BlackRock
High
Yield
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2023
Security
Shares
Shares
Value
Common
Stocks
Capital
Markets
—
0.0%
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$552,653)
(a)(b)
...................
56,202
$
225,370
Chemicals
—
0.1%
Element
Solutions,
Inc.
...............
18,781
362,661
Energy
Equipment
&
Services
—
0.0%
Nine
Energy
Service,
Inc.
(a)
............
880
4,893
Financial
Services
—
0.0%
Block,
Inc.,
Class
A
(a)
................
2,003
137,506
Ground
Transportation
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
6,319
200,312
IT
Services
—
0.0%
Twilio,
Inc.,
Class
A
(a)
................
997
66,430
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
58,591
895,271
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
21,967
360,259
Total
Common
Stocks
—
0.3%
(Cost:
$2,938,547)
..............................
2,252,702
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.8%
Boeing
Co.
(The)
5.15%,
05/01/30
.................
USD
1,813
1,824,335
5.81%,
05/01/50
.................
430
432,867
5.93%,
05/01/60
.................
533
532,363
Bombardier,
Inc.
(c)
7.50%,
03/15/25
.................
22
21,998
7.13%,
06/15/26
.................
2,391
2,399,608
7.88%,
04/15/27
.................
1,925
1,948,733
6.00%,
02/15/28
.................
1,039
1,011,731
7.50%,
02/01/29
.................
897
916,339
7.45%,
05/01/34
.................
301
337,120
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
457
411,487
4.13%,
04/15/29
.................
458
406,149
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)
741
618,735
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
10
10,041
Huntington
Ingalls
Industries,
Inc.,
4.20%,
05/01/30
.....................
101
94,529
Rolls-Royce
plc,
5.75%,
10/15/27
(c)
......
2,000
1,992,400
Spirit
AeroSystems,
Inc.
(c)
7.50%,
04/15/25
.................
72
72,000
9.38%,
11/30/29
.................
1,256
1,370,610
TransDigm,
Inc.
8.00%,
12/15/25
(c)
................
1,137
1,158,319
6.25%,
03/15/26
(c)
................
10,189
10,198,272
6.38%,
06/15/26
.................
70
68,425
7.50%,
03/15/27
.................
215
214,462
6.75%,
08/15/28
(c)
................
4,817
4,865,170
Triumph
Group,
Inc.,
9.00%,
03/15/28
(c)
...
1,769
1,770,858
32,676,551
Automobile
Components
—
1.7%
Clarios
Global
LP
6.75%,
05/15/25
(c)
................
1,117
1,128,896
4.38%,
05/15/26
(d)
................
EUR
296
305,966
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
6.25%,
05/15/26
(c)
................
USD
1,409
$
1,405,478
8.50%,
05/15/27
(c)
................
5,635
5,656,131
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
304
272,840
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
152
156,194
5.00%,
07/15/29
.................
176
157,239
5.63%,
04/30/33
.................
248
214,520
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
58
57,076
5.25%,
05/15/27
.................
1,468
1,377,439
4.38%,
02/01/29
.................
973
836,780
11,568,559
Automobiles
—
0.3%
Ford
Motor
Co.
4.35%,
12/08/26
.................
82
79,670
3.25%,
02/12/32
.................
1,338
1,051,610
6.10%,
08/19/32
.................
388
375,994
General
Motors
Co.
5.60%,
10/15/32
.................
202
197,774
5.40%,
04/01/48
.................
240
206,014
1,911,062
Banks
—
0.7%
Banco
Espirito
Santo
SA
(a)(d)(e)
2.63%,
05/08/17
.................
EUR
100
12,472
4.75%,
01/15/18
.................
100
12,471
4.00%,
01/21/24
.................
100
12,472
Bank
of
America
Corp.,
(1-Day
SOFR
+
1.99%),
6.20%,
11/10/28
(f)
...............
USD
633
661,727
Barclays
plc
5.20%,
05/12/26
.................
200
191,438
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(f)(g)
....................
940
642,596
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(f)(g)
....................
390
332,962
Credit
Agricole
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(c)(f)(g)
..............
460
345,414
HSBC
Holdings
plc
(f)
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
(g)
465
418,910
(1-Day
SOFR
+
3.35%),
7.39%,
11/03/28
350
372,517
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(g)
.....................
200
149,365
Intesa
Sanpaolo
SpA
(c)(f)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
....................
320
232,774
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
....................
235
155,778
Lloyds
Banking
Group
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(f)(g)
...............
505
465,231
PNC
Financial
Services
Group,
Inc.
(The),
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
(a)(f)(g)
...................
606
563,580
4,569,707
Broadline
Retail
—
0.3%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
411
312,253
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
82
79,795
BlackRock
High
Yield
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
3.50%,
03/01/29
.................
USD
419
$
362,280
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
423
392,848
5.63%,
02/15/29
.................
164
154,200
4.13%,
08/01/30
.................
368
316,848
3.63%,
10/01/31
.................
405
329,579
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
394
369,915
2,317,718
Building
Products
—
0.9%
Advanced
Drainage
Systems,
Inc.
(c)
5.00%,
09/30/27
.................
544
516,976
6.38%,
06/15/30
.................
906
887,733
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(c)
....................
430
398,154
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
...............
200
187,476
JELD-WEN,
Inc.
(c)
6.25%,
05/15/25
.................
245
244,387
4.63%,
12/15/25
.................
52
48,230
Masonite
International
Corp.
(c)
5.38%,
02/01/28
.................
74
70,670
3.50%,
02/15/30
.................
454
376,279
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(c)
5.25%,
07/15/28
.................
181
159,985
9.75%,
07/15/28
.................
215
205,325
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(c)
....................
1,487
1,395,921
Standard
Industries,
Inc.
2.25%,
11/21/26
(d)
................
EUR
200
187,677
5.00%,
02/15/27
(c)
................
USD
294
279,218
4.75%,
01/15/28
(c)
................
34
31,762
4.38%,
07/15/30
(c)
................
613
533,310
3.38%,
01/15/31
(c)
................
375
301,382
Summit
Materials
LLC,
5.25%,
01/15/29
(c)
..
34
32,130
5,856,615
Capital
Markets
—
0.8%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
....................
311
313,025
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(c)
92
75,210
Blackstone
Holdings
Finance
Co.
LLC
(c)
5.90%,
11/03/27
.................
389
396,712
6.20%,
04/22/33
.................
677
709,211
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
(c)
................
167
164,671
3.25%,
03/15/27
.................
155
131,603
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
...............
403
354,807
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(c)
...............
250
221,267
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(c)
...
233
236,843
Morgan
Stanley,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
5.95%,
01/19/38
(f)
..........
195
193,911
MSCI,
Inc.
(c)
3.63%,
09/01/30
.................
56
48,681
3.88%,
02/15/31
.................
125
111,263
3.25%,
08/15/33
.................
468
383,268
Northern
Trust
Corp.,
6.13%,
11/02/32
....
485
517,069
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
380
346,520
3.40%,
07/15/26
.................
131
115,667
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
386
375,875
3.13%,
09/23/26
.................
90
78,078
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
7.75%,
09/16/27
(c)
................
USD
644
$
634,427
UBS
Group
AG,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(c)(f)(g)
..............
320
222,000
5,630,108
Chemicals
—
2.3%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
335
273,839
Avient
Corp.,
7.13%,
08/01/30
(c)
........
440
453,750
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(d)
...............
EUR
200
213,646
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
.................
USD
828
786,766
3.38%,
02/15/29
.................
487
417,253
Celanese
US
Holdings
LLC,
6.17%,
07/15/27
230
231,312
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
...
186
166,048
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
3,862
3,389,446
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
776
762,420
HB
Fuller
Co.,
4.25%,
10/15/28
........
185
164,112
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
..
1,488
1,197,840
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
811
718,964
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
132
113,095
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(f)
588
423,360
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
296
248,897
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
388
353,794
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
81
79,912
SCIL
IV
LLC,
5.38%,
11/01/26
(c)
........
537
490,569
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
325
259,241
4.38%,
02/01/32
.................
55
44,205
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
....................
1,242
1,031,158
WR
Grace
Holdings
LLC
(c)
4.88%,
06/15/27
.................
419
403,878
5.63%,
08/15/29
.................
3,397
2,878,958
7.38%,
03/01/31
.................
655
657,476
15,759,939
Commercial
Services
&
Supplies
—
3.2%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
58
51,724
4.88%,
07/15/32
.................
27
23,822
Allied
Universal
Holdco
LLC
(c)
6.63%,
07/15/26
.................
2,415
2,320,827
9.75%,
07/15/27
.................
459
409,088
4.63%,
06/01/28
.................
3,240
2,732,215
6.00%,
06/01/29
.................
3,153
2,353,589
APi
Group
DE,
Inc.
(c)
4.13%,
07/15/29
.................
453
388,711
4.75%,
10/15/29
.................
225
197,959
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
455
452,725
5.75%,
07/15/29
.................
954
853,830
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
300
295,228
6.38%,
05/01/25
.................
74
74,545
5.00%,
02/01/28
.................
1,478
1,398,875
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
114
112,947
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
233
224,731
5.13%,
07/15/29
.................
108
102,886
6.38%,
02/01/31
.................
228
232,618
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
365
324,755
5.00%,
09/01/30
.................
200
172,040
BlackRock
High
Yield
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
.................
USD
319
$
286,351
7.75%,
02/15/28
.................
713
702,735
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
176
171,728
3.75%,
08/01/25
.................
462
443,982
5.13%,
12/15/26
.................
843
824,256
4.00%,
08/01/28
.................
689
626,005
3.50%,
09/01/28
.................
356
322,180
4.75%,
06/15/29
.................
527
492,271
4.38%,
08/15/29
.................
849
760,025
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
170
152,126
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
721
556,972
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
.
625
579,437
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
319
316,607
6.25%,
01/15/28
.................
973
909,755
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
229
199,913
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
1,699
1,562,507
21,629,965
Communications
Equipment
—
0.7%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
1,630
1,535,062
CommScope,
Inc.
(c)
6.00%,
03/01/26
.................
253
244,170
8.25%,
03/01/27
.................
216
176,926
7.13%,
07/01/28
.................
241
177,747
4.75%,
09/01/29
.................
1,020
850,190
Nokia
OYJ,
6.63%,
05/15/39
..........
107
106,800
Viasat,
Inc.
(c)
5.63%,
09/15/25
.................
897
850,410
5.63%,
04/15/27
.................
147
138,033
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
693
592,631
4,671,969
Construction
&
Engineering
—
0.2%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
676
601,207
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
279
251,798
MasTec,
Inc.,
4.50%,
08/15/28
.........
269
248,636
1,101,641
Consumer
Finance
—
1.7%
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
(f)(g)
...............
1,505
1,272,026
Discover
Financial
Services,
6.70%,
11/29/32
175
180,415
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
.................
200
197,636
4.69%,
06/09/25
.................
200
192,218
5.13%,
06/16/25
.................
548
536,407
4.13%,
08/04/25
.................
350
332,943
3.38%,
11/13/25
.................
200
187,458
4.39%,
01/08/26
.................
475
450,656
2.70%,
08/10/26
.................
607
540,224
4.95%,
05/28/27
.................
559
533,183
4.13%,
08/17/27
.................
400
366,496
3.82%,
11/02/27
.................
400
358,500
2.90%,
02/16/28
.................
385
330,946
5.11%,
05/03/29
.................
297
278,824
7.35%,
03/06/30
.................
933
958,658
4.00%,
11/13/30
.................
263
223,478
3.63%,
06/17/31
.................
345
284,290
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
283
255,143
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(f)
................
USD
403
$
363,734
Navient
Corp.
6.13%,
03/25/24
.................
150
147,984
5.88%,
10/25/24
.................
49
47,597
5.50%,
03/15/29
.................
249
210,405
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
386
374,036
7.13%,
03/15/26
.................
846
813,251
3.50%,
01/15/27
.................
646
542,163
6.63%,
01/15/28
.................
155
142,106
5.38%,
11/15/29
.................
157
132,079
4.00%,
09/15/30
.................
796
597,000
SLM
Corp.,
3.13%,
11/02/26
..........
393
334,050
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(c)
381
339,561
11,523,467
Consumer
Staples
Distribution
&
Retail
—
0.6%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
833
783,849
4.63%,
01/15/27
.................
471
455,497
5.88%,
02/15/28
.................
345
342,880
6.50%,
02/15/28
.................
320
320,800
3.50%,
03/15/29
.................
167
145,306
4.88%,
02/15/30
.................
652
608,567
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
558
501,068
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
155
144,058
US
Foods,
Inc.
6.25%,
04/15/25
.................
231
233,083
4.75%,
02/15/29
.................
780
720,525
4.63%,
06/01/30
.................
84
75,772
4,331,405
Containers
&
Packaging
—
3.1%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
.....
2,135
1,632,738
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(c)
................
961
952,375
3.25%,
09/01/28
(c)
................
200
172,112
3.00%,
09/01/29
(d)
................
EUR
200
161,048
4.00%,
09/01/29
(c)
................
USD
3,553
2,780,223
Ardagh
Packaging
Finance
plc
(c)
5.25%,
04/30/25
.................
200
197,000
4.13%,
08/15/26
.................
600
559,500
Ball
Corp.,
3.13%,
09/15/31
..........
621
513,878
Canpack
SA,
3.13%,
11/01/25
(c)
........
211
191,200
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
1,351
1,300,337
8.75%,
04/15/30
.................
1,354
1,230,434
Crown
Americas
LLC,
4.25%,
09/30/26
...
275
263,634
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
78
82,421
Graphic
Packaging
International
LLC
4.75%,
07/15/27
(c)
................
128
121,818
3.50%,
03/15/28
(c)
................
8
7,322
2.63%,
02/01/29
(d)
................
EUR
200
187,818
LABL,
Inc.
(c)
5.88%,
11/01/28
.................
USD
587
521,588
9.50%,
11/01/28
.................
494
498,322
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%,
08/15/26
.................
6,057
6,057,000
9.25%,
04/15/27
.................
85
78,539
Sealed
Air
Corp.
(c)
5.13%,
12/01/24
.................
20
19,864
4.00%,
12/01/27
.................
143
133,448
6.13%,
02/01/28
.................
311
314,469
BlackRock
High
Yield
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Trivium
Packaging
Finance
BV
(c)(i)
5.50%,
08/15/26
.................
USD
975
$
934,050
8.50%,
08/15/27
.................
2,722
2,477,020
21,388,158
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
123
105,025
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
629
574,749
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
124
103,095
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
158
162,713
945,582
Diversified
Consumer
Services
—
0.6%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
105
102,916
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
244
203,227
Service
Corp.
International
5.13%,
06/01/29
.................
89
85,857
3.38%,
08/15/30
.................
279
237,848
4.00%,
05/15/31
.................
990
869,418
Sotheby's
(c)
7.38%,
10/15/27
.................
1,791
1,694,160
5.88%,
06/01/29
.................
1,375
1,140,314
4,333,740
Diversified
REITs
—
0.9%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
260
205,717
GLP
Capital
LP,
3.25%,
01/15/32
.......
661
536,309
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
384
333,120
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
594
510,086
Uniti
Group
LP,
10.50%,
02/15/28
(c)
......
1,009
978,730
VICI
Properties
LP
5.63%,
05/01/24
(c)
................
111
110,029
3.50%,
02/15/25
(c)
................
222
210,392
4.63%,
06/15/25
(c)
................
95
91,847
4.25%,
12/01/26
(c)
................
216
201,532
4.50%,
01/15/28
(c)
................
213
197,248
3.88%,
02/15/29
(c)
................
103
91,579
4.63%,
12/01/29
(c)
................
952
866,620
4.95%,
02/15/30
.................
451
423,204
4.13%,
08/15/30
(c)
................
562
496,407
5.63%,
05/15/52
.................
784
705,969
5,958,789
Diversified
Telecommunication
Services
—
5.6%
Altice
France
Holding
SA,
10.50%,
05/15/27
(c)
336
257,040
Altice
France
SA
(c)
8.13%,
02/01/27
.................
1,636
1,514,445
5.50%,
01/15/28
.................
503
413,240
5.13%,
07/15/29
.................
1,595
1,200,237
5.50%,
10/15/29
.................
442
337,978
CCO
Holdings
LLC
5.00%,
02/01/28
(c)
................
390
359,775
5.38%,
06/01/29
(c)
................
162
148,756
6.38%,
09/01/29
(c)
................
1,584
1,512,720
4.75%,
03/01/30
(c)
................
1,591
1,378,434
4.50%,
08/15/30
(c)
................
626
528,970
4.25%,
02/01/31
(c)
................
908
742,435
7.38%,
03/01/31
(c)
................
634
624,094
4.75%,
02/01/32
(c)
................
1,441
1,210,228
4.50%,
05/01/32
.................
670
547,939
4.50%,
06/01/33
(c)
................
648
521,673
4.25%,
01/15/34
(c)
................
1,703
1,331,951
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
635
577,279
5.00%,
05/01/28
.................
1,298
1,126,352
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
8.75%,
05/15/30
.................
USD
2,378
$
2,368,512
Iliad
Holding
SASU
(c)
6.50%,
10/15/26
.................
3,020
2,878,120
7.00%,
10/15/28
.................
865
820,703
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
973
769,587
4.63%,
09/15/27
.................
270
162,338
4.25%,
07/01/28
.................
1,031
581,690
3.63%,
01/15/29
.................
331
183,017
3.75%,
07/15/29
.................
156
83,173
3.88%,
11/15/29
.................
602
435,685
Lumen
Technologies,
Inc.
(c)
4.00%,
02/15/27
.................
2,075
1,369,500
4.50%,
01/15/29
.................
772
345,470
5.38%,
06/15/29
.................
93
45,105
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
....................
200
186,350
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
2,196
2,359,668
8.75%,
03/15/32
.................
3,178
3,869,215
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
408
369,411
6.00%,
09/30/34
.................
739
633,692
7.20%,
07/18/36
.................
201
181,851
7.72%,
06/04/38
.................
544
503,649
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
3,781
2,873,560
6.13%,
03/01/28
.................
3,842
2,336,704
37,690,546
Electric
Utilities
—
0.7%
Edison
International,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
(f)(g)
.........
385
318,971
FirstEnergy
Corp.,
Series
C,
3.40%,
03/01/50
647
443,694
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
683
654,351
4.55%,
04/01/49
.................
463
389,657
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(c)
....................
13
12,464
NRG
Energy,
Inc.
5.75%,
01/15/28
.................
137
134,354
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(c)(f)(g)
..................
928
886,806
5.25%,
06/15/29
(c)
................
29
26,922
3.88%,
02/15/32
(c)
................
38
30,400
7.00%,
03/15/33
(c)
................
375
388,470
Pacific
Gas
&
Electric
Co.,
6.75%,
01/15/53
.
320
330,675
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
539
493,101
Vistra
Operations
Co.
LLC
(c)
5.50%,
09/01/26
.................
37
35,920
5.00%,
07/31/27
.................
37
34,984
4.38%,
05/01/29
.................
270
239,062
4,419,831
Electrical
Equipment
—
0.7%
(c)
Regal
Rexnord
Corp.
6.05%,
02/15/26
.................
180
180,789
6.05%,
04/15/28
.................
1,243
1,243,553
6.30%,
02/15/30
.................
410
412,831
6.40%,
04/15/33
.................
430
430,266
Sensata
Technologies
BV
5.63%,
11/01/24
.................
187
186,443
4.00%,
04/15/29
.................
29
26,201
BlackRock
High
Yield
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
(continued)
5.88%,
09/01/30
.................
USD
515
$
510,494
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
1,918
1,692,357
4,682,934
Electronic
Equipment,
Instruments
&
Components
—
0.5%
CDW
LLC
3.28%,
12/01/28
.................
42
36,998
3.25%,
02/15/29
.................
565
496,912
Coherent
Corp.,
5.00%,
12/15/29
(c)
......
1,407
1,277,134
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
.................
1,663
1,515,257
3.75%,
02/15/31
.................
408
357,000
3,683,301
Energy
Equipment
&
Services
—
2.0%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
579
568,144
6.25%,
04/01/28
.................
1,640
1,574,400
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
........
540
525,150
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
384
366,240
7.50%,
01/15/28
.................
644
594,349
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
1,452
1,406,625
7.38%,
05/15/27
(c)
................
1,526
1,494,534
Nine
Energy
Service,
Inc.,
13.00%,
02/01/28
176
167,200
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
.
25
22,687
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
125
134,062
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
....................
368
378,698
Transocean,
Inc.
(c)
7.50%,
01/15/26
.................
508
461,244
11.50%,
01/30/27
................
313
323,266
8.75%,
02/15/30
.................
2,046
2,086,920
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
1,282
1,246,036
6.88%,
09/01/27
.................
796
760,641
Weatherford
International
Ltd.
(c)
11.00%,
12/01/24
................
14
14,365
6.50%,
09/15/28
.................
454
454,777
8.63%,
04/30/30
.................
668
683,404
13,262,742
Entertainment
—
1.1%
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
....................
638
419,485
Live
Nation
Entertainment,
Inc.
(c)
4.88%,
11/01/24
.................
59
57,820
5.63%,
03/15/26
.................
35
33,863
6.50%,
05/15/27
.................
2,211
2,234,755
4.75%,
10/15/27
.................
829
766,825
3.75%,
01/15/28
.................
728
651,560
Warnermedia
Holdings,
Inc.
6.41%,
03/15/26
.................
170
170,858
5.14%,
03/15/52
(c)
................
2,411
1,953,473
5.39%,
03/15/62
(c)
................
1,271
1,027,371
7,316,010
Financial
Services
—
1.9%
Block,
Inc.
2.75%,
06/01/26
.................
828
754,942
3.50%,
06/01/31
.................
2,664
2,187,810
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
781
761,475
Global
Payments,
Inc.
3.20%,
08/15/29
.................
227
199,674
2.90%,
05/15/30
.................
206
174,436
5.40%,
08/15/32
.................
1,125
1,103,036
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
5.95%,
08/15/52
.................
USD
577
$
548,888
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
357
267,859
Jefferies
Finance
LLC,
5.00%,
08/15/28
(c)
..
665
562,982
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
241
229,071
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
231
209,632
5.75%,
11/15/31
.................
256
198,570
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
1,454
1,301,330
Sabre
GLBL,
Inc.
(c)
9.25%,
04/15/25
.................
315
296,730
7.38%,
09/01/25
.................
395
352,930
11.25%,
12/15/27
................
265
246,938
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
...
1,216
1,143,040
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
.
2,252
2,252,000
12,791,343
Food
Products
—
1.1%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
1,958
1,909,092
4.63%,
11/15/28
.................
1,771
1,613,824
Darling
Global
Finance
BV,
3.63%,
05/15/26
(d)
EUR
290
304,816
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
.
USD
1,104
1,100,246
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
.....
544
449,242
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
76
73,716
4.13%,
01/31/30
.................
640
585,600
4.38%,
01/31/32
.................
914
828,914
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
....
82
66,732
Post
Holdings,
Inc.
(c)
5.75%,
03/01/27
.................
2
1,952
5.50%,
12/15/29
.................
51
48,059
4.63%,
04/15/30
.................
335
300,244
4.50%,
09/15/31
.................
75
66,007
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
203
164,964
7,513,408
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
183
159,896
Ground
Transportation
—
1.2%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(c)
389
346,226
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
287
259,878
5.00%,
12/01/29
.................
199
164,816
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
441
398,964
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
492
498,309
0.00%,
12/15/25
(j)(k)
...............
621
546,344
8.00%,
11/01/26
(c)
................
500
512,615
7.50%,
09/15/27
(c)
................
1,000
1,031,110
6.25%,
01/15/28
(c)
................
1,317
1,313,707
4.50%,
08/15/29
(c)
................
2,124
1,935,495
Williams
Scotsman
International,
Inc.
(c)
6.13%,
06/15/25
.................
421
418,358
4.63%,
08/15/28
.................
513
466,667
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(c)
..
176
183,040
8,075,529
Health
Care
Equipment
&
Supplies
—
0.8%
Avantor
Funding,
Inc.
2.63%,
11/01/25
(d)
................
EUR
200
208,178
3.88%,
07/15/28
(d)
................
100
100,858
4.63%,
07/15/28
(c)
................
USD
910
862,225
3.88%,
11/01/29
(c)
................
431
385,745
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
174
158,340
Garden
Spinco
Corp.,
8.63%,
07/20/30
(c)
...
414
442,328
BlackRock
High
Yield
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Medline
Borrower
LP
(c)
3.88%,
04/01/29
.................
USD
828
$
718,290
5.25%,
10/01/29
.................
2,689
2,333,010
Teleflex,
Inc.
4.63%,
11/15/27
.................
45
43,955
4.25%,
06/01/28
(c)
................
222
211,103
5,464,032
Health
Care
Providers
&
Services
—
2.8%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
189
183,094
5.00%,
04/15/29
.................
144
135,360
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
205
188,221
5.13%,
03/01/30
.................
55
46,658
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
680
571,200
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
174
95,265
Centene
Corp.
2.45%,
07/15/28
.................
522
454,140
3.00%,
10/15/30
.................
1,936
1,630,269
2.50%,
03/01/31
.................
1,530
1,238,994
2.63%,
08/01/31
.................
195
158,010
Community
Health
Systems,
Inc.
(c)
5.63%,
03/15/27
.................
1,026
900,705
6.00%,
01/15/29
.................
783
662,324
5.25%,
05/15/30
.................
1,690
1,325,720
4.75%,
02/15/31
.................
636
469,540
Encompass
Health
Corp.
4.50%,
02/01/28
.................
40
37,283
4.75%,
02/01/30
.................
1,321
1,201,047
4.63%,
04/01/31
.................
369
322,338
HCA,
Inc.,
4.63%,
03/15/52
(c)
..........
385
319,662
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
1,121
995,973
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
547
519,081
4.38%,
02/15/27
.................
252
206,102
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
294
281,873
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
332
308,856
3.88%,
11/15/30
.................
372
324,577
3.88%,
05/15/32
.................
258
216,823
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
533
470,687
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
564
557,951
10.00%,
04/15/27
................
571
582,195
Tenet
Healthcare
Corp.
4.63%,
09/01/24
.................
406
398,839
4.88%,
01/01/26
.................
816
799,974
6.25%,
02/01/27
.................
388
381,555
5.13%,
11/01/27
.................
653
626,913
4.63%,
06/15/28
.................
96
88,547
6.13%,
10/01/28
.................
405
388,160
4.25%,
06/01/29
.................
80
72,377
4.38%,
01/15/30
.................
921
826,598
6.13%,
06/15/30
(c)
................
772
761,578
18,748,489
Health
Care
REITs
—
0.4%
MPT
Operating
Partnership
LP
2.55%,
12/05/23
.................
GBP
213
248,621
4.63%,
08/01/29
.................
USD
1,844
1,362,255
3.50%,
03/15/31
.................
1,552
1,044,806
2,655,682
Health
Care
Technology
—
0.1%
IQVIA,
Inc.
1.75%,
03/15/26
(d)
................
EUR
190
191,726
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
5.00%,
10/15/26
(c)
................
USD
298
$
291,295
5.00%,
05/15/27
(c)
................
226
222,065
705,086
Hotel
&
Resort
REITs
—
0.3%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
598
560,444
4.50%,
02/15/29
(c)
................
825
745,206
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
258
236,174
4.00%,
09/15/29
.................
217
181,222
1,723,046
Hotels,
Restaurants
&
Leisure
—
6.3%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
384
357,120
4.38%,
01/15/28
.................
414
382,184
4.00%,
10/15/30
.................
226
193,795
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(d)
....................
EUR
752
788,801
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
360
345,276
4.75%,
06/15/31
(c)
................
625
567,625
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
701
625,835
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
2,527
2,527,118
8.13%,
07/01/27
.................
2,958
3,017,160
4.63%,
10/15/29
.................
1,250
1,093,125
7.00%,
02/15/30
.................
2,739
2,786,933
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
417
417,089
Carnival
Corp.
(c)
10.50%,
02/01/26
................
648
675,164
7.63%,
03/01/26
.................
298
271,925
5.75%,
03/01/27
.................
1,956
1,604,565
9.88%,
08/01/27
.................
544
560,372
4.00%,
08/01/28
.................
1,077
927,114
6.00%,
05/01/29
.................
1,299
1,032,705
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
....................
3,850
4,141,676
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
291
284,121
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
1,267
1,223,719
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
899
898,434
6.50%,
10/01/28
.................
87
84,409
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
761
745,083
4.75%,
01/15/28
.................
875
819,372
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
103
90,403
6.75%,
01/15/30
.................
139
114,360
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(c)
................
531
531,000
3.75%,
05/01/29
(c)
................
305
272,975
4.88%,
01/15/30
.................
633
606,326
4.00%,
05/01/31
(c)
................
30
26,271
3.63%,
02/15/32
(c)
................
271
228,656
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
232
232,705
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
741
719,826
8.00%,
04/15/26
.................
526
501,757
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
693
670,890
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
412
305,057
Melco
Resorts
Finance
Ltd.
(c)
5.75%,
07/21/28
.................
200
169,200
5.38%,
12/04/29
.................
400
327,000
BlackRock
High
Yield
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
USD
800
$
758,780
MGM
Resorts
International,
5.75%,
06/15/25
41
40,901
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
440
382,507
Motion
Bondco
DAC,
6.63%,
11/15/27
(c)
...
215
198,385
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
749
637,459
8.38%,
02/01/28
.................
279
279,956
7.75%,
02/15/29
.................
94
80,599
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
327
264,948
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
214
157,956
5.88%,
09/01/31
.................
239
171,805
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
371
345,030
Royal
Caribbean
Cruises
Ltd.
(c)
11.50%,
06/01/25
................
216
230,315
4.25%,
07/01/26
.................
181
162,448
5.50%,
08/31/26
.................
289
270,374
5.38%,
07/15/27
.................
339
301,947
11.63%,
08/15/27
................
381
409,211
5.50%,
04/01/28
.................
242
213,658
8.25%,
01/15/29
.................
403
421,588
9.25%,
01/15/29
.................
731
776,688
7.25%,
01/15/30
.................
563
566,519
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
332
339,885
7.00%,
05/15/28
.................
256
253,440
7.25%,
11/15/29
.................
193
193,372
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
412
416,258
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
392
353,780
4.63%,
12/01/31
.................
440
371,580
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
249
249,583
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
309
265,222
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
227
209,120
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
483
456,435
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
.................
1,486
1,349,823
7.13%,
02/15/31
.................
571
579,205
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(c)
.....
7
6,688
42,882,611
Household
Durables
—
0.7%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
116
105,170
4.63%,
08/01/29
.................
208
168,480
4.63%,
04/01/30
.................
325
267,595
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
418
319,770
4.88%,
02/15/30
.................
307
231,524
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
615
527,363
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
205
188,777
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
371
363,580
KB
Home,
7.25%,
07/15/30
...........
145
147,064
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
246
231,547
4.63%,
03/01/30
.................
262
227,883
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
240
233,400
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
745
458,175
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
182
178,547
5.13%,
08/01/30
.................
49
45,231
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
USD
398
$
350,153
3.88%,
10/15/31
.................
229
191,215
TRI
Pointe
Group,
Inc.,
5.88%,
06/15/24
...
123
122,385
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
385
365,750
5.70%,
06/15/28
.................
91
87,560
4,811,169
Household
Products
—
0.1%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
105
101,062
4.13%,
10/15/30
.................
358
316,329
4.13%,
04/30/31
(c)
................
345
297,894
Spectrum
Brands,
Inc.,
5.00%,
10/01/29
(c)
..
264
229,118
944,403
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.25%,
06/01/26
.................
44
42,896
5.13%,
03/15/28
.................
1,249
1,143,547
4.63%,
02/01/29
.................
184
158,851
5.00%,
02/01/31
.................
86
72,800
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
.................
382
364,810
3.75%,
01/15/32
.................
588
488,676
TransAlta
Corp.,
7.75%,
11/15/29
.......
228
239,602
2,511,182
Insurance
—
3.1%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
447
369,366
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
2,930
2,624,372
6.75%,
10/15/27
.................
5,185
4,809,087
6.75%,
04/15/28
.................
1,273
1,258,679
5.88%,
11/01/29
.................
2,547
2,147,867
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
585
517,725
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(h)
.........
256
233,115
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
508
484,781
HUB
International
Ltd.
7.00%,
05/01/26
.................
1,746
1,715,982
5.63%,
12/01/29
.................
118
102,811
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
03/15/30
.................
564
584,569
10.50%,
12/15/30
................
571
575,116
NFP
Corp.
4.88%,
08/15/28
.................
1,470
1,325,940
6.88%,
08/15/28
.................
4,453
3,821,297
7.50%,
10/01/30
.................
227
219,334
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
376
328,766
21,118,807
IT
Services
—
1.1%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
.
1,010
792,850
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
296
245,130
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
188
157,121
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
313
285,625
4.00%,
07/01/29
.................
1,131
1,020,630
CA
Magnum
Holdings,
5.38%,
10/31/26
(c)
..
1,259
1,111,067
Cablevision
Lightpath
LLC
(c)
3.88%,
09/15/27
.................
276
222,105
5.63%,
09/15/28
.................
855
589,993
Gartner,
Inc.,
4.50%,
07/01/28
(c)
........
219
207,875
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)
....................
585
467,222
BlackRock
High
Yield
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
USD
1,183
$
1,010,668
6.00%,
02/15/28
.................
138
102,105
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(c)
..
99
94,608
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
144
142,775
Twilio,
Inc.
3.63%,
03/15/29
.................
334
288,075
3.88%,
03/15/31
.................
817
693,241
7,431,090
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
................
115
103,325
6.20%,
10/01/40
.................
464
417,892
5.45%,
11/01/41
.................
721
607,086
1,128,303
Life
Sciences
Tools
&
Services
—
0.2%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
336
314,457
4.00%,
03/15/31
.................
81
70,875
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
817
753,609
1,138,941
Machinery
—
1.5%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
230
223,675
ATS
Corp.,
4.13%,
12/15/28
(c)
.........
188
166,739
Chart
Industries,
Inc.
(c)
7.50%,
01/01/30
.................
1,660
1,715,145
9.50%,
01/01/31
.................
196
206,780
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
568
552,380
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
241
200,960
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(h)
........
478
403,910
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
145
129,525
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
258
152,228
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
272
242,872
Terex
Corp.,
5.00%,
05/15/29
(c)
........
823
765,810
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
1,183
990,763
Titan
International,
Inc.,
7.00%,
04/30/28
..
115
103,618
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(c)
720
622,252
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(d)
EUR
220
215,327
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
USD
3,510
3,313,791
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
442
383,200
10,388,975
Media
—
4.8%
Altice
Financing
SA,
5.75%,
08/15/29
(c)
....
3,462
2,752,290
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
61
54,097
4.25%,
02/15/29
.................
242
148,784
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
155
133,933
Cable
One,
Inc.
0.00%,
03/15/26
(j)(k)
...............
185
145,965
1.13%,
03/15/28
(j)
................
419
306,289
4.00%,
11/15/30
(c)
................
672
546,988
Charter
Communications
Operating
LLC
4.40%,
04/01/33
.................
84
74,543
5.50%,
04/01/63
.................
250
202,870
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)
....................
1,185
1,153,103
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
2,986
2,679,935
7.75%,
04/15/28
.................
1,796
1,347,000
7.50%,
06/01/29
.................
1,572
1,117,220
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
933
705,348
Security
Par
(000)
Par
(000)
Value
Media
(continued)
CSC
Holdings
LLC
5.25%,
06/01/24
.................
USD
88
$
84,920
5.50%,
04/15/27
(c)
................
700
589,470
4.13%,
12/01/30
(c)
................
2,266
1,627,418
4.50%,
11/15/31
(c)
................
1,858
1,339,637
DirecTV
Financing
LLC,
5.88%,
08/15/27
(c)
.
596
539,797
DISH
DBS
Corp.
5.25%,
12/01/26
(c)
................
2,746
2,191,020
5.75%,
12/01/28
(c)
................
1,331
993,259
5.13%,
06/01/29
.................
961
511,732
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
..
1,358
1,317,260
GCI
LLC,
4.75%,
10/15/28
(c)
..........
217
187,212
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(c)
....................
1,006
950,167
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
307
277,835
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
989
890,921
4.25%,
01/15/29
.................
719
596,770
4.63%,
03/15/30
.................
169
140,941
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
821
642,432
6.50%,
09/15/28
.................
2,465
1,010,650
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
1,882
1,517,362
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
270
243,540
5.00%,
08/01/27
.................
1,946
1,821,864
4.00%,
07/15/28
.................
255
219,030
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
209
183,280
TEGNA,
Inc.,
4.75%,
03/15/26
(c)
........
93
88,220
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
...............
400
368,000
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
150
147,327
6.63%,
06/01/27
.................
413
391,607
7.38%,
06/30/30
.................
459
433,957
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(c)
482
416,800
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
...............
893
793,654
Ziggo
Bond
Co.
BV
(c)
6.00%,
01/15/27
.................
296
273,093
5.13%,
02/28/30
.................
275
221,115
Ziggo
BV,
4.88%,
01/15/30
(c)
..........
565
481,663
32,860,318
Metals
&
Mining
—
2.8%
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
371
371,000
6.13%,
02/15/28
.................
1,054
1,036,828
ATI,
Inc.
5.88%,
12/01/27
.................
352
343,869
4.88%,
10/01/29
.................
225
204,761
5.13%,
10/01/31
.................
573
521,430
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
4,296
4,263,179
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
174
169,721
7.63%,
03/15/30
.................
495
512,001
Commercial
Metals
Co.
4.13%,
01/15/30
.................
77
67,964
4.38%,
03/15/32
.................
97
83,442
Constellium
SE
4.25%,
02/15/26
(d)
................
EUR
223
234,646
5.63%,
06/15/28
(c)
................
USD
662
624,945
3.75%,
04/15/29
(c)
................
2,881
2,495,551
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
439
382,204
BlackRock
High
Yield
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
USD
704
$
626,575
4.50%,
06/01/31
.................
985
808,892
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
1,093
1,052,089
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
1,372
1,253,823
4.75%,
01/30/30
.................
1,825
1,676,801
3.88%,
08/15/31
.................
2,081
1,752,701
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(d)
EUR
500
471,451
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(c)
....................
USD
220
134,200
19,088,073
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(c)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
92
80,941
4.25%,
02/01/27
.................
369
291,510
4.75%,
06/15/29
.................
139
100,473
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
50
50,094
4.38%,
01/15/27
.................
180
148,763
671,781
Oil,
Gas
&
Consumable
Fuels
—
11.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
1,543
1,514,022
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
309
301,899
5.38%,
06/15/29
.................
422
397,162
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
127
129,858
Apache
Corp.
4.25%,
01/15/30
.................
460
419,750
5.10%,
09/01/40
.................
456
386,460
5.35%,
07/01/49
.................
251
193,982
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
1,406
1,707,949
8.25%,
12/31/28
.................
114
110,264
5.88%,
06/30/29
.................
17
15,002
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
28
26,486
5.85%,
11/15/43
.................
237
178,956
5.60%,
10/15/44
.................
158
111,886
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
94
93,342
6.38%,
07/01/26
.................
342
324,900
8.00%,
08/01/28
(c)
................
1,975
1,956,632
7.50%,
06/15/30
(c)
................
1,844
1,733,360
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
973
903,927
4.00%,
03/01/31
.................
1,049
933,547
3.25%,
01/31/32
.................
2,114
1,746,418
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
32
30,461
6.75%,
04/15/29
.................
845
838,882
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
453
446,930
6.38%,
06/15/26
.................
463
451,425
Civitas
Resources,
Inc.,
5.00%,
10/15/26
(c)
.
199
187,062
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
232
199,520
CNX
Resources
Corp.
(c)
6.00%,
01/15/29
.................
101
94,435
7.38%,
01/15/31
.................
403
396,955
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
1,303
1,192,297
5.88%,
01/15/30
.................
1,030
884,922
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
......
3,084
2,772,053
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Crescent
Energy
Finance
LLC
(c)
7.25%,
05/01/26
.................
USD
1,294
$
1,216,360
9.25%,
02/15/28
.................
544
521,560
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
122
117,536
6.00%,
02/01/29
.................
556
529,306
8.00%,
04/01/29
.................
97
98,940
7.38%,
02/01/31
.................
201
201,000
CrownRock
LP
(c)
5.63%,
10/15/25
.................
1,450
1,421,085
5.00%,
05/01/29
.................
142
132,289
DCP
Midstream
Operating
LP
(c)
6.45%,
11/03/36
.................
193
200,168
6.75%,
09/15/37
.................
540
585,754
Diamondback
Energy,
Inc.
6.25%,
03/15/33
.................
815
861,274
4.25%,
03/15/52
.................
588
461,330
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
666
583,884
4.38%,
06/15/31
.................
1,509
1,314,626
Earthstone
Energy
Holdings
LLC,
8.00%,
04/15/27
(c)
....................
604
586,078
El
Paso
Natural
Gas
Co.
LLC,
3.50%,
02/15/32
(c)
....................
294
252,670
Energy
Transfer
LP
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
(f)(g)
....................
950
836,000
3.75%,
05/15/30
.................
252
232,548
5.30%,
04/15/47
.................
240
210,308
5.00%,
05/15/50
.................
1,090
930,346
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
690
676,200
5.38%,
06/01/29
.................
533
513,013
6.50%,
09/01/30
(c)
................
505
510,661
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
11
10,670
4.85%,
07/15/26
.................
28
26,950
5.60%,
04/01/44
.................
376
306,880
5.45%,
06/01/47
.................
139
110,780
EnQuest
plc,
11.63%,
11/01/27
(c)
.......
200
185,231
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
224
221,444
4.13%,
12/01/26
.................
53
48,131
6.50%,
07/01/27
(c)
................
788
763,793
4.50%,
01/15/29
(c)
................
40
34,000
7.50%,
06/01/30
(c)
................
181
175,344
4.75%,
01/15/31
(c)
................
605
502,150
Genesis
Energy
LP
6.50%,
10/01/25
.................
200
193,730
7.75%,
02/01/28
.................
266
257,905
8.88%,
04/15/30
.................
322
326,025
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
84
83,160
Harbour
Energy
plc,
5.50%,
10/15/26
(c)
....
200
175,000
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
98
97,737
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
491
438,512
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
.................
309
293,237
5.75%,
02/01/29
.................
557
512,744
6.00%,
02/01/31
.................
34
31,305
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
719
607,066
Kinder
Morgan,
Inc.,
4.80%,
02/01/33
....
202
194,895
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
1,150
1,106,875
BlackRock
High
Yield
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
....................
USD
67
$
65,147
Matador
Resources
Co.,
5.88%,
09/15/26
..
569
561,387
MPLX
LP,
4.95%,
03/14/52
...........
743
645,800
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
15
14,814
5.88%,
12/01/27
.................
124
120,768
6.13%,
12/01/42
(i)
................
46
38,112
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
2,744
2,641,100
6.50%,
09/30/26
.................
2,446
2,250,320
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
377
363,761
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
307
338,303
Northern
Oil
&
Gas,
Inc.,
8.13%,
03/01/28
(c)
.
2,422
2,402,503
NuStar
Logistics
LP
5.75%,
10/01/25
.................
232
225,628
6.00%,
06/01/26
.................
311
304,845
6.38%,
10/01/30
.................
35
33,583
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
57
57,718
5.88%,
09/01/25
.................
248
249,927
8.88%,
07/15/30
.................
588
683,926
6.63%,
09/01/30
.................
1,883
1,983,119
6.13%,
01/01/31
.................
55
57,063
7.50%,
05/01/31
.................
316
348,516
6.45%,
09/15/36
.................
822
864,275
6.20%,
03/15/40
.................
1,457
1,464,868
4.63%,
06/15/45
.................
61
48,861
6.60%,
03/15/46
.................
407
427,914
4.40%,
04/15/46
.................
225
178,313
4.20%,
03/15/48
.................
74
57,350
ONEOK,
Inc.,
4.95%,
07/13/47
.........
238
199,425
Ovintiv,
Inc.,
6.63%,
08/15/37
.........
169
170,467
Parkland
Corp.,
5.88%,
07/15/27
(c)
......
418
405,498
PDC
Energy,
Inc.
6.13%,
09/15/24
.................
58
57,710
5.75%,
05/15/26
.................
67
65,221
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
.................
463
438,846
7.75%,
02/15/26
.................
938
940,345
6.88%,
04/01/27
.................
465
454,919
5.88%,
07/01/29
.................
831
786,866
Plains
All
American
Pipeline
LP
3.55%,
12/15/29
.................
339
303,083
5.15%,
06/01/42
.................
480
404,307
Range
Resources
Corp.,
4.88%,
05/15/25
..
163
159,807
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
436
386,412
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
....................
109
97,102
SM
Energy
Co.
5.63%,
06/01/25
.................
351
340,328
6.75%,
09/15/26
.................
315
308,908
6.63%,
01/15/27
.................
146
140,256
6.50%,
07/15/28
.................
258
246,199
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
485
457,112
4.75%,
02/01/32
.................
8
7,064
Sunoco
LP
6.00%,
04/15/27
.................
42
41,466
5.88%,
03/15/28
.................
185
177,600
Tallgrass
Energy
Partners
LP
(c)
7.50%,
10/01/25
.................
28
27,988
6.00%,
03/01/27
.................
96
90,873
5.50%,
01/15/28
.................
134
122,525
6.00%,
12/31/30
.................
66
58,986
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.00%,
09/01/31
.................
USD
288
$
254,669
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
2,120
1,857,243
Targa
Resources
Corp.,
6.25%,
07/01/52
..
240
236,590
Targa
Resources
Partners
LP,
4.00%,
01/15/32
483
420,954
TerraForm
Power
Operating
LLC
(c)
5.00%,
01/31/28
.................
14
13,301
4.75%,
01/15/30
.................
254
227,758
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
1,396
1,259,192
4.13%,
08/15/31
.................
1,948
1,711,474
3.88%,
11/01/33
.................
3,695
3,103,800
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
345
314,189
Western
Midstream
Operating
LP
6.15%,
04/01/33
.................
135
136,831
5.45%,
04/01/44
.................
660
575,533
5.30%,
03/01/48
.................
609
516,012
5.50%,
08/15/48
.................
184
158,455
5.50%,
02/01/50
(i)
................
1,768
1,500,148
75,980,627
Passenger
Airlines
—
2.0%
Air
Canada,
3.88%,
08/15/26
(c)
.........
1,040
944,321
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
....
244
242,902
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
3,117
3,410,123
5.50%,
04/20/26
.................
293
288,200
7.25%,
02/15/28
.................
127
123,507
5.75%,
04/20/29
.................
1,712
1,641,932
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(c)
....
56
54,388
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
489
464,235
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
1,381
1,376,379
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(c)
................
438
440,147
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
72
69,944
Series
2020-1,
Class
A,
5.88%,
10/15/27
1,149
1,145,685
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
1,828
1,748,872
4.63%,
04/15/29
.................
1,516
1,371,224
13,321,859
Personal
Care
Products
—
0.0%
(c)
Coty,
Inc.,
4.75%,
01/15/29
...........
36
33,615
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
297
251,734
285,349
Pharmaceuticals
—
0.8%
Catalent
Pharma
Solutions,
Inc.
(c)
5.00%,
07/15/27
.................
5
4,883
3.13%,
02/15/29
.................
317
278,677
3.50%,
04/01/30
.................
652
572,997
Cheplapharm
Arzneimittel
GmbH,
5.50%,
01/15/28
(c)
....................
480
427,310
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
...
577
530,840
Organon
&
Co.
(c)
4.13%,
04/30/28
.................
1,014
926,908
5.13%,
04/30/31
.................
1,119
993,272
Teva
Pharmaceutical
Finance
Netherlands
III
BV
7.13%,
01/31/25
.................
287
290,767
3.15%,
10/01/26
.................
352
316,580
4.75%,
05/09/27
.................
400
372,000
7.88%,
09/15/29
.................
651
678,667
8.13%,
09/15/31
.................
205
214,584
5,607,485
BlackRock
High
Yield
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.5%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
USD
153
$
135,405
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
1,470
1,115,362
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
1,866
1,615,715
KBR,
Inc.,
4.75%,
09/30/28
...........
335
299,360
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
314
292,371
3,458,213
Real
Estate
Management
&
Development
—
0.3%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
669
598,939
Howard
Hughes
Corp.
(The)
4.13%,
02/01/29
.................
469
397,210
4.38%,
02/01/31
.................
348
280,140
Realogy
Group
LLC
5.75%,
01/15/29
.................
520
389,199
5.25%,
04/15/30
.................
315
229,598
1,895,086
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
397
318,592
Semiconductors
&
Semiconductor
Equipment
—
1.0%
Broadcom,
Inc.
4.30%,
11/15/32
.................
851
784,062
3.42%,
04/15/33
(c)
................
862
721,243
3.14%,
11/15/35
(c)
................
474
364,534
Entegris
Escrow
Corp.,
4.75%,
04/15/29
(c)
..
3,930
3,715,432
Entegris,
Inc.
(c)
4.38%,
04/15/28
.................
357
322,524
3.63%,
05/01/29
.................
333
287,432
Marvell
Technology,
Inc.,
2.95%,
04/15/31
..
259
216,278
Synaptics,
Inc.,
4.00%,
06/15/29
(c)
.......
335
288,481
6,699,986
Software
—
4.4%
Alteryx,
Inc.,
8.75%,
03/15/28
(c)
........
473
476,060
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
3,224
2,614,211
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
602
547,068
Boxer
Parent
Co.,
Inc.
(c)
7.13%,
10/02/25
.................
864
859,881
9.13%,
03/01/26
.................
1,656
1,605,857
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
672
635,040
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
....
1,141
1,121,465
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
2,015
1,798,326
4.88%,
07/01/29
.................
1,506
1,361,981
Cloud
Software
Group
Holdings,
Inc.,
6.50%,
03/31/29
(c)
....................
5,231
4,627,363
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
159
138,133
6.50%,
10/15/28
.................
146
121,078
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
84
73,309
Elastic
NV,
4.13%,
07/15/29
(c)
.........
794
677,878
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
552
511,980
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(c)
....................
200
162,494
McAfee
Corp.,
7.38%,
02/15/30
(c)
.......
2,029
1,701,305
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
946
839,575
NCR
Corp.
(c)
5.75%,
09/01/27
.................
250
245,682
5.00%,
10/01/28
.................
172
151,182
5.13%,
04/15/29
.................
294
254,385
6.13%,
09/01/29
.................
39
38,467
Open
Text
Corp.,
6.90%,
12/01/27
(c)
......
1,762
1,817,679
Oracle
Corp.
2.88%,
03/25/31
.................
546
467,213
Security
Par
(000)
Par
(000)
Value
Software
(continued)
6.25%,
11/09/32
.................
USD
291
$
312,986
3.60%,
04/01/50
.................
594
421,321
3.95%,
03/25/51
.................
941
708,081
6.90%,
11/09/52
.................
1,091
1,222,865
PTC,
Inc.
(c)
3.63%,
02/15/25
.................
16
15,431
4.00%,
02/15/28
.................
61
57,002
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
2,325
2,255,944
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
448
337,236
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
1,577
1,365,248
29,543,726
Specialized
REITs
—
0.4%
Iron
Mountain,
Inc.
(c)
5.00%,
07/15/28
.................
63
58,621
5.63%,
07/15/32
.................
196
179,054
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,352
1,276,333
3.13%,
02/01/29
.................
1,686
1,466,719
2,980,727
Specialty
Retail
—
2.0%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
406
336,042
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
208
189,280
4.75%,
03/01/30
.................
186
166,470
5.00%,
02/15/32
(c)
................
297
260,173
eG
Global
Finance
plc
(c)
6.75%,
02/07/25
.................
622
575,686
8.50%,
10/30/25
.................
399
373,472
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
747
638,685
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
220
187,026
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
571
477,699
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
267
230,955
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
440
400,800
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
286
268,950
3.75%,
06/15/29
(c)
................
140
120,866
PetSmart,
Inc.
(c)
4.75%,
02/15/28
.................
390
366,112
7.75%,
02/15/29
.................
1,518
1,490,084
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
186
170,938
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
2,204
1,957,362
6.13%,
07/01/29
.................
1,651
1,392,965
6.00%,
12/01/29
.................
731
603,565
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
485
424,923
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
2,990
2,593,701
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(h)
...........
484
440,142
13,665,896
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(c)
Crocs,
Inc.
4.25%,
03/15/29
.................
35
30,699
4.13%,
08/15/31
.................
617
508,349
Hanesbrands,
Inc.,
9.00%,
02/15/31
.....
596
610,155
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
224
192,233
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
503
428,807
1,770,243
Trading
Companies
&
Distributors
—
1.2%
(c)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
251
221,475
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
984
984,654
BlackRock
High
Yield
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
9.75%,
08/01/27
.................
USD
234
$
246,891
5.50%,
05/01/28
.................
785
716,187
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
153
121,271
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
75
65,725
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
600
579,000
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
866
774,715
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
.....................
3,439
3,486,355
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
205
208,372
7.25%,
06/15/28
.................
874
897,423
8,302,068
Wireless
Telecommunication
Services
—
0.7%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
...
3,496
3,286,240
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(c)
..............
244
229,177
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(c)(f)(h)
........
522
125,317
Sprint
LLC,
7.63%,
03/01/26
..........
276
291,865
Vmed
O2
UK
Financing
I
plc
(c)
4.25%,
01/31/31
.................
413
351,372
4.75%,
07/15/31
.................
617
528,905
4,812,876
Total
Corporate
Bonds
—
88.2%
(Cost:
$647,079,503)
.............................
598,685,236
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.3%
(f)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.59%
,
02/01/28
.................
1,061
1,045,184
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.65%
,
02/01/29
................
1,195
1,158,676
2,203,860
Beverages
—
0.0%
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.00%
,
01/24/30
(f)
................
69
51,462
Broadline
Retail
—
0.0%
Pug
LLC,
Term
Loan
B,
(1-mo.
LIBOR
USD
+
3.50%),
8.34%
,
02/12/27
(f)
...........
285
205,738
Capital
Markets
—
0.1%
(f)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.50%),
9.34%
,
07/31/26
.................
131
128,198
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
6.50%),
11.31%
,
08/02/29
...........
378
337,597
465,795
Chemicals
—
0.3%
(f)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.75%),
8.59%
,
09/30/28
.................
416
374,348
Aruba
Investments
Holdings
LLC,
2nd
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
7.75%),
12.59%
,
11/24/28
.....
190
170,318
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
,
08/27/26
.
USD
284
$
279,087
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
8.96%
,
10/04/29
......
1,105
1,044,907
Momentive
Performance
Materials,
Inc.
Term
Loan,
03/29/28
(l)(m)
................
455
444,762
2,313,422
Commercial
Services
&
Supplies
—
0.2%
(f)
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
4.25%),
9.09%
,
12/15/28
...........
1,307
1,095,614
TruGreen
LP,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
8.50%),
13.33%
,
11/02/28
(m)
...............
275
178,750
1,274,364
Construction
&
Engineering
—
0.6%
(f)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
4.00%),
8.84%
,
01/29/27
(m)
..........
111
108,648
Brand
Industrial
Services,
Inc.,
Term
Loan,
(3-
mo.
LIBOR
USD
at
1.00%
Floor
+
4.25%),
9.06%
-
9.41%
,
06/21/24
...........
3,939
3,663,892
3,772,540
Containers
&
Packaging
—
0.0%
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
8.78%
,
08/14/26
(f)
................
283
280,272
Diversified
Consumer
Services
—
0.1%
(f)
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
10.66%
,
12/10/29
...........
284
243,766
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
1.00%
Floor
+
4.00%),
8.95%
,
01/08/27
.................
310
292,585
536,351
Diversified
Telecommunication
Services
—
0.1%
(f)
Radiate
Holdco
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
3.25%),
8.09%
,
09/25/26
.................
96
78,033
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
+
3.00%),
7.84%
,
03/09/27
.
538
435,536
513,569
Energy
Equipment
&
Services
—
0.0%
Lealand
Finance
Co.
BV,
Term
Loan,
(1-mo.
LIBOR
USD
+
3.00%),
7.84%
,
06/28/24
(f)
.
25
16,559
Entertainment
—
0.1%
(f)
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.66%
,
11/06/28
.................
340
337,241
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
3.25%),
8.09%
,
03/15/30
.................
9
8,287
345,528
BlackRock
High
Yield
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
0.3%
(f)
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.17%
,
08/15/28
(m)
USD
236
$
224,391
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.65%
,
04/09/27
......
337
325,766
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
6.75%),
11.91%
,
04/07/28
...........
426
390,143
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
10/19/27
...........
873
861,836
1,802,136
Food
Products
—
0.0%
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.42%
,
10/25/27
(f)(m)
...............
102
101,037
Ground
Transportation
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.45%
,
04/06/28
(f)
.....
221
212,549
Health
Care
Equipment
&
Supplies
—
0.1%
(f)
Bausch
+
Lomb
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.46%
,
05/10/27
.................
31
30,524
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.09%
,
11/03/28
.................
400
383,381
413,905
Health
Care
Providers
&
Services
—
0.2%
(f)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.13%
,
11/08/27
............
247
242,437
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.88%),
12.92%
,
03/31/27
................
102
85,010
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(3-
mo.
LIBOR
USD
+
3.75%),
8.58%
,
11/16/25
177
168,414
Quorum
Health
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.25%),
12.98%
,
04/29/25
................
457
274,206
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
8.46%
,
08/31/26
.................
342
339,105
1,109,172
Health
Care
Technology
—
0.9%
(f)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(l)
.................
400
373,758
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.26%
,
02/15/29
.................
3,254
3,042,455
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
4.00%),
9.16%
,
06/02/28
.................
591
538,065
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.00%),
8.84%
,
08/27/25
.
2,410
2,404,402
6,358,680
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.2%
(f)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.81%
,
01/27/29
...........
USD
907
$
891,374
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.91%
,
12/15/27
.................
326
320,024
1,211,398
Household
Durables
—
0.2%
(f)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.37%
,
02/26/29
...........
475
424,866
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
8.75%
,
10/06/28
.................
943
790,939
1,215,805
Insurance
—
0.0%
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.91%
,
09/01/27
(f)
................
309
307,916
Interactive
Media
&
Services
—
0.0%
Acuris
Finance
US,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.05%
,
02/16/28
(f)
................
194
186,465
IT
Services
—
0.2%
(f)
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
1.00%
Floor
+
7.75%),
12.59%
,
07/31/28
................
156
153,888
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
3.25%),
8.09%
,
07/30/27
.................
212
207,406
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.00%
,
10/01/27
...........
517
492,731
TierPoint
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
8.59%
,
05/05/26
.................
188
179,094
1,033,119
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
11.76%
,
05/25/27
(f)
................
219
218,064
Machinery
—
0.4%
(f)
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
LIBOR
USD
+
3.00%),
8.15%
,
03/28/25
.................
1,968
1,860,378
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.40%
,
11/22/29
.................
600
594,642
SPX
Flow,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.41%
,
04/05/29
.................
607
577,319
3,032,339
Media
—
0.6%
(f)
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
1.00%
Floor
+
7.25%),
12.06%
,
09/01/25
................
252
223,141
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.33%
,
08/21/26
.................
2,144
1,992,199
BlackRock
High
Yield
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Media
(continued)
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
5.00%),
9.84%
,
08/02/27
.................
USD
1,341
$
1,288,206
Intelsat
Jackson
Holdings
SA,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.08%
,
02/01/29
...........
871
859,906
4,363,452
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.70%
,
10/12/28
(f)(m)
.........
209
195,355
Oil,
Gas
&
Consumable
Fuels
—
0.9%
(f)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
9.00%),
13.82%
,
11/01/25
.
4,988
5,283,545
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.31%
,
12/21/28
...........
583
563,712
5,847,257
Passenger
Airlines
—
0.4%
(f)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.56%
,
04/20/28
.................
1,267
1,284,765
Air
Canada,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.37%
,
08/11/28
..
140
139,484
SkyMiles
IP
Ltd.,
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.75%),
8.56%
,
10/20/27
.................
511
528,927
United
AirLines,
Inc.,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
8.57%
,
04/21/28
.................
810
802,891
2,756,067
Pharmaceuticals
—
0.0%
Amneal
Pharmaceuticals
LLC,
Term
Loan,
05/04/25
(f)(l)
.....................
149
141,173
Professional
Services
—
0.1%
(f)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.04%
,
01/18/29
.................
419
415,420
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.56%
,
04/29/29
...........
275
242,352
657,772
Software
—
1.6%
(f)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.50%
Floor
+
5.50%),
10.34%
,
02/27/26
................
925
887,427
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
+
3.75%),
8.59%
,
10/02/25
.
428
421,961
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.15%
,
07/06/29
.................
207
206,563
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.50%
,
03/30/29
...........
1,297
1,175,951
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.66%
,
10/08/28
(m)
................
421
400,838
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
6.00%),
10.91%
,
10/08/29
................
USD
712
$
627,681
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.66%
,
12/01/27
.................
500
462,337
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
8.84%
,
12/01/27
...........
—
(n)
1
Helios
Software
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.66%
,
03/11/28
.................
239
232,724
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.58%
,
07/27/28
.................
1,289
1,058,752
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
8.25%),
13.08%
,
07/27/29
................
830
614,200
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.52%
,
03/01/29
.................
1,152
1,080,040
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.06%
,
02/23/29
................
103
94,073
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
7.25%),
12.41%
,
12/18/28
................
288
253,921
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
6.25%),
11.09%
,
08/31/29
................
738
694,251
Sabre
GLBL,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.34%
,
12/17/27
.................
97
81,567
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.34%
,
12/17/27
.................
155
130,620
Sophia
LP,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.66%
,
10/07/27
.................
1,372
1,354,275
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
4.50%),
9.34%
,
08/11/28
............
356
336,773
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.75%),
8.58%
,
05/04/26
..
164
161,352
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.03%
,
05/03/27
................
958
915,436
11,190,743
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
(f)
Crocs,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.41%
,
02/20/29
.................
275
273,318
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
03/08/30
(m)
................
220
218,900
492,218
Trading
Companies
&
Distributors
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.16%
,
06/02/28
(f)
................
487
468,980
BlackRock
High
Yield
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.1%
(f)
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.50%
Floor
+
5.75%),
10.59%
,
09/21/29
................
USD
56
$
54,726
MHI
Holdings
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
5.00%),
9.84%
,
09/21/26
......
506
504,608
559,334
Wireless
Telecommunication
Services
—
0.2%
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(1-mo.
LIBOR
USD
+
3.25%),
8.08%
,
05/27/24
(f)
................
1,204
1,082,182
Total
Floating
Rate
Loan
Interests
—
8.4%
(Cost:
$59,638,421)
..............................
56,936,578
Preferred
Securities
Capital
Trusts
—
0.4%
Banks
—
0.1%
(a)(f)(g)
Citigroup,
Inc.,
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
..................
5
4,087
JPMorgan
Chase
&
Co.,
Series
Q,
(3-mo.
LIBOR
USD
+
3.25%),
5.15%
........
190
186,202
PNC
Financial
Services
Group,
Inc.
(The),
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
........................
629
591,795
782,084
Capital
Markets
—
0.1%
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95%
(a)(f)(g)
..
921
843,399
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
(a)(f)
(g)
...........................
USD
210
$
180,736
Electric
Utilities
—
0.1%
Edison
International,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
(a)(f)(g)
........
900
795,898
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(c)(f)(g)
....................
516
454,080
Total
Preferred
Securities
—
0.4%
(Cost:
$3,381,259)
..............................
3,056,197
Total
Long-Term
Investments
—
97.3%
(Cost:
$713,037,730)
.............................
660,930,713
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.70%
(o)(p)
.................
8,072,717
8,072,717
Total
Short-Term
Securities
—
1.2%
(Cost:
$8,072,717)
..............................
8,072,717
Total
Investments
—
98.5%
(Cost:
$721,110,447
)
.............................
669,003,430
Other
Assets
Less
Liabilities
—
1.5%
...................
9,957,514
Net
Assets
—
100.0%
..............................
$
678,960,944
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$225,370,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$552,653.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(m)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(n)
Rounds
to
less
than
1,000.
(o)
Annualized
7-day
yield
as
of
period
end.
(p)
Affiliate
of
the
Fund.
BlackRock
High
Yield
V.I.
Fund
17
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
18,647,211
$
—
$
(10,574,494)
(a)
$
—
$
—
$
8,072,717
8,072,717
$
151,057
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
High
Yield
V.I.
Fund
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
Russell
2000
E-Mini
Index
....................................................
18
06/16/23
$
1,632
$
(24,612)
S&P
500
E-Mini
Index
.......................................................
43
06/16/23
8,896
(522,420)
U.S.
Treasury
10
Year
Note
...................................................
23
06/21/23
2,646
(74,567)
U.S.
Treasury
Long
Bond
.....................................................
10
06/21/23
1,314
(31,642)
U.S.
Treasury
Ultra
Bond
.....................................................
54
06/21/23
7,649
(383,586)
U.S.
Treasury
5
Year
Note
....................................................
5
06/30/23
548
(11,879)
$
(1,048,706)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
97,030
EUR
89,000
Bank
of
America
NA
06/21/23
$
73
USD
106,385
EUR
97,000
State
Street
Bank
and
Trust
Co.
06/21/23
715
788
USD
631,613
EUR
580,000
State
Street
Bank
and
Trust
Co.
06/21/23
(230)
USD
1,034,345
EUR
957,444
Toronto
Dominion
Bank
06/21/23
(8,679)
USD
1,635,760
EUR
1,516,056
UBS
AG
06/21/23
(15,806)
USD
129,716
GBP
108,000
BNP
Paribas
SA
06/21/23
(3,721)
USD
131,902
GBP
107,000
Standard
Chartered
Bank
06/21/23
(300)
(28,736)
$
(27,948)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
...........
5.00
%
Quarterly
06/20/28
B+
USD
9,307
$
155,265
$
5,572
$
149,693
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CenturyLink,
Inc.
......
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
79
$
(1,911)
$
(898)
$
(1,013)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
BlackRock
High
Yield
V.I.
Fund
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Capital
Markets
........................................
$
—
$
225,370
$
—
$
225,370
Chemicals
............................................
362,661
—
—
362,661
Energy
Equipment
&
Services
..............................
4,893
—
—
4,893
Financial
Services
......................................
137,506
—
—
137,506
Ground
Transportation
...................................
200,312
—
—
200,312
IT
Services
...........................................
66,430
—
—
66,430
Metals
&
Mining
........................................
895,271
—
—
895,271
Software
.............................................
360,259
—
—
360,259
Corporate
Bonds
........................................
—
598,685,236
—
598,685,236
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
2,203,860
—
2,203,860
Beverages
...........................................
—
51,462
—
51,462
Broadline
Retail
........................................
—
205,738
—
205,738
Capital
Markets
........................................
—
465,795
—
465,795
Chemicals
............................................
—
1,868,660
444,762
2,313,422
Commercial
Services
&
Supplies
.............................
—
1,095,614
178,750
1,274,364
Construction
&
Engineering
................................
—
3,663,892
108,648
3,772,540
Containers
&
Packaging
..................................
—
280,272
—
280,272
Diversified
Consumer
Services
..............................
—
536,351
—
536,351
Diversified
Telecommunication
Services
........................
—
513,569
—
513,569
Energy
Equipment
&
Services
..............................
—
16,559
—
16,559
Entertainment
.........................................
—
345,528
—
345,528
Financial
Services
......................................
—
1,577,745
224,391
1,802,136
Food
Products
.........................................
—
—
101,037
101,037
Ground
Transportation
...................................
—
212,549
—
212,549
Health
Care
Equipment
&
Supplies
...........................
—
413,905
—
413,905
Health
Care
Providers
&
Services
............................
—
1,109,172
—
1,109,172
Health
Care
Technology
..................................
—
6,358,680
—
6,358,680
Hotels,
Restaurants
&
Leisure
..............................
—
1,211,398
—
1,211,398
Household
Durables
.....................................
—
1,215,805
—
1,215,805
Insurance
............................................
—
307,916
—
307,916
Interactive
Media
&
Services
...............................
—
186,465
—
186,465
IT
Services
...........................................
—
1,033,119
—
1,033,119
Leisure
Products
.......................................
—
218,064
—
218,064
Machinery
............................................
—
3,032,339
—
3,032,339
Media
...............................................
—
4,363,452
—
4,363,452
BlackRock
High
Yield
V.I.
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
Metals
&
Mining
........................................
$
—
$
—
$
195,355
$
195,355
Oil,
Gas
&
Consumable
Fuels
...............................
—
5,847,257
—
5,847,257
Passenger
Airlines
......................................
—
2,756,067
—
2,756,067
Pharmaceuticals
.......................................
—
141,173
—
141,173
Professional
Services
....................................
—
657,772
—
657,772
Software
.............................................
—
10,789,905
400,838
11,190,743
Textiles,
Apparel
&
Luxury
Goods
............................
—
273,318
218,900
492,218
Trading
Companies
&
Distributors
............................
—
468,980
—
468,980
Transportation
Infrastructure
...............................
—
559,334
—
559,334
Wireless
Telecommunication
Services
.........................
—
1,082,182
—
1,082,182
Capital
Trusts
...........................................
—
3,056,197
—
3,056,197
Short-Term
Securities
Money
Market
Funds
......................................
8,072,717
—
—
8,072,717
$
10,100,049
$
657,030,700
$
1,872,681
$
669,003,430
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
149,693
$
—
$
149,693
Foreign
currency
exchange
contracts
............................
—
788
—
788
Liabilities
Credit
contracts
...........................................
—
(1,013)
—
(1,013)
Equity
contracts
...........................................
(547,032)
—
—
(547,032)
Foreign
currency
exchange
contracts
............................
—
(28,736)
—
(28,736)
Interest
rate
contracts
.......................................
(501,674)
—
—
(501,674)
$
(1,048,706)
$
120,732
$
—
$
(927,974)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
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
S&P
Standard
&
Poor's
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)