Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

International

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Canada

—

8.5%

Canadian

Pacific

Kansas

City

Ltd.

..

41,425

$

2,907,134‌

Teck

Resources

Ltd.

,

Class

B

.....

35,471

1,292,095‌

Toronto-Dominion

Bank

(The)

.....

33,011

1,978,068‌

6,177,297‌

China

—

1.8%

Tencent

Holdings

Ltd.

...........

20,800

1,329,036‌

Denmark

—

3.5%

Novo

Nordisk

A/S

,

Class

B

.......

36,661

2,506,818‌

France

—

10.6%

Air

Liquide

SA

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

16,043

3,047,291‌

Cie

de

Saint-Gobain

SA

.........

24,646

2,455,157‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,539

2,191,627‌

7,694,075‌

Germany

—

14.0%

adidas

AG

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

6,407

1,511,158‌

Beiersdorf

AG

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

28,890

3,732,124‌

Deutsche

Telekom

AG

(Registered)

.

87,374

3,225,847‌

Infineon

Technologies

AG

........

50,445

1,681,579‌

10,150,708‌

Italy

—

3.4%

Intesa

Sanpaolo

SpA

...........

480,202

2,474,803‌

Japan

—

14.8%

Nintendo

Co.

Ltd.

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

18,200

1,237,194‌

Nippon

Paint

Holdings

Co.

Ltd.

.....

182,300

1,368,992‌

Recruit

Holdings

Co.

Ltd.

........

34,200

1,771,946‌

SMC

Corp.

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

7,900

2,826,967‌

Sony

Group

Corp.

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

139,800

3,537,360‌

10,742,459‌

Netherlands

—

2.0%

ASML

Holding

NV

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

2,199

1,455,240‌

Spain

—

2.0%

Industria

de

Diseno

Textil

SA

......

29,436

1,465,674‌

Switzerland

—

5.3%

Julius

Baer

Group

Ltd.

..........

27,456

1,903,141‌

UBS

Group

AG

(Registered)

......

64,333

1,975,962‌

3,879,103‌

Taiwan

—

4.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

115,000

3,238,744‌

United

Kingdom

—

11.5%

AstraZeneca

plc

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

19,033

2,794,898‌

RELX

plc

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

62,450

3,138,820‌

Standard

Chartered

plc

..........

161,067

2,390,133‌

8,323,851‌

United

States

—

15.8%

Baker

Hughes

Co.

,

Class

A

.......

28,182

1,238,599‌

Cadence

Design

Systems,

Inc.

(a)

...

7,140

1,815,916‌

Marvell

Technology,

Inc.

.........

19,855

1,222,472‌

Mastercard,

Inc.

,

Class

A

.........

2,917

1,598,866‌

Otis

Worldwide

Corp.

...........

18,817

1,941,915‌

Sanofi

SA

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

16,134

1,786,387‌

Security

Shares

Shares

Value

United

States

(continued)

Waste

Connections,

Inc.

.........

9,344

$

1,821,270‌

11,425,425‌

Total

Long-Term

Investments

—

97.7%

(Cost:

$

66,257,107

)

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

70,863,233‌

Short-Term

Securities

Money

Market

Funds

—

4.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.22

%

(b)

(c)

....

3,559,349‌

3,559,349‌

Total

Short-Term

Securities

—

4

.9

%

(Cost:

$

3,559,349

)

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

3,559,349‌

Total

Investments

—

102.6%

(Cost:

$

69,816,456

)

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

74,422,582‌

Liabilities

in

Excess

of

Other

Assets

—

(

2.6

)

%

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

(

1,882,828‌

)

Net

Assets

—

100.0%

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

$

72,539,754‌

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

International

V.I.

Fund

3

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/25

Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

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

$

366,700

$

—

$

(

366,449

)

(b)

$

(

251

)

$

—

$

—

—

$

192

(c)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

733,528

2,825,821

(b)

—

—

—

3,559,349

3,559,349

15,516

—

$

(

251

)

$

—

$

3,559,349

$

15,708

$

—

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

International

V.I.

Fund

4

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

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,

that

may

not

have

a

secondary

market,

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Canada

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

$

6,177,297

$

—

$

—

$

6,177,297

China

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

—

1,329,036

—

1,329,036

Denmark

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

—

2,506,818

—

2,506,818

France

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

—

7,694,075

—

7,694,075

Germany

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

—

10,150,708

—

10,150,708

Italy

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

—

2,474,803

—

2,474,803

Japan

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

—

10,742,459

—

10,742,459

Netherlands

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

—

1,455,240

—

1,455,240

Spain

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

—

1,465,674

—

1,465,674

Switzerland

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

—

3,879,103

—

3,879,103

Taiwan

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

—

3,238,744

—

3,238,744

United

Kingdom

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

—

8,323,851

—

8,323,851

United

States

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

9,639,038

1,786,387

—

11,425,425

Short-Term

Securities

Money

Market

Funds

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

3,559,349

—

—

3,559,349

$

19,375,684

$

55,046,898

$

—

$

74,422,582