BlackRock Variable Series Funds II NPORTP BlackRock High Yield V.I. Fund (Sep 2024 report)

Schedule

Investments

(unaudited)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(b)

Apidos

CLO

Ltd.,

Series

2022-40A,

Class

D1R,

(3-mo.

CME

Term

SOFR

2.90%

Floor

2.90%),

8.10%,

07/15/37

.......

USD

2,000

2,007,129

CarVal

CLO

VII-C

Ltd.,

Series

2023-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

3.15%

Floor

3.15%),

8.43%,

07/20/37

.......

2,000

2,023,868

CIFC

Funding

2021-IV

Ltd.,

Series

2021-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

2.95%

Floor

2.95%),

8.12%,

07/23/37

.......

1,000

1,011,594

Generate

CLO

Ltd.,

Series

2024-17A,

Class

D1,

(3-mo.

CME

Term

SOFR

3.00%

Floor

3.00%),

8.13%,

10/22/37

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

2,000

2,021,649

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

D1,

(3-mo.

CME

Term

SOFR

2.95%

Floor

2.95%),

8.23%,

07/25/37

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

1,500

1,516,142

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

C1R3,

(3-mo.

CME

Term

SOFR

3.20%

Floor

3.20%),

8.32%,

08/15/37

.......

2,500

2,531,146

OCP

CLO

Ltd.,

Series

2024-34A,

Class

D1,

(3-mo.

CME

Term

SOFR

2.90%

Floor

2.90%),

7.85%,

10/15/37

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

1,000

1,010,128

Trimaran

Cavu

Ltd.,

Series

2021-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

3.40%

Floor

3.40%),

8.68%,

07/23/37

.......

1,500

1,521,157

Warwick

Capital

CLO

Ltd.,

Series

2024-4A,

Class

D1,

(3-mo.

CME

Term

SOFR

3.00%

Floor

3.00%),

8.19%,

07/20/37

.......

1,000

1,011,035

Total

Asset-Backed

Securities

—

(Cost:

14,500,000

)

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

14,653,848

Common

Stocks

Building

Products

—

0.1%

JELD-WEN

Holding,

Inc.

(c)

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

35,112

555,121

Energy

Equipment

Services

—

0.0%

Nine

Energy

Service,

Inc.

(c)

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

880

994

Life

Sciences

Tools

Services

—

0.1%

Avantor,

Inc.

(c)

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

34,421

890,471

Metals

Mining

—

0.1%

Constellium

Class

(c)

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

58,591

952,690

Oil,

Gas

Consumable

Fuels

—

0.0%

NGL

Energy

Partners

(c)

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

65,308

293,886

Professional

Services

—

0.3%

Alliant,

Inc.

(Acquired

09/25/24

cost

3,119,495

)

(c)

(d)

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

3,167

3,119,495

Specialized

REITs

—

0.1%

VICI

Properties,

Inc.

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

40,839

1,360,347

Total

Common

Stocks

—

(Cost:

6,806,682

)

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

7,173,004

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

Defense

—

3.3%

(b)

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

...

662

688,484

Boeing

Co.

(The)

6.86%

05/01/54

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

1,068

1,172,248

Security

Par

(000)

Par

(000)

Value

Aerospace

Defense

(continued)

7.01%

05/01/64

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

USD

598

658,863

Bombardier,

Inc.

6.00%

02/15/28

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

1,107

1,114,318

7.50%

02/01/29

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

5,291

8.75%

11/15/30

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

1,478

1,622,954

7.25%

07/01/31

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

647

683,999

7.00%

06/01/32

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

1,761

1,841,893

BWX

Technologies,

Inc.,

4.13%,

06/30/28

...

457

440,796

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

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

600

653,520

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

1,600

1,595,136

Spirit

AeroSystems,

Inc.

9.38%

11/30/29

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

1,228

1,332,198

9.75%

11/15/30

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

1,343

1,497,445

TransDigm,

Inc.

6.75%

08/15/28

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

2,691

2,769,814

6.38%

03/01/29

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

3,928

4,052,596

7.13%

12/01/31

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

1,692

1,789,563

6.63%

03/01/32

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

5,402

5,625,329

6.00%

01/15/33

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

3,061

3,104,359

Triumph

Group,

Inc.,

9.00%,

03/15/28

.....

1,975

2,067,460

32,716,266

Air

Freight

Logistics

—

0.0%

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

......

467

476,267

Automobile

Components

—

1.3%

Aptiv

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.39%),

6.88%,

12/15/54

(a)

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

1,905

1,925,018

Clarios

Global

4.38%

05/15/26

(e)

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

EUR

560

621,276

8.50%

05/15/27

(b)

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

USD

3,305

3,315,761

6.75%

05/15/28

(b)

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

1,076

1,109,091

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

(e)

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

EUR

100

98,002

Forvia

SE,

5.50%,

06/15/31

(e)

..........

126

139,030

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

USD

273

279,387

Goodyear

Tire

Rubber

Co.

(The)

5.00%

07/15/29

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

176

161,872

5.63%

04/30/33

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

248

218,817

Icahn

Enterprises

5.25%

05/15/27

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

2,472

2,368,773

9.75%

01/15/29

(b)

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

720

746,980

4.38%

02/01/29

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

644

562,823

9.00%

06/15/30

(b)

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

510

514,215

IHO

Verwaltungs

GmbH,

8.75%,

(8.75%

Cash

9.50%

PIK),

05/15/28

(a)

(e)

(f)

.........

EUR

100

116,912

Mahle

GmbH

(e)

2.38%

05/14/28

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

100

96,315

6.50%

05/02/31

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

100

108,087

Phinia,

Inc.,

6.63%,

10/15/32

(b)

..........

USD

317

319,617

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

........

370

343,334

Europe

Finance

BV,

4.75%,

01/31/29

(e)

...

EUR

300

323,593

13,368,903

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.

10.00%

03/31/29

(b)

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

USD

361

354,242

10.38%

03/31/29

(e)

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

GBP

100

134,029

RCI

Banque

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.75%),

5.50%,

10/09/34

(a)

(e)

.....

EUR

100

113,697

601,968

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

—

1.6%

Alpha

Bank

SA,

(1-Year

EUR

Swap

Annual

2.43%),

5.00%,

05/12/30

(a)

(e)

..........

EUR

100

115,639

Banca

Monte

dei

Paschi

Siena

SpA

(e)

(3-mo.

EURIBOR

2.05%),

4.75%

03/15/29

(a)

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

100

114,696

10.50%

07/23/29

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

100

136,640

Banco

BPM

SpA,

(5-Year

EUR

Swap

Annual

3.40%),

3.38%,

01/19/32

(a)

(e)

..........

200

219,423

Banco

Credito

Social

Cooperativo

(a)(e)

(1-Year

EURIBOR

ICE

Swap

Rate

4.27%),

7.50%

09/14/29

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

100

126,713

(1-Year

EURIBOR

ICE

Swap

Rate

1.70%),

4.13%

09/03/30

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

100

112,772

Banco

Sabadell

SA,

(5-Year

EUR

Swap

Annual

6.20%),

5.75%

(a)

(e)

(g)

.........

200

221,249

Banco

Espirito

Santo

(c)(e)(h)

2.63%

05/08/17

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

100

31,169

4.75%

01/15/18

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

100

31,168

4.00%

01/21/25

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

100

31,168

Banco

Santander

SA,

6.92%,

08/08/33

.....

USD

200

221,310

Bankinter

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

4.71%),

7.38%

(a)

(e)

(g)

..........

EUR

200

233,517

Barclays

plc

(a)(g)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.41%),

4.38%

USD

940

841,358

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.43%),

8.00%

390

410,705

(USISSO05

5.78%),

9.63%

.........

2,240

2,522,047

CaixaBank

SA,

(5-Year

EUR

Swap

Annual

4.50%),

5.25%

(a)

(e)

(g)

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

EUR

200

220,136

Citigroup,

Inc.

(a)(g)

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.21%),

7.63%

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

USD

780

833,332

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.69%),

7.13%

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

1,885

1,962,174

Series

(10-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.76%),

7.00%

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

450

481,548

Commerzbank

(a)(e)(g)

(5-Year

EUR

Swap

Annual

6.36%),

6.13%

EUR

200

223,260

(5-Year

EURIBOR

ICE

Swap

Rate

5.13%),

7.88%

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

200

237,657

Eurobank

(a)(e)

(1-Year

EUR

Swap

Annual

1.80%),

4.00%

09/24/30

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

100

112,017

(5-Year

EURIBOR

ICE

Swap

Rate

2.17%),

4.88%

04/30/31

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

100

116,228

HSBC

Holdings

plc

(a)(g)

(5-Year

USD

Swap

Rate

3.75%),

6.00%

USD

465

467,064

(5-Year

EUR

Swap

Annual

3.84%),

4.75%

(e)

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

EUR

200

217,348

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.65%),

4.60%

USD

200

181,634

ING

Groep

NV,

(USISSO05

4.36%),

8.00%

(a)

(e)

(g)

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

200

214,764

Intesa

Sanpaolo

SpA

(5-Year

EUR

Swap

Annual

5.85%),

5.50%

(a)

(e)

(g)

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

EUR

250

276,896

5.15%

06/10/30

(e)

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

GBP

150

191,082

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.60%),

4.20%

06/01/32

(a)

(b)

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

USD

320

285,194

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.75%),

4.95%

06/01/42

(a)

(b)

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

USD

235

188,613

Lloyds

Banking

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.61%),

5.13%

(a)

(g)

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

GBP

200

266,756

National

Bank

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.15%),

5.88%,

06/28/35

(a)

(e)

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

EUR

125

144,909

NatWest

Group

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.75%),

8.13%

(a)

(g)

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

USD

565

616,377

Nordea

Bank

Abp,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.66%),

6.30%

(a)

(b)

(g)

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

507

502,483

Toronto-Dominion

Bank

(The),

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.98%),

7.25%,

07/31/84

(a)

....

1,055

1,099,153

Wells

Fargo

Co.

(a)(g)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.61%),

7.63%

1,064

1,158,732

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.77%),

6.85%

875

913,240

16,280,171

Biotechnology

—

0.1%

(e)

Cidron

Aida

Finco

SARL,

6.25%,

04/01/28

...

GBP

100

126,910

Grifols

SA,

2.25%,

11/15/27

...........

EUR

697

744,272

871,182

Broadline

Retail

—

0.3%

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

USD

282

258,603

Bubbles

Bidco

SpA

(e)

6.50%

09/30/31

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

EUR

100

111,384

(3-mo.

EURIBOR

4.25%),

7.53%

09/30/31

(a)

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

100

111,036

Match

Group

Holdings

LLC

(b)

4.63%

06/01/28

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

USD

231

224,597

5.63%

02/15/29

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

164

164,039

NMG

Holding

Co.,

Inc.,

8.50%,

10/01/28

(b)

...

227

231,043

Rakuten

Group,

Inc.

(b)

11.25%

02/15/27

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

521

569,731

9.75%

04/15/29

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

880

960,300

2,630,733

Building

Products

—

2.1%

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(b)

473

491,138

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(b)

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

560

566,674

EMRLD

Borrower

6.38%

12/15/30

(e)

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

EUR

100

116,763

6.38%

12/15/30

(b)

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

370

432,022

6.63%

12/15/30

(b)

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

USD

6,131

6,321,644

6.75%

07/15/31

(b)

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

2,194

2,288,028

Troplast

GmbH,

9.38%,

07/15/28

(e)

.....

EUR

100

114,787

JELD-WEN,

Inc.,

7.00%,

09/01/32

(b)

......

USD

1,015

1,025,673

New

Enterprise

Stone

Lime

Co.,

Inc.

(b)

5.25%

07/15/28

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

181

176,746

9.75%

07/15/28

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

325

331,989

Owens

Corning,

3.50%,

02/15/30

........

454

431,195

PCF

GmbH,

4.75%,

04/15/29

(e)

.........

EUR

101

96,800

Smyrna

Ready

Mix

Concrete

LLC

(b)

6.00%

11/01/28

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

USD

1,458

1,463,382

8.88%

11/15/31

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

2,185

2,356,945

Standard

Building

Solutions,

Inc.,

6.50%,

08/15/32

(b)

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

891

922,589

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Standard

Industries,

Inc.

2.25%

11/21/26

(e)

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

EUR

200

214,927

4.75%

01/15/28

(b)

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

USD

2,938

4.38%

07/15/30

(b)

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

776

734,486

3.38%

01/15/31

(b)

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

1,656

1,475,230

Summit

Materials

LLC,

7.25%,

01/15/31

(b)

...

1,033

1,094,256

Wilsonart

LLC,

11.00%,

08/15/32

(b)

.......

790

790,238

21,448,450

Capital

Markets

—

1.9%

Apollo

Debt

Solutions

BDC,

6.90%,

04/13/29

(b)

773

803,570

Ares

Capital

Corp.

5.88%

03/01/29

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

275

281,607

5.95%

07/15/29

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

665

682,588

Ares

Strategic

Income

Fund,

5.60%,

02/15/30

(b)

833

826,409

Blackstone

Private

Credit

Fund

3.25%

03/15/27

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

155

147,718

5.95%

07/16/29

(b)

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

358

364,512

6.25%

01/25/31

(b)

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

282

289,694

Blue

Owl

Capital

Corp.

3.75%

07/22/25

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

380

375,505

3.40%

07/15/26

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

30,979

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(b)

357

374,835

Blue

Owl

Credit

Income

Corp.

7.75%

09/16/27

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

644

678,461

6.60%

09/15/29

(b)

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

220

225,692

6.65%

03/15/31

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

650

663,895

Blue

Owl

Technology

Finance

Corp.

II,

6.75%,

04/04/29

(b)

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

250

251,171

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

403

391,517

Deutsche

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

4.55%),

4.50%

(a)

(e)

(g)

......

EUR

200

204,680

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

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

USD

660

666,300

Goldman

Sachs

Group,

Inc.

(The),

Series

(10-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.40%),

6.13%

(a)

(g)

2,224

2,233,641

HAT

Holdings

LLC

(b)

3.38%

06/15/26

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

384

371,860

8.00%

06/15/27

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

493

522,275

HPS

Corporate

Lending

Fund,

6.75%,

01/30/29

(b)

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

435

450,574

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

06/15/27

(i)

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

494

496,964

Julius

Baer

Group

Ltd.,

(5-Year

EUR

Swap

Annual

3.85%),

6.63%

(a)

(e)

(g)

.........

EUR

200

225,413

Oaktree

Strategic

Credit

Fund

(b)

8.40%

11/14/28

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

USD

396

428,376

6.50%

07/23/29

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

445

451,925

State

Street

Corp.,

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.61%),

6.70%

(a)

(g)

.........

655

678,572

UBS

Group

(a)(b)(g)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.75%),

9.25%

1,095

1,210,633

(USISSO05

3.63%),

6.85%

.........

605

612,204

(USISSO05

4.16%),

7.75%

.........

2,061

2,203,629

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.76%),

9.25%

1,240

1,462,374

18,607,573

Chemicals

—

2.5%

Avient

Corp.,

6.25%,

11/01/31

(b)

.........

402

412,101

Axalta

Coating

Systems

Dutch

Holding

BV,

7.25%,

02/15/31

(b)

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

444

474,144

Axalta

Coating

Systems

LLC,

3.38%,

02/15/29

(b)

512

479,365

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Chemours

Co.

(The)

4.00%

05/15/26

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

EUR

100

110,642

5.38%

05/15/27

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

USD

576

563,865

5.75%

11/15/28

(b)

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

944

896,718

4.63%

11/15/29

(b)

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

356

318,804

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

3,267

3,114,389

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(e)

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

EUR

100

111,048

Fuller

Co.,

4.25%,

10/15/28

.........

USD

185

177,409

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

...

1,439

1,255,924

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

483

488,314

INEOS

Finance

plc,

6.38%,

04/15/29

(e)

.....

EUR

100

114,991

INEOS

Quattro

Finance

plc

(e)

2.50%

01/15/26

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

100

110,758

8.50%

03/15/29

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

100

117,841

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

USD

132

123,954

Kobe

U.S.

Midco

Inc.,

9.25%,

11/01/26

(b)

648

540,495

Kronos

International,

Inc.,

9.50%,

03/15/29

(e)

EUR

100

121,053

LSF11

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

USD

296

287,902

Lune

Holdings

SARL,

5.63%,

11/15/28

(e)

....

EUR

100

97,580

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

....

USD

544

555,247

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

388

377,543

Nobian

Finance

BV,

3.63%,

07/15/26

(e)

.....

EUR

100

110,207

Olympus

Water

Holding

Corp.

9.75%

11/15/28

(b)

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

USD

4,085

4,359,753

5.38%

10/01/29

(e)

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

EUR

200

209,452

7.25%

06/15/31

(b)

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

USD

1,549

1,611,858

SCIL

LLC,

9.50%,

07/15/28

(e)

.........

EUR

100

120,139

Scotts

Miracle-Gro

Co.

(The)

4.50%

10/15/29

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

USD

222

213,475

4.00%

04/01/31

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

325

297,750

4.38%

02/01/32

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

533

493,941

Invictus

Intermediate

SARL,

5.00%,

10/30/29

(b)

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

1,613

1,548,500

Grace

Holdings

LLC

(b)

4.88%

06/15/27

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

419

412,880

5.63%

08/15/29

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

3,876

3,641,049

7.38%

03/01/31

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

816

854,953

24,724,044

Commercial

Services

Supplies

—

3.5%

ADT

Security

Corp.

(The)

(b)

4.13%

08/01/29

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

55,398

4.88%

07/15/32

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

327

312,334

Allied

Universal

Holdco

LLC

4.63%

06/01/28

(b)

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

4,389

4,122,151

4.88%

06/01/28

(e)

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

GBP

150

184,591

6.00%

06/01/29

(b)

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

USD

3,140

2,806,074

7.88%

02/15/31

(b)

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

4,929

5,034,909

Amber

Finco

plc,

6.63%,

07/15/29

(e)

.......

EUR

111

129,274

APCOA

Group

GmbH,

(3-mo.

EURIBOR

0.00%

Floor

4.13%),

7.38%,

04/15/31

(a)

(e)

100

111,343

APi

Group

DE,

Inc.

(b)

4.13%

07/15/29

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

USD

453

425,935

4.75%

10/15/29

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

225

215,762

APX

Group,

Inc.

(b)

6.75%

02/15/27

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

455

456,247

5.75%

07/15/29

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

500

495,026

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

618

616,013

Brink's

Co.

(The)

(b)

6.50%

06/15/29

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

408

422,664

6.75%

06/15/32

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

1,100

1,147,394

Cimpress

plc,

7.38%,

09/15/32

(b)

.........

721

726,840

Clean

Harbors,

Inc.,

6.38%,

02/01/31

(b)

.....

87,076

Garda

World

Security

Corp.

(b)

4.63%

02/15/27

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

408

400,588

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

(continued)

9.50%

11/01/27

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

USD

418

418,549

7.75%

02/15/28

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

1,771

1,836,364

6.00%

06/01/29

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

259

248,556

8.25%

08/01/32

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

1,361

1,392,985

GFL

Environmental,

Inc.

(b)

4.00%

08/01/28

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

689

661,711

3.50%

09/01/28

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

113

107,581

4.75%

06/15/29

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

885

863,281

4.38%

08/15/29

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

1,081

1,036,151

6.75%

01/15/31

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

1,011

1,060,369

Intrum

(e)

3.00%

09/15/27

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

EUR

156

131,107

9.25%

03/15/28

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

100

84,441

Madison

IAQ

LLC

(b)

4.13%

06/30/28

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

USD

585

564,509

5.88%

06/30/29

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

1,266

1,232,531

Paprec

Holding

SA,

7.25%,

11/17/29

(e)

.....

EUR

100

118,250

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(b)

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

USD

1,020

1,020,274

Q-Park

Holding

BV,

5.13%,

02/15/30

(e)

....

EUR

100

113,541

Reworld

Holding

Corp.

4.88%

12/01/29

(b)

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

USD

365

343,589

5.00%

09/01/30

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

200

187,587

Donnelley

Sons

Co.,

9.50%,

08/01/29

(b)

688

693,855

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%,

07/15/29

(e)

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

EUR

100

113,567

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

USD

3,191

3,175,082

Williams

Scotsman,

Inc.

(b)

4.63%

08/15/28

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

255

247,851

6.63%

06/15/29

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

291

299,610

7.38%

10/01/31

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

1,242

1,312,747

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

411

427,204

35,440,911

Communications

Equipment

—

0.1%

(b)

CommScope

LLC,

4.75%,

09/01/29

.......

956

803,040

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

.....

288

261,334

1,064,374

Construction

Engineering

—

0.8%

Arcosa,

Inc.

(b)

4.38%

04/15/29

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

676

647,979

6.88%

08/15/32

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

2,012

2,105,636

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

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

4,397

4,708,532

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

279

269,326

Heathrow

Finance

plc

(e)

4.13%

09/01/29

(j)

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

GBP

100

122,331

6.63%

03/01/31

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

100

133,808

Pike

Corp.,

8.63%,

01/31/31

(b)

..........

USD

214

228,813

8,216,425

Consumer

Finance

—

0.9%

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(b)

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

198

209,239

GGAM

Finance

Ltd.

(b)

8.00%

02/15/27

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

768

802,569

8.00%

06/15/28

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

399

427,671

6.88%

04/15/29

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

632

657,457

5.88%

03/15/30

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

560

560,734

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

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

339

344,322

Macquarie

Airfinance

Holdings

Ltd.

(b)

8.38%

05/01/28

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

228

239,697

6.40%

03/26/29

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

135

140,507

8.13%

03/30/29

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

676

715,953

6.50%

03/26/31

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

355

374,734

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Navient

Corp.,

9.38%,

07/25/30

.........

USD

787

873,011

OneMain

Finance

Corp.

3.50%

01/15/27

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

197

188,297

9.00%

01/15/29

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

792

839,256

5.38%

11/15/29

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

112

107,629

7.88%

03/15/30

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

931

973,255

4.00%

09/15/30

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

471

419,509

7.50%

05/15/31

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

267

274,843

7.13%

11/15/31

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

473

478,683

8,627,366

Consumer

Staples

Distribution

Retail

—

0.5%

Albertsons

Cos.,

Inc.

(b)

3.50%

03/15/29

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

662

617,263

4.88%

02/15/30

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

659

648,368

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(e)

GBP

163

215,682

Bellis

Finco

plc,

4.00%,

02/16/27

(e)

.......

100

123,568

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

...

USD

229

238,139

Lion/Polaris

Lux

SA,

(3-mo.

EURIBOR

0.00%

Floor

3.63%),

7.33%,

07/01/29

(a)

(e)

EUR

100

111,871

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(e)

...

GBP

100

126,026

Performance

Food

Group,

Inc.

(b)

4.25%

08/01/29

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

USD

323

307,155

6.13%

09/15/32

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

1,400

1,430,598

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

236

225,082

Foods,

Inc.

(b)

6.88%

09/15/28

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

342

356,458

4.75%

02/15/29

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

126

122,842

4.63%

06/01/30

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

81,153

7.25%

01/15/32

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

568

601,140

Walgreens

Boots

Alliance,

Inc.,

8.13%,

08/15/29

244

243,532

5,448,877

Containers

Packaging

—

2.5%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%

06/15/27

(b)

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

971

977,980

2.00%

09/01/28

(e)

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

EUR

100

101,096

3.25%

09/01/28

(b)

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

USD

200

183,076

3.00%

09/01/29

(e)

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

EUR

200

189,614

4.00%

09/01/29

(b)

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

USD

3,489

3,114,343

Ardagh

Packaging

Finance

plc

2.13%

08/15/26

(e)

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

EUR

509

490,145

4.13%

08/15/26

(b)

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

USD

1,490

1,343,153

Canpack

SA,

3.13%,

11/01/25

(b)

.........

211

205,725

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

04/15/29

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

942

950,934

6.88%

01/15/30

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

1,216

1,241,819

8.75%

04/15/30

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

1,990

2,020,732

Crown

European

Holdings

SACA

(e)

5.00%

05/15/28

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

EUR

100

116,066

4.50%

01/15/30

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

100

113,833

Fiber

Bidco

SpA

(e)

10.00%

06/15/29

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

100

109,942

6.13%

06/15/31

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

100

110,758

Graphic

Packaging

International

LLC

3.50%

03/15/28

(b)

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

USD

7,618

2.63%

02/01/29

(e)

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

EUR

200

208,074

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(e)

...

100

104,408

LABL,

Inc.

(b)

6.75%

07/15/26

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

USD

331

330,728

5.88%

11/01/28

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

290

271,598

9.50%

11/01/28

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

1,164

1,202,737

8.63%

10/01/31

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

1,006

998,312

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

04/15/27

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

7,764

8,021,590

9.25%

04/15/27

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

535

548,575

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

European

Group

6.25%

05/15/28

(b)

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

EUR

270

313,025

5.25%

06/01/29

(e)

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

100

113,676

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

05/15/31

(b)

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

USD

283

290,735

Sealed

Air

Corp.

(b)

4.00%

12/01/27

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

143

138,172

5.00%

04/15/29

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

146

143,792

6.50%

07/15/32

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

490

505,271

Titan

Holdings

BV,

5.13%,

07/15/29

(e)

....

EUR

100

112,985

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

USD

329

365,231

Trivium

Packaging

Finance

BV,

8.50%,

08/15/27

(b)

(j)

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

200

200,483

25,146,226

Distributors

—

0.4%

(b)

American

Builders

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

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

67,312

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

1,379

1,383,450

Dealer

Tire

LLC,

8.00%,

02/01/28

........

304

302,638

Gates

Corp.,

6.88%,

07/01/29

..........

776

803,822

Resideo

Funding,

Inc.

4.00%

09/01/29

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

124

116,802

6.50%

07/15/32

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

1,049

1,076,811

3,750,835

Diversified

Consumer

Services

—

0.8%

Champions

Financing,

Inc.,

8.75%,

02/15/29

(b)

394

401,310

Mavis

Tire

Express

Services

Topco

Corp.,

6.50%,

05/15/29

(b)

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

244

234,460

Pachelbel

Bidco

SpA

(e)

7.13%

05/17/31

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

EUR

100

118,601

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

8.07%

05/17/31

(a)

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

100

112,038

Service

Corp.

International

3.38%

08/15/30

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

USD

305

276,418

4.00%

05/15/31

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

227

210,051

5.75%

10/15/32

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

2,507

2,523,416

Sotheby's

(b)

7.38%

10/15/27

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

1,591

1,531,250

5.88%

06/01/29

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

1,375

1,205,162

Wand

NewCo

Inc.,

7.63%,

01/30/32

(b)

....

1,826

1,923,688

8,536,394

Diversified

REITs

—

0.6%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

198

184,574

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

806

776,880

Uniti

Group

(b)

Series

MAY

10.50%

02/15/28

.........

1,058

1,129,315

10.50%

02/15/28

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

3,790

4,045,469

VICI

Properties

5.63%

05/15/52

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

131

128,177

6.13%

04/01/54

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

265

277,758

6,542,173

Diversified

Telecommunication

Services

—

4.9%

Altice

Financing

(b)

9.63%

07/15/27

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

1,264

1,231,097

5.75%

08/15/29

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

2,617

2,103,123

Altice

France

11.50%

02/01/27

(e)

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

EUR

100

91,668

5.50%

01/15/28

(b)

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

USD

503

365,757

5.13%

01/15/29

(b)

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

200

140,465

5.13%

07/15/29

(b)

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

2,954

2,077,306

British

Telecommunications

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

2.54%),

5.13%,

10/03/54

(a)

(e)

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

EUR

125

142,796

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

CCO

Holdings

LLC

(b)

5.38%

06/01/29

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

USD

302

291,035

6.38%

09/01/29

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

1,967

1,969,331

4.75%

03/01/30

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

523

481,075

4.50%

08/15/30

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

334

302,763

4.25%

02/01/31

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

743

655,125

7.38%

03/01/31

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

3,895

3,987,989

4.25%

01/15/34

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

3,726

3,056,289

Cellnex

Telecom

SA,

2.13%,

08/11/30

(e)

(i)

....

EUR

400

472,489

Frontier

Communications

Holdings

LLC

(b)

5.88%

10/15/27

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

USD

746

749,034

5.00%

05/01/28

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

1,499

1,485,479

8.75%

05/15/30

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

3,467

3,694,657

8.63%

03/15/31

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

930

1,002,624

Global

Switch

Finance

BV,

1.38%,

10/07/30

(e)

EUR

100

102,144

Iliad

Holding

SASU

6.50%

10/15/26

(b)

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

USD

702

709,653

7.00%

10/15/28

(b)

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

932

948,139

6.88%

04/15/31

(e)

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

EUR

100

118,272

8.50%

04/15/31

(b)

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

USD

1,721

1,851,118

Iliad

(e)

5.63%

02/15/30

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

EUR

300

352,747

5.38%

05/02/31

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

100

116,463

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

10/21/28

(e)

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

100

105,023

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(e)

200

222,352

Level

Financing,

Inc.

(b)

10.50%

04/15/29

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

USD

2,344

2,555,074

4.88%

06/15/29

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

1,065

894,600

11.00%

11/15/29

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

2,767

3,065,134

10.50%

05/15/30

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

2,619

2,818,699

10.75%

12/15/30

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

714

783,804

Lorca

Telecom

Bondco

SA,

5.75%,

04/30/29

(e)

EUR

124

143,704

Lumen

Technologies,

Inc.

(b)

4.13%

04/15/29

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

USD

450

377,869

4.13%

04/15/30

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

450

363,153

Optics

Bidco

SpA

(b)

Series

2034

6.00%

09/30/34

.........

1,216

1,230,980

7.20%

07/18/36

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

1,168

1,256,964

RCS

RDS

SA,

3.25%,

02/05/28

(e)

.......

EUR

100

106,779

Sable

International

Finance

Ltd.

(b)

5.75%

09/07/27

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

USD

200

198,876

7.13%

10/15/32

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

1,254

1,256,546

Virgin

Media

Secured

Finance

plc

4.13%

08/15/30

(e)

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

GBP

200

231,292

4.50%

08/15/30

(b)

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

USD

200

177,908

Windstream

Escrow

LLC

(b)

7.75%

08/15/28

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

982

982,923

8.25%

10/01/31

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

637

647,595

Zayo

Group

Holdings,

Inc.

(b)

4.00%

03/01/27

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

2,453

2,194,069

6.13%

03/01/28

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

1,131

938,730

49,050,712

Electric

Utilities

—

0.8%

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

...

862

874,152

Duke

Energy

Corp.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.59%),

6.45%,

09/01/54

(a)

...........

796

826,487

EDP

(a)(e)

(5-Year

EURIBOR

ICE

Swap

Rate

2.05%),

4.75%

05/29/54

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

EUR

100

112,595

(5-Year

EURIBOR

ICE

Swap

Rate

2.40%),

4.63%

09/16/54

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

100

111,595

(5-Year

EUR

Swap

Annual

3.18%),

5.94%

04/23/83

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

100

117,229

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

FirstEnergy

Corp.,

4.00%,

05/01/26

(i)

......

USD

1,409

1,474,518

NextEra

Energy

Capital

Holdings,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.46%),

6.75%,

06/15/54

(a)

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

735

793,133

NRG

Energy,

Inc.,

7.00%,

03/15/33

(b)

......

186

206,620

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

426

412,107

PG&E

Corp.

4.25%

12/01/27

(b)

(i)

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

483

523,089

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.88%),

7.38%

03/15/55

(a)

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

460

482,482

Terna

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

2.14%),

4.75%

(a)

(e)

(g)

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

EUR

100

113,819

Vistra

Operations

Co.

LLC

(b)

7.75%

10/15/31

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

USD

1,218

1,311,296

6.88%

04/15/32

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

950

999,332

8,358,454

Electrical

Equipment

—

0.2%

Nexans

SA,

4.25%,

03/11/30

(e)

..........

EUR

100

113,664

Sensata

Technologies

BV,

4.00%,

04/15/29

(b)

USD

27,645

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

1,553

1,500,963

1,642,272

Electronic

Equipment,

Instruments

Components

—

0.6%

CDW

LLC,

5.55%,

08/22/34

...........

467

477,807

Coherent

Corp.,

5.00%,

12/15/29

(b)

.......

1,209

1,182,123

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

(b)

412

430,039

Sensata

Technologies,

Inc.

(b)

4.38%

02/15/30

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

1,286

1,228,989

3.75%

02/15/31

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

597

546,581

6.63%

07/15/32

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

1,884

1,964,187

Zebra

Technologies

Corp.,

6.50%,

06/01/32

(b)

302

315,302

6,145,028

Energy

Equipment

Services

—

2.5%

Archrock

Partners

(b)

6.88%

04/01/27

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

160

160,501

6.25%

04/01/28

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

1,710

1,718,497

6.63%

09/01/32

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

1,723

1,766,921

Borr

IHC

Ltd.

(b)

10.00%

11/15/28

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

643

662,679

10.38%

11/15/30

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

245

258,251

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

536

560,044

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

.........

540

557,067

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(b)

1,262

1,306,048

Nabors

Industries

Ltd.,

7.50%,

01/15/28

(b)

...

397

371,968

Nabors

Industries,

Inc.

(b)

7.38%

05/15/27

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

736

737,640

9.13%

01/31/30

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

351

361,986

8.88%

08/15/31

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

150

142,691

Noble

Finance

LLC,

8.00%,

04/15/30

(b)

...

1,418

1,463,084

Oceaneering

International,

Inc.,

6.00%,

02/01/28

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

171

171,328

Precision

Drilling

Corp.,

6.88%,

01/15/29

(b)

24,948

Seadrill

Finance

Ltd.,

8.38%,

08/01/30

(b)

....

577

602,326

Star

Holding

LLC,

8.75%,

08/01/31

(b)

......

659

628,422

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(b)

312

319,136

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

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

294

302,823

Transocean,

Inc.

(b)

8.00%

02/01/27

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

820

819,504

8.25%

05/15/29

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

1,608

1,594,055

8.75%

02/15/30

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

1,984

2,068,478

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

Services

(continued)

8.50%

05/15/31

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

USD

1,773

1,761,740

USA

Compression

Partners

LP,

7.13%,

03/15/29

(b)

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

1,464

1,507,850

Valaris

Ltd.,

8.38%,

04/30/30

(b)

..........

2,265

2,332,959

Vallourec

SACA,

7.50%,

04/15/32

(b)

.......

971

1,030,012

Weatherford

International

Ltd.,

8.63%,

04/30/30

(b)

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

1,755

1,828,748

25,059,706

Entertainment

—

0.3%

Banijay

Entertainment

SAS

7.00%

05/01/29

(e)

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

EUR

100

117,020

8.13%

05/01/29

(b)

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

USD

222

230,734

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

....

289

301,704

Lions

Gate

Capital

Holdings

Inc.,

5.50%,

04/15/29

(b)

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

638

572,742

Live

Nation

Entertainment,

Inc.,

3.75%,

01/15/28

(b)

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

728

699,535

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

......

800

840,623

Pinewood

Finco

plc,

6.00%,

03/27/30

(e)

.....

GBP

112

150,156

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

USD

187

171,621

3,084,135

Financial

Services

—

3.2%

Block,

Inc.

2.75%

06/01/26

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

180

174,511

3.50%

06/01/31

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

196

178,722

6.50%

05/15/32

(b)

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

5,191

5,405,482

Boost

Newco

Borrower

LLC,

7.50%,

01/15/31

(b)

2,238

2,401,479

Corebridge

Financial,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.65%),

6.38%,

09/15/54

(a)

...........

640

646,586

Enact

Holdings,

Inc.,

6.25%,

05/28/29

.....

225

233,609

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(b)

247

276,629

Freedom

Mortgage

Holdings

LLC

(b)

9.25%

02/01/29

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

979

1,017,618

9.13%

05/15/31

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

703

722,760

Global

Payments,

Inc.,

1.50%,

03/01/31

(b)

(i)

1,325

1,265,375

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(b)

........

384

393,074

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

665

632,289

Jerrold

Finco

plc,

5.25%,

01/15/27

(e)

......

GBP

100

131,522

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

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

USD

422

408,852

Nationstar

Mortgage

Holdings,

Inc.

(b)

5.00%

02/01/26

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

3,547

3,529,790

6.00%

01/15/27

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

6,001

6.50%

08/01/29

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

1,350

1,372,718

5.13%

12/15/30

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

321

307,935

5.75%

11/15/31

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

1,425

1,395,888

7.13%

02/01/32

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

2,044

2,134,649

Nationwide

Building

Society,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

5.63%),

5.75%

(a)

(e)

(g)

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

GBP

200

258,227

NCR

Atleos

Corp.,

9.50%,

04/01/29

(b)

......

USD

599

659,421

Nexi

SpA,

0.00%,

02/24/28

(e)

(i)

(k)

.........

EUR

100

96,847

PennyMac

Financial

Services,

Inc.

(b)

7.88%

12/15/29

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

USD

679

724,030

7.13%

11/15/30

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

718

743,444

ProGroup

AG,

5.13%,

04/15/29

(e)

........

EUR

100

108,952

Rocket

Mortgage

LLC

(b)

2.88%

10/15/26

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

USD

1,185

1,137,692

3.88%

03/01/31

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

1,104

1,016,497

4.00%

10/15/33

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

329

293,891

Shift4

Payments

LLC

(b)

4.63%

11/01/26

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

941

931,303

6.75%

08/15/32

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

2,962

3,092,437

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Stena

International

SA,

7.25%,

01/15/31

(b)

...

USD

200

210,166

Worldline

SA,

0.00%,

07/30/26

(e)

(i)

(k)

.......

EUR

201

203,046

32,111,442

Food

Products

—

1.2%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

......

USD

233

243,730

Boparan

Finance

plc,

7.63%,

11/30/25

(e)

....

GBP

100

131,522

Chobani

LLC

(b)

4.63%

11/15/28

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

USD

1,988

1,936,037

7.63%

07/01/29

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

3,253

3,416,044

Darling

Global

Finance

BV,

3.63%,

05/15/26

(e)

EUR

290

321,296

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

USD

374

377,558

Fiesta

Purchaser,

Inc.

(b)

7.88%

03/01/31

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

241

255,669

9.63%

09/15/32

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

345

357,122

Lamb

Weston

Holdings,

Inc.

(b)

4.88%

05/15/28

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

75,508

4.13%

01/31/30

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

525

492,430

4.38%

01/31/32

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

1,182

1,096,397

Post

Holdings,

Inc.

(b)

4.50%

09/15/31

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

180

168,157

6.25%

02/15/32

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

660

679,607

6.38%

03/01/33

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

1,273

1,293,773

6.25%

10/15/34

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

529

532,335

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

203

192,599

Tereos

Finance

Groupe

SA,

7.25%,

04/15/28

(e)

EUR

100

115,634

11,685,418

Gas

Utilities

—

0.1%

AltaGas

Ltd.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.57%),

7.20%,

10/15/54

(a)

(b)

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

USD

840

857,962

AmeriGas

Partners

LP,

9.38%,

06/01/28

(b)

...

182

191,124

Snam

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.16%),

4.50%

(a)

(e)

(g)

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

EUR

100

112,484

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

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

USD

183

170,619

1,332,189

Ground

Transportation

—

0.5%

Albion

Financing

SARL,

6.13%,

10/15/26

(b)

389

390,258

Boels

Topholding

BV,

5.75%,

05/15/30

(e)

....

EUR

107

122,406

Brightline

East

LLC,

11.00%,

01/31/30

(b)

....

USD

532

452,225

Genesee

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

1,256

1,291,607

Bondco

LLC,

9.50%,

10/15/31

(b)

......

451

474,719

Loxam

SAS,

6.38%,

05/15/28

(e)

.........

EUR

100

115,629

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.14%),

4.25%

(a)

(e)

(g)

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

GBP

100

121,382

SGL

Group

ApS,

(3-mo.

EURIBOR

0.00%

Floor

4.75%),

8.44%,

04/22/30

(a)

......

EUR

100

111,593

Uber

Technologies,

Inc.

(i)

0.00%

12/15/25

(k)

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

USD

148

163,170

Series

2028

0.88%

12/01/28

(b)

........

1,055

1,320,860

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

......

358

373,133

4,936,982

Health

Care

Equipment

Supplies

—

1.1%

Avantor

Funding,

Inc.

2.63%

11/01/25

(e)

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

EUR

200

220,726

3.88%

07/15/28

(e)

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

100

110,854

4.63%

07/15/28

(b)

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

USD

883

863,038

3.88%

11/01/29

(b)

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

431

407,799

Bausch

Lomb

Corp.,

8.38%,

10/01/28

(b)

...

3,724

3,938,130

Medline

Borrower

(b)

3.88%

04/01/29

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

735

695,872

5.25%

10/01/29

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

3,645

3,576,411

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

414

458,228

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

Supplies

(continued)

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

USD

508

527,563

10,798,621

Health

Care

Providers

Services

—

2.8%

Acadia

Healthcare

Co.,

Inc.,

5.00%,

04/15/29

(b)

103

98,086

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

729

712,921

Community

Health

Systems,

Inc.

(b)

5.63%

03/15/27

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

2,984

2,936,460

6.00%

01/15/29

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

1,060

1,029,037

5.25%

05/15/30

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

2,535

2,332,974

4.75%

02/15/31

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

827

726,972

10.88%

01/15/32

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

1,789

1,971,451

Concentra

Escrow

Issuer

Corp.,

6.88%,

07/15/32

(b)

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

998

1,049,410

DaVita,

Inc.,

6.88%,

09/01/32

(b)

.........

453

467,974

Encompass

Health

Corp.

4.75%

02/01/30

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

674

658,782

4.63%

04/01/31

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

229

219,279

Ephios

Subco

SARL,

7.88%,

01/31/31

(e)

...

EUR

100

120,008

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

346

348,880

HCA,

Inc.,

5.45%,

09/15/34

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

170

174,920

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

1,391

1,344,315

LifePoint

Health,

Inc.

(b)

9.88%

08/15/30

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

623

685,925

11.00%

10/15/30

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

2,293

2,587,389

10.00%

06/01/32

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

1,062

1,167,528

Molina

Healthcare,

Inc.,

3.88%,

05/15/32

(b)

258

235,948

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

533

506,410

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

.......

2,587

2,777,349

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

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

3,132

3,269,097

Tenet

Healthcare

Corp.,

6.75%,

05/15/31

...

1,909

1,989,886

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

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

641

663,922

28,074,923

Health

Care

REITs

—

0.3%

MPT

Operating

Partnership

2.50%

03/24/26

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

GBP

567

684,425

5.25%

08/01/26

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

USD

134

127,589

5.00%

10/15/27

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

107

95,987

4.63%

08/01/29

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

1,572

1,264,411

3.50%

03/15/31

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

1,029

751,460

2,923,872

Health

Care

Technology

—

0.1%

IQVIA,

Inc.

1.75%

03/15/26

(e)

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

EUR

190

206,664

6.50%

05/15/30

(b)

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

USD

400

417,339

624,003

Hotel

Resort

REITs

—

1.2%

Host

Hotels

Resorts

LP,

5.50%,

04/15/35

585

593,480

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

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

565

587,306

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

...

314

316,077

Pebblebrook

Hotel

Trust,

1.75%,

12/15/26

(i)

33,012

RHP

Hotel

Properties

(b)

7.25%

07/15/28

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

678

709,445

4.50%

02/15/29

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

454

439,283

6.50%

04/01/32

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

3,534

3,652,127

RLJ

Lodging

Trust

(b)

3.75%

07/01/26

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

258

252,296

4.00%

09/15/29

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

217

199,755

Service

Properties

Trust

8.63%

11/15/31

(b)

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

4,150

4,512,955

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotel

Resort

REITs

(continued)

8.88%

06/15/32

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

USD

1,195

1,141,484

12,437,220

Hotels,

Restaurants

Leisure

—

6.1%

1011778

ULC

(b)

5.63%

09/15/29

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

500

507,225

4.00%

10/15/30

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

1,049

967,325

Accor

(a)(e)(g)

(5-Year

EUR

Swap

Annual

4.11%),

7.25%

EUR

100

123,075

(5-Year

EURIBOR

ICE

Swap

Rate

2.67%),

4.88%

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

100

112,551

Acushnet

Co.,

7.38%,

10/15/28

(b)

........

USD

50,599

Allwyn

Entertainment

Financing

plc

7.88%

04/30/29

(b)

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

300

313,506

7.25%

04/30/30

(e)

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

EUR

100

117,994

Aramark

International

Finance

SARL,

3.13%,

04/01/25

(e)

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

752

832,594

Bertrand

Franchise

Finance

SAS,

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

7.49%,

07/18/30

(a)

(e)

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

100

112,108

Boyd

Gaming

Corp.,

4.75%,

12/01/27

.....

USD

167

165,110

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

747

718,114

Caesars

Entertainment,

Inc.

(b)

7.00%

02/15/30

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

3,398

3,549,877

6.50%

02/15/32

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

1,646

1,702,645

Carnival

Corp.

(b)

5.75%

03/01/27

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

113

114,441

4.00%

08/01/28

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

540

519,847

6.00%

05/01/29

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

1,988

2,014,240

7.00%

08/15/29

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

297

315,563

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(b)

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

3,434

3,705,521

Churchill

Downs,

Inc.

(b)

4.75%

01/15/28

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

875

857,931

5.75%

04/01/30

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

2,103

2,105,304

6.75%

05/01/31

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

459

473,990

Cirsa

Finance

International

SARL,

(3-mo.

EURIBOR

4.50%),

8.14%,

07/31/28

(a)

(e)

EUR

100

112,433

CPUK

Finance

Ltd.

(e)

3.59%

08/28/25

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

GBP

100

131,649

7.88%

08/28/29

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

100

136,921

Fertitta

Entertainment

LLC

(b)

4.63%

01/15/29

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

USD

1,413

1,349,172

6.75%

01/15/30

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

308

286,951

Flutter

Treasury

DAC,

6.38%,

04/29/29

(b)

...

357

369,646

Hilton

Domestic

Operating

Co.,

Inc.

(b)

3.75%

05/01/29

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

217

205,683

4.00%

05/01/31

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

28,052

3.63%

02/15/32

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

129

116,541

5.88%

03/15/33

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

1,738

1,770,938

Light

Wonder

International,

Inc.

(b)

7.25%

11/15/29

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

193

199,682

7.50%

09/01/31

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

811

850,642

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

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

207

216,590

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

481

484,273

Lottomatica

SpA

(e)

5.38%

06/01/30

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

EUR

100

115,265

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

6.76%

06/01/31

(a)

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

100

112,156

MajorDrive

Holdings

LLC,

6.38%,

06/01/29

(b)

USD

655

637,104

Melco

Resorts

Finance

Ltd.

(b)

4.88%

06/06/25

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

500

494,844

5.63%

07/17/27

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

200

194,687

5.75%

07/21/28

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

200

193,250

5.38%

12/04/29

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

790

741,613

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

7.63%

04/17/32

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

USD

643

662,049

Merlin

Entertainments

Group

Holdings,

Inc.,

7.38%,

02/15/31

(b)

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

923

926,595

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

285

281,562

MGM

China

Holdings

Ltd.

(b)

5.25%

06/18/25

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

200

198,875

4.75%

02/01/27

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

200

194,625

7.13%

06/26/31

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

244

251,474

MGM

Resorts

International,

6.13%,

09/15/29

1,208

1,223,035

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

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

220

211,018

Motion

Finco

SARL,

7.38%,

06/15/30

(e)

.....

EUR

100

112,634

NCL

Corp.

Ltd.

(b)

5.88%

03/15/26

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

USD

970

970,060

8.13%

01/15/29

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

717

766,616

7.75%

02/15/29

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

593

635,460

6.25%

03/01/30

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

796

795,116

Pinnacle

Bidco

plc,

8.25%,

10/11/28

(e)

.....

EUR

100

117,966

Premier

Entertainment

Sub

LLC

(b)

5.63%

09/01/29

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

USD

214

160,082

5.88%

09/01/31

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

370

252,537

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(b)

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

324

350,837

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

286

277,608

Royal

Caribbean

Cruises

Ltd.

(b)

4.25%

07/01/26

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

181

178,958

5.38%

07/15/27

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

254

256,277

5.63%

09/30/31

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

3,079

3,119,412

6.25%

03/15/32

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

363

376,554

6.00%

02/01/33

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

2,398

2,458,391

Sabre

GLBL,

Inc.

(b)

8.63%

06/01/27

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

843

829,195

11.25%

12/15/27

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

64,335

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

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

804

797,930

Six

Flags

Entertainment

Corp.

(b)

7.25%

05/15/31

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

1,582

1,638,509

6.63%

05/01/32

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

240

248,545

Station

Casinos

LLC

(b)

4.50%

02/15/28

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

392

378,527

4.63%

12/01/31

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

638

591,625

6.63%

03/15/32

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

466

476,366

Stonegate

Pub

Co.

Financing

2019

plc,

10.75%,

07/31/29

(e)

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

GBP

100

138,207

TUI

AG,

5.88%,

03/15/29

(e)

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

EUR

100

115,977

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

......

USD

884

923,708

Viking

Cruises

Ltd.

(b)

5.88%

09/15/27

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

612

611,573

7.00%

02/15/29

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

123

124,554

9.13%

07/15/31

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

2,181

2,385,030

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

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

258

257,150

Wyndham

Hotels

Resorts,

Inc.,

4.38%,

08/15/28

(b)

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

227

218,968

Wynn

Macau

Ltd.

(b)

5.50%

01/15/26

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

263

261,110

5.50%

10/01/27

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

200

196,000

5.63%

08/26/28

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

2,791

2,710,898

4.50%

03/07/29

(i)

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

200

211,800

5.13%

12/15/29

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

938

880,547

Wynn

Resorts

Finance

LLC

(b)

5.13%

10/01/29

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

1,681

1,660,816

7.13%

02/15/31

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

1,867

2,014,302

6.25%

03/15/33

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

486

492,341

61,133,406

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.6%

Ashton

Woods

USA

LLC

(b)

4.63%

08/01/29

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

USD

208

199,668

4.63%

04/01/30

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

325

311,379

Beazer

Homes

USA,

Inc.,

7.50%,

03/15/31

(b)

213

221,018

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

06/15/29

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

418

400,614

4.88%

02/15/30

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

566

532,829

CD&R

Smokey

Buyer,

Inc.,

9.50%,

10/15/29

(b)

987

987,938

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

283

299,059

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

190

202,862

Hovnanian

Enterprises,

Inc.,

11.75%,

09/30/29

(b)

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

866

963,226

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

.......

314

336,268

Mattamy

Group

Corp.

(b)

5.25%

12/15/27

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

161

160,053

4.63%

03/01/30

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

262

250,839

Meritage

Homes

Corp.,

1.75%,

05/15/28

(b)

(i)

77,418

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

(b)

545

574,238

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

...

290

308,504

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

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

48,683

Tempur

Sealy

International,

Inc.

(b)

4.00%

04/15/29

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

338

315,216

3.88%

10/15/31

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

115

102,507

TRI

Pointe

Homes,

Inc.

5.25%

06/01/27

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

31,029

5.70%

06/15/28

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

6,108

6,329,456

Household

Products

—

0.1%

Central

Garden

Pet

Co.

5.13%

02/01/28

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

19,816

4.13%

10/15/30

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

241

224,046

4.13%

04/30/31

(b)

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

345

315,995

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(b)

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

153

153,574

Spectrum

Brands,

Inc.

(b)

3.38%

06/01/29

(i)

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

496

513,480

3.88%

03/15/31

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

40,273

1,267,184

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

AES

Corp.

(The),

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.20%),

7.60%,

01/15/55

(a)

...........

744

782,718

Calpine

Corp.

(b)

5.13%

03/15/28

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

817

805,638

4.63%

02/01/29

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

184

177,714

5.00%

02/01/31

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

147

142,330

Clearway

Energy

Operating

LLC

(b)

4.75%

03/15/28

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

233

228,629

3.75%

01/15/32

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

693

627,098

Lightning

Power

LLC,

7.25%,

08/15/32

(b)

....

232

243,956

NextEra

Energy

Partners

(b)(i)

0.00%

11/15/25

(k)

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

2,268

2,118,312

2.50%

06/15/26

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

474

445,540

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

287

312,779

TransAlta

Corp.,

7.75%,

11/15/29

........

66,545

Vistra

Corp.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

6.93%),

8.00%

(a)

(b)

(g)

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

477

499,676

6,450,935

Insurance

—

5.8%

Acrisure

LLC,

7.50%,

11/06/30

(b)

.........

702

722,425

Alliant

Holdings

Intermediate

LLC

(b)

4.25%

10/15/27

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

2,816

2,695,796

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

6.75%

10/15/27

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

USD

4,477

4,460,211

5.88%

11/01/29

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

1,787

1,715,988

7.00%

01/15/31

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

2,189

2,249,401

7.38%

10/01/32

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

1,183

1,199,388

AmWINS

Group,

Inc.

(b)

6.38%

02/15/29

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

339

347,270

4.88%

06/30/29

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

717

687,527

Ardonagh

Finco

Ltd.

6.88%

02/15/31

(e)

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

EUR

220

248,260

7.75%

02/15/31

(b)

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

USD

1,941

2,006,457

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

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

1,504

1,554,398

AssuredPartners,

Inc.,

7.50%,

02/15/32

(b)

...

926

951,699

AXA

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.84%),

6.38%

(a)

(e)

(g)

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

EUR

100

116,356

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(b)

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

USD

203

213,598

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(e)

......

GBP

100

132,692

Howden

Refinance

plc

(b)

7.25%

02/15/31

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

USD

4,492

4,661,191

8.13%

02/15/32

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

1,838

1,889,411

HUB

International

Ltd.

(b)

7.25%

06/15/30

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

7,908

8,239,190

7.38%

01/31/32

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

10,491

10,832,954

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%

03/15/30

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

1,828

1,955,786

10.50%

12/15/30

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

996

1,083,131

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

7,560

7,929,752

Phoenix

Group

Holdings

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.19%),

8.50%

(a)

(e)

(g)

........

200

209,163

Ryan

Specialty

LLC

(b)

4.38%

02/01/30

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

306

294,892

5.88%

08/01/32

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

520

528,664

UnipolSai

Assicurazioni

SpA,

4.90%,

05/23/34

(e)

EUR

100

113,624

USI,

Inc.,

7.50%,

01/15/32

(b)

...........

USD

1,124

1,164,407

58,203,631

Services

—

1.0%

Acuris

Finance

US,

Inc.

(b)

5.00%

05/01/28

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

1,210

1,108,210

9.00%

08/01/29

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

293

294,465

Amentum

Escrow

Corp.,

7.25%,

08/01/32

(b)

713

744,110

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

1,259

1,241,236

Cablevision

Lightpath

LLC

(b)

3.88%

09/15/27

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

476

453,091

5.63%

09/15/28

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

855

802,997

Fortress

Intermediate

Inc.,

7.50%,

06/01/31

(b)

1,515

1,598,366

ION

Trading

Technologies

SARL,

9.50%,

05/30/29

(b)

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

262

268,201

Snowflake,

Inc.

(b)(i)(k)

0.00%

10/01/27

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

985

1,021,445

0.00%

10/01/29

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

985

1,012,088

Twilio,

Inc.

3.63%

03/15/29

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

334

310,765

3.88%

03/15/31

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

682

630,052

United

Group

(e)

6.75%

02/15/31

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

EUR

100

115,489

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

7.79%

02/15/31

(a)

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

100

111,037

9,711,552

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

Services

—

0.0%

(b)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

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

USD

74,670

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

....

353

355,318

429,988

Machinery

—

1.6%

ATS

Corp.,

4.13%,

12/15/28

(b)

..........

188

177,010

Chart

Industries,

Inc.

(b)

7.50%

01/01/30

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

1,703

1,794,836

9.50%

01/01/31

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

574

625,615

Esab

Corp.,

6.25%,

04/15/29

(b)

..........

645

662,452

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(b)

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

329

263,525

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(b)

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

2,967

3,096,097

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

7.44%,

04/15/29

(a)

(e)

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

EUR

100

112,578

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

USD

349

357,725

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

145

138,311

Nova

Alexandre

III

SAS,

(3-mo.

EURIBOR

0.00%

Floor

5.25%),

8.91%,

07/15/29

(a)

(e)

EUR

100

109,089

Roller

Bearing

Co.

America,

Inc.,

4.38%,

10/15/29

(b)

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

USD

272

260,951

Terex

Corp.

(b)

5.00%

05/15/29

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

823

803,292

6.25%

10/15/32

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

599

599,000

Elevator

Holdco

GmbH

6.63%

07/15/28

(e)

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

EUR

450

499,665

7.63%

07/15/28

(b)

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

USD

2,197

2,211,017

Elevator

Midco

GmbH,

4.38%,

07/15/27

(e)

EUR

472

521,025

Elevator

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

3,375

3,338,573

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

442

404,923

15,975,684

Media

—

4.2%

Cable

One,

Inc.

0.00%

03/15/26

(i)

(k)

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

185

169,275

1.13%

03/15/28

(i)

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

695

559,218

4.00%

11/15/30

(b)

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

157

125,148

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%

08/15/27

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

865

850,388

7.75%

04/15/28

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

650

581,626

9.00%

09/15/28

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

1,776

1,888,098

7.50%

06/01/29

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

1,888

1,626,057

7.88%

04/01/30

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

1,972

2,062,112

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

.....

392

229,320

CSC

Holdings

LLC

(b)

5.50%

04/15/27

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

200

175,890

5.38%

02/01/28

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

1,000

842,367

11.25%

05/15/28

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

3,000

2,895,951

11.75%

01/31/29

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

1,800

1,739,864

4.13%

12/01/30

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

200

145,751

3.38%

02/15/31

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

400

283,620

4.50%

11/15/31

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

400

291,197

DirecTV

Financing

LLC,

5.88%,

08/15/27

(b)

1,860

1,826,208

DISH

DBS

Corp.

(b)

5.25%

12/01/26

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

1,823

1,684,677

5.75%

12/01/28

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

1,280

1,118,363

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

...

3,193

3,351,150

GCI

LLC,

4.75%,

10/15/28

(b)

...........

217

208,385

Gray

Television,

Inc.,

10.50%,

07/15/29

(b)

...

1,951

2,037,747

Lamar

Media

Corp.,

4.00%,

02/15/30

......

51,812

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

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

1,306

1,195,027

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Midcontinent

Communications,

8.00%,

08/15/32

(b)

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

USD

945

961,837

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

1,706

1,671,112

Outfront

Media

Capital

LLC

(b)

4.25%

01/15/29

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

977

930,249

4.63%

03/15/30

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

1,077

1,023,355

7.38%

02/15/31

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

695

741,905

Radiate

Holdco

LLC,

4.50%,

09/15/26

(b)

....

445

379,641

SES

(a)(e)

(5-Year

EURIBOR

ICE

Swap

Rate

3.19%),

2.88%

(g)

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

EUR

100

105,615

(5-Year

EURIBOR

ICE

Swap

Rate

3.59%),

6.00%

09/12/54

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

100

104,701

Sirius

Radio,

Inc.

(b)

3.13%

09/01/26

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

USD

374

361,343

5.00%

08/01/27

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

2,075

2,041,335

4.00%

07/15/28

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

223

210,388

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

....

209

202,065

Summer

Holdco

SARL,

5.75%,

10/31/26

(e)

EUR

100

111,315

Sunrise

FinCo.

BV,

4.88%,

07/15/31

(b)

....

USD

882

834,531

Tele

Columbus

AG,

10.00%,

(10.00%

Cash

10.00%

PIK),

01/01/29

(a)

(e)

(f)

..........

EUR

163

142,064

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

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

USD

400

391,095

Univision

Communications,

Inc.

(b)

6.63%

06/01/27

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

1,729

1,731,116

8.00%

08/15/28

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

1,683

1,720,809

8.50%

07/31/31

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

1,031

1,033,303

Virgin

Media

Vendor

Financing

Notes

DAC,

5.00%,

07/15/28

(b)

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

893

860,640

Vendor

Financing

BV,

2.88%,

01/15/29

(e)

EUR

100

102,837

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

.....

USD

275

253,492

Ziggo

BV,

4.88%,

01/15/30

(b)

...........

565

536,873

42,390,872

Metals

Mining

—

2.8%

Arsenal

AIC

Parent

LLC

(b)

8.00%

10/01/30

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

580

622,388

11.50%

10/01/31

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

3,522

3,980,630

ATI,

Inc.

4.88%

10/01/29

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

225

217,467

7.25%

08/15/30

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

1,106

1,177,710

5.13%

10/01/31

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

934

907,303

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

2,081

2,108,278

Carpenter

Technology

Corp.,

7.63%,

03/15/30

505

528,772

Constellium

5.63%

06/15/28

(b)

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

333

332,285

3.75%

04/15/29

(b)

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

1,976

1,845,307

5.38%

08/15/32

(e)

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

EUR

100

114,543

6.38%

08/15/32

(b)

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

USD

2,164

2,220,965

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

715

710,932

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(b)

1,585

1,680,100

Kaiser

Aluminum

Corp.

(b)

4.63%

03/01/28

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

1,389

1,343,364

4.50%

06/01/31

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

2,868

2,623,965

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(b)

74,535

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

1,308

1,333,846

Novelis

Corp.

(b)

3.25%

11/15/26

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

1,511

1,458,074

4.75%

01/30/30

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

1,375

1,333,071

3.88%

08/15/31

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

2,947

2,694,035

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(e)

EUR

500

531,395

27,838,965

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(b)

Ladder

Capital

Finance

Holdings

LLLP

4.25%

02/01/27

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

USD

369

359,931

4.75%

06/15/29

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

139

135,757

7.00%

07/15/31

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

586

621,295

Starwood

Property

Trust,

Inc.

4.38%

01/15/27

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

81,857

7.25%

04/01/29

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

415

435,153

6.00%

04/15/30

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

229

229,093

1,863,086

Multi-Utilities

—

0.2%

(a)

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.26%),

5.00%

(e)

(g)

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

EUR

100

113,535

CenterPoint

Energy,

Inc.

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.95%),

6.85%

02/15/55

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

USD

640

659,944

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.25%),

7.00%

02/15/55

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

320

332,396

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.51%),

6.50%,

05/21/55

(e)

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

GBP

100

137,071

Dominion

Energy,

Inc.,

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.51%),

7.00%,

06/01/54

.....

USD

440

480,404

1,723,350

Oil,

Gas

Consumable

Fuels

—

8.7%

Aethon

United

LP,

7.50%,

10/01/29

(b)

....

1,003

1,016,289

Antero

Midstream

Partners

(b)

5.38%

06/15/29

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

422

417,564

6.63%

02/01/32

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

704

728,630

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

11/01/27

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

532

635,979

8.25%

12/31/28

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

1,271

1,302,106

Baytex

Energy

Corp.,

8.50%,

04/30/30

(b)

....

437

452,914

Blue

Racer

Midstream

LLC

(b)

7.00%

07/15/29

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

581

603,999

7.25%

07/15/32

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

468

491,119

Buckeye

Partners

4.13%

03/01/25

(b)

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

18,842

6.88%

07/01/29

(b)

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

253

259,216

5.85%

11/15/43

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

237

211,896

5.60%

10/15/44

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

158

135,222

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

1,234

1,284,040

Civitas

Resources,

Inc.

(b)

8.63%

11/01/30

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

572

606,021

8.75%

07/01/31

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

1,773

1,876,788

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

232

216,934

Comstock

Resources,

Inc.

(b)

6.75%

03/01/29

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

1,221

1,191,043

5.88%

01/15/30

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

2,030

1,898,227

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

2,354

2,308,864

Crescent

Energy

Finance

LLC

(b)

7.63%

04/01/32

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

983

983,311

7.38%

01/15/33

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

1,601

1,575,741

Midstream,

Inc.,

4.13%,

06/15/29

(b)

.....

666

637,057

Enbridge,

Inc.

(a)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.97%),

7.20%

06/27/54

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

420

440,329

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.12%),

7.38%

03/15/55

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

570

591,173

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.43%),

8.50%

01/15/84

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

USD

476

532,405

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(b)

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

552

580,558

Energy

Transfer

(a)

Series

(3-mo.

LIBOR

USD

4.16%),

6.63%

(g)

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

280

275,987

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.02%),

8.00%

05/15/54

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

1,381

1,485,913

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.83%),

7.13%

10/01/54

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

805

823,243

EQM

Midstream

Partners

(b)

4.50%

01/15/29

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

39,131

6.38%

04/01/29

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

832

859,054

7.50%

06/01/30

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

105,431

4.75%

01/15/31

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

1,302

1,260,736

Genesis

Energy

7.75%

02/01/28

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

453

458,681

8.25%

01/15/29

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

796

824,226

8.88%

04/15/30

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

808

849,391

7.88%

05/15/32

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

988

1,005,928

Gulfport

Energy

Corp.,

6.75%,

09/01/29

(b)

...

479

484,602

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

.....

200

199,135

Harvest

Midstream

LP,

7.50%,

05/15/32

(b)

553

581,669

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(b)

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

637

659,325

Hilcorp

Energy

(b)

6.25%

11/01/28

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

224

223,551

5.75%

02/01/29

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

560

544,791

6.00%

04/15/30

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

47,762

8.38%

11/01/33

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

1,898

2,046,232

6.88%

05/15/34

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

1,244

1,239,380

Howard

Midstream

Energy

Partners

LLC,

7.38%,

07/15/32

(b)

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

594

615,206

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

719

681,146

Kinetik

Holdings

LP,

5.88%,

06/15/30

(b)

.....

84,572

Matador

Resources

Co.

(b)

6.88%

04/15/28

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

593

603,136

6.50%

04/15/32

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

736

734,948

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

09/01/31

(b)

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

450

444,345

Murphy

Oil

Corp.,

5.88%,

12/01/42

(j)

......

41,844

NGL

Energy

Operating

LLC

(b)

8.13%

02/15/29

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

1,245

1,276,557

8.38%

02/15/32

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

3,140

3,235,943

Northern

Oil

Gas,

Inc.

(b)

8.13%

03/01/28

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

2,761

2,781,029

8.75%

06/15/31

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

734

764,838

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

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

448

462,388

Parkland

Corp.,

6.63%,

08/15/32

(b)

.......

632

641,594

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

...

588

605,703

Permian

Resources

Operating

LLC

(b)

5.88%

07/01/29

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

775

774,273

9.88%

07/15/31

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

740

825,832

7.00%

01/15/32

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

797

829,145

6.25%

02/01/33

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

1,482

1,505,912

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.....

465

480,104

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

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

109

104,246

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

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

911

953,001

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Energy

Co.

6.50%

07/15/28

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

USD

12,986

7.00%

08/01/32

(b)

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

334

335,291

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

(a)(b)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.67%),

7.50%

03/01/55

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

690

724,924

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.95%),

7.63%

03/01/55

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

309

320,233

Southwestern

Energy

Co.

5.38%

02/01/29

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

400

398,652

4.75%

02/01/32

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

7,653

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29

(b)

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

359

375,504

Sunoco

LP,

5.88%,

03/15/28

...........

100

100,500

Tallgrass

Energy

Partners

(b)

5.50%

01/15/28

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

461

446,330

7.38%

02/15/29

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

1,139

1,151,843

6.00%

12/31/30

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

22,800

6.00%

09/01/31

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

288

272,757

Talos

Production,

Inc.

(b)

9.00%

02/01/29

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

401

412,894

9.38%

02/01/31

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

373

383,486

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

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

717

681,235

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

4.77%),

7.86%,

11/15/83

(a)

(e)

.....

EUR

100

122,168

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%

08/15/29

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

USD

947

894,945

3.88%

11/01/33

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

1,054

945,295

Venture

Global

LNG,

Inc.

(b)

9.50%

02/01/29

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

5,244

5,907,391

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.44%),

9.00%

(a)

(g)

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

9,875

10,009,585

8.38%

06/01/31

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

3,232

3,412,753

9.88%

02/01/32

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

3,015

3,350,243

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

...

345

344,857

Vital

Energy,

Inc.

9.75%

10/15/30

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

818

874,058

7.88%

04/15/32

(b)

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

1,724

1,670,056

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

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

511

502,851

87,137,487

Paper

Forest

Products

—

0.0%

Ahlstrom

Holding

Oy,

4.88%,

02/04/28

(b)

...

200

188,272

Passenger

Airlines

—

0.3%

(b)

American

Airlines,

Inc.,

8.50%,

05/15/29

....

1,139

1,208,495

United

Airlines,

Inc.

4.38%

04/15/26

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

578

568,723

4.63%

04/15/29

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

1,119

1,081,020

2,858,238

Personal

Care

Products

—

0.1%

Coty,

Inc.,

6.63%,

07/15/30

(b)

...........

305

316,906

Perrigo

Finance

Unlimited

Co.,

Series

USD,

6.13%,

09/30/32

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

832

838,423

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(b)

....

177

162,107

1,317,436

Pharmaceuticals

—

1.2%

1375209

Ltd.,

9.00%,

01/30/28

(b)

......

710

703,692

Bausch

Health

Cos.,

Inc.

(b)

6.13%

02/01/27

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

850

767,694

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

5.75%

08/15/27

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

USD

114

96,858

11.00%

09/30/28

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

1,123

1,047,198

Bayer

AG,

(5-Year

EUR

Swap

Annual

3.75%),

4.50%,

03/25/82

(a)

(e)

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

EUR

200

220,007

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%

07/15/27

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

USD

611

607,974

3.13%

02/15/29

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

882

866,390

3.50%

04/01/30

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

947

931,521

Cheplapharm

Arzneimittel

GmbH,

7.50%,

05/15/30

(e)

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

EUR

200

234,388

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(b)

USD

764

818,651

Gruenenthal

GmbH,

6.75%,

05/15/30

(e)

.....

EUR

100

119,360

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

400

386,846

Nidda

Healthcare

Holding

GmbH,

7.00%,

02/21/30

(e)

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

EUR

145

168,267

Organon

Co.

2.88%

04/30/28

(e)

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

100

106,796

4.13%

04/30/28

(b)

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

USD

583

560,605

7.88%

05/15/34

(b)

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

570

603,887

Rossini

SARL

(e)

6.75%

12/31/29

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

EUR

100

117,048

(3-mo.

EURIBOR

0.00%

Floor

3.88%),

7.22%

12/31/29

(a)

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

116

130,226

Teva

Pharmaceutical

Finance

Netherlands

4.38%

05/09/30

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

100

110,674

7.88%

09/15/31

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

100

131,769

Teva

Pharmaceutical

Finance

Netherlands

III

3.15%

10/01/26

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

USD

1,160

1,112,510

4.75%

05/09/27

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

400

393,750

7.88%

09/15/29

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

771

850,991

8.13%

09/15/31

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

725

831,711

11,918,813

Professional

Services

—

0.5%

(b)

CoreLogic,

Inc.,

4.50%,

05/01/28

........

3,253

3,070,174

Dun

Bradstreet

Corp.

(The),

5.00%,

12/15/29

1,385

1,379,128

KBR,

Inc.,

4.75%,

09/30/28

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

400

382,446

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

314

307,478

5,139,226

Real

Estate

Management

Development

—

0.4%

ADLER

Real

Estate

GmbH,

3.00%,

04/27/26

(e)

EUR

200

212,002

Anywhere

Real

Estate

Group

LLC

Series

7.00%

04/15/30

...........

USD

570

529,875

7.00%

04/15/30

(b)

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

678

629,644

Aroundtown

Finance

SARL,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.49%),

8.63%

(a)

(e)

(g)

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

GBP

100

125,670

Aroundtown

SA,

0.38%,

04/15/27

(e)

.......

EUR

100

101,802

Citycon

Treasury

BV,

Series

EURO,

2.38%,

01/15/27

(e)

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

100

107,388

Cushman

Wakefield

Borrower

LLC

(b)

6.75%

05/15/28

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

USD

669

675,069

8.88%

09/01/31

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

776

847,223

Heimstaden

Bostad

AB,

(5-Year

EUR

Swap

Annual

3.15%),

2.63%

(a)

(e)

(g)

.........

EUR

100

95,351

Heimstaden

Bostad

Treasury

BV,

1.00%,

04/13/28

(e)

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

100

98,102

Howard

Hughes

Corp.

(The)

(b)

4.13%

02/01/29

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

USD

469

437,416

4.38%

02/01/31

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

192

175,995

4,035,537

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

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

USD

312

303,641

Semiconductors

Semiconductor

Equipment

—

0.4%

ams-OSRAM

AG,

10.50%,

03/30/29

(e)

.....

EUR

100

115,184

Entegris,

Inc.,

4.75%,

04/15/29

(b)

........

USD

1,838

1,811,257

Foundry

Holdco

LLC

(b)

6.25%

01/25/35

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

540

565,105

6.40%

01/25/38

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

295

310,633

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(b)

(i)

1,047

1,043,336

Semiconductor

Corp.,

0.50%,

03/01/29

(i)

427

431,697

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

220

208,398

4,485,610

Software

—

4.8%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

7,430

7,137,150

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

1,204

1,275,708

Central

Parent

LLC,

8.00%,

06/15/29

(b)

.....

1,251

1,301,146

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

.....

1,156

1,182,136

Clarivate

Science

Holdings

Corp.

(b)

3.88%

07/01/28

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

3,171

3,043,124

4.88%

07/01/29

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

1,493

1,436,027

Cloud

Software

Group,

Inc.

(b)

6.50%

03/31/29

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

7,152

7,116,000

9.00%

09/30/29

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

5,789

5,890,945

8.25%

06/30/32

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

5,302

5,542,175

Elastic

NV,

4.13%,

07/15/29

(b)

..........

794

741,804

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

515

498,306

Helios

Software

Holdings,

Inc.

4.63%

05/01/28

(b)

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

200

184,307

7.88%

05/01/29

(e)

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

EUR

100

113,243

Series

SEPT

7.88%

05/01/29

(e)

........

100

113,244

8.75%

05/01/29

(b)

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

USD

375

383,316

McAfee

Corp.,

7.38%,

02/15/30

(b)

........

1,579

1,540,090

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

1,806

1,867,052

TeamSystem

SpA,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

7.13%,

07/31/31

(a)

(e)

.....

EUR

100

111,798

UKG,

Inc.,

6.88%,

02/01/31

(b)

...........

USD

7,750

8,008,083

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

448

420,286

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

531

490,843

48,396,783

Specialized

REITs

—

0.3%

Iron

Mountain,

Inc.

(b)

5.25%

07/15/30

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

60,230

5.63%

07/15/32

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

1,145

1,142,061

SBA

Communications

Corp.,

3.13%,

02/01/29

1,442

1,332,833

2,535,124

Specialty

Retail

—

1.6%

Afflelou

SAS,

6.00%,

07/25/29

(e)

.........

EUR

101

115,559

Asbury

Automotive

Group,

Inc.

4.50%

03/01/28

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

USD

328

319,294

4.75%

03/01/30

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

186

178,031

5.00%

02/15/32

(b)

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

101

95,776

Carvana

Co.

(b)(f)

11.00%

(

11.00

Cash

13.00

PIK),

06/01/30

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

991

1,033,689

14.00%

(

14.00

Cash

14.00

PIK),

06/01/31

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

2,288

2,586,718

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(e)

GBP

100

138,241

Cougar

Subsidiary

LLC,

8.00%,

05/15/32

(b)

USD

512

541,319

Dufry

One

BV,

4.75%,

04/18/31

(e)

........

EUR

100

114,810

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

0.00%

Floor

4.13%),

7.80%,

07/15/31

(a)

(e)

.....

105

117,991

Global

Finance

plc,

12.00%,

11/30/28

(b)

USD

1,109

1,237,712

Group

Automotive,

Inc.,

6.38%,

01/15/30

(b)

346

351,497

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

747

712,106

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

USD

220

212,778

LCM

Investments

Holdings

LLC

(b)

4.88%

05/01/29

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

491

471,786

8.25%

08/01/31

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

974

1,034,213

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

........

816

805,527

Staples,

Inc.,

10.75%,

09/01/29

(b)

........

579

561,804

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

4,645

4,688,324

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

9.00%

PIK),

03/15/26

(b)

(f)

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

812

812,516

16,129,691

Technology

Hardware,

Storage

Peripherals

—

0.1%

Seagate

HDD

Cayman,

8.50%,

07/15/31

(b)

1,096

1,196,054

Textiles,

Apparel

Luxury

Goods

—

0.1%

(b)

Crocs,

Inc.,

4.13%,

08/15/31

...........

211

191,647

Hanesbrands,

Inc.

4.88%

05/15/26

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

376

372,704

9.00%

02/15/31

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

43,176

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

.....

105

99,114

Levi

Strauss

Co.,

3.50%,

03/01/31

......

462

418,734

S&S

Holdings

LLC,

8.38%,

10/01/31

......

211

212,448

1,337,823

Trading

Companies

Distributors

—

1.5%

Air

Lease

Corp.,

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.56%),

6.00%

(a)

(g)

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

305

301,852

Beacon

Roofing

Supply,

Inc.

(b)

4.13%

05/15/29

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

184

173,353

6.50%

08/01/30

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

484

500,935

EquipmentShare.com,

Inc.,

8.00%,

03/15/33

(b)

353

361,361

Fortress

Transportation

Infrastructure

Investors

LLC

(b)

5.50%

05/01/28

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

715

712,012

7.88%

12/01/30

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

1,701

1,832,518

7.00%

05/01/31

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

3,619

3,814,451

7.00%

06/15/32

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

3,303

3,467,163

5.88%

04/15/33

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

1,078

1,072,610

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

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

115

101,270

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

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

70,413

Herc

Holdings,

Inc.,

6.63%,

06/15/29

(b)

.....

362

374,951

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

655

639,133

United

Rentals

North

America,

Inc.,

6.13%,

03/15/34

(b)

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

426

440,248

WESCO

Distribution,

Inc.

(b)

6.38%

03/15/29

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

319

329,562

6.63%

03/15/32

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

444

462,471

14,654,303

Wireless

Telecommunication

Services

—

0.6%

Hutchison

Group

Telecom

Finance

SA,

2.63%,

10/17/34

(e)

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

GBP

200

197,368

Connect

Finco

SARL

(b)

6.75%

10/01/26

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

USD

900

900,000

9.00%

09/15/29

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

1,994

1,929,664

Odido

Group

Holding

BV,

5.50%,

01/15/30

(e)

EUR

100

108,605

SoftBank

Group

Corp.

(e)

2.88%

01/06/27

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

150

162,798

3.88%

07/06/32

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

250

255,626

Telefonica

Europe

(a)(e)(g)

(7-Year

EUR

Swap

Annual

3.35%),

6.14%

200

237,774

(EUAMDB08

3.12%),

5.75%

........

100

116,559

Vmed

Financing

plc

4.50%

07/15/31

(e)

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

GBP

200

230,624

4.75%

07/15/31

(b)

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

USD

417

371,141

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

5.63%

04/15/32

(e)

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

EUR

100

112,479

7.75%

04/15/32

(b)

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

USD

200

205,296

Vodafone

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.84%),

8.00%,

08/30/86

(a)

(e)

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

GBP

404

592,807

Zegona

Finance

plc,

6.75%,

07/15/29

(e)

....

EUR

112

130,127

5,550,868

Total

Corporate

Bonds

—

(Cost:

848,039,709

)

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

873,267,130

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.6%

Cotiviti

Corp.,

1st

Lien

Term

Loan

7.63

05/01/31

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

USD

6,409

6,433,034

Media

—

0.3%

Clear

Channel

International

BV,

1st

Lien

Term

Loan

7.50

08/12/27

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

2,455

2,436,587

Total

Fixed

Rate

Loan

Interests

—

(Cost:

8,844,994

)

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

8,869,621

Floating

Rate

Loan

Interests

Aerospace

Defense

—

0.2%

(a)

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.25%),

9.57

05/25/28

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

329

253,781

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.25%),

9.57

05/25/28

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

51,613

Bleriot

Bidco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.12

8.59

10/31/30

.......

290

290,334

Ovation

Parent,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

8.84

04/19/31

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

174

174,856

Peraton

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

8.70

9.10

02/01/28

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

450

432,146

Peraton

Corp.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

7.75%),

12.97

02/01/29

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

1,189

1,113,158

2,315,888

Air

Freight

Logistics

—

0.1%

Clue

Opco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.50%),

9.75

12/19/30

(a)

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

460

455,928

Automobile

Components

—

0.1%

Champions

Financing,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.85

02/06/29

(a)

...........

861

826,560

Biotechnology

—

0.0%

Parexel

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

3.50

8.25

11/15/28

(a)

......

102

102,437

Broadline

Retail

—

0.2%

StubHub

HoldCo

Sub

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.60

10.00

03/15/30

(a)

.....

1,464

1,459,235

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.35

8.75

11/03/28

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

USD

372

371,065

Cornerstone

Building

Brands

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.60

05/15/31

.......

194

191,515

Wilsonart

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.81

9.49

08/05/31

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

784

774,851

1,337,431

Capital

Markets

—

0.1%

(a)

Azalea

Topco,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.75

04/30/31

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

300

299,250

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.10

8.50

05/31/31

512

512,813

OVG

Business

Services

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

7.85

8.25

06/25/31

237

235,519

1,047,582

Chemicals

—

0.3%

(a)

Aruba

Investments

Holdings

LLC,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

7.75%),

12.70

13.10

11/24/28

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

190

180,071

Chemours

Co.

(The),

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.35

8.75

08/18/28

.......

377

377,114

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

10/04/29

(l)

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

1,196

1,189,967

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.93%),

8.63

9.26

07/03/28

.......

327

305,448

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.35

9.75

03/29/28

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

644

645,053

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.92

10/14/24

83,457

2,781,110

Commercial

Services

Supplies

—

0.1%

(a)

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

8.70

9.10

05/12/28

824

815,714

GFL

Environmental,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

7.32

7.46

07/03/31

.......

175

174,630

Madison

Safety

Flow

LLC,

1st

Lien

Term

Loan

09/19/31

(l)

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

291

290,636

1,280,980

Construction

Engineering

—

0.2%

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.75

08/01/30

(a)

......

2,185

2,121,551

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.1%

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.10

8.50

10/19/29

(a)

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

USD

965

957,922

Consumer

Staples

Distribution

Retail

—

0.0%

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.85

9.25

12/11/28

(a)

159

159,419

Containers

Packaging

—

0.0%

(a)

Mauser

Packaging

Solutions

Holding

Co.,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.70

04/15/27

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

211

211,647

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.60

9.33

09/15/28

.....

139

139,470

351,117

Diversified

Consumer

Services

—

0.3%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.85

12/11/28

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

345

343,601

Ascend

Learning

LLC,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

5.75%),

10.70

11.10

12/10/29

.....

284

274,415

URSA

Minor

Bidco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.10

8.84

03/26/31

.......

350

350,018

Wand

Newco

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.85

8.50

01/30/31

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

1,756

1,753,044

2,721,078

Diversified

Telecommunication

Services

—

0.3%

(a)

Frontier

Communications

Holdings

LLC,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.71

8.76

07/01/31

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

196

196,980

Level

Financing,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

2.00%

Floor

6.56%),

11.41

04/16/29

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

144

146,815

Level

Financing,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

2.00%

Floor

6.56%),

11.41

04/15/30

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

145

147,385

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

2.00%

Floor

6.00%),

10.85

11.25

06/01/28

.....

136

130,839

Radiate

HoldCo

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.25%),

8.21

8.61

09/25/26

.......

355

303,668

Windstream

Services

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

6.25%),

11.20

11.60

09/21/27

.....

309

308,840

Windstream

Services

LLC,

1st

Lien

Term

Loan

09/25/31

(l)

(m)

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

310

310,000

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

03/09/27

(l)

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

1,617

1,474,855

3,019,382

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.1%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

7.97

07/22/30

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

USD

466

463,328

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.10

8.84

11/13/29

......

214

205,417

668,745

Financial

Services

—

0.3%

(a)

CPI

HoldCo

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

6.85

7.25

05/19/31

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

472

469,396

Deerfield

Holdings

Corp.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

6.75%),

11.62

12.35

04/07/28

.....

364

355,273

Neon

Maple

Debt

Mergersub,

Inc.,

1st

Lien

Term

Loan

07/18/31

(l)

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

891

880,976

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.10

8.50

05/30/31

489

487,166

Vortex

Opco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

9.12

12/18/28

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

466

331,776

2,524,587

Food

Products

—

0.1%

Chobani

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

8.60

9.09

10/25/27

(a)

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

405

405,947

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

8.60

9.00

02/03/31

(a)

277

274,845

Ground

Transportation

—

0.1%

Genesee

Wyoming,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

6.60

7.34

04/10/31

(a)

......

555

553,967

Health

Care

Equipment

Supplies

—

0.2%

(a)

Bausch

Lomb,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.27

05/10/27

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

1,218

1,212,077

Bausch

Lomb

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.85

9.25

09/29/28

.......

489

488,146

1,700,223

Health

Care

Providers

Services

—

0.3%

(a)

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.25

08/01/29

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

341

340,907

Lifepoint

Health,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.96

9.01

05/19/31

.......

403

403,240

Lifepoint

Health,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

10.05

11/16/28

..........

252

251,717

05/16/31

(l)

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

521

519,801

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

7.10

7.74

10/23/28

.......

1,135

1,133,566

Oculus

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

8.75

11/08/27

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

228

228,747

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

(continued)

Quorum

Health

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

8.25%),

12.95

13.69

04/29/25

.....

USD

506

374,458

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

7.67

7.99

12/19/30

95,531

3,347,967

Health

Care

Technology

—

0.5%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.50

02/15/29

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

4,149

4,118,954

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

10/01/27

(l)

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

791

751,248

Polaris

Newco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

9.51

06/02/28

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

526

517,047

5,387,249

Hotels,

Restaurants

Leisure

—

0.1%

(a)

1011778

Unlimited

Liability

Co.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

6.60

7.00

09/20/30

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

545

538,606

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.79

10/02/28

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

281

267,301

Entain

plc,

Facility

1st

Lien

Term

Loan

(2-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

8.01

10/31/29

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

325

324,905

1,130,812

Household

Durables

—

0.1%

(a)

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.57

02/25/29

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

466

461,605

SWF

Holdings

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

8.96

9.36

10/06/28

.......

929

763,475

1,225,080

Industrial

Conglomerates

—

0.1%

(a)

Chromalloy

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

9.08

03/27/31

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

744

705,864

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

7.56

7.73

08/04/31

.......

273

271,774

977,638

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

09/19/31

(l)

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

318

316,111

AssuredPartners,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.35

8.75

02/14/31

.......

684

682,897

Truist

Insurance

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.85

8.59

05/06/31

1,283

1,279,793

Truist

Insurance

Holdings,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.35

10.09

05/06/32

3,006

3,050,758

5,329,559

Security

Par

(000)

Par

(000)

Value

Services

—

0.6%

(a)

Amazon

Holdco,

Inc.,

1st

Lien

Term

Loan

07/30/31

(l)

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

USD

985

981,306

Central

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.85

8.59

07/06/29

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

588

581,026

Fortress

Intermediate

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

8.60

9.00

06/27/31

1,575

1,571,063

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.10

8.50

06/17/31

.......

718

707,092

Modena

Buyer

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.10

9.83

07/01/31

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

859

820,525

Neptune

Bidco

US,

Inc.,

1st

Lien

Term

Loan

04/11/29

(l)

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

920

861,455

Project

Alpha

Intermediate

Holding,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

9.00

10/28/30

365

365,794

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.73

8.79

07/16/31

361

361,119

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.25

07/31/31

173

172,212

6,421,592

Life

Sciences

Tools

Services

—

0.1%

Star

Parent,

Inc.,

1st

Lien

Term

Loan

09/27/30

(a)

(l)

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

1,156

1,122,594

Machinery

—

0.5%

(a)

Alliance

Laundry

Systems

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.25

8.84

08/19/31

109

109,075

Husky

Injection

Molding

Systems

Ltd.,

1st

Lien

Term

Loan

(2-mo.

CME

Term

SOFR

0.00%

Floor

5.00%),

10.33

02/15/29

2,249

2,235,717

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

7.85

8.74

11/22/29

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

305

305,701

SPX

Flow,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.35

8.75

04/05/29

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

527

527,187

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.59

04/30/30

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

1,856

1,859,094

Wec

Holdings

Ltd.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

7.60

8.00

01/27/31

.......

112

112,208

5,148,982

Media

—

0.3%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.50%),

10.80

08/15/28

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

233

174,255

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

7.25%),

12.21

12.61

09/01/25

.....

252

249,401

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.96

9.36

08/23/28

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

1,191

1,185,633

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

CSC

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.60

01/18/28

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

USD

493

477,907

CSC

Holdings

LLC,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

7.17

7.71

04/15/27

.......

469

428,368

Gray

Television,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

10.45

10.49

05/23/29

.....

361

346,117

Univision

Communications,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.46

8.86

01/23/29

189

184,449

3,046,130

Metals

Mining

—

0.1%

(a)

Star

Holding

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.35

9.75

07/18/31

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

919

896,255

SunSource

Borrower,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.95

9.35

03/25/31

.......

319

316,506

1,212,761

Oil,

Gas

Consumable

Fuels

—

0.0%

Freeport

LNG

investments

LLLP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

9.04

12/21/28

(a)

......

80,635

Passenger

Airlines

—

0.1%

AAdvantage

Loyalty

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.75%),

10.29

04/20/28

(a)

...........

643

660,244

Personal

Care

Products

—

0.0%

KDC

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.36

08/15/28

(a)

...........

400

399,607

Pharmaceuticals

—

0.2%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.50%),

10.35

10.75

05/04/28

61,327

Bausch

Health

Cos.,

Inc.,

1st

Lien

Term

Loan

02/01/27

(l)

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

1,064

1,020,243

Endo

Finance

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.78

04/09/31

.......

1,087

1,085,413

Organon

Co.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

7.46

7.74

05/19/31

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

39,184

2,206,167

Professional

Services

—

0.1%

(a)

CoreLogic,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.46

8.86

06/02/28

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

270

266,743

Galaxy

Opco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.75%),

10.00

04/30/29

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

270

226,105

492,848

Real

Estate

Management

Development

—

0.0%

Cushman

Wakefield

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

8.60

9.00

01/31/30

(a)

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

37,936

Security

Par

(000)

Par

(000)

Value

Semiconductors

Semiconductor

Equipment

—

0.0%

Icon

Parent,

Inc.,

1st

Lien

Term

Loan

09/12/31

(a)

(l)

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

USD

353

350,204

Software

—

1.0%

(a)

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

9.85

10.59

02/23/32

......

371

381,453

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

8.96

9.01

07/30/31

.......

1,224

1,220,235

Boxer

Parent

Co.,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.75%),

10.98

11.01

07/02/32

.....

544

535,160

Cast

Crew

LLC,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

8.60

9.00

12/29/28

.......

255

255,382

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.10

9.84

03/21/31

.......

914

915,901

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.60

9.34

03/30/29

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

647

644,018

Delta

Topco,

Inc.,

1st

Lien

Term

Loan

(2-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

8.20

11/30/29

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

633

630,990

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan

(2-mo.

CME

Term

SOFR

0.75%

Floor

5.25%),

9.95

12/24/30

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

145

145,605

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.45

8.85

10/07/29

.......

486

486,849

Genesys

Cloud

Services

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

8.71

9.11

12/01/27

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

329

328,580

McAfee

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.45

8.49

03/01/29

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

265

263,790

Sub

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

9.10

9.50

05/03/28

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

1,842

1,829,054

Sub

LLC,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

6.25%),

11.50

02/23/29

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

103

100,958

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

6.00%),

10.60

11.34

12/18/28

.....

295

287,844

Project

Sky

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

8.70

9.10

10/09/28

257

249,942

Project

Sky

Merger

Sub,

Inc.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

6.00%),

10.95

11.35

10/10/29

712

666,837

Proofpoint,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

7.85

8.25

08/31/28

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

108

108,312

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.46

8.86

12/17/27

.......

90,289

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.46

8.86

12/17/27

.......

153

142,664

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

UKG,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.55

02/10/31

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

USD

703

702,621

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.35

04/14/31

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

187

186,670

10,173,154

Specialty

Retail

—

0.1%

PetSmart,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

8.70

9.10

02/11/28

(a)

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

855

846,575

Trading

Companies

Distributors

—

0.2%

(a)

Air

Control

Concepts

Holdings

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.10

8.50

07/23/31

250

249,378

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.25

01/29/31

1,110

1,079,679

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.29

06/17/31

............

145

144,737

1,473,794

Transportation

Infrastructure

—

0.0%

(a)

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

7.81

8.00

07/01/31

.....

156

155,178

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.35

8.75

09/22/28

.......

41,454

196,632

Wireless

Telecommunication

Services

—

0.1%

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

6.65%),

12.00

05/25/27

(a)

.....

1,257

1,239,896

Total

Floating

Rate

Loan

Interests

—

(Cost:

79,696,006

)

...............................

79,573,990

Foreign

Agency

Obligations

Denmark

—

0.0%

Orsted

A/S

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.14%),

2.50%

02/18/3021

(a)

(e)

....................

GBP

100

98,934

Finland

—

0.0%

Finnair

OYJ

4.75%

05/24/29

(e)

..........

EUR

100

111,674

France

—

0.1%

Electricite

France

(a)(e)(g)

(13-Year

GBP

Swap

Semi

4.23%),

6.00%

GBP

400

531,971

(5-Year

EURIBOR

ICE

Swap

Rate

2.94%),

5.13%

.......................

EUR

200

223,642

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.78%),

7.38%

....

GBP

200

273,142

1,028,755

Ireland

—

0.0%

AIB

Group

plc

(5-Year

EUR

Swap

Annual

6.63%),

6.25%

(a)

(e)

(g)

................

EUR

200

224,784

Total

Foreign

Agency

Obligations

—

(Cost:

1,394,380

)

...............................

1,464,147

Security

Par

(000)

(

000)

Value

Preferred

Securities

Capital

Trusts

—

0.7%

Banks

—

0.1%

PNC

Financial

Services

Group,

Inc.

(The)

(a)(g)

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.24%),

6.20

.......................

USD

629

640,320

Series

(7-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.81%),

6.25

.......................

606

615,388

1,255,708

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.

Series

(5-

Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.00%),

5.70

(a)

(g)

...

137

134,072

Electric

Utilities

—

0.3%

(a)(g)

Edison

International

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.70%),

5.38

.......................

1,200

1,188,112

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.90%),

5.00

.......................

581

567,689

NRG

Energy,

Inc.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.92%),

10.25

(b)

.................

983

1,108,789

2,864,590

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.74%),

7.00

(a)

(b)

(g)

......................

1,471

1,501,603

Oil,

Gas

Consumable

Fuels

—

0.1%

Energy

Transfer

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.69%),

6.50

(a)

(g)

..........

852

849,962

Total

Preferred

Securities

—

(Cost:

6,413,089

)

...............................

6,605,935

Total

Long-Term

Investments

—

98.7%

(Cost:

965,694,860

)

..............................

991,607,675

Short-Term

Securities

Money

Market

Funds

—

1.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.83

(n)

(o)

..................

12,947,791

Total

Short-Term

Securities

—

(Cost:

12,947,791

)

...............................

12,947,791

Total

Investments

—

100

(Cost:

978,642,651

)

..............................

1,004,555,466

Liabilities

Excess

Other

Assets

—

(

0.0

)

.............

(

268,893

)

Net

Assets

—

100.0%

...............................

1,004,286,573

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

September

30,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$3,119,495,

representing

0.31%

its

net

assets

period

end,

and

original

cost

$3,119,495.

(e)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(f)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(g)

Perpetual

security

with

stated

maturity

date.

(h)

Issuer

filed

for

bankruptcy

and/or

default.

(i)

Convertible

security.

(j)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(k)

Zero-coupon

bond.

(l)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(m)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(n)

Affiliate

the

Fund.

(o)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

12/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Held

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

9,375,946

3,571,845

(a)

—

12,947,791

822,009

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

5-Year

Note

....................................................

107

12/31/24

11,765

24,911

Short

Contracts

U.S.

Treasury

Long

Bond

.....................................................

12/19/24

1,243

3,733

U.S.

Treasury

Ultra

Bond

.....................................................

12/19/24

666

(

1,034

)

2,699

27,610

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

315,623

EUR

282,000

Deutsche

Bank

12/18/24

714

USD

116,526

GBP

87,000

UBS

12/18/24

232

946

USD

24,620,542

EUR

22,052,000

Toronto

Dominion

Bank

12/18/24

(

4,918

)

USD

50,906

GBP

39,000

Deutsche

Bank

12/18/24

(

1,227

)

USD

5,614,878

GBP

4,279,000

UBS

12/18/24

(

104,923

)

(

111,068

)

(

110,122

)

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

43.V1

...........

.00

Quarterly

12/20/29

B+

USD

7,900

588,546

580,668

7,878

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Matterhorn

Telecom

......

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

(

12,377

)

(

11,755

)

(

622

)

–

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

High

Yield

V.I.

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical,

unrestricted

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

BlackRock Variable Series Funds II NPORT-PBlackRock High Yield V.I. Fund (Sep 2024 report)