BlackRock Variable Series Funds NPORT-P BlackRock Global Allocation V.I. Fund (Sep 2024 report)

Consolidated

Schedule

of

Investments

(unaudited)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.4%

(a)(b)

AGL

CLO

5

Ltd.

Series

2020-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.94%,

07/20/34

...

USD

411

$

413,111

Series

2020-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/20/34

...

574

574,792

AIMCO

CLO,

Series

2018-AA,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.95%,

04/17/31

.

256

256,464

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.00%,

04/25/31

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

125

125,686

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.74%,

07/22/37

.......

270

274,303

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.27%),

6.55%,

04/20/31

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

3

14

314,346

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.95%,

05/15/37

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

405

405,142

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.26%,

07/15/34

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

790

793,401

Assurant

CLO

I

Ltd.,

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

10/20/34

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

280

280,833

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

01/25/35

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

485

483,623

Battalion

CLO

XI

Ltd.,

Series

2017-11A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.72%

Floor

+

1.98%),

7.26%,

04/24/34

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

288

288,680

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

7.14%,

10/22/30

...

250

250,797

Series

2014-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

7.29%,

10/20/30

...

256

256,781

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.06%,

07/15/31

.......

502

502,798

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

6.67%,

05/29/32

.......

250

249,999

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.11%,

04/15/30

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

401

401,869

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

CIFC

Funding

Ltd.

Series

2015-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

6.69%,

04/19/29

...

USD

288

$

287,900

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.21%,

07/15/36

...

875

878,002

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.95%,

04/17/30

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

402

402,756

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

07/18/30

.......

250

250,244

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.19%,

04/20/34

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

475

476,776

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.53%,

10/15/30

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

113

112,924

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

6.23%,

07/15/39

.......

817

814,118

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.23%,

07/16/36

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

564

560,068

OCP

CLO

Ltd.,

Series

2014-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.94%,

04/26/3

1

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

300

299,718

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

07/15/36

.......

300

300,082

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

6.89%,

07/19/30

.......

263

263,480

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07

/02/35

.......

308

308,979

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

6.58%,

02/24/37

.......

250

250,207

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(3-mo.

CME

Term

SO

FR

at

1.80%

Floor

+

2.06%),

7.16%,

08/23/31

.

269

270,064

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.72%,

07/24/31

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

199

199,410

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.71%,

07/20/34

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

250

250,132

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Re

cette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.94%,

04/20/34

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

USD

250

$

250,000

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.01%,

01/15/34

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

250

250,644

Rockford

Tower

CLO

Ltd.

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

04/20/34

...

250

249,893

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.49%,

05/20/31

...

147

146,981

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.85%,

04/15/37

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

1,354

1,357,690

Signal

Peak

CLO

8

Ltd.

Series

2020-8A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.53%),

6.81%,

04/20/33

...

250

250,542

Series

2020-8A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

04/20/33

...

250

250,538

TICP

CLO

VI

Ltd.

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.68%,

01/15/34

...

250

250,155

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.06%,

01/15/34

...

250

250,676

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

07/15/34

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

300

301,024

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.59%),

6.87%,

01/20/33

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

870

87

1,219

Trinitas

CLO

XIV

Ltd.

Series

2020-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.23%,

01/25/34

...

270

270,270

Series

2020-14A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.68%,

01/25/34

...

260

260,664

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

6.58%,

04/20/34

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

300

300,705

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.09%,

07/24/36

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

300

300,095

Whitebox

CLO

II

Ltd.

Series

2020-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.76%,

10/24/34

...

397

397,666

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/24/34

...

274

274,898

18,031,145

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.2%

(b)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.28%,

02/15/37

(c)

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

EUR

630

$

699,840

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

11/15/37

(c)

700

775,309

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/25/37

(c)

820

912,783

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.29%,

04/15/33

(c)

...........

207

2

29,775

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.88%,

10/15/30

(c)

231

256,285

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(c)

522

581,870

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.47%,

11/14/32

(c)

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

130

144,398

Jubil

ee

CLO,

Series

2024-29X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

01/15/39

(c)

....

860

957,309

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.89%,

01/20/32

(c)

.....

160

178,194

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.61%,

05/15/34

(c)

.....

630

701,225

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.81%,

08/15/38

(c)

580

646,783

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

7.47%,

07/25/51

...

USD

132

132,019

Series

2021-1A,

Class

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.86%),

8.72%,

07/25/51

...

77

77,653

Series

2021-1A,

Class

D,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.01%),

10.87%,

07/25/51

..

62

63,037

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

0.00%,

10/15/38

(c)

EUR

557

620,025

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.41%,

04/20/37

(c)

1,100

1,220,687

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.62%,

10/20/38

(c)

1,100

1,225,978

9,423,170

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)(d)

...

GBP

521

716,627

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

—

1.1%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

5.63%,

05/25/36

(b)

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

USD

264

$

258,771

Ajax

Mortgage

Loan

Trust

(a)(b)

Series

2021-E,

Class

A1,

1.74%,

12/25/60

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

4,407

3,886,975

Series

2021-E,

Class

A2,

2.69%,

12/25/60

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

726

564,996

Series

2021-E,

Class

B1,

3.73%,

12/25/60

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

480

338,005

Series

2021-E,

Class

M1,

2.94%,

12/25/60

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

377

270,103

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

240

237,947

Battalion

CLO

XX

Ltd.,

Series

2021-

20A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.74%,

07/15/34

(a)(b)

..........

612

611,954

Colle

ge

Avenue

Student

Loans

LLC,

Series

2021-B,

Class

D,

3.78%,

06/25/52

(a)

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

71

64,693

FS

Rialto

Issuer

LLC,

Series

2022-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.58%

Floor

+

2.58%),

7.54%,

08/17/37

(a)(b)

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

1,975

1,982,180

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

799

646,484

GreenSky

Home

Improvement

Trust

(a)

Series

2024-1,

Class

A4,

5.67%,

06/25/59

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

3,300

3,349,459

Series

2024-1,

Class

B,

5.87%,

06/25/59

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

257

262,239

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.40%),

6.75%,

05/20/32

(a)(b)

1,476

1,477,815

Lendmark

Funding

Trust,

Series

2021-

2A,

Class

D,

4.46%,

04/20/32

(a)

..

640

567,986

Mariner

Finance

Issuance

Trust

(a)

Series

2020-AA,

Class

A,

2.19%,

08/21/34

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

82

81,783

Series

2024-AA,

Class

A,

5.13%,

09/22/36

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

1,345

1,367,392

Series

2024-AA,

Class

D,

6.77%,

09/22/36

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

223

227,955

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

6.51%,

04/15/60

(b)

.........

1,933

1,912,357

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

418

372,696

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

1,926

1,766,206

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

614

563,279

Series

2024-A,

Class

A,

5.66%,

10/15/72

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

3,902

4,010,373

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

1,554

1,358,548

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,640

1,387,849

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

USD

325

$

319,924

Progress

Residential

Trust,

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

(a)

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

699

669,501

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

08/20/32

(a)

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

2,067

2,099,717

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

1

0/17/33

(e)

5,969

5,573,852

Sesac

Finance

LLC,

Series

2019-1,

Class

A2,

5.22%,

07/25/49

(a)

....

242

241,157

SMB

Private

Education

Loan

Trust

(a)

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

2,291

1,980,701

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

452

404,997

Series

2021-C,

Class

B,

2.30%,

01/15/53

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

346

330,029

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

261

229,736

Series

2021-C,

Class

D,

3.93%,

01/15/53

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

81

74,411

SoFi

Personal

Loan

Trust

  0.00%,

10/15/30

(f)

...........

41

2,047,701

Series

2023-1A,

Class

A,

6.00%,

11/12/30

(a)

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

2,451

2,494,801

Series

2024-1A,

Class

A,

6.06%,

02/12/31

(a)

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

2,558

2,603,965

Splitrock

Services,

Inc.,

0.00%,

02/12/31

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

38

1,451,666

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(a)

...

1,335

1,378,683

49,468,886

Total

Asset-Backed

Securities

—

1.7%

(Cost:

$80,697,101)

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

77,639,828

Shares

Shares

Common

Stocks

Australia

—

0.6%

BHP

Group

Ltd.

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

113,218

3,514,984

Brambles

Ltd.

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

113,090

1,484,395

Coles

Group

Ltd.

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

169,315

2,110,766

Glencore

plc

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

2,276,153

13,034,737

Macquarie

Group

Ltd.

...........

14,514

2,322,410

Medibank

Pvt

Ltd.

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

207,309

523,031

Quintis

HoldCo

Pty.

Ltd.

(e)(g)(h)

......

7,642,509

53

Rio

Tinto

Ltd.

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

12,765

1,129,006

Steadfast

Group

Ltd.

...........

69,103

270,487

Wesfarmers

Ltd.

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

7,381

358,428

Woolworths

Group

Ltd.

..........

97,598

2,242,729

26,991,026

Belgium

—

0.0%

Ageas

SA

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

4,370

233,180

Syensqo

SA

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

14,781

1,305,289

1,538,469

Brazil

—

0.2%

Ambev

SA

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

548,401

1,321,752

B3

SA

-

Brasil

Bolsa

Balcao

.......

1,464,279

2,886,788

Banco

do

Brasil

SA

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

265,735

1,330,699

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Brazil

(continued)

Embraer

SA

(h)

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

45,595

$

403,498

Magazine

Luiza

SA

(h)

...........

156,023

276,664

Seguridade

Participacoes

SA

......

58,815

385,644

XP,

Inc.

,

Class

A

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

33,032

592,594

7,197,639

Cambodia

—

0.0%

NagaCorp

Ltd.

(h)

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

250,000

118,813

Canada

—

1.4%

Algoma

Steel

Group,

Inc.

........

141,759

1,450,195

Alimentation

Couche-Tard,

Inc.

.....

8,013

442,997

Barrick

Gold

Corp.

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

117,837

2,343,758

Cameco

Corp.

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

305,137

14,573,343

Canadian

National

Railway

Co.

....

6,141

719,102

Canadian

Natural

Resources

Ltd.

...

51,665

1,715,609

Cenovus

Energy,

Inc.

...........

33,199

555,260

Enbridge,

Inc.

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

378,434

15,372,963

Fairfax

Financial

Holdings

Ltd.

.....

2,379

3,003,843

Franco-Nevada

Corp.

...........

34,965

4,342,801

Lionsgate

Studios

Corp.

(h)

........

65,511

468,404

Nutrien

Ltd.

(i)

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

10,545

506,724

Power

Corp.

of

Canada

(i)

.........

172,296

5,434,691

Suncor

Energy,

Inc.

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

277,283

10,234,735

Teck

Resources

Ltd.

,

Class

B

.....

9,155

478,176

Thomson

Reuters

Corp.

.........

4,924

839,896

Toronto-Dominion

Bank

(The)

.....

16,218

1,025,519

63,508,016

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C

,

(Acquired

11/16/21,

cost

$2,251,184)

(e)(h)(j)

..

1,159

327,765

China

—

1.3%

Anhui

Gujing

Distillery

Co.

Ltd.

,

Class

B

4,200

67,034

BeiGene

Ltd.

(h)

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

30,500

536,045

BYD

Co.

Ltd.

,

Class

H

..........

557,500

19,890,466

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

238,230

8,383,536

CSPC

Pharmaceutical

Group

Ltd.

...

896,000

686,172

Great

Wall

Motor

Co.

Ltd.

,

Class

A

..

825,374

3,527,725

Great

Wall

Motor

Co.

Ltd.

,

Class

H

..

563,500

1,034,961

Haidilao

International

Holding

Ltd.

(a)(c)

529,000

1,266,029

JD.com,

Inc.

,

Class

A

(i)

..........

25,554

512,559

Lenovo

Group

Ltd.

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

354,000

474,550

Li

Auto,

Inc.

,

Class

A

(h)

..........

114,936

1,477,955

Nongfu

Spring

Co.

Ltd.

,

Class

H

(a)(c)(i)

.

362,729

1,562,296

Prosus

NV

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

76,937

3,362,321

Seres

Group

Co.

Ltd.

,

Class

A

(h)

....

27,100

346,004

Shenzhen

Transsion

Holdings

Co.

Ltd.

,

Class

A

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

46,139

710,539

Tencent

Holdings

Ltd.

(i)

..........

185,011

10,287,517

Weichai

Power

Co.

Ltd.

,

Class

A

....

1,410,700

3,167,992

Weichai

Power

Co.

Ltd.

,

Class

H

...

747,000

1,365,321

Yum

China

Holdings,

Inc.

........

6,153

277,008

58,936,030

Colombia

—

0.0%

Bancolombia

SA

,

ADR

..........

2,657

83,377

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

3,928

138,476

Moneta

Money

Bank

A/S

(a)(c)

......

15,901

78,067

216,543

Denmark

—

0.6%

AP

Moller

-

Maersk

A/S

,

Class

B

....

584

982,746

Carlsberg

A/S

,

Class

B

..........

13,138

1,564,429

Security

Shares

Shares

Value

Denmark

(continued)

Genmab

A/S

(h)

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

2,443

$

592,266

Novo

Nordisk

A/S

,

Class

B

.......

196,213

23,273,122

Vestas

Wind

Systems

A/S

(h)

.......

112,585

2,477,286

28,889,849

Finland

—

0.1%

Elisa

OYJ

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

35,671

1,891,081

Sampo

OYJ

,

Class

A

...........

3,987

185,955

2,077,036

France

—

2.0%

Accor

SA

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

185,772

8,075,495

AXA

SA

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

91,652

3,528,315

BNP

Paribas

SA

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

7,849

538,612

Carrefour

SA

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

131,653

2,244,875

Cie

de

Saint-Gobain

SA

.........

207,652

18,938,386

Dassault

Systemes

SE

..........

48,358

1,920,818

Edenred

SE

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

29,050

1,100,287

EssilorLuxottica

SA

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

46,064

10,913,686

Hermes

International

SCA

........

1,940

4,776,972

La

Francaise

des

Jeux

SAEM

(a)(c)

...

22,481

925,083

L'Oreal

SA

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

1,028

461,096

LVMH

Moet

Hennessy

Louis

Vuitton

SE

38,879

29,815,376

Orange

SA

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

79,805

913,999

SCOR

SE

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

10,367

231,911

TotalEnergies

SE

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

83,073

5,394,374

Valeo

SE

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

34,587

418,503

90,197,788

Georgia

—

0.0%

Bank

of

Georgia

Group

plc

.......

2,020

99,248

Germany

—

0.9%

adidas

AG

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

57,708

15,291,850

Allianz

SE

(Registered)

..........

5,737

1,887,009

BASF

SE

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

10,967

581,283

CTS

Eventim

AG

&

Co.

KGaA

.....

10,983

1,143,612

Evonik

Industries

AG

...........

105,238

2,463,557

Fresenius

Medical

Care

AG

.......

26,540

1,127,730

Heidelberg

Materials

AG

.........

10,998

1,198,121

Mercedes-Benz

Group

AG

........

61,517

3,986,251

MTU

Aero

Engines

AG

..........

9,652

3,016,521

Northern

Data

AG

(h)(i)

...........

5,377

153,303

Rational

AG

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

785

801,445

Rheinmetall

AG

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

1,874

1,018,755

RWE

AG

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

133,318

4,857,150

Symrise

AG

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

11,802

1,633,274

Zalando

SE

(a)(c)(h)

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

20,745

685,662

39,845,523

Greece

—

0.0%

Athens

International

Airport

SA

.....

26,745

227,083

National

Bank

of

Greece

SA

......

23,686

202,481

OPAP

SA

,

Class

R

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

6,777

120,399

Piraeus

Financial

Holdings

SA

.....

10,344

44,038

594,001

Hong

Kong

—

0.2%

AIA

Group

Ltd.

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

1,050,105

9,170,417

Prudential

plc

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

73,978

686,312

9,856,729

Hungary

—

0.0%

MOL

Hungarian

Oil

&

Gas

plc

.....

30,561

228,600

OTP

Bank

Nyrt.

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

3,763

196,825

425,425

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

India

—

0.2%

Aditya

Birla

Capital

Ltd.

(h)

........

107,320

$

303,867

Axis

Bank

Ltd.

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

22,456

330,147

Bharat

Electronics

Ltd.

..........

59,391

202,359

Bharat

Petroleum

Corp.

Ltd.

......

49,612

218,626

Cipla

Ltd.

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

22,717

448,834

Eicher

Motors

Ltd.

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

4,228

253,581

GAIL

India

Ltd.

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

128,152

367,377

Godrej

Consumer

Products

Ltd.

....

22,308

370,307

Hero

MotoCorp

Ltd.

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

4,051

276,232

Hindustan

Aeronautics

Ltd.

(c)

......

12,006

633,530

IndusInd

Bank

Ltd.

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

19,432

335,453

InterGlobe

Aviation

Ltd.

(a)(c)(h)

......

3,733

212,933

JSW

Energy

Ltd.

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

24,821

216,930

Kotak

Mahindra

Bank

Ltd.

........

112,219

2,480,557

Larsen

&

Toubro

Ltd.

...........

5,354

234,792

Maruti

Suzuki

India

Ltd.

.........

1,663

262,586

REC

Ltd.

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

18,793

124,411

Reliance

Industries

Ltd.

.........

11,745

413,224

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$2,928,536)

(e)(h)(j)

..

1,951

—

UltraTech

Cement

Ltd.

..........

3,127

440,294

8,126,040

Indonesia

—

0.1%

Astra

International

Tbk.

PT

.......

547,400

182,319

Bank

Central

Asia

Tbk.

PT

........

2,537,900

1,730,767

Bank

Negara

Indonesia

Persero

Tbk.

PT

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

2,712,700

957,905

Bank

Syariah

Indonesia

Tbk.

PT

....

2,816,800

561,103

Ciputra

Development

Tbk.

PT

.....

2,603,700

228,216

3,660,310

Ireland

—

0.1%

Kingspan

Group

plc

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

23,849

2,236,779

TE

Connectivity

plc

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

2,479

374,304

2,611,083

Italy

—

1.3%

Coca-Cola

HBC

AG

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

10,716

382,050

Ferrari

NV

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

15,703

7,358,447

FinecoBank

Banca

Fineco

SpA

....

16,573

284,425

Intesa

Sanpaolo

SpA

...........

6,293,613

26,941,069

Mediobanca

Banca

di

Credito

Finanziario

SpA

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

137,134

2,343,125

Snam

SpA

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

111,077

565,798

UniCredit

SpA

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

460,424

20,213,364

Wizz

Air

Holdings

plc

(a)(c)(h)

........

9,126

177,036

58,265,314

Japan

—

3.2%

Astellas

Pharma,

Inc.

...........

16,500

190,697

Bridgestone

Corp.

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

11,600

447,968

Canon,

Inc.

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

10,800

355,701

Dai-ichi

Life

Holdings,

Inc.

........

43,600

1,131,305

Daiichi

Sankyo

Co.

Ltd.

..........

123,246

4,071,106

Daikin

Industries

Ltd.

...........

39,669

5,567,981

Ebara

Corp.

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

71,800

1,176,865

FANUC

Corp.

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

42,730

1,254,998

Fast

Retailing

Co.

Ltd.

..........

3,000

995,392

FUJIFILM

Holdings

Corp.

........

160,970

4,167,019

GMO

Payment

Gateway,

Inc.

......

4,300

261,670

Hitachi

Ltd.

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

81,800

2,169,118

Hoya

Corp.

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

137,993

19,112,520

Isetan

Mitsukoshi

Holdings

Ltd.

(i)

...

53,400

838,299

Ito

En

Ltd.

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

50,008

1,190,187

Kakaku.com,

Inc.

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

10,500

182,776

Kansai

Paint

Co.

Ltd.

(i)

..........

56,324

1,006,062

Security

Shares

Shares

Value

Japan

(continued)

Kawasaki

Kisen

Kaisha

Ltd.

(i)

......

113,000

$

1,761,615

Keyence

Corp.

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

40,498

19,409,159

Kokusai

Electric

Corp.

(i)

..........

63,600

1,434,090

Kuraray

Co.

Ltd.

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

24,600

365,536

Kyushu

Railway

Co.

(i)

...........

58,800

1,691,619

Makita

Corp.

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

10,147

342,782

Mazda

Motor

Corp.

(i)

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

156,700

1,197,272

MEIJI

Holdings

Co.

Ltd.

.........

16,111

402,975

Mitsubishi

Electric

Corp.

.........

179,933

2,918,684

Mitsubishi

UFJ

Financial

Group,

Inc.

.

1,756,500

18,036,798

Mitsui

&

Co.

Ltd.

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

684,200

15,301,475

Mitsui

High-Tec,

Inc.

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

30,200

190,445

Mitsui

OSK

Lines

Ltd.

(i)

..........

75,100

2,600,009

Mizuho

Financial

Group,

Inc.

......

43,300

895,047

Money

Forward,

Inc.

(h)

..........

6,500

264,844

MS&AD

Insurance

Group

Holdings,

Inc.

161,700

3,800,627

NET

One

Systems

Co.

Ltd.

.......

19,572

488,757

Nexon

Co.

Ltd.

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

22,200

441,156

Nidec

Corp.

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

96,800

2,037,940

Nintendo

Co.

Ltd.

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

9,200

491,753

Nippon

Paint

Holdings

Co.

Ltd.

.....

391,776

2,983,739

Nippon

Yusen

KK

(i)

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

44,000

1,616,189

Nomura

Research

Institute

Ltd.

....

82,556

3,063,792

Ono

Pharmaceutical

Co.

Ltd.

(i)

.....

27,800

373,169

Panasonic

Holdings

Corp.

........

344,900

3,029,863

Rakus

Co.

Ltd.

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

124,229

1,934,963

Santen

Pharmaceutical

Co.

Ltd.

....

43,065

522,780

Sekisui

House

Ltd.

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

31,600

877,396

Shiseido

Co.

Ltd.

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

14,800

402,511

Socionext,

Inc.

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

38,500

765,793

Sojitz

Corp.

(i)

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

53,300

1,262,872

Sompo

Holdings,

Inc.

...........

119,900

2,702,642

Sumitomo

Mitsui

Financial

Group,

Inc.

15,600

333,319

Takeda

Pharmaceutical

Co.

Ltd.

....

5,500

158,475

TDK

Corp.

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

42,500

542,909

TIS,

Inc.

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

14,000

357,374

Tokyo

Electron

Ltd.

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

10,900

1,943,859

Toyo

Tire

Corp.

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

13,882

203,880

Toyota

Tsusho

Corp.

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

69,400

1,268,889

Trend

Micro,

Inc.

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

34,499

2,048,390

Yamaha

Motor

Co.

Ltd.

..........

171,065

1,540,630

146,125,681

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

26,233

671,293

Kazakhstan

—

0.0%

Kaspi.KZ

JSC

,

ADR

(c)(i)

..........

2,810

297,832

Macau

—

0.0%

Wynn

Macau

Ltd.

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

1,508,456

1,297,377

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

64,100

125,433

Frontken

Corp.

Bhd.

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

180,100

160,027

285,460

Mexico

—

0.1%

Cemex

SAB

de

CV

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

2,417,292

1,479,348

Fomento

Economico

Mexicano

SAB

de

CV

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

21,689

213,839

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

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

16,624

469,769

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

194,015

1,380,867

Southern

Copper

Corp.

(i)

.........

5,430

628,088

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mexico

(continued)

Wal-Mart

de

Mexico

SAB

de

CV

....

368,917

$

1,113,121

5,285,032

Netherlands

—

1.9%

ABN

AMRO

Bank

NV

,

CVA

(a)(c)

.....

37,944

685,718

Argenx

SE

(h)

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

532

287,647

ASML

Holding

NV

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

40,185

33,428,319

ING

Groep

NV

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

336,905

6,112,475

Koninklijke

Ahold

Delhaize

NV

.....

114,746

3,963,447

Koninklijke

KPN

NV

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

993,645

4,058,329

Koninklijke

Vopak

NV

...........

27,971

1,298,127

Shell

plc

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

835,477

27,599,482

Shell

plc

,

ADR

(i)

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

61,629

4,064,433

Universal

Music

Group

NV

.......

13,938

364,635

Wolters

Kluwer

NV

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

14,742

2,486,559

84,349,171

New

Zealand

—

0.0%

Xero

Ltd.

(h)

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

10,253

1,059,811

Norway

—

0.1%

DNB

Bank

ASA

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

14,316

293,579

Equinor

ASA

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

96,552

2,442,638

2,736,217

Peru

—

0.1%

Credicorp

Ltd.

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

10,584

1,915,386

Philippines

—

0.0%

Ayala

Land,

Inc.

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

429,000

279,404

Bloomberry

Resorts

Corp.

(h)

.......

1,614,000

233,009

International

Container

Terminal

Services,

Inc.

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

19,800

143,488

Metropolitan

Bank

&

Trust

Co.

.....

118,880

167,169

823,070

Poland

—

0.0%

LPP

SA

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

31

127,066

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

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

11,776

171,602

Powszechny

Zaklad

Ubezpieczen

SA

117,734

1,287,068

1,585,736

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

10,675

209,614

Saudi

Arabia

—

0.0%

Abdullah

Al

Othaim

Markets

Co.

....

74,225

235,690

Elm

Co.

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

681

211,416

Etihad

Etisalat

Co.

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

19,011

260,884

Riyadh

Cables

Group

Co.

........

3,303

87,341

Saudi

Basic

Industries

Corp.

......

7,739

154,516

Saudi

National

Bank

(The)

........

45,499

417,565

Yanbu

National

Petrochemical

Co.

..

13,770

156,822

1,524,234

Singapore

—

0.0%

Sea

Ltd.

,

ADR,

Class

A

(h)(i)

........

1,478

139,346

STMicroelectronics

NV

..........

9,640

287,892

UOL

Group

Ltd.

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

60,231

260,286

687,524

South

Africa

—

0.0%

Anglo

American

plc

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

19,518

634,447

Capitec

Bank

Holdings

Ltd.

.......

976

171,983

FirstRand

Ltd.

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

111,179

533,360

Kumba

Iron

Ore

Ltd.

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

19,822

460,056

1,799,846

Security

Shares

Shares

Value

South

Korea

—

0.5%

Doosan

Enerbility

Co.

Ltd.

(h)

.......

150,712

$

2,062,528

Fila

Holdings

Corp.

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

6,310

202,503

GS

Engineering

&

Construction

Corp.

(h)

21,846

305,697

HD

Hyundai

Infracore

Co.

Ltd.

(i)

....

53,129

304,488

HD

Hyundai

Mipo

(h)

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

2,769

210,604

Hyundai

Motor

Co.

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

4,596

855,971

KakaoBank

Corp.

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

61,178

986,618

Krafton,

Inc.

(h)

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

2,420

629,545

NAVER

Corp.

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

7,554

972,994

Orion

Corp.

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

5,150

382,212

Samsung

Electronics

Co.

Ltd.

.....

54,589

2,551,425

Samsung

Life

Insurance

Co.

Ltd.

...

6,645

474,588

Seegene,

Inc.

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

8,218

154,382

SK

Hynix,

Inc.

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

80,251

10,740,536

20,834,091

Spain

—

0.7%

Amadeus

IT

Group

SA

..........

4,739

343,211

Banco

Bilbao

Vizcaya

Argentaria

SA

.

561,102

6,061,177

Banco

de

Sabadell

SA

..........

232,630

494,044

Banco

Santander

SA

...........

47,582

243,804

Bankinter

SA

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

45,552

402,130

Cellnex

Telecom

SA

(a)(c)

..........

542,986

22,014,175

Industria

de

Diseno

Textil

SA

......

28,621

1,695,121

Repsol

SA

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

59,168

780,384

32,034,046

Sweden

—

0.3%

Boliden

AB

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

19,568

664,117

Evolution

AB

(a)(c)

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

13,248

1,302,982

SSAB

AB

,

Class

A

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

51,306

268,643

SSAB

AB

,

Class

B

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

89,352

457,498

Telia

Co.

AB

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

795,493

2,572,310

Trelleborg

AB

,

Class

B

..........

42,695

1,643,369

Volvo

AB

,

Class

B

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

206,695

5,467,537

12,376,456

Switzerland

—

0.5%

ABB

Ltd.

(Registered)

...........

43,830

2,542,825

Alcon,

Inc.

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

6,909

691,454

Galderma

Group

AG

(h)

..........

81,621

7,580,092

Julius

Baer

Group

Ltd.

..........

25,491

1,537,208

Kuehne

+

Nagel

International

AG

(Registered)

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

9,020

2,464,432

Novartis

AG

(Registered)

........

9,865

1,135,880

SGS

SA

(Registered)

...........

24,837

2,773,334

Sika

AG

(Registered)

...........

6,233

2,066,024

UBS

Group

AG

(Registered)

......

54,075

1,673,299

22,464,548

Taiwan

—

1.2%

Acer,

Inc.

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

685,069

881,773

ASE

Technology

Holding

Co.

Ltd.

...

135,000

640,238

ASMedia

Technology,

Inc.

........

34,000

1,728,000

Asustek

Computer,

Inc.

..........

37,000

642,778

Chicony

Electronics

Co.

Ltd.

......

288,911

1,489,638

Compal

Electronics,

Inc.

.........

1,514,648

1,589,395

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

275,000

1,747,716

Genius

Electronic

Optical

Co.

Ltd.

..

103,707

1,585,391

Global

Unichip

Corp.

...........

21,000

720,891

Inventec

Corp.

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

352,000

478,304

MediaTek,

Inc.

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

92,000

3,390,710

Quanta

Computer,

Inc.

..........

411,228

3,427,270

Realtek

Semiconductor

Corp.

.....

128,548

1,907,983

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

992,000

29,912,920

Wan

Hai

Lines

Ltd.

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

302,000

932,404

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Taiwan

(continued)

Wistron

Corp.

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

256,000

$

816,462

Wiwynn

Corp.

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

4,000

216,801

Yang

Ming

Marine

Transport

Corp.

..

297,000

646,551

52,755,225

Thailand

—

0.0%

Advanced

Info

Service

PCL

.......

33,400

269,514

CP

ALL

PCL

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

55,600

112,691

True

Corp.

PCL

,

NVDR

(h)

.........

506,800

175,993

558,198

Turkey

—

0.0%

Eldorado

Gold

Corp.

(h)

..........

14,067

244,344

Turkiye

Is

Bankasi

A/S

,

Class

C

....

554,193

227,133

471,477

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(e)(h)

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

284,408

4

United

Kingdom

—

2.3%

AstraZeneca

plc

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

12,386

1,929,571

AstraZeneca

plc

,

ADR

(i)

..........

27,735

2,160,834

Auto

Trader

Group

plc

(a)(c)

........

188,259

2,188,545

BAE

Systems

plc

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

1,668,870

27,706,703

Barclays

plc

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

569,628

1,711,494

BP

plc

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

307,036

1,601,358

British

American

Tobacco

plc

......

24,641

898,364

Compass

Group

plc

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

376,606

12,073,869

Flutter

Entertainment

plc

(h)

........

3,505

824,206

Genius

Sports

Ltd.

(h)

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

154,301

1,209,720

Imperial

Brands

plc

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

11,312

329,056

J

Sainsbury

plc

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

650,317

2,573,529

Kingfisher

plc

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

135,698

585,638

London

Stock

Exchange

Group

plc

..

41,146

5,633,342

Marks

&

Spencer

Group

plc

.......

259,575

1,295,397

National

Grid

plc

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

1,121,300

15,499,739

NatWest

Group

plc

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

314,857

1,457,585

Pearson

plc

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

85,543

1,162,905

RELX

plc

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

318,102

15,019,607

Rolls-Royce

Holdings

plc

(h)

.......

374,879

2,653,203

Spirax

Group

plc

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

39,669

3,998,832

Standard

Chartered

plc

..........

111,840

1,186,172

Tesco

plc

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

171,921

825,446

104,525,115

United

States

—

43.1%

AbbVie,

Inc.

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

9,891

1,953,275

Adobe,

Inc.

(h)

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

62,954

32,596,322

Advanced

Micro

Devices,

Inc.

(h)

....

15,058

2,470,717

AES

Corp.

(The)

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

144,785

2,904,387

Albertsons

Cos.,

Inc.

,

Class

A

.....

43,038

795,342

Alphabet,

Inc.

,

Class

C

..........

367,519

61,445,502

Altair

Engineering,

Inc.

,

Class

A

(h)

...

55,618

5,312,075

Altice

USA,

Inc.

,

Class

A

(h)

........

90,797

223,361

Altria

Group,

Inc.

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

88,602

4,522,246

Amazon.com,

Inc.

(h)(k)

...........

401,724

74,853,233

AMC

Networks,

Inc.

,

Class

A

(h)

.....

23,186

201,486

American

Express

Co.

..........

2,989

810,617

American

Tower

Corp.

..........

65,746

15,289,890

American

Water

Works

Co.,

Inc.

....

20,475

2,994,264

Amgen,

Inc.

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

9,823

3,165,069

Amphenol

Corp.

,

Class

A

........

22,421

1,460,952

Anduril

Engineering

LLC,

Series

F

(e)(h)

79,095

1,719,256

ANSYS,

Inc.

(h)

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

4,377

1,394,644

Aon

plc

,

Class

A

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

4,309

1,490,871

Apple,

Inc.

(k)

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

307,406

71,625,598

Applied

Materials,

Inc.

..........

56,378

11,391,175

Security

Shares

Shares

Value

United

States

(continued)

Astra

Space,

Inc.

,

Class

A

(h)

.......

16,635

$

8,318

Atlassian

Corp.

,

Class

A

(h)

........

14,551

2,310,844

Autodesk,

Inc.

(h)

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

53,612

14,769,034

Avaya,

Inc.

(h)

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

441

2,866

Ball

Corp.

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

4,174

283,456

Bank

of

America

Corp.

..........

773,495

30,692,282

Berkshire

Hathaway,

Inc.

,

Class

B

(h)

.

10,378

4,776,578

Biogen,

Inc.

(h)

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

7,325

1,419,878

Block,

Inc.

,

Class

A

(h)

...........

28,702

1,926,765

Booking

Holdings,

Inc.

..........

894

3,765,635

Boston

Scientific

Corp.

(h)

.........

342,234

28,679,209

Boyd

Gaming

Corp.

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

1,905

123,158

Bristol-Myers

Squibb

Co.

.........

104,641

5,414,125

Broadcom,

Inc.

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

173,545

29,936,513

Bunge

Global

SA

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

100,532

9,715,412

Cadence

Design

Systems,

Inc.

(h)

...

26,361

7,144,622

Caesars

Entertainment,

Inc.

(h)

.....

21,426

894,321

Capri

Holdings

Ltd.

(h)

...........

17,890

759,252

Cardinal

Health,

Inc.

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

6,623

731,974

Carnival

Corp.

(h)

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

161,483

2,984,206

Centene

Corp.

(h)

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

13,804

1,039,165

Centuri

Holdings,

Inc.

(h)(i)

.........

34,825

562,424

CF

Industries

Holdings,

Inc.

.......

166,008

14,243,486

Charles

Schwab

Corp.

(The)

......

220,359

14,281,467

Cheniere

Energy,

Inc.

...........

13,631

2,451,399

Chevron

Corp.

(i)

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

101,496

14,947,316

Chipotle

Mexican

Grill,

Inc.

(h)

......

192,197

11,074,391

Cisco

Systems,

Inc.

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

6,588

350,613

Citigroup,

Inc.

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

64,196

4,018,670

CME

Group,

Inc.

,

Class

A

........

1,351

298,098

Comerica,

Inc.

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

3,026

181,288

Concentra

Group

Holdings

Parent,

Inc.

(h)

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

32,079

717,286

Confluent,

Inc.

,

Class

A

(h)

........

705,464

14,377,356

ConocoPhillips

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

58,359

6,144,036

Constellium

SE

,

Class

A

(h)

........

89,583

1,456,620

Costco

Wholesale

Corp.

.........

28,752

25,489,223

CRH

plc

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

210,396

19,512,125

CRH

plc

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

3,593

328,837

Crowdstrike

Holdings,

Inc.

,

Class

A

(h)

.

21,918

6,147,341

Crown

Holdings,

Inc.

...........

6,407

614,303

Crown

PropTech

Acquisitions

(e)(h)

...

80,064

12,494

Crown

PropTech

Acquisitions

,

Class

A

(h)

28,147

302,299

CSL

Ltd.

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

6,636

1,310,833

Cummins,

Inc.

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

7,721

2,499,983

CyberArk

Software

Ltd.

(h)

.........

3,190

930,236

Danaher

Corp.

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

66,067

18,367,947

Datadog,

Inc.

,

Class

A

(h)

.........

20,593

2,369,431

Davidson

Kempner

Merchant

Co.-

Invest

Fund

LP,

(Acquired

04/07/21,

cost

$1,598,895)

(h)(j)(l)

.........

—

(m)

6,564,989

Dayforce,

Inc.

(h)

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

7,441

455,761

Deckers

Outdoor

Corp.

(h)

.........

35,472

5,656,010

Dell

Technologies,

Inc.

,

Class

C

....

23,673

2,806,197

Delta

Air

Lines,

Inc.

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

308,955

15,691,824

Devon

Energy

Corp.

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

46,528

1,820,175

Dexcom,

Inc.

(h)

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

67,861

4,549,401

DF

Residential

I

LP

(e)(h)

..........

2,879,000

2,879,000

Dollar

General

Corp.

...........

9,259

783,034

DoorDash,

Inc.

,

Class

A

(h)

........

12,667

1,807,961

DR

Horton,

Inc.

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

31,092

5,931,421

DuPont

de

Nemours,

Inc.

........

34,798

3,100,850

Eaton

Corp.

plc

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

26,992

8,946,228

Edwards

Lifesciences

Corp.

(h)

.....

108,143

7,136,357

Elevance

Health,

Inc.

...........

6,409

3,332,680

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Eli

Lilly

&

Co.

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

26,057

$

23,084,939

Entegris,

Inc.

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

10,325

1,161,872

Enterprise

Products

Partners

LP

(i)

...

45,277

1,318,013

EOG

Resources,

Inc.

...........

38,822

4,772,388

EPAM

Systems,

Inc.

(h)

...........

974

193,855

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$6,386,525)

(e)(h)(j)

.........

11,107

6,664,200

Equinix,

Inc.

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

2,340

2,077,054

Equity

Residential

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

3,181

236,857

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

26,336

2,625,436

Etsy,

Inc.

(h)

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

30,212

1,677,672

Eversource

Energy

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

48,349

3,290,149

Expeditors

International

of

Washington,

Inc.

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

14,414

1,894,000

Experian

plc

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

77,379

4,075,525

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

08/17/22,

cost

$9,001,757)

(e)(h)(j)

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

132,691

9,208,755

Farmers

Business

Network,

Inc.

(e)(h)

..

84,447

223,785

First

Citizens

BancShares,

Inc.

,

Class

A

753

1,386,235

First

Horizon

Corp.

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

33,636

522,367

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(h)

52,696

6,543,262

Fortinet,

Inc.

(h)

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

112,554

8,728,563

Franklin

Resources,

Inc.

(i)

........

171,296

3,451,614

Freeport-McMoRan,

Inc.

.........

396,219

19,779,252

General

Electric

Co.

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

3,887

733,010

Gilead

Sciences,

Inc.

...........

39,206

3,287,031

GoDaddy,

Inc.

,

Class

A

(h)

.........

11,712

1,836,207

Golden

Entertainment,

Inc.

.......

3,333

105,956

Goldman

Sachs

Group,

Inc.

(The)

..

51,527

25,511,533

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$6,542,036)

(e)(h)(j)

..

2,434,345

1,801,415

Green

Plains,

Inc.

(h)

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

32,948

446,116

GSK

plc

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

97,081

1,976,668

Halliburton

Co.

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

26,230

761,982

Hasbro,

Inc.

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

16,837

1,217,652

Healthpeak

Properties,

Inc.

.......

176,607

4,039,002

Hess

Corp.

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

47,047

6,388,983

Holcim

AG

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

26,070

2,553,110

Home

Depot,

Inc.

(The)

.........

20,638

8,362,518

Honeywell

International,

Inc.

......

29,964

6,193,858

Hormel

Foods

Corp.

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

27,952

886,078

Howmet

Aerospace,

Inc.

.........

5,526

553,982

Humana,

Inc.

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

8,632

2,734,100

IDEX

Corp.

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

4,889

1,048,691

iHeartMedia,

Inc.

,

Class

A

(h)

.......

2,519

4,660

Ingersoll

Rand,

Inc.

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

111,699

10,964,374

Intuit,

Inc.

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

8,060

5,005,260

Intuitive

Surgical,

Inc.

(h)

..........

42,288

20,774,826

Invesco

Ltd.

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

140,222

2,462,298

Jabil,

Inc.

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

15,904

1,905,776

James

Hardie

Industries

plc

,

CDI

(h)

..

35,116

1,395,426

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(e)(h)(j)

........

301,223

3

Johnson

&

Johnson

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

45,068

7,303,720

JPMorgan

Chase

&

Co.

.........

133,019

28,048,386

Kimberly-Clark

Corp.

...........

23,944

3,406,752

Kinder

Morgan,

Inc.

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

20,600

455,054

KLA

Corp.

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

4,061

3,144,879

Kroger

Co.

(The)

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

17,045

976,679

Labcorp

Holdings,

Inc.

..........

2,575

575,461

Lam

Research

Corp.

...........

10,311

8,414,601

Landbridge

Co.

LLC

,

Class

A

(h)

.....

24,546

960,240

Landsea

Homes

Corp.

(h)

.........

33,729

416,553

Latch,

Inc.

(h)

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

174,273

87,137

Security

Shares

Shares

Value

United

States

(continued)

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(h)

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

3,861

$

198,185

Linde

plc

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

1,971

939,891

Lineage,

Inc.

(i)

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

10,293

806,765

Lions

Gate

Entertainment

Corp.

,

Class

A

(h)

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

90,445

708,184

Lions

Gate

Entertainment

Corp.

,

Class

B

(h)

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

6,629

45,873

Live

Nation

Entertainment,

Inc.

(h)(i)

...

69,900

7,653,351

LKQ

Corp.

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

243,775

9,731,498

Lockheed

Martin

Corp.

..........

10,388

6,072,409

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$

656,885)

(e)(h)(j)

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

57,505

54,630

Lululemon

Athletica,

Inc.

(h)

........

7,229

1,961,589

Lumen

Technologies,

Inc.

(h)

.......

176,946

1,256,317

Marsh

&

McLennan

Cos.,

Inc.

.....

131,787

29,400,362

Marvell

Technology,

Inc.

.........

86,253

6,220,566

Masimo

Corp.

(h)

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

50,559

6,741,031

Mastercard,

Inc.

,

Class

A

.........

76,853

37,950,011

McKesson

Corp.

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

3,798

1,877,807

Merck

&

Co.,

Inc.

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

223,244

25,351,589

Meta

Platforms,

Inc.

,

Class

A

......

68,499

39,211,568

Mettler-Toledo

International,

Inc.

(h)

..

357

535,393

Micron

Technology,

Inc.

..........

104,438

10,831,265

Microsoft

Corp.

(k)

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

289,666

124,643,280

Mirion

Technologies,

Inc.

,

Class

A

(h)

.

433,026

4,793,598

Mirion

Technologies,

Inc.

,

Class

A

(h)

.

35,206

389,730

Moderna,

Inc.

(h)

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

3,887

259,768

MSCI,

Inc.

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

8,411

4,903,024

Nestle

SA

(Registered)

..........

29,247

2,939,102

NetApp,

Inc.

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

23,503

2,902,856

Netflix,

Inc.

(h)

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

10,046

7,125,326

New

York

Community

Bancorp,

Inc.

.

252,367

2,834,078

News

Corp.

,

Class

A

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

15,299

407,412

NextEra

Energy,

Inc.

...........

262,278

22,170,359

Northrop

Grumman

Corp.

........

12,600

6,653,682

Norwegian

Cruise

Line

Holdings

Ltd.

(h)

69,504

1,425,527

NRG

Energy,

Inc.

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

45,595

4,153,705

Nucor

Corp.

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

9,588

1,441,460

NVIDIA

Corp.

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

806,065

97,888,534

Old

Dominion

Freight

Line,

Inc.

....

3,634

721,858

Opendoor

Technologies,

Inc.

(h)

.....

192,781

385,562

Oracle

Corp.

(i)

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

174,572

29,747,069

Palladyne

AI

Corp.

(h)

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

200,974

359,743

Palladyne

AI

Corp.

(h)

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

7,132

12,766

Palo

Alto

Networks,

Inc.

(h)

........

27,067

9,251,501

Paramount

Global

,

Class

B

(i)

......

63,487

674,232

Park

Hotels

&

Resorts,

Inc.

.......

18,133

255,675

Pfizer,

Inc.

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

20,251

586,064

Philip

Morris

International,

Inc.

.....

6,105

741,147

Playstudios,

Inc.

(h)

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

277,748

419,399

PNC

Financial

Services

Group,

Inc.

(The)

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

18,610

3,440,059

Principal

Financial

Group,

Inc.

.....

33,800

2,903,420

Procter

&

Gamble

Co.

(The)

......

14,580

2,525,256

Progressive

Corp.

(The)

.........

143,689

36,462,521

Prologis,

Inc.

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

17,494

2,209,142

QUALCOMM,

Inc.

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

31,595

5,372,730

Regeneron

Pharmaceuticals,

Inc.

(h)

..

719

755,842

Rockwell

Automation,

Inc.

........

15,551

4,174,821

Rollins,

Inc.

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

23,972

1,212,504

Roper

Technologies,

Inc.

.........

2,388

1,328,779

Royal

Caribbean

Cruises

Ltd.

(i)

.....

13,719

2,433,202

RTX

Corp.

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

6,497

787,177

RXO,

Inc.

(h)

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

12,855

359,940

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

S&P

Global,

Inc.

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

14,456

$

7,468,259

Salesforce,

Inc.

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

18,000

4,926,780

Sanofi

SA

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

128,892

14,840,537

Schneider

Electric

SE

...........

4,226

1,114,007

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$683,759)

(h)

(j)

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

67,266

480,952

Seagate

Technology

Holdings

plc

...

14,937

1,636,050

Sempra

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

152,907

12,787,612

ServiceNow,

Inc.

(h)

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

19,305

17,266,199

Skyworks

Solutions,

Inc.

.........

2,736

270,235

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$234,442)

(e)(h)(j)

..........

15,609

100,366

Snowflake,

Inc.

,

Class

A

(h)

........

23,974

2,753,654

Sonder

Holdings,

Inc.

,

Class

A

(h)

....

13,763

64,412

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23,

cost

$2,030,751)

(e)(h)(j)

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

25,071

2,807,952

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23,

cost

$

2,179,629)

(e)(h)(j)

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

26,909

3,013,808

State

Street

Corp.

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

61,434

5,435,066

Stryker

Corp.

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

54,530

19,699,508

Sun

Country

Airlines

Holdings,

Inc.

(h)

.

323,187

3,622,926

Synchrony

Financial

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

35,508

1,771,139

T.

Rowe

Price

Group,

Inc.

(i)

.......

48,068

5,236,047

Tenaris

SA

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

117,085

1,858,361

Tesla,

Inc.

(h)

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

45,145

11,811,286

Texas

Capital

Bancshares,

Inc.

(h)

...

4,337

309,922

Thermo

Fisher

Scientific,

Inc.

......

33,590

20,777,766

TJX

Cos.,

Inc.

(The)

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

261,048

30,683,582

Toll

Brothers,

Inc.

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

69,562

10,746,633

Trane

Technologies

plc

..........

63,805

24,802,918

TransDigm

Group,

Inc.

..........

4,525

6,457,763

Transocean

Ltd.

(h)

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

283,053

1,202,975

Union

Pacific

Corp.

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

36,041

8,883,386

United

States

Steel

Corp.

........

123,630

4,367,848

UnitedHealth

Group,

Inc.

.........

69,500

40,635,260

Universal

Health

Services,

Inc.

,

Class

B

8,229

1,884,523

Valero

Energy

Corp.

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

79,564

10,743,527

Veeva

Systems,

Inc.

,

Class

A

(h)

....

5,566

1,168,136

Ventas,

Inc.

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

24,192

1,551,433

Verizon

Communications,

Inc.

.....

93,337

4,191,765

Vertex

Pharmaceuticals,

Inc.

(h)

.....

3,086

1,435,237

Visa,

Inc.

,

Class

A

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

59,022

16,228,099

Vistra

Corp.

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

151,027

17,902,741

Walmart,

Inc.

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

423,560

34,202,470

Walt

Disney

Co.

(The)

..........

189,286

18,207,420

Warner

Bros

Discovery,

Inc.

(h)

.....

59,954

494,621

Waystar

Holding

Corp.

(h)

.........

22,352

623,397

Wells

Fargo

&

Co.

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

411,966

23,271,959

West

Pharmaceutical

Services,

Inc.

.

1,772

531,884

Workday,

Inc.

,

Class

A

(h)

.........

32,507

7,945,036

Wynn

Resorts

Ltd.

(i)

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

54,445

5,220,187

Zoetis,

Inc.

,

Class

A

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

18,462

3,607,106

Zscaler,

Inc.

(h)

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

16,422

2,807,177

1,949,555,116

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

(h)

.....

5,199

70,886

Total

Common

Stocks

—

63.0%

(Cost:

$2,484,052,977)

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

2,849,864,470

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Australia

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

USD

455

$

422,299

Mineral

Resources

Ltd.,

9.25%

,

10/01/28

(a)

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

201

214,023

Oceana

Australian

Fixed

Income

Trust

10.25%,

08/31/25

...........

AUD

—

(n)

—

12.00%,

08/31/25

(e)

..........

1,453

1,011,463

12.50%,

07/31/26

(e)

..........

2,180

1,519,351

12.50%,

07/31/27

(e)

..........

3,633

2,552,615

Quintis

Australia

Pty.

Ltd.

(a)(e)(g)(h)(o)(p)

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

16,145

2,219,919

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

14,449

1

7,939,671

Austria

—

0.1%

ams-OSRAM

AG

2.13%,

11/03/27

(c)(q)

..........

EUR

1,800

1,597,927

10.50%,

03/30/29

(a)

..........

1,506

1,734,676

3,332,603

Belgium

—

0.0%

Anheuser-Busch

InBev

SA,

4.00%

,

09/24/25

(c)

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

GBP

199

264,023

Azelis

Finance

NV,

4.75%

,

09/25/29

(c)

EUR

189

213,973

KBC

Group

NV,

(GUKG1

+

0.92%),

1.25%

,

09/21/27

(b)(c)

..........

GBP

200

249,246

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%

,

03/01/28

(a)

......

USD

200

195,547

922,789

Brazil

—

0.0%

Azul

Secured

Finance

LLP,

11.93%

,

08/28/28

(a)

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

224

216,720

Braskem

Netherlands

Finance

BV

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

8.22%),

8.50%

,

01/23/81

(a)(b)

..........

202

202,442

Cosan

Luxembourg

SA,

7.25%

,

06/27/31

(a)

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

230

240,459

LD

Celulose

International

GmbH,

7.95%

,

01/26/32

(a)

...........

200

204,800

Raizen

Fuels

Finance

SA

(a)

6.45%,

03/05/34

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

257

270,210

6.95%,

03/05/54

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

200

213,540

Samarco

Mineracao

SA,

9.00%

,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)(p)

.

100

93,052

Vale

Overseas

Ltd.,

6.40%

,

06/28/54

83

87,167

Vale

SA,

Series

A6,

1.97%

(b)(r)

.....

BRL

10

638

1,529,028

Canada

—

0.3%

1011778

BC

ULC,

4.00%

,

10/15/30

(a)

USD

378

348,569

Air

Canada,

3.88%

,

08/15/26

(a)

.....

192

186,967

Bombardier,

Inc.

(a)

7.50%,

02/01/29

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

166

175,643

8.75%,

11/15/30

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

100

109,807

7.00%,

06/01/32

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

100

104,594

Brookfield

Residential

Properties,

Inc.,

4.88%

,

02/15/30

(a)

...........

181

170,392

HR

Ottawa

LP,

11.00%

,

03/31/31

(a)

..

12,118

13,290,346

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

Toronto-Dominion

Bank

(The),

2.88%

,

04/05/27

(c)

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

GBP

199

$

254,284

14,640,602

Chile

—

0.0%

AES

Andes

SA

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%

,

06/10/55

(a)(b)

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

USD

270

279,029

Engie

Energia

Chile

SA,

3.40%

,

01/28/30

(c)

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

283

259,564

Kenbourne

Invest

SA

(h)(o)

6.88%,

11/26/24

(a)

...........

314

188,400

4.70%,

01/22/28

(c)

...........

372

223,200

950,193

China

—

0.0%

(c)

BOC

Aviation

Ltd.,

3.50%

,

09/18/27

.

350

341,890

Fantasia

Holdings

Group

Co.

Ltd.

(h)(o)

10.88%,

01/09/25

...........

815

12,225

11.75%,

04/17/25

...........

716

10,740

364,855

Colombia

—

0.0%

Gran

Tierra

Energy,

Inc.,

9.50%

,

10/15/29

(a)

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

262

247,983

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%

,

01/15/31

(a)

....

206

226,085

Cyprus

—

0.0%

ASG

Finance

DAC,

9.75%

,

05/15/29

(a)

202

202,000

Czech

Republic

—

0.0%

Allwyn

Entertainment

Financing

UK

plc,

7.25%

,

04/30/30

(c)

...........

EUR

1,025

1,209,437

Finland

—

0.0%

Citycon

Treasury

BV,

Series

EURO,

2.38%

,

01/15/27

(c)

...........

200

214,776

France

—

0.6%

Accor

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.67%),

4.88%

(b)(c)(r)

.....

100

112,551

Afflelou

SAS,

6.00%

,

07/25/29

(c)

....

688

787,176

Alstom

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.93%),

5.87%

(b)(c)(r)

.

200

229,812

Altice

France

SA,

5.88%

,

02/01/27

(

c)

.

599

522,370

Atos

SE

(c)(h)(o)

0.00%,

11/06/24

(f)(q)

..........

200

14,471

1.75%,

05/07/25

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

400

34,047

2.50%,

11/07/28

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

200

11,063

1.00%,

11/12/29

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

400

30,331

Bertrand

Franchise

Finance

SAS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%

,

07/18/30

(b)(c)

....

738

827,358

BNP

Paribas

SA

3.38%,

01/23/26

(c)

...........

GBP

199

260,847

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

4.63%

(a)(b)(r)

........

USD

216

204,687

(3-mo.

EURIBOR

+

1.80%),

2.13%,

01/23/27

(b)(c)

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

EUR

900

987,733

1.88%,

12/14/27

(c)

...........

GBP

200

243,808

BPCE

SA,

4.50%

,

03/15/25

(a)

......

USD

876

871,396

Forvia

SE,

2.75%

,

02/15/27

(c)

......

EUR

3,019

3,226,525

Security

Par

(000)

Par

(000)

Value

France

(continued)

Goldstory

SAS

(a)

6.75%,

02/01/30

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

EUR

1,311

$

1,492,788

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.63%,

02/01/30

(b)

...

963

1,073,223

Iliad

Holding

SASU

5.13%,

10/15/26

(c)

...........

367

412,998

6.50%,

10/15/26

(a)

...........

USD

268

270,922

5.63%,

10/15/28

(c)

...........

EUR

3,001

3,399,023

6.88%,

04/15/31

(c)

...........

377

445,886

8.50%,

04/15/31

(a)

...........

USD

200

215,121

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

7.33%

,

07/01/29

(b)(c)

..........

EUR

385

430,706

Loxam

SAS

(c)

5.75%,

07/15/27

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

1,028

1,142,865

6.38%,

05/31/29

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

1,522

1,770,454

Lune

Holdings

SARL,

5.63%

,

11/15/28

(c)

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

173

168,814

Nova

Alexandre

III

SAS,

(3-mo.

EURIBOR

+

5.25%),

8.93%

,

07/15/29

(a)(b)

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

678

739,621

Paprec

Holding

SA,

7.25%

,

11/17/29

(c)

1,095

1,294,837

Picard

Groupe

SAS,

6.38%

,

07/01/29

(c)

406

465,249

RCI

Banque

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

(b)(c)

.

1,100

1,250,667

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$1,685,320),

(3-mo.

EURIBOR

+

5.00%),

8.72%

,

09/30/29

(b)(e)(j)

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

1,713

1,906,271

Societe

Generale

SA,

1.88%

,

10/03/24

(c)

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

GBP

200

267,363

TotalEnergies

Capital

International

SA,

1.66%

,

07/22/26

(c)

...........

200

254,851

Worldline

SA,

0.00%

,

07/30/26

(c)(f)(q)

..

EUR

283

286,184

25,652,018

Germany

—

0.6%

ADLER

Pelzer

Holding

GmbH,

9.50%

,

04/01/27

(a)

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

1,921

2,021,393

ADLER

Real

Estate

GmbH,

3.00%

,

04/27/26

(c)

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

400

424,003

APCOA

Group

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.38%

,

04/15/31

(b)(c)

..........

596

663,603

APCOA

Holdings

GmbH,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.69%

,

01/15/27

(a)(b)

..........

2,093

2,334,483

Aroundtown

Finance

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

(b)(c)(r)

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

644

666,688

Bayer

AG

(b)(c)

(5-Year

EUR

Swap

Annual

+

4.46%),

5.38%,

03/25/82

....

300

331,063

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

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

200

231,927

Commerzbank

AG

(b)(c)(r)

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

...........

400

414,448

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

...........

1,000

1,129,613

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

..........

600

712,973

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Deutsche

Bank

AG

(b)(c)(r)

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

...........

USD

1,000

$

969,500

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

..........

EUR

400

409,361

Dynamo

Newco

II

GmbH,

6.25%

,

10/15/31

(c)

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

302

338,272

Envalior

Deutschland

Gmbh,

(6-mo.

EURIBOR

at

0.00%

Floor

+

9.50%),

12.66%

,

04/01/31

(b)(e)

.........

2,521

2,563,958

IHO

Verwaltungs

GmbH

(c)(p)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

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

1,024

1,136,731

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)

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

338

374,364

8.75%,

(8.75

%

Cash

or

9.50%

PIK),

05/15/28

(b)

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

1,029

1,202,826

Mahle

GmbH,

6.50%

,

05/02/31

(a)

...

1,226

1,325,145

Mercer

International,

Inc.,

5.13%

,

02/01/29

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

USD

114

97,261

PCF

GmbH

(c)

4.75%,

04/15/29

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

EUR

276

264,275

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.44%,

04/15/29

(b)

...

307

295,915

PrestigeBidCo

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%

,

07/01/29

(b)(c)

..........

315

355,025

ProGroup

AG

(a)

5.13%,

04/15/29

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

360

392,226

5.38%,

04/15/31

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

462

500,944

Tele

Columbus

AG,

10.00%

,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(b)(c)(p)

1,077

939,831

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(c)

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

883

980,343

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

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

2,585

2,853,494

TUI

Cruises

GmbH,

6.25%

,

04/15/29

(a)

833

975,898

Volkswagen

Financial

Services

NV

(c)

1.88%,

12/03/24

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

GBP

100

132,859

4.25%,

10/09/25

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

100

132,059

Volkswagen

Financial

Services

Overseas

AG,

0.88%

,

01/31/28

(c)

.

EUR

974

1,001,127

26,171,608

Ghana

—

0.0%

Kosmos

Energy

Ltd.,

7.50%

,

03/01/28

(c)

USD

200

193,312

Greece

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

100

102,933

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%

,

06/28/35

(b)(c)

..........

EUR

578

670,058

772,991

Guatemala

—

0.0%

Millicom

International

Cellular

SA,

7.38%

,

04/02/32

(a)

...........

USD

200

205,000

Hong

Kong

—

0.1%

(c)

AIA

Group

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.76%),

2.70%

(b)(r)

....

400

386,192

FWD

Group

Holdings

Ltd.,

8.40%

,

04/05/29

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

3,877

4,078,139

HKT

Capital

No.

6

Ltd.,

3.00%

,

01/18/32

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

350

311,609

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

Melco

Resorts

Finance

Ltd.,

5.38%

,

12/04/29

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

USD

200

$

187,750

4,963,690

India

—

0.1%

ABJA

Investment

Co.

Pte.

Ltd.,

5.45%

,

01/24/28

(c)

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

200

204,000

CA

Magnum

Holdings,

5.38%

,

10/31/26

(c)

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

300

295,767

Diamond

II

Ltd.,

7.95%

,

07/28/26

(a)

..

200

202,500

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

182

175,630

India

Green

Power

Holdings,

4.00%

,

02/22/27

(c)

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

263

250,771

Muthoot

Finance

Ltd.,

7.13%

,

02/14/28

(a)

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

217

222,968

Network

i2i

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

3.98%

(b)(c)(r)

...

300

290,813

REC

Ltd.,

2.75%

,

01/13/27

(c)

......

330

316,181

REI

Agro

Ltd.

(h)(o)(q)

5.50%,

11/13/14

(a)

...........

5,549

27,745

5.50%,

11/13/14

(c)(e)

..........

2,291

—

ReNew

Pvt

Ltd.,

5.88%

,

03/05/27

(c)

..

200

196,260

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/27

(c)

..........

94

94,028

13.88%,

12/09/28

(c)(d)

.........

260

260,453

10.88%,

09/17/29

(a)

..........

440

446,402

2,983,518

Indonesia

—

0.0%

Freeport

Indonesia

PT,

4.76%

,

04/14/27

(c)

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

252

253,260

Minejesa

Capital

BV,

4.63%

,

08/10/30

(c)

358

352,788

Sorik

Marapi

Geothermal

Power

PT,

7.75%

,

08/05/31

(a)

...........

333

330,919

936,967

Ireland

—

0.0%

(c)

Bank

of

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

(b)(r)

.

EUR

687

770,622

Dell

Bank

International

DAC,

0.50%

,

10/27/26

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

469

498,203

1,268,825

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.88%,

03/31/27

(c)

...........

513

540,267

3.75%,

05/09/27

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

1,015

1,119,543

7.38%,

09/15/29

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

335

418,586

7.88%,

09/15/31

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

1,061

1,398,070

3,476,466

Italy

—

0.5%

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(b)(c)(r)

.....

450

510,911

Banca

Monte

dei

Paschi

di

Siena

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

at

0.00%

Floor

+

5.01%),

7.71%

,

01/18/28

(b)(c)

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

209

253,312

Bubbles

Bidco

SpA

(c)

6.50%,

09/30/31

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

582

648,254

(3-mo.

EURIBOR

+

4.25%),

7.53%,

09/30/31

(b)

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

570

632,909

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.80%

,

07/15/31

(b)(c)

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

EUR

705

$

792,226

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%

,

05/15/28

(c)

.......

1,142

1,290,286

Fiber

Bidco

SpA

(c)

10.00%,

06/15/29

...........

446

490,342

6.13%,

06/15/31

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

521

577,051

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%

,

08/01/27

(c)

...........

842

935,023

IMA

Industria

Macchine

Automatiche

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.44%,

04/15/29

(c)

...

441

496,471

(3-mo.

EURIBOR

+

3.75%),

7.44%,

04/15/29

(a)

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

825

928,772

Immobiliare

Grande

Distribuzione

SIIQ

SpA,

6.25%

,

05/17/27

(c)(d)

......

1,446

1,662,704

Intesa

Sanpaolo

SpA

(c)

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(b)(r)

.........

250

276,896

8.51%,

09/20/32

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

GBP

200

298,913

Lottomatica

SpA

(c)

5.38%,

06/01/30

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

EUR

218

251,278

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.76%,

06/01/31

(b)

...

329

368,992

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

1,329

1,483,075

Nexi

SpA,

0.00%

,

02/24/28

(c)(f)(q)

....

500

484,235

Pachelbel

Bidco

SpA

(c)

7.13%,

05/17/31

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

319

378,336

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%,

05/17/31

(b)

...

291

326,032

Rekeep

SpA,

7.25%

,

02/01/26

(c)

....

848

882,368

Rossini

SARL

(c)

6.75%,

12/31/29

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

343

401,474

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

7.22%,

12/31/29

(b)

...

487

546,725

Shiba

Bidco

SpA,

4.50%

,

10/31/28

(a)

.

2,304

2,478,588

Snam

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.16%),

4.50%

(b)(c)(r)

.

300

337,453

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$2,752,489),

(3-mo.

EURIBOR

+

3.25%),

6.80%

,

08/22/27

(b)(e)(j)

...

2,538

2,773,446

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.13%

,

07/31/31

(b)(c)

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

511

571,287

UnipolSai

Assicurazioni

SpA,

4.90%

,

05/23/34

(c)

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

300

340,871

21,418,230

Japan

—

0.1%

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.45%),

0.96%

,

10/11/25

(b)

.....

USD

200

199,752

Nissan

Motor

Co.

Ltd.,

2.65%

,

03/17/26

(c)

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

EUR

535

588,337

SoftBank

Group

Corp.

(c)

5.38%,

01/08/29

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

1,409

1,595,876

5.75%,

07/08/32

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

1,232

1,392,095

Takeda

Pharmaceutical

Co.

Ltd.,

2.25%

,

11/21/26

(c)

...........

850

936,598

4,712,658

Security

Par

(000)

Par

(000)

Value

Jersey,

Channel

Islands

—

0.3%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(a)

..........

USD

924

$

906,701

10.38%,

03/31/29

(c)

..........

GBP

922

1,227,059

TER

Finance

Jersey

Ltd.

(a)(f)

Series

21,

0.00%,

01/02/25

(e)

....

USD

8,318

8,057,647

Series

22,

0.00%,

10/02/25

.....

4,486

4,227,518

14,418,925

Kuwait

—

0.0%

MEGlobal

BV,

4.25%

,

11/03/26

(c)

...

267

263,636

Luxembourg

—

0.2%

Cidron

Aida

Finco

SARL,

6.25%

,

04/01/28

(c)

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

GBP

882

1,119,346

Herens

Holdco

SARL,

4.75%

,

05/15/28

(a)

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

USD

200

174,555

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

2,150

1,789,593

INEOS

Finance

plc,

6.63%

,

05/15/28

(a)

957

1,103,646

Intelsat

Jackson

Holdings

SA,

6.50%

,

03/15/30

(a)

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

USD

261

249,718

Kleopatra

Finco

SARL,

4.25%

,

03/01/26

(c)

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

EUR

484

505,334

Matterhorn

Telecom

SA,

3.13%

,

09/15/26

(c)

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

3,102

3,410,105

Opus-Chartered

Issuances

SA,

2.50%

,

07/04/25

(b)(c)(e)

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

268

299,518

8,651,815

Macau

—

0.0%

MGM

China

Holdings

Ltd.,

7.13%

,

06/26/31

(a)

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

USD

200

206,126

Sands

China

Ltd.

(d)

5.13%,

08/08/25

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

400

398,700

5.40%,

08/08/28

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

200

201,500

Studio

City

Co.

Ltd.,

7.00%

,

02/15/27

(c)

300

302,812

Studio

City

Finance

Ltd.

5.00%,

01/15/29

(a)

...........

200

182,500

5.00%,

01/15/29

(c)

...........

334

304,775

1,596,413

Malaysia

—

0.0%

(c)

CIMB

Bank

Bhd.,

2.13%

,

07/20/27

..

200

189,126

Dua

Capital

Ltd.,

2.78%

,

05/11/31

...

341

305,396

Gohl

Capital

Ltd.,

4.25%

,

01/24/27

..

300

295,782

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

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

200

203,500

993,804

Mexico

—

0.0%

(a)

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(b)(r)

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

253

248,041

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

230

181,125

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple,

7.25%

,

01/31/41

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

385

399,919

829,085

Netherlands

—

0.2%

ABN

AMRO

Bank

NV,

(5-Year

EUR

Swap

Annual

+

3.90%),

6.38%

(b)(c)(r)

EUR

300

338,530

Boels

Topholding

BV

6.25%,

02/15/29

(c)

...........

1,522

1,758,815

5.75%,

05/15/30

(a)

...........

296

338,619

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Cooperatieve

Rabobank

UA,

(GUKG1

+

1.05%),

1.88%

,

07/12/28

(b)(c)

...

GBP

200

$

248,349

ING

Groep

NV

3.00%,

02/18/26

(c)

...........

200

260,890

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

(b)(r)

.........

USD

600

540,901

(USISSO05

+

4.08%),

7.25%

(b)(c)(r)

750

774,450

Nobian

Finance

BV,

3.63%

,

07/15/26

(c)

EUR

1,200

1,322,489

Q-Park

Holding

I

BV

5.13%,

02/15/30

(c)

...........

1,076

1,221,704

Sigma

Holdco

BV,

5.75%

,

05/15/26

(c)

530

583,794

Sunrise

FinCo.

I

BV,

4.88%

,

07/15/31

(a)

USD

880

832,638

Trivium

Packaging

Finance

BV,

8.50%

,

08/15/27

(a)(d)

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

216

216,522

VZ

Secured

Financing

BV,

5.00%

,

01/15/32

(a)

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

353

324,846

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

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

EUR

1,523

1,566,206

10,328,753

Panama

—

0.0%

C&W

Senior

Finance

Ltd.,

6.88%

,

09/15/27

(a)

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

USD

311

309,551

Peru

—

0.0%

(a)

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

.

200

186,250

Pluspetrol

Camisea

SA,

6.24%

,

07/03/36

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

75

80,086

Volcan

Cia

Minera

SAA,

8.75%

,

01/24/30

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

78

67,264

333,600

Portugal

—

0.0%

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

4.63%

,

09/16/54

(b)(c)

EUR

600

669,569

Slovenia

—

0.0%

United

Group

BV,

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

7.79%

,

02/15/31

(a)(b)

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

1,029

1,142,568

South

Africa

—

0.0%

Sasol

Financing

USA

LLC

4.38%,

09/18/26

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

USD

200

193,750

6.50%,

09/27/28

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

200

198,250

392,000

South

Korea

—

0.1%

LG

Chem

Ltd.,

2.38%

,

07/07/31

(c)

...

360

309,600

LG

Electronics,

Inc.

(a)

5.63%,

04/24/27

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

430

440,922

5.63%,

04/24/29

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

200

208,112

POSCO,

5.75%

,

01/17/28

(a)

.......

200

207,074

Shinhan

Financial

Group

Co.

Ltd.

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.06%),

2.88%

(b)(c)(r)

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

500

477,031

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

(c)

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

480

460,222

2,102,961

Spain

—

0.2%

(c)

Banco

Bilbao

Vizcaya

Argentaria

SA

(b)(r)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38%

..........

EUR

400

485,578

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

...........

EUR

600

$

685,422

Banco

de

Credito

Social

Cooperativo

SA

,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.13%

,

09/03/30

(b)

200

225,544

Banco

Santander

SA,

(GUKG1

+

1.80%),

3.13%

,

10/06/26

(b)

.....

GBP

700

917,416

Bankinter

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

(b)(r)

..

EUR

400

467,033

CaixaBank

SA,

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

(b)(r)

.....

600

671,230

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(q)

2,000

1,959,860

Cirsa

Finance

International

SARL,

7.88%

,

07/31/28

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

1,027

1,213,055

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

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

647

719,308

Telefonica

Emisiones

SA,

5.38%

,

02/02/26

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

GBP

401

539,052

7,883,498

Sweden

—

0.2%

Fastighets

AB

Balder,

1.13%

,

01/29/27

(c)

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

EUR

200

210,739

Heimstaden

Bostad

Treasury

BV

(c)

0.63%,

07/24/25

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

771

832,845

1.38%,

03/03/27

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

771

794,050

Intrum

AB,

3.00%

,

09/15/27

(c)

......

862

724,449

Swedbank

AB,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(b)(c)

..........

GBP

199

247,915

Verisure

Holding

AB

3.25%,

02/15/27

(c)

...........

EUR

806

880,332

9.25%,

10/15/27

(a)

...........

1,014

1,183,760

Verisure

Midholding

AB,

5.25%

,

02/15/29

(c)

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

1,375

1,519,102

6,393,192

Switzerland

—

0.1%

(a)

UBS

Group

AG

(b)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.55%),

4.49%,

05/12/26

....

USD

139

138,595

(1-day

SOFR

+

2.04%),

2.19%,

06/05/26

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

709

695,947

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(r)

..........

225

215,306

(USISSO05

+

3.63%),

6.85%

(r)

..

1,175

1,188,991

VistaJet

Malta

Finance

plc

9.50%,

06/01/28

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

100

97,739

6.38%,

02/01/30

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

100

85,913

2,422,491

Thailand

—

0.0%

Bangkok

Bank

PCL

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.73%),

5.00%

(b)(c)(r)

........

200

197,600

5.30%,

09/21/28

(a)

...........

200

205,380

5.50%,

09/21/33

(a)

...........

200

207,494

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

3.73%,

09/25/34

(b)(c)

..

200

185,214

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Thailand

(continued)

Krung

Thai

Bank

PCL

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

4.40%

(b)

(c)(r)

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

USD

282

$

276,184

1,071,872

Turkey

—

0.0%

Sisecam

UK

plc,

8.25%

,

05/02/29

(a)

.

353

364,155

Ukraine

—

0.0%

MHP

Lux

SA,

6.25%

,

09/19/29

(c)

....

268

203,680

NAK

Naftogaz

Ukraine

(h)(o)

7.13%,

07/19/26

(c)

...........

EUR

235

196,209

7.63%,

11/08/28

(a)

...........

USD

215

175,225

VF

Ukraine

PAT,

6.20%

,

02/11/25

(c)

..

334

299,765

874,879

United

Arab

Emirates

—

0.1%

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.25%

,

10/02/54

(a)

......

201

198,488

Adnoc

Murban

Rsc

Ltd.,

5.13%

,

09/11/54

(a)

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

205

201,515

DP

World

Salaam

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(b)(c)(r)

...

404

403,394

MAF

Global

Securities

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(b)

(c)(r)

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

202

202,852

MDGH

GMTN

RSC

Ltd.,

4.38%

,

11/22/33

(a)

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

314

309,388

Shelf

Drilling

Holdings

Ltd.,

9.63%

,

04/15/29

(a)

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

1,541

1,417,720

2,733,357

United

Kingdom

—

1.5%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$1,966,482),

15.00%

,

06/19/26

(e)(j)(q)

GBP

1,586

2,311,001

AA

Bond

Co.

Ltd.,

6.50%

,

01/31/26

(c)

.

1,703

2,275,179

Amber

Finco

plc,

6.63%

,

07/15/29

(c)

.

EUR

724

843,194

Ardonagh

Finco

Ltd.,

6.88%

,

02/15/31

(a)

3,463

3,907,843

Barclays

plc

3.00%,

05/08/26

(c)

...........

GBP

199

258,356

3.25%,

02/12/27

(c)

...........

199

256,046

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(b)(r)

.........

USD

216

193,333

BCP

V

Modular

Services

Finance

II

plc

6.13%,

11/30/28

(a)

...........

GBP

2,322

2,949,458

6.13%,

11/30/28

(c)

...........

521

661,786

BCP

V

Modular

Services

Finance

plc,

6.75%

,

11/30/29

(a)

...........

EUR

2,154

2,109,998

Bellis

Finco

plc,

4.00%

,

02/16/27

(c)

..

GBP

1,579

1,951,132

BG

Energy

Capital

plc,

5.13%

,

12/01/25

(c)

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

366

490,031

Boparan

Finance

plc,

7.63%

,

11/30/25

(c)

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

2,728

3,587,933

BP

Capital

Markets

plc,

2.52%

,

04/07/28

(c)

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

EUR

1,103

1,213,081

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(b)(c)

....

GBP

250

342,677

CK

Hutchison

Group

Telecom

Finance

SA,

2.63%

,

10/17/34

(c)

........

2,039

2,012,167

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Connect

Finco

SARL

(a)

6.75%,

10/01/26

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

USD

401

$

401,000

9.00%,

09/15/29

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

878

849,671

CPUK

Finance

Ltd.,

7.88%

,

08/28/29

(c)

GBP

149

204,011

Deuce

Finco

plc

5.50%,

06/15/27

(c)

...........

2,037

2,672,644

5.50%,

06/15/27

(a)

...........

1,595

2,092,719

eG

Global

Finance

plc,

12.00%

,

11/30/28

(a)

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

USD

1,073

1,197,533

Global

Switch

Finance

BV,

1.38%

,

10/07/30

(c)

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

EUR

764

780,380

HSBC

Holdings

plc

(b)

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%,

07/24/27

....

GBP

267

337,402

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)(r)

.........

EUR

724

786,800

INEOS

Quattro

Finance

2

plc,

8.50%

,

03/15/29

(c)

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

539

635,162

Informa

plc,

3.13%

,

07/05/26

(c)

.....

GBP

200

258,778

Kane

Bidco

Ltd.,

6.50%

,

02/15/27

(a)

.

1,408

1,854,867

Lloyds

Banking

Group

plc,

2.25%

,

10/16/24

(c)

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

412

550,104

Market

Bidco

Finco

plc

(c)

4.75%,

11/04/27

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

EUR

618

661,363

5.50%,

11/04/27

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

GBP

1,330

1,676,140

Marks

&

Spencer

plc,

3.75%

,

05/19/26

(c)

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

1,820

2,393,091

Mobico

Group

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(c)(r)

...

277

336,227

Motion

Finco

SARL,

7.38%

,

06/15/30

(c)

EUR

470

529,380

National

Grid

plc,

0.16%

,

01/20/28

(c)

.

1,236

1,253,753

Nationwide

Building

Society

(b)(c)(r)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

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

GBP

344

444,149

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

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

425

571,045

NatWest

Group

plc

(b)(c)

(BPSW1

+

1.49%),

2.88%,

09/19/26

200

261,554

(BPSW1

+

2.01%),

3.13%,

03/28/27

199

258,851

Pinewood

Finco

plc,

6.00%

,

03/27/30

(a)

1,640

2,198,713

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

3,228

4,272,518

Santander

UK

Group

Holdings

plc,

3.63%

,

01/14/26

(c)

...........

199

262,193

Stonegate

Pub

Co.

Financing

2019

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

10.17%,

07/31/29

(b)

........

EUR

293

332,758

10.75%,

07/31/29

...........

GBP

472

652,338

Thames

Water

Utilities

Finance

plc,

4.00%

,

06/19/25

(c)

...........

1,381

1,421,024

Virgin

Media

Secured

Finance

plc

(c)

4.25%,

01/15/30

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

1,232

1,453,585

4.13%,

08/15/30

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

1,531

1,770,543

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

2,393

2,955,693

Vmed

O2

UK

Financing

I

plc,

4.50%

,

07/15/31

(c)

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

1,032

1,190,019

Vodafone

Group

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

4.13%,

06/04/81

....

USD

141

127,813

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(c)

.........

GBP

1,523

$

2,234,763

Zegona

Finance

plc

6.75%,

07/15/29

(c)

...........

EUR

657

763,336

8.63%,

07/15/29

(a)

...........

USD

1,186

1,266,055

67,271,190

United

States

—

4.9%

Adient

Global

Holdings

Ltd.

(a)

4.88%,

08/15/26

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

200

198,151

8.25%,

04/15/31

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

108

114,588

Affinity

Interactive,

6.88%

,

12/15/27

(a)

319

274,243

Alexander

Funding

Trust

II,

7.47%

,

07/31/28

(a)

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

635

686,093

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

431

427,333

Allied

Universal

Holdco

LLC

9.75%,

07/15/27

(a)

...........

404

404,869

4.63%,

06/01/28

(a)

...........

200

188,032

4.88%,

06/01/28

(c)

...........

GBP

3,068

3,775,508

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

USD

680

698,802

4.25%,

02/15/29

(a)(q)

..........

510

469,200

4.25%,

02/15/29

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

1,002

724,686

Amentum

Escrow

Corp.,

7.25%

,

08/01/32

(a)

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

256

267,170

American

Axle

&

Manufacturing,

Inc.,

5.00%

,

10/01/29

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

184

168,936

American

Tower

Corp.,

0.45%

,

01/15/27

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

EUR

2,157

2,270,132

Amgen,

Inc.

5.25%,

03/02/25

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

USD

1,306

1,307,853

5.51%,

03/02/26

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

2,179

2,179,762

5.50%,

12/07/26

(c)

...........

GBP

200

272,337

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

USD

430

432,994

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

.......

EUR

1,894

1,914,764

Ardagh

Packaging

Finance

plc

2.13%,

08/15/26

(c)

...........

2,058

1,981,766

4.13%,

08/15/26

(a)

...........

USD

4,760

4,290,878

Ares

Capital

Corp.

3.88%,

01/15/26

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

433

426,693

2.15%,

07/15/26

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

58

55,116

AT&T,

Inc.

2.90%,

12/04/26

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

GBP

373

480,760

5.50%,

03/15/27

(c)

...........

200

271,543

3.55%,

09/15/55

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

USD

1,129

825,789

ATI,

Inc.,

7.25%

,

08/15/30

........

222

236,394

Avis

Budget

Car

Rental

LLC,

4.75%

,

04/01/28

(a)

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

106

99,685

Bank

of

America

Corp.

(b)

(3-mo.

CME

Term

SOFR

+

1.07%),

3.37%,

01/23/26

..........

1,325

1,317,606

(3-mo.

EURIBOR

+

0.91%),

1.95%,

10/27/26

(c)

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

EUR

875

962,346

Bausch

+

Lomb

Corp.,

8.38%

,

10/01/28

(a)

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

USD

290

306,675

Becton

Dickinson

Euro

Finance

SARL,

3.55%

,

09/13/29

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

EUR

1,455

1,655,513

Berry

Global,

Inc.,

1.57%

,

01/15/26

..

USD

1,562

1,503,064

Big

River

Steel

LLC,

6.63%

,

01/31/29

(a)

662

670,677

Boyd

Gaming

Corp.

4.75%,

12/01/27

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

100

98,868

4.75%,

06/15/31

(a)

...........

110

105,033

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Brand

Industrial

Services,

Inc.,

10.38%

,

08/01/30

(a)

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

USD

116

$

124,219

Breeze

Aviation

Group,

Inc.

(Acquired

07/26/24,

cost

$2,551,834)

20.00%,

01/30/28

(e)(j)

2,552

2,692,185

Caesars

Entertainment,

Inc.,

4.63%

,

10/15/29

(a)

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

273

259,682

California

Resources

Corp.,

8.25%

,

06/15/29

(a)

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

570

580,875

Calpine

Corp.

(a)

5.13%,

03/15/28

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

208

205,107

5.00%,

02/01/31

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

148

143,299

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

1,248

1,226,603

Catalent

Pharma

Solutions,

Inc.,

5.00%

,

07/15/27

(a)

...........

248

246,772

Cedar

Fair

LP

5.38%,

04/15/27

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

100

99,718

5.25%,

07/15/29

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

205

201,420

Central

Parent,

Inc.,

7.25%

,

06/15/29

(a)

193

197,364

Chemours

Co.

(The),

4.63%

,

11/15/29

(a)

144

128,954

Churchill

Downs,

Inc.

(a)

5.75%,

04/01/30

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

193

193,211

6.75%,

05/01/31

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

132

136,311

Cinemark

USA,

Inc.,

7.00%

,

08/01/32

(a)

139

145,110

Citigroup,

Inc.

(1-day

SOFR

+

0.53%),

1.28%,

11/03/25

(b)

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

1,460

1,454,343

(3-mo.

EURIBOR

+

1.66%),

1.25%,

07/06/26

(b)(c)

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

EUR

872

955,619

1.75%,

10/23/26

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

GBP

316

399,097

Citizens

Bank

NA,

(1-day

SOFR

+

1.45%),

6.06%

,

10/24/25

(b)

.....

USD

250

249,996

Civitas

Resources,

Inc.,

8.38%

,

07/01/28

(a)

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

672

698,523

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%

,

08/15/27

(a)

...........

176

173,027

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

1,188

1,182,020

9.00%,

09/30/29

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

514

523,052

8.25%,

06/30/32

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

132

137,979

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%

,

04/15/30

(a)

...........

611

620,436

Coca-Cola

Co.

(The),

5.20%

,

01/14/55

3,008

3,155,983

Comcast

Corp.,

0.25%

,

09/14/29

...

EUR

513

501,591

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

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

USD

630

609,525

Comstock

Resources,

Inc.,

6.75%

,

03/01/29

(a)

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

179

174,758

Constellium

SE,

5.38%

,

08/15/32

(c)

..

EUR

564

646,023

Continuum

Group,

Inc.,

5.00%

,

09/13/27

(a)(e)

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

USD

1,856

1,888,480

Coty,

Inc.

(c)

3.88%,

04/15/26

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

EUR

2,522

2,803,996

5.75%,

09/15/28

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

327

379,870

CSC

Holdings

LLC

(a)

5.50%,

04/15/27

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

USD

1,673

1,471,324

11.25%,

05/15/28

...........

359

346,549

11.75%,

01/31/29

...........

784

757,807

Dana

Financing

Luxembourg

SARL

(c)

3.00%,

07/15/29

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

EUR

289

283,225

8.50%,

07/15/31

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

1,028

1,218,104

DISH

DBS

Corp.,

5.88%

,

11/15/24

..

USD

1,491

1,482,368

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

DISH

Network

Corp.

(q)

0.00%,

12/15/25

(f)

...........

USD

1,087

$

940,321

3.38%,

08/15/26

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

411

329,768

Duke

Energy

Corp.,

3.10%

,

06/15/28

EUR

861

958,664

Edison

International,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%

,

06/15/54

(b)

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

USD

380

399,161

Eli

Lilly

&

Co.,

5.05%

,

08/14/54

....

645

660,907

Encompass

Health

Corp.

4.50%,

02/01/28

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

100

98,152

4.75%,

02/01/30

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

171

167,139

Energizer

Holdings,

Inc.,

4.38%

,

03/31/29

(a)

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

157

148,679

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

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

200

205,853

7.50%,

06/01/30

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

210

230,629

EquipmentShare.com,

Inc.,

8.63%

,

05/15/32

(a)

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

131

137,432

Exo

Imaging,

Inc.,

Series

C,

(Acquired

08/14/24,

cost

$102,781),

8.00%

,

08/14/25

(e)(j)

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

103

411,636

Ferrellgas

LP,

5.88%

,

04/01/29

(a)

...

219

204,938

Fidelity

National

Information

Services,

Inc.,

1.50%

,

05/21/27

.........

EUR

911

982,066

Ford

Motor

Credit

Co.

LLC,

4.87%

,

08/03/27

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

580

666,766

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

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

USD

140

140,919

Freed

Hotels

&

Resorts,

12.00%

,

11/21/28

(b)(e)

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

6,454

6,558,903

Freedom

Mortgage

Holdings

LLC

(a)

9.25%,

02/01/29

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

136

141,364

9.13%,

05/15/31

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

100

102,811

Frontier

Communications

Holdings

LLC

(a)

5.00%,

05/01/28

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

227

224,953

6.75%,

05/01/29

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

555

558,912

8.75%,

05/15/30

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

2,394

2,551,200

8.63%,

03/15/31

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

1,705

1,838,143

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

1,880

1,948,236

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,101

1,134,177

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

59

59,087

GCI

LLC,

4.75%

,

10/15/28

(a)

......

321

308,255

General

Mills,

Inc.

0.13%,

11/15/25

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

EUR

1,443

1,554,720

0.45%,

01/15/26

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

1,135

1,220,297

General

Motors

Financial

Co.,

Inc.,

4.30%

,

02/15/29

(c)

...........

598

685,937

GFL

Environmental,

Inc.,

4.38%

,

08/15/29

(a)

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

USD

304

291,388

Gilead

Sciences,

Inc.,

5.55%

,

10/15/53

1,065

1,143,217

Global

Payments,

Inc.,

4.88%

,

03/17/31

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

EUR

423

501,857

Goldman

Sachs

Group,

Inc.

(The)

0.25%,

01/26/28

(c)

...........

999

1,023,941

7.25%,

04/10/28

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

GBP

204

294,405

0.88%,

05/09/29

(c)

...........

EUR

943

952,822

Goodyear

Europe

BV,

2.75%

,

08/15/28

(c)

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

382

384,844

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Goodyear

Tire

&

Rubber

Co.

(The),

5.00%

,

05/31/26

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

USD

184

$

181,175

GoTo

Group,

Inc.

5.50%,

05/01/28

(a)

...........

1,386

712,458

H&E

Equipment

Services,

Inc.,

3.88%

,

12/15/28

(a)

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

173

162,420

Hanesbrands,

Inc.

(a)

4.88%,

05/15/26

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

176

174,457

9.00%,

02/15/31

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

160

172,704

HCA,

Inc.

5.25%,

06/15/26

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

705

710,190

5.95%,

09/15/54

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

1,753

1,841,542

Helios

Software

Holdings,

Inc.,

7.88%

,

05/01/29

(a)

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

EUR

1,328

1,503,874

Hilton

Grand

Vacations

Borrower

Escrow

LLC

(a)

5.00%,

06/01/29

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

USD

100

95,005

4.88%,

07/01/31

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

100

90,765

Home

Depot,

Inc.

(The),

2.38%

,

03/15/51

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

1,833

1,150,626

Homes

By

West

Bay

LLC,

11.00%

,

02/06/30

(e)

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

9,929

10,152,403

Hyatt

Hotels

Corp.,

5.38%

,

04/23/25

(d)

702

703,142

International

Business

Machines

Corp.,

3.38%

,

02/06/27

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

EUR

837

945,388

JPMorgan

Chase

&

Co.

(b)(c)

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%,

04/28/26

....

GBP

479

625,105

(3-mo.

EURIBOR

+

0.76%),

1.09%,

03/11/27

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

EUR

909

985,776

Kraft

Heinz

Foods

Co.,

4.13%

,

07/01/27

(c)

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

GBP

100

132,151

Kronos

International,

Inc.,

9.50%

,

03/15/29

(c)

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

EUR

213

257,843

LABL,

Inc.,

5.88%

,

11/01/28

(a)

.....

USD

136

127,370

Lamar

Media

Corp.,

4.88%

,

01/15/29

188

185,716

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(e)

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

10,050

10,979,625

Lessen,

Inc.,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(e)

.

5,046

4,712,366

Level

3

Financing,

Inc.

(a)

4.63%,

09/15/27

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

505

444,789

11.00%,

11/15/29

...........

600

665,028

10.00%,

10/15/32

...........

2,416

2,307,296

Light

&

Wonder

International,

Inc.

(a)

7.25%,

11/15/29

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

153

158,297

7.50%,

09/01/31

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

203

212,923

Lightning

eMotors,

Inc.,

7.50%

,

05/15/25

(a)(h)(o)

(q)

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

884

8,840

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%

,

04/15/29

(a)

...........

4,657

4,180,661

Live

Nation

Entertainment,

Inc.,

4.75%

,

10/15/27

(a)

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

250

246,465

Lowe's

Cos.,

Inc.,

5.63%

,

04/15/53

..

1,098

1,142,874

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

04/15/27

(a)

........

876

905,063

Medline

Borrower

LP,

5.25%

,

10/01/29

(a)

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

369

362,056

Meta

Platforms,

Inc.,

5.40%

,

08/15/54

1,925

2,016,735

MicroStrategy,

Inc.,

0.63%

,

09/15/28

(a)(q)

1,127

1,355,218

Morgan

Stanley

(b)

Series

I,

(1-day

SOFR

+

0.75%),

0.86%,

10/21/25

..........

302

301,205

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(1-day

SOFR

+

0.56%),

1.16%,

10/21/25

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

USD

583

$

581,816

(3-mo.

EURIBOR

+

0.83%),

1.34%,

10/23/26

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

EUR

1,109

1,211,898

Nasdaq,

Inc.,

4.50%

,

02/15/32

.....

615

733,515

Nationstar

Mortgage

Holdings,

Inc.

(a)

5.00%,

02/01/26

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

USD

136

135,340

6.00%,

01/15/27

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

100

100,012

5.75%,

11/15/31

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

100

97,957

NCL

Corp.

Ltd.

(a)

5.88%,

02/15/27

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

122

122,432

8.13%,

01/15/29

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

221

236,293

NCR

Atleos

Corp.,

9.50%

,

04/01/29

(a)

1,190

1,310,034

NCR

Voyix

Corp.,

5.13%

,

04/15/29

(a)

.

35

34,249

Netflix,

Inc.,

3.63%

,

05/15/27

......

EUR

1,650

1,873,830

New

Generation

Co.,

10.34%

,

09/30/29

(a)

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

USD

1,249

1,229,919

Nexstar

Media,

Inc.,

4.75%

,

11/01/28

(a)

184

175,802

NGL

Energy

Operating

LLC,

8.13%

,

02/15/29

(a)

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

154

157,903

Northern

Oil

&

Gas,

Inc.

(a)

8.13%,

03/01/28

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

187

188,356

8.75%,

06/15/31

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

181

188,605

Olympus

Water

US

Holding

Corp.

(a)

4.25%,

10/01/28

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

200

190,979

9.75%,

11/15/28

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

530

565,647

ONEOK

Partners

LP,

4.90%

,

03/15/25

2,278

2,275,884

Oracle

Corp.,

5.55%

,

02/06/53

.....

1,930

1,975,067

Organon

&

Co.,

5.13%

,

04/30/31

(a)

..

223

210,093

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

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

100

99,430

4.25%,

01/15/29

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

100

95,215

4.63%,

03/15/30

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

100

95,019

Owens-Brockway

Glass

Container,

Inc.,

7.25%

,

05/15/31

(a)

...........

143

146,908

Pactiv

Evergreen

Group

Issuer

LLC,

4.38%

,

10/15/28

(a)

...........

138

132,182

Pactiv

Evergreen

Group

Issuer,

Inc.,

4.00%

,

10/15/27

(a)

...........

100

96,156

Panther

Escrow

Issuer

LL

C,

7.13%

,

06/01/31

(a)

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

182

190,901

Paramount

Global

7.88%,

07/30/30

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

1,275

1,392,543

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%,

03/30/62

(b)

...

1,439

1,331,055

Park

Intermediate

Holdings

LLC,

5.88%

,

10/01/28

(a)

...........

245

244,606

PECO

Energy

Co.,

5.25%

,

09/15/54

.

273

282,143

Performance

Food

Group,

Inc.

(a)

5.50%,

10/15/27

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

100

99,716

4.25%,

08/01/29

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

152

144,544

Permian

Resources

Operating

LLC,

8.00%

,

04/15/27

(a)

...........

487

501,420

Perrigo

Finance

Unlimited

Co.,

5.38%

,

09/30/32

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

EUR

258

292,219

Pioneer,

Inc.,

10.50%

,

11/18/30

(a)(b)(e)

.

USD

3,799

3,922,439

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

2,200

2,186,588

Post

Holdings,

Inc.

(a)

5.50%,

12/15/29

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

119

118,137

4.50%,

09/15/31

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

188

175,631

PPG

Industries,

Inc.,

1.88%

,

06/01/25

EUR

841

927,228

Prime

Security

Services

Borrower

LLC,

6.25%

,

01/15/28

(a)

...........

USD

321

321,086

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Procter

&

Gamble

Co.

(The),

4.88%

,

05/11/27

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

EUR

581

$

683,800

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

USD

1,114

1,136,105

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

2,082

2,227,421

Sabre

GLBL,

Inc.

(a)

8.63%,

06/01/27

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

1,920

1,888,559

11.25%,

12/15/27

...........

1,596

1,656,098

Scotts

Miracle-Gro

Co.

(The),

4.00%

,

04/01/31

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

144

131,926

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

1,391

1,510,009

8.50%,

07/15/31

(a)

...........

781

852,298

9.63%,

12/01/32

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

1,235

1,434,008

Service

Properties

Trust

8.38%,

06/15/29

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

2,640

2,637,033

4.95%,

10/01/29

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

100

79,428

4.38%,

02/15/30

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

176

133,221

8.88%,

06/15/32

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

2,865

2,736,697

Six

Flags

Entertainment

Corp.

(a)

5.50%,

04/15/27

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

100

99,375

7.25%,

05/15/31

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

176

182,287

Solventum

Corp.,

5.40%

,

03/01/29

(a)

.

1,103

1,134,781

Sonder

Corp.,

10.00%

,

12/31/24

(e)

..

691

686,386

Sonder

Holdings,

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

14.35%

,

12/10/27

(b)(e)

...

5,164

4,854,283

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

1,346

1,460,211

9.75%,

11/15/30

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

3,562

3,971,630

Sprint

Spectrum

Co.

LLC,

4.74%

,

03/20/25

(a)

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

120

119,686

Station

Casinos

LLC,

4.50%

,

02/15/28

(a)

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

174

168,019

Stem,

Inc.,

0.50%

,

12/01/28

(a)(q)

....

166

46,065

STL

Holding

Co.

LLC,

8.75%

,

02/15/29

(a)

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

336

357,439

Talen

Energy

Supply

LLC,

8.63%

,

06/01/30

(a)

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

605

659,342

Talos

Production,

Inc.,

9.00%

,

02/01/29

(a)

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

181

186,369

Tenet

Healthcare

Corp.,

6.13%

,

10/01/28

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

511

515,080

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

1,412

1,310,235

Texas

Capital

Bancshares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(b)

...........

900

854,491

Thermo

Fisher

Scientific,

Inc.,

1.38%

,

09/12/28

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

EUR

917

974,406

TransDigm,

Inc.

5.50%,

11/15/27

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

USD

248

247,148

4.88%,

05/01/29

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

239

232,696

Transocean,

Inc.,

8.25%

,

05/15/29

(a)

.

776

769,270

UKG,

Inc.,

6.88%

,

02/01/31

(a)

......

264

272,791

UnitedHealth

Group,

Inc.,

5.63%

,

07/15/54

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

1,075

1,153,262

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

2,136

2,279,979

Univision

Communications,

Inc.

(a)

8.00%,

08/15/28

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

335

342,526

4.50%,

05/01/29

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

159

142,038

8.50%,

07/31/31

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

475

476,061

USA

Compression

Partners

LP,

7.13%

,

03/15/29

(a)

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

367

377,992

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Vantage

Drilling

International

Ltd.,

9.50%

,

02/15/28

(a)

...........

USD

1,103

$

1,110,138

Venture

Global

LNG,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

(b)(r)

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

1,183

1,199,123

Veritas

US,

Inc.,

7.50%

,

09/01/25

(a

)

..

498

467,193

Verizon

Communications,

Inc.

1.13%,

11/03/28

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

GBP

199

232,953

4.25%,

10/31/30

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

EUR

796

939,046

VF

Corp.,

2.40%

,

04/23/25

.......

USD

234

230,076

Viasat,

Inc.

(a)

6.50%,

07/15/28

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

156

122,415

7.50%,

05/30/31

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

126

86,747

VICI

Properties

LP

(a)

4.63%,

06/15/25

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

298

296,181

4.50%,

09/01/26

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

241

239,886

Viking

Cruises

Ltd.,

7.00%

,

02/15/29

(a)

336

340,246

Vistra

Operations

Co.

LLC

(a)

5.63%,

02/15/27

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

2,339

2,335,448

7.75%,

10/15/31

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

1,165

1,254,237

Vital

Energy,

Inc.

9.75%,

10/15/30

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

100

106,853

7.88%,

04/15/32

(a)

...........

140

135,619

Walgreens

Boots

Alliance,

Inc.,

3.20%

,

04/15/30

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

202

163,879

Wand

NewCo

3,

Inc.,

7.63%

,

01/30/32

(a)

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

200

210,700

Wayfair

LLC,

7.25%

,

10/31/29

(a)

....

213

218,210

Wells

Fargo

&

Co.

(c)

1.38%,

10/26/26

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

EUR

909

980,617

1.50%,

05/24/27

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

1,390

1,488,185

Wildfire

Intermediate

Holdings

LLC,

7.50%

,

10/15/29

(a)

...........

USD

462

454,632

Xerox

Holdings

Corp.,

5.50%

,

08/15/28

(a)

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

177

151,123

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

1,251

1,118,948

223,084,137

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

(a)

6.88%,

10/15/27

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

1,012

995,434

9.38%,

03/01/29

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

972

1,030,320

2,025,754

Total

Corporate

Bonds

—

10.6%

(Cost:

$501,788,021)

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

480,692,510

Fixed

Rate

Loan

Interests

United

States

—

0.1%

(e)

CML

ST

Regis

Aspen,

1st

Lien

Term

Loan,

7.27%

,

 02/09/27

........

4,200

4,251,456

OD

Intermediate

Subi

HoldCo

II

LLC,

1st

Lien

Term

Loan,

10.00%

,

 04/01/26

...........

1,855

1,817,522

6,068,978

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$6,053,799)

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

6,068,978

Security

Par

(000)

Pa

r

(

000)

Value

Floating

Rate

Loan

Interests

Belgium

—

0.0%

Finco

Utilitas

BV,

Facility

1st

Lien

Term

Loan

B,

09/26/30

(b)(s)

..........

EUR

1,040

$

1,158,035

Canada

—

0.0%

Garda

World

Security

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.54%

-

8.60%

,

 02/01/29

(b)

...........

USD

457

456,641

Colombia

—

0.0%

Ecopetrol

SA,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.37%

-

9.98%

,

 09/06/30

(b)(e)

..........

500

514,350

Finland

—

0.1%

(b)

Mehilainen

Yhtiot

Oy,

1st

Lien

Term

Loan

B5,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

4.00%

-

7.62%

,

 07/23/31

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

EUR

1,071

1,192,077

Mehilainen

Yhtiot

Oy,

Delayed

Draw

1st

Lien

Term

Loan,

07/04/31

(s)

.....

192

213,304

Mehilainen

Yhtiot

Oy,

Facility

1st

Lien

Term

Loan

B5,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

4.00%

-

7.62%

,

 08/05/31

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

1,235

1,375,326

2,780,707

France

—

0.3%

(b)

Groupe

Babilou,

Facility

1st

Lien

Term

Loan

B4,

11/18/30

(s)

..........

3,151

3,471,852

HomeVi

SAS,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.64%

,

 10/31/29

......

2,000

2,171,800

Obol

France

3

SAS,

1st

Lien

Term

Loan

B,

12/29/28

(s)

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

1,500

1,600,281

Parts

Europe

SA,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.19%

,

 02/03/31

.....

3,411

3,802,478

Ramsay

Generale

De

Sante,

1st

Lien

Term

Loan

B4,

08/13/31

(s)

......

1,800

2,008,779

13,055,190

Germany

—

0.3%

(b)

Aenova

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

3.75%

-

7.14%

,

 08/22/31

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

2,264

2,525,280

Apleona

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

3.75%

-

7.39%

,

 04/28/28

......

2,400

2,680,017

Ifco

Management

GmbH,

1st

Lien

Term

Loan,

11/29/29

(s)

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

1,000

1,114,775

Mosel

Bidco

SE,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

7.85%

-

8.22%

,

 09/16/30

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

2,529

2,822,035

Nidda

Healthcare

Holding

GmbH,

1st

Lien

Term

Loan

B2,

02/21/30

(s)

...

2,879

3,202,856

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Tele

Columbus

AG,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

6.00%

Floor

+

0.50%),

0.50%

,

 01/01/29

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

EUR

1,049

$

873,653

TK

Elevator

Midco

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.59%

,

 04/30/30

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

1,631

1,820,143

15,038,759

Jersey,

Channel

Islands

—

0.1%

Vita

Global

FinCo

Ltd.,

1st

Lien

Term

Loan

B

(b)(e)

(Sterling

Overnight

Index

Average

at

1.19%

Floor

+

7.00%),

8.19%, 07/06/27

..........

GBP

1,246

1,570,093

(6-mo.

EURIBOR

at

0.00%

Floor

+

7.00%),

10.74%, 07/06/27

....

EUR

2,077

2,178,776

3,748,869

Luxembourg

—

0.3%

(b)

AI

Sirona

Luxembourg

Acquisition

SARL,

Facility

1st

Lien

Term

Loan

B3,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.38%

-

7.59%

,

 09/29/28

2,000

2,235,161

Froneri

International

Ltd.,

1st

Lien

Term

Loan,

09/16/31

(s)

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

3,000

3,336,311

Speed

Midco

3

SARL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.95%),

8.11%

-

8.67%

,

 05/16/29

(e)

...........

6,106

6,763,103

12,334,575

Netherlands

—

0.6%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.85%

-

7.22%

,

 06/29/28

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

1,459

1,615,989

Cypher

Bidco

BV,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.34%

,

 12/30/28

(e)

....

5,188

5,565,473

Median

BV,

Facility

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.93%),

8.27%

-

8.65%

,

 10/14/27

1,964

2,166,697

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B6,

07/01/31

(s)

......

2,200

2,449,150

Pegasus

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.29%

,

 07/12/29

.....

1,880

2,093,383

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.25%),

10.51%

,

 01/03/28

...........

GBP

3,364

4,472,899

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.44%

,

 01/31/29

.....

EUR

9,179

10,029,965

28,393,556

Norway

—

0.0%

Sector

Alarm

Holding

AS,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.76%

-

7.97%

,

 06/12/29

(b)

.....

1,017

1,135,941

Security

Par

(000)

Par

(000)

Value

Spain

—

0.3%

(b)

Aernnova

Aerospace

SAU,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

4.00%

-

7.71%

,

 02/27/30

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

EUR

2,606

$

2,899,465

Cervantes

Bidco

SL,

1st

Lien

Term

Loan

B,

06/13/31

(s)

...........

1,483

1,655,496

Lorca

Finco

plc,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.20%

,

 03/25/31

.

2,839

3,160,281

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.74%

,

 12/31/29

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

2,617

2,905,816

Promontoria

Challenger

I

SA,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.66%

,

 12/20/24

(e)

...........

3,938

4,377,857

14,998,915

Sweden

—

0.1%

IGT

Holding

IV

AB,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.10%

-

7.34%

,

 07/31/31

(b)

...........

2,667

2,965,610

United

Kingdom

—

0.6%

(b)

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.80%

,

 05/09/31

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

2,647

2,886,065

CD&R

Firefly

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B6,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.75%),

5.75%

,

 06/21/28

.

GBP

1,031

1,375,777

CML

Project

Horizons,

1st

Lien

Term

Loan,

(3-mo.

SONIA

at

0.00%

Floor

+

3.75%),

8.70%

,

 04/12/28

(e)

....

3,756

5,003,433

Eagle

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.75%),

4.78%

,

 03/13/28

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

1,100

1,464,821

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.92%

,

 06/30/28

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

EUR

1,546

1,728,341

INEOS

Finance

plc,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.88%

-

7.09%

,

 06/23/31

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

2,000

2,215,413

Ineos

Quattro

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

7.88%

-

8.09%

,

 04/03/29

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

1,940

2,157,889

Market

Bidco

Ltd.,

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.29%

,

 11/04/27

.....

765

845,088

Market

Bidco

Ltd.,

1st

Lien

Term

Loan

B2,

0.00%

,

 11/04/27

..........

GBP

505

673,121

Mercia,

1st

Lien

Term

Loan

A1,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.63%

,

 04/08/26

(e)

...........

1,595

2,131,611

Mercia,

1st

Lien

Term

Loan

A2,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.58%

,

 04/08/26

(e)

...........

4,864

6,499,515

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Mercia,

1st

Lien

Term

Loan

B1,

(3-mo.

SONIA

at

0.00%

Floor

+

0.00%),

7.58%

,

 04/09/25

(e)

...........

GBP

280

$

374,395

27,355,469

United

States

—

1.7%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.71%

-

10.11%

,

 02/02/26

(b)

.....

USD

2,409

2,350,580

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.70%

-

9.10%

,

 05/12/28

(b)

...........

685

678,238

Alorica,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.88%),

11.72%

-

12.12%

,

 12/21/27

(b)(e)

.........

2,548

2,506,705

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.40%

,

 02/01/30

(b)

3,621

3,490,146

Amazon

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

07/30/31

(b)(s)

..........

1,450

1,444,563

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.75%

-

10.49%

,

 12/30/27

(b)

.....

384

385,491

Arsenal

AIC

Parent

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.10%

-

8.56%

,

 08/19/30

(b)

...........

158

157,393

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.35%

-

12.75%

,

 08/01/28

(b)

..........

10

8,481

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.79%

,

 10/02/28

(b)

...........

1,066

1,014,032

Bausch

&

Lomb,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.27%

,

 05/10/27

(b)

...........

1,137

1,131,275

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.10%

-

7.75%

,

 01/31/31

(b)

.....

1,400

1,399,403

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.66%

,

 07/03/31

(b)

EUR

1,496

1,661,858

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%

,

 02/06/31

(b)

.....

USD

2,172

2,168,829

Charter

Communicatio

ns

Operating

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.08%

,

 02/01/27

(b)

.....

230

230,117

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.34%

,

 03/30/29

(b)

.....

1,360

1,352,930

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

8.02%

-

8.42%

,

 04/13/29

(b)

USD

1,375

$

1,367,400

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.37%

-

9.10%

,

 09/29/28

(b)

...........

985

982,886

Cppib

Ovm

Member

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.85%

-

8.73%

,

 08/07/31

(b)

...........

1

,253

1,252,474

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

04/15/27

(b)(s)

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

480

438,173

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.60%

,

 12/21/28

(b)

..........

796

768,034

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.96%

-

10.36%

,

 08/02/27

(b)

..........

511

510,792

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.85%

-

9.25%

,

 08/31/30

(b)

.....

2,756

2,762,243

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

1st

Lien

Term

Loan

B,

0.00%

,

 12/29/27

(b)(e)

....

938

750,718

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.85%

,

 01/29/29

(b)

...........

1,567

1,562,367

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

8.64%

,

 03/30/27

(b)(e)

EUR

1,59

1

1,772,970

Galaxy

Universal

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.79%

,

 11/12/26

(b)(e)

.........

USD

4,653

4,606,690

GoTo

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.75%),

9.97%, 04/30/28

(b)

.........

1,880

993,239

Green

Plains

Operating

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.00%),

13.21%

,

 07/20/26

(b)(e)

.........

3,060

3,102,577

Helios

Service

Partners

LLC,

1st

Lien

Term

Loan

(b)(e)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.85%, 03/19/27

.........

601

601,491

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.10%, 03/19/27

.........

114

114,871

Helios

Service

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(b)(e)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.85%, 03/19/27

.........

923

923,137

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.10%, 03/19/27

.........

512

515,034

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hilton

Grand

Vacations

Borrower

LLC,

1st

Lien

Term

Loan,

08/02/28

(b)(s)

.

USD

415

$

411,741

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.73%

-

10.86%

,

 10/25/28

(b)(e)

...

584

467,181

Icon

Parent,

Inc.,

1st

Lien

Term

Loan

B,

09/12/31

(b)(s)

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

3,216

3,190,529

Indy

US

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.13%

-

8.34%

,

 03/06/28

(b)

...........

EUR

3,000

3,333,472

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loa

n,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.96%

-

9.36%

,

 04/26/28

(b)

...........

USD

892

889,518

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.71%

-

10.11%

,

 10/04/28

(b)

..........

460

459,580

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.41%

,

 04/16/29

(b)

..........

364

371,356

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.82%, 06/05/28

(b)

........

1,136

902,182

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.45%

-

8.49%

,

 03/01/29

(b)

...........

1,878

1,869,483

Medline

Borrower

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.60%

-

8.00%

,

 10/23/28

(b)

...........

2,725

2,724,727

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.70%

-

11.44%

,

 01/24/30

(b)

..........

119

72,152

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.60%

-

9.73%

,

 07/25/31

(b)(e)

....

644

643,195

Orion

Group

HoldCo

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.15%

-

11.60%, 03/19/27

(b)(e)

.......

117

117,713

Orion

Group

HoldCo

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.60%, 03/19/27

(b)(e)

.......

1,339

1,343,779

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.35%

-

8.09%

,

 06/28/30

(b)

...........

971

969,374

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.26%

,

 04/27/28

(

b)

..........

2,399

1,823,454

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.26%

,

 04/27/29

(b)

..........

USD

1,749

$

1,268,177

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76%

,

 03/16/27

(b)

...........

1,389

1,387,279

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

10.20%

,

 09/11/29

(b)

..........

4,865

4,767,700

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.10%

-

7.50%

,

 03/14/31

(b)

.....

879

874,556

TransDigm,

Inc.,

1st

Lien

Term

Loan

J,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.10%

-

7.84%

,

 02/28/31

(b)

...........

599

595,986

Vaco

Holding

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.95%

-

10.49%

,

 01/22/29

(b)

..........

955

935,198

Verifone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/20/25

(b)(s)

...........

1,298

1,186,704

Veritas

US,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.00%),

9.96%

-

10.36%

,

 09/02/25

(b)

..........

369

344,447

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.60%

-

8.24%

,

 10/22/29

(b)

...........

37

37,035

Xerox

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.60%

-

9.25%

,

 11/19/29

(b)

...........

557

554,362

74,546,017

Total

Floating

Rate

Loan

Interests

—

4.4%

(Cost:

$198,092,291)

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

198,482,634

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA,

9.50%

,

01/17/31

(a)

.......

132

139,095

Chile

—

0.0%

Empresa

Nacional

del

Petroleo

(a)

6.15%,

05/10/33

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

230

244,232

5.95%,

07/30/34

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

200

210,100

454,332

Colombia

—

0.0%

Ecopetrol

SA,

8.38%

,

01/19/36

....

78

79,560

France

—

0.1%

Electricite

de

France

SA

(b)(c)(r)

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

...........

GBP

200

265,986

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

...........

EUR

400

405,676

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63%

..........

200

225,652

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

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

GBP

400

$

546,283

1,443,597

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt.,

6.00%

,

05/16/29

(c)

...........

EUR

200

239,537

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

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

USD

200

192,375

Ireland

—

0.0%

AIB

Group

plc,

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

(b)(c)(r)

....

EUR

200

224,784

Mexico

—

0.0%

Petroleos

Mexicanos

4.25%,

01/15/25

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

USD

114

113,183

8.75%,

06/02/29

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

249

252,797

5.95%,

01/28/31

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

187

161,362

6.70%,

02/16/32

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

160

143,064

10.00%,

02/07/33

...........

117

123,775

794,181

Morocco

—

0.0%

OCP

SA

(a)

6.75%,

05/02/34

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

353

378,317

7.50%,

05/02/54

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

298

323,199

701,516

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

202

160,400

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(c)

...........

200

199,294

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

5.88%

,

07/17/64

(a)

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

247

249,174

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$4,638,541)

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

4,877,845

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain,

5.45%

,

09/16/32

(c)

341

328,533

Brazil

—

0.3%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

16

2,872,689

10.00%,

01/01/27

...........

52

8,886,447

7.13%,

05/13/54

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

USD

465

482,047

12,241,183

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

220

200,530

Colombia

—

0.3%

Republic

of

Colombia

4.50%,

01/28/26

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

241

238,379

3.88%,

03/22/26

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

EUR

148

164,305

5.75%,

11/03/27

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

COP

19,602,900

4,290,320

6.00%,

04/28/28

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

40,114,500

8,663,833

8.00%,

04/20/33

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

USD

312

334,879

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

8.00%,

11/14/35

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

USD

200

$

212,900

13,904,616

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

7.30%

,

11/13/54

(a)

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

229

252,965

Czech

Republic

—

0.2%

Czech

Republic

5.00%,

09/30/30

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

CZK

82,390

3,935,521

4.50%,

11/11/32

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

69,140

3,235,543

7,171,064

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

...........

USD

233

236,131

4.50%,

01/30/30

(a)

...........

230

220,009

7.05%,

02/03/31

(a)

...........

355

382,527

4.88%,

09/23/32

(a)

...........

156

148,687

10.75%,

06/01/36

(a)

..........

DOP

65,400

1,153,992

2,141,346

Egypt

—

0.0%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

...........

EUR

199

185,382

7.63%,

05/29/32

(c)

...........

USD

416

368,160

8.50%,

01/31/47

(a)

...........

268

216,326

7.50%,

02/16/61

(a)

...........

303

219,487

989,355

Guatemala

—

0.0%

Republic

of

Guatemala

(a)

7.05%,

10/04/32

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

200

216,000

6.60%,

06/13/36

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

225

235,463

451,463

Hungary

—

0.0%

Hungary

Government

Bond

5.25%,

06/16/29

(a)

...........

200

202,824

5.38%,

09/12/33

(c)

...........

EUR

143

171,123

7.00%,

10/24/35

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

HUF

480,220

1,429,004

5.50%,

03/26/36

(a)

...........

USD

200

201,250

2,004,201

India

—

0.0%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

(c)

...........

273

255,511

Indonesia

—

0.3%

Republic

of

Indonesia

7.00%,

05/15/27

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

IDR

45,510,000

3,061,959

4.65%,

09/20/32

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

USD

200

201,875

8.25%,

05/15/36

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

IDR

41,574,000

3,107,066

7.13%,

06/15/38

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

100,861,000

6,926,028

13,296,928

Ireland

—

0.1%

Republic

of

Ireland,

2.60%

,

10/18/34

(c)

EUR

4,890

5,500,235

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

(c)

6.38%,

03/03/28

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

USD

220

220,000

5.88%,

10/17/31

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

EUR

148

156,097

376,097

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan,

4.95%

,

07/07/25

(c)

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

USD

200

197,312

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Kenya

—

0.0%

Republic

of

Kenya,

9.75%

,

02/16/31

(a)

USD

241

$

242,506

Mexico

—

0.3%

Mex

Bonos

Desarr

Fix

Rt,

8.50%

,

03/01/29

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

MXN

16

77,265

United

Mexican

States

7.00%,

09/03/26

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

1,052

5,113,575

3.75%,

01/11/28

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

USD

296

288,230

8.50%,

03/01/29

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

MXN

158

782,809

2.66%,

05/24/31

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

USD

423

362,854

7.50%,

05/26/33

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

MXN

1,298

5,896,144

7.75%,

11/23/34

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

244

1,110,315

6.35%,

02/09/35

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

USD

200

209,600

13,840,792

Montenegro

—

0.0%

Republic

of

Montenegro,

2.88%

,

12/16/27

(c)

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

EUR

179

188,233

Morocco

—

0.0%

Kingdom

of

Morocco,

5.95%

,

03/08/28

(a)

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

USD

239

246,918

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

7.63%

,

11/28/47

(c)

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

225

172,195

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

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

EUR

196

227,313

Oman

—

0.0%

Oman

Government

Bond

(c)

6.50%,

03/08/47

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

USD

252

265,624

6.75%,

01/17/48

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

300

325,125

590,749

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

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

327

357,411

6.40%,

02/14/35

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

357

365,368

722,779

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

2.74%,

01/29/33

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

200

170,375

5.60%,

03/13/48

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

210

200,865

371,240

Peru

—

0.2%

Republic

of

Peru

2.78%,

01/23/31

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

93

83,003

6.95%,

08/12/31

(a)

...........

PEN

19,142

5,518,368

1.86%,

12/01/32

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

USD

298

239,424

7.60%,

08/12/39

(a)

...........

PEN

4,513

1,328,279

7,169,074

Philippines

—

0.0%

Republic

of

Philippines,

2.65%

,

12/10/45

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

USD

467

328,943

Poland

—

0.3%

Republic

of

Poland

5.75%,

04/25/29

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

PLN

22,968

6,154,636

4.75%,

07/25/29

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

6,760

1,733,798

5.00%,

10/25/34

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

7,397

1,883,391

2.05%,

08/25/36

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

9,509

2,225,263

Security

Par

(000)

Par

(000)

Value

Poland

(continued)

5.50%,

04/04/53

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

USD

154

$

157,935

12,155,023

Romania

—

0.0%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

124

124,896

2.50%,

02/08/30

(c)

...........

EUR

269

269,913

2.12%,

07/16/31

(c)

...........

151

141,087

535,896

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

4.50%,

04/17/30

(c)

...........

USD

209

210,176

5.00%,

01/18/53

(a)

...........

230

213,037

423,213

Senegal

—

0.0%

Republic

of

Senegal,

6.25%

,

05/23/33

(c)

317

272,917

Serbia

—

0.0%

Republic

of

Serbia

6.50%,

09/26/33

(c)

...........

200

213,656

6.00%,

06/12/34

(a)

...........

221

227,520

441,176

South

Africa

—

0.4%

Republic

of

South

Africa

8.00%,

01/31/30

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

ZAR

134,666

7,519,531

7.00%,

02/28/31

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

60,298

3,123,577

5.88%,

04/20/32

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

USD

424

421,350

9.00%,

01/31/40

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

ZAR

47,568

2,407,467

8.75%,

01/31/44

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

65,489

3,171,045

5.00%,

10/12/46

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

USD

201

155,021

16,797,991

Spain

—

0.6%

Bonos

y

Obligaciones

del

Estado

(a)(c)

3.45%,

10/31/34

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

EUR

13,868

16,127,097

2.90%,

10/31/46

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

5,530

5,587,048

3.45%,

07/30/66

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

4,339

4,554,554

26,268,699

Thailand

—

0.1%

Kingdom

of

Thailand,

2.40%

,

03/17/29

THB

179,640

5,612,372

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.40%

,

06/26/34

(a)

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

USD

266

274,658

Turkey

—

0.1%

Republic

of

Turkiye

(The)

37.00%,

02/18/26

...........

TRY

83,297

2,411,405

31.08%,

11/08/28

...........

24,120

723,124

26.20%,

10/05/33

...........

72,092

2,074,378

5,208,907

Ukraine

—

0.0%

Ukraine

Government

Bond

(a)(d)

1.75%,

02/01/29

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

USD

87

51,206

0.00%,

02/01/30

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

8

3,461

0.00%,

02/01/34

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

30

10,065

1.75%,

02/01/34

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

58

25,811

0.00%,

02/01/35

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

25

10,942

0.00%,

02/01/36

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

21

9,020

110,505

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds

(c)

3.75%,

10/22/53

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

GBP

4,603

5,336,937

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

0.50%,

10/22/61

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

GBP

25,517

$

10,412,134

15,749,071

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

9.75%,

07/20/33

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

UYU

13,939

332,909

5.75%,

10/28/34

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

USD

253

275,562

5.25%,

09/10/60

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

245

245,000

853,471

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(a)

5.38%,

05/29/27

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

EUR

206

230,885

7.85%,

10/12/28

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

USD

224

236,460

467,345

Total

Foreign

Government

Obligations

—

3.7%

(Cost:

$170,217,164)

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

168,583,325

Shares

Shares

Investment

Companies

Invesco

S&P

500

Equal

Weight

ETF

(i)

35,431

6,347,818

iShares

0-5

Year

TIPS

Bond

ETF

(g)

..

45,255

4,585,237

iShares

Biotechnology

ETF

(g)(i)

.....

32,000

4,659,200

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(g)(i)

.......

441,557

16,624,621

iShares

Core

S&P

Small-Cap

ETF

(g)(i)

19,759

2,311,013

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(g)(i)

.........

29,225

2,734,875

iShares

Latin

America

40

ETF

(g)

....

52,185

1,352,113

iShares

MSCI

Brazil

ETF

(g)(i)

.......

59,131

1,743,773

iShares

MSCI

Emerging

Markets

ETF

(g)

(i)

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

12,710

582,881

iShares

Russell

Mid-Cap

Growth

ETF

(g)

(i)

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

6,034

707,728

SPDR

Blackstone

Senior

Loan

ETF

.

52,573

2,195,448

SPDR

Gold

Shares

(h)(l)

..........

80,300

19,517,718

SPDR

S&P

Homebuilders

ETF

.....

19,652

2,447,853

VanEck

Semiconductor

ETF

(i)

......

51,742

12,700,074

Total

Investment

Companies

—

1.7%

(Cost:

$72,904,260)

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

78,510,352

Par

(000)

Pa

r

(

000)

Municipal

Bonds

(a)

Florida

-

0.0%

Florida

Development

Finance

Corp.

,

Series

2024,

RB,

AMT

,

VRDN

,

12.00%, 07/15/28

(t)

...........

930

988,523

Texas

-

0.1%

Port

of

Beaumont

Navigation

District

,

Series

2024B,

RB,

10.00%, 07/01/26

...........

2,125

2,188,815

Total

Municipal

Bonds

—

0.1%

(Cost:

$3,036,941)

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

3,177,338

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.5%

United

States

—

0.5%

Federal

Home

Loan

Mortgage

Corp.

STACR

Trust

Variable

Rate

Notes,

Series

2022-DNA1,

Class

B1,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.40%),

8.68%,

01/25/42

(a)(b)

USD

482

$

497,389

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

3,827

3,223,730

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

5,231

4,704,175

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

2,344

1,631,822

MCM

Trust

(e)

Series

2018-NPL2,  3.00%,

08/25/28

(a)

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

1,643

1,582,518

Series

2021-VFN1,  3.00%,

08/28/28

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

2,016

1,314,329

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.41%,

10/25/39

(a)(b)

2,384

2,393,690

TVC

DSCR,

Series

2021-1,

Class

A,

2.38%,

02/01/51

(a)(e)

..........

4,113

3,774,548

TVC

Holding,

Series

2021-1,  2.38%,

02/01/51

(e)

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

1,654

1,429,836

20,552,037

Commercial

Mortgage-Backed

Securities

—

1.9%

Bermuda

—

0.0%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.35%,

01/19/37

(a)(b)

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

995

994,378

Cayman

Islands

—

0.1%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.37%

Floor

+

3.37%),

8.47%,

12/15/34

(a)(b)

1,913

1,826,024

United

States

—

1.8%

(e)

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.28%,

08/10/35

(a)(b)

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

1,182

1,125,621

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.21%),

8.31%,

04/15/34

(a)(b)

..........

1,364

686,092

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)

...........

428

325,127

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.72%,

04/14/33

(a)(b)

....

255

247,875

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

M6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.16%),

6.02%,

11/25/35

...

87

88,690

Series

2006-3A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.62%),

5.48%,

10/25/36

...

89

85,502

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BHMS

(a)(b)

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.64%,

07/15/35

...

USD

1,722

$

1,721,358

Series

2018-ATLS,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.20%),

7.29%,

07/15/35

...

653

649,543

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

8.49%,

06/15/41

(a)(b)

602

592,969

BSST

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

0.86%),

5.96%,

04/15/36

...

452

447,957

Series

2021-SSCP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.31%,

04/15/36

...

1,161

1,139,144

Series

2021-SSCP,

Class

C,

(1-

mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.46%),

6.56%,

04/15/36

...

1,446

1,419,257

Series

2021-SSCP,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.71%),

6.81%,

04/15/36

...

1,329

1,296,511

Series

2021-SSCP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.21%),

7.31%,

04/15/36

...

1,151

1,112,249

Series

2021-SSCP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.01%),

8.11%,

04/15/36

...

1,100

1,064,321

Series

2021-SSCP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.01%,

04/15/36

...

1,245

1,191,237

Series

2021-SSCP,

Class

H,

(1-mo.

CME

Term

SOFR

at

4.90%

Floor

+

5.02%),

10.11%,

04/15/36

..

882

842,844

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(a)

.

1,000

882,568

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2020-VKNG,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.36%),

8.46%,

10/15/37

...

329

322,295

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.12%,

02/15/33

...

4,847

4,786,863

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.36%,

02/15/33

...

2,843

2,817,822

Series

2021-NWM,

Class

C,

(1

-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.46%,

02/15/33

...

1,877

1,874,802

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.01%,

06/15/38

...

2,054

2,023,362

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.01%,

05/15/38

...

1,516

1,497,207

Series

2021-XL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.69%

Floor

+

0.80%),

5.90%,

10/15/38

...

463

459,601

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.46%,

10/15/38

...

2,549

2,519,097

Series

2024-KING,

Class

A,

(1-mo

.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.64%,

05/15/34

...

780

779,756

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.49%,

03/15/41

...

USD

1,408

$

1,408,201

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

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

3,052

2,734,210

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.46%,

01/15/34

...

577

567,311

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.2

1%,

01/15/34

...

898

881,272

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.54%,

04/15/41

...

1,620

1,618,585

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

7.99%,

07/15/29

...

658

656,355

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

9.03%,

07/15/29

...

1,645

1,628,547

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.45%),

7.54%,

12/15/37

(a)(b)

....

335

335,010

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.49%

Floor

+

4.49%),

9.57%,

06/15/41

(a)(b)

....

780

776,166

CONE

Trust,

Series

2024-DFW1,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

8.98%,

08/15/41

(a)(b)

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

760

758,730

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(a)

.........

588

566,394

CSAIL

Commercial

Mortgage

Trust,

Series

2016-C5,

Class

C,

4.79%,

11/15/48

(b)

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

166

158,339

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.86%

Floor

+

5.23%),

10.32%,

10/15/37

..

238

218,370

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

8.54%,

02/15/25

(e)

..

2,798

2,730,370

DBGS

Mortgage

Trust

(a)(b)

Series

2018-BIOD,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

6.20%,

05/15/35

...

99

98,499

Series

2018-BIOD,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.60%),

6.69%,

05/15/35

...

394

389,673

Series

2018-BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

7.39%,

05/15/35

...

1,411

1,387,234

ELM

Trust,

Series

2024-ELM,

Cl

ass

E10,

8.05%,

06/10/39

(a)(b)

......

1,467

1,496,796

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.67%

Floor

+

2.78%),

7.88%,

11/15/38

(a)(b)

....

1,459

1,449,545

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.46%,

07/15/38

...

2,804

2,809,506

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.06%,

07/15/38

...

USD

1,960

$

1,960,278

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.56%,

02/15/38

(a)(b)

....

270

16,064

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

3.05%),

8.15%,

11/15/36

...

2,822

2,749,036

Series

2021-IP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

6.16%,

10/15/36

...

357

353,876

Series

2021-ROSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.51%,

05/15/26

...

381

351,617

Series

2022-ECI,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.19%),

7.29%,

08/15/39

...

324

324,337

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

1,202

1,049,633

HILT

Commercial

Mortgage

Trust

(a)(b)

Series

2024-ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.64%,

05/15/37

...

1,317

1,314,530

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

8.29%,

05/15/37

...

1,451

1,431,049

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

3.08%,

08/10/38

(a)(b)

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

315

290,489

Independence

Plaza

Trust,

Series

2018-INDP

,

Class

B,

3.91%,

07/10/35

(a)

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

528

512,773

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2018-WPT,

Class

DFL,

(1-

mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.49%),

7.66%,

07/05/33

438

340,822

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.81%),

7.91%,

04/15/38

...

1,975

1,965,125

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

8.41%,

04/15/38

...

866

857,881

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.28%,

09/15/39

...

429

429,008

Series

2022-OPO,

Class

C,

3.56%,

01/05/39

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

700

570,500

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

8.27%,

06/15/39

(a)(b)

....

540

540,205

LBA

Trust,

Series

2024-BOLT,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.53%,

06/15/26

(a)(b)

239

238,326

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

7.96%,

10/15/38

(a)(b)

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

344

343,847

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

E,

8.73%,

06/12/39

(a)

.

691

704,413

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

7.31%,

04/15/38

...

USD

2,137

$

2,125,187

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.72%),

7.81%,

04/15/38

...

245

243,142

MHP

Commercial

Mortgage

Trust,

Series

2021-STOR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

7.96%,

07/15/38

(a)(b)

....

870

862,621

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.42%,

07/11/40

(a)(b)

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

552

503,837

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.56%,

07/15/38

(a)(b)

....

204

132,974

SREIT

Trust

(a)(b)

Series

2021-MFP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.73%

Floor

+

0.85%),

5.94%,

11/15/38

...

368

366,560

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

7.84%,

11/15/38

...

2,082

2,067,307

Series

2021-MFP2,

Class

F,

(1-mo

.

CME

Term

SOFR

at

2.62%

Floor

+

2.73%),

7.83%,

11/15/36

...

1,014

1,005,371

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

7.14%,

07/15/36

(a)(b)

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

724

716,338

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

321

293,569

VNDO

Trust,

Series

2016-350P,

C

lass

D,

4.03%,

01/10/35

(a)(b)

........

583

552,428

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

886

874,157

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)

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

590

531,956

Series

2024-1CHI,

Class

A,

5.48%,

07/15/35

(a)

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

669

673,770

81,961,809

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

United

States

—

0.0%

(b)

Benchmark

Mortgage

Trust,

Series

2021-B23,

Class

XA,

1.37%,

02/15/54

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

14,042

773,519

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.82%,

12/12/53

(a)

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

1,464

111,437

Wells

Fargo

Commercial

Mortgage

Trust

Series

2020-C58,

Class

XA,

1.92%,

07/15/53

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

7,852

637,843

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-C59,

Class

XA,

1.64%,

04/15/54

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

USD

6,333

$

441,427

1,964,226

Total

Non-Agency

Mortgage-Backed

Securities

—

2.4%

(Cost:

$113,443,358)

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

107,298,474

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(e)(h)(u)

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

7,220

5,901,234

Total

Other

Interests

—

0.1%

(Cost:

$7,284,549)

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

5,901,234

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.0%

United

States

—

0.0%

(b)(r)

Citigroup,

Inc.,

Series

Y

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

202

193,951

USB

Capital

IX

,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

1.28%),

6.58%

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

900

756,162

950,113

Total

Capital

Trusts

—

0.0%  

(Cost:

$1,007,491)

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

950,113

Shares

Shares

Preferred

Stocks

—

2.3%

Brazil

—

0.2%

Cia

Energetica

de

Minas

Gerais

(Preference)

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

751,512

1,579,531

Gerdau

SA

(Preference)

.........

110,411

387,919

Neon

Payments

Ltd.

(e)(h)

.........

10,763

4,390,873

Petroleo

Brasileiro

SA

(Preference)

..

190,555

1,262,042

7,620,365

China

—

0.3%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$9,000,423)

(e)(h)(j)

..

82,140

13,967,086

Germany

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

15,290

1,437,258

Volocopter

GmbH,

(Acquired

03/03/21

,

cost

$7,547,351)

(e)(h)(j)

.........

1,420

38,584

1,475,842

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$4,447,311)

(e)(h)(j)

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

1,380

—

Security

Shares

Shares

Value

Israel

—

0.1%

(e)(h)(j)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$3,888,688)

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

639,810

$

2,859,951

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$2,474,803)

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

351,019

1,804,237

4,664,188

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$804,100)

(e)

(h)(j)

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

6,817

—

United

Kingdom

—

0.1%

10x

Future

Technologies

Services

Ltd.,

Series

D,

(Acquired

12/19/23,

cost

$6,197,921)

(e)(h)(j)

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

163,645

3,430,552

United

States

—

1.6%

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

07/30/21,

cost

$2,232,275)

(e)(h)(j)

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

4,133

742,576

Bright

Machinery

Manufacturing

Group,

Inc.,

Series

C-1

(e)(h)

...........

496,892

1,202,479

Bright

Machines,

Inc.,

Series

C

(e)(h)

..

238,542

811,043

Caresyntax,

Inc.,

Series

C-2

(e)(h)

....

16,777

1,648,005

Caresyntax,

Inc.,

Series

C-3

(e)(h)

....

2,170

181,303

Coreweave,

Inc.,

10.00%

(e)(h)

......

2,520,000

3,099,600

Databricks,

Inc.,

Series

F,

(Acquired

10/22/19,

cost

$3,030,010)

(e)(h)(j)

..

211,650

17,209,262

Databricks,

Inc.,

Series

G,

(Acquired

08/01/22,

cost

$3,419,476)

(e)(h)(j)

..

57,837

4,702,726

Davidson

Homes,

Inc.

(e)(h)

........

4,221

3,952,629

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(e)

.........

8,429

8,281,493

Exo

Imaging,

Inc.,

Series

C,

(Acquired

06/24/21,

cost

$2,122,371)

(e)(h)(j)

..

362,303

713,737

GM

Cruise

Holdings

LLC,

Series

G,

Class

G,

(Acquired

03/25/21,

cost

$2,563,091)

(e)(h)

(j)

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

97,271

749,959

Insightful

Corp.,

Series

D

(e)(h)

......

1,558,289

505,197

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$3,136,443)

(e)(h)(j)

..

1,719,824

3,474,045

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$677,436)

(e)(h)(j)

...

113,119

228,500

Lessen

Holdings,

Inc.,

Series

B

(e)(h)

..

252,164

1,094,392

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$2,878,751)

(e)(h)(j)

..

336,696

2,323,202

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$596,540)

(e)(h)(j)

...

29,827

310,201

Lookout,

Inc.,

Series

F,

(Acquired

10/22/14,

cost

$7,673,753)

(e)(h)(j)

..

671,775

1,256,219

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$1,673,918)

(e)(h)(j)

..

72,889

1,075,842

Mythic

AI,

Inc.,

Series

C

,

(Acquired

01/26/21,

cost

$1,646,873)

(e)(h)(j)

..

2,397

—

Noodle

Partners,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$2,167,122)

(e)(h)(j)

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

242,823

568,206

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$1,355,632)

(e)(h)(j)

..

51,690

1,517,101

RapidSOS,

Inc.,

Series

C-1

(e)(h)

.....

1,308,937

1,269,669

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$2,333,656)

(e)(h)(j)

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

102,196

2,177,797

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$3,134,750)

(e)(h)

(j)

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

58,878

$

2,568,847

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$1,780,353)

(e)(h)(j)

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

18,737

976,947

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$839,659)

(e)(h)(j)

...

55,904

359,463

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$2,149,052)

(e)(h)(j)

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

360,289

1,088,073

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$292,552)

(e)(h)(j)

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

44,138

138,593

Verge

Genomics,

Series

B,

(Acquired

11/

05/21,

cost

$2,013,552)

(e)(h)(j)

..

378,004

2,453,246

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$321,734)

(e)(h)(j)

...

44,740

323,470

Wells

Fargo

&

Co.,

Series

L,

7.50%

(q)(r)

1,367

1,752,767

Zero

Mass

Water,

Inc.,

Series

C-1

,

(Acquired

05/07/20,

cost

$2,397,628)

(e)(h)(j)

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

152,099

1,478,402

Zero

Mass

Water,

Inc.,

Series

D,

(Acquired

07/05/22,

cost

$449,221)

(e)

(h)(j)

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

10,967

190,716

Zero

Mass

Water,

Inc.,

Series

D-2,

(Acquired

05/16/24,

cost

$0)

(e)(h)(j)

.

7,793

52,213

Zero

Mass

Water,

Inc.,

Series

D-3,

(Acquired

05/15/24,

cost

$1,080,539)

(e)(h)(j)

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

11,384

175,997

70,653,917

Total

Preferred

Stocks

—

2.3%  

(Cost:

$120,131,750)

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

101,811,950

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

11.89%, 10/30/40

(b)

110,488

3,300,276

Total

Trust

Preferreds

—

0.1%  

(Cost:

$3,055,236)

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

3,300,276

Total

Preferred

Securities

—

2.4%

(Cost:

$124,194,477)

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

106,062,339

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

Series

KL06,

Class

XFX,

1.47%

,

 12/25/29

........

USD

2,207

104,584

Series

KW09,

Class

X1,

0.94%

,

 05/25/29

........

14,819

404,249

508,833

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

—

1.4%

Uniform

Mortgage-Backed

Securities,

3.50%, 10/25/54

(v)

...........

USD

66,450

$

61,875,838

Total

U.S.

Government

Sponsored

Agency

Securities

—

1.4%  

(Cost:

$63,006,705)

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

62,384,671

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Notes

,

2.13%, 04/15/29

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

21,539

22,136,288

U.S.

Treasury

Notes

4.25%, 

12/31/24

(k)

(l)

..........

19,545

19,522,407

4.00%, 12/15/25

(k)(w)(x)

.........

32,462

32,513,990

4.63%, 09/30/28

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

16,622

17,267,401

Total

U.S.

Treasury

Obligations

—

2.0%

(Cost:

$90,131,023)

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

91,440,086

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(h)

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

21,152

6,028

Israel

—

0.0%

(h)

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(e)(j)

.........

24,748

2,722

Innovid

Corp.,

Class

A

(Issued/

Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27

,

Strike

Price

USD

11.50)

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

10,869

437

3,159

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$0)

(Issued/Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(e)(h)

(j)

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

197,161

311,042

United

States

—

0.1%

(h)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(e)

..........

42,220

—

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(e)

..........

90,780

3,495

Davidson

Homes,

Inc.

(Issued/

Exercisable

05/16/24,

1

Share

for

1

Warrant,

Expires

05/16/34,

Strike

Price

USD

8.

47)

(e)

...........

29,296

321,963

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

38,021

12,258

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Pri

ce

USD

11.50)

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

28,141

560

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Insight

M,

Inc.

(Issued/Exercisable

01/31/24,

1

Share

for

1

Warrant,

,

Strike

Price

USD

0.34)

(e)

.......

1,614,659

$

197,150

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26

,

Strike

Price

USD

11.50)

(e)

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

28,921

—

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

76,842

8

New

York

Community

Bancorp,

Inc.,

(Acquired

03/11/24,

cost

$0)

(Issued/

Exercis

able

03/11/24,

1

Share

for

1

Warrant,

Expires

03/11/31,

Strike

Price

USD

2.50)

(j)

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

441

1,070,056

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

50,071

150

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

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

30,984

930

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

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

59,602

1,788

RapidSOS,

Inc.

(Issued/Exercisable

12/13/23,

1

Share

for

1

Warrant,

Expires

12/13/33,

Strike

Price

USD

0.01)

(e)

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

725,761

696,731

Sonder

Holdings,

Inc.

(Issued/

Exercisable

06/10/24,

1

Share

for

1

Warrant,

Expires

12/10/26

,

Strike

Price

USD

36.00)

(e)

..........

13,792

64,684

Volato

Group,

Inc.,

(Acquired

12/03/23,

cost

$51,838)

(Issued/Exercisable

12/04/23,

1

Share

for

1

Warrant,

Expires

12/03/28,

Strike

Price

USD

11.50)

(j)

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

51,838

938

2,370,711

Total

Warrants

—

0.1%

(Cost:

$613,945)

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

2,690,940

Total

Long-Term

Investments

—

93.8%

(Cost:

$3,920,155,152)

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

4,243,675,024

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

0.0%

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills,

24.76%

,

02/18/25

(y)

..........

EGP

71,725

1,339,336

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$1,392,234)

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

1,339,336

Security

Shares

Shares

Value

Money

Market

Funds

—

7.0%

(g)(z)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.05%

(aa)

....

97,257,438

$

97,335,244

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.83%

......

220,247,618

220,247,618

Total

Money

Market

Funds

—

7.0%

(Cost:

$

317,580,960)

.............................

317,582,862

Total

Short-Term

Securities

—

7.0%

(Cost:

$318,973,194)

.............................

318,922,198

Total

Options

Purchased

—

0.7%

(Cost:

$27,945,436

)

..............................

27,960,890

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

101.5%

(Cost:

$4,267,073,782)

...........................

4,590,558,112

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$(14,620,440))

................

(14,093,420)

Investments

Sold

Short

Investment

Companies

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(g)

...............

(48,445)

(3,890,133)

Total

Investment

Companies

—

(0.1)%

(Proceeds:

$(3,739,109))

..........................

(

3,890,133)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$(3,739,109)

)

..........................

(3,890,133)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

101.1%

(Cost:

$4,248,714,233)

...........................

4,572,574,559

Liabilities

in

Excess

of

Other

Assets

—

(1.1)%

............

(49,927,725)

Net

Assets

—

100.0%

..............................

$

4,522,646,834

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

30

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Zero-coupon

bond.

(g)

Affiliate

of

the

Fund.

(h)

Non-income

producing

security.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(j)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$111,459,882,

representing

2.46%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$129,932,127.

(k)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(l)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(m)

Investment

does

not

issue

shares.

(n)

Rounds

to

less

than

1,000.

(o)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(p)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(q)

Convertible

security.

(r)

Perpetual

security

with

no

stated

maturity

date.

(s)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(t)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(u)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(v)

Represents

or

includes

a

TBA

transaction.

(w)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(x)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(y)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(z)

Annualized

7-day

yield

as

of

period

end.

(aa)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

31

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

September

30,

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

09/30/24

Par/Shares

Held

at

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

97,288,720

(a)

$

—

$

44,622

$

1,902

$

97,335,244

97,257,438

$

248,540

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

343,903,917

—

(123,656,299)

(a)

—

—

220,247,618

220,247,618

10,435,642

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

92,083,676

—

(

92,069,390)

(a)

(14,936)

650

—

—

—

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/24

(c)

......

909,500

—

(877,387)

(20,522,613)

20,490,500

—

—

—

—

iShares

0-5

Year

TIPS

Bond

ETF

................

4,461,690

—

—

—

123,547

4,585,237

45,255

90,502

—

iShares

Biotechnology

ETF

..

—

4,578,700

—

—

80,500

4,659,200

32,000

6,415

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

—

16,386,582

—

—

238,039

16,624,621

441,557

31,049

—

iShares

Core

S&P

Small-Cap

ETF

................

—

2,297,194

—

—

13,819

2,311,013

19,759

10,172

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

..............

3,144,736

—

(3,206,030)

104,495

(43,201)

—

—

90,525

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

................

2,602,779

—

—

—

132,096

2,734,875

29,225

87,156

—

iShares

Latin

America

40

ETF

2,527,493

—

(854,251)

(15,568)

(305,561)

1,352,113

52,185

57,575

—

iShares

MSCI

Brazil

ETF

...

3,445,343

—

(1,111,842)

(484,707)

(

105,021)

1,743,773

59,131

90,111

—

iShares

MSCI

Emerging

Markets

ETF

..........

511,069

—

—

—

71,812

582,881

12,710

3,684

—

iShares

Russell

Mid-Cap

Growth

ETF

..........

1,260,623

—

(638,799)

63,445

22,459

707,728

6,034

3,692

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

.......

2

1,300,404

—

—

(1,300,405)

1

14,448,961

1

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.......

9,890,344

3,164

—

—

(7,673,589)

2,219,919

16,144,865

1

—

Quintis

HoldCo

Pty.

Ltd.

....

52

—

—

—

1

53

7,642,509

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

—

24,777,518

(28,545,724)

29,097

(

151,024)

(3,890,133)

(48,445)

80,324

—

$

(20,796,165)

$

11,596,524

$

351,214,143

$

11,235,389

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

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.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

32

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IFSC

NIFTY

50

Index

.......................................................

197

10/31/24

$

10,237

$

(

63,421

)

Euro-Bobl

...............................................................

1,768

12/06/24

236,264

2,081,771

Euro-BTP

...............................................................

73

12/06/24

9,871

198,936

Euro-Bund

..............................................................

1,031

12/06/24

154,842

1,312,980

Euro-OAT

...............................................................

189

12/06/24

26,685

139,352

Euro-Schatz

.............................................................

202

12/06/24

24,099

120,917

OSE

Nikkei

225

Index

.......................................................

483

12/12/24

128,652

7,726,236

Australia

10-Year

Bond

......................................................

1,105

12/16/24

88,920

(

962,663

)

U.S.

Treasury

Long

Bond

.....................................................

289

12/19/24

35,935

(

128,487

)

EURO

STOXX

Banks

.......................................................

499

12/20/24

4,025

36,762

MSCI

Emerging

Markets

Index

.................................................

91

12/20/24

5,336

303,682

Russell

2000

E-Mini

Index

....................................................

263

12/20/24

29,577

458,630

Long

Gilt

................................................................

183

12/27/24

24,082

(

156,572

)

U.S.

Treasury

5-Year

Note

....................................................

8,541

12/31/24

939,110

(

1,091,583

)

9,976,540

Short

Contracts

Euro-Buxl

...............................................................

21

12/06/24

3,186

(

25,519

)

Japan

10-Year

Bond

........................................................

18

12/13/24

18,116

(

56,280

)

S&P/TSX

60

Index

.........................................................

26

12/19/24

5,554

(

56,081

)

U.S.

Treasury

10-Year

Note

...................................................

364

12/19/24

41,633

30,191

U.S.

Treasury

10-Year

Ultra

Note

...............................................

3,608

12/19/24

427,379

(

782,259

)

U.S.

Treasury

Ultra

Bond

.....................................................

254

12/19/24

33,853

89,215

EURO

STOXX

50

Index

.....................................................

190

12/20/24

10,655

(

330,044

)

FTSE

100

Index

...........................................................

49

12/20/24

5,442

32,828

Nasdaq-100

E-Mini

Index

.....................................................

302

12/20/24

122,378

(

3,436,646

)

S&P

500

E-Mini

Index

.......................................................

539

12/20/24

156,694

(

2,151,846

)

U.S.

Treasury

2-Year

Note

....................................................

9,375

12/31/24

1,952,563

(

4,300,977

)

(

10,987,418

)

$

(

1,010,878

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

7,233,288

USD

1,304,000

Barclays

Bank

plc

10/02/24

$

23,769

BRL

7,414,245

USD

1,314,000

Citibank

NA

10/02/24

46,986

BRL

7,457,496

USD

1,330,000

Goldman

Sachs

International

10/02/24

38,926

BRL

37,560,441

USD

6,561,807

JPMorgan

Chase

Bank

NA

10/02/24

332,927

USD

8,614,693

BRL

44,882,550

JPMorgan

Chase

Bank

NA

10/02/24

375,886

TRY

46,124,578

USD

1,309,000

Barclays

Bank

plc

10/07/24

33,078

EUR

834,308

USD

913,527

State

Street

Bank

and

Trust

Co.

10/17/24

15,792

EUR

85,260

USD

93,418

Wells

Fargo

Bank

NA

10/17/24

1,552

TRY

33,870,445

USD

961,000

Barclays

Bank

plc

10/23/24

6,859

TRY

49,374,330

USD

1,317,000

Citibank

NA

10/23/24

93,888

TRY

92,161,303

USD

2,531,000

Goldman

Sachs

International

10/23/24

102,540

TRY

109,721,009

USD

2,959,833

UBS

AG

10/23/24

175,482

USD

1,590,816

COP

6,688,826,000

Morgan

Stanley

&

Co.

International

plc

10/23/24

5,223

USD

2,787,696

COP

11,667,900,000

Societe

Generale

SA

10/23/24

21,809

AUD

913,000

USD

628,473

BNP

Paribas

SA

10/24/24

2,968

AUD

234,000

USD

159,969

JPMorgan

Chase

Bank

NA

10/24/24

1,868

AUD

1,014,000

USD

686,354

UBS

AG

10/24/24

14,940

BRL

76,487,452

USD

13,890,898

Citibank

NA

10/24/24

111,417

BRL

30,678,227

USD

5,572,000

Goldman

Sachs

International

10/24/24

44,166

CLP

628,960,080

USD

677,000

Bank

of

America

NA

10/24/24

22,258

CLP

1,216,643,840

USD

1,312,000

Barclays

Bank

plc

10/24/24

40,627

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

33

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CLP

1,900,058,388

USD

2,053,429

Morgan

Stanley

&

Co.

International

plc

10/24/24

$

58,997

CNY

36,635,913

USD

5,188,000

Bank

of

America

NA

10/24/24

50,840

CNY

17,575,049

USD

2,502,000

Citibank

NA

10/24/24

11,186

CNY

7,333,114

USD

1,042,000

UBS

AG

10/24/24

6,616

EUR

179,000

USD

199,287

HSBC

Bank

plc

10/24/24

164

EUR

614,246

USD

684,257

State

Street

Bank

and

Trust

Co.

10/24/24

169

GBP

741,114

USD

979,043

Barclays

Bank

plc

10/24/24

11,779

GBP

174,000

USD

231,597

JPMorgan

Chase

Bank

NA

10/24/24

1,030

IDR

69,238,128,000

USD

4,503,000

Citibank

NA

10/24/24

49,684

INR

103,089,468

USD

1,228,821

Goldman

Sachs

International

10/24/24

182

JPY

186,750,715

USD

1,303,000

Bank

of

America

NA

10/24/24

724

KRW

863,083,000

USD

650,000

BNP

Paribas

SA

10/24/24

5,050

KRW

1,738,254,900

USD

1,311,000

Citibank

NA

10/24/24

8,275

MYR

44,673,756

USD

10,559,353

Barclays

Bank

plc

10/24/24

267,682

NOK

6,642,603

USD

629,000

JPMorgan

Chase

Bank

NA

10/24/24

613

NOK

14,084,328

USD

1,329,000

Morgan

Stanley

&

Co.

International

plc

10/24/24

5,969

PEN

13,834,829

USD

3,677,189

BNP

Paribas

SA

10/24/24

53,557

RON

1,078,607

USD

241,000

UBS

AG

10/24/24

238

SGD

1,701,924

USD

1,316,000

Barclays

Bank

plc

10/24/24

9,791

SGD

340,423

USD

264,000

Natwest

Markets

plc

10/24/24

1,188

THB

40,778,965

USD

1,257,000

Citibank

NA

10/24/24

12,363

THB

224,209,301

USD

6,726,145

HSBC

Bank

plc

10/24/24

253,019

THB

44,221,363

USD

1,344,000

Societe

Generale

SA

10/24/24

32,518

TWD

58,114,624

USD

1,834,600

Citibank

NA

10/24/24

4,091

TWD

11,806,635

USD

369,000

HSBC

Bank

plc

10/24/24

4,551

USD

1,315,000

BRL

7,161,490

Citibank

NA

10/24/24

3,969

USD

1,251,000

IDR

19,012,635,450

Citibank

NA

10/24/24

843

USD

2,835,210

MXN

55,205,984

Goldman

Sachs

International

10/24/24

41,517

USD

8,403,716

MXN

147,770,637

State

Street

Bank

and

Trust

Co.

10/24/24

925,799

USD

12,255,712

PLN

47,026,662

HSBC

Bank

plc

10/24/24

43,929

USD

63,505

PLN

243,334

Natwest

Markets

plc

10/24/24

317

USD

1,257,000

ZAR

21,739,124

UBS

AG

10/24/24

1,247

ZAR

31,722,842

USD

1,822,000

Morgan

Stanley

&

Co.

International

plc

10/24/24

10,459

ZAR

45,785,550

USD

2,603,000

UBS

AG

10/24/24

41,786

TRY

45,380,000

USD

1,286,464

Barclays

Bank

plc

10/25/24

7,281

TRY

25,893,008

USD

698,000

Barclays

Bank

plc

10/28/24

37,616

TRY

52,296,825

USD

1,403,000

Citibank

NA

10/28/24

82,744

TRY

47,400,143

USD

1,303,000

UBS

AG

11/12/24

21,409

TRY

66,250,936

USD

1,817,000

Citibank

NA

11/18/24

21,964

USD

12,695,455

COP

53,303,138,013

Citibank

NA

11/20/24

104,508

USD

1,340,044

COP

5,580,614,791

JPMorgan

Chase

Bank

NA

11/20/24

21,825

USD

6,704,384

CZK

150,302,434

Bank

of

America

NA

11/20/24

61,892

USD

736,314

CZK

16,594,624

BNP

Paribas

SA

11/20/24

2,928

USD

1,354,984

HUF

478,546,434

Canadian

Imperial

Bank

of

Commerce

11/20/24

16,739

USD

171,174

HUF

60,840,107

Nomura

International

plc

11/20/24

1,036

USD

1,265,596

IDR

19,253,509,599

Deutsche

Bank

AG

11/20/24

486

USD

5,478,686

IDR

83,245,900,330

Morgan

Stanley

&

Co.

International

plc

11/20/24

8,764

USD

7,220,374

MXN

140,845,392

JPMorgan

Chase

Bank

NA

11/20/24

122,958

USD

1,265,542

MXN

24,775,503

Goldman

Sachs

International

11/20/24

17,066

USD

1,074,930

PLN

4,136,047

Morgan

Stanley

&

Co.

International

plc

11/20/24

1,668

USD

6,694,108

PLN

25,682,509

Natwest

Markets

plc

11/20/24

29,760

USD

1,338,564

BRL

7,322,109

BNP

Paribas

SA

11/21/24

2,393

TRY

19,269,719

USD

481,281

Barclays

Bank

plc

12/04/24

44,280

TRY

44,749,281

USD

1,150,847

Goldman

Sachs

International

12/04/24

69,644

TRY

27,061,000

USD

632,671

BNP

Paribas

SA

12/06/24

103,834

TRY

99,151,000

USD

2,387,167

UBS

AG

12/06/24

311,375

AUD

93,460,743

USD

62,319,287

Bank

of

New

York

Mellon

12/18/24

2,346,357

BRL

89,242,328

EUR

14,093,861

Goldman

Sachs

International

12/18/24

493,358

BRL

22,000,000

USD

3,843,806

UBS

AG

12/18/24

157,695

CAD

66,450,279

USD

48,974,463

Natwest

Markets

plc

12/18/24

258,369

CNY

294,253,422

USD

41,643,859

BNP

Paribas

SA

12/18/24

617,681

DKK

113,725,781

USD

16,887,523

Citibank

NA

12/18/24

163,976

EUR

20,276,509

CHF

18,797,581

UBS

AG

12/18/24

237,972

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

34

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

42,164,899

USD

46,666,306

Royal

Bank

of

Canada

12/18/24

$

419,221

GBP

7,180,488

EUR

8,488,952

Bank

of

America

NA

12/18/24

118,653

HUF

1,668,498,599

USD

4,612,569

BNP

Paribas

SA

12/18/24

49,602

JPY

3,187,352,886

USD

22,380,000

Citibank

NA

12/18/24

36,251

JPY

636,637,404

USD

4,463,721

JPMorgan

Chase

Bank

NA

12/18/24

13,670

KRW

27,641,010,030

USD

20,674,987

HSBC

Bank

plc

12/18/24

366,345

MXN

316,716,732

EUR

14,042,379

JPMorgan

Chase

Bank

NA

12/18/24

210,281

MXN

202,792,532

USD

9,953,904

Morgan

Stanley

&

Co.

International

plc

12/18/24

221,300

NOK

235,977,513

CHF

18,246,902

Barclays

Bank

plc

12/18/24

622,176

NZD

3,796,841

USD

2,337,199

Morgan

Stanley

&

Co.

International

plc

12/18/24

75,242

PLN

28,615,906

USD

7,349,618

Citibank

NA

12/18/24

67,046

SEK

150,812,332

USD

14,610,440

Natwest

Markets

plc

12/18/24

297,074

SGD

11,263,938

USD

8,676,742

Royal

Bank

of

Canada

12/18/24

121,394

TWD

479,857,712

USD

15,082,751

Morgan

Stanley

&

Co.

International

plc

12/18/24

221,420

USD

4,482,863

EUR

4,009,810

JPMorgan

Chase

Bank

NA

12/18/24

5,110

USD

4,470,406

GBP

3,343,486

JPMorgan

Chase

Bank

NA

12/18/24

1,120

USD

4,290,089

MXN

85,291,259

Citibank

NA

12/18/24

10,563

ZAR

190,682,163

EUR

9,522,933

Citibank

NA

12/18/24

329,284

ZAR

133,745,884

USD

7,397,790

State

Street

Bank

and

Trust

Co.

12/18/24

292,118

12,278,551

BRL

7,322,109

USD

1,346,001

BNP

Paribas

SA

10/02/24

(

1,928

)

USD

3,948,000

BRL

21,546,842

Goldman

Sachs

International

10/02/24

(

7,218

)

USD

1,232,167

TRY

43,629,791

Barclays

Bank

plc

10/07/24

(

37,320

)

USD

1,966,000

TRY

68,375,042

HSBC

Bank

plc

10/07/24

(

23,495

)

USD

340,480

EUR

310,719

Deutsche

Bank

AG

10/17/24

(

5,624

)

USD

2,134,427

EUR

1,947,995

UBS

AG

10/17/24

(

35,407

)

COP

31,961,000,000

USD

7,683,197

BNP

Paribas

SA

10/23/24

(

106,811

)

USD

9,215,781

COP

39,332,491,316

Morgan

Stanley

&

Co.

International

plc

10/23/24

(

108,025

)

USD

2,625,000

TRY

94,641,487

Barclays

Bank

plc

10/23/24

(

79,413

)

USD

2,967,769

TRY

111,261,664

Citibank

NA

10/23/24

(

211,571

)

USD

1,992,000

TRY

72,160,200

UBS

AG

10/23/24

(

70,002

)

CNY

4,391,301

USD

629,000

JPMorgan

Chase

Bank

NA

10/24/24

(

1,055

)

COP

13,918,388,939

USD

3,302,477

BNP

Paribas

SA

10/24/24

(

3,582

)

COP

2,382,666,000

USD

572,000

Deutsche

Bank

AG

10/24/24

(

7,268

)

CZK

15,105,016

USD

670,000

BNP

Paribas

SA

10/24/24

(

2,785

)

CZK

84,365,962

USD

3,761,532

UBS

AG

10/24/24

(

34,941

)

EUR

198,000

GBP

165,633

Goldman

Sachs

International

10/24/24

(

819

)

EUR

839,668

GBP

708,010

Standard

Chartered

Bank

10/24/24

(

10,960

)

EUR

2,940,000

USD

3,284,290

HSBC

Bank

plc

10/24/24

(

8,384

)

HUF

296,809,260

USD

836,000

BNP

Paribas

SA

10/24/24

(

5,153

)

HUF

14,801,964

USD

41,667

UBS

AG

10/24/24

(

232

)

IDR

33,225,110,000

USD

2,185,000

Citibank

NA

10/24/24

(

316

)

INR

19,995,027

USD

239,000

Royal

Bank

of

Canada

10/24/24

(

625

)

JPY

37,739,605

USD

264,000

HSBC

Bank

plc

10/24/24

(

536

)

KRW

823,694,780

USD

631,000

Morgan

Stanley

&

Co.

International

plc

10/24/24

(

5,844

)

MXN

124,143,542

USD

6,524,212

Goldman

Sachs

International

10/24/24

(

241,942

)

MXN

36,364,492

USD

1,867,000

HSBC

Bank

plc

10/24/24

(

26,779

)

MXN

47,384,962

USD

2,490,104

UBS

AG

10/24/24

(

92,193

)

NOK

2,700,284

USD

257,000

Toronto

Dominion

Bank

10/24/24

(

1,056

)

PLN

321,243

EUR

75,000

Goldman

Sachs

International

10/24/24

(

149

)

PLN

5,299,843

EUR

1,238,000

State

Street

Bank

and

Trust

Co.

10/24/24

(

3,194

)

PLN

3,291,787

USD

856,000

BNP

Paribas

SA

10/24/24

(

1,196

)

RON

7,159,444

USD

1,604,379

UBS

AG

10/24/24

(

3,121

)

USD

1,257,000

CLP

1,134,128,250

Goldman

Sachs

International

10/24/24

(

3,889

)

USD

1,567,000

JPY

225,074,007

Barclays

Bank

plc

10/24/24

(

4,262

)

USD

920,065

SEK

9,396,766

Bank

of

America

NA

10/24/24

(

6,253

)

USD

180,000

SEK

1,837,657

Natwest

Markets

plc

10/24/24

(

1,153

)

USD

2,203,600

TWD

69,887,174

HSBC

Bank

plc

10/24/24

(

7,563

)

USD

675,659

ZAR

11,902,095

Canadian

Imperial

Bank

of

Commerce

10/24/24

(

11,861

)

USD

448,927

TRY

15,857,614

Goldman

Sachs

International

10/25/24

(

3,160

)

USD

1,239,521

TRY

43,982,220

HSBC

Bank

plc

10/25/24

(

14,374

)

USD

2,563,000

TRY

90,462,879

UBS

AG

10/28/24

(

7,035

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

35

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

HUF

1,550,663,495

USD

4,385,163

Natwest

Markets

plc

11/20/24

$

(

48,765

)

MXN

120,364,825

USD

6,169,031

UBS

AG

11/20/24

(

103,663

)

PLN

47,368,684

USD

12,341,965

Barclays

Bank

plc

11/20/24

(

50,277

)

USD

5,483,296

PEN

20,583,229

Barclays

Bank

plc

11/20/24

(

65,801

)

USD

610,345

THB

20,046,795

Goldman

Sachs

International

11/20/24

(

14,740

)

USD

4,882,023

THB

160,618,553

HSBC

Bank

plc

11/20/24

(

126,271

)

USD

433,852

UYU

18,247,458

Citibank

NA

11/20/24

(

5,106

)

USD

1,467,572

ZAR

25,555,424

Canadian

Imperial

Bank

of

Commerce

11/20/24

(

5,277

)

USD

7,219,808

ZAR

126,983,051

Goldman

Sachs

International

11/20/24

(

98,674

)

USD

18,324,689

BRL

100,783,956

Deutsche

Bank

AG

11/21/24

(

66,813

)

USD

1,087,598

BRL

6,095,226

JPMorgan

Chase

Bank

NA

11/21/24

(

24,686

)

USD

1,615,010

TRY

64,019,000

UBS

AG

12/04/24

(

131,038

)

USD

3,209,713

TRY

126,212,000

Barclays

Bank

plc

12/06/24

(

225,335

)

USD

1,145,315

PEN

4,368,003

Goldman

Sachs

International

12/11/24

(

32,134

)

CHF

87,333,009

USD

104,297,523

Barclays

Bank

plc

12/18/24

(

205,487

)

CNY

46,292,645

USD

6,680,286

JPMorgan

Chase

Bank

NA

12/18/24

(

31,600

)

JPY

4,202,204,176

EUR

27,022,198

State

Street

Bank

and

Trust

Co.

12/18/24

(

622,106

)

JPY

24,594,412,631

USD

175,143,441

Barclays

Bank

plc

12/18/24

(

2,174,036

)

JPY

3,158,549,310

USD

22,260,000

State

Street

Bank

and

Trust

Co.

12/18/24

(

46,321

)

MXN

88,767,788

USD

4,463,721

Morgan

Stanley

&

Co.

International

plc

12/18/24

(

9,758

)

USD

2,279,837

BRL

13,048,631

UBS

AG

12/18/24

(

93,532

)

USD

8,869,905

EUR

8,013,022

Bank

of

America

NA

12/18/24

(

78,234

)

USD

4,408,672

EUR

3,975,111

Morgan

Stanley

&

Co.

International

plc

12/18/24

(

30,333

)

USD

58,327,271

GBP

44,570,552

Deutsche

Bank

AG

12/18/24

(

1,250,834

)

USD

40,877,541

HKD

317,700,246

Citibank

NA

12/18/24

(

32,857

)

USD

3,011

IDR

46,738,348

JPMorgan

Chase

Bank

NA

12/18/24

(

57

)

USD

775,122

INR

65,346,269

Citibank

NA

12/18/24

(

1,728

)

USD

17,448,059

NOK

188,909,814

Morgan

Stanley

&

Co.

International

plc

12/18/24

(

460,554

)

COP

11,667,900,000

USD

2,933,107

Citibank

NA

02/21/25

(

210,298

)

COP

16,156,905,000

USD

3,895,107

HSBC

Bank

plc

02/24/25

(

126,299

)

(

7,571,108

)

$

4,707,443

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

HSBC

Bank

plc

11/27/24

SGD

1.32

SGD

1.32

USD

317

$

25,043

USD

Currency

...............

One-Touch

HSBC

Bank

plc

12/09/24

CNH

7.65

CNH

7.65

USD

199

1,264

26,307

Put

EUR

Currency

...............

Down

and

Out

Goldman

Sachs

International

10/07/24

USD

1.07

USD

1.01

EUR

9,659

51

USD

Currency

...............

Down

and

Out

UBS

AG

10/30/24

TRY

35.50

TRY

34.00

USD

2,432

31,873

EUR

Currency

...............

One-Touch

HSBC

Bank

plc

11/04/24

USD

1.06

USD

1.06

EUR

361

4,401

EUR

Currency

...............

One-Touch

Bank

of

America

NA

11/12/24

USD

1.05

USD

1.05

EUR

92

1,004

EUR

Currency

...............

One-Touch

Bank

of

America

NA

11/19/24

USD

1.05

USD

1.05

EUR

92

1,570

EUR

Currency

...............

One-Touch

Barclays

Bank

plc

12/09/24

USD

1.04

USD

1.04

EUR

185

3,473

USD

Currency

...............

One-Touch

UBS

AG

12/12/24

TRY

35.25

TRY

35.25

USD

133

24,734

67,106

$

93,413

$

–

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

36

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

NVIDIA

Corp.

..............................

1,039

10/11/24

USD

125.00

USD

12,618

$

235,334

CBOE

Volatility

Index

.........................

259

10/16/24

USD

25.00

USD

433

13,986

Alphabet,

Inc.

..............................

188

10/18/24

USD

170.00

USD

3,143

46,154

Amazon.com,

Inc.

...........................

389

10/18/24

USD

185.00

USD

7,248

210,060

Amazon.com,

Inc.

...........................

587

10/18/24

USD

180.00

USD

10,938

515,093

Apple,

Inc.

................................

324

10/18/24

USD

225.00

USD

7,549

329,670

Apple,

Inc.

................................

438

10/18/24

USD

230.00

USD

10,205

282,510

Apple,

Inc.

................................

1,167

10/18/24

USD

235.00

USD

27,191

420,120

Broadcom,

Inc.

.............................

172

10/18/24

USD

180.00

USD

2,967

53,491

ConocoPhillips

.............................

1,158

10/18/24

USD

115.00

USD

12,191

23,739

Informatica,

Inc.

............................

128

10/18/24

USD

30.00

USD

324

1,600

JPMorgan

Chase

&

Co.

.......................

262

10/18/24

USD

230.00

USD

5,525

6,288

JPMorgan

Chase

&

Co.

.......................

522

10/18/24

USD

220.00

USD

11,007

74,385

LVMH

Moet

Hennessy

Louis

Vuitton

SE

............

104

10/18/24

EUR

690.00

EUR

7,160

579

Microsoft

Corp.

.............................

194

10/18/24

USD

440.00

USD

8,348

73,720

NVIDIA

Corp.

..............................

520

10/18/24

USD

115.00

USD

6,315

461,500

Sabre

Corp.

...............................

204

10/18/24

USD

4.50

USD

75

510

Shell

plc

..................................

869

10/18/24

EUR

32.00

EUR

2,569

1,935

SPDR

Gold

Shares

(a)

.........................

1,355

10/18/24

USD

245.00

USD

32,935

400,403

SPDR

S&P

500

ETF

Trust

......................

1,752

10/18/24

USD

575.00

USD

100,523

1,132,668

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

205

10/18/24

USD

150.00

USD

2,696

2,665

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

195

10/18/24

USD

175.00

USD

3,387

137,475

Tesla,

Inc.

.................................

523

10/18/24

USD

275.00

USD

13,683

649,828

Walmart,

Inc.

..............................

741

10/18/24

USD

80.00

USD

5,984

140,049

Walt

Disney

Co.

(The)

........................

515

10/18/24

USD

110.00

USD

4,954

3,862

Western

Digital

Corp.

.........................

260

10/18/24

USD

75.00

USD

1,776

9,620

Apple,

Inc.

................................

1,175

10/25/24

USD

240.00

USD

27,378

286,113

SPDR

Gold

Shares

(a)

.........................

1,055

10/25/24

USD

240.00

USD

25,643

667,288

SPDR

S&P

500

ETF

Trust

......................

2,640

10/25/24

USD

580.00

USD

151,473

1,342,440

U.S.

Treasury

10-Year

Note

.....................

26

10/25/24

USD

116.50

USD

2,600

2,438

U.S.

Treasury

30-Year

Bond

....................

20

10/25/24

USD

126.50

USD

2,000

9,375

U.S.

Treasury

5-Year

Note

.....................

36

10/25/24

USD

111.25

USD

3,600

3,375

SPDR

S&P

500

ETF

Trust

......................

785

11/01/24

USD

580.00

USD

45,040

511,820

Apple,

Inc.

................................

1,091

11/15/24

USD

225.00

USD

25,420

1,543,765

Boston

Scientific

Corp.

........................

716

11/15/24

USD

85.00

USD

6,000

189,740

DR

Horton,

Inc.

.............................

391

11/15/24

USD

200.00

USD

7,459

246,330

Edwards

Lifesciences

Corp.

....................

518

11/15/24

USD

72.50

USD

3,418

89,355

Fifth

Third

Bancorp

..........................

582

11/15/24

USD

43.00

USD

2,493

116,399

Freeport-McMoRan,

Inc.

.......................

1,905

11/15/24

USD

55.00

USD

9,510

195,263

Hewlett

Packard

Enterprise

Co.

..................

236

11/15/24

USD

22.00

USD

483

12,389

Home

Depot,

Inc.

(The)

.......................

87

11/15/24

USD

390.00

USD

3,525

212,063

Humana,

Inc.

..............................

110

11/15/24

USD

395.00

USD

3,484

42,900

JPMorgan

Chase

&

Co.

.......................

349

11/15/24

USD

215.00

USD

7,359

205,910

Mastercard,

Inc.

............................

97

11/15/24

USD

510.00

USD

4,790

87,785

Meta

Platforms,

Inc.

..........................

327

11/15/24

USD

590.00

USD

18,719

884,535

Micron

Technology,

Inc.

.......................

1,307

11/15/24

USD

115.00

USD

13,555

365,307

Oracle

Corp.

...............................

389

11/15/24

USD

180.00

USD

6,629

90,637

SPDR

Gold

Shares

(a)

.........................

653

11/15/24

USD

255.00

USD

15,872

152,149

SPDR

Gold

Shares

(a)

.........................

669

11/15/24

USD

240.00

USD

16,261

555,270

SPDR

Gold

Shares

(a)

.........................

953

11/15/24

USD

245.00

USD

23,164

540,828

SPDR

Gold

Shares

(a)

.........................

1,122

11/15/24

USD

250.00

USD

27,271

406,725

Trane

Technologies

plc

........................

233

11/15/24

USD

400.00

USD

9,057

286,590

Uniti

Group,

Inc.

............................

195

11/15/24

USD

6.00

USD

110

8,774

Uniti

Group,

Inc.

............................

201

11/15/24

USD

7.00

USD

113

3,518

Walmart,

Inc.

..............................

1,483

11/15/24

USD

80.00

USD

11,975

448,608

Western

Digital

Corp.

.........................

141

11/15/24

USD

82.50

USD

963

9,941

Bank

of

America

Corp.

........................

440

12/20/24

USD

41.00

USD

1,746

63,360

Capital

One

Financial

Corp.

.....................

235

12/20/24

USD

155.00

USD

3,519

172,725

Carrier

Global

Corp.

..........................

1,564

12/20/24

USD

85.00

USD

12,589

437,920

Costco

Wholesale

Corp.

.......................

106

12/20/24

USD

940.00

USD

9,397

225,780

Home

Depot,

Inc.

(The)

.......................

157

12/20/24

USD

400.00

USD

6,362

337,550

iShares

China

Large-Cap

ETF

...................

2,687

12/20/24

USD

34.00

USD

8,539

345,280

Meta

Platforms,

Inc.

..........................

402

12/20/24

USD

600.00

USD

23,012

1,189,920

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

37

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

NVIDIA

Corp.

..............................

295

12/20/24

USD

130.00

USD

3,582

$

265,500

NVIDIA

Corp.

..............................

519

12/20/24

USD

120.00

USD

6,303

692,865

Paramount

Global

...........................

187

12/20/24

USD

15.00

USD

199

374

SPDR

Gold

Shares

(a)

.........................

1,122

12/20/24

USD

255.00

USD

27,271

460,020

Fifth

Third

Bancorp

..........................

787

01/17/25

USD

45.00

USD

3,372

143,627

Paramount

Global

...........................

187

01/17/25

USD

15.00

USD

199

655

Sabre

Corp.

...............................

328

01/17/25

USD

5.00

USD

120

5,904

Shell

plc

..................................

1,372

01/17/25

USD

67.50

USD

9,048

322,419

SPDR

Gold

Shares

(a)

.........................

910

01/17/25

USD

255.00

USD

22,118

480,025

Uniti

Group,

Inc.

............................

281

01/17/25

USD

6.00

USD

158

18,265

19,907,063

Put

Alphabet,

Inc.

..............................

621

10/18/24

USD

155.00

USD

10,382

31,982

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

334

10/18/24

USD

77.00

USD

2,682

1,670

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

3,007

10/18/24

USD

78.00

USD

24,146

21,049

iShares

Russell

2000

ETF

......................

109

10/18/24

USD

210.00

USD

2,408

11,173

Merck

&

Co.,

Inc.

............................

776

10/18/24

USD

110.00

USD

8,812

51,992

SPDR

S&P

500

ETF

Trust

......................

191

10/18/24

USD

555.00

USD

10,959

39,537

SPDR

S&P

500

ETF

Trust

......................

464

10/18/24

USD

545.00

USD

26,622

57,536

SPDR

S&P

500

ETF

Trust

......................

972

10/18/24

USD

550.00

USD

55,769

154,548

American

Airlines

Group,

Inc.

....................

204

11/15/24

USD

9.00

USD

229

2,754

American

Airlines

Group,

Inc.

....................

219

11/15/24

USD

8.00

USD

246

1,205

SPDR

S&P

500

ETF

Trust

......................

1,039

11/15/24

USD

560.00

USD

59,614

746,522

Intel

Corp.

................................

204

12/20/24

USD

17.00

USD

479

6,324

1,126,292

$

21,033,355

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/09/24

MXN

18.30

USD

2,662

$

190,603

USD

Currency

...........

Standard

Chartered

Bank

—

10/29/24

CNH

7.05

USD

3,767

15,938

USD

Currency

...........

Deutsche

Bank

AG

—

11/12/24

BRL

5.75

USD

3,916

22,913

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

11/12/24

COP

4,200.00

USD

3,261

72,856

Financial

Select

Sector

SPDR

Fund

...............

JPMorgan

Chase

Bank

NA

4,147

11/15/24

USD

47.00

USD

188

83,953

386,263

Put

S&P

500

Index

..........

UBS

AG

4,689

10/18/24

USD

5,400.00

USD

27,020

99,618

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

11/12/24

USD

1.06

EUR

1,822

586

S&P

500

Index

..........

UBS

AG

1,463

11/15/24

USD

5,450.00

USD

8,431

125,259

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

11/19/24

USD

1.06

EUR

1,822

943

USD

Currency

...........

Goldman

Sachs

International

—

12/06/24

TRY

42.50

USD

1,223

193,397

419,803

$

806,066

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

38

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

Quarterly

JPMorgan

Chase

Bank

NA

10/16/24

USD

55.00

USD

20,420

$

3,697

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

Quarterly

Goldman

Sachs

International

11/20/24

USD

62.50

USD

28,065

21,292

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Bank

of

America

NA

10/16/24

USD

101.50

USD

5,375

1,409

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

Quarterly

Bank

of

America

NA

10/16/24

USD

106.50

USD

4,335

7,370

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Goldman

Sachs

International

10/16/24

USD

106.50

USD

5,720

5,248

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

Citibank

NA

10/16/24

EUR

325.00

EUR

25,279

22,794

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

42.V1

Quarterly

Goldman

Sachs

International

10/16/24

EUR

350.00

EUR

5,095

6,718

$

68,528

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.66%

Annual

Nomura

International

plc

10/08/24

3

.66

%

USD

29,663

$

571,039

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.66%

Annual

Nomura

International

plc

10/08/24

3

.66

USD

19,976

592,213

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

Citibank

NA

10/23/24

3

.75

USD

45,443

1,729,966

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/24/24

4

.00

USD

93,778

1,091,173

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

2.05%

Annual

JPMorgan

Chase

Bank

NA

12/17/24

2

.05

EUR

28,328

138,300

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.60%

Annual

JPMorgan

Chase

Bank

NA

12/17/24

3

.60

USD

58,358

1,268,370

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.00%

Annual

Goldman

Sachs

International

01/23/25

3

.00

USD

60,733

568,315

5,959,376

Put

2-Year

Interest

Rate

Swap

(a)

.

1.00%

Annual

1-day

TONAR

Annual

Deutsche

Bank

AG

11/18/24

1

.00

JPY

12,045,811

152

$

5,959,528

(a)

Forward

settling

swaption.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

39

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

NVIDIA

Corp.

...............................

1,039

10/11/24

USD

140.00

USD

12,618

$

(

14,026

)

CBOE

Volatility

Index

..........................

259

10/16/24

USD

40.00

USD

433

(

6,345

)

Adobe,

Inc.

.................................

50

10/18/24

USD

560.00

USD

2,589

(

5,651

)

Alphabet,

Inc.

...............................

271

10/18/24

USD

175.00

USD

4,531

(

27,100

)

Amazon.com,

Inc.

............................

229

10/18/24

USD

205.00

USD

4,267

(

5,496

)

Amazon.com,

Inc.

............................

308

10/18/24

USD

200.00

USD

5,739

(

18,172

)

Apple,

Inc.

.................................

195

10/18/24

USD

240.00

USD

4,544

(

33,637

)

Applied

Materials,

Inc.

.........................

120

10/18/24

USD

210.00

USD

2,425

(

52,800

)

Autodesk,

Inc.

...............................

55

10/18/24

USD

285.00

USD

1,515

(

11,412

)

Autodesk,

Inc.

...............................

83

10/18/24

USD

290.00

USD

2,286

(

9,131

)

Bank

of

America

Corp.

.........................

1,115

10/18/24

USD

42.00

USD

4,424

(

30,662

)

Broadcom,

Inc.

..............................

137

10/18/24

USD

190.00

USD

2,363

(

13,290

)

Charles

Schwab

Corp.

(The)

.....................

224

10/18/24

USD

72.50

USD

1,452

(

6,944

)

Charles

Schwab

Corp.

(The)

.....................

353

10/18/24

USD

70.00

USD

2,288

(

23,474

)

Chevron

Corp.

..............................

156

10/18/24

USD

150.00

USD

2,297

(

27,300

)

ConocoPhillips

..............................

211

10/18/24

USD

110.00

USD

2,221

(

18,357

)

Costco

Wholesale

Corp.

........................

22

10/18/24

USD

1,000.00

USD

1,950

(

1,056

)

Costco

Wholesale

Corp.

........................

25

10/18/24

USD

990.00

USD

2,216

(

1,312

)

Danaher

Corp.

..............................

79

10/18/24

USD

290.00

USD

2,196

(

10,467

)

Delta

Air

Lines,

Inc.

...........................

485

10/18/24

USD

50.00

USD

2,463

(

107,427

)

Eli

Lilly

&

Co.

...............................

17

10/18/24

USD

990.00

USD

1,506

(

2,116

)

Eli

Lilly

&

Co.

...............................

23

10/18/24

USD

1,000.00

USD

2,038

(

1,909

)

Freeport-McMoRan,

Inc.

........................

399

10/18/24

USD

50.00

USD

1,992

(

57,256

)

Freeport-McMoRan,

Inc.

........................

513

10/18/24

USD

47.00

USD

2,561

(

202,635

)

Goldman

Sachs

Group,

Inc.

(The)

.................

49

10/18/24

USD

525.00

USD

2,426

(

14,602

)

Goldman

Sachs

Group,

Inc.

(The)

.................

51

10/18/24

USD

535.00

USD

2,525

(

8,670

)

Intuitive

Surgical,

Inc.

..........................

26

10/18/24

USD

535.00

USD

1,277

(

7,800

)

Intuitive

Surgical,

Inc.

..........................

45

10/18/24

USD

540.00

USD

2,211

(

11,926

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

1,370

10/18/24

USD

80.00

USD

11,001

(

41,100

)

JPMorgan

Chase

&

Co.

........................

130

10/18/24

USD

225.00

USD

2,741

(

8,126

)

Meta

Platforms,

Inc.

...........................

39

10/18/24

USD

620.00

USD

2,233

(

6,688

)

Microsoft

Corp.

..............................

209

10/18/24

USD

460.00

USD

8,993

(

10,345

)

Oracle

Corp.

................................

179

10/18/24

USD

175.00

USD

3,050

(

25,418

)

ServiceNow,

Inc.

.............................

15

10/18/24

USD

1,000.00

USD

1,342

(

1,087

)

ServiceNow,

Inc.

.............................

25

10/18/24

USD

960.00

USD

2,236

(

8,687

)

SPDR

Gold

Shares

(a)

..........................

1,355

10/18/24

USD

265.00

USD

32,935

(

13,550

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.........

195

10/18/24

USD

195.00

USD

3,387

(

26,618

)

Tesla,

Inc.

..................................

523

10/18/24

USD

305.00

USD

13,683

(

258,885

)

Thermo

Fisher

Scientific,

Inc.

.....................

36

10/18/24

USD

650.00

USD

2,227

(

8,370

)

Trane

Technologies

plc

.........................

60

10/18/24

USD

400.00

USD

2,332

(

24,000

)

UnitedHealth

Group,

Inc.

........................

68

10/18/24

USD

620.00

USD

3,976

(

29,070

)

UnitedHealth

Group,

Inc.

........................

68

10/18/24

USD

640.00

USD

3,976

(

14,212

)

Valero

Energy

Corp.

...........................

165

10/18/24

USD

145.00

USD

2,228

(

15,840

)

Vistra

Corp.

................................

258

10/18/24

USD

100.00

USD

3,058

(

497,940

)

Walt

Disney

Co.

(The)

.........................

241

10/18/24

USD

100.00

USD

2,318

(

17,352

)

Wells

Fargo

&

Co.

............................

424

10/18/24

USD

60.00

USD

2,395

(

21,836

)

Western

Digital

Corp.

..........................

128

10/18/24

USD

82.50

USD

874

(

1,025

)

Apple,

Inc.

.................................

1,175

10/25/24

USD

260.00

USD

27,378

(

16,450

)

SPDR

Gold

Shares

(a)

..........................

1,055

10/25/24

USD

255.00

USD

25,643

(

96,532

)

U.S.

Treasury

30-Year

Bond

.....................

20

10/25/24

USD

130.00

USD

2,000

(

1,875

)

Adobe,

Inc.

.................................

26

11/15/24

USD

570.00

USD

1,346

(

10,920

)

Alphabet,

Inc.

...............................

135

11/15/24

USD

180.00

USD

2,257

(

37,732

)

Amazon.com,

Inc.

............................

155

11/15/24

USD

215.00

USD

2,888

(

22,010

)

Amazon.com,

Inc.

............................

587

11/15/24

USD

205.00

USD

10,938

(

179,035

)

Apple,

Inc.

.................................

99

11/15/24

USD

250.00

USD

2,307

(

25,839

)

Apple,

Inc.

.................................

1,091

11/15/24

USD

245.00

USD

25,420

(

430,945

)

Autodesk,

Inc.

...............................

28

11/15/24

USD

290.00

USD

771

(

12,600

)

Bank

of

America

Corp.

.........................

275

11/15/24

USD

44.00

USD

1,091

(

8,800

)

Broadcom,

Inc.

..............................

68

11/15/24

USD

210.00

USD

1,173

(

7,888

)

Costco

Wholesale

Corp.

........................

12

11/15/24

USD

1,000.00

USD

1,064

(

3,024

)

Danaher

Corp.

..............................

29

11/15/24

USD

290.00

USD

806

(

17,690

)

Delta

Air

Lines,

Inc.

...........................

112

11/15/24

USD

55.00

USD

569

(

13,832

)

Edwards

Lifesciences

Corp.

.....................

518

11/15/24

USD

80.00

USD

3,418

(

29,786

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

40

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Eli

Lilly

&

Co.

...............................

9

11/15/24

USD

1,060.00

USD

797

$

(

4,861

)

Goldman

Sachs

Group,

Inc.

(The)

.................

26

11/15/24

USD

540.00

USD

1,287

(

14,755

)

JPMorgan

Chase

&

Co.

........................

65

11/15/24

USD

230.00

USD

1,371

(

10,562

)

Meta

Platforms,

Inc.

...........................

20

11/15/24

USD

650.00

USD

1,145

(

18,650

)

Meta

Platforms,

Inc.

...........................

327

11/15/24

USD

680.00

USD

18,719

(

166,771

)

Micron

Technology,

Inc.

........................

1,307

11/15/24

USD

140.00

USD

13,555

(

45,091

)

Microsoft

Corp.

..............................

77

11/15/24

USD

475.00

USD

3,313

(

22,715

)

NVIDIA

Corp.

...............................

272

11/15/24

USD

150.00

USD

3,303

(

31,688

)

NVIDIA

Corp.

...............................

385

11/15/24

USD

145.00

USD

4,675

(

67,760

)

NVIDIA

Corp.

...............................

519

11/15/24

USD

135.00

USD

6,303

(

189,435

)

NVIDIA

Corp.

...............................

1,163

11/15/24

USD

155.00

USD

14,123

(

91,877

)

Oracle

Corp.

................................

87

11/15/24

USD

185.00

USD

1,482

(

11,571

)

ServiceNow,

Inc.

.............................

9

11/15/24

USD

1,020.00

USD

805

(

9,360

)

SPDR

Gold

Shares

(a)

..........................

653

11/15/24

USD

270.00

USD

15,872

(

36,241

)

SPDR

Gold

Shares

(a)

..........................

669

11/15/24

USD

265.00

USD

16,261

(

58,872

)

Thermo

Fisher

Scientific,

Inc.

.....................

11

11/15/24

USD

660.00

USD

680

(

8,470

)

Trane

Technologies

plc

.........................

29

11/15/24

USD

440.00

USD

1,127

(

5,292

)

UnitedHealth

Group,

Inc.

........................

34

11/15/24

USD

640.00

USD

1,988

(

24,735

)

Vistra

Corp.

................................

51

11/15/24

USD

150.00

USD

605

(

9,690

)

Walmart,

Inc.

...............................

1,483

11/15/24

USD

85.00

USD

11,975

(

137,177

)

Walt

Disney

Co.

(The)

.........................

55

11/15/24

USD

105.00

USD

529

(

9,130

)

Wells

Fargo

&

Co.

............................

213

11/15/24

USD

60.00

USD

1,203

(

25,453

)

Adobe,

Inc.

.................................

51

12/20/24

USD

605.00

USD

2,641

(

30,472

)

Alphabet,

Inc.

...............................

268

12/20/24

USD

190.00

USD

4,481

(

56,013

)

Amazon.com,

Inc.

............................

232

12/20/24

USD

220.00

USD

4,323

(

44,428

)

Amazon.com,

Inc.

............................

362

12/20/24

USD

215.00

USD

6,745

(

94,483

)

Apple,

Inc.

.................................

196

12/20/24

USD

255.00

USD

4,567

(

59,487

)

Autodesk,

Inc.

...............................

55

12/20/24

USD

310.00

USD

1,515

(

21,450

)

Bank

of

America

Corp.

.........................

548

12/20/24

USD

45.00

USD

2,174

(

19,728

)

Broadcom,

Inc.

..............................

135

12/20/24

USD

210.00

USD

2,329

(

43,201

)

Cameco

Corp.

...............................

305

12/20/24

USD

60.00

USD

1,457

(

26,230

)

Charles

Schwab

Corp.

(The)

.....................

225

12/20/24

USD

75.00

USD

1,458

(

18,001

)

Chevron

Corp.

..............................

139

12/20/24

USD

165.00

USD

2,047

(

16,332

)

Costco

Wholesale

Corp.

........................

22

12/20/24

USD

1,040.00

USD

1,950

(

9,240

)

Danaher

Corp.

..............................

56

12/20/24

USD

310.00

USD

1,557

(

14,840

)

Delta

Air

Lines,

Inc.

...........................

230

12/20/24

USD

55.00

USD

1,168

(

44,620

)

Eli

Lilly

&

Co.

...............................

15

12/20/24

USD

1,060.00

USD

1,329

(

18,750

)

Freeport-McMoRan,

Inc.

........................

376

12/20/24

USD

60.00

USD

1,877

(

28,576

)

Goldman

Sachs

Group,

Inc.

(The)

.................

51

12/20/24

USD

570.00

USD

2,525

(

17,722

)

iShares

China

Large-Cap

ETF

....................

2,687

12/20/24

USD

38.00

USD

8,539

(

130,319

)

JPMorgan

Chase

&

Co.

........................

130

12/20/24

USD

240.00

USD

2,741

(

15,665

)

Mastercard,

Inc.

.............................

63

12/20/24

USD

540.00

USD

3,111

(

25,830

)

Meta

Platforms,

Inc.

...........................

39

12/20/24

USD

650.00

USD

2,233

(

55,965

)

Meta

Platforms,

Inc.

...........................

327

12/20/24

USD

700.00

USD

18,719

(

209,281

)

Microsoft

Corp.

..............................

105

12/20/24

USD

480.00

USD

4,518

(

44,626

)

NextEra

Energy,

Inc.

..........................

270

12/20/24

USD

95.00

USD

2,282

(

36,450

)

NVIDIA

Corp.

...............................

368

12/20/24

USD

150.00

USD

4,469

(

134,320

)

Oracle

Corp.

................................

176

12/20/24

USD

190.00

USD

2,999

(

55,000

)

Progressive

Corp.

(The)

........................

146

12/20/24

USD

290.00

USD

3,705

(

32,851

)

ServiceNow,

Inc.

.............................

15

12/20/24

USD

1,060.00

USD

1,342

(

18,451

)

Thermo

Fisher

Scientific,

Inc.

.....................

21

12/20/24

USD

680.00

USD

1,299

(

15,330

)

Trane

Technologies

plc

.........................

59

12/20/24

USD

440.00

USD

2,294

(

27,730

)

UnitedHealth

Group,

Inc.

........................

68

12/20/24

USD

640.00

USD

3,976

(

77,350

)

Valero

Energy

Corp.

...........................

82

12/20/24

USD

155.00

USD

1,107

(

19,639

)

Vistra

Corp.

................................

106

12/20/24

USD

150.00

USD

1,257

(

42,400

)

Walmart,

Inc.

...............................

406

12/20/24

USD

90.00

USD

3,278

(

33,292

)

Walt

Disney

Co.

(The)

.........................

110

12/20/24

USD

105.00

USD

1,058

(

24,860

)

Wells

Fargo

&

Co.

............................

423

12/20/24

USD

62.50

USD

2,390

(

44,626

)

SPDR

Gold

Shares

(a)

..........................

910

01/17/25

USD

285.00

USD

22,118

(

91,455

)

(

5,375,249

)

Put

ConocoPhillips

..............................

899

10/18/24

USD

100.00

USD

9,465

(

61,132

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

2,432

10/18/24

USD

76.00

USD

19,529

(

12,160

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

41

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

iShares

Russell

2000

ETF

.......................

109

10/18/24

USD

190.00

USD

2,408

$

(

1,471

)

JPMorgan

Chase

&

Co.

........................

648

10/18/24

USD

190.00

USD

13,664

(

34,344

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.............

47

10/18/24

EUR

590.00

EUR

3,236

(

4,813

)

Shell

plc

...................................

869

10/18/24

EUR

30.00

EUR

2,569

(

43,046

)

SPDR

S&P

500

ETF

Trust

.......................

191

10/18/24

USD

510.00

USD

10,959

(

7,353

)

SPDR

S&P

500

ETF

Trust

.......................

464

10/18/24

USD

505.00

USD

26,622

(

16,240

)

Walt

Disney

Co.

(The)

.........................

515

10/18/24

USD

90.00

USD

4,954

(

15,707

)

Apple,

Inc.

.................................

784

10/25/24

USD

195.00

USD

18,267

(

18,424

)

SPDR

Gold

Shares

(a)

..........................

1,055

10/25/24

USD

225.00

USD

25,643

(

27,957

)

Boston

Scientific

Corp.

.........................

716

11/15/24

USD

72.50

USD

6,000

(

25,060

)

DR

Horton,

Inc.

..............................

391

11/15/24

USD

170.00

USD

7,459

(

111,435

)

Edwards

Lifesciences

Corp.

.....................

518

11/15/24

USD

60.00

USD

3,418

(

62,160

)

Fifth

Third

Bancorp

...........................

582

11/15/24

USD

37.00

USD

2,493

(

23,280

)

Home

Depot,

Inc.

(The)

........................

87

11/15/24

USD

350.00

USD

3,525

(

15,399

)

JPMorgan

Chase

&

Co.

........................

349

11/15/24

USD

185.00

USD

7,359

(

45,719

)

Meta

Platforms,

Inc.

...........................

327

11/15/24

USD

480.00

USD

18,719

(

180,667

)

Micron

Technology,

Inc.

........................

1,307

11/15/24

USD

95.00

USD

13,555

(

362,039

)

SPDR

S&P

500

ETF

Trust

.......................

392

11/15/24

USD

500.00

USD

22,491

(

54,880

)

SPDR

S&P

500

ETF

Trust

.......................

2,078

11/15/24

USD

480.00

USD

119,227

(

195,332

)

Trane

Technologies

plc

.........................

233

11/15/24

USD

350.00

USD

9,057

(

97,860

)

Bank

of

America

Corp.

.........................

440

12/20/24

USD

36.00

USD

1,746

(

29,700

)

Capital

One

Financial

Corp.

......................

235

12/20/24

USD

130.00

USD

3,519

(

63,450

)

Carrier

Global

Corp.

...........................

782

12/20/24

USD

67.50

USD

6,294

(

54,740

)

Costco

Wholesale

Corp.

........................

106

12/20/24

USD

820.00

USD

9,397

(

146,280

)

Home

Depot,

Inc.

(The)

........................

157

12/20/24

USD

345.00

USD

6,362

(

33,676

)

iShares

China

Large-Cap

ETF

....................

2,687

12/20/24

USD

28.00

USD

8,539

(

158,533

)

Meta

Platforms,

Inc.

...........................

402

12/20/24

USD

470.00

USD

23,012

(

279,390

)

NVIDIA

Corp.

...............................

295

12/20/24

USD

100.00

USD

3,582

(

101,037

)

Fifth

Third

Bancorp

...........................

787

01/17/25

USD

37.00

USD

3,372

(

59,025

)

Humana,

Inc.

...............................

110

01/17/25

USD

310.00

USD

3,484

(

266,200

)

Shell

plc

...................................

1,372

01/17/25

USD

57.50

USD

9,048

(

96,040

)

(

2,704,549

)

$

(

8,079,798

)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

HSBC

Bank

plc

10/04/24

BRL

5.95

USD

1,255

$

(

1

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

10/09/24

MXN

19.10

USD

3,996

(

129,032

)

USD

Currency

.............................

Bank

of

America

NA

10/17/24

KRW

1,380.00

USD

1,295

(

299

)

USD

Currency

.............................

Deutsche

Bank

AG

11/12/24

BRL

6.00

USD

1,958

(

3,938

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

11/12/24

COP

4,500.00

USD

1,958

(

8,415

)

USD

Currency

.............................

Bank

of

America

NA

12/30/24

ZAR

17.60

USD

1,262

(

27,172

)

–

(

168,857

)

–

Put

USD

Currency

.............................

Goldman

Sachs

International

12/06/24

TRY

40.50

USD

1,836

(

195,753

)

–

$

(

364,610

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

42

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

1

.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

Quarterly

JPMorgan

Chase

Bank

NA

10/16/24

BBB+

USD

45.00

USD

20,420

$

(

4,360

)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

1

.00

%

Quarterly

Goldman

Sachs

International

11/20/24

BBB+

USD

80.00

USD

28,065

(

8,377

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5

.00

Quarterly

Bank

of

America

NA

10/16/24

B+

USD

104.00

USD

4,335

(

1,517

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

41.V1

5

.00

Quarterly

Citibank

NA

10/16/24

BB-

EUR

400.00

EUR

25,279

(

9,217

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

42.V1

5

.00

Quarterly

Goldman

Sachs

International

10/16/24

BB-

EUR

425.00

EUR

5,095

(

2,415

)

(

21,526

)

$

(

25,886

)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

3.16%

Annual

1-day

SOFR

Annual

Nomura

International

plc

10/08/24

3

.16

%

USD

29,663

$

(

37,611

)

10-Year

Interest

Rate

Swap

(a)

3.16%

Annual

1-day

SOFR

Annual

Nomura

International

plc

10/08/24

3

.16

USD

19,976

(

14,455

)

10-Year

Interest

Rate

Swap

(a)

3.15%

Annual

1-day

SOFR

Annual

Citibank

NA

10/23/24

3

.15

USD

45,443

(

129,936

)

2-Year

Interest

Rate

Swap

(a)

.

3.30%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/24/24

3

.30

USD

93,778

(

132,456

)

5-Year

Interest

Rate

Swap

(a)

.

3.30%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

10/25/24

3

.30

USD

34,313

(

232,818

)

5-Year

Interest

Rate

Swap

(a)

.

2.80%

Annual

1-day

SOFR

Annual

Citibank

NA

11/06/24

2

.80

USD

26,742

(

24,902

)

2-Year

Interest

Rate

Swap

(a)

.

3.05%

Annual

1-day

SOFR

Annual

Citibank

NA

11/06/24

3

.05

USD

53,485

(

48,337

)

5-Year

Interest

Rate

Swap

(a)

.

2.65%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/25/24

2

.65

USD

53,283

(

58,756

)

5-Year

Interest

Rate

Swap

(a)

.

2.90%

Annual

1-day

SOFR

Annual

Nomura

International

plc

12/03/24

2

.90

USD

28,700

(

95,867

)

5-Year

Interest

Rate

Swap

(a)

.

2.90%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

12/04/24

2

.90

USD

14,592

(

49,726

)

2-Year

Interest

Rate

Swap

(a)

.

2.60%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

12/17/24

2

.60

USD

56,657

(

46,746

)

5-Year

Interest

Rate

Swap

(a)

.

3.20%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

12/17/24

3

.20

USD

58,358

(

555,122

)

5-Year

Interest

Rate

Swap

(a)

.

3.00%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/16/25

3

.00

USD

29,786

(

225,644

)

2-Year

Interest

Rate

Swap

(a)

.

3.20%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/16/25

3

.20

USD

59,573

(

287,360

)

5-Year

Interest

Rate

Swap

(a)

.

3.00%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

01/16/25

3

.00

USD

28,950

(

219,310

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

43

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

2-Year

Interest

Rate

Swap

(a)

.

3.20%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

01/16/25

3

.20

%

USD

55,676

$

(

268,560

)

10-Year

Interest

Rate

Swap

(a)

2.25%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/23/25

2

.25

USD

60,733

(

60,429

)

5-Year

Interest

Rate

Swap

(a)

.

3.15%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/24/25

3

.15

USD

35,179

(

384,556

)

1-Year

Interest

Rate

Swap

(a)

.

3.15%

At

Termination

1-day

SOFR

At

Termination

Goldman

Sachs

International

02/10/25

3

.15

USD

157,059

(

320,743

)

5-Year

Interest

Rate

Swap

(a)

.

3.23%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

02/14/25

3

.23

USD

33,284

(

457,061

)

5-Year

Interest

Rate

Swap

(a)

.

2.70%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

02/20/25

2

.70

USD

115,643

(

565,241

)

10-Year

Interest

Rate

Swap

(a)

2.75%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/25/25

2

.75

USD

26,996

(

198,461

)

(

4,414,097

)

Put

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Annual

Deutsche

Bank

AG

11/07/24

3

.90

USD

39,311

(

5,266

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

TONAR

Annual

1.50%

Annual

Deutsche

Bank

AG

11/18/24

1

.50

JPY

12,045,811

(

2

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.67%

Annual

Deutsche

Bank

AG

12/23/24

3

.67

USD

41,808

(

208,822

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Deutsche

Bank

AG

01/17/25

4

.00

USD

26,166

(

29,788

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Annual

Deutsche

Bank

AG

01/17/25

4

.30

USD

59,568

(

10,619

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.23%

Annual

Goldman

Sachs

International

02/14/25

3

.23

USD

33,284

(

335,688

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Annual

Deutsche

Bank

AG

02/20/25

3

.90

USD

57,822

(

126,397

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

Deutsche

Bank

AG

03/24/25

3

.75

USD

13,612

(

118,001

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

JPMorgan

Chase

Bank

NA

03/25/25

3

.75

USD

26,996

(

235,243

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.60%

Annual

Morgan

Stanley

&

Co.

International

plc

06/13/25

4

.60

USD

57,288

(

27,586

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.40%

Annual

Goldman

Sachs

International

06/20/25

4

.40

USD

29,782

(

56,903

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.55%

Annual

Morgan

Stanley

&

Co.

International

plc

06/27/25

4

.55

USD

35,214

(

54,714

)

(

1,209,029

)

$

(

5,623,126

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

............

5

.00

%

Quarterly

12/20/26

USD

3,496

$

(

205,706

)

$

(

223,893

)

$

18,187

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1

.00

Quarterly

12/20/27

USD

3,853

(

80,003

)

(

3,552

)

(

76,451

)

iTraxx

Europe

Crossover

Index

Series

40.V1

.

5

.00

Quarterly

12/20/28

EUR

11,660

(

1,023,921

)

(

807,217

)

(

216,704

)

iTraxx

Europe

Main

Index

Series

40.V1

.....

1

.00

Quarterly

12/20/28

EUR

472

(

10,838

)

(

8,476

)

(

2,362

)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

.....................

5

.00

Quarterly

06/20/29

USD

690

(

54,553

)

(

35,704

)

(

18,849

)

$

(

1,375,021

)

$

(

1,078,842

)

$

(

296,179

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

44

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

38.V2

..

5

.00

%

Quarterly

12/20/27

BB-

EUR

16,445

$

1,674,665

$

(

352,007

)

$

2,026,672

Markit

CDX

North

American

High

Yield

Index

Series

39.V4

...........

5

.00

Quarterly

12/20/27

BB-

USD

4,609

344,516

2,967

341,549

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5

.00

Quarterly

12/20/28

B+

USD

8,106

637,201

258,754

378,447

iTraxx

Europe

Crossover

Index

Series

41.V1

..

5

.00

Quarterly

06/20/29

BB-

EUR

6,147

639,863

410,278

229,585

$

3,296,245

$

319,992

$

2,976,253

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

At

Termination

5.45%

At

Termination

N/A

10/02/24

USD

749,126

$

(

33,594

)

$

82

$

(

33,676

)

28-day

MXIBTIIE

Monthly

9.79%

Monthly

N/A

02/04/25

MXN

354,479

(

53,063

)

—

(

53,063

)

10.47%

Monthly

28-day

MXIBTIIE

Monthly

N/A

08/06/25

MXN

136,686

(

30,713

)

—

(

30,713

)

9.71%

Monthly

28-day

MXIBTIIE

Monthly

N/A

09/22/25

MXN

18,432

570

—

570

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

6,905,897

42,988

—

42,988

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

03/26/25

(a)

03/26/26

ZAR

113,298

(

64,177

)

—

(

64,177

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

275,832

5,146,008

40,180

5,105,828

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

151,913

(

101,072

)

—

(

101,072

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

60,573

662,819

—

662,819

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

26,266

340,516

—

340,516

28-day

MXIBTIIE

Monthly

6.48%

Monthly

N/A

08/12/26

MXN

164,793

(

393,870

)

—

(

393,870

)

28-day

MXIBTIIE

Monthly

6.47%

Monthly

N/A

08/13/26

MXN

226,282

(

542,486

)

—

(

542,486

)

28-day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/14/26

MXN

184,468

(

449,860

)

—

(

449,860

)

28-day

MXIBTIIE

Monthly

6.44%

Monthly

N/A

08/14/26

MXN

111,918

(

270,395

)

—

(

270,395

)

28-day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/17/26

MXN

166,177

(

401,459

)

—

(

401,459

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

09/23/25

(a)

09/23/26

ZAR

18,132

(

391

)

—

(

391

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

2,832,601

216,311

—

216,311

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

323,761

9,887,317

150,756

9,736,561

1-day

SOFR

Annual

4.10%

Annual

05/30/25

(a)

05/30/27

USD

72,500

1,406,922

—

1,406,922

1-day

SOFR

Annual

4.15%

Annual

05/30/25

(a)

05/30/27

USD

72,500

1,475,018

—

1,475,018

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

24,185

525,569

—

525,569

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

57,791

1,022,629

—

1,022,629

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

57,791

(

435,748

)

—

(

435,748

)

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

58,231

(

248,996

)

—

(

248,996

)

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

209,758

(

618,026

)

—

(

618,026

)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

15,705

818,888

—

818,888

28-day

MXIBTIIE

Monthly

9.13%

Monthly

N/A

08/15/28

MXN

252,434

211,584

—

211,584

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

14,641

139,352

—

139,352

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

14,659

144,295

—

144,295

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

37,409

1,965,148

—

1,965,148

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

809,786

88,209

—

88,209

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

989,739

125,149

—

125,149

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

433,729

21,144,943

444,759

20,700,184

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

42,361

1,200,647

—

1,200,647

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

60,450

1,568,193

—

1,568,193

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

30,721

883,898

—

883,898

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

29,481

4,808,640

—

4,808,640

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

45

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

18,373

$

92,077

$

—

$

92,077

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

69,070

424,095

—

424,095

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

34,535

212,177

—

212,177

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

34,535

214,968

—

214,968

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

520,996

111,244

—

111,244

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

520,996

115,622

—

115,622

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

312,429

25,340,619

553,544

24,787,075

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

11,768

(

101,706

)

—

(

101,706

)

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

3,732

(

380,191

)

2,336

(

382,527

)

4.03%

Annual

1-day

SOFR

Annual

N/A

09/29/53

USD

102,970

(

11,905,514

)

28,364

(

11,933,878

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

12,585

(

562,967

)

—

(

562,967

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

702,103

(

130,878

)

—

(

130,878

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

702,103

(

129,701

)

—

(

129,701

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

12,548

1,708,006

53,309

1,654,697

$

65,189,614

$

1,273,330

$

63,916,284

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

08/15/32

EUR

3,450

$

139,180

$

—

$

139,180

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

American

Airlines

Group,

Inc.

..

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

225

$

(

2,264

)

$

(

576

)

$

(

1,688

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

06/20/25

USD

300

(

418

)

18,884

(

19,302

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

80

485

4,954

(

4,469

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

125

758

10,035

(

9,277

)

BorgWarner,

Inc.

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

390

(

6,946

)

3,484

(

10,430

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

160

7,469

27,538

(

20,069

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

120

5,602

20,098

(

14,496

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

70

3,268

12,340

(

9,072

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

100

4,668

18,143

(

13,475

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

120

5,602

20,109

(

14,507

)

Xerox

Corp.

.............

1

.00

Quarterly

Citibank

NA

12/20/27

USD

120

7,423

9,021

(

1,598

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

190

11,753

14,334

(

2,581

)

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

105

(

26

)

3,305

(

3,331

)

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

98

(

24

)

3,074

(

3,098

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

485

(

117

)

16,007

(

16,124

)

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

1,005

(

20,092

)

17,196

(

37,288

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,840

(

40,186

)

47,170

(

87,356

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

2,100

19,181

(

8,680

)

27,861

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

30

3,694

3,073

621

Xerox

Corp.

.............

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

70

8,618

7,169

1,449

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

2,100

30,657

23,799

6,858

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

46

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

DXC

Technology

Co.

.......

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

177

$

(

28,443

)

$

(

18,728

)

$

(

9,715

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

355

(

57,046

)

(

42,499

)

(

14,547

)

Republic

of

Panama

........

1

.00

Quarterly

Citibank

NA

12/20/29

USD

1,240

34,758

40,409

(

5,651

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Citibank

NA

12/20/29

USD

1,415

(

5,110

)

(

1,981

)

(

3,129

)

Telecom

Italia

SpA

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

880

40,329

45,114

(

4,785

)

$

–

$

–

$

–

$

23,593

$

292,792

$

(

269,199

)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Vistra

Operations

Co.

LLC

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

527

$

29,021

$

11,372

$

17,649

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

532

31,709

20,675

11,034

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

1,015

60,552

38,636

21,916

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

483

28,843

20,775

8,068

$

150,125

$

91,458

$

58,667

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

224,368

$

15,692

$

—

$

15,692

1-day

BZDIOVER

At

Termination

11.02%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

26,129

628

—

628

1-day

BZDIOVER

At

Termination

13.18%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

107,414

516,556

—

516,556

1-day

BZDIOVER

At

Termination

13.21%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

107,360

528,536

—

528,536

1-day

BZDIOVER

At

Termination

13.25%

At

Termination

Citibank

NA

01/02/25

BRL

56,478

286,628

—

286,628

1-day

BZDIOVER

At

Termination

9.40%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

82,238

(

1,336,526

)

—

(

1,336,526

)

1-day

BZDIOVER

At

Termination

9.43%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

89,716

(

1,437,733

)

—

(

1,437,733

)

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/10/25

COP

14,189,674

(

1,745

)

—

(

1,745

)

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

05/10/25

COP

22,727,295

(

6,966

)

—

(

6,966

)

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

39,339

(

36,718

)

—

(

36,718

)

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Barclays

Bank

plc

07/01/25

BRL

2,974

(

127

)

—

(

127

)

1-day

BZDIOVER

At

Termination

11.53%

At

Termination

BNP

Paribas

SA

01/02/26

BRL

27,725

(

37,278

)

—

(

37,278

)

1-day

BZDIOVER

At

Termination

12.16%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

4,703

(

1,034

)

—

(

1,034

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

47

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

990,603

$

85

$

—

$

85

11.49%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

24,179

70,714

—

70,714

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

14,895

34,271

—

34,271

12.21%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

3,478

1,348

—

1,348

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

01/04/27

BRL

35,188

(

438,612

)

—

(

438,612

)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

30,611

(

382,768

)

—

(

382,768

)

1-day

BZDIOVER

At

Termination

10.14%

At

Termination

Bank

of

America

NA

01/04/27

BRL

32,564

(

394,356

)

—

(

394,356

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

Bank

of

America

NA

01/04/27

BRL

43,391

(

519,995

)

—

(

519,995

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

41,632

(

498,252

)

—

(

498,252

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

232

(

2,785

)

—

(

2,785

)

1-day

BZDIOVER

At

Termination

8.65%

At

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

(

111,030

)

—

(

111,030

)

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

16,214

(

180,447

)

—

(

180,447

)

4.34%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

09/13/27

CLP

2,220,208

(

860

)

—

(

860

)

4.28%

Semi-Annual

1-day

CLICP

Semi-Annual

Barclays

Bank

plc

09/25/27

CLP

340,056

358

—

358

$

(

3,932,416

)

$

—

$

(

3,932,416

)

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

At

Termination

Citi

Equity

US

1W

Volatility

Carry

Index

At

Termination

Citibank

NA

12/20/24

USD

2,083

$

6,783

$

—

$

6,783

1-day

SOFR

minus

0.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

12/20/24

USD

151

(

4,659

)

—

(

4,659

)

1-day

SOFR

plus

0.40%

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

12/20/24

USD

141

(

9,385

)

—

(

9,385

)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

Quarterly

1-day

SOFR

minus

0.60%

At

Termination

Goldman

Sachs

International

12/20/24

USD

79

43,528

—

43,528

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

Quarterly

1-day

SOFR

minus

0.60%

At

Termination

JPMorgan

Chase

Bank

NA

12/20/24

USD

210

116,218

—

116,218

$

152,485

$

—

$

152,485

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

48

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Barclays

Bank

plc

(b)

07/25/25

$

165,957

$

17,000

(c)

$

183,715

0

.0

%

Monthly

Citibank

NA

(d)

02/24/28

(

120,526,450

)

(

2,467,138

)

(e)

(

123,069,294

)

2

.7

Monthly

JPMorgan

Chase

Bank

NA

(f)

11/12/24

(

42,305,057

)

(

4,838,730

)

(g)

(

47,365,736

)

1

.1

$

(

7,288,868

)

$

(

170,251,315

)

(b)

(d)

(f)

Range:

20

basis

points

10-1,200

basis

points

15-1,096

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Barclays

Bank

(c)

Amount

includes

$(758)

of

net

dividends

and

financing

fees.

(d)

CitiBank

NA

(e)

Amount

includes

$75,706

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$221,949

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Barclays

Bank

plc,

as

of

period

end,

termination

date

July

25,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

AMC

Networks,

Inc.

,

Class

A

..

21,141

$

183,715

100

.0

%

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

................................

$

183,715

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

period

end,

termination

date

February

24,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

Belgium

Solvay

SA

..............

(

527

)

(

20,646

)

0.0

UCB

SA

...............

(

10,510

)

(

1,897,234

)

1

.6

(

1,917,880

)

Brazil

BRF

SA

................

(

31,286

)

(

136,166

)

0

.1

Localiza

Rent

a

Car

SA

.....

(

6,909

)

(

52,315

)

0.0

NU

Holdings

Ltd.

,

Class

A

....

(

41,321

)

(

564,032

)

0

.5

Sendas

Distribuidora

SA

....

(

130,208

)

(

179,500

)

0

.2

WEG

SA

...............

(

90,789

)

(

910,273

)

0

.7

(

1,842,286

)

Shares

Value

%

of

Basket

Value

China

Agricultural

Bank

of

China

Ltd.

,

Class

H

..............

(

773,000

)

$

(

360,660

)

0

.3

%

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

..............

(

170,000

)

(

495,711

)

0

.4

Baidu,

Inc.

,

Class

A

........

(

46,450

)

(

610,707

)

0

.5

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

588,897

)

(

1,587,530

)

1

.3

CRRC

Corp.

Ltd.

,

Class

H

...

(

754,000

)

(

490,762

)

0

.4

New

Oriental

Education

&

Technology

Group,

Inc.

...

(

51,900

)

(

396,083

)

0

.3

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

.......

(

2,433,000

)

(

1,437,976

)

1

.2

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

..............

(

386,000

)

(

861,802

)

0

.7

(

6,241,231

)

Denmark

Coloplast

A/S

,

Class

B

......

(

15,349

)

(

2,000,674

)

1

.6

Finland

Metso

OYJ

..............

(

2,540

)

(

27,159

)

0.0

Neste

OYJ

..............

(

22,417

)

(

435,519

)

0

.4

(

462,678

)

France

Alstom

SA

..............

(

67,835

)

(

1,409,398

)

1

.1

Teleperformance

SE

.......

(

7,274

)

(

752,498

)

0

.6

Worldline

SA

............

(

61,073

)

(

445,015

)

0

.4

(

2,606,911

)

Germany

thyssenkrupp

AG

.........

(

292,142

)

(

1,131,868

)

0

.9

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

49

Shares

Value

%

of

Basket

Value

Italy

DiaSorin

SpA

............

(

9,195

)

$

(

1,075,139

)

0

.9

%

Nexi

SpA

...............

(

179,815

)

(

1,221,701

)

1

.0

Telecom

Italia

SpA

........

(

6,060,382

)

(

1,684,968

)

1

.3

(

3,981,808

)

Japan

Advantest

Corp.

..........

(

7,200

)

(

338,625

)

0

.3

Bandai

Namco

Holdings,

Inc.

.

(

11,208

)

(

255,746

)

0

.2

DMG

Mori

Co.

Ltd.

........

(

33,856

)

(

722,156

)

0

.6

Kobe

Bussan

Co.

Ltd.

......

(

11,800

)

(

368,021

)

0

.3

Koito

Manufacturing

Co.

Ltd.

..

(

66,000

)

(

918,254

)

0

.7

Lasertec

Corp.

...........

(

59

)

(

9,837

)

0.0

MatsukiyoCocokara

&

Co.

...

(

65,300

)

(

1,075,840

)

0

.9

Mercari,

Inc.

.............

(

117,434

)

(

2,049,782

)

1

.7

MonotaRO

Co.

Ltd.

........

(

29,300

)

(

488,577

)

0

.4

Nippon

Express

Holdings,

Inc.

.

(

19,864

)

(

1,046,173

)

0

.9

Nissan

Chemical

Corp.

.....

(

22,000

)

(

789,763

)

0

.6

Nissan

Motor

Co.

Ltd.

......

(

152,800

)

(

434,049

)

0

.4

Olympus

Corp.

...........

(

15,959

)

(

303,370

)

0

.2

Rakuten

Group,

Inc.

.......

(

401,200

)

(

2,588,707

)

2

.1

Recruit

Holdings

Co.

Ltd.

....

(

28,413

)

(

1,726,158

)

1

.4

Sanrio

Co.

Ltd.

...........

(

29,300

)

(

844,431

)

0

.7

Sharp

Corp.

.............

(

14,800

)

(

98,429

)

0

.1

SoftBank

Group

Corp.

......

(

3,500

)

(

207,607

)

0

.2

Square

Enix

Holdings

Co.

Ltd.

.

(

3,350

)

(

132,988

)

0

.1

SUMCO

Corp.

...........

(

262,900

)

(

2,843,511

)

2

.3

Sumitomo

Chemical

Co.

Ltd.

..

(

872,391

)

(

2,490,814

)

2

.0

Suzuki

Motor

Corp.

........

(

63,510

)

(

715,116

)

0

.6

Taisei

Corp.

.............

(

29,167

)

(

1,280,799

)

1

.0

Tokyo

Ohka

Kogyo

Co.

Ltd.

..

(

16,982

)

(

417,595

)

0

.3

(

22,146,348

)

Netherlands

OCI

NV

................

(

11,760

)

(

335,272

)

0

.3

Norway

Salmar

ASA

.............

(

15,411

)

(

808,304

)

0

.6

Poland

ORLEN

SA

.............

(

82,214

)

(

1,193,324

)

1

.0

Singapore

Seatrium

Ltd.

............

(

93,900

)

(

130,071

)

0

.1

South

Korea

LG

Energy

Solution

Ltd.

.....

(

2,178

)

(

687,121

)

0

.6

POSCO

Future

M

Co.

Ltd.

...

(

2,848

)

(

542,758

)

0

.4

(

1,229,879

)

Spain

Grifols

SA

,

Class

A

........

(

271,159

)

(

3,081,676

)

2

.5

Sweden

Beijer

Ref

AB

............

(

5,394

)

(

88,805

)

0

.1

EQT

AB

................

(

25,168

)

(

863,966

)

0

.7

Telefonaktiebolaget

LM

Ericsson

,

Class

B

..............

(

134,957

)

(

1,019,796

)

0

.8

(

1,972,567

)

Switzerland

Baloise

Holding

AG

(Registered)

(

1,903

)

(

389,151

)

0

.3

Clariant

AG

(Registered)

....

(

18,299

)

(

277,342

)

0

.2

DSM-Firmenich

AG

........

(

2,915

)

(

402,291

)

0

.3

Swatch

Group

AG

(The)

.....

(

7,037

)

(

1,508,921

)

1

.2

Swiss

Life

Holding

AG

(Registered)

...........

(

4,048

)

(

3,387,199

)

2

.8

Shares

Value

%

of

Basket

Value

Switzerland

(continued)

Temenos

AG

(Registered)

...

(

12,843

)

$

(

899,190

)

0

.8

%

(

6,864,094

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

56,522

)

(

287,869

)

0

.2

Formosa

Plastics

Corp.

.....

(

635,000

)

(

1,070,407

)

0

.9

Fubon

Financial

Holding

Co.

Ltd.

(

244,707

)

(

696,672

)

0

.6

(

2,054,948

)

United

Kingdom

Entain

plc

..............

(

158,046

)

(

1,614,779

)

1

.3

Rentokil

Initial

plc

.........

(

239,495

)

(

1,171,100

)

0

.9

St

James's

Place

plc

.......

(

94,607

)

(

929,425

)

0

.8

(

3,715,304

)

United

States

Air

Products

&

Chemicals,

Inc.

(

6,767

)

(

2,014,807

)

1

.6

Albemarle

Corp.

..........

(

26,511

)

(

2,510,857

)

2

.0

APA

Corp.

..............

(

30,737

)

(

751,827

)

0

.6

Bath

&

Body

Works,

Inc.

....

(

21,994

)

(

702,048

)

0

.6

Bio-Rad

Laboratories,

Inc.

,

Class

A

..................

(

1,686

)

(

564,102

)

0

.5

Celanese

Corp.

..........

(

13,791

)

(

1,875,024

)

1

.5

Charles

River

Laboratories

International,

Inc.

.......

(

5,987

)

(

1,179,259

)

1

.0

Charter

Communications,

Inc.

,

Class

A

..............

(

14,901

)

(

4,829,116

)

3

.9

Coinbase

Global,

Inc.

,

Class

A

(

4,279

)

(

762,389

)

0

.6

Constellation

Brands,

Inc.

,

Class

A

..................

(

4,702

)

(

1,211,658

)

1

.0

Corteva,

Inc.

............

(

5,983

)

(

351,741

)

0

.3

Enphase

Energy,

Inc.

.......

(

12,430

)

(

1,404,839

)

1

.1

EQT

Corp.

..............

(

84,419

)

(

3,093,112

)

2

.5

FedEx

Corp.

............

(

13,172

)

(

3,604,913

)

2

.9

First

Solar,

Inc.

...........

(

11,512

)

(

2,871,553

)

2

.3

FMC

Corp.

..............

(

17,154

)

(

1,131,135

)

0

.9

GE

HealthCare

Technologies,

Inc.

.................

(

59,239

)

(

5,559,580

)

4

.5

Hershey

Co.

(The)

........

(

11,438

)

(

2,193,580

)

1

.8

Iron

Mountain,

Inc.

........

(

1,824

)

(

216,746

)

0

.2

Lamb

Weston

Holdings,

Inc.

..

(

39,996

)

(

2,589,341

)

2

.1

Martin

Marietta

Materials,

Inc.

.

(

918

)

(

494,114

)

0

.4

Norfolk

Southern

Corp.

.....

(

8,405

)

(

2,088,642

)

1

.7

Paycom

Software,

Inc.

......

(

2,025

)

(

337,304

)

0

.3

Ralph

Lauren

Corp.

........

(

6,065

)

(

1,175,822

)

1

.0

Revvity,

Inc.

.............

(

1,096

)

(

140,014

)

0

.1

Smurfit

WestRock

plc

......

(

33,011

)

(

1,631,404

)

1

.3

Solventum

Corp.

..........

(

20,280

)

(

1,413,922

)

1

.2

Southwest

Airlines

Co.

......

(

91,813

)

(

2,720,419

)

2

.2

Starbucks

Corp.

..........

(

5,085

)

(

495,737

)

0

.4

Super

Micro

Computer,

Inc.

..

(

4,283

)

(

1,783,441

)

1

.5

Tapestry,

Inc.

............

(

65,517

)

(

3,077,989

)

2

.5

Viatris,

Inc.

..............

(

22,009

)

(

255,524

)

0

.2

Walgreens

Boots

Alliance,

Inc.

(

434,673

)

(

3,894,670

)

3

.2

Waters

Corp.

............

(

841

)

(

302,667

)

0

.2

(

59,229,296

)

Preferred

Securities

Germany

Sartorius

AG

(Preference)

...

(

437

)

(

122,875

)

0

.1

Total

Reference

Entity

—

Short

............

(

123,069,294

)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(

123,069,294

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

50

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

November

12,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Saudi

Arabia

Dr

Soliman

Abdel

Kader

Fakeeh

Hospital

Co.

...........

16,409

$

256,333

(

0

.5

)

%

Rasan

Information

Technology

Co.

.................

15,146

256,632

(

0

.6

)

512,965

United

States

AMC

Networks,

Inc.

,

Class

A

..

11,762

102,212

(

0

.2

)

Eagle

Bancorp,

Inc.

........

8,126

183,485

(

0

.4

)

Informatica,

Inc.

,

Class

A

....

16,305

412,190

(

0

.9

)

New

York

Community

Bancorp,

Inc.

.................

134,602

1,511,580

(

3

.2

)

Western

Digital

Corp.

.......

5,458

372,727

(

0

.8

)

2,582,194

Total

Reference

Entity

—

Long

............

3,095,159

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(

52,158

)

(

5,892,811

)

12

.5

Common

Stocks

Australia

CAR

Group

Ltd.

..........

(

17,604

)

(

455,352

)

1

.0

Dexus

.................

(

126,620

)

(

660,661

)

1

.4

IDP

Education

Ltd.

........

(

26,335

)

(

288,504

)

0

.6

Lynas

Rare

Earths

Ltd.

.....

(

634,993

)

(

3,483,912

)

7

.3

Mineral

Resources

Ltd.

.....

(

123,336

)

(

4,397,364

)

9

.3

Pro

Medicus

Ltd.

..........

(

14,453

)

(

1,778,941

)

3

.7

SEEK

Ltd.

..............

(

95,718

)

(

1,638,517

)

3

.5

Treasury

Wine

Estates

Ltd.

...

(

158,116

)

(

1,305,319

)

2

.8

WiseTech

Global

Ltd.

.......

(

19,251

)

(

1,823,001

)

3

.8

(

15,831,571

)

Brazil

BRF

SA

................

(

101,913

)

(

443,555

)

0

.9

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

.............

(

22,435

)

(

371,713

)

0

.8

Cosan

SA

..............

(

159,926

)

(

384,572

)

0

.8

Localiza

Rent

a

Car

SA

.....

(

344,181

)

(

2,606,140

)

5

.5

Natura

&

Co.

Holding

SA

....

(

137,797

)

(

355,388

)

0

.8

(

4,161,368

)

Canada

Power

Corp.

of

Canada

.....

(

5,563

)

(

175,472

)

0

.4

China

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

5,599

)

(

15,093

)

0.0

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

..........

(

1,202,000

)

(

1,779,281

)

3

.8

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

.......

(

107,000

)

(

63,240

)

0

.1

Shandong

Gold

Mining

Co.

Ltd.

,

Class

H

..............

(

233,250

)

(

520,399

)

1

.1

Shares

Value

%

of

Basket

Value

China

(continued)

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

..............

(

18,000

)

$

(

40,188

)

0

.1

%

(

2,418,201

)

Finland

Metso

OYJ

..............

(

30,518

)

(

326,311

)

0

.7

France

Sartorius

Stedim

Biotech

....

(

7,186

)

(

1,504,596

)

3

.2

Italy

Telecom

Italia

SpA

........

(

3,013,059

)

(

837,721

)

1

.8

Japan

Mercari,

Inc.

.............

(

27,405

)

(

478,348

)

1

.0

Olympus

Corp.

...........

(

35,548

)

(

675,743

)

1

.4

Rakuten

Group,

Inc.

.......

(

61

)

(

394

)

0.0

Sharp

Corp.

.............

(

140,800

)

(

936,410

)

2

.0

Shinko

Electric

Industries

Co.

Ltd.

................

(

37,500

)

(

1,434,142

)

3

.0

Square

Enix

Holdings

Co.

Ltd.

.

(

7,346

)

(

291,620

)

0

.6

SUMCO

Corp.

...........

(

2,600

)

(

28,121

)

0

.1

Tokyo

Ohka

Kogyo

Co.

Ltd.

..

(

90

)

(

2,213

)

0.0

(

3,846,991

)

Poland

InPost

SA

..............

(

47,693

)

(

900,450

)

1

.9

Singapore

SATS

Ltd.

..............

(

223,500

)

(

627,826

)

1

.3

South

Africa

Impala

Platinum

Holdings

Ltd.

.

(

282,280

)

(

1,582,104

)

3

.3

South

Korea

Delivery

Hero

SE

.........

(

80,811

)

(

3,270,383

)

6

.9

POSCO

Future

M

Co.

Ltd.

...

(

3,769

)

(

718,278

)

1

.5

POSCO

Holdings,

Inc.

......

(

1,587

)

(

465,896

)

1

.0

(

4,454,557

)

Sweden

Beijer

Ref

AB

............

(

47,530

)

(

782,519

)

1

.7

Switzerland

Bachem

Holding

AG

.......

(

13,067

)

(

1,101,567

)

2

.3

Baloise

Holding

AG

(Registered)

(

428

)

(

87,523

)

0

.2

Tecan

Group

AG

(Registered)

.

(

3,134

)

(

1,029,896

)

2

.2

(

2,218,986

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

874

)

(

4,452

)

0.0

Innolux

Corp.

............

(

8,000

)

(

4,071

)

0.0

(

8,523

)

United

Kingdom

Ocado

Group

plc

.........

(

174,829

)

(

901,593

)

1

.9

United

States

Air

Transport

Services

Group,

Inc.

.................

(

5,985

)

(

96,897

)

0

.2

Albemarle

Corp.

..........

(

873

)

(

82,682

)

0

.2

Atlantic

Union

Bankshares

Corp.

(

3,650

)

(

137,496

)

0

.3

Banc

of

California,

Inc.

......

(

1

)

(

15

)

0.0

Brandywine

Realty

Trust

....

(

1,273

)

(

6,925

)

0.0

BXP,

Inc.

...............

(

601

)

(

48,356

)

0

.1

Celanese

Corp.

..........

(

1,785

)

(

242,689

)

0

.5

Community

Financial

System,

Inc.

.................

(

3,473

)

(

201,677

)

0

.4

CVB

Financial

Corp.

.......

(

8,831

)

(

157,368

)

0

.3

Enphase

Energy,

Inc.

.......

(

383

)

(

43,287

)

0

.1

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

51

Shares

Value

%

of

Basket

Value

United

States

(continued)

Independent

Bank

Group,

Inc.

.

(

4,305

)

$

(

248,226

)

0

.5

%

Lamb

Weston

Holdings,

Inc.

..

(

2,318

)

(

150,067

)

0

.3

Landbridge

Co.

LLC

,

Class

A

.

(

15,313

)

(

599,045

)

1

.3

Provident

Financial

Services,

Inc.

.................

(

12,456

)

(

231,183

)

0

.5

Revvity,

Inc.

.............

(

8,671

)

(

1,107,720

)

2

.4

ServisFirst

Bancshares,

Inc.

..

(

2,996

)

(

241,028

)

0

.5

Shares

Value

%

of

Basket

Value

United

States

(continued)

Simon

Property

Group,

Inc.

..

(

1,167

)

$

(

197,246

)

0

.4

%

(

3,791,907

)

Preferred

Securities

Germany

Sartorius

AG

(Preference)

...

(

702

)

(

197,388

)

0

.4

Total

Reference

Entity

—

Short

............

(

50,460,895

)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(

47,365,736

)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0

.04

%

1-day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.05

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3

.41

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

10

.08

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

6

.76

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5

.16

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4

.95

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

0

.23

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

10

.74

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8

.05

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3

.11

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

52

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

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

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

........................................

$

—

$

18,031,145

$

—

$

18,031,145

Ireland

..............................................

—

9,423,170

—

9,423,170

United

Kingdom

........................................

—

716,627

—

716,627

United

States

..........................................

—

43,895,034

5,573,852

49,468,886

Common

Stocks

Australia

.............................................

—

26,990,973

53

26,991,026

Belgium

.............................................

—

1,538,469

—

1,538,469

Brazil

...............................................

7,197,639

—

—

7,197,639

Cambodia

............................................

—

118,813

—

118,813

Canada

.............................................

63,508,016

—

—

63,508,016

Cayman

Islands

........................................

—

—

327,765

327,765

China

...............................................

3,639,329

55,296,701

—

58,936,030

Colombia

............................................

83,377

—

—

83,377

Czech

Republic

........................................

78,067

138,476

—

216,543

Denmark

.............................................

—

28,889,849

—

28,889,849

Finland

..............................................

—

2,077,036

—

2,077,036

France

..............................................

—

90,197,788

—

90,197,788

Georgia

.............................................

99,248

—

—

99,248

Germany

............................................

—

39,845,523

—

39,845,523

Greece

..............................................

120,399

473,602

—

594,001

Hong

Kong

...........................................

—

9,856,729

—

9,856,729

Hungary

.............................................

—

425,425

—

425,425

India

...............................................

—

8,126,040

—

8,126,040

Indonesia

............................................

1,730,767

1,929,543

—

3,660,310

Ireland

..............................................

374,304

2,236,779

—

2,611,083

Italy

................................................

—

58,265,314

—

58,265,314

Japan

...............................................

—

146,125,681

—

146,125,681

Jordan

..............................................

—

671,293

—

671,293

Kazakhstan

...........................................

297,832

—

—

297,832

Macau

..............................................

—

1,297,377

—

1,297,377

Malaysia

.............................................

—

285,460

—

285,460

Mexico

..............................................

5,285,032

—

—

5,285,032

Netherlands

...........................................

8,027,880

76,321,291

—

84,349,171

New

Zealand

..........................................

—

1,059,811

—

1,059,811

Norway

..............................................

—

2,736,217

—

2,736,217

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

53

Level

1

Level

2

Level

3

Total

Peru

................................................

$

1,915,386

$

—

$

—

$

1,915,386

Philippines

...........................................

233,009

590,061

—

823,070

Poland

..............................................

—

1,585,736

—

1,585,736

Portugal

.............................................

209,614

—

—

209,614

Saudi

Arabia

..........................................

154,516

1,369,718

—

1,524,234

Singapore

............................................

139,346

548,178

—

687,524

South

Africa

...........................................

632,039

1,167,807

—

1,799,846

South

Korea

..........................................

—

20,834,091

—

20,834,091

Spain

...............................................

—

32,034,046

—

32,034,046

Sweden

.............................................

2,572,310

9,804,146

—

12,376,456

Switzerland

...........................................

7,580,092

14,884,456

—

22,464,548

Taiwan

..............................................

—

52,755,225

—

52,755,225

Thailand

.............................................

382,205

175,993

—

558,198

Turkey

..............................................

244,344

227,133

—

471,477

United

Arab

Emirates

....................................

—

—

4

4

United

Kingdom

........................................

3,370,554

101,154,561

—

104,525,115

United

States

..........................................

1,875,593,333

38,911,130

28,485,664

1,942,990,127

Zambia

..............................................

70,886

—

—

70,886

Corporate

Bonds

Australia

.............................................

—

636,322

7,303,349

7,939,671

Austria

..............................................

—

3,332,603

—

3,332,603

Belgium

.............................................

—

922,789

—

922,789

Brazil

...............................................

—

1,529,028

—

1,529,028

Canada

.............................................

—

14,640,602

—

14,640,602

Chile

...............................................

—

950,193

—

950,193

China

...............................................

—

364,855

—

364,855

Colombia

............................................

—

247,983

—

247,983

Costa

Rica

...........................................

—

226,085

—

226,085

Cyprus

..............................................

—

202,000

—

202,000

Czech

Republic

........................................

—

1,209,437

—

1,209,437

Finland

..............................................

—

214,776

—

214,776

France

..............................................

—

23,745,747

1,906,271

25,652,018

Germany

............................................

—

23,607,650

2,563,958

26,171,608

Ghana

..............................................

—

193,312

—

193,312

Greece

..............................................

—

772,991

—

772,991

Guatemala

...........................................

—

205,000

—

205,000

Hong

Kong

...........................................

—

4,963,690

—

4,963,690

India

...............................................

—

2,983,518

—

2,983,518

Indonesia

............................................

—

936,967

—

936,967

Ireland

..............................................

—

1,268,825

—

1,268,825

Israel

...............................................

—

3,476,466

—

3,476,466

Italy

................................................

—

18,644,784

2,773,446

21,418,230

Japan

...............................................

—

4,712,658

—

4,712,658

Jersey,

Channel

Islands

...................................

—

6,361,278

8,057,647

14,418,925

Kuwait

..............................................

—

263,636

—

263,636

Luxembourg

..........................................

—

8,352,297

299,518

8,651,815

Macau

..............................................

—

1,596,413

—

1,596,413

Malaysia

.............................................

—

993,804

—

993,804

Mexico

..............................................

—

829,085

—

829,085

Netherlands

...........................................

—

10,328,753

—

10,328,753

Panama

.............................................

—

309,551

—

309,551

Peru

................................................

—

333,600

—

333,600

Portugal

.............................................

—

669,569

—

669,569

Slovenia

.............................................

—

1,142,568

—

1,142,568

South

Africa

...........................................

—

392,000

—

392,000

South

Korea

..........................................

—

2,102,961

—

2,102,961

Spain

...............................................

—

7,883,498

—

7,883,498

Sweden

.............................................

—

6,393,192

—

6,393,192

Switzerland

...........................................

—

2,422,491

—

2,422,491

Thailand

.............................................

—

1,071,872

—

1,071,872

Turkey

..............................................

—

364,155

—

364,155

Ukraine

.............................................

—

874,879

—

874,879

United

Arab

Emirates

....................................

—

2,733,357

—

2,733,357

United

Kingdom

........................................

—

64,960,189

2,311,001

67,271,190

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

54

Level

1

Level

2

Level

3

Total

United

States

..........................................

$

—

$

176,225,431

$

46,858,706

$

223,084,137

Zambia

..............................................

—

2,025,754

—

2,025,754

Fixed

Rate

Loan

Interests

..................................

—

—

6,068,978

6,068,978

Floating

Rate

Loan

Interests

Belgium

.............................................

—

1,158,035

—

1,158,035

Canada

.............................................

—

456,641

—

456,641

Colombia

............................................

—

—

514,350

514,350

Finland

..............................................

—

2,780,707

—

2,780,707

France

..............................................

—

13,055,190

—

13,055,190

Germany

............................................

—

15,038,759

—

15,038,759

Jersey,

Channel

Islands

...................................

—

—

3,748,869

3,748,869

Luxembourg

..........................................

—

5,571,472

6,763,103

12,334,575

Netherlands

...........................................

—

22,828,083

5,565,473

28,393,556

Norway

..............................................

—

1,135,941

—

1,135,941

Spain

...............................................

—

10,621,058

4,377,857

14,998,915

Sweden

.............................................

—

2,965,610

—

2,965,610

United

Kingdom

........................................

—

13,346,515

14,008,954

27,355,469

United

States

..........................................

—

56,672,716

17,873,301

74,546,017

Foreign

Agency

Obligations

.................................

—

4,877,845

—

4,877,845

Foreign

Government

Obligations

..............................

—

168,583,325

—

168,583,325

Investment

Companies

....................................

78,510,352

—

—

78,510,352

Municipal

Bonds

.........................................

—

3,177,338

—

3,177,338

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

994,378

—

994,378

Cayman

Islands

........................................

—

1,826,024

—

1,826,024

United

States

..........................................

—

93,646,471

10,831,601

104,478,072

Other

Interests

..........................................

—

—

5,901,234

5,901,234

Preferred

Securities

Brazil

...............................................

3,229,492

—

4,390,873

7,620,365

China

...............................................

—

—

13,967,086

13,967,086

Germany

............................................

—

1,437,258

38,584

1,475,842

India

...............................................

—

—

—

—

Israel

...............................................

—

—

4,664,188

4,664,188

Sweden

.............................................

—

—

—

—

United

Kingdom

........................................

—

—

3,430,552

3,430,552

United

States

..........................................

5,053,043

950,113

68,901,150

74,904,306

U.S.

Government

Sponsored

Agency

Securities

....................

—

62,384,671

—

62,384,671

U.S.

Treasury

Obligations

...................................

—

91,440,086

—

91,440,086

Warrants

..............................................

21,221

1,071,932

1,597,787

2,690,940

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

1,339,336

—

1,339,336

Money

Market

Funds

......................................

317,582,862

—

—

317,582,862

Options

Purchased

Credit

contracts

..........................................

—

68,528

—

68,528

Equity

contracts

..........................................

21,018,167

308,830

—

21,326,997

Foreign

currency

exchange

contracts

...........................

—

590,649

—

590,649

Interest

rate

contracts

......................................

15,188

5,959,528

—

5,974,716

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

758

758

Liabilities

Investment

Sold

Short

Investment

Companies

....................................

(

3,890,133

)

—

—

(

3,890,133

)

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(

413

)

(

413

)

$

2,405,079,716

$

1,895,918,100

$

279,105,519

$

4,580,103,335

Investments

Valued

at

NAV

(b)

......................................

6,564,989

$

4,586,668,324

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

3,089,896

$

—

$

3,089,896

Equity

contracts

...........................................

762,312

7,979,355

—

8,741,667

Foreign

currency

exchange

contracts

............................

—

12,278,551

—

12,278,551

Interest

rate

contracts

.......................................

3,973,362

82,256,689

—

86,230,051

Other

contracts

...........................................

—

139,180

—

139,180

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

55

Level

1

Level

2

Level

3

Total

Liabilities

Credit

contracts

...........................................

$

—

$

(

646,240

)

$

—

$

(

646,240

)

Equity

contracts

...........................................

(

13,722,496

)

(

7,713,377

)

—

(

21,435,873

)

Foreign

currency

exchange

contracts

............................

—

(

7,935,718

)

—

(

7,935,718

)

Interest

rate

contracts

.......................................

(

7,506,215

)

(

27,895,947

)

—

(

35,402,162

)

$

(

16,493,037

)

$

61,552,389

$

—

$

45,059,352

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Other

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2023

....................

$

12,205,640

$

25,177,548

$

57,745,913

$

7,693,976

$

66,362,191

$

14,105,709

$

6,325,742

$

99,073,801

$

(

12,114

)

$

613,042

$

289,291,448

Transfers

into

Level

3

...........

—

—

—

—

—

—

—

1,906,990

—

—

1,906,990

Transfers

out

of

Level

3

..........

(

6,930,237

)

—

—

—

—

—

—

—

—

(

7,002

)

(

6,937,239

)

Accrued

discounts/premiums

.......

—

—

515,257

15,627

30,389

66,119

—

—

—

—

627,392

Net

realized

gain

(loss)

..........

—

(

1,806,890

)

(

20,326,777

)

3,684

(

85,922

)

13,777

—

12,382

—

—

(

22,189,746

)

Net

change

in

unrealized

appreciation

(depreciation)

(a)

.............

298,449

1,143,074

73,684

245,377

1,959,132

403,384

(

424,508

)

(

13,654,022

)

12,459

991,747

(

8,951,224

)

Purchases

...................

—

4,598,256

40,725,436

6,018,744

53,768,817

—

—

18,429,670

—

—

123,540,923

Sales

......................

—

(

298,502

)

(

6,659,617

)

(

7,908,430

)

(

69,182,700

)

(

3,757,388

)

—

(

10,376,388

)

—

—

(

98,183,025

)

Closing

balance,

as

of

September

30,

2024

....................

$

5,573,852

$

28,813,486

$

72,073,896

$

6,068,978

$

52,851,907

$

10,831,601

$

5,901,234

$

95,392,433

$

345

$

1,597,787

$

279,105,519

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2024

(a)

....

$

298,449

$

(

606,137

)

$

(

20,632,290

)

$

245,377

$

296,608

$

403,384

$

(

424,508

)

$

(

17,969,485

)

$

12,459

$

1,159,173

$

(

37,216,970

)

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

56

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

in

the

amount

of

$32,984,601.

A

significant

change

in

the

third-party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset-Backed

Securities

........................

$

5,573,852

Income

Discount

Rate

7%

—

Common

Stocks

.............................

24,215,170

Market

Revenue

Multiple

1.10x

-

16.50x

3.65x

Volatility

38%

-

75%

45%

Time

to

Exit

0.5

-

5.6

years

1.5

years

EBITDA

Multiple

14.94x

—

Income

Discount

Rate

12%

—

Corporate

Bonds

.............................

63,305,094

Income

Discount

Rate

7%

-

34%

12%

Total

Gross

Bid

Value

43%

—

Market

Revenue

Multiple

4.00x

—

Volatility

50%

-

60%

55%

Time

to

Exit

0.3

years

—

Fixed

Rate

Loan

Interests

........................

6,068,978

Income

Discount

Rate

7%

-

12%

8%

Floating

Rate

Loan

Interests

......................

41,533,150

Income

Discount

Rate

6%

-

14%

9%

Non-Agency

Mortgage

Backed

Securities

..............

2,730,370

Income

Discount

Rate

10%

—

Other

Interests

..............................

5,901,234

Income

Discount

Rate

9%

—

Preferred

Stocks

(b)

............................

95,392,433

Market

Revenue

Multiple

0.26x

-

20.00x

9.98x

EBIDTAR

Multiple

11.50x

—

Volatility

38%

-

95%

70%

Time

to

Exit

0.3

-

5.0

years

2.3

years

Market

Adjustment

Multiple

1.00x

–

1.30x

1.25x

Gross

Profit

Multiple

17.00x

—

Income

Discount

Rate

10%

-

14%

11%

Warrants

(b)

.................................

1,400,637

Market

Revenue

Multiple

4.00x

–

7.00x

5.73x

Volatility

50%

-

70%

63%

Time

to

Exit

0.3

–

4.6

years

2.7

years

Income

Discount

Rate

12%

—

$

246,120,918

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

The

Fund

valued

certain

of

its

Level

3

Preferred

Stocks

and

Warrants

using

recent

transactions

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$3,164,284

as

of

September

30,

2024.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Global

Allocation

V.I.

Fund

57

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

DKK

Danish

Krone

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

RON

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

AMT

Alternative

Minimum

Tax

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GUKG1

UK

Government

Bond

1

Year

Note

Generic

Bid

Yield

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

JSC

Joint

Stock

Company

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

Nasdaq

National

Association

of

Securities

Dealers

Automated

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

RB

Revenue

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TIPS

Treasury

Inflation

Protected

Securities

TONAR

Tokyo

Overnight

Average

Rate

VRDN

Variable

Rate

Demand

Notes