Schedule
of
Investments
(unaudited)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
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
$
175,912
Chemicals
—
0.1%
Element
Solutions,
Inc.
...............
18,781
368,295
Energy
Equipment
&
Services
—
0.0%
Nine
Energy
Service,
Inc.
(a)
............
880
3,626
Financial
Services
—
0.0%
Block,
Inc.,
Class
A
(a)
................
2,003
88,653
Ground
Transportation
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
6,319
290,611
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
.........................
7,756
269,133
Carnival
Corp.
(a)
....................
25,522
350,162
619,295
IT
Services
—
0.0%
Twilio,
Inc.,
Class
A
(a)
................
997
58,354
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
58,591
1,066,356
Pharmaceuticals
—
0.1%
Catalent,
Inc.
(a)
....................
12,817
583,558
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
21,967
462,845
Total
Common
Stocks
—
0.5%
(Cost:
$4,097,059)
..............................
3,717,505
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.1%
Bombardier,
Inc.
(c)
7.50%,
03/15/25
.................
USD
22
21,909
7.13%,
06/15/26
.................
2,425
2,349,484
7.88%,
04/15/27
.................
1,925
1,878,313
6.00%,
02/15/28
.................
1,539
1,396,175
7.50%,
02/01/29
.................
897
851,223
7.45%,
05/01/34
.................
301
340,985
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
457
404,036
4.13%,
04/15/29
.................
458
400,750
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
....................
80
73,069
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(c)
....................
941
930,720
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)
1,400
1,301,285
Rolls-Royce
plc,
5.75%,
10/15/27
(c)
......
1,355
1,307,383
Spirit
AeroSystems,
Inc.
(c)
7.50%,
04/15/25
.................
72
70,623
9.38%,
11/30/29
.................
1,545
1,572,246
TransDigm,
Inc.
6.25%,
03/15/26
(c)
................
10,189
10,011,514
7.50%,
03/15/27
.................
615
616,118
6.75%,
08/15/28
(c)
................
5,994
5,901,025
6.88%,
12/15/30
(c)
................
474
464,778
Triumph
Group,
Inc.,
9.00%,
03/15/28
(c)
...
2,163
2,138,788
32,030,424
Security
Par
(000)
Par
(000)
Value
Air
Freight
&
Logistics
—
0.1%
Forward
Air
Corp.,
9.50%,
10/15/31
(c)
.....
USD
886
$
885,380
Automobile
Components
—
1.9%
Clarios
Global
LP
6.75%,
05/15/25
(c)
................
1,117
1,108,591
4.38%,
05/15/26
(d)
................
EUR
560
568,311
6.25%,
05/15/26
(c)
................
USD
1,409
1,378,627
8.50%,
05/15/27
(c)
................
6,301
6,282,925
6.75%,
05/15/28
(c)
................
1,919
1,873,424
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
304
285,000
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
152
154,282
5.00%,
07/15/29
.................
176
151,592
5.63%,
04/30/33
.................
248
202,966
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
278
258,274
5.25%,
05/15/27
.................
2,045
1,797,514
4.38%,
02/01/29
.................
1,169
934,802
14,996,308
Automobiles
—
0.3%
Ford
Motor
Co.
3.25%,
02/12/32
.................
1,362
1,049,644
6.10%,
08/19/32
.................
1,083
1,020,091
2,069,735
Banks
—
0.9%
Banco
Espirito
Santo
SA
(a)(d)(e)
2.63%,
05/08/17
.................
EUR
100
27,488
4.75%,
01/15/18
.................
100
27,489
4.00%,
01/21/19
.................
100
27,488
Banco
Santander
SA,
6.92%,
08/08/33
....
USD
400
382,193
Barclays
plc
5.20%,
05/12/26
.................
200
192,678
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(f)(g)
....................
940
652,400
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(f)(g)
....................
390
350,002
BNP
Paribas
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(c)(f)(g)
..............
1,025
1,002,781
Citigroup,
Inc.
(g)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(f)
.....................
537
523,898
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
950
907,842
Credit
Agricole
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(c)(f)(g)
..............
460
349,464
HSBC
Holdings
plc
(f)(g)
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
465
413,432
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
200
151,138
Intesa
Sanpaolo
SpA
(c)(g)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
....................
320
235,791
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
....................
235
145,718
Lloyds
Banking
Group
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(f)(g)
...............
505
452,716
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Wells
Fargo
&
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(f)(g)
...............
USD
1,064
$
1,072,690
6,915,208
Broadline
Retail
—
0.3%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
282
220,658
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
82
77,350
3.50%,
03/01/29
.................
419
352,527
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
.....................
768
746,052
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
231
207,095
5.63%,
02/15/29
.................
164
151,290
4.13%,
08/01/30
.................
368
303,659
3.63%,
10/01/31
.................
405
319,594
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
227
212,950
2,591,175
Building
Products
—
0.9%
Advanced
Drainage
Systems,
Inc.
(c)
5.00%,
09/30/27
.................
1,024
956,599
6.38%,
06/15/30
.................
724
695,366
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(c)
....................
430
414,800
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
...............
200
186,558
JELD-WEN,
Inc.,
4.63%,
12/15/25
(c)
.....
524
503,129
Masonite
International
Corp.
(c)
5.38%,
02/01/28
.................
74
68,829
3.50%,
02/15/30
.................
454
368,887
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(c)
5.25%,
07/15/28
.................
181
162,406
9.75%,
07/15/28
.................
215
212,312
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(c)
....................
1,871
1,727,796
Standard
Industries,
Inc.
2.25%,
11/21/26
(d)
................
EUR
200
186,451
5.00%,
02/15/27
(c)
................
USD
345
319,798
4.75%,
01/15/28
(c)
................
108
97,415
4.38%,
07/15/30
(c)
................
1,017
842,278
3.38%,
01/15/31
(c)
................
319
246,581
Summit
Materials
LLC,
5.25%,
01/15/29
(c)
..
34
30,872
7,020,077
Capital
Markets
—
0.5%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
....................
311
312,906
Ares
Capital
Corp.,
7.00%,
01/15/27
.....
340
339,996
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
167
167,257
3.25%,
03/15/27
.................
155
134,638
Blue
Owl
Capital
Corp.
3.75%,
07/22/25
.................
380
356,035
3.40%,
07/15/26
.................
131
117,450
Blue
Owl
Credit
Income
Corp.
5.50%,
03/21/25
.................
386
373,379
3.13%,
09/23/26
.................
90
79,110
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
...............
403
352,338
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(c)
...............
250
222,429
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(c)
...
233
228,599
Northern
Trust
Corp.,
6.13%,
11/02/32
....
244
240,926
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
UBS
Group
AG
(c)(g)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.80%),
6.25%,
09/22/29
....................
USD
511
$
505,639
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(f)
.....................
320
229,255
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
6.30%,
09/22/34
....................
440
429,730
4,089,687
Chemicals
—
2.4%
Ashland,
Inc.,
3.38%,
09/01/31
(c)
........
335
260,508
Avient
Corp.,
7.13%,
08/01/30
(c)
........
440
432,251
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(d)
...............
EUR
200
208,082
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
.................
USD
490
455,299
3.38%,
02/15/29
.................
687
571,991
Celanese
US
Holdings
LLC
6.35%,
11/15/28
.................
375
370,287
6.55%,
11/15/30
.................
355
347,414
6.70%,
11/15/33
.................
500
486,707
Chemours
Co.
(The)
(c)
5.75%,
11/15/28
.................
291
252,559
4.63%,
11/15/29
.................
202
162,499
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
4,174
3,602,107
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
776
756,202
HB
Fuller
Co.,
4.25%,
10/15/28
........
185
163,244
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
..
1,719
1,334,747
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
779
735,725
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
132
108,837
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(g)
588
429,240
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
296
246,094
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
388
355,873
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
81
79,582
Olympus
Water
US
Holding
Corp.,
9.75%,
11/15/28
(c)
....................
1,640
1,636,455
SCIL
IV
LLC,
5.38%,
11/01/26
(c)
........
537
490,667
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
325
248,310
4.38%,
02/01/32
.................
55
41,288
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
....................
1,033
827,877
WR
Grace
Holdings
LLC
(c)
4.88%,
06/15/27
.................
419
384,406
5.63%,
08/15/29
.................
3,397
2,747,324
7.38%,
03/01/31
.................
816
791,099
18,526,674
Commercial
Services
&
Supplies
—
3.5%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
58
49,040
4.88%,
07/15/32
.................
190
158,650
Allied
Universal
Holdco
LLC
(c)
6.63%,
07/15/26
.................
2,415
2,288,309
9.75%,
07/15/27
.................
617
551,853
4.63%,
06/01/28
.................
4,039
3,361,522
6.00%,
06/01/29
.................
3,841
2,863,418
APi
Group
DE,
Inc.
(c)
4.13%,
07/15/29
.................
453
380,676
4.75%,
10/15/29
.................
225
196,869
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
455
436,903
5.75%,
07/15/29
.................
500
421,309
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
USD
300
$
294,873
6.38%,
05/01/25
.................
74
75,179
5.00%,
02/01/28
.................
1,844
1,705,393
Ashtead
Capital,
Inc.,
5.95%,
10/15/33
(c)
...
495
469,932
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
233
219,564
5.13%,
07/15/29
.................
108
99,350
6.38%,
02/01/31
.................
228
221,701
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
365
299,446
5.00%,
09/01/30
.................
200
159,600
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
.................
617
564,592
9.50%,
11/01/27
.................
148
141,505
7.75%,
02/15/28
.................
1,554
1,523,546
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
176
169,136
3.75%,
08/01/25
.................
462
437,921
5.13%,
12/15/26
.................
843
803,032
4.00%,
08/01/28
.................
689
602,025
3.50%,
09/01/28
.................
356
306,484
4.75%,
06/15/29
.................
465
413,343
4.38%,
08/15/29
.................
849
737,450
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
170
166,600
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
721
580,579
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
.
625
565,820
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
319
309,484
6.25%,
01/15/28
.................
1,847
1,710,633
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
105
90,547
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
3,108
2,902,177
Williams
Scotsman,
Inc.,
7.38%,
10/01/31
(c)
.
892
887,134
27,165,595
Communications
Equipment
—
0.6%
(c)
CommScope
Technologies
LLC,
6.00%,
06/15/25
.....................
1,327
1,263,242
CommScope,
Inc.
6.00%,
03/01/26
.................
253
236,107
4.75%,
09/01/29
.................
1,200
882,653
Viasat,
Inc.
5.63%,
09/15/25
.................
1,289
1,190,714
5.63%,
04/15/27
.................
408
353,477
7.50%,
05/30/31
.................
126
83,223
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
....
522
424,334
4,433,750
Construction
&
Engineering
—
0.5%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
676
589,947
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
.....................
2,888
2,892,447
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
279
241,335
MasTec,
Inc.,
4.50%,
08/15/28
.........
63
56,656
3,780,385
Consumer
Finance
—
1.9%
Capital
One
Financial
Corp.,
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(g)
..........
230
217,054
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
.................
200
197,823
4.69%,
06/09/25
.................
200
192,179
5.13%,
06/16/25
.................
548
530,477
4.13%,
08/04/25
.................
350
331,829
3.38%,
11/13/25
.................
200
185,563
4.39%,
01/08/26
.................
475
448,319
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
6.95%,
06/10/26
.................
USD
200
$
199,755
2.70%,
08/10/26
.................
607
541,666
4.95%,
05/28/27
.................
559
524,707
7.35%,
11/04/27
.................
200
203,933
6.80%,
05/12/28
.................
1,204
1,202,607
5.11%,
05/03/29
.................
297
271,853
7.35%,
03/06/30
.................
1,600
1,620,285
7.20%,
06/10/30
.................
2,300
2,311,500
3.63%,
06/17/31
.................
345
278,778
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(g)
...............
403
383,954
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
283
269,326
Macquarie
Airfinance
Holdings
Ltd.
(c)
8.38%,
05/01/28
.................
228
231,135
8.13%,
03/30/29
.................
436
436,589
Navient
Corp.
6.13%,
03/25/24
.................
150
149,198
5.88%,
10/25/24
.................
49
48,227
5.50%,
03/15/29
.................
249
209,162
9.38%,
07/25/30
.................
351
346,174
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
386
382,940
7.13%,
03/15/26
.................
837
819,742
3.50%,
01/15/27
.................
646
553,138
6.63%,
01/15/28
.................
155
143,014
9.00%,
01/15/29
.................
208
207,328
5.38%,
11/15/29
.................
157
131,488
4.00%,
09/15/30
.................
1,035
776,617
SLM
Corp.,
3.13%,
11/02/26
..........
393
340,886
14,687,246
Consumer
Staples
Distribution
&
Retail
—
0.8%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
833
771,577
4.63%,
01/15/27
.................
471
444,727
5.88%,
02/15/28
.................
345
332,055
6.50%,
02/15/28
.................
320
316,281
3.50%,
03/15/29
.................
662
564,411
4.88%,
02/15/30
.................
1,672
1,506,512
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
558
482,022
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
155
118,156
US
Foods,
Inc.
6.88%,
09/15/28
.................
471
470,011
4.75%,
02/15/29
.................
780
697,139
4.63%,
06/01/30
.................
84
72,980
7.25%,
01/15/32
.................
568
567,426
6,343,297
Containers
&
Packaging
—
3.3%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
.....
2,617
1,974,053
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(c)
................
1,161
1,115,683
3.25%,
09/01/28
(c)
................
200
166,758
3.00%,
09/01/29
(d)
................
EUR
200
160,190
4.00%,
09/01/29
(c)
................
USD
3,484
2,726,478
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(c)
................
600
584,851
2.13%,
08/15/26
(d)
................
EUR
366
342,957
4.13%,
08/15/26
(c)
................
USD
600
548,410
5.25%,
08/15/27
(c)
................
395
329,625
Ball
Corp.,
6.00%,
06/15/29
..........
446
432,985
Canpack
SA,
3.13%,
11/01/25
(c)
........
211
195,681
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
USD
1,498
$
1,392,822
8.75%,
04/15/30
.................
1,738
1,490,612
Crown
Americas
LLC,
4.25%,
09/30/26
...
275
258,500
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
78
79,170
Graphic
Packaging
International
LLC
4.75%,
07/15/27
(c)
................
128
120,657
3.50%,
03/15/28
(c)
................
8
7,019
2.63%,
02/01/29
(d)
................
EUR
200
183,426
LABL,
Inc.
(c)
6.75%,
07/15/26
.................
USD
159
154,094
5.88%,
11/01/28
.................
489
438,985
9.50%,
11/01/28
.................
1,164
1,193,100
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%,
08/15/26
.................
6,722
6,484,955
9.25%,
04/15/27
.................
388
339,145
OI
European
Group
BV,
6.25%,
05/15/28
(c)
.
EUR
270
290,139
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%,
05/13/27
.................
USD
91
88,714
7.25%,
05/15/31
.................
544
531,760
Sealed
Air
Corp.
(c)
5.13%,
12/01/24
.................
20
19,700
4.00%,
12/01/27
.................
143
127,598
6.13%,
02/01/28
.................
347
336,077
5.00%,
04/15/29
.................
146
131,272
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(c)
246
257,070
Trivium
Packaging
Finance
BV
(c)(i)
5.50%,
08/15/26
.................
1,359
1,267,176
8.50%,
08/15/27
.................
2,127
1,943,833
25,713,495
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
72
59,999
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
702
666,710
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
124
101,876
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
158
157,637
986,222
Diversified
Consumer
Services
—
0.5%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
105
101,325
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
244
206,111
Service
Corp.
International
5.13%,
06/01/29
.................
302
279,199
3.38%,
08/15/30
.................
279
224,874
4.00%,
05/15/31
.................
990
812,772
Sotheby's
(c)
7.38%,
10/15/27
.................
1,591
1,464,385
5.88%,
06/01/29
.................
1,375
1,103,437
4,192,103
Diversified
REITs
—
0.7%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
198
153,300
GLP
Capital
LP,
3.25%,
01/15/32
.......
661
512,995
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
384
341,312
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
655
538,366
MPT
Operating
Partnership
LP,
2.50%,
03/24/26
.....................
GBP
567
524,022
RHP
Hotel
Properties
LP,
7.25%,
07/15/28
(c)
USD
763
749,642
VICI
Properties
LP
4.63%,
12/01/29
(c)
................
952
844,472
4.95%,
02/15/30
.................
451
412,650
4.13%,
08/15/30
(c)
................
562
477,914
5.63%,
05/15/52
.................
697
577,182
5,131,855
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
4.8%
Altice
France
SA
(c)
8.13%,
02/01/27
.................
USD
2,411
$
2,138,066
5.50%,
01/15/28
.................
503
387,419
5.13%,
07/15/29
.................
1,595
1,133,895
5.50%,
10/15/29
.................
242
174,026
CCO
Holdings
LLC
(c)
5.00%,
02/01/28
.................
390
354,174
5.38%,
06/01/29
.................
162
145,348
6.38%,
09/01/29
.................
1,584
1,477,025
4.75%,
03/01/30
.................
1,361
1,142,493
4.50%,
08/15/30
.................
334
274,152
4.25%,
02/01/31
.................
908
722,803
7.38%,
03/01/31
.................
4,817
4,652,398
4.75%,
02/01/32
.................
866
692,800
4.25%,
01/15/34
.................
867
638,353
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
635
577,512
5.00%,
05/01/28
.................
1,499
1,279,880
8.75%,
05/15/30
.................
2,866
2,721,196
Iliad
Holding
SASU
(c)
6.50%,
10/15/26
.................
3,251
3,054,357
7.00%,
10/15/28
.................
415
377,764
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
2,099
1,965,462
4.63%,
09/15/27
.................
2,438
1,753,329
3.63%,
01/15/29
.................
223
124,880
10.50%,
05/15/30
................
1,815
1,826,957
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(c)
1,063
699,932
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
....................
200
180,750
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
368
319,083
6.00%,
09/30/34
.................
793
661,188
7.20%,
07/18/36
.................
138
122,790
7.72%,
06/04/38
.................
488
446,520
Uniti
Group
LP,
10.50%,
02/15/28
(c)
......
1,647
1,613,159
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
5,429
4,027,696
6.13%,
03/01/28
.................
1,909
1,226,952
36,912,359
Electric
Utilities
—
0.4%
(c)
Alexander
Funding
Trust
II,
7.47%,
07/31/28
425
425,557
Clearway
Energy
Operating
LLC,
3.75%,
02/15/31
.....................
55
43,384
NextEra
Energy
Operating
Partners
LP
4.25%,
09/15/24
.................
13
12,447
3.88%,
10/15/26
.................
291
263,476
NRG
Energy,
Inc.,
7.00%,
03/15/33
......
375
362,316
Palomino
Funding
Trust
I,
7.23%,
05/17/28
.
323
324,150
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
465
403,852
Vistra
Operations
Co.
LLC
7.75%,
10/15/31
.................
780
768,334
6.95%,
10/15/33
.................
505
495,322
3,098,838
Electrical
Equipment
—
0.5%
(c)
Regal
Rexnord
Corp.
6.05%,
04/15/28
.................
1,590
1,546,540
6.30%,
02/15/30
.................
410
396,049
6.40%,
04/15/33
.................
430
414,179
Sensata
Technologies
BV
5.63%,
11/01/24
.................
187
184,831
4.00%,
04/15/29
.................
29
24,972
5.88%,
09/01/30
.................
315
293,461
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
(continued)
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
USD
1,387
$
1,219,188
4,079,220
Electronic
Equipment,
Instruments
&
Components
—
0.4%
(c)
Coherent
Corp.,
5.00%,
12/15/29
.......
1,209
1,048,251
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
1,738
1,500,773
3.75%,
02/15/31
.................
243
196,666
2,745,690
Energy
Equipment
&
Services
—
3.9%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
579
560,091
6.25%,
04/01/28
.................
2,624
2,443,008
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
........
540
533,250
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
384
371,040
7.50%,
01/15/28
.................
397
367,022
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
1,629
1,594,384
7.38%,
05/15/27
(c)
................
804
777,771
Nine
Energy
Service,
Inc.,
13.00%,
02/01/28
176
160,523
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
...
689
698,011
Oceaneering
International,
Inc.,
6.00%,
02/01/28
(c)
....................
171
161,093
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
230
230,826
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
.
25
23,680
Seadrill
Finance
Ltd.,
8.38%,
08/01/30
(c)
...
577
587,455
Shelf
Drilling
Holdings
Ltd.,
Class
B,
9.63%,
04/15/29
.....................
483
474,229
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
125
130,683
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(c)
.
312
312,000
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
....................
368
374,440
Transocean,
Inc.
(c)
7.50%,
01/15/26
.................
1,576
1,540,256
11.50%,
01/30/27
................
1,215
1,274,231
8.00%,
02/01/27
.................
596
573,650
8.75%,
02/15/30
.................
2,404
2,457,579
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
2,337
2,289,192
6.88%,
09/01/27
.................
824
798,829
Valaris
Ltd.,
8.38%,
04/30/30
(c)
.........
1,709
1,710,282
Venture
Global
LNG,
Inc.
(c)
8.13%,
06/01/28
.................
3,043
3,013,005
8.38%,
06/01/31
.................
5,193
5,105,041
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
.................
354
354,035
8.63%,
04/30/30
.................
1,322
1,332,120
30,247,726
Entertainment
—
0.7%
(c)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
638
420,638
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
59
57,967
5.63%,
03/15/26
.................
35
33,605
6.50%,
05/15/27
.................
2,883
2,842,613
4.75%,
10/15/27
.................
1,213
1,110,653
3.75%,
01/15/28
.................
728
642,460
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
187
156,145
5,264,081
Financial
Services
—
2.2%
Block,
Inc.
2.75%,
06/01/26
.................
1,983
1,783,506
3.50%,
06/01/31
.................
3,148
2,472,947
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Blue
Owl
Credit
Income
Corp.,
7.75%,
09/16/27
USD
644
$
638,822
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
781
769,214
Freedom
Mortgage
Corp.
(c)
12.00%,
10/01/28
................
247
251,162
12.25%,
10/01/30
................
247
252,471
GGAM
Finance
Ltd.
(c)
7.75%,
05/15/26
.................
103
101,970
8.00%,
06/15/28
.................
103
102,797
Jefferies
Finance
LLC,
5.00%,
08/15/28
(c)
..
665
559,934
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
241
224,423
Nationstar
Mortgage
Holdings,
Inc.
(c)
5.00%,
02/01/26
.................
3,390
3,166,586
6.00%,
01/15/27
.................
231
218,277
5.75%,
11/15/31
.................
256
211,769
Permian
Resources
Operating
LLC,
7.00%,
01/15/32
(c)
....................
441
434,920
Rocket
Mortgage
LLC
(c)
2.88%,
10/15/26
.................
2,022
1,780,755
3.88%,
03/01/31
.................
413
329,314
4.00%,
10/15/33
.................
329
248,455
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
...
1,216
1,146,518
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
.
2,252
2,252,392
16,946,232
Food
Products
—
1.0%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(c)
.....
273
273,373
Chobani
LLC
(c)
7.50%,
04/15/25
.................
2,759
2,733,010
4.63%,
11/15/28
.................
1,988
1,753,376
Darling
Global
Finance
BV,
3.63%,
05/15/26
(d)
EUR
290
296,650
Darling
Ingredients,
Inc.
(c)
5.25%,
04/15/27
.................
USD
395
376,399
6.00%,
06/15/30
.................
459
434,550
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
76
70,098
4.13%,
01/31/30
.................
991
847,453
4.38%,
01/31/32
.................
812
680,243
Post
Holdings,
Inc.
(c)
5.75%,
03/01/27
.................
2
1,921
5.50%,
12/15/29
.................
51
46,230
4.63%,
04/15/30
.................
335
286,854
4.50%,
09/15/31
.................
135
112,360
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
203
166,526
8,079,043
Gas
Utilities
—
0.2%
(c)
AmeriGas
Partners
LP,
9.38%,
06/01/28
...
755
765,381
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
................
629
634,504
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
.....................
183
152,756
1,552,641
Ground
Transportation
—
1.1%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(c)
389
367,407
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
287
254,354
5.00%,
12/01/29
.................
199
155,801
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
441
386,978
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
492
495,075
0.00%,
12/15/25
(j)(k)
...............
621
579,341
8.00%,
11/01/26
(c)
................
500
505,877
7.50%,
09/15/27
(c)
................
1,934
1,950,060
6.25%,
01/15/28
(c)
................
914
893,769
4.50%,
08/15/29
(c)
................
2,542
2,272,184
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
Williams
Scotsman
International,
Inc.
(c)
6.13%,
06/15/25
.................
USD
421
$
416,790
4.63%,
08/15/28
.................
255
228,225
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(c)
..
176
177,943
8,683,804
Health
Care
Equipment
&
Supplies
—
1.2%
Avantor
Funding,
Inc.
2.63%,
11/01/25
(d)
................
EUR
200
201,762
3.88%,
07/15/28
(d)
................
100
96,897
4.63%,
07/15/28
(c)
................
USD
1,275
1,162,390
3.88%,
11/01/29
(c)
................
431
368,363
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
(c)
....................
2,951
2,959,765
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
90
73,575
Garden
Spinco
Corp.,
8.63%,
07/20/30
(c)
...
414
432,156
Medline
Borrower
LP
(c)
3.88%,
04/01/29
.................
1,034
874,167
5.25%,
10/01/29
.................
3,749
3,240,246
Teleflex,
Inc.
4.63%,
11/15/27
.................
45
41,288
4.25%,
06/01/28
(c)
................
222
198,590
9,649,199
Health
Care
Providers
&
Services
—
2.6%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
189
175,763
5.00%,
04/15/29
.................
144
129,469
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
205
176,947
5.13%,
03/01/30
.................
55
42,591
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
680
571,200
Community
Health
Systems,
Inc.
(c)
5.63%,
03/15/27
.................
1,026
880,015
6.00%,
01/15/29
.................
796
642,835
5.25%,
05/15/30
.................
2,393
1,819,102
4.75%,
02/15/31
.................
1,320
934,190
Encompass
Health
Corp.
4.50%,
02/01/28
.................
40
36,445
4.75%,
02/01/30
.................
1,371
1,212,911
4.63%,
04/01/31
.................
458
388,237
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
2,144
1,846,789
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(c)
....................
252
216,720
LifePoint
Health,
Inc.
9.88%,
08/15/30
(c)
................
857
829,687
Class
B,
11.00%,
10/15/30
..........
942
942,000
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
1,015
964,818
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
332
297,488
3.88%,
05/15/32
.................
258
206,912
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
533
460,379
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
....................
118
109,106
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
...............
216
209,112
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
564
559,770
10.00%,
04/15/27
................
571
577,424
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
816
781,752
6.25%,
02/01/27
.................
388
375,426
5.13%,
11/01/27
.................
653
607,705
4.63%,
06/15/28
.................
96
86,415
6.13%,
10/01/28
.................
307
288,196
6.13%,
06/15/30
.................
375
351,581
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
6.75%,
05/15/31
(c)
................
USD
3,175
$
3,062,193
19,783,178
Health
Care
REITs
—
0.3%
MPT
Operating
Partnership
LP
2.55%,
12/05/23
.................
GBP
213
252,210
4.63%,
08/01/29
.................
USD
1,645
1,165,093
3.50%,
03/15/31
.................
1,144
714,393
2,131,696
Health
Care
Technology
—
0.1%
IQVIA,
Inc.
1.75%,
03/15/26
(d)
................
EUR
190
186,848
5.00%,
10/15/26
(c)
................
USD
298
284,903
5.00%,
05/15/27
(c)
................
426
401,538
6.50%,
05/15/30
(c)
................
286
279,928
1,153,217
Hotel
&
Resort
REITs
—
0.3%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
598
544,180
4.50%,
02/15/29
(c)
................
1,040
891,233
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
258
233,333
4.00%,
09/15/29
.................
217
177,710
Service
Properties
Trust,
7.50%,
09/15/25
..
394
387,079
2,233,535
Hotels,
Restaurants
&
Leisure
—
7.5%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
384
344,464
4.38%,
01/15/28
.................
414
373,158
4.00%,
10/15/30
.................
116
96,393
Allwyn
Entertainment
Financing
UK
plc,
7.88%,
04/30/29
(c)
....................
300
300,000
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(d)
....................
EUR
752
779,628
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
360
331,411
4.75%,
06/15/31
(c)
................
625
531,860
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
701
613,133
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
2,204
2,173,833
8.13%,
07/01/27
.................
3,287
3,302,669
4.63%,
10/15/29
.................
1,050
889,413
7.00%,
02/15/30
.................
3,069
2,986,327
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
417
415,239
Carnival
Corp.
(c)
7.63%,
03/01/26
.................
494
480,555
5.75%,
03/01/27
.................
2,332
2,110,983
9.88%,
08/01/27
.................
544
567,895
4.00%,
08/01/28
.................
1,503
1,303,216
6.00%,
05/01/29
.................
1,509
1,287,151
7.00%,
08/15/29
.................
404
398,355
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
....................
5,834
6,255,617
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
151
144,427
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
1,805
1,630,670
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
899
880,288
6.50%,
10/01/28
.................
87
82,249
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
761
725,378
4.75%,
01/15/28
.................
875
789,286
6.75%,
05/01/31
.................
1,237
1,168,965
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
USD
103
$
87,293
6.75%,
01/15/30
.................
139
113,299
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(c)
................
531
513,330
3.75%,
05/01/29
(c)
................
305
263,767
4.88%,
01/15/30
.................
446
405,894
4.00%,
05/01/31
(c)
................
30
25,220
3.63%,
02/15/32
(c)
................
123
99,162
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
232
232,060
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
741
718,017
8.00%,
04/15/26
.................
922
905,865
Light
&
Wonder
International,
Inc.
(c)
7.00%,
05/15/28
.................
256
251,625
7.25%,
11/15/29
.................
193
189,140
7.50%,
09/01/31
.................
470
464,525
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(c)
....................
525
523,855
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
693
648,821
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
412
339,065
Melco
Resorts
Finance
Ltd.
(c)
4.88%,
06/06/25
.................
500
472,175
5.75%,
07/21/28
.................
200
173,440
5.38%,
12/04/29
.................
1,200
986,052
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
800
763,900
MGM
China
Holdings
Ltd.
(c)
5.25%,
06/18/25
.................
200
191,148
5.88%,
05/15/26
.................
200
189,516
4.75%,
02/01/27
.................
200
179,834
MGM
Resorts
International,
5.75%,
06/15/25
41
40,047
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
220
187,301
Motion
Bondco
DAC,
6.63%,
11/15/27
(c)
...
215
198,875
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
970
895,546
8.38%,
02/01/28
.................
279
283,008
7.75%,
02/15/29
.................
94
87,244
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
780
688,350
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(c)
.
391
391,000
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
214
164,780
5.88%,
09/01/31
.................
239
176,263
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
371
347,349
Royal
Caribbean
Cruises
Ltd.
(c)
11.50%,
06/01/25
................
78
82,339
4.25%,
07/01/26
.................
181
165,958
5.50%,
08/31/26
.................
289
272,787
5.38%,
07/15/27
.................
339
313,745
11.63%,
08/15/27
................
381
413,346
5.50%,
04/01/28
.................
242
221,912
8.25%,
01/15/29
.................
403
415,868
9.25%,
01/15/29
.................
1,435
1,515,987
7.25%,
01/15/30
.................
698
691,782
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(c)
....................
261
225,113
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(c)
....................
1,655
1,553,846
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
412
410,956
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
392
341,953
4.63%,
12/01/31
.................
440
351,949
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
249
247,658
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
.................
612
558,573
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
7.00%,
02/15/29
.................
USD
123
$
113,160
9.13%,
07/15/31
.................
1,574
1,574,724
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
343
310,415
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
227
203,888
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
483
449,284
Wynn
Macau
Ltd.,
5.63%,
08/26/28
(c)
.....
1,701
1,467,113
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
.................
2,045
1,787,589
7.13%,
02/15/31
.................
1,205
1,143,815
57,993,089
Household
Durables
—
0.6%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
116
109,437
4.63%,
08/01/29
.................
208
175,524
4.63%,
04/01/30
.................
325
266,043
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
418
344,043
4.88%,
02/15/30
.................
307
249,677
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
615
592,614
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(c)
283
284,916
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
205
188,690
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
73
74,409
KB
Home,
7.25%,
07/15/30
...........
145
142,435
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
246
224,507
4.63%,
03/01/30
.................
262
222,983
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
240
226,209
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
745
476,576
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
182
173,024
5.13%,
08/01/30
.................
49
42,814
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
398
332,171
3.88%,
10/15/31
.................
229
176,664
TRI
Pointe
Group,
Inc.,
5.88%,
06/15/24
...
123
122,127
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
385
360,270
5.70%,
06/15/28
.................
91
83,501
4,868,634
Household
Products
—
0.1%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
105
97,923
4.13%,
10/15/30
.................
325
270,957
4.13%,
04/30/31
(c)
................
345
281,276
Spectrum
Brands,
Inc.,
5.00%,
10/01/29
(c)
..
264
239,211
889,367
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Calpine
Corp.
(c)
5.25%,
06/01/26
.................
44
42,719
5.13%,
03/15/28
.................
817
727,488
4.63%,
02/01/29
.................
184
154,074
5.00%,
02/01/31
.................
86
69,538
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
.................
382
341,646
3.75%,
01/15/32
.................
693
538,724
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
287
294,204
TransAlta
Corp.,
7.75%,
11/15/29
.......
228
230,850
2,399,243
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
—
0.9%
Emerald
Debt
Merger
Sub
LLC
(c)
6.38%,
12/15/30
.................
EUR
370
$
389,751
6.63%,
12/15/30
.................
USD
6,441
6,200,587
6,590,338
Insurance
—
3.4%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
262
220,170
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
2,930
2,623,346
6.75%,
10/15/27
.................
5,341
4,967,192
6.75%,
04/15/28
.................
1,557
1,502,590
5.88%,
11/01/29
.................
2,358
2,042,072
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
585
512,594
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
468
460,024
HUB
International
Ltd.
7.00%,
05/01/26
.................
1,570
1,566,549
7.25%,
06/15/30
.................
4,010
4,002,662
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
03/15/30
.................
1,742
1,754,788
10.50%,
12/15/30
................
546
555,519
NFP
Corp.
4.88%,
08/15/28
.................
1,480
1,302,926
6.88%,
08/15/28
.................
4,563
3,909,023
7.50%,
10/01/30
.................
227
217,994
8.50%,
10/01/31
.................
458
458,695
Ryan
Specialty
LLC,
4.38%,
02/01/30
....
376
327,430
26,423,574
IT
Services
—
1.5%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
.
1,010
830,725
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
296
250,025
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
188
160,287
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(c)
1,131
997,542
CA
Magnum
Holdings,
5.38%,
10/31/26
(c)
..
1,259
1,110,866
Cablevision
Lightpath
LLC
(c)
3.88%,
09/15/27
.................
276
230,460
5.63%,
09/15/28
.................
855
656,156
Central
Parent
LLC,
8.00%,
06/15/29
(c)
....
1,104
1,099,915
Gartner,
Inc.,
4.50%,
07/01/28
(c)
........
219
199,797
GTCR
W-2
Merger
Sub
LLC,
7.50%,
01/15/31
(c)
3,104
3,108,346
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)
....................
585
510,073
Northwest
Fiber
LLC,
4.75%,
04/30/27
(c)
...
1,258
1,119,620
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(c)
..
99
91,522
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
144
140,584
Twilio,
Inc.
3.63%,
03/15/29
.................
334
279,606
3.88%,
03/15/31
.................
1,319
1,072,456
11,857,980
Leisure
Products
—
0.1%
Acushnet
Co.,
7.38%,
10/15/28
(c)
.......
209
210,568
Mattel,
Inc.
6.20%,
10/01/40
.................
464
413,271
5.45%,
11/01/41
.................
476
392,617
1,016,456
Life
Sciences
Tools
&
Services
—
0.5%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
411
368,575
4.00%,
03/15/31
.................
81
68,546
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
...
456
443,695
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
817
737,154
Star
Parent,
Inc.,
9.00%,
10/01/30
.......
2,152
2,174,602
3,792,572
Security
Par
(000)
Par
(000)
Value
Machinery
—
1.8%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
USD
230
$
216,778
ATS
Corp.,
4.13%,
12/15/28
(c)
.........
188
166,145
Chart
Industries,
Inc.
(c)
7.50%,
01/01/30
.................
1,987
1,997,889
9.50%,
01/01/31
.................
196
208,310
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
568
544,567
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
79
61,090
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(c)
....................
818
775,055
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(h)
........
478
473,230
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
145
126,281
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
258
157,876
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
272
233,964
Terex
Corp.,
5.00%,
05/15/29
(c)
........
823
737,017
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
1,681
1,647,380
Titan
International,
Inc.,
7.00%,
04/30/28
..
115
107,480
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(d)
................
EUR
360
331,607
7.63%,
07/15/28
(c)
................
USD
1,797
1,635,679
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(d)
EUR
472
451,465
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
USD
4,053
3,714,689
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
442
372,324
13,958,826
Media
—
4.7%
Altice
Financing
SA,
5.75%,
08/15/29
(c)
....
2,602
2,132,427
AMC
Networks,
Inc.,
4.75%,
08/01/25
....
61
56,277
Banijay
Entertainment
SASU,
8.13%,
05/01/29
(c)
....................
222
220,337
Cable
One,
Inc.
0.00%,
03/15/26
(j)(k)
...............
185
151,330
1.13%,
03/15/28
(j)
................
419
311,736
4.00%,
11/15/30
(c)
................
463
352,713
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)
....................
1,420
1,403,808
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
2,091
1,856,792
7.75%,
04/15/28
.................
650
518,968
9.00%,
09/15/28
.................
2,047
2,027,226
7.50%,
06/01/29
.................
1,390
1,062,841
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
655
512,682
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
.................
900
771,368
11.25%,
05/15/28
................
4,844
4,825,044
6.50%,
02/01/29
.................
200
165,687
4.13%,
12/01/30
.................
666
471,338
4.50%,
11/15/31
.................
796
563,392
DirecTV
Financing
LLC,
5.88%,
08/15/27
(c)
.
596
526,971
DISH
DBS
Corp.
5.25%,
12/01/26
(c)
................
1,353
1,149,848
5.75%,
12/01/28
(c)
................
375
288,281
5.13%,
06/01/29
.................
762
422,438
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
..
2,519
2,537,807
GCI
LLC,
4.75%,
10/15/28
(c)
..........
217
187,163
Gray
Television,
Inc.
(c)
5.88%,
07/15/26
.................
389
349,508
7.00%,
05/15/27
.................
324
278,640
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
232
208,611
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(c)
....................
1,006
924,011
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
307
283,975
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(c)
....
125
111,239
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
USD
1,411
$
1,243,206
4.25%,
01/15/29
.................
903
716,549
4.63%,
03/15/30
.................
395
310,513
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
380
288,673
6.50%,
09/15/28
.................
2,032
1,066,800
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
867
537,601
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
270
240,638
5.00%,
08/01/27
.................
1,946
1,777,476
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
209
168,767
TEGNA,
Inc.,
4.75%,
03/15/26
(c)
........
93
88,117
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
...............
400
360,000
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
106
103,315
6.63%,
06/01/27
.................
315
293,368
8.00%,
08/15/28
.................
834
808,563
7.38%,
06/30/30
.................
386
352,764
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(c)
482
391,133
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
...............
893
770,588
Warnermedia
Holdings,
Inc.
5.14%,
03/15/52
.................
1,387
1,030,597
5.39%,
03/15/62
.................
755
557,631
Ziggo
Bond
Co.
BV
(c)
6.00%,
01/15/27
.................
296
270,985
5.13%,
02/28/30
.................
275
205,154
Ziggo
BV,
4.88%,
01/15/30
(c)
..........
565
460,280
36,715,176
Metals
&
Mining
—
2.6%
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(c)
.
337
335,322
ATI,
Inc.
5.88%,
12/01/27
.................
352
333,520
4.88%,
10/01/29
.................
225
197,940
7.25%,
08/15/30
.................
1,286
1,276,355
5.13%,
10/01/31
.................
1,378
1,192,462
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
3,920
3,873,117
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
174
167,817
7.63%,
03/15/30
.................
495
495,619
Constellium
SE
4.25%,
02/15/26
(d)
................
EUR
223
229,908
5.63%,
06/15/28
(c)
................
USD
662
622,824
3.75%,
04/15/29
(c)
................
2,639
2,211,262
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
439
378,918
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(c)
771
767,145
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
704
614,726
4.50%,
06/01/31
.................
1,674
1,326,023
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(c)
.
70
70,700
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
1,093
1,020,298
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
1,471
1,313,745
4.75%,
01/30/30
.................
2,294
1,985,342
3.88%,
08/15/31
.................
1,310
1,046,145
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(d)
EUR
500
455,818
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(c)
....................
USD
220
161,652
20,076,658
Security
Par
(000)
Par
(000)
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(c)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
USD
92
$
88,578
4.25%,
02/01/27
.................
369
322,738
4.75%,
06/15/29
.................
139
112,285
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
50
49,898
4.38%,
01/15/27
.................
84
73,269
646,768
Oil,
Gas
&
Consumable
Fuels
—
8.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
1,171
1,161,761
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
309
294,926
5.38%,
06/15/29
.................
422
386,378
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
127
128,709
Apache
Corp.,
5.35%,
07/01/49
........
218
167,015
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
1,339
1,687,140
8.25%,
12/31/28
.................
2,000
1,979,187
Baytex
Energy
Corp.,
8.50%,
04/30/30
(c)
...
297
300,513
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
28
26,598
5.85%,
11/15/43
.................
237
173,009
5.60%,
10/15/44
.................
158
112,421
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
342
335,643
8.00%,
08/01/28
(c)
................
1,643
1,645,346
7.50%,
06/15/30
(c)
................
1,890
1,832,500
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
32
30,110
6.75%,
04/15/29
.................
797
779,947
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
453
446,263
6.38%,
06/15/26
.................
856
845,314
8.38%,
01/15/29
.................
1,234
1,232,396
Civitas
Resources,
Inc.
(c)
8.38%,
07/01/28
.................
2,360
2,401,300
8.75%,
07/01/31
.................
1,528
1,560,805
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
232
193,114
CNX
Resources
Corp.,
7.38%,
01/15/31
(c)
..
205
200,972
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
1,012
930,931
5.88%,
01/15/30
.................
974
843,124
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
......
3,026
2,682,089
Crescent
Energy
Finance
LLC
(c)
7.25%,
05/01/26
.................
1,875
1,837,500
9.25%,
02/15/28
.................
1,035
1,056,683
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
122
116,929
6.00%,
02/01/29
.................
669
645,786
8.00%,
04/01/29
.................
97
99,497
7.38%,
02/01/31
.................
201
204,708
CrownRock
LP
(c)
5.63%,
10/15/25
.................
1,419
1,396,225
5.00%,
05/01/29
.................
548
513,454
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(c)
536
536,075
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
666
576,118
4.38%,
06/15/31
.................
1,509
1,268,939
Earthstone
Energy
Holdings
LLC
(c)
8.00%,
04/15/27
.................
604
618,206
9.88%,
07/15/31
.................
740
804,729
Enbridge,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(g)
...............
476
472,083
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
USD
616
$
582,419
5.38%,
06/01/29
.................
487
450,476
6.50%,
09/01/30
(c)
................
455
441,364
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
11
10,500
4.85%,
07/15/26
.................
15
14,122
5.60%,
04/01/44
.................
341
283,030
EnQuest
plc,
11.63%,
11/01/27
(c)
.......
200
188,494
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
224
220,522
4.13%,
12/01/26
.................
53
49,059
6.50%,
07/01/27
(c)
................
788
769,464
4.50%,
01/15/29
(c)
................
40
35,598
7.50%,
06/01/30
(c)
................
181
181,769
4.75%,
01/15/31
(c)
................
605
520,747
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(c)
....................
244
242,780
Genesis
Energy
LP
6.50%,
10/01/25
.................
200
196,563
7.75%,
02/01/28
.................
266
252,159
8.88%,
04/15/30
.................
322
314,397
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
84
84,105
Harbour
Energy
plc,
5.50%,
10/15/26
(c)
....
200
186,500
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
98
94,730
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
491
414,030
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
.................
309
289,754
5.75%,
02/01/29
.................
560
505,677
6.00%,
04/15/30
.................
49
44,181
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
719
609,441
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
699
655,312
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
....................
67
64,663
Matador
Resources
Co.
5.88%,
09/15/26
.................
569
549,157
6.88%,
04/15/28
(c)
................
630
618,561
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
15
14,981
5.88%,
12/01/27
.................
124
120,330
5.87%,
12/01/42
(g)(i)
...............
46
37,190
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
1,764
1,683,925
6.50%,
09/30/26
.................
841
774,336
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
609
602,324
Northern
Oil
&
Gas,
Inc.
(c)
8.13%,
03/01/28
.................
2,676
2,672,789
8.75%,
06/15/31
.................
754
759,655
NuStar
Logistics
LP
5.75%,
10/01/25
.................
232
225,620
6.00%,
06/01/26
.................
311
301,738
6.38%,
10/01/30
.................
35
33,154
Occidental
Petroleum
Corp.,
6.20%,
03/15/40
610
581,455
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(c)
..
330
328,672
PDC
Energy,
Inc.,
5.75%,
05/15/26
......
67
66,769
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
.................
463
443,272
7.75%,
02/15/26
.................
925
930,988
6.88%,
04/01/27
.................
322
317,403
5.88%,
07/01/29
.................
831
781,709
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
406
365,386
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
....................
109
97,086
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(c)
...............
USD
823
$
825,057
SM
Energy
Co.
5.63%,
06/01/25
.................
351
343,524
6.75%,
09/15/26
.................
426
418,170
6.63%,
01/15/27
.................
146
143,080
6.50%,
07/15/28
.................
229
219,840
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
485
446,679
4.75%,
02/01/32
.................
8
6,866
Sunoco
LP
6.00%,
04/15/27
.................
42
40,708
5.88%,
03/15/28
.................
185
177,473
7.00%,
09/15/28
(c)
................
466
459,823
Tallgrass
Energy
Partners
LP
(c)
7.50%,
10/01/25
.................
28
27,924
6.00%,
03/01/27
.................
96
90,226
5.50%,
01/15/28
.................
134
121,940
6.00%,
12/31/30
.................
66
58,259
6.00%,
09/01/31
.................
288
251,043
TerraForm
Power
Operating
LLC
(c)
5.00%,
01/31/28
.................
14
12,705
4.75%,
01/15/30
.................
254
217,018
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
1,304
1,097,288
4.13%,
08/15/31
.................
1,145
939,611
3.88%,
11/01/33
.................
2,349
1,823,822
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
345
326,438
Vital
Energy,
Inc.
10.13%,
01/15/28
................
548
558,552
9.75%,
10/15/30
.................
548
560,211
Western
Midstream
Operating
LP
5.45%,
04/01/44
.................
367
295,841
5.30%,
03/01/48
.................
609
475,350
5.50%,
08/15/48
.................
184
146,302
5.25%,
02/01/50
(g)(i)
...............
882
687,108
63,303,657
Passenger
Airlines
—
0.9%
Air
Canada,
3.88%,
08/15/26
(c)
.........
569
516,401
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
....
155
145,894
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
104
111,799
5.50%,
04/20/26
.................
369
360,646
7.25%,
02/15/28
.................
127
121,425
5.75%,
04/20/29
.................
1,923
1,788,684
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
65
58,491
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
970
961,485
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(c)
................
207
206,497
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
B,
4.88%,
01/15/26
.....
65
62,586
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
1,263
1,168,011
4.63%,
04/15/29
.................
1,516
1,303,048
VistaJet
Malta
Finance
plc
(c)
7.88%,
05/01/27
.................
273
235,121
6.38%,
02/01/30
.................
381
294,267
7,334,355
Personal
Care
Products
—
0.1%
(c)
Coty,
Inc.
4.75%,
01/15/29
.................
36
32,464
6.63%,
07/15/30
.................
627
612,165
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Personal
Care
Products
(continued)
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
USD
177
$
142,485
787,114
Pharmaceuticals
—
0.8%
Catalent
Pharma
Solutions,
Inc.
(c)
5.00%,
07/15/27
.................
187
171,557
3.13%,
02/15/29
.................
539
442,085
3.50%,
04/01/30
.................
788
648,776
Cheplapharm
Arzneimittel
GmbH,
5.50%,
01/15/28
(c)
....................
280
254,052
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
...
200
174,377
Organon
&
Co.
(c)
4.13%,
04/30/28
.................
1,014
881,074
5.13%,
04/30/31
.................
800
641,082
Teva
Pharmaceutical
Finance
Netherlands
III
BV
7.13%,
01/31/25
.................
287
287,439
3.15%,
10/01/26
.................
1,160
1,031,454
4.75%,
05/09/27
.................
400
366,204
7.88%,
09/15/29
.................
1,026
1,038,661
8.13%,
09/15/31
.................
525
539,385
6,476,146
Professional
Services
—
0.6%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
153
129,830
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
3,121
2,368,152
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
1,823
1,571,677
KBR,
Inc.,
4.75%,
09/30/28
...........
378
332,640
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
314
284,971
4,687,270
Real
Estate
Management
&
Development
—
0.3%
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%,
04/15/30
..........
570
514,786
7.00%,
04/15/30
(c)
................
678
611,715
Cushman
&
Wakefield
US
Borrower
LLC
(c)
6.75%,
05/15/28
.................
669
617,219
8.88%,
09/01/31
.................
365
353,138
Greystar
Real
Estate
Partners
LLC,
7.75%,
09/01/30
(c)
....................
51
50,382
Howard
Hughes
Corp.
(The)
(c)
4.13%,
02/01/29
.................
469
375,200
4.38%,
02/01/31
.................
192
147,317
2,669,757
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
358
298,343
Semiconductors
&
Semiconductor
Equipment
—
0.7%
(c)
Entegris
Escrow
Corp.,
4.75%,
04/15/29
...
4,493
4,039,244
Entegris,
Inc.,
4.38%,
04/15/28
........
244
217,178
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29
.
549
530,993
Synaptics,
Inc.,
4.00%,
06/15/29
........
335
276,375
5,063,790
Software
—
4.8%
Alteryx,
Inc.,
8.75%,
03/15/28
(c)
........
506
503,741
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
5,489
4,591,588
Boxer
Parent
Co.,
Inc.
(c)
7.13%,
10/02/25
.................
864
859,681
9.13%,
03/01/26
.................
2,014
2,008,361
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
672
620,383
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(c)
.
726
708,758
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
....
1,363
1,321,445
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
2,766
2,394,527
4.88%,
07/01/29
.................
2,029
1,729,413
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
.................
USD
8,683
$
7,678,643
9.00%,
09/30/29
.................
3,501
3,042,372
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
159
146,351
6.50%,
10/15/28
.................
146
124,427
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
84
70,751
Elastic
NV,
4.13%,
07/15/29
(c)
.........
794
676,215
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
552
493,531
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(c)
....................
200
172,196
McAfee
Corp.,
7.38%,
02/15/30
(c)
.......
1,938
1,622,480
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
946
840,180
NCR
Corp.
(c)
5.75%,
09/01/27
.................
250
251,861
5.00%,
10/01/28
.................
172
153,957
6.13%,
09/01/29
.................
39
39,995
Open
Text
Corp.,
6.90%,
12/01/27
(c)
......
1,935
1,939,404
PTC,
Inc.
(c)
3.63%,
02/15/25
.................
16
15,377
4.00%,
02/15/28
.................
61
54,671
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(c)
.....
863
731,657
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
2,037
1,922,195
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
448
374,311
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
2,119
1,766,070
36,854,541
Specialized
REITs
—
0.5%
Iron
Mountain,
Inc.
(c)
7.00%,
02/15/29
.................
1,361
1,331,103
5.63%,
07/15/32
.................
143
123,452
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,352
1,238,805
3.13%,
02/01/29
.................
1,344
1,120,993
3,814,353
Specialty
Retail
—
2.0%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
406
327,455
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
328
293,630
4.75%,
03/01/30
.................
186
158,959
5.00%,
02/15/32
(c)
................
297
246,076
eG
Global
Finance
plc
(c)
6.75%,
02/07/25
.................
622
611,115
8.50%,
10/30/25
.................
399
392,686
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
747
643,488
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
220
187,878
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
571
485,467
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
267
225,028
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
440
396,713
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
286
270,638
PetSmart,
Inc.
(c)
4.75%,
02/15/28
.................
390
341,421
7.75%,
02/15/29
.................
1,873
1,745,427
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
186
173,937
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
2,204
1,904,044
6.13%,
07/01/29
.................
1,519
1,293,662
6.00%,
12/01/29
.................
1,670
1,402,800
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
243
199,829
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
3,993
3,529,056
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(h)
...........
USD
462
$
445,751
15,275,060
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Seagate
HDD
Cayman
(c)
8.25%,
12/15/29
.................
830
852,408
8.50%,
07/15/31
.................
1,053
1,080,151
1,932,559
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(c)
Crocs,
Inc.,
4.13%,
08/15/31
..........
534
413,153
Hanesbrands,
Inc.
4.88%,
05/15/26
.................
383
351,119
9.00%,
02/15/31
.................
255
243,052
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
224
185,095
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
580
458,672
1,651,091
Trading
Companies
&
Distributors
—
1.6%
(c)
Aircastle
Ltd.,
6.50%,
07/18/28
.........
326
319,701
Beacon
Roofing
Supply,
Inc.
4.13%,
05/15/29
.................
251
214,605
6.50%,
08/01/30
.................
621
601,817
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
1,626
1,598,105
9.75%,
08/01/27
.................
934
966,074
5.50%,
05/01/28
.................
1,457
1,320,896
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
153
127,334
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
75
64,042
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
1,234
1,166,938
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
866
758,963
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
.....................
4,390
4,274,328
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
205
205,484
7.25%,
06/15/28
.................
874
878,241
12,496,528
Wireless
Telecommunication
Services
—
0.7%
(c)
Connect
Finco
SARL,
6.75%,
10/01/26
....
4,213
3,929,455
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
...............
244
243,827
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(g)(h)
........
563
202,556
Vmed
O2
UK
Financing
I
plc
4.25%,
01/31/31
.................
413
328,874
4.75%,
07/15/31
.................
617
498,458
5,203,170
Total
Corporate
Bonds
—
88.8%
(Cost:
$734,532,158)
.............................
689,195,490
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.4%
(g)
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.65%
,
10/30/28
..
146
145,630
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
491
489,493
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
210
209,783
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
02/01/28
.......
USD
1,052
$
1,048,803
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.75%),
13.23%
,
02/01/29
......
1,189
1,161,215
3,054,924
Air
Freight
&
Logistics
—
0.1%
Forward
Air
Corp.,
Term
Loan
B,
09/20/30
(g)(l)
495
482,214
Automobile
Components
—
0.0%
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
0.00%
-
10.49%
,
11/17/28
(g)
439
371,723
Beverages
—
0.0%
(g)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.74%
,
01/24/29
.......
60
56,713
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.01%
Floor
and
0.01%
Cap
+
6.00%),
11.49%
,
01/24/30
......
69
55,696
112,409
Broadline
Retail
—
0.0%
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
02/12/27
(g)
....
284
267,407
Capital
Markets
—
0.1%
(g)
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.50%),
12.18%
,
08/02/29
................
378
357,362
Osaic
Holdings,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
08/17/28
.................
130
130,023
487,385
Chemicals
—
0.4%
(g)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
09/30/28
..........
414
408,290
Aruba
Investments
Holdings,
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.75%),
13.17%
,
11/24/28
................
190
176,979
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.32%
,
08/27/26
................
13
12,697
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.38%),
9.77%
,
10/04/29
.................
1,100
1,057,990
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.93%),
9.42%
,
07/03/28
..
331
292,072
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
03/29/28
.................
454
440,623
Nouryon
Finance
B.V.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
04/03/28
..
546
537,901
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.39%
,
11/09/28
.
USD
60
$
60,147
2,986,699
Commercial
Services
&
Supplies
—
0.1%
(g)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
01/29/27
.....
110
109,238
KDC/ONE
Development
Corp.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.32%
,
08/15/28
................
468
450,684
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.88%
,
12/15/28
.................
553
441,666
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
8.50%),
14.13%
,
11/02/28
(m)
275
189,750
1,191,338
Communications
Equipment
—
0.1%
ViaSat,
Inc.,
Term
Loan,
05/30/30
(g)(l)
......
585
541,494
Construction
&
Engineering
—
0.3%
Brand
Industrial
Services,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.50%),
10.87%
,
08/01/30
(g)
2,838
2,760,835
Containers
&
Packaging
—
0.1%
(g)
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/14/26
.................
163
163,088
Trident
TPI
Holdings,
Inc.,
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
09/15/28
..
542
539,915
703,003
Diversified
Consumer
Services
—
0.1%
(g)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
12/11/28
..
349
332,166
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.75%),
11.17%
,
12/10/29
.
284
241,281
573,447
Diversified
Telecommunication
Services
—
0.2%
(g)
Radiate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.68%
,
09/25/26
..........
356
290,324
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
03/09/27
.................
1,293
1,052,557
1,342,881
Energy
Equipment
&
Services
—
0.0%
Lealand
Finance
Co.
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
06/28/24
(g)(m)
...............
25
17,172
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
0.4%
(g)
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81%
,
08/15/28
.
USD
236
$
212,697
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.75%),
9.14%
,
04/09/27
.................
424
413,135
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.40%
,
04/07/28
................
426
400,440
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan,
09/18/30
(l)(m)
....................
295
293,894
GTCR
W
Merger
Sub
LLC,
Term
Loan
B,
09/20/30
(l)
......................
1,025
1,024,252
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
10/19/27
..
869
866,239
3,210,657
Food
Products
—
0.0%
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
8.93%
,
10/25/27
(g)
..........
102
101,438
Health
Care
Equipment
&
Supplies
—
0.2%
(g)
Bausch
+
Lomb
Corp.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.76%, 05/10/27
558
541,665
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%, 09/14/28
(m)
..............
494
487,207
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%
,
11/03/28
.......
398
391,119
1,419,991
Health
Care
Providers
&
Services
—
0.1%
(g)
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.38%
,
11/16/25
.................
457
455,665
Quorum
Health
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
8.25%),
13.63%
,
04/29/25
.........
459
307,728
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
08/31/26
..
243
242,647
1,006,040
Health
Care
Technology
—
0.9%
(g)
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.57%
,
02/15/29
.......
4,192
4,106,516
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.43%
,
06/02/28
.......
588
562,609
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
08/27/25
.................
2,398
2,395,091
7,064,216
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.1%
(g)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%
,
01/27/29
..
USD
569
$
562,799
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.64%
,
08/01/30
..
289
289,000
851,799
Household
Durables
—
0.2%
(g)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.89%
,
02/26/29
..
471
457,966
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.43%
,
10/06/28
..
939
796,332
1,254,298
Insurance
—
0.1%
(g)
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.62%
,
03/15/30
.....
314
314,590
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.42%
,
09/01/27
.................
307
307,161
621,751
Interactive
Media
&
Services
—
0.0%
Acuris
Finance
US,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.54%
,
02/16/28
(g)
......
194
190,644
IT
Services
—
0.1%
(g)
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
7.75%),
13.17%
,
07/31/28
.
156
156,170
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.68%
,
07/30/27
.......
210
209,996
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.49%
,
10/01/27
515
501,307
867,473
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
7.00%),
12.26%
,
05/25/27
(g)
.....
218
218,019
Life
Sciences
Tools
&
Services
—
0.2%
Star
Parent,
Inc.,
Term
Loan,
09/19/30
(g)(l)
...
1,387
1,354,447
Machinery
—
0.5%
(g)
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
03/28/25
.................
1,957
1,939,317
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
11/22/29
..........
577
577,671
Madison
IAQ
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
06/21/28
...........
585
574,993
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.92%
,
04/05/29
...........
847
843,905
3,935,886
Security
Par
(000)
Par
(000)
Value
Media
—
0.6%
(g)
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
7.25%),
12.68%
,
09/01/25
.
USD
252
$
222,846
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.93%
-
9.13%
,
08/21/26
...........
1,917
1,859,137
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.43%
,
08/02/27
......
1,272
1,241,243
Intelsat
Jackson
Holdings
SA,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.77%
,
02/01/29
..
1,028
1,024,626
4,347,852
Metals
&
Mining
—
0.1%
(g)
Arsenal
AIC
Parent
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.50%),
9.88%
,
08/18/30
.................
489
487,572
Grinding
Media,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.68%
,
10/12/28
(m)
.
208
205,797
693,369
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.09%
,
12/21/28
(g)
.
671
664,372
Passenger
Airlines
—
0.3%
(g)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.34%
,
04/20/28
......
1,679
1,727,320
Air
Canada,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
9.13%
,
08/11/28
............
139
139,318
SkyMiles
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.75%),
9.08%
,
10/20/27
...........
294
304,089
United
AirLines,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.18%
,
04/21/28
..........
487
487,456
2,658,183
Pharmaceuticals
—
0.0%
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
05/04/25
(g)
................
148
145,521
Professional
Services
—
0.1%
(g)
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.93%
,
06/02/28
.......
273
251,368
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.07%
,
04/29/29
.
274
260,576
OMNIA
Partners
LLC,
Delayed
Draw
Term
Loan,
07/25/30
(l)
.................
21
21,262
OMNIA
Partners
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.60%
,
07/25/30
..
220
220,040
753,246
Real
Estate
Management
&
Development
—
0.1%
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
01/31/30
(g)
..........
481
476,190
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
—
1.8%
(g)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.50%),
10.93%
,
02/27/26
.
USD
1,325
$
1,317,196
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
10/02/25
..
425
424,819
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.64%
,
07/06/29
.......
206
206,329
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.99%
,
03/30/29
1,936
1,858,864
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
10/08/28
(m)
......
419
410,328
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.00%),
11.42%
,
10/08/29
......
712
672,767
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
12/01/27
.................
498
491,998
Helios
Software
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.29%
,
03/11/28
.................
169
167,467
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.63%
,
07/27/28
.
1,283
950,806
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
8.25%),
13.88%
,
07/27/29
.
830
381,800
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.16%
,
03/01/29
..........
1,146
1,117,939
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.57%
,
05/03/28
.......
1,758
1,697,995
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.57%
,
02/23/29
................
103
90,994
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.25%),
12.74%
,
12/18/28
.
288
260,640
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.25%),
11.68%
,
08/31/29
......
738
738,607
Sabre
GLBL,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.93%
,
12/17/27
..........
114
99,538
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.93%
,
12/17/27
..........
179
156,143
Sophia
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.82%
,
10/07/27
..........
1,365
1,361,054
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.93%
,
08/11/28
..
355
348,447
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.22%
,
05/04/26
..
164
163,515
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.76%
,
05/03/27
.........
958
955,675
13,872,921
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
03/08/30
(g)(m)
........
USD
163
$
159,709
Trading
Companies
&
Distributors
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
06/02/28
(g)
.........
485
479,767
Transportation
Infrastructure
—
0.1%
(g)
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%
,
09/22/28
.......
394
393,357
Brown
Group
Holdings
LLC,
Facility
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
-
9.17%
,
07/02/29
.................
257
256,290
649,647
Wireless
Telecommunication
Services
—
0.1%
(g)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
05/28/24
.................
1,201
1,078,623
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(l)
......................
52
46,624
1,125,247
Total
Floating
Rate
Loan
Interests
—
8.1%
(Cost:
$64,398,950)
..............................
63,015,614
Foreign
Agency
Obligations
France
—
0.0%
Electricite
de
France
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.41%),
9.13%
(c)(f)(g)
...............
230
239,599
Total
Foreign
Agency
Obligations
—
0.0%
(Cost:
$230,000)
................................
239,599
Preferred
Securities
Capital
Trusts
—
0.7%
Banks
—
0.1%
(f)(g)
Citigroup,
Inc.,
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
..................
5
4,002
JPMorgan
Chase
&
Co.,
Series
Q,
(3-mo.
CME
Term
SOFR
+
3.51%),
8.88%
........
190
190,363
PNC
Financial
Services
Group,
Inc.
(The)
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
629
578,054
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
606
519,472
1,291,891
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%
(f)(g)
...
921
852,867
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%
(f)(g)
210
179,468
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
0.3%
(f)(g)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
USD
900
$
793,995
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
385
329,050
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(c)
................
928
908,887
2,031,932
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%
(c)(f)(g)
.....................
516
470,850
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Energy
Transfer
LP,
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
(f)(g)
.........
950
872,908
Total
Preferred
Securities
—
0.7%
(Cost:
$6,235,151)
..............................
5,699,916
Total
Long-Term
Investments
—
98.1%
(Cost:
$809,493,318)
.............................
761,868,124
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.7%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.23%
(n)(o)
.................
12,873,559
12,873,559
Total
Short-Term
Securities
—
1.7%
(Cost:
$12,873,559)
..............................
12,873,559
Total
Investments
—
99.8%
(Cost:
$822,366,877
)
.............................
774,741,683
Other
Assets
Less
Liabilities
—
0.2%
...................
1,234,199
Net
Assets
—
100.0%
..............................
$
775,975,882
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$175,912,
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)
Perpetual
security
with
no
stated
maturity
date.
(g)
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.
(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)
Affiliate
of
the
Fund.
(o)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
18
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
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
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
18,647,211
$
—
$
(5,773,652)
(a)
$
—
$
—
$
12,873,559
12,873,559
$
716,987
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
19
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.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
5-Year
Note
....................................................
132
12/29/23
$
13,903
$
(
111,582
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
1,924,637
EUR
1,795,881
Toronto
Dominion
Bank
12/20/23
$
18,731
USD
3,371,524
EUR
3,147,119
UBS
AG
12/20/23
31,595
USD
845,757
GBP
683,000
Barclays
Bank
plc
12/20/23
11,954
$
62,280
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
41.V1
...........
5
.00
%
Quarterly
12/20/28
B+
USD
7,900
$
75,223
$
91,299
$
(
16,076
)
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
20
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Capital
Markets
........................................
$
—
$
175,912
$
—
$
175,912
Chemicals
............................................
368,295
—
—
368,295
Energy
Equipment
&
Services
..............................
3,626
—
—
3,626
Financial
Services
......................................
88,653
—
—
88,653
Ground
Transportation
...................................
290,611
—
—
290,611
Hotels,
Restaurants
&
Leisure
..............................
619,295
—
—
619,295
IT
Services
...........................................
58,354
—
—
58,354
Metals
&
Mining
........................................
1,066,356
—
—
1,066,356
Pharmaceuticals
.......................................
583,558
—
—
583,558
Software
.............................................
462,845
—
—
462,845
Corporate
Bonds
........................................
—
689,195,490
—
689,195,490
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
3,054,924
—
3,054,924
Air
Freight
&
Logistics
....................................
—
482,214
—
482,214
Automobile
Components
..................................
—
371,723
—
371,723
Beverages
...........................................
—
112,409
—
112,409
Broadline
Retail
........................................
—
267,407
—
267,407
Capital
Markets
........................................
—
487,385
—
487,385
Chemicals
............................................
—
2,986,699
—
2,986,699
Commercial
Services
&
Supplies
.............................
—
1,001,588
189,750
1,191,338
Communications
Equipment
................................
—
541,494
—
541,494
Construction
&
Engineering
................................
—
2,760,835
—
2,760,835
Containers
&
Packaging
..................................
—
703,003
—
703,003
Diversified
Consumer
Services
..............................
—
573,447
—
573,447
Diversified
Telecommunication
Services
........................
—
1,342,881
—
1,342,881
Energy
Equipment
&
Services
..............................
—
—
17,172
17,172
Financial
Services
......................................
—
2,916,763
293,894
3,210,657
Food
Products
.........................................
—
101,438
—
101,438
Health
Care
Equipment
&
Supplies
...........................
—
932,784
487,207
1,419,991
Health
Care
Providers
&
Services
............................
—
1,006,040
—
1,006,040
Health
Care
Technology
..................................
—
7,064,216
—
7,064,216
Hotels,
Restaurants
&
Leisure
..............................
—
851,799
—
851,799
Household
Durables
.....................................
—
1,254,298
—
1,254,298
Insurance
............................................
—
621,751
—
621,751
Interactive
Media
&
Services
...............................
—
190,644
—
190,644
IT
Services
...........................................
—
867,473
—
867,473
Leisure
Products
.......................................
—
218,019
—
218,019
Life
Sciences
Tools
&
Services
..............................
—
1,354,447
—
1,354,447
Machinery
............................................
—
3,935,886
—
3,935,886
Media
...............................................
—
4,347,852
—
4,347,852
Metals
&
Mining
........................................
—
487,572
205,797
693,369
Oil,
Gas
&
Consumable
Fuels
...............................
—
664,372
—
664,372
Passenger
Airlines
......................................
—
2,658,183
—
2,658,183
Pharmaceuticals
.......................................
—
145,521
—
145,521
Professional
Services
....................................
—
753,246
—
753,246
Real
Estate
Management
&
Development
.......................
—
476,190
—
476,190
Software
.............................................
—
13,462,593
410,328
13,872,921
Textiles,
Apparel
&
Luxury
Goods
............................
—
—
159,709
159,709
Trading
Companies
&
Distributors
............................
—
479,767
—
479,767
Transportation
Infrastructure
...............................
—
649,647
—
649,647
Wireless
Telecommunication
Services
.........................
—
1,125,247
—
1,125,247
Foreign
Agency
Obligations
.................................
—
239,599
—
239,599
Preferred
Securities
.......................................
—
5,699,916
—
5,699,916
Short-Term
Securities
Money
Market
Funds
......................................
12,873,559
—
—
12,873,559
$
16,415,152
$
756,562,674
$
1,763,857
$
774,741,683
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
62,280
$
—
$
62,280
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
V.I.
Fund
21
Level
1
Level
2
Level
3
Total
Liabilities
Credit
contracts
...........................................
$
—
$
(
16,076
)
$
—
$
(
16,076
)
Interest
rate
contracts
.......................................
(
111,582
)
—
—
(
111,582
)
$
(
111,582
)
$
46,204
$
—
$
(
65,378
)
(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
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)