BlackRock Variable Series Funds NPORT-P BlackRock 60/40 Target Allocation ETF V.I. Fund (Sep 2024 report)

Schedule

of

Investments

(unaudited)

September

30,

2024

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Value

Investment

Companies

(a)

Equity

Funds

—

61.6%

iShares

Core

MSCI

Emerging

Markets

ETF

(b)

.

163,800

$

9,403,758

iShares

Core

S&P

500

ETF

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

163,570

94,350,447

iShares

MSCI

EAFE

Growth

ETF

.........

297,526

32,028,674

iShares

MSCI

EAFE

Value

ETF

(b)

.........

537,994

30,950,795

iShares

MSCI

Emerging

Markets

ex

China

ETF

270,945

16,557,449

iShares

MSCI

USA

Momentum

Factor

ETF

(b)

.

71,198

14,436,106

iShares

MSCI

USA

Quality

Factor

ETF

(b)

....

359,224

64,408,863

iShares

S&P

500

Growth

ETF

(b)

..........

502,897

48,152,388

iShares

S&P

500

Value

ETF

(b)

...........

132,726

26,169,585

iShares

U.S.

Infrastructure

ETF

(b)

.........

127,907

6,007,792

iShares

U.S.

Technology

ETF

(b)

..........

101,716

15,422,180

357,888,037

Fixed-Income

Funds

—

38.1%

iShares

20+

Year

Treasury

Bond

ETF

(b)

.....

150,429

14,757,085

iShares

Core

Total

USD

Bond

Market

ETF

(b)

..

3,545,535

167,065,609

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(b)

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

68,407

6,401,527

iShares

MBS

ETF

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

352,271

33,751,085

221,975,306

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

527,764,543

)

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

579,863,343

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

31

.7

%

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.05

%

(d)

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

182,059,549

$

182,205,197

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.83

%

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

1,745,477

1,745,477

Total

Short-Term

Securities

—

31

.7

%

(Cost:

$

183,954,145

)

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

183,950,674

Total

Investments

—

131

.4

%

(Cost:

$

711,718,688

)

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

763,814,017

Liabilities

in

Excess

of

Other

Assets

—

(

31.4

)

%

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

(

182,319,435

)

Net

Assets

—

100.0%

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

$

581,494,582

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

2

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

Shares

Held

at

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

182,179,394

(a)

$

—

$

29,274

$

(

3,471

)

$

182,205,197

182,059,549

$

262,381

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

1,724,850

20,627

(a)

—

—

—

1,745,477

1,745,477

51,602

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

101,778,973

—

(

101,760,775

)

(a)

(

18,198

)

—

—

—

—

—

iShares

20+

Year

Treasury

Bond

ETF

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

16,879,211

1,814,032

(

3,842,872

)

(

150,827

)

57,541

14,757,085

150,429

401,709

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

9,754,454

8,485,687

(

9,828,218

)

494,966

496,869

9,403,758

163,800

120,486

—

iShares

Core

S&P

500

ETF

..

157,146,957

24,678,580

(

112,182,771

)

28,805,157

(

4,097,476

)

94,350,447

163,570

1,013,348

—

iShares

Core

Total

USD

Bond

Market

ETF

..........

91,295,030

73,801,714

(

2,025,061

)

40,109

3,953,817

167,065,609

3,545,535

3,432,748

—

iShares

Global

Energy

ETF

(c)

.

4,083,397

588,639

(

5,001,464

)

39,718

289,710

—

—

—

—

iShares

High

Yield

Systematic

Bond

ETF

(c)

..........

—

7,220,146

(

7,128,248

)

(

91,898

)

—

—

—

73,699

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

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

13,743,197

12,367

(

13,597,725

)

570,942

(

728,781

)

—

—

—

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

5,110,085

2,856,983

(

1,887,847

)

57,739

264,567

6,401,527

68,407

212,167

—

iShares

MBS

ETF

........

28,021,258

5,530,142

(

490,896

)

21,085

669,496

33,751,085

352,271

777,170

—

iShares

MSCI

EAFE

Growth

ETF

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

17,406,850

19,324,987

(

6,955,526

)

1,223,393

1,028,970

32,028,674

297,526

303,303

—

iShares

MSCI

EAFE

Value

ETF

28,464,522

14,941,805

(

15,164,715

)

820,874

1,888,309

30,950,795

537,994

445,365

—

iShares

MSCI

Emerging

Markets

ex

China

ETF

...

4,804,102

10,914,749

(

141,152

)

17,916

961,834

16,557,449

270,945

85,565

—

iShares

MSCI

USA

Momentum

Factor

ETF

...........

—

13,370,197

(

154,455

)

(

2,474

)

1,222,838

14,436,106

71,198

55,318

—

iShares

MSCI

USA

Quality

Factor

ETF

...........

33,097,672

43,937,905

(

20,390,125

)

4,435,631

3,327,780

64,408,863

359,224

437,020

—

iShares

S&P

100

ETF

(c)

....

9,383,497

8,495

(

9,733,275

)

1,250,070

(

908,787

)

—

—

—

—

iShares

S&P

500

Growth

ETF

9,305,491

45,283,707

(

11,805,942

)

1,008,753

4,360,379

48,152,388

502,897

134,208

—

iShares

S&P

500

Value

ETF

.

—

23,676,827

(

391,956

)

23,704

2,861,010

26,169,585

132,726

360,060

—

iShares

Treasury

Floating

Rate

Bond

ETF

(c)

..........

22,183,786

265,860

(

22,510,305

)

(

2,398

)

63,057

—

—

114,208

—

iShares

U.S.

Infrastructure

ETF

4,717,389

549,573

(

80,055

)

8,208

812,677

6,007,792

127,907

71,419

—

iShares

U.S.

Technology

ETF

13,829,997

1,437,348

(

2,954,237

)

1,380,248

1,728,824

15,422,180

101,716

28,917

—

$

39,961,992

$

18,249,163

$

763,814,017

$

8,380,693

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

3

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.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

579,863,343

$

—

$

—

$

579,863,343

Short-Term

Securities

Money

Market

Funds

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

183,950,674

—

—

183,950,674

$

763,814,017

$

—

$

—

$

763,814,017

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

EAFE

Europe,

Australasia

and

Far

East

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International