Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
International
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Brazil
—
5.5%
B3
SA
-
Brasil
Bolsa
Balcao
.......
597,692
$
1,430,056
Lojas
Renner
SA
..............
532,133
1,796,270
XP,
Inc.
,
Class
A
..............
48,096
1,234,143
4,460,469
Canada
—
10.0%
Canadian
National
Railway
Co.
....
34,719
4,571,871
Canadian
Pacific
Kansas
City
Ltd.
..
40,484
3,569,454
8,141,325
China
—
4.0%
Tencent
Holdings
Ltd.
...........
84,300
3,283,480
Denmark
—
7.4%
Novo
Nordisk
A/S
,
Class
B
.......
36,139
4,635,673
Vestas
Wind
Systems
A/S
(a)
.......
49,777
1,388,460
6,024,133
France
—
6.0%
Air
Liquide
SA
................
6,499
1,352,109
LVMH
Moet
Hennessy
Louis
Vuitton
SE
2,491
2,241,394
Remy
Cointreau
SA
............
12,396
1,251,682
4,845,185
Germany
—
12.5%
Beiersdorf
AG
................
33,276
4,844,892
Deutsche
Telekom
AG
(Registered)
.
134,032
3,253,561
Infineon
Technologies
AG
........
60,314
2,051,010
10,149,463
Italy
—
5.4%
Ferrari
NV
..................
3,487
1,520,456
Intesa
Sanpaolo
SpA
...........
778,935
2,827,952
4,348,408
Japan
—
11.0%
Lasertec
Corp.
...............
6,400
1,767,208
Recruit
Holdings
Co.
Ltd.
........
89,300
3,956,501
Sony
Group
Corp.
.............
36,800
3,155,627
8,879,336
Netherlands
—
6.3%
ASML
Holding
NV
.............
3,961
3,840,039
Heineken
NV
................
13,110
1,263,904
5,103,943
South
Korea
—
5.0%
Samsung
Electronics
Co.
Ltd.
.....
65,851
4,030,546
Spain
—
2.5%
Banco
Bilbao
Vizcaya
Argentaria
SA
.
171,714
2,044,856
United
Kingdom
—
8.8%
Melrose
Industries
plc
...........
212,299
1,802,610
RELX
plc
...................
36,994
1,602,461
Smith
&
Nephew
plc
............
101,406
1,269,500
Standard
Chartered
plc
..........
290,277
2,460,887
7,135,458
United
States
—
15.3%
Baker
Hughes
Co.
,
Class
A
.......
41,748
1,398,558
Cadence
Design
Systems,
Inc.
(a)
...
6,735
2,096,471
Freeport-McMoRan,
Inc.
.........
33,526
1,576,393
Mastercard,
Inc.
,
Class
A
.........
8,100
3,900,717
Security
Shares
Shares
Value
United
States
(continued)
Thermo
Fisher
Scientific,
Inc.
......
5,854
$
3,402,403
12,374,542
Total
Long-Term
Investments
—
99.7%
(Cost:
$
67,971,096
)
..............................
80,821,144
Short-Term
Securities
Money
Market
Funds
—
1.7%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(b)
(c)
....
1,359,860
1,359,860
Total
Short-Term
Securities
—
1
.7
%
(Cost:
$
1,359,860
)
..............................
1,359,860
Total
Investments
—
101.4%
(Cost:
$
69,330,956
)
..............................
82,181,004
Liabilities
in
Excess
of
Other
Assets
—
(
1.4
)
%
............
(
1,101,024
)
Net
Assets
—
100.0%
..............................
$
81,079,980
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
International
V.I.
Fund
2
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
1,873,873
$
—
$
(
514,013
)
(a)
$
—
$
—
$
1,359,860
1,359,860
$
18,325
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
........
720,104
—
(
719,986
)
(a)
(
90
)
(
28
)
—
—
263
(c)
—
$
(
90
)
$
(
28
)
$
1,359,860
$
18,588
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
March
31
,2024
BlackRock
International
V.I.
Fund
3
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Brazil
...............................................
$
4,460,469
$
—
$
—
$
4,460,469
Canada
.............................................
8,141,325
—
—
8,141,325
China
...............................................
—
3,283,480
—
3,283,480
Denmark
.............................................
—
6,024,133
—
6,024,133
France
..............................................
—
4,845,185
—
4,845,185
Germany
............................................
—
10,149,463
—
10,149,463
Italy
................................................
—
4,348,408
—
4,348,408
Japan
...............................................
5,723,709
3,155,627
—
8,879,336
Netherlands
...........................................
—
5,103,943
—
5,103,943
South
Korea
..........................................
4,030,546
—
—
4,030,546
Spain
...............................................
—
2,044,856
—
2,044,856
United
Kingdom
........................................
—
7,135,458
—
7,135,458
United
States
..........................................
12,374,542
—
—
12,374,542
Short-Term
Securities
Money
Market
Funds
......................................
1,359,860
—
—
1,359,860
$
36,090,451
$
46,090,553
$
—
$
82,181,004