,380,540
4.13%,
08/15/30
.................
2,154
2,079,385
20,109,801
Food
&
Staples
Retailing
—
0.5%
(b)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
707
668,129
4.63%,
01/15/27
.................
378
365,419
5.88%,
02/15/28
.................
1,088
1,084,317
4.88%,
02/15/30
.................
287
279,466
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
692
630,585
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
152
155,800
US
Foods,
Inc.
6.25%,
04/15/25
.................
231
236,775
4.75%,
02/15/29
.................
442
421,557
3,842,048
Food
Products
—
1.4%
Chobani
LLC
(b)
7.50%,
04/15/25
.................
1,654
1,599,087
4.63%,
11/15/28
.................
694
640,215
JBS
USA
LUX
SA,
3.75%,
12/01/31
(b)
.....
1,286
1,193,710
Kraft
Heinz
Foods
Co.
6.50%,
02/09/40
.................
280
333,900
4.88%,
10/01/49
.................
1,808
1,904,963
5.50%,
06/01/50
.................
2,027
2,301,719
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
20
20,000
4.13%,
01/31/30
.................
373
348,321
4.38%,
01/31/32
.................
523
488,597
Pilgrim's
Pride
Corp.
(b)
4.25%,
04/15/31
.................
110
101,750
3.50%,
03/01/32
.................
1,168
1,019,646
Post
Holdings,
Inc.
(b)
5.75%,
03/01/27
.................
2
2,010
5.63%,
01/15/28
.................
165
161,958
5.50%,
12/15/29
.................
51
49,071
4.63%,
04/15/30
.................
54
48,625
4.50%,
09/15/31
.................
75
66,449
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
543
509,063
10,789,084
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
183
171,563
Health
Care
Equipment
&
Supplies
—
1.1%
(b)
Avantor
Funding,
Inc.
4.63%,
07/15/28
.................
1,142
1,129,438
3.88%,
11/01/29
.................
974
915,560
Hologic,
Inc.,
3.25%,
02/15/29
.........
160
149,403
Mozart
Debt
Merger
Sub,
Inc.,
5.25%,
10/01/29
3,410
3,170,175
BlackRock
High
Yield
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Ortho-Clinical
Diagnostics,
Inc.
7.38%,
06/01/25
.................
USD
907
$
934,210
7.25%,
02/01/28
.................
2,136
2,200,080
Teleflex,
Inc.,
4.25%,
06/01/28
.........
297
289,204
8,788,070
Health
Care
Providers
&
Services
—
4.0%
180
Medical,
Inc.,
3.88%,
10/15/29
(b)
.....
313
295,785
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%,
07/01/28
.................
335
336,675
5.00%,
04/15/29
.................
202
199,422
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
205
203,462
5.13%,
03/01/30
.................
104
96,590
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
680
632,400
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(b)
...
119
94,605
Akumin,
Inc.,
7.00%,
11/01/25
(b)
........
135
112,050
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
279
267,840
Centene
Corp.
4.25%,
12/15/27
.................
187
187,701
2.45%,
07/15/28
.................
1,302
1,189,637
4.63%,
12/15/29
.................
552
556,466
3.00%,
10/15/30
.................
2,709
2,488,135
2.50%,
03/01/31
.................
3,316
2,926,470
2.63%,
08/01/31
.................
863
768,070
Community
Health
Systems,
Inc.
(b)
8.00%,
03/15/26
.................
2,012
2,095,337
5.63%,
03/15/27
.................
1,486
1,513,394
6.00%,
01/15/29
.................
727
734,594
6.88%,
04/15/29
.................
222
218,115
6.13%,
04/01/30
.................
615
572,239
DaVita,
Inc.,
4.63%,
06/01/30
(b)
........
21
19,610
Encompass
Health
Corp.
4.50%,
02/01/28
.................
117
114,660
4.75%,
02/01/30
.................
807
774,720
4.63%,
04/01/31
.................
369
345,399
HCA,
Inc.
5.63%,
09/01/28
.................
1,017
1,099,631
5.88%,
02/01/29
.................
280
306,096
3.50%,
09/01/30
.................
2,320
2,241,268
4.63%,
03/15/52
(b)
................
630
634,896
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
879
832,852
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
289
298,604
4.38%,
02/15/27
.................
127
122,694
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(b)
...
666
629,292
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(b)
....................
179
166,866
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
313
316,030
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
233
230,582
3.88%,
11/15/30
.................
372
357,120
3.88%,
05/15/32
.................
452
429,829
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
299
280,312
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(b)
...
322
331,341
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
765
784,117
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
173
180,967
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
1,130
1,125,762
10.00%,
04/15/27
................
1,060
1,113,000
Tenet
Healthcare
Corp.
(b)
4.63%,
09/01/24
.................
406
408,779
4.88%,
01/01/26
.................
534
538,673
6.25%,
02/01/27
.................
180
184,787
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.13%,
11/01/27
.................
USD
1,264
$
1,269,947
4.63%,
06/15/28
.................
96
94,200
6.13%,
10/01/28
.................
405
411,581
4.25%,
06/01/29
.................
205
196,544
Vizient,
Inc.,
6.25%,
05/15/27
(b)
........
277
285,310
31,614,456
Health
Care
Technology
—
0.1%
IQVIA,
Inc.
(b)
5.00%,
10/15/26
.................
298
303,215
5.00%,
05/15/27
.................
226
228,496
531,711
Hotels,
Restaurants
&
Leisure
—
5.8%
1011778
BC
ULC
(b)
3.88%,
01/15/28
.................
509
482,295
4.38%,
01/15/28
.................
1,156
1,109,760
4.00%,
10/15/30
.................
86
77,575
Affinity
Gaming,
6.88%,
12/15/27
(b)
......
272
264,520
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(d)
....................
EUR
506
545,430
Boyd
Gaming
Corp.
8.63%,
06/01/25
(b)
................
USD
256
268,892
4.75%,
12/01/27
.................
454
451,730
4.75%,
06/15/31
(b)
................
715
689,081
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
599
575,040
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
2,249
2,321,958
4.63%,
10/15/29
.................
2,035
1,902,725
Carnival
Corp.
(b)
10.50%,
02/01/26
................
1,290
1,434,364
5.75%,
03/01/27
.................
2,605
2,484,297
9.88%,
08/01/27
.................
792
875,413
4.00%,
08/01/28
.................
3,990
3,710,700
6.00%,
05/01/29
.................
1,405
1,323,988
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
291
293,910
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
1,308
1,321,080
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
1,350
1,386,335
6.50%,
10/01/28
.................
87
88,523
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
224
226,540
4.75%,
01/15/28
.................
461
447,170
Colt
Merger
Sub,
Inc.
(b)
5.75%,
07/01/25
.................
417
425,584
8.13%,
07/01/27
.................
2,691
2,883,285
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
526
498,385
6.75%,
01/15/30
.................
1,295
1,191,361
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(b)
................
321
332,107
4.88%,
01/15/30
.................
447
445,992
4.00%,
05/01/31
(b)
................
1,328
1,253,300
IRB
Holding
Corp.,
7.00%,
06/15/25
(b)
....
232
241,280
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
567
566,427
8.00%,
04/15/26
.................
364
363,420
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
408
409,020
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
412
364,620
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
200
197,450
MGM
Resorts
International
6.00%,
03/15/23
.................
308
314,991
5.75%,
06/15/25
.................
41
42,026
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
485
447,102
BlackRock
High
Yield
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
USD
822
$
781,031
7.75%,
02/15/29
.................
241
242,673
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
681
631,522
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(b)
....................
438
484,538
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(b)
154
137,861
Powdr
Corp.,
6.00%,
08/01/25
(b)
........
344
351,740
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
214
183,922
5.88%,
09/01/31
.................
239
204,023
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
371
356,346
Royal
Caribbean
Cruises
Ltd.
(b)
10.88%,
06/01/23
................
150
159,612
9.13%,
06/15/23
.................
275
286,344
11.50%,
06/01/25
................
216
237,354
5.50%,
08/31/26
.................
241
234,204
5.38%,
07/15/27
.................
885
850,290
5.50%,
04/01/28
.................
928
884,671
Scientific
Games
International,
Inc.
8.63%,
07/01/25
(b)
................
332
349,015
3.38%,
02/15/26
(d)
................
EUR
500
560,186
8.25%,
03/15/26
(b)
................
USD
1,011
1,052,704
7.00%,
05/15/28
(b)
................
256
265,343
7.25%,
11/15/29
(b)
................
193
202,167
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
908
947,725
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
392
371,806
4.63%,
12/01/31
.................
633
579,005
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
249
257,187
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
379
345,933
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
227
218,488
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
483
467,303
Wynn
Resorts
Finance
LLC
(b)
7.75%,
04/15/25
.................
320
332,051
5.13%,
10/01/29
.................
1,224
1,152,090
Yum!
Brands,
Inc.
7.75%,
04/01/25
(b)
................
420
436,275
4.75%,
01/15/30
(b)
................
10
9,806
5.35%,
11/01/43
.................
10
9,725
45,840,616
Household
Durables
—
0.9%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
116
118,848
4.63%,
08/01/29
.................
208
183,421
4.63%,
04/01/30
.................
325
283,130
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
418
379,548
4.88%,
02/15/30
.................
307
274,555
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
615
631,912
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
205
199,875
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
521
537,933
Mattamy
Group
Corp.
(b)
5.25%,
12/15/27
.................
246
242,824
4.63%,
03/01/30
.................
262
246,099
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
240
242,388
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(b)
118
114,085
Newell
Brands,
Inc.,
6.00%,
04/01/46
(h)
....
234
244,530
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(b)
421
427,841
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
620
535,804
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
USD
161
$
167,440
5.13%,
08/01/30
.................
49
47,897
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
536
486,862
3.88%,
10/15/31
.................
619
530,793
Toll
Brothers
Finance
Corp.,
4.35%,
02/15/28
22
22,103
TRI
Pointe
Group,
Inc.,
5.88%,
06/15/24
...
123
127,763
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
385
382,272
5.70%,
06/15/28
.................
91
90,844
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(b)
....................
513
500,175
7,018,942
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
564
509,010
4.13%,
04/30/31
(b)
................
386
347,400
Energizer
Holdings,
Inc.
(b)
6.50%,
12/31/27
.................
269
266,310
4.75%,
06/15/28
.................
43
39,056
4.38%,
03/31/29
.................
31
27,140
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
346
325,489
5.50%,
07/15/30
.................
244
234,240
3.88%,
03/15/31
.................
67
59,107
1,807,752
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
(b)
Calpine
Corp.
5.25%,
06/01/26
.................
44
44,220
4.50%,
02/15/28
.................
4
3,902
5.13%,
03/15/28
.................
1,916
1,825,143
4.63%,
02/01/29
.................
184
169,280
5.00%,
02/01/31
.................
126
114,660
3.75%,
03/01/31
.................
4
3,581
Clearway
Energy
Operating
LLC
4.75%,
03/15/28
.................
308
309,334
3.75%,
01/15/32
.................
588
540,960
3,011,080
Insurance
—
2.4%
(b)
Acrisure
LLC,
6.00%,
08/01/29
.........
447
413,310
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
3,385
3,255,930
6.75%,
10/15/27
.................
4,282
4,230,359
5.88%,
11/01/29
.................
2,696
2,591,530
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
541
519,371
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(g)
.........
241
248,786
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
107
99,777
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
508
513,918
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
.....................
14
13,750
HUB
International
Ltd.
7.00%,
05/01/26
.................
1,031
1,042,913
5.63%,
12/01/29
.................
118
112,690
NFP
Corp.
4.88%,
08/15/28
.................
1,319
1,259,645
6.88%,
08/15/28
.................
4,419
4,220,145
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
314
296,730
18,818,854
BlackRock
High
Yield
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
—
0.2%
(b)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
USD
136
$
118,000
Twitter,
Inc.
3.88%,
12/15/27
.................
668
648,795
5.00%,
03/01/30
.................
582
579,090
1,345,885
Internet
&
Direct
Marketing
Retail
—
0.2%
(b)
ANGI
Group
LLC,
3.88%,
08/15/28
......
411
348,174
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
82
82,374
3.50%,
03/01/29
.................
252
231,706
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
82
79,437
5.63%,
02/15/29
.................
164
162,936
4.13%,
08/01/30
.................
368
344,842
3.63%,
10/01/31
.................
257
229,870
1,479,339
IT
Services
—
1.6%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
1,010
927,937
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
216
192,979
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
188
175,378
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(b)
602
570,515
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
464
447,894
4.00%,
07/01/29
.................
1,190
1,161,964
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
1,259
1,227,525
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
276
258,060
5.63%,
09/15/28
.................
855
780,187
Endurance
International
Group
Holdings,
Inc.,
6.00%,
02/15/29
(b)
...............
217
187,169
Gartner,
Inc.
(b)
4.50%,
07/01/28
.................
256
255,039
3.75%,
10/01/30
.................
667
626,146
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
585
563,794
Northwest
Fiber
LLC
(b)
4.75%,
04/30/27
.................
1,482
1,407,159
6.00%,
02/15/28
.................
844
740,865
10.75%,
06/01/28
................
149
155,334
Square,
Inc.,
3.50%,
06/01/31
(b)
........
1,772
1,621,380
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
314
316,748
Twilio,
Inc.,
3.88%,
03/15/31
..........
740
687,843
12,303,916
Leisure
Products
—
0.2%
Mattel,
Inc.
5.88%,
12/15/27
(b)
................
146
152,731
3.75%,
04/01/29
(b)
................
202
194,368
6.20%,
10/01/40
.................
486
559,058
5.45%,
11/01/41
.................
721
767,504
1,673,661
Life
Sciences
Tools
&
Services
—
0.3%
(b)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
336
328,440
3.75%,
03/15/29
.................
66
62,250
4.00%,
03/15/31
.................
196
183,995
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
817
777,425
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
878
811,052
2,163,162
Machinery
—
1.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
230
230,575
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(b)
....................
188
176,720
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Clark
Equipment
Co.,
5.88%,
06/01/25
(b)
...
USD
118
$
119,032
Colfax
Corp.,
6.38%,
02/15/26
(b)
........
238
245,506
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
568
581,391
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
241
224,111
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(g)
........
478
497,120
Meritor,
Inc.,
4.50%,
12/15/28
(b)
........
122
122,311
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
210
198,918
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
258
223,170
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
....................
272
253,640
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
457
471,958
Terex
Corp.,
5.00%,
05/15/29
(b)
........
625
599,044
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
1,127
1,119,872
Titan
International,
Inc.,
7.00%,
04/30/28
..
115
115,369
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(b)
720
713,700
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
2,248
2,223,339
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
442
397,800
8,513,576
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(b)
......
672
629,160
Media
—
6.1%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(b)
....................
187
176,982
Altice
Financing
SA
(b)
5.00%,
01/15/28
.................
1,238
1,109,682
5.75%,
08/15/29
.................
3,062
2,783,618
AMC
Networks,
Inc.
5.00%,
04/01/24
.................
27
26,933
4.75%,
08/01/25
.................
71
70,748
4.25%,
02/15/29
.................
242
225,833
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
231
222,915
Cable
One,
Inc.
1.13%,
03/15/28
(i)
................
419
374,586
4.00%,
11/15/30
(b)
................
114
105,133
Charter
Communications
Operating
LLC
5.25%,
04/01/53
.................
541
544,648
5.50%,
04/01/63
.................
541
544,204
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
1,185
1,205,738
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
2,645
2,616,407
7.75%,
04/15/28
.................
1,744
1,753,121
7.50%,
06/01/29
.................
3,320
3,312,879
CSC
Holdings
LLC
(b)
5.75%,
01/15/30
.................
895
796,550
4.13%,
12/01/30
.................
1,555
1,363,525
4.63%,
12/01/30
.................
1,906
1,593,969
4.50%,
11/15/31
.................
409
366,574
5.00%,
11/15/31
.................
229
191,870
Directv
Financing
LLC,
5.88%,
08/15/27
(b)
..
954
938,497
DISH
DBS
Corp.
5.88%,
07/15/22
.................
131
131,652
5.25%,
12/01/26
(b)
................
3,779
3,599,498
5.75%,
12/01/28
(b)
................
2,169
2,052,416
5.13%,
06/01/29
.................
1,713
1,458,774
DISH
Network
Corp.,
3.38%,
08/15/26
(i)
...
262
235,669
GCI
LLC,
4.75%,
10/15/28
(b)
..........
145
141,558
iHeartCommunications,
Inc.,
8.38%,
05/01/27
69
71,343
LCPR
Senior
Secured
Financing
DAC
(b)
6.75%,
10/15/27
.................
806
828,004
5.13%,
07/15/29
.................
1,030
983,336
Liberty
Broadband
Corp.
(b)(i)
1.25%,
09/30/50
.................
814
779,405
BlackRock
High
Yield
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.75%,
09/30/50
.................
USD
1,415
$
1,395,578
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
307
308,280
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
496
484,880
4.25%,
01/15/29
.................
262
243,725
4.63%,
03/15/30
.................
32
30,120
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
2,282
2,202,130
6.50%,
09/15/28
.................
4,107
3,883,682
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(b)
..
29
26,948
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
479
427,110
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
634
599,430
4.00%,
07/15/28
.................
488
463,600
4.13%,
07/01/30
.................
324
303,319
3.88%,
09/01/31
.................
1,383
1,258,530
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
209
197,166
TEGNA,
Inc.,
4.63%,
03/15/28
.........
54
53,715
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
400
386,000
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(b)
1,183
1,203,703
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
150
150,126
6.63%,
06/01/27
.................
198
207,405
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
882
828,083
Videotron
Ltd.,
3.63%,
06/15/29
(b)
.......
540
500,683
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
893
857,280
Ziggo
Bond
Co.
BV
(b)
6.00%,
01/15/27
.................
296
297,850
5.13%,
02/28/30
.................
275
255,923
Ziggo
BV,
4.88%,
01/15/30
(b)
..........
565
532,077
47,703,410
Metals
&
Mining
—
2.0%
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
.................
225
213,230
5.13%,
10/01/31
.................
253
237,246
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
371
379,533
6.13%,
02/15/28
.................
578
579,945
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
3,787
3,973,396
Carpenter
Technology
Corp.,
7.63%,
03/15/30
350
358,369
Commercial
Metals
Co.
4.13%,
01/15/30
.................
164
153,135
4.38%,
03/15/32
.................
175
162,531
Constellium
SE
(b)
5.63%,
06/15/28
.................
663
665,791
3.75%,
04/15/29
.................
2,128
1,909,880
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
348
339,039
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(b)
....................
183
198,097
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
763
716,732
4.50%,
06/01/31
.................
233
210,070
New
Gold,
Inc.
(b)
6.38%,
05/15/25
.................
77
76,807
7.50%,
07/15/27
.................
1,093
1,133,988
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
547
522,538
4.75%,
01/30/30
.................
1,225
1,189,310
3.88%,
08/15/31
.................
1,806
1,651,876
United
States
Steel
Corp.,
6.88%,
03/01/29
.
940
977,600
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(b)
....................
USD
220
$
213,400
15,862,513
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(b)
5.50%,
11/01/23
.................
50
50,853
4.38%,
01/15/27
.................
180
174,600
225,453
Multiline
Retail
—
0.1%
(b)
Macy's
Retail
Holdings
LLC
5.88%,
03/15/30
.................
106
104,570
6.13%,
03/15/32
.................
106
104,675
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
757
777,439
986,684
Oil,
Gas
&
Consumable
Fuels
—
9.5%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
1,014
1,052,228
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
157
159,887
5.38%,
06/15/29
.................
422
421,570
Antero
Resources
Corp.
(b)
7.63%,
02/01/29
.................
259
279,961
5.38%,
03/01/30
.................
158
161,357
Apache
Corp.
4.25%,
01/15/30
.................
594
598,761
5.10%,
09/01/40
.................
841
847,307
5.25%,
02/01/42
.................
143
142,285
5.35%,
07/01/49
.................
251
241,588
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
1,533
2,100,210
5.88%,
06/30/29
.................
189
186,749
Bonanza
Creek
Energy,
Inc.,
5.00%,
10/15/26
(b)
199
197,265
Buckeye
Partners
LP
4.13%,
03/01/25
(b)
................
28
27,613
5.85%,
11/15/43
.................
237
202,028
5.60%,
10/15/44
.................
308
258,194
Callon
Petroleum
Co.
6.13%,
10/01/24
.................
226
224,870
9.00%,
04/01/25
(b)
................
1,723
1,826,380
6.38%,
07/01/26
.................
94
93,471
8.00%,
08/01/28
(b)
................
1,392
1,467,405
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(b)
....................
263
264,341
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
635
638,175
4.00%,
03/01/31
.................
1,065
1,032,400
3.25%,
01/31/32
(b)
................
2,606
2,369,610
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
3,608
3,620,087
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
32
33,040
6.75%,
04/15/29
.................
953
1,009,356
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
453
455,831
6.38%,
06/15/26
.................
463
465,857
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
207
193,849
CNX
Resources
Corp.,
6.00%,
01/15/29
(b)
..
136
137,360
Colgate
Energy
Partners
III
LLC
(b)
7.75%,
02/15/26
.................
239
254,776
5.88%,
07/01/29
.................
751
774,244
Comstock
Resources,
Inc.
(b)
7.50%,
05/15/25
.................
205
208,075
6.75%,
03/01/29
.................
1,160
1,196,633
5.88%,
01/15/30
.................
1,110
1,093,683
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
2,084
2,047,322
BlackRock
High
Yield
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
....................
USD
1,294
$
1,300,030
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
89
88,185
6.00%,
02/01/29
.................
64
63,760
8.00%,
04/01/29
.................
195
208,139
CrownRock
LP,
5.63%,
10/15/25
(b)
......
1,511
1,540,064
DCP
Midstream
Operating
LP
6.45%,
11/03/36
(b)
................
269
309,955
6.75%,
09/15/37
(b)
................
581
681,222
5.60%,
04/01/44
.................
31
32,574
Diamondback
Energy,
Inc.,
4.25%,
03/15/52
505
499,113
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
837
802,520
4.38%,
06/15/31
.................
1,717
1,644,027
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(e)(f)
...........
1,342
1,318,918
EnLink
Midstream
LLC
5.63%,
01/15/28
(b)
................
434
442,680
5.38%,
06/01/29
.................
298
297,255
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
.................
293
296,826
4.15%,
06/01/25
.................
27
26,906
4.85%,
07/15/26
.................
28
28,000
5.60%,
04/01/44
.................
376
324,300
5.05%,
04/01/45
.................
45
36,337
5.45%,
06/01/47
.................
139
117,108
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
418
426,379
4.13%,
12/01/26
.................
53
50,882
6.50%,
07/01/27
(b)
................
788
823,097
4.50%,
01/15/29
(b)
................
272
254,320
4.75%,
01/15/31
(b)
................
854
798,490
Genesis
Energy
LP
6.50%,
10/01/25
.................
63
62,137
7.75%,
02/01/28
.................
167
167,886
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(b)
....................
246
274,290
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
84
86,410
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
....
200
197,500
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
98
100,095
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
491
463,308
Hilcorp
Energy
I
LP,
6.25%,
11/01/28
(b)
....
76
76,380
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
719
664,155
Matador
Resources
Co.,
5.88%,
09/15/26
..
1,621
1,650,664
MPLX
LP,
4.95%,
03/14/52
...........
977
1,017,134
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
74
75,409
5.88%,
12/01/27
.................
124
126,170
6.37%,
12/01/42
(h)
................
46
44,089
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
1,745
1,755,313
6.50%,
09/30/26
.................
2,363
2,341,189
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
336
330,520
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(b)
....
307
385,293
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(b)
1,293
1,347,073
NuStar
Logistics
LP
5.75%,
10/01/25
.................
232
236,350
6.00%,
06/01/26
.................
311
314,497
6.38%,
10/01/30
.................
35
35,474
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
121
129,924
5.50%,
12/01/25
.................
163
171,525
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.55%,
03/15/26
.................
USD
59
$
62,540
8.88%,
07/15/30
.................
185
237,262
6.63%,
09/01/30
.................
1,487
1,706,332
6.20%,
03/15/40
.................
1,551
1,721,610
4.50%,
07/15/44
.................
149
142,390
6.60%,
03/15/46
.................
71
83,425
4.40%,
04/15/46
.................
85
80,750
4.40%,
08/15/49
.................
85
79,900
Parkland
Corp.,
5.88%,
07/15/27
(b)
......
418
416,955
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
58
58,710
Range
Resources
Corp.
4.88%,
05/15/25
.................
163
164,983
4.75%,
02/15/30
(b)
................
257
255,247
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
749
749,693
SM
Energy
Co.
10.00%,
01/15/25
(b)
...............
1,561
1,704,081
5.63%,
06/01/25
.................
144
143,820
6.75%,
09/15/26
.................
259
266,323
6.63%,
01/15/27
.................
234
239,888
6.50%,
07/15/28
.................
263
271,398
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
747
756,338
4.75%,
02/01/32
.................
347
346,566
Summit
Midstream
Holdings
LLC,
8.50%,
10/15/26
(b)
....................
223
212,637
Sunoco
LP
6.00%,
04/15/27
.................
42
42,787
5.88%,
03/15/28
.................
185
186,850
Tallgrass
Energy
Partners
LP
(b)
6.00%,
03/01/27
.................
96
95,631
6.00%,
12/31/30
.................
66
64,043
6.00%,
09/01/31
.................
241
232,023
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
2,035
2,106,469
Targa
Resources
Corp.,
4.95%,
04/15/52
..
545
555,253
TerraForm
Power
Operating
LLC
(b)
4.25%,
01/31/23
.................
16
15,960
5.00%,
01/31/28
.................
14
13,941
4.75%,
01/15/30
.................
254
247,726
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
1,648
1,602,070
4.13%,
08/15/31
.................
1,908
1,872,034
3.88%,
11/01/33
.................
3,387
3,238,819
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
59
60,896
4.55%,
02/01/30
(h)
................
183
182,085
5.45%,
04/01/44
.................
660
669,081
5.30%,
03/01/48
.................
623
616,770
5.50%,
08/15/48
.................
184
181,700
5.75%,
02/01/50
(h)
................
2,183
2,128,425
74,561,051
Personal
Products
—
0.1%
(b)
Coty,
Inc.,
4.75%,
01/15/29
...........
342
319,125
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
297
265,073
584,198
Pharmaceuticals
—
1.9%
Bausch
Health
Americas,
Inc.,
8.50%,
01/31/27
(b)
....................
868
865,630
Bausch
Health
Cos.,
Inc.
(b)
9.00%,
12/15/25
.................
332
343,977
6.13%,
02/01/27
.................
295
296,870
7.00%,
01/15/28
.................
976
873,793
4.88%,
06/01/28
.................
204
195,330
5.00%,
02/15/29
.................
250
194,751
6.25%,
02/15/29
.................
119
97,580
BlackRock
High
Yield
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
7.25%,
05/30/29
.................
USD
775
$
661,021
5.25%,
02/15/31
.................
51
39,697
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%,
07/15/27
.................
5
5,059
3.13%,
02/15/29
.................
291
264,494
3.50%,
04/01/30
.................
1,152
1,051,200
Cheplapharm
Arzneimittel
GmbH,
5.50%,
01/15/28
(b)
....................
480
464,395
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(h)
14
15,015
Embecta
Corp.
(b)
5.00%,
02/15/30
.................
218
205,619
6.75%,
02/15/30
.................
347
347,867
Endo
DAC,
9.50%,
07/31/27
(b)
.........
929
815,198
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(b)
....................
949
865,962
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
965
934,844
Organon
&
Co.
(b)
4.13%,
04/30/28
.................
814
775,502
5.13%,
04/30/31
.................
1,528
1,474,520
P&L
Development
LLC,
7.75%,
11/15/25
(b)
..
505
464,600
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(b)
3,280
3,060,732
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
.............
287
300,116
14,613,772
Professional
Services
—
0.5%
(b)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
153
141,724
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
1,879
1,771,521
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
1,312
1,233,280
KBR,
Inc.,
4.75%,
09/30/28
...........
305
297,357
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
279
274,910
3,718,792
Real
Estate
Management
&
Development
—
0.4%
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
473
494,285
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(b)
274
280,384
Forestar
Group,
Inc.,
3.85%,
05/15/26
(b)
...
204
190,230
Howard
Hughes
Corp.
(The)
(b)
4.13%,
02/01/29
.................
469
440,044
4.38%,
02/01/31
.................
348
327,120
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
281
267,206
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
520
490,100
5.25%,
04/15/30
.................
315
289,800
WeWork
Cos.
LLC,
5.00%,
07/10/25
(b)
....
699
587,586
3,366,755
Road
&
Rail
—
1.1%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
389
375,385
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(b)
211
207,881
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
287
268,008
5.00%,
12/01/29
.................
459
415,395
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
441
433,283
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(b)
...............
508
490,220
Uber
Technologies,
Inc.
7.50%,
05/15/25
(b)
................
492
513,402
0.00%,
12/15/25
(i)(j)
...............
621
555,795
8.00%,
11/01/26
(b)
................
580
616,366
7.50%,
09/15/27
(b)
................
1,216
1,296,572
6.25%,
01/15/28
(b)
................
1,875
1,938,638
4.50%,
08/15/29
(b)
................
1,409
1,320,937
8,431,882
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.1%
(b)
Entegris,
Inc.,
4.38%,
04/15/28
........
USD
163
$
157,703
ON
Semiconductor
Corp.,
3.88%,
09/01/28
.
452
431,660
Synaptics,
Inc.,
4.00%,
06/15/29
........
378
356,265
945,628
Software
—
2.2%
Boxer
Parent
Co.,
Inc.
(b)
7.13%,
10/02/25
.................
864
895,571
9.13%,
03/01/26
.................
1,656
1,705,680
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
221
214,923
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(b)
267
265,056
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(b)
....................
1,657
1,657,000
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
436
415,844
4.88%,
07/01/29
.................
1,869
1,758,374
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(b)
1,238
1,187,539
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
159
157,807
6.50%,
10/15/28
.................
146
145,076
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
207
189,923
Elastic
NV,
4.13%,
07/15/29
(b)
.........
794
738,388
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
552
534,402
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
673
618,359
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
899
874,754
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
(b)
1,240
1,202,955
NCR
Corp.
(b)
5.75%,
09/01/27
.................
250
250,000
5.00%,
10/01/28
.................
172
164,690
5.13%,
04/15/29
.................
294
282,634
6.13%,
09/01/29
.................
39
39,097
Nuance
Communications,
Inc.,
5.63%,
12/15/26
.....................
327
336,199
Open
Text
Corp.,
3.88%,
12/01/29
(b)
.....
356
338,200
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(b)
432
409,620
PTC,
Inc.
(b)
3.63%,
02/15/25
.................
16
15,820
4.00%,
02/15/28
.................
290
282,538
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
1,245
1,254,356
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
866
821,579
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
795
726,650
17,483,034
Specialty
Retail
—
2.8%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
406
369,460
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
208
199,805
4.75%,
03/01/30
.................
186
175,537
5.00%,
02/15/32
(b)
................
357
331,846
Bath
&
Body
Works,
Inc.,
7.60%,
07/15/37
.
140
145,250
Carvana
Co.
(b)
5.50%,
04/15/27
.................
505
450,712
4.88%,
09/01/29
.................
462
381,536
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
.................
867
864,833
8.50%,
10/30/25
.................
399
408,476
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
65
60,531
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
463
428,743
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
220
206,800
L
Brands,
Inc.
6.88%,
11/01/35
.................
752
774,560
6.75%,
07/01/36
.................
119
121,188
LBM
Acquisition
LLC,
6.25%,
01/15/29
(b)
...
937
877,651
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
571
539,298
BlackRock
High
Yield
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
USD
267
$
252,379
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
440
436,292
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
286
283,855
3.75%,
06/15/29
.................
140
125,240
PetSmart,
Inc.
(b)
4.75%,
02/15/28
.................
1,567
1,514,357
7.75%,
02/15/29
.................
3,531
3,645,757
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(b)
..
129
116,100
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
553
562,290
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
1,790
1,709,826
6.13%,
07/01/29
.................
1,517
1,399,432
6.00%,
12/01/29
.................
944
873,200
Staples,
Inc.
(b)
7.50%,
04/15/26
.................
2,244
2,179,160
10.75%,
04/15/27
................
369
328,410
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
1,836
1,739,775
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(g)
...........
413
405,773
21,908,072
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
98
84,868
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(b)
Crocs,
Inc.
4.25%,
03/15/29
.................
314
277,890
4.13%,
08/15/31
.................
880
743,600
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
224
204,960
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
219
200,551
William
Carter
Co.
(The),
5.50%,
05/15/25
..
69
71,105
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
209
185,487
1,683,593
Thrifts
&
Mortgage
Finance
—
0.4%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
781
805,719
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
388
317,892
Ladder
Capital
Finance
Holdings
LLLP
(b)
4.25%,
02/01/27
.................
683
654,562
4.75%,
06/15/29
.................
286
269,734
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
241
238,086
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
231
235,066
5.13%,
12/15/30
.................
158
146,150
5.75%,
11/15/31
.................
222
211,723
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
288
264,426
3,143,358
Trading
Companies
&
Distributors
—
0.5%
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
199
183,838
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
130
129,025
9.75%,
08/01/27
.................
79
82,536
5.50%,
05/01/28
.................
584
530,944
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
360
324,000
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
75
70,312
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
138
139,932
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
1,111
1,069,849
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
.....................
30
30,938
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
205
213,266
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
7.25%,
06/15/28
.................
USD
832
$
883,696
3,658,336
Wireless
Telecommunication
Services
—
1.4%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
4,221
4,294,403
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(b)(f)(g)
........
1,228
852,571
Rogers
Communications,
Inc.,
4.55%,
03/15/52
(b)
....................
1,084
1,077,667
Sprint
Corp.
7.88%,
09/15/23
.................
50
53,125
7.13%,
06/15/24
.................
183
196,276
7.63%,
03/01/26
.................
301
339,772
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
408
372,394
2.88%,
02/15/31
.................
1,322
1,191,030
3.50%,
04/15/31
.................
858
807,361
3.50%,
04/15/31
(b)
................
728
685,033
Vmed
O2
UK
Financing
I
plc
(b)
4.25%,
01/31/31
.................
413
377,738
4.75%,
07/15/31
.................
817
770,023
11,017,393
Total
Corporate
Bonds
—
82.2%
(Cost:
$673,304,139)
.............................
644,122,370
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.5%
(f)
Cobham
Ultra
U.S.
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
,
11/17/28
.
178
175,850
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
02/01/28
2,612
2,590,372
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
02/01/29
562
556,617
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
11/28/23
.................
203
202,716
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
01/15/25
345
344,079
3,869,634
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
04/06/28
(f)
................
223
220,818
Airlines
—
0.5%
(f)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
04/20/28
(k)
.....................
1,267
1,281,635
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
08/11/28
..........
719
711,508
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
10/20/27
.....
538
554,727
United
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
04/21/28
....
1,269
1,252,262
3,800,132
Auto
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
04/30/26
(f)
370
365,075
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.71%
,
12/12/25
(f)
.....
125
124,338
BlackRock
High
Yield
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.1%
(f)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.90%
,
01/24/29
USD
489
$
480,742
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.00%),
6.65%
,
01/24/30
69
68,655
Naked
Juice
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
01/24/29
.................
28
27,735
577,132
Building
Products
—
0.1%
(f)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
11/23/27
.
166
161,378
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
05/05/24
178
176,469
Griffon
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.75%),
3.27%
,
01/24/29
.....
200
197,688
535,535
Chemicals
—
0.3%
(f)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
03/18/28
..........
920
906,937
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(k)
.....................
54
52,197
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
09/30/28
.....
366
356,655
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.76%
,
08/27/26
...........
594
591,150
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
05/15/24
...........
124
122,169
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
09/22/28
650
643,866
2,672,974
Commercial
Services
&
Supplies
—
0.6%
(f)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
-
4.78%
,
02/15/29
......
305
301,569
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
-
5.26%
,
06/21/24
...........
3,587
3,416,138
Propulsion
(BC)
Finco,
Term
Loan,
02/10/29
(k)
450
447,471
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.50%),
9.25%
,
11/02/28
(l)
................
275
275,687
4,440,865
Communications
Equipment
—
0.1%
Viasat,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.00%
,
03/02/29
(f)
.........
843
838,007
Construction
Materials
—
0.1%
(f)
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
01/31/28
.................
201
197,564
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
04/01/29
(k)(l)
.....................
221
217,685
415,249
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.1%
(f)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
12/01/27
.................
USD
126
$
124,810
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
04/03/24
.................
1,006
990,899
1,115,709
Diversified
Consumer
Services
—
0.1%
(f)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
01/29/27
...........
112
110,418
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
12/10/29
.................
284
281,870
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
06/21/27
388
401,878
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.00%
,
01/15/27
...........
248
247,410
1,041,576
Diversified
Financial
Services
—
1.2%
(f)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
02/16/28
194
191,618
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
07/31/26
(k)
.....................
132
131,213
Clydesdale
Acquisition
Holdings,
Inc.,
Term
Loan,
03/30/29
(k)
.................
371
364,815
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
12/11/26
....
271
268,571
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
04/09/27
.................
340
338,336
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
04/07/28
(l)
................
426
424,935
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
11/06/28
.
343
340,075
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
10/01/27
(l)
................
2,027
2,021,827
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
01/29/26
.....
315
306,950
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
4.50%
,
12/17/27
.................
90
87,211
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.21%
,
06/28/24
(l)
25
14,719
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
08/02/28
(k)
.....................
332
329,261
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
08/02/29
(k)(l)
.....................
378
374,130
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.76%
,
12/15/28
.................
1,896
1,875,577
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
6.76%
,
08/31/29
715
710,753
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
09/25/26
....
97
95,827
Veritas
US,
Inc.,
Term
Loan
B,
09/01/25
(k)
...
750
699,581
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
10/19/27
.................
882
870,444
9,445,843
BlackRock
High
Yield
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
0.3%
(f)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
2.99%
,
07/15/25
.....
USD
62
$
60,056
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.51%
,
08/14/26
....
284
278,113
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.25%),
4.05%
,
11/22/28
.
198
195,139
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.81%
,
05/01/28
.................
522
513,033
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.46%
,
03/09/27
1,007
979,525
2,025,866
Electrical
Equipment
—
0.1%
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
09/13/24
(f)
415
409,325
Electronic
Equipment,
Instruments
&
Components
—
0.0%
II-VI,
Inc.,
Term
Loan
B,
12/08/28
(f)(k)(l)
.....
309
306,933
Entertainment
—
0.1%
(f)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
3.35%
,
04/22/26
.................
535
475,589
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
11/12/25
(l)
................
648
644,561
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
05/30/25
.................
9
8,532
1,128,682
Health
Care
Equipment
&
Supplies
—
0.1%
(f)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.51%
,
11/03/28
.
831
819,841
Embecta
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
,
01/26/29
12
11,570
831,411
Health
Care
Providers
&
Services
—
0.2%
(f)
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.21%
,
10/10/25
1,036
685,511
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.20%
,
11/16/25
.................
177
175,896
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.23%
,
06/30/25
.................
139
138,791
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.75%
,
04/29/25
(l)
...
491
434,236
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
01/08/27
.................
313
311,719
1,746,153
Health
Care
Technology
—
1.0%
(f)
Athenahealth
Group
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
02/15/29
3,957
3,908,818
Athenahealth,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(k)
.....................
671
662,511
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
06/02/28
.................
895
887,678
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.46%
,
08/27/25
USD
2,578
$
2,564,732
8,023,739
Hotels,
Restaurants
&
Leisure
—
0.3%
(f)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
01/27/29
.................
1,290
1,281,688
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
12.00%),
13.00%
,
10/04/23
(l)
................
87
91,799
IRB
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.00%),
3.75%
,
12/15/27
....
654
650,025
Life
Time,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
12/16/24
.....
154
152,784
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.93%
,
11/01/26
.................
116
114,951
2,291,247
Household
Durables
—
0.1%
(f)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
02/26/29
.................
477
466,864
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
10/06/28
(k)
.....................
717
693,821
1,160,685
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.46%
,
08/12/26
(f)
.....
26
25,149
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
09/01/25
(f)
................
504
425,925
Insurance
—
0.3%
(f)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
11/05/27
.................
498
493,699
AssuredPartners,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
02/12/27
....
476
470,050
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.71%
,
12/23/26
.....
115
112,783
Ryan
Specialty
Group
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.75%
,
09/01/27
312
309,644
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
3.71%, 12/31/25
...............
195
192,520
(LIBOR
USD
1
Month
+
3.75%),
4.21%, 09/03/26
...............
362
358,945
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
135
134,334
2,071,975
Interactive
Media
&
Services
—
0.0%
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
10/30/26
(f)
................
211
209,081
Internet
&
Direct
Marketing
Retail
—
0.1%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
11/08/27
(f)
................
383
380,655
BlackRock
High
Yield
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.1%
(f)
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
07/31/28
.................
USD
156
$
158,925
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
07/30/27
426
421,679
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.96%
,
02/12/27
...........
288
282,319
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
05/05/26
190
187,922
1,050,845
Machinery
—
0.5%
(f)
Filtration
Group
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
10/21/28
....
511
504,336
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
03/28/25
(k)
.................
1,912
1,867,352
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.46%
,
09/21/26
.....
702
698,663
SPX
Flow,
Inc.,
Term
Loan,
03/16/29
(k)
.....
857
834,144
3,904,495
Media
—
0.6%
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.80%
,
08/21/26
(f)
................
1,923
1,888,504
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
08/02/27
(f)
1,485
1,482,077
Intelsat
Jackson
Holdings
SA,
Term
Loan
B
(f)
(LIBOR
USD
3
Month
+
4.25%),
5.00%, 02/01/29
...............
845
829,835
(LIBOR
USD
3
Month
+
4.25%),
5.00%
-
7.80%, 02/01/29
...............
2
1,485
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
-
8.55%
,
02/01/29
(f)
................
1
1,407
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
5.00%
-
8.43%
,
02/01/29
(m)
..........
8
7,726
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
12/01/23
(f)
................
122
115,352
4,326,386
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
1st
LienTerm
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.80%
,
10/12/28
(f)
................
211
208,567
Oil,
Gas
&
Consumable
Fuels
—
0.7%
(f)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(k)(l)
.........
4,276
4,565,038
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
12/21/28
.................
594
589,288
5,154,326
Pharmaceuticals
—
0.1%
(f)
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.75%
,
03/27/28
.................
946
883,637
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
7.50%
,
11/01/29
.................
260
249,600
1,133,237
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.1%
(f)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.70%
,
02/06/26
.................
USD
677
$
670,068
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.56%
,
01/18/29
(l)
................
423
418,770
1,088,838
Software
—
2.2%
(f)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
6.00%
,
02/27/26
.................
925
914,825
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
10/30/28
.................
327
325,061
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.76%
,
10/02/25
671
666,141
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
10/08/28
1,571
1,549,399
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
6.50%
,
10/08/29
(l)
551
541,357
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
12/01/27
710
697,364
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
-
4.98%
,
12/01/27
.................
762
759,806
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.25%
,
03/11/28
.................
239
236,914
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
07/27/28
.................
1,841
1,824,205
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.00%
,
07/27/29
.................
830
820,662
McAfee
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
03/01/29
.....
2,411
2,389,904
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
09/13/24
678
669,605
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.71%
,
02/23/29
103
101,841
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.26%
,
12/18/28
(l)
................
288
285,120
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.76%
,
08/31/28
501
494,831
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
04/24/28
637
628,776
Sabre
GLBL,
Inc.,
Term
Loan
B1,
12/17/27
(k)
228
225,040
Sabre
GLBL,
Inc.,
Term
Loan
B2,
12/17/27
(k)
363
358,726
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
4.26%
,
10/07/27
....
1,459
1,443,285
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.00%
,
08/11/28
.................
307
305,785
Sovos
Compliance
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
08/11/28
(k)
.............
53
52,939
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.71%
,
03/03/28
.................
471
469,333
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
4.21%, 05/04/26
...............
707
700,578
BlackRock
High
Yield
V.I.
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
(LIBOR
USD
3
Month
+
3.75%),
4.76%, 05/04/26
...............
USD
166
$
165,150
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.21%
,
05/03/27
.....
909
900,193
17,526,840
Specialty
Retail
—
0.2%
(f)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
02/11/28
......
1,128
1,123,625
Staples,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
5.00%),
5.32%
,
04/16/26
.....
282
266,025
1,389,650
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Crocs,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.03%
-
4.45%
,
02/20/29
(f)
.....
1,972
1,920,590
Trading
Companies
&
Distributors
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
06/02/28
(f)
...
580
571,978
Transportation
Infrastructure
—
0.1%
(f)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
09/22/28
.................
353
348,094
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
6.25%
,
09/21/29
.................
56
55,545
403,639
Wireless
Telecommunication
Services
—
0.2%
(f)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.50%
,
05/27/24
.................
1,220
1,159,342
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
06/02/28
.................
45
44,452
1,203,794
Total
Floating
Rate
Loan
Interests
—
11.5%
(Cost:
$91,241,408)
..............................
90,382,898
Shares
Shares
Investment
Companies
Western
Midstream
Partners
LP
.........
4,417
111,397
Total
Investment
Companies
—
0.0%
(Cost:
$73,531)
................................
111,397
Par
(000)
Pa
r
(
000)
Capital
Trusts
Banks
—
0.4%
(e)(f)
Citigroup,
Inc.
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
295
283,200
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
......................
USD
5
$
4,684
JPMorgan
Chase
&
Co.
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
190
190,950
Series
FF,
(SOFR
+
3.38%),
5.00%
....
1,199
1,195,013
Series
HH,
(SOFR
+
3.13%),
4.60%
....
426
410,558
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
710
680,571
2,764,976
Capital
Markets
—
0.3%
(e)(f)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
1,590
1,428,011
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
921
919,250
2,347,261
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(e)
(f)
............................
210
220,017
Electric
Utilities
—
0.1%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(e)(f)
............
900
868,275
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(b)(e)(f)
.....................
516
502,455
Total
Capital
Trusts
—
0.9%
(Cost:
$6,996,661)
..............................
6,702,984
Total
Long-Term
Investments
—
97.0%
(Cost:
$787,233,718)
.............................
760,220,576
Shares
Shares
Short-Term
Securities
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
(n)(o)
.................
23,817,248
23,817,248
Total
Short-Term
Securities
—
3.0%
(Cost:
$23,817,248)
..............................
23,817,248
Total
Investments
—
100.0%
(Cost:
$811,050,966
)
.............................
784,037,824
Other
Assets
Less
Liabilities
—
0.0%
...................
150,109
Net
Assets
—
100.0%
..............................
$
784,187,933
(a)
Non-income
producing
security.
(b)
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.
(c)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Perpetual
security
with
no
stated
maturity
date.
BlackRock
High
Yield
V.I.
Fund
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
(f)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(i)
Convertible
security.
(j)
Zero-coupon
bond.
(k)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(l)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(m)
Fixed
rate.
(n)
Annualized
7-day
yield
as
of
period
end.
(o)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T-Fund,
Institutional
Class
(a)
.......
$
37,402,891
$
—
$
(13,585,643)
$
—
$
—
$
23,817,248
23,817,248
$
1,896
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
High
Yield
V.I.
Fund
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
35
06/21/22
$
4,297
$
135,029
U.S.
Treasury
Long
Bond
....................................................
1
06/21/22
150
4,451
U.S.
Treasury
Ultra
Bond
....................................................
36
06/21/22
6,382
177,453
$
316,933
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
247,070
CAD
315,000
UBS
AG
06/15/22
$
(4,853)
USD
980,432
EUR
891,000
BNP
Paribas
SA
06/15/22
(8,029)
USD
101,752
GBP
78,000
Toronto
Dominion
Bank
06/15/22
(683)
(13,565)
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
312
$
(4,878)
$
(8,240)
$
3,362
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
567
(33,609)
(48,485)
14,876
$
(38,487)
$
(56,725)
$
18,238
(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.
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviation
CDI
Crest
Depository
Interests
DAC
Designated
Activity
Company
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
BlackRock
High
Yield
V.I.
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
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
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Building
Products
.......................................
$
8,595
$
—
$
—
$
8,595
Chemicals
............................................
1,328,289
—
—
1,328,289
Communications
Equipment
................................
107,003
—
—
107,003
Electrical
Equipment
.....................................
337,034
456,922
—
793,956
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
3,397,304
—
—
3,397,304
Hotels,
Restaurants
&
Leisure
..............................
373,894
—
—
373,894
IT
Services
...........................................
435,922
—
—
435,922
Life
Sciences
Tools
&
Services
..............................
1,613,596
—
—
1,613,596
Media
...............................................
368,002
—
—
368,002
Metals
&
Mining
........................................
1,054,638
—
—
1,054,638
Oil,
Gas
&
Consumable
Fuels
...............................
8,184,863
—
—
8,184,863
Road
&
Rail
...........................................
604,705
—
—
604,705
Software
.............................................
630,160
—
—
630,160
Corporate
Bonds
........................................
—
644,122,370
—
644,122,370
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
3,869,634
—
3,869,634
Air
Freight
&
Logistics
....................................
—
220,818
—
220,818
Airlines
..............................................
—
3,800,132
—
3,800,132
Auto
Components
......................................
—
365,075
—
365,075
Automobiles
..........................................
—
124,338
—
124,338
Beverages
...........................................
—
577,132
—
577,132
Building
Products
.......................................
—
535,535
—
535,535
Chemicals
............................................
—
2,672,974
—
2,672,974
Commercial
Services
&
Supplies
.............................
—
4,165,178
275,687
4,440,865
Communications
Equipment
................................
—
838,007
—
838,007
Construction
Materials
....................................
—
197,564
217,685
415,249
Containers
&
Packaging
..................................
—
1,115,709
—
1,115,709
Diversified
Consumer
Services
..............................
—
1,041,576
—
1,041,576
Diversified
Financial
Services
...............................
—
6,610,232
2,835,611
9,445,843
Diversified
Telecommunication
Services
........................
—
2,025,866
—
2,025,866
BlackRock
High
Yield
V.I.
Fund
21
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Electrical
Equipment
.....................................
$
—
$
409,325
$
—
$
409,325
Electronic
Equipment,
Instruments
&
Components
.................
—
—
306,933
306,933
Entertainment
.........................................
—
484,121
644,561
1,128,682
Health
Care
Equipment
&
Supplies
...........................
—
831,411
—
831,411
Health
Care
Providers
&
Services
............................
—
1,311,917
434,236
1,746,153
Health
Care
Technology
..................................
—
8,023,739
—
8,023,739
Hotels,
Restaurants
&
Leisure
..............................
—
2,199,448
91,799
2,291,247
Household
Durables
.....................................
—
1,160,685
—
1,160,685
Independent
Power
and
Renewable
Electricity
Producers
............
—
25,149
—
25,149
Industrial
Conglomerates
..................................
—
425,925
—
425,925
Insurance
............................................
—
2,071,975
—
2,071,975
Interactive
Media
&
Services
...............................
—
209,081
—
209,081
Internet
&
Direct
Marketing
Retail
............................
—
380,655
—
380,655
IT
Services
...........................................
—
1,050,845
—
1,050,845
Machinery
............................................
—
3,904,495
—
3,904,495
Media
...............................................
—
4,326,386
—
4,326,386
Metals
&
Mining
........................................
—
208,567
—
208,567
Oil,
Gas
&
Consumable
Fuels
...............................
—
589,288
4,565,038
5,154,326
Pharmaceuticals
.......................................
—
1,133,237
—
1,133,237
Professional
Services
....................................
—
670,068
418,770
1,088,838
Software
.............................................
—
16,700,363
826,477
17,526,840
Specialty
Retail
........................................
—
1,389,650
—
1,389,650
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,920,590
—
1,920,590
Trading
Companies
&
Distributors
............................
—
571,978
—
571,978
Transportation
Infrastructure
...............................
—
403,639
—
403,639
Wireless
Telecommunication
Services
.........................
—
1,203,794
—
1,203,794
Investment
Companies
....................................
111,397
—
—
111,397
Capital
Trusts
...........................................
—
6,702,984
—
6,702,984
Short-Term
Securities
.......................................
23,817,248
—
—
23,817,248
$
42,372,650
$
731,048,377
$
10,616,797
$
784,037,824
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
18,238
$
—
$
18,238
Interest
rate
contracts
.......................................
316,933
—
—
316,933
Liabilities
Foreign
currency
exchange
contracts
............................
—
(13,565)
—
(13,565)
$
316,933
$
4,673
$
—
$
321,606
(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.
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:
Floating
Rate
Loan
Interests
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2021
...................................................................................
$
2,094,957
$
2,094,957
Transfers
into
Level
3
.................................................................................................
7,655,676
7,655,676
Transfers
out
of
Level
3
................................................................................................
(210,941)
(210,941)
Other
...........................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
(10,102)
(10,102)
Net
realized
gain
....................................................................................................
707
707
Net
change
in
unrealized
depreciation
(a)
.....................................................................................
(126,509)
(126,509)
Purchases
.........................................................................................................
1,496,371
1,496,371
Sales
............................................................................................................
(283,362)
(283,362)
Closing
balance,
as
of
March
31,
2022
......................................................................................
$
10,616,797
$
10,616,797
Net
change
in
unrealized
depreciation
on
investments
still
held
at
March
31,
2022
(a)
.........................................................
$
(126,509)
$
(126,509)
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.