BlackRock Variable Series Funds II NPORTP BlackRock High Yield V.I. Fund (Mar 2022 report)

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

March

31,

2022

Security

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

Services

—

0.1%

(a)

Square,

Inc.,

Class

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

2,003

271,607

Twilio,

Inc.,

Class

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

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)

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

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

Midstream,

Inc.

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

8,675

470,706

Energy

Transfer

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

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)

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

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

50,255

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

12,420

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

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

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)

73,058

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

4.88%,

01/15/26

85,272

Series

2020-1,

Class

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

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

(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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

Tenneco,

Inc.,

7.88%,

01/15/29

(b)

.......

USD

96,945

13,017,642

Automobiles

—

0.3%

Ford

Motor

Co.

4.35%,

12/08/26

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

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

(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

Note

Constant

Maturity

Year

3.41%),

4.38%

(e)(f)

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

940

827,905

Credit

Agricole

SA,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.24%),

4.75%

(b)(e)(f)

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

460

417,418

HSBC

Holdings

plc

(e)(f)

(USD

Swap

Rate

Year

3.75%),

6.00%

465

473,138

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.65%),

4.60%

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

200

178,500

Intesa

Sanpaolo

SpA

(b)(f)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%),

4.20%,

06/01/32

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

320

282,883

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

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

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

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

95,287

4.88%,

12/15/27

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

28,725

Masonite

International

Corp.

5.38%,

02/01/28

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

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

(e)(f)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.82%),

6.37%

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

300

296,121

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

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

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

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

Note

Constant

Maturity

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

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

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

Inc.,

9.25%,

11/01/26

(b)(f)

525

509,250

LSF11

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)

81,911

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

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

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

48,708

SPCM

SA,

3.13%,

03/15/27

(b)

.........

210

193,200

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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

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

42,847

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

Note

Constant

Maturity

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

7.25%

PIK),

09/15/24

(f)

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

389

353,420

6.50%,

(6.50%

Cash

7.25%

PIK),

09/15/24

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

273

247,908

Navient

Corp.

6.13%,

03/25/24

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

150

152,625

5.88%,

10/25/24

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

49,987

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

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

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

88,019

Graphic

Packaging

International

LLC

(b)

4.75%,

07/15/27

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

128

129,280

3.50%,

03/15/28

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

14,100

3.50%,

03/01/29

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

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

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

20,761

4.00%,

12/01/27

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

143

139,425

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

2,880

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

Trivium

Packaging

Finance

(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

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

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

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

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

(b)

10.50%,

05/15/27

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

4,037

4,224,741

6.00%,

02/15/28

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

1,263

1,089,337

Altice

France

(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

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

7.60%,

09/15/39

..........

48,980

Series

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

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

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.90%),

5.00%

(e)(f)

...........

385

361,322

FirstEnergy

Corp.

2.65%,

03/01/30

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

512

464,842

Series

2.25%,

09/01/30

..........

33,630

Series

7.38%,

11/15/31

..........

722

890,486

Series

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)

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

13,097

NRG

Energy,

Inc.

5.75%,

01/15/28

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

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

Services

—

0.7%

Archrock

Partners

(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

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

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

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

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

59,236

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

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

5.63%,

05/01/24

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

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

4.63%,

08/01/29

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

598

592,020

3.50%,

03/15/31

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

2,488

2,310,636

RHP

Hotel

Properties

4.75%,

10/15/27

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

1,231

1,184,579

4.50%,

02/15/29

(b)

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

404

379,760

RLJ

Lodging

Trust

(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

65,450

7.50%,

09/15/25

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

676

709,158

5.50%,

12/15/27

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

209

201,580

Uniti

Group

(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

(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

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

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

20,000

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

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

2,010

5.63%,

01/15/28

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

165

161,958

5.50%,

12/15/29

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

49,071

4.63%,

04/15/30

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

48,625

4.50%,

09/15/31

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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)

........

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

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

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

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

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

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

5.50%,

05/01/25

(b)

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

1,350

1,386,335

6.50%,

10/01/28

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

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

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

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

42,026

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

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

485

447,102

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

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)

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

9,806

5.35%,

11/01/43

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

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

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

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

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

22,103

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

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

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

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

39,056

4.38%,

03/31/29

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

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

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

59,107

1,807,752

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(b)

Calpine

Corp.

5.25%,

06/01/26

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

44,220

4.50%,

02/15/28

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

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

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

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

plc,

11.50%,

(11.50%

Cash

12.75%

PIK),

01/15/27

(g)

.........

241

248,786

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

107

99,777

GTCR

Finance,

Inc.,

8.00%,

05/15/27

508

513,918

Highlands

Holdings

Bond

Issuer

Ltd.,

7.63%,

10/15/25

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

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

82,374

3.50%,

03/01/29

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

252

231,706

Match

Group

Holdings

LLC

4.63%,

06/01/28

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

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

Services

—

1.6%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

1,010

927,937

Ahead

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

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

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

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

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

Merger

Corp.,

7.88%,

10/15/29

(b)

.....

258

223,170

Roller

Bearing

Co.

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

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(b)

720

713,700

Elevator

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

(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

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

26,933

4.75%,

08/01/25

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

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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

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

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)

26,948

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

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

479

427,110

Sirius

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

.........

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

DAC,

5.00%,

07/15/28

(b)

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

893

857,280

Ziggo

Bond

Co.

(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

(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

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

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

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

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

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

50,853

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

LP,

8.25%,

02/15/26

(b)

...

1,014

1,052,228

Antero

Midstream

Partners

(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

4.13%,

03/01/25

(b)

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

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

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

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

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

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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

(b)

5.63%,

05/01/27

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

88,185

6.00%,

02/01/29

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

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

6.45%,

11/03/36

(b)

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

269

309,955

6.75%,

09/15/37

(b)

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

581

681,222

5.60%,

04/01/44

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

32,574

Diamondback

Energy,

Inc.,

4.25%,

03/15/52

505

499,113

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

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

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

4.40%,

04/01/24

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

293

296,826

4.15%,

06/01/25

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

26,906

4.85%,

07/15/26

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

28,000

5.60%,

04/01/44

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

376

324,300

5.05%,

04/01/45

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

36,337

5.45%,

06/01/47

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

139

117,108

EQM

Midstream

Partners

6.00%,

07/01/25

(b)

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

418

426,379

4.13%,

12/01/26

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

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

6.50%,

10/01/25

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

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)

86,410

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

....

200

197,500

Harvest

Midstream

LP,

7.50%,

09/01/28

(b)

100,095

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

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

491

463,308

Hilcorp

Energy

LP,

6.25%,

11/01/28

(b)

....

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

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

75,409

5.88%,

12/01/27

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

124

126,170

6.37%,

12/01/42

(h)

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

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

5.75%,

10/01/25

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

232

236,350

6.00%,

06/01/26

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

311

314,497

6.38%,

10/01/30

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

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

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

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

83,425

4.40%,

04/15/46

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

80,750

4.40%,

08/15/49

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

79,900

Parkland

Corp.,

5.88%,

07/15/27

(b)

......

418

416,955

PDC

Energy,

Inc.,

6.13%,

09/15/24

......

58,710

Range

Resources

Corp.

4.88%,

05/15/25

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

163

164,983

4.75%,

02/15/30

(b)

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

257

255,247

Rockcliff

Energy

LLC,

5.50%,

10/15/29

(b)

749

749,693

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

6.00%,

04/15/27

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

42,787

5.88%,

03/15/28

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

185

186,850

Tallgrass

Energy

Partners

(b)

6.00%,

03/01/27

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

95,631

6.00%,

12/31/30

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

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

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

15,960

5.00%,

01/31/28

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

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

4.75%,

08/15/28

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

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

(Percentages

shown

are

based

Net

Assets)

Schedule

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

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

39,697

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%,

07/15/27

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

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)

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.

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

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

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

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

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

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

39,097

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

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

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

Global

Finance

plc

(b)

6.75%,

02/07/25

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

867

864,833

8.50%,

10/30/25

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

399

408,476

Group

Automotive,

Inc.,

4.00%,

08/15/28

(b)

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

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

LLC,

4.88%,

05/01/29

(b)

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

571

539,298

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

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

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

.........

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

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

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

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)

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

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

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

30,938

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

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

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

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

Financing

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

Month

0.00%),

0.00%

11/17/28

178

175,850

Peraton

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.75%),

4.50%

02/01/28

2,612

2,590,372

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

Month

7.75%),

8.50%

02/01/29

562

556,617

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.75%

11/28/23

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

203

202,716

Spirit

Aerosystems,

Inc.,

Term

Loan,

(LIBOR

USD

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

Month

4.75%),

5.50%

04/06/28

(f)

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

223

220,818

Airlines

—

0.5%

(f)

AAdvantage

Loyality

Ltd.,

Term

Loan,

04/20/28

(k)

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

1,267

1,281,635

Air

Canada,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

08/11/28

..........

719

711,508

SkyMiles

Ltd.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

10/20/27

.....

538

554,727

United

Airlines,

Inc.,

Term

Loan

(LIBOR

USD

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

Month

3.25%),

3.71%

04/30/26

(f)

370

365,075

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

4.25%),

4.71%

12/12/25

(f)

.....

125

124,338

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

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

Month

3.25%),

3.90%

01/24/29

USD

489

480,742

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.00%),

6.65%

01/24/30

68,655

Naked

Juice

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%

01/24/29

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

27,735

577,132

Building

Products

—

0.1%

(f)

Atlas

Buyer,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.25%

11/23/27

166

161,378

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.25%

05/05/24

178

176,469

Griffon

Corp.,

Term

Loan

(LIBOR

USD

Month

2.75%),

3.27%

01/24/29

.....

200

197,688

535,535

Chemicals

—

0.3%

(f)

Alpha

BV,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.00%

03/18/28

..........

920

906,937

ARC

Falcon

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(k)

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

52,197

ARC

Falcon

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

09/30/28

.....

366

356,655

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

Month

4.75%),

5.76%

08/27/26

...........

594

591,150

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.70%

05/15/24

...........

124

122,169

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

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

Month

4.00%),

4.50%

4.78%

02/15/29

......

305

301,569

Brand

Energy

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

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

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

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

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

Month

3.75%),

4.50%

12/01/27

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

USD

126

124,810

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

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

Month

3.50%),

3.96%

01/29/27

...........

112

110,418

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.75%),

6.25%

12/10/29

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

284

281,870

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

5.25%),

6.25%

06/21/27

388

401,878

Sotheby's,

Term

Loan,

(LIBOR

USD

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

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

Month

3.50%),

4.50%

12/11/26

....

271

268,571

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

04/09/27

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

340

338,336

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.50%

04/07/28

(l)

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

426

424,935

Purchaser

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.51%

11/06/28

343

340,075

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

4.00%),

5.01%

10/01/27

(l)

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

2,027

2,021,827

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%

01/29/26

.....

315

306,950

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

0.00%),

4.50%

12/17/27

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

87,211

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.21%

06/28/24

(l)

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

Month

4.25%),

4.76%

12/15/28

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

1,896

1,875,577

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.25%),

6.76%

08/31/29

715

710,753

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.00%

09/25/26

....

95,827

Veritas

US,

Inc.,

Term

Loan

09/01/25

(k)

...

750

699,581

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

10/19/27

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

882

870,444

9,445,843

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

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

Month

2.75%),

2.99%

07/15/25

.....

USD

60,056

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

Month

4.00%),

4.51%

08/14/26

....

284

278,113

Cincinnati

Bell,

Inc.,

Term

Loan

B2,

(LIBOR

USD

Month

3.25%),

4.05%

11/22/28

198

195,139

Frontier

Communications

Holdings

LLC,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.81%

05/01/28

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

522

513,033

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.46%

03/09/27

1,007

979,525

2,025,866

Electrical

Equipment

—

0.1%

Sub

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

3.96%

09/13/24

(f)

415

409,325

Electronic

Equipment,

Instruments

Components

—

0.0%

II-VI,

Inc.,

Term

Loan

12/08/28

(f)(k)(l)

.....

309

306,933

Entertainment

—

0.1%

(f)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

Month

3.00%),

3.35%

04/22/26

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

535

475,589

MSG

National

Properties

LLC,

Term

Loan,

(LIBOR

USD

Month

6.25%),

7.00%

11/12/25

(l)

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

648

644,561

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.71%

05/30/25

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

8,532

1,128,682

Health

Care

Equipment

Supplies

—

0.1%

(f)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.51%

11/03/28

831

819,841

Embecta

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

0.00%),

0.00%

01/26/29

11,570

831,411

Health

Care

Providers

Services

—

0.2%

(f)

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.21%

10/10/25

1,036

685,511

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.75%),

4.20%

11/16/25

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

177

175,896

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.23%

06/30/25

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

139

138,791

Quorum

Health

Corp.,

Term

Loan,

(LIBOR

USD

Month

7.75%),

8.75%

04/29/25

(l)

...

491

434,236

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

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

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

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

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

(LIBOR

USD

Month

4.00%),

4.50%

01/27/29

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

1,290

1,281,688

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

Month

12.00%),

13.00%

10/04/23

(l)

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

91,799

IRB

Holding

Corp.,

Term

Loan

(LIBOR

USD

Month

3.00%),

3.75%

12/15/27

....

654

650,025

Life

Time,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.75%),

5.75%

12/16/24

.....

154

152,784

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

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

Month

3.50%),

4.00%

02/26/29

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

477

466,864

SWF

Holdings

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

Month

2.00%),

2.46%

08/12/26

(f)

.....

25,149

Industrial

Conglomerates

—

0.1%

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

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

Month

3.50%),

4.00%

11/05/27

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

498

493,699

AssuredPartners,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.00%

02/12/27

....

476

470,050

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

Month

3.25%),

3.71%

12/23/26

.....

115

112,783

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.75%

09/01/27

312

309,644

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.25%),

3.71%, 12/31/25

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

195

192,520

(LIBOR

USD

Month

3.75%),

4.21%, 09/03/26

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

362

358,945

(LIBOR

USD

Month

4.25%),

5.25%, 09/03/26

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

135

134,334

2,071,975

Interactive

Media

Services

—

0.0%

Camelot

Acquisition

Co.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%

10/30/26

(f)

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

211

209,081

Internet

Direct

Marketing

Retail

—

0.1%

CNT

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.25%

11/08/27

(f)

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

383

380,655

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Services

—

0.1%

(f)

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.75%),

8.75%

07/31/28

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

USD

156

158,925

Epicor

Software

Corp.,

Term

Loan

(LIBOR

USD

Month

3.25%),

4.00%

07/30/27

426

421,679

Pug

LLC,

Term

Loan

(LIBOR

USD

Month

3.50%),

3.96%

02/12/27

...........

288

282,319

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

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

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

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

(LIBOR

USD

Month

3.50%),

3.80%

08/21/26

(f)

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

1,923

1,888,504

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.75%

08/02/27

(f)

1,485

1,482,077

Intelsat

Jackson

Holdings

SA,

Term

Loan

(f)

(LIBOR

USD

Month

4.25%),

5.00%, 02/01/29

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

845

829,835

(LIBOR

USD

Month

4.25%),

5.00%

7.80%, 02/01/29

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

1,485

Intelsat

Jackson

Holdings

SA,

Term

Loan

B4,

(LIBOR

USD

Month

4.25%),

5.00%

8.55%

02/01/29

(f)

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

1,407

Intelsat

Jackson

Holdings

SA,

Term

Loan

B5,

5.00%

8.43%

02/01/29

(m)

..........

7,726

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

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

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

(LIBOR

USD

Month

3.50%),

4.00%

12/21/28

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

594

589,288

5,154,326

Pharmaceuticals

—

0.1%

(f)

Endo

Luxembourg

Finance

Co.

SARL,

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.75%

03/27/28

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

946

883,637

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

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

Month

3.25%),

3.70%

02/06/26

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

USD

677

670,068

Dun

Bradstreet

Corp.

(The),

Term

Loan

B2,

(LIBOR

USD

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

Month

5.50%),

6.00%

02/27/26

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

925

914,825

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.50%

10/30/28

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

327

325,061

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.76%

10/02/25

671

666,141

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.25%

10/08/28

1,571

1,549,399

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.00%),

6.50%

10/08/29

(l)

551

541,357

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

12/01/27

710

697,364

Greeneden

Holdings

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%

4.98%

12/01/27

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

762

759,806

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.75%),

5.25%

03/11/28

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

239

236,914

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.75%

07/27/28

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

1,841

1,824,205

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

8.25%),

9.00%

07/27/29

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

830

820,662

McAfee

Corp.,

Term

Loan

B1,

(LIBOR

USD

Month

4.00%),

4.50%

03/01/29

.....

2,411

2,389,904

Sub

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%

09/13/24

678

669,605

Sub

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.25%),

6.71%

02/23/29

103

101,841

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.25%),

8.26%

12/18/28

(l)

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

288

285,120

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.76%

08/31/28

501

494,831

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

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

(LIBOR

USD

Month

3.25%),

4.26%

10/07/27

....

1,459

1,443,285

Sovos

Compliance

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.00%

08/11/28

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

307

305,785

Sovos

Compliance

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

08/11/28

(k)

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

52,939

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.25%),

7.71%

03/03/28

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

471

469,333

UKG,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.25%),

4.21%, 05/04/26

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

707

700,578

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

(LIBOR

USD

Month

3.75%),

4.76%, 05/04/26

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

USD

166

165,150

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

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

Month

3.75%),

4.50%

02/11/28

......

1,128

1,123,625

Staples,

Inc.,

Term

Loan

B1,

(LIBOR

USD

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

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

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

Month

3.00%),

3.50%

09/22/28

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

353

348,094

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

5.75%),

6.25%

09/21/29

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

55,545

403,639

Wireless

Telecommunication

Services

—

0.2%

(f)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.25%),

3.50%

05/27/24

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

1,220

1,159,342

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%

06/02/28

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

44,452

1,203,794

Total

Floating

Rate

Loan

Interests

—

11.5%

(Cost:

$91,241,408)

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

90,382,898

Investment

Companies

Western

Midstream

Partners

.........

4,417

111,397

Total

Investment

Companies

—

0.0%

(Cost:

$73,531)

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

111,397

Par

(000)

(

000)

Capital

Trusts

Banks

—

0.4%

(e)(f)

Citigroup,

Inc.

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.60%),

4.00%

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

295

283,200

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%),

4.15%

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

USD

4,684

JPMorgan

Chase

Co.

Series

(LIBOR

USD

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

Note

Constant

Maturity

Year

3.45%),

3.90%

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

710

680,571

2,764,976

Capital

Markets

—

0.3%

(e)(f)

Charles

Schwab

Corp.

(The),

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.08%),

4.00%

.....

1,590

1,428,011

Goldman

Sachs

Group,

Inc.

(The),

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.22%),

4.95%

921

919,250

2,347,261

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.00%),

5.70%

(e)

(f)

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

210

220,017

Electric

Utilities

—

0.1%

Edison

International,

Series

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

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

Note

Constant

Maturity

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

Short-Term

Securities

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.21%

(n)(o)

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

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

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Issuer

filed

for

bankruptcy

and/or

default.

(d)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(e)

Perpetual

security

with

stated

maturity

date.

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

(f)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(g)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(h)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(i)

Convertible

security.

(j)

Zero-coupon

bond.

(k)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(l)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(m)

Fixed

rate.

(n)

Annualized

7-day

yield

period

end.

(o)

Affiliate

the

Fund.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

March

31,

2022

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

12/31/21

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

03/31/22

Held

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

1,896

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

rating

group

indexes,

and/or

defined

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

U.S.

Treasury

Year

Note

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

06/21/22

4,297

135,029

U.S.

Treasury

Long

Bond

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

06/21/22

150

4,451

U.S.

Treasury

Ultra

Bond

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

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

06/15/22

(4,853)

USD

980,432

EUR

891,000

BNP

Paribas

06/15/22

(8,029)

USD

101,752

GBP

78,000

Toronto

Dominion

Bank

06/15/22

(683)

(13,565)

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

USD

312

(4,878)

(8,240)

3,362

Lumen

Technologies,

Inc.

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

567

(33,609)

(48,485)

14,876

(38,487)

(56,725)

18,238

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Glossary

Terms

Used

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

Schedule

Investments

(unaudited)

(continued)

March

31,

2022

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

•

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

•

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

•

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/or

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

BlackRock Variable Series Funds II NPORT-PBlackRock High Yield V.I. Fund (Mar 2022 report)