Consolidated

Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.5%

(a)(b)

720

East

CLO

VII

Ltd.,

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

5.36%,

04/20/37

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

USD

660

$

660,000

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.69%,

07/22/37

.......

270

270,964

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.27%),

5.56%,

04/20/31

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

172

171,909

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

12/17/29

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

1,490

1,488,704

Assurant

CLO

I

Ltd.,

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.70%,

10/20/34

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

280

279,674

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

6.11%,

01/25/35

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

485

484,687

Battalion

CLO

XI

Ltd.,

Series

2017-11A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.72%

Floor

+

1.98%),

6.28%,

04/24/34

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

288

286,813

BBAM

US

CLO

I

Ltd.,

Series

2022-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

5.52%,

03/30/38

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

270

269,436

Bethpage

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

5.69%,

01/15/35

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

270

270,053

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

6.15%,

10/22/30

...

250

249,625

Series

2014-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

6.30%,

10/20/30

...

256

255,343

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

6.06%,

07/15/31

.......

502

501,413

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

6.11%,

04/15/30

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

401

400,922

CIFC

Funding

Ltd.

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.21%,

07/15/36

...

875

874,032

Series

2025-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

5.41%,

04/15/38

...

250

248,949

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

5.96%,

04/17/30

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

402

401,075

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Diameter

Capital

CLO

9

Ltd.,

Series

2025-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

5.49%,

04/20/38

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

USD

260

$

258,946

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

6.15%,

07/18/30

.......

250

250,063

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.99%,

10/20/37

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

475

473,391

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

5.53%,

10/15/30

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

48

47,515

Golub

Capital

Partners

CLO

77

B

Ltd.,

Series

2024-77A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.55%,

01/25/38

.......

500

499,494

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

5.45%,

07/15/39

.......

542

538,512

LCM

36

Ltd.,

Series

36A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.07%),

5.39%,

01/15/34

.

1,240

1,237,802

Madison

Park

Funding

LXXI

Ltd.,

Series

2025-71A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

5.41%,

04/23/38

.......

270

270,011

Madison

Park

Funding

XXXVII

Ltd.,

Series

2019-37A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.83%,

04/15/37

.......

250

250,524

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

5.53%,

07/16/36

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

216

215,387

New

Mountain

CLO

1

Ltd.,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

5.55%,

01/15/38

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

270

269,055

Oak

Hill

Credit

Partners

X-R

Ltd.,

Series

2014-10RA,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

5.45%,

04/20/38

.

400

398,103

Oaktree

CLO

Ltd.,

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

0.97%),

5.27%,

01/15/35

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

270

268,342

OCP

CLO

Ltd.

Series

2014-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

5.96%,

04/26/31

...

300

299,343

Series

2015-9A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

5.42%,

01/15/37

...

500

499,890

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.21%,

07/15/36

.......

300

299,471

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

5.90%,

07/19/30

.......

USD

263

$

262,720

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.59%,

02/24/37

.......

250

249,942

Palmer

Square

CLO

Ltd.,

Series

2021-

1A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

5.47%,

04/20/38

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

320

318,722

Palmer

Square

Loan

Funding

Ltd.,

Series

2022-3A,

Class

A1BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.70%,

04/15/31

.......

270

270,190

Recette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

5.95%,

04/20/34

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

250

249,425

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

5.62%,

01/15/38

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

270

270,270

Regatta

31

Funding

Ltd.,

Series

2025-

1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

5.40%,

03/25/38

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

300

299,197

Regatta

XX

Funding

Ltd.,

Series

2021-

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

5.49%,

01/15/38

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

270

269,371

Rockford

Tower

CLO

Ltd.

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.20%,

04/20/34

...

250

249,372

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.68%,

05/20/31

...

104

104,358

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.85%,

04/15/37

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

1,354

1,356,851

TICP

CLO

VI

Ltd.

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.68%,

01/15/34

...

250

249,618

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

6.06%,

01/15/34

...

250

249,763

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.21%,

07/15/34

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

300

299,360

Trinitas

CLO

XIV

Ltd.

Series

2020-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.25%,

01/25/34

...

270

269,601

Series

2020-14A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.70%,

01/25/34

...

260

259,232

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.05%,

07/24/36

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

300

300,450

18,717,890

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.5%

(b)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

6.31%,

02/15/37

(c)

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

EUR

630

$

681,218

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.76%,

11/15/37

(c)

700

754,873

Arcano

Euro

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.40%

Floor

+

3.40%),

0.00%,

04/25/39

(c)

820

886,666

Arini

European

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

6.27%,

01/15/38

(c)

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

1,010

1,094,810

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.17%,

01/15/39

(c)

530

573,089

Aurium

CLO

XIII

DAC,

Series

13X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.17%,

04/15/38

(c)(d)

370

393,188

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.70%,

01/15/38

(c)

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

400

431,759

Avoca

Static

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.90%

Floor

+

2.90%),

5.74%,

01/15/35

(c)

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

350

375,886

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.31%,

10/25/37

(c)

820

887,348

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

4.39%,

04/15/33

(c)

...........

207

222,941

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

+

3.10%),

5.58%,

10/15/37

(c)

...........

530

571,930

Contego

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

6.13%,

01/23/38

(c)

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

680

734,750

Contego

CLO

XI

DAC,

Series

11X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.93%,

11/20/38

(c)

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

510

550,187

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.21%,

08/15/33

(c)(d)

....

1,640

1,773,332

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

DR,

(3-mo.

EURIBOR

at

2.70%

Floor

+

2.70%),

5.26%,

02/15/38

(c)

...........

700

742,634

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

6.27%,

07/25/37

(c)

522

566,114

Henley

CLO

Xi

DAC,

Series

11X,

Class

D,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

4.96%,

04/25/39

(c)(d)

...

780

823,594

Henley

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.88%,

01/15/38

(c)

510

548,866

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

3.47%,

11/14/32

(c)

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

EUR

104

$

112,467

Jubilee

CLO

DAC,

Series

2024-29X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.21%,

01/15/39

(c)

860

929,358

Palmer

Square

European

Loan

Funding

DAC

(c)

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.71%,

05/15/34

....

630

681,286

Series

2024-3X,

Class

D,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.74%,

05/15/34

....

510

550,082

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.81%,

08/15/38

(c)

580

626,594

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

6.93%,

07/25/51

...

USD

110

111,830

Series

2021-1A,

Class

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.86%),

8.18%,

07/25/51

...

65

66,314

Series

2021-1A,

Class

D,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.01%),

10.33%,

07/25/51

..

52

53,751

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.99%,

10/15/38

(c)

EUR

557

600,419

Rockford

Tower

Europe

CLO

DAC,

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

0.00%,

10/25/27

(c)

...........

680

732,527

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

1,182,463

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

0.00%,

04/16/39

(c)

...........

820

886,666

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

1,187,427

Victory

Street

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

6.23%,

01/15/38

(c)

760

823,122

21,157,491

Jersey,

Channel

Islands

—

0.0%

Bayswater

Park

CLO

Ltd.,

Series

2023-

1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

6.02%,

01/20/37

(a)(b)

..........

USD

250

250,545

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

....

GBP

783

1,050,584

Security

Par

(000)

Par

(000)

Value

United

States

—

1.4%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.88%,

05/25/36

(b)

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

USD

209

$

206,622

Ajax

Mortgage

Loan

Trust

(a)(b)

Series

2021-E,

Class

A1,

1.74%,

12/25/60

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

4,190

3,653,653

Series

2021-E,

Class

A2,

2.69%,

12/25/60

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

726

551,613

Series

2021-E,

Class

B1,

3.73%,

12/25/60

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

480

308,674

Series

2021-E,

Class

M1,

2.94%,

12/25/60

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

377

271,197

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

240

239,365

College

Avenue

Student

Loans

LLC,

Series

2021-B,

Class

D,

3.78%,

06/25/52

(a)

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

65

61,641

Concord

Music

Royalties

LLC,

Series

2024-1A,

Class

A,

5.64%,

10/20/74

(a)

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

779

774,426

FNA

8

LLC,

Series

2025-1,

Class

A,

5.62%,

03/15/45

(a)(b)

..........

1,827

1,827,000

FS

Rialto

Issuer

LLC,

Series

2025-

FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/19/42

(a)(b)

..........

1,290

1,278,633

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

A,

5.35%,

10/20/46

(a)

.....

3,121

3,161,070

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

761

592,782

GreenSky

Home

Improvement

Trust

(a)

Series

2024-1,

Class

A4,

5.67%,

06/25/59

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

2,224

2,251,480

Series

2024-1,

Class

B,

5.87%,

06/25/59

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

257

260,428

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.40%),

5.74%,

05/20/32

(a)(b)

1,158

1,159,685

Lendmark

Funding

Trust,

Series

2021-

2A,

Class

D,

4.46%,

04/20/32

(a)

..

640

570,141

Lyra

Music

Assets

Delaware

LP,

Series

2024-2A,

Class

A2,

5.76%,

12/22/64

(a)

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

1,895

1,913,481

Mariner

Finance

Issuance

Trust

(a)

Series

2024-AA,

Class

A,

5.13%,

09/22/36

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

1,345

1,361,317

Series

2024-AA,

Class

D,

6.77%,

09/22/36

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

223

228,840

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

5.51%,

04/15/60

(b)

.........

1,405

1,408,576

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

392

347,711

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

1,021

952,362

Series

2024-A,

Class

A,

5.66%,

10/15/72

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

3,312

3,369,881

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B1,

2.85%,

04/20/62

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

USD

1,548

$

1,357,577

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

1,554

1,396,227

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,640

1,423,397

Series

2025-AA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.10%),

5.43%,

03/15/57

(b)

...

3,059

3,040,064

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

159

157,434

Progress

Residential

Trust,

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

(a)

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

699

684,359

Regional

Management

Issuance

Trust,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(d)

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

5,969

5,670,550

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

08/20/32

(a)

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

2,067

2,095,965

Sesac

Finance

LLC,

Series

2019-1,

Class

A2,

5.22%,

07/25/49

(a)

....

241

238,519

SMB

Private

Education

Loan

Trust

(a)

Series

2021-A,

Class

B,

2.31%,

01/15/53

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

468

451,343

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

2,783

2,402,551

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

371

329,243

Series

2021-C,

Class

B,

2.30%,

01/15/53

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

314

303,947

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

237

211,129

Series

2021-C,

Class

D,

3.93%,

01/15/53

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

70

62,770

Series

2024-D,

Class

A1B,

(SOFR

30

day

Average

at

1.10%

Floor

+

1.10%),

5.45%,

07/15/53

(b)

...

1,854

1,854,449

SoFi

Personal

Loan

Trust

(a)

  0.00%,

10/15/30

(e)

..........

41

1,927,056

Series

2023-1A,

Class

A,

6.00%,

11/12/30

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

1,457

1,475,340

Series

2024-1A,

Class

A,

6.06%,

02/12/31

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

1,651

1,662,997

Splitrock

Services,

Inc.,

0.00%,

02/12/31

(a)

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

38

1,109,289

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(a)

...

1,332

1,351,130

55,955,914

Total

Asset-Backed

Securities

—

2.4%

(Cost:

$100,728,189)

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

97,132,424

Shares

Shares

Common

Stocks

Australia

—

0.4%

BHP

Group

Ltd.

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

138,955

3,371,485

Brambles

Ltd.

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

39,452

498,406

Fortescue

Ltd.

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

109,084

1,055,827

Glencore

plc

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

1,292,768

4,731,702

IREN

Ltd.

(f)(g)

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

63,728

388,103

Security

Shares

Shares

Value

Australia

(continued)

Macquarie

Group

Ltd.

...........

6,549

$

815,001

Quintis

HoldCo

Pty.

Ltd.

(d)(f)(h)

......

7,642,509

48

Rio

Tinto

Ltd.

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

7,818

567,273

Santos

Ltd.

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

195,255

818,205

Steadfast

Group

Ltd.

...........

150,522

547,330

Transurban

Group

(i)

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

113,661

957,331

Woolworths

Group

Ltd.

..........

106,849

1,983,902

15,734,613

Belgium

—

0.1%

Anheuser-Busch

InBev

SA/NV

.....

7,866

483,613

KBC

Group

NV

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

10,417

949,442

Syensqo

SA

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

243

16,583

UCB

SA

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

5,103

898,459

2,348,097

Brazil

—

0.3%

B3

SA

-

Brasil

Bolsa

Balcao

.......

1,277,720

2,729,439

Banco

do

Brasil

SA

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

306,219

1,514,339

Lojas

Renner

SA

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

417,964

900,903

Magazine

Luiza

SA

(f)

...........

309,867

550,614

MercadoLibre,

Inc.

(f)

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

2,569

5,011,785

Seguridade

Participacoes

SA

......

155,838

1,101,922

11,809,002

Cambodia

—

0.0%

NagaCorp

Ltd.

(f)

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

250,000

109,604

Canada

—

1.0%

Agnico

Eagle

Mines

Ltd.

.........

12,419

1,345,503

Algoma

Steel

Group,

Inc.

........

141,759

768,334

Alimentation

Couche-Tard,

Inc.

.....

2,913

143,661

Bank

of

Nova

Scotia

(The)

(g)

......

25,694

1,218,235

Barrick

Gold

Corp.

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

47,090

914,280

Cameco

Corp.

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

226,421

9,319,488

Canadian

National

Railway

Co.

....

22,088

2,149,476

Canadian

Natural

Resources

Ltd.

...

49,069

1,509,868

Cenovus

Energy,

Inc.

...........

108,099

1,502,366

Constellation

Software,

Inc.

.......

401

1,269,939

Franco-Nevada

Corp.

...........

14,161

2,227,205

Lionsgate

Studios

Corp.

(f)(g)

.......

65,511

489,367

Power

Corp.

of

Canada

(g)

........

92,246

3,261,510

Shopify,

Inc.

,

Class

A

(f)

..........

5,443

517,805

Suncor

Energy,

Inc.

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

176,211

6,822,888

TC

Energy

Corp.

(g)

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

80,598

3,806,289

Thomson

Reuters

Corp.

.........

18,958

3,271,492

40,537,706

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C,

(Acquired

11/16/21,

cost

$2,251,184)

(d)(f)(j)

...

1,159

323,036

Chile

—

0.0%

Wom

New

Holdco

(d)(f)

...........

1,359

39,411

China

—

1.5%

Airtac

International

Group

........

9,000

228,569

Alibaba

Group

Holding

Ltd.

.......

581

9,613

Alibaba

Group

Holding

Ltd.

,

ADR

...

26,860

3,551,698

Baidu,

Inc.

,

ADR,

Class

A

(f)

.......

5,882

541,320

BYD

Co.

Ltd.

,

Class

H

..........

464,690

23,530,288

China

Tower

Corp.

Ltd.

,

Class

H

(a)(c)

.

248,000

334,069

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

180,630

6,310,257

Eastroc

Beverage

Group

Co.

Ltd.

,

Class

A

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

38,500

1,320,240

Great

Wall

Motor

Co.

Ltd.

,

Class

A

..

713,574

2,567,395

Great

Wall

Motor

Co.

Ltd.

,

Class

H

..

414,000

726,048

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

(continued)

Haidilao

International

Holding

Ltd.

(a)(c)

225,000

$

507,456

JD.com,

Inc.

,

Class

A

...........

46,200

950,405

Lenovo

Group

Ltd.

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

190,000

258,203

NetEase,

Inc.

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

138,400

2,843,098

Nongfu

Spring

Co.

Ltd.

,

Class

H

(a)(c)

..

263,729

1,144,079

NXP

Semiconductors

NV

........

8,112

1,541,767

PDD

Holdings,

Inc.

,

ADR

(f)

........

79

9,350

Prosus

NV

,

Class

N

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

34,486

1,602,191

Tencent

Holdings

Ltd.

...........

161,460

10,316,641

Trip.com

Group

Ltd.

,

ADR

........

71

4,514

Weichai

Power

Co.

Ltd.

,

Class

H

...

539,000

1,135,214

Xiaomi

Corp.

,

Class

B

(a)(c)(f)

........

108,200

684,660

60,117,075

Colombia

—

0.0%

Bancolombia

SA

,

ADR

..........

4,076

163,855

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

3,928

190,430

Moneta

Money

Bank

A/S

(a)(c)

......

24,111

152,924

343,354

Denmark

—

0.7%

AP

Moller

-

Maersk

A/S

,

Class

B

....

228

396,818

Carlsberg

A/S

,

Class

B

..........

6,164

780,225

DSV

A/S

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

53,518

10,349,375

Genmab

A/S

(f)

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

3,501

682,066

Novo

Nordisk

A/S

,

Class

B

.......

191,052

13,063,818

Novonesis

(Novozymes)

,

Class

B

...

10,099

588,030

Vestas

Wind

Systems

A/S

(f)

.......

132,631

1,834,884

27,695,216

Finland

—

0.1%

Elisa

OYJ

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

14,562

709,825

Kone

OYJ

,

Class

B

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

17,638

973,189

Sampo

OYJ

,

Class

A

...........

39,575

379,254

2,062,268

France

—

2.2%

Accor

SA

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

149,920

6,837,144

AXA

SA

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

28,331

1,210,464

BNP

Paribas

SA

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

14,647

1,224,187

Bouygues

SA

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

36,319

1,431,708

Carrefour

SA

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

92,953

1,329,405

Cie

de

Saint-Gobain

SA

.........

157,237

15,663,454

Dassault

Systemes

SE

..........

62,477

2,378,670

Edenred

SE

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

38,546

1,252,610

Eiffage

SA

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

13,086

1,523,588

EssilorLuxottica

SA

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

51,081

14,719,941

FDJ

United

(a)(c)

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

6,590

207,361

Hermes

International

SCA

........

7,330

19,286,108

L'Oreal

SA

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

2,509

932,578

LVMH

Moet

Hennessy

Louis

Vuitton

SE

25,353

15,700,571

Orange

SA

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

123,474

1,599,501

Sodexo

SA

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

13,923

894,263

Vivendi

SE

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

194,889

584,216

86,775,769

Georgia

—

0.0%

Lion

Finance

Group

plc

..........

2,020

142,470

Germany

—

0.4%

Allianz

SE

(Registered)

..........

5,126

1,961,771

Commerzbank

AG

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

59,669

1,365,524

Evonik

Industries

AG

...........

63,337

1,373,083

Fresenius

Medical

Care

AG

.......

8,541

425,000

Heidelberg

Materials

AG

.........

5,888

1,014,959

Merck

KGaA

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

10,866

1,495,270

Security

Shares

Shares

Value

Germany

(continued)

MTU

Aero

Engines

AG

..........

5,624

$

1,954,186

Northern

Data

AG

(f)(g)

...........

11,594

303,313

Rational

AG

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

874

728,179

Rheinmetall

AG

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

3

4,293

RWE

AG

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

113,249

4,043,502

Siemens

Energy

AG

(f)

...........

18,943

1,122,979

Symrise

AG

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

15,624

1,619,803

17,411,862

Greece

—

0.0%

Athens

International

Airport

SA

.....

26,745

263,324

OPAP

SA

,

Class

R

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

6,777

134,631

397,955

Hong

Kong

—

0.2%

AIA

Group

Ltd.

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

746,905

5,653,976

Orient

Overseas

International

Ltd.

..

40,000

592,110

Prudential

plc

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

145,011

1,564,818

Techtronic

Industries

Co.

Ltd.

......

27,000

323,575

8,134,479

Hungary

—

0.0%

OTP

Bank

Nyrt.

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

7,544

507,575

India

—

0.1%

Axis

Bank

Ltd.

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

5,636

72,296

Eicher

Motors

Ltd.

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

2,568

160,201

GAIL

India

Ltd.

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

52,300

111,430

Hindustan

Aeronautics

Ltd.

(c)

......

12,006

583,374

Hindustan

Petroleum

Corp.

Ltd.

....

16,599

69,482

ICICI

Bank

Ltd.

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

5,318

83,588

Infosys

Ltd.

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

31,417

575,671

JSW

Energy

Ltd.

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

9,118

57,153

Kotak

Mahindra

Bank

Ltd.

........

36,738

930,048

Tata

Consultancy

Services

Ltd.

....

38,441

1,617,081

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$2,928,536)

(d)(f)(j)

...

1,951

—

4,260,324

Indonesia

—

0.0%

Astra

International

Tbk.

PT

.......

972,000

287,663

Bank

Central

Asia

Tbk.

PT

........

343,965

176,552

Bank

Mandiri

Persero

Tbk.

PT

(f)

....

1,163,400

361,163

Bank

Syariah

Indonesia

Tbk.

PT

....

722,100

101,196

Ciputra

Development

Tbk.

PT

.....

3,640,400

163,685

Mitra

Adiperkasa

Tbk.

PT

........

1,748,100

142,097

Telkom

Indonesia

Persero

Tbk.

PT

..

1,929,200

280,177

1,512,533

Ireland

—

0.1%

Accenture

plc

,

Class

A

..........

3,049

951,410

Kingspan

Group

plc

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

19,195

1,550,538

2,501,948

Italy

—

1.2%

BPER

Banca

SpA

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

251,092

1,970,995

Ferrari

NV

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

9,047

3,863,617

FinecoBank

Banca

Fineco

SpA

....

16,573

328,255

Intesa

Sanpaolo

SpA

...........

3,838,520

19,782,466

Prysmian

SpA

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

64,776

3,565,725

UniCredit

SpA

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

350,171

19,655,852

Wizz

Air

Holdings

plc

(a)(c)(f)

........

12,652

244,142

49,411,052

Japan

—

1.7%

Asahi

Intecc

Co.

Ltd.

...........

46,300

747,913

Canon,

Inc.

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

24,900

776,461

Chugai

Pharmaceutical

Co.

Ltd.

....

15,600

714,660

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Japan

(continued)

Dai-ichi

Life

Holdings,

Inc.

........

217,600

$

1,661,491

Daiichi

Sankyo

Co.

Ltd.

..........

177,146

4,218,534

Daikin

Industries

Ltd.

...........

37,869

4,109,494

Daiwa

Securities

Group,

Inc.

......

69,000

464,594

Ebara

Corp.

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

45,900

698,625

FANUC

Corp.

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

28,530

777,321

Fast

Retailing

Co.

Ltd.

..........

2,200

654,921

FUJIFILM

Holdings

Corp.

........

126,370

2,421,119

GMO

Payment

Gateway,

Inc.

......

14,900

792,813

Hoya

Corp.

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

10,500

1,185,014

Isetan

Mitsukoshi

Holdings

Ltd.

(g)

...

59,300

859,965

Ito

En

Ltd.

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

8

171

J

Front

Retailing

Co.

Ltd.

.........

36,700

455,719

Japan

Exchange

Group,

Inc.

......

72,400

745,063

Japan

Post

Bank

Co.

Ltd.

........

46,700

474,172

Kakaku.com,

Inc.

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

29,500

422,511

Kansai

Paint

Co.

Ltd.

(g)

..........

28,224

403,478

Kawasaki

Kisen

Kaisha

Ltd.

(g)

.....

102,000

1,386,425

KDDI

Corp.

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

48,200

761,351

Keyence

Corp.

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

3,200

1,258,273

Kuraray

Co.

Ltd.

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

50,000

616,124

Kyowa

Kirin

Co.

Ltd.

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

16,200

236,466

LY

Corp.

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

336,900

1,140,797

Mazda

Motor

Corp.

(g)

...........

102,800

657,751

MISUMI

Group,

Inc.

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

37,600

625,840

Mitsubishi

Chemical

Group

Corp.

...

192,600

951,730

Mitsubishi

Corp.

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

63,200

1,115,781

Mitsubishi

Electric

Corp.

.........

147,633

2,722,690

Mitsubishi

UFJ

Financial

Group,

Inc.

.

220,076

3,000,476

Mitsui

&

Co.

Ltd.

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

74,500

1,404,565

Mitsui

OSK

Lines

Ltd.

(g)

..........

10,100

351,654

MS&AD

Insurance

Group

Holdings,

Inc.

40,000

869,914

Murata

Manufacturing

Co.

Ltd.

.....

36,200

558,383

Nexon

Co.

Ltd.

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

91,700

1,255,955

Nidec

Corp.

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

160,600

2,695,234

Nikon

Corp.

(g)

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

61,600

611,764

Nippon

Paint

Holdings

Co.

Ltd.

.....

145,776

1,094,713

Nippon

Yusen

KK

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

22,200

733,668

Nissan

Chemical

Corp.

..........

24,600

732,421

Nomura

Holdings,

Inc.

..........

104,600

644,537

Nomura

Research

Institute

Ltd.

....

11,456

372,920

Obayashi

Corp.

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

24,400

325,504

Rakus

Co.

Ltd.

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

38,029

512,697

Rakuten

Group,

Inc.

(f)

...........

133,400

765,311

Rohto

Pharmaceutical

Co.

Ltd.

.....

32,500

486,646

Santen

Pharmaceutical

Co.

Ltd.

....

49,665

473,011

Shimizu

Corp.

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

76,200

678,218

Socionext,

Inc.

(g)

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

168,400

2,044,824

Sojitz

Corp.

(g)

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

32,300

711,900

Sumitomo

Mitsui

Financial

Group,

Inc.

82,600

2,124,027

Suzuki

Motor

Corp.

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

150,900

1,852,316

Tokio

Marine

Holdings,

Inc.

.......

83,400

3,244,496

Tokyo

Electron

Ltd.

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

6,900

946,215

Toyota

Motor

Corp.

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

54,000

954,574

Toyota

Tsusho

Corp.

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

76,000

1,280,437

Trend

Micro,

Inc.

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

14,099

951,795

Unicharm

Corp.

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

158,200

1,260,029

Yamaha

Motor

Co.

Ltd.

..........

144,565

1,157,434

68,152,905

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

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

7,332

180,734

Kaspi.KZ

JSC

,

ADR

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

4,165

386,720

567,454

Security

Shares

Shares

Value

Macau

—

0.0%

Wynn

Macau

Ltd.

(g)

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

1,282,188

$

918,756

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

64,100

101,561

Frontken

Corp.

Bhd.

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

240,900

203,542

305,103

Mexico

—

0.1%

Cemex

SAB

de

CV

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

1,834,637

1,030,076

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

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

10,101

275,989

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

332,796

2,310,521

Wal-Mart

de

Mexico

SAB

de

CV

....

236,256

653,082

4,269,668

Netherlands

—

1.4%

Adyen

NV

(a)(c)(f)

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

891

1,365,721

Argenx

SE

(f)

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

1,943

1,146,557

ASML

Holding

NV

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

34,116

22,577,074

ING

Groep

NV

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

119,878

2,348,567

Koninklijke

KPN

NV

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

564,371

2,390,483

Koninklijke

Vopak

NV

...........

7,545

327,791

Shell

plc

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

708,187

25,915,823

56,072,016

Norway

—

0.2%

DNB

Bank

ASA

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

71,385

1,878,331

Equinor

ASA

(g)

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

71,665

1,892,583

Kongsberg

Gruppen

ASA

........

8,928

1,308,980

Telenor

ASA

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

63,298

904,464

5,984,358

Peru

—

0.1%

Credicorp

Ltd.

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

10,584

1,970,317

Philippines

—

0.0%

Ayala

Land,

Inc.

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

429,200

173,004

Bloomberry

Resorts

Corp.

........

713,000

36,382

DigiPlus

Interactive

Corp.

........

248,400

156,719

International

Container

Terminal

Services,

Inc.

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

24,930

154,655

Metropolitan

Bank

&

Trust

Co.

.....

137,430

175,601

696,361

Poland

—

0.1%

LPP

SA

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

102

465,419

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

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

11,776

229,932

Powszechny

Zaklad

Ubezpieczen

SA

106,783

1,551,429

2,246,780

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

10,675

226,240

Republic

of

Turkiye

—

0.0%

Akbank

TAS

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

82,036

112,956

Eldorado

Gold

Corp.

(f)

...........

17,027

286,394

Turkiye

Is

Bankasi

A/S

,

Class

C

(g)

...

833,899

269,363

668,713

Romania

—

0.0%

Banca

Transilvania

SA

..........

27,069

168,632

Saudi

Arabia

—

0.0%

Abdullah

Al

Othaim

Markets

Co.

....

74,225

193,522

Al

Rajhi

Bank

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

24,435

663,295

Elm

Co.

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

681

176,101

Etihad

Etisalat

Co.

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

25,082

407,881

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Saudi

Arabia

(continued)

Saudi

Basic

Industries

Corp.

......

7,739

$

131,421

Saudi

National

Bank

(The)

........

10,035

95,627

Yanbu

National

Petrochemical

Co.

..

13,770

126,952

1,794,799

Singapore

—

0.1%

Sea

Ltd.

,

ADR,

Class

A

(f)

.........

9,069

1,183,414

STMicroelectronics

NV

..........

79,084

1,734,118

UOL

Group

Ltd.

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

49,731

218,214

3,135,746

South

Africa

—

0.1%

FirstRand

Ltd.

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

111,179

436,913

Harmony

Gold

Mining

Co.

Ltd.

.....

87,229

1,277,443

Kumba

Iron

Ore

Ltd.

(g)

...........

15,270

259,886

Mr

Price

Group

Ltd.

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

47,636

577,821

2,552,063

South

Korea

—

0.3%

Coupang,

Inc.

,

Class

A

(f)

.........

5,271

115,593

Fila

Holdings

Corp.

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

6,310

163,233

GS

Engineering

&

Construction

Corp.

21,846

253,151

HD

Hyundai

Infracore

Co.

Ltd.

(f)

....

20,584

118,655

HD

Hyundai

Mipo

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

10,111

729,385

KakaoBank

Corp.

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

23,468

354,401

KB

Financial

Group,

Inc.

.........

22,786

1,235,086

Kia

Corp.

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

15,926

1,007,298

Krafton,

Inc.

(f)

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

4,381

1,001,891

KT&G

Corp.

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

8,514

585,608

NAVER

Corp.

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

6,531

853,496

Samsung

C&T

Corp.

...........

6,418

512,642

Samsung

Electronics

Co.

Ltd.

.....

86,430

3,426,558

Samsung

Life

Insurance

Co.

Ltd.

...

6,854

387,458

SK

Hynix,

Inc.

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

5,859

781,040

11,525,495

Spain

—

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

405,879

5,539,268

Banco

de

Sabadell

SA

..........

543,790

1,526,775

Bankinter

SA

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

136,344

1,515,488

CaixaBank

SA

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

506,826

3,948,041

Cellnex

Telecom

SA

(a)(c)

..........

253,245

9,002,547

Industria

de

Diseno

Textil

SA

......

28,621

1,425,093

Repsol

SA

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

76,089

1,010,274

23,967,486

Sweden

—

0.2%

Atlas

Copco

AB

,

Class

A

.........

68,470

1,093,701

Boliden

AB

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

28,203

925,415

Evolution

AB

(a)(c)

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

22,489

1,675,637

SSAB

AB

,

Class

A

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

51,306

318,322

SSAB

AB

,

Class

B

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

97,521

594,209

Volvo

AB

,

Class

B

(f)

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

95,300

2,795,946

7,403,230

Switzerland

—

0.5%

ABB

Ltd.

(Registered)

...........

31,291

1,614,552

Alcon

AG

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

17,832

1,691,989

Belimo

Holding

AG

(Registered)

....

1,170

721,322

Galderma

Group

AG

(f)

...........

83,559

8,837,590

Geberit

AG

(Registered)

.........

4,196

2,628,739

Kuehne

+

Nagel

International

AG

(Registered)

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

8,818

2,036,347

Logitech

International

SA

(Registered)

25,411

2,153,206

19,683,745

Security

Shares

Shares

Value

Taiwan

—

0.9%

ASMedia

Technology,

Inc.

........

11,000

$

596,325

Chicony

Electronics

Co.

Ltd.

......

31,911

163,340

Compal

Electronics,

Inc.

.........

578,648

562,466

Elite

Material

Co.

Ltd.

...........

22,000

368,484

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

120,000

804,555

Genius

Electronic

Optical

Co.

Ltd.

..

93,707

1,122,792

Global

Unichip

Corp.

...........

25,000

812,476

MediaTek,

Inc.

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

72,000

3,103,233

Quanta

Computer,

Inc.

..........

132,228

919,996

Realtek

Semiconductor

Corp.

.....

134,548

2,145,034

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

827,000

23,290,793

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

(g)

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

6,088

1,010,608

Wan

Hai

Lines

Ltd.

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

159,000

378,901

Yang

Ming

Marine

Transport

Corp.

..

709,000

1,603,910

36,882,913

Thailand

—

0.0%

CP

ALL

PCL

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

202,200

295,789

True

Corp.

PCL

,

NVDR

(f)

.........

506,800

175,510

471,299

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(f)

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

284,408

4

United

Kingdom

—

2.8%

Admiral

Group

plc

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

39,255

1,449,299

Auto

Trader

Group

plc

(a)(c)

........

102,405

990,217

BAE

Systems

plc

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

1,231,378

24,864,595

BP

plc

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

171,006

959,592

British

American

Tobacco

plc

......

88,596

3,634,596

Compass

Group

plc

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

572,807

18,946,338

Flutter

Entertainment

plc

(f)

........

24,214

5,364,611

Flutter

Entertainment

plc

(f)

........

4,910

1,088,483

Genius

Sports

Ltd.

(f)(g)

...........

154,301

1,544,553

Imperial

Brands

plc

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

28,653

1,060,215

J

Sainsbury

plc

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

468,774

1,428,863

Kingfisher

plc

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

212,936

701,413

Lloyds

Banking

Group

plc

........

981,819

920,864

Marks

&

Spencer

Group

plc

.......

259,575

1,198,420

National

Grid

plc

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

1,708,541

22,286,602

NatWest

Group

plc

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

314,857

1,859,039

RELX

plc

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

415,409

20,866,281

Rolls-Royce

Holdings

plc

(f)

........

374,879

3,643,587

112,807,568

United

States

—

42.7%

AbbVie,

Inc.

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

13,373

2,801,911

Adobe,

Inc.

(f)(k)

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

56,328

21,603,478

AES

Corp.

(The)

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

143,775

1,785,685

Agilent

Technologies,

Inc.

........

3,621

423,585

Air

Products

&

Chemicals,

Inc.

(g)

....

23,578

6,953,624

Airbnb,

Inc.

,

Class

A

(f)

...........

13,821

1,651,057

Alaska

Air

Group,

Inc.

(f)

..........

24,182

1,190,238

ALL

Health

Services

Corp.

(d)

......

60

—

Alphabet,

Inc.

,

Class

C

..........

377,381

58,958,234

Altice

USA,

Inc.

,

Class

A

(f)

........

232,506

618,466

Altria

Group,

Inc.

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

70,727

4,245,035

Amazon.com,

Inc.

(f)(k)

...........

373,962

71,150,010

AMC

Networks,

Inc.

,

Class

A

(f)

.....

23,186

159,520

Amcor

plc

(g)

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

240,570

2,333,529

Amentum

Holdings,

Inc.

(f)

........

69,993

1,273,873

American

Express

Co.

..........

22,627

6,087,794

American

Water

Works

Co.,

Inc.

....

3,729

550,102

Amgen,

Inc.

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

1,479

460,782

Amphenol

Corp.

,

Class

A

........

14,398

944,365

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

ANSYS,

Inc.

(f)

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

16,795

$

5,316,625

Aon

plc

,

Class

A

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

1,709

682,045

Apollo

Global

Management,

Inc.

....

99,044

13,563,085

Apple,

Inc.

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

340,501

75,635,487

Applied

Materials,

Inc.

..........

15,919

2,310,165

Arista

Networks,

Inc.

(f)

...........

39,330

3,047,288

ARM

Holdings

plc

,

ADR

(f)

........

12,132

1,295,576

Atlassian

Corp.

,

Class

A

(f)

........

5,850

1,241,429

Autodesk,

Inc.

(f)

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

38,637

10,115,167

Automatic

Data

Processing,

Inc.

....

8,480

2,590,894

Avaya,

Inc.

(f)

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

261

1,522

Bank

of

America

Corp.

..........

611,137

25,502,747

Berkshire

Hathaway,

Inc.

,

Class

B

(f)

..

960

511,277

Boeing

Co.

(The)

(f)

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

100,358

17,116,057

Booking

Holdings,

Inc.

..........

907

4,178,467

BorgWarner,

Inc.

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

22,413

642,132

Boston

Scientific

Corp.

(f)

.........

197,023

19,875,680

Boyd

Gaming

Corp.

(g)

...........

8,917

587,006

Broadcom,

Inc.

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

119,952

20,083,563

Brown-Forman

Corp.

,

Class

B

(g)

....

13,195

447,838

Cadence

Design

Systems,

Inc.

(f)

....

18,661

4,746,052

Caesars

Entertainment,

Inc.

(f)

......

21,426

535,650

Capital

One

Financial

Corp.

.......

141,240

25,324,332

CarMax,

Inc.

(f)

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

30,100

2,345,392

Carrier

Global

Corp.

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

15,699

995,317

Cheniere

Energy,

Inc.

...........

13,729

3,176,891

Chevron

Corp.

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

75,702

12,664,188

Citigroup,

Inc.

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

317,840

22,563,462

Clorox

Co.

(The)

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

9,971

1,468,230

Colgate-Palmolive

Co.

..........

12,080

1,131,896

Comcast

Corp.

,

Class

A

.........

21,635

798,332

Comerica,

Inc.

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

3,026

178,716

CommScope

Holding

Co.,

Inc.

(f)(g)

...

150,010

796,553

Confluent,

Inc.

,

Class

A

(f)

.........

391,970

9,187,777

ConocoPhillips

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

31,681

3,327,139

Consolidated

Edison,

Inc.

........

22,839

2,525,765

Coreweave,

Inc.

,

Class

A

(d)

.......

28,340

1,050,847

Coreweave,

Inc.

,

Class

A

(f)(g)

......

11,292

418,708

Corpay,

Inc.

(f)

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

3,856

1,344,664

Costco

Wholesale

Corp.

.........

35,651

33,718,003

Coterra

Energy,

Inc.

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

36,336

1,050,110

CRH

plc

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

173,716

15,281,797

Crowdstrike

Holdings,

Inc.

,

Class

A

(f)

.

8,894

3,135,847

Crown

PropTech

Acquisitions

(d)(f)

....

80,064

84,337

Crown

PropTech

Acquisitions

,

Class

A

(f)

28,147

310,180

CSL

Ltd.

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

7,124

1,121,241

CSX

Corp.

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

58,607

1,724,804

CyberArk

Software

Ltd.

(f)

.........

33,015

11,159,070

Danaher

Corp.

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

22,658

4,644,890

Davidson

Kempner

Merchant

Co.-

Invest

Fund

LP,

(Acquired

04/07/21,

cost

$0)

(f)(j)(l)

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

—

(m)

7,387,259

Deckers

Outdoor

Corp.

(f)

.........

11,603

1,297,331

Dell

Technologies,

Inc.

,

Class

C

....

37,791

3,444,650

Delta

Air

Lines,

Inc.

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

115,744

5,046,438

Dexcom,

Inc.

(f)

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

28,533

1,948,519

DF

Residential

I

LP

(f)

...........

2,159,915

2,159,915

DF

Residential

III

LP

(d)(f)

..........

1,004,579

1,024,670

Digital

Realty

Trust,

Inc.

.........

4,934

706,993

Discover

Financial

Services

.......

16,954

2,894,048

DoorDash,

Inc.

,

Class

A

(f)

........

15,625

2,855,781

DR

Horton,

Inc.

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

13,636

1,733,545

DraftKings,

Inc.

,

Class

A

(f)

........

76,019

2,524,591

DuPont

de

Nemours,

Inc.

........

7,080

528,734

Eaton

Corp.

plc

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

19,262

5,235,989

Security

Shares

Shares

Value

United

States

(continued)

Edison

International

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

20,397

$

1,201,791

Electronic

Arts,

Inc.

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

17,088

2,469,558

Elevance

Health,

Inc.

...........

3,036

1,320,539

Eli

Lilly

&

Co.

(g)

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

46,652

38,530,353

Entegris,

Inc.

(g)

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

18,807

1,645,236

Enterprise

Products

Partners

LP

....

36,184

1,235,322

EOG

Resources,

Inc.

(g)

..........

29,668

3,804,624

EPAM

Systems,

Inc.

(f)

...........

1,344

226,921

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$9,005,575)

(d)(f)(j)

.........

16,498

10,618,278

EQT

Corp.

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

173,278

9,258,244

Erie

Indemnity

Co.

,

Class

A

.......

1,316

551,470

Eversource

Energy

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

23,883

1,483,373

Expeditors

International

of

Washington,

Inc.

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

18,861

2,268,035

Experian

plc

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

64,961

3,009,989

Fair

Isaac

Corp.

(f)

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

1,142

2,106,031

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

08/17/22,

cost

$9,001,757)

(d)(f)(j)

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

132,691

7,964,114

Farmers

Business

Network,

Inc.

(d)(f)

..

84,447

171,427

Fifth

Third

Bancorp

(g)

...........

26,720

1,047,424

First

Citizens

BancShares,

Inc.

,

Class

A

536

993,808

First

Horizon

Corp.

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

16,819

326,625

Flagstar

Financial,

Inc.

..........

273,210

3,174,696

Flowco

Holdings,

Inc.

,

Class

A

(f)(g)

...

77,785

1,995,185

FMC

Corp.

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

6,798

286,808

Fox

Corp.

,

Class

A

(g)

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

40,179

2,274,131

Freeport-McMoRan,

Inc.

.........

272,050

10,299,813

Garmin

Ltd.

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

6,086

1,321,453

GE

Aerospace

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

9,913

1,984,087

GE

HealthCare

Technologies,

Inc.

..

31,097

2,509,839

GE

Vernova,

Inc.

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

1,898

579,421

General

Motors

Co.

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

84,709

3,983,864

Gilead

Sciences,

Inc.

...........

6,473

725,300

Global

Payments,

Inc.

..........

9,918

971,171

Golden

Entertainment,

Inc.

.......

3,333

87,958

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$6,542,036)

(d)(f)(j)

...

2,434,345

1,825,759

GSK

plc

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

116,572

2,227,715

Healthpeak

Properties,

Inc.

.......

113,892

2,302,896

Hess

Corp.

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

42,124

6,728,467

Hewlett

Packard

Enterprise

Co.

....

32,693

504,453

Hilton

Worldwide

Holdings,

Inc.

....

17,188

3,911,129

Holcim

AG

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

17,153

1,845,890

Home

Depot,

Inc.

(The)

.........

44,105

16,164,041

Hormel

Foods

Corp.

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

22,729

703,235

Howmet

Aerospace,

Inc.

(g)

........

22,223

2,882,990

HP,

Inc.

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

183,267

5,074,663

IDEXX

Laboratories,

Inc.

(f)

........

4,738

1,989,723

iHeartMedia,

Inc.

,

Class

A

(f)

.......

2,519

4,156

Ingersoll

Rand,

Inc.

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

74,861

5,991,126

Intuit,

Inc.

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

38,765

23,801,322

Intuitive

Surgical,

Inc.

(f)

..........

40,876

20,244,657

Invesco

Ltd.

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

126,784

1,923,313

Jabil,

Inc.

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

13,964

1,900,081

James

Hardie

Industries

plc

,

CDI

(f)

..

37,830

902,787

JPMorgan

Chase

&

Co.

.........

98,055

24,052,892

Karman

Holdings,

Inc.

(f)

..........

49,753

1,662,745

Kinder

Morgan,

Inc.

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

64,231

1,832,510

Lam

Research

Corp.

...........

46,499

3,380,477

Landsea

Homes

Corp.

(f)

.........

77,776

499,322

Latch,

Inc.

(f)

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

174,273

31,369

Leidos

Holdings,

Inc.

...........

8,037

1,084,513

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(f)

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

8,761

$

596,975

Lions

Gate

Entertainment

Corp.

,

Class

A

(f)

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

87,722

776,340

Lions

Gate

Entertainment

Corp.

,

Class

B

(f)

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

20,989

166,233

Live

Nation

Entertainment,

Inc.

(f)(k)

...

98,565

12,870,618

Lockheed

Martin

Corp.

..........

13,324

5,951,964

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$656,885)

(d)(f)(j)

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

57,505

39,103

Lululemon

Athletica,

Inc.

(f)

........

8,675

2,455,546

Lumen

Technologies,

Inc.

(f)

.......

181,795

712,636

Marathon

Petroleum

Corp.

.......

6,292

916,681

MarketAxess

Holdings,

Inc.

.......

6,420

1,388,967

Marriott

International,

Inc.

,

Class

A

..

4,410

1,050,462

Marsh

&

McLennan

Cos.,

Inc.

.....

125,034

30,512,047

Marvell

Technology,

Inc.

.........

55,318

3,405,929

Masimo

Corp.

(f)

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

33,581

5,594,595

Mastercard,

Inc.

,

Class

A

.........

53,229

29,175,879

Match

Group,

Inc.

(g)

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

52,559

1,639,841

McKesson

Corp.

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

26,469

17,813,372

Medtronic

plc

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

134,933

12,125,079

Merck

&

Co.,

Inc.

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

115,105

10,331,825

Meta

Platforms,

Inc.

,

Class

A

......

88,633

51,084,516

Mettler-Toledo

International,

Inc.

(f)

...

1,060

1,251,765

MGM

Resorts

International

(f)

......

18,182

538,914

Micron

Technology,

Inc.

..........

174,230

15,138,845

Microsoft

Corp.

(k)

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

200,920

75,423,359

Molson

Coors

Beverage

Co.

,

Class

B

23,504

1,430,688

Monolithic

Power

Systems,

Inc.

(g)

...

422

244,752

Morgan

Stanley

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

31,077

3,625,754

MSCI,

Inc.

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

8,449

4,777,910

Nestle

SA

(Registered)

..........

6,949

702,243

NetApp,

Inc.

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

26,840

2,357,626

Netflix,

Inc.

(f)

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

21,789

20,318,896

NextEra

Energy,

Inc.

...........

251,631

17,838,122

Northern

Trust

Corp.

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

11,885

1,172,455

Northrop

Grumman

Corp.

........

1,950

998,419

NRG

Energy,

Inc.

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

23,519

2,245,124

Nucor

Corp.

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

8,934

1,075,118

Nutanix,

Inc.

,

Class

A

(f)

..........

11,831

825,922

NVIDIA

Corp.

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

656,921

71,197,098

Omnicom

Group,

Inc.

(g)

..........

16,022

1,328,384

Opendoor

Technologies,

Inc.

,

Class

A

(f)

192,781

196,637

Oracle

Corp.

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

142,973

19,989,055

Palladyne

AI

Corp.

(f)(g)

...........

7,132

41,936

Palladyne

AI

Corp.

(f)

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

200,974

1,181,724

Palo

Alto

Networks,

Inc.

(f)

........

14,086

2,403,635

Paramount

Global

,

Class

B

.......

22,927

274,207

PepsiCo,

Inc.

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

24,849

3,725,859

Playstudios,

Inc.

,

Class

A

(f)

.......

277,748

352,740

PNC

Financial

Services

Group,

Inc.

(The)

(g)

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

31,835

5,595,638

Procter

&

Gamble

Co.

(The)

......

21,331

3,635,229

Progressive

Corp.

(The)

.........

87,054

24,637,153

Prologis,

Inc.

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

6,950

776,940

QUALCOMM,

Inc.

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

11,027

1,693,857

Regeneron

Pharmaceuticals,

Inc.

...

185

117,333

ResMed,

Inc.

(g)

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

6,497

1,454,353

Roche

Holding

AG

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

3,163

1,041,031

Rockwell

Automation,

Inc.

(g)

.......

1,974

510,042

Royal

Caribbean

Cruises

Ltd.

.....

10,527

2,162,667

RTX

Corp.

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

3,060

405,328

S&P

Global,

Inc.

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

11,788

5,989,483

SailPoint,

Inc.

(f)

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

70,861

1,328,644

Security

Shares

Shares

Value

United

States

(continued)

Salesforce,

Inc.

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

67,642

$

18,152,407

Samsara,

Inc.

,

Class

A

(f)

.........

21,706

831,991

Sanofi

SA

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

106,017

11,738,403

Schneider

Electric

SE

...........

2,399

553,798

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$683,759)

(f)

(j)

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

67,266

502,477

ServiceNow,

Inc.

(f)

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

1,296

1,031,797

ServiceTitan,

Inc.

,

Class

A

(f)(g)

......

12,793

1,216,742

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$234,442)

(d)(f)(j)

...........

15,609

139,857

Snowflake,

Inc.

,

Class

A

(f)

........

27,688

4,046,878

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

(g)

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

148,391

3,228,988

Sonder

Holdings,

Inc.

,

Class

A

(f)

....

27,555

55,110

SOURCE

Global

PBC

(d)(f)

.........

38,066

3,045

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23,

cost

$2,030,751)

(d)(f)(j)

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

25,071

4,638,135

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23,

cost

$2,179,629)

(d)(f)(j)

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

26,909

4,978,165

Spotify

Technology

SA

(f)

.........

6,863

3,774,856

Standardaero,

Inc.

(f)

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

109,517

2,917,533

State

Street

Corp.

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

43,199

3,867,606

Stellantis

NV

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

81,412

913,124

Stryker

Corp.

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

55,623

20,705,662

Synchrony

Financial

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

32,718

1,732,091

T.

Rowe

Price

Group,

Inc.

(g)

.......

36,904

3,390,370

Take-Two

Interactive

Software,

Inc.

(f)

.

9,760

2,022,760

Tenaris

SA

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

62,235

1,217,861

Tesla,

Inc.

(f)

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

50,177

13,003,871

Texas

Instruments,

Inc.

..........

5,302

952,769

Thermo

Fisher

Scientific,

Inc.

......

11,532

5,738,323

TJX

Cos.,

Inc.

(The)

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

167,574

20,410,513

T-Mobile

US,

Inc.

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

13,332

3,555,778

Toll

Brothers,

Inc.

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

62,163

6,563,791

Trane

Technologies

plc

..........

55,373

18,656,271

TransDigm

Group,

Inc.

..........

17,308

23,941,983

Uber

Technologies,

Inc.

(f)

.........

95,333

6,945,962

Ulta

Beauty,

Inc.

(f)

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

11,309

4,145,201

Union

Pacific

Corp.

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

79,682

18,824,076

United

Airlines

Holdings,

Inc.

(f)

.....

7,392

510,418

United

States

Steel

Corp.

........

91,874

3,882,595

UnitedHealth

Group,

Inc.

.........

40,519

21,221,826

Universal

Health

Services,

Inc.

,

Class

B

9,181

1,725,110

Usd

Swap

Dummy

(f)

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

1

—

Valero

Energy

Corp.

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

83,681

11,051,750

Ventas,

Inc.

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

16,412

1,128,489

Venture

Global,

Inc.

,

Class

A

(g)

.....

28,694

295,548

Verizon

Communications,

Inc.

.....

144,009

6,532,248

Vertex

Pharmaceuticals,

Inc.

(f)

.....

3,983

1,931,038

Vertiv

Holdings

Co.

,

Class

A

......

20,577

1,485,659

Viper

Energy,

Inc.

,

Class

A

.......

28,180

1,272,327

Visa,

Inc.

,

Class

A

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

17,024

5,966,231

Vistra

Corp.

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

99,682

11,706,654

Walmart,

Inc.

(g)

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

315,440

27,692,478

Walt

Disney

Co.

(The)

..........

168,470

16,627,989

Warner

Bros

Discovery,

Inc.

(f)

......

59,954

643,306

Wells

Fargo

&

Co.

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

331,188

23,775,987

Williams

Cos.,

Inc.

(The)

.........

118,519

7,082,695

Womchi

2024

Escrow

(d)(f)

.........

314,000

3

Womchi

2028

Escrow

(d)(f)

.........

372,000

4

Wynn

Resorts

Ltd.

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

8,724

728,454

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Zoetis,

Inc.

,

Class

A

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

24,178

$

3,980,908

1,699,686,514

Total

Common

Stocks

—

60.1%

(Cost:

$2,354,315,480)

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

2,394,497,369

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Angola

—

0.0%

Azule

Energy

Finance

plc,

8.13%

,

01/23/30

(a)

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

USD

200

199,680

Argentina

—

0.0%

Vista

Energy

Argentina

SAU,

7.63%

,

12/10/35

(a)

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

135

131,355

Australia

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

455

418,172

Mineral

Resources

Ltd.

(a)

9.25%,

10/01/28

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

201

200,978

8.50%,

05/01/30

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

574

555,173

Oceana

Australian

Fixed

Income

Trust

12.00%,

07/31/25

(d)

..........

AUD

1,453

912,447

10.25%,

08/31/25

...........

—

(n)

1

12.50%,

07/31/26

(d)

..........

2,180

1,401,403

12.50%,

07/31/27

(d)

..........

3,633

2,380,860

Quintis

Australia

Pty.

Ltd.

(a)(d)(f)(h)(o)(p)

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

16,145

2,058,470

12.00%,

(12.00%

Cash

or

12.00%

PIK),

10/01/28

...........

14,449

2

7,927,506

Austria

—

0.0%

ams-OSRAM

AG,

2.13%

,

11/03/27

(c)(q)

EUR

1,100

1,024,183

Belgium

—

0.1%

Anheuser-Busch

InBev

SA,

4.00%

,

09/24/25

(c)

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

GBP

199

255,977

KBC

Group

NV,

(GUKG1

+

0.92%),

1.25%

,

09/21/27

(b)(c)

..........

200

244,561

Ontex

Group

NV,

5.25%

,

04/15/30

(c)

.

EUR

143

155,866

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%

,

03/01/28

(a)

......

USD

1,400

1,358,000

2,014,404

Brazil

—

0.0%

Azul

Secured

Finance

LLP,

11.93%

,

08/28/28

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

239

208,360

Braskem

Netherlands

Finance

BV,

8.00%

,

10/15/34

(a)

...........

250

238,612

Embraer

Netherlands

Finance

BV,

5.98%

,

02/11/35

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

75

76,088

LD

Celulose

International

GmbH,

7.95%

,

01/26/32

(a)

...........

200

205,900

Raizen

Fuels

Finance

SA

(a)

6.45%,

03/05/34

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

257

259,699

6.95%,

03/05/54

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

200

195,026

Samarco

Mineracao

SA

(p)

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(a)

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

77

74,348

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)

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

102

99,054

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

Vale

Overseas

Ltd.,

6.40%

,

06/28/54

USD

83

$

81,796

Vale

SA,

Series

A6,

0.00%

(b)(f)(o)(r)

....

BRL

10

627

1,439,510

Canada

—

0.4%

1011778

BC

ULC

(a)

4.38%,

01/15/28

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

USD

200

192,336

4.00%,

10/15/30

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

378

342,096

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

C,

10.50%

,

07/15/26

(a)

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

1,460

1,554,900

Bombardier,

Inc.

(a)

7.50%,

02/01/29

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

266

272,832

8.75%,

11/15/30

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

100

105,430

7.00%,

06/01/32

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

100

99,567

Brookfield

Residential

Properties,

Inc.,

4.88%

,

02/15/30

(a)

...........

181

158,207

Garda

World

Security

Corp.,

7.75%

,

02/15/28

(a)

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

300

307,453

HR

Ottawa

LP,

11.00%

,

03/31/31

(a)

..

12,118

12,955,157

Husky

Injection

Molding

Systems

Ltd.,

9.00%

,

02/15/29

(a)

...........

100

100,186

Toronto-Dominion

Bank

(The),

2.88%

,

04/05/27

(c)

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

GBP

199

246,672

16,334,836

Chile

—

0.0%

(a)

AES

Andes

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%

,

06/10/55

(b)

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

USD

270

278,910

Chile

Newco,

5.00%

,

01/31/32

(c)(d)

...

721

721,387

WOM

Mobile

SA

12.50%,

01/31/31

(c)(d)

.........

169

169,213

12.50%,

(12.50%

Cash

or

12.50%

PIK),

04/01/31

(b)(p)

.........

242

242,268

1,411,778

China

—

0.1%

Alibaba

Group

Holding

Ltd.,

0.50%

,

06/01/31

(a)(q)

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

1,084

1,547,952

BOC

Aviation

Ltd.,

3.50%

,

09/18/27

(c)

350

341,611

Fantasia

Holdings

Group

Co.

Ltd.

(c)(f)(o)

10.88%,

01/09/25

...........

815

20,375

11.75%,

04/17/25

...........

716

17,900

1,927,838

Colombia

—

0.0%

(a)

ABRA

Global

Finance,

14.00%

,

(14.00%

Cash

or

14.00%

PIK),

10/22/29

(p)

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

194

180,849

Gran

Tierra

Energy,

Inc.,

9.50%

,

10/15/29

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

262

231,870

412,719

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%

,

01/15/31

(a)

....

206

220,193

Cyprus

—

0.0%

ASG

Finance

DAC,

9.75%

,

05/15/29

(a)

202

202,661

Czech

Republic

—

0.0%

Allwyn

Entertainment

Financing

UK

plc,

7.25%

,

04/30/30

(c)

...........

EUR

1,025

1,160,978

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Denmark

—

0.0%

SGL

Group

ApS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.78%

,

02/24/31

(a)(b)(c)

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

EUR

351

$

379,612

Finland

—

0.0%

Citycon

Treasury

BV

(c)

2.38%,

01/15/27

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

200

209,896

5.00%,

03/11/30

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

150

162,684

372,580

France

—

0.7%

Afflelou

SAS,

6.00%

,

07/25/29

(c)

....

688

767,926

Altice

France

SA

(c)

3.38%,

01/15/28

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

223

192,048

4.13%,

01/15/29

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

188

162,265

4.25%,

10/15/29

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

188

162,373

Atos

SE

(c)(s)

5.00%,

12/18/30

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

697

614,225

1.00%,

12/18/32

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

600

246,095

Bertrand

Franchise

Finance

SAS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.49%

,

07/18/30

(b)(c)

....

738

800,026

BNP

Paribas

SA

3.38%,

01/23/26

(c)

...........

GBP

199

254,133

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

4.63%

(a)(b)(r)

........

USD

216

207,214

1.88%,

12/14/27

(c)

...........

GBP

200

237,890

Credit

Agricole

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.64%),

5.88%

(b)(c)

(r)

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

EUR

300

312,527

Elior

Group

SA,

5.63%

,

03/15/30

(c)

..

263

282,960

ELO

SACA,

2.88%

,

01/29/26

(c)

.....

300

317,124

Eutelsat

SA

(c)

2.25%,

07/13/27

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

200

195,175

1.50%,

10/13/28

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

500

422,638

Forvia

SE,

2.75%

,

02/15/27

(c)

......

3,019

3,159,081

Goldstory

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.61%,

02/01/30

(a)(b)

..

963

1,048,110

6.75%,

02/01/30

(a)

...........

1,076

1,198,383

6.75%,

02/01/30

(c)

...........

144

160,379

Iliad

Holding

SASU

5.63%,

10/15/28

(c)

...........

3,001

3,300,769

7.00%,

10/15/28

(a)

...........

USD

300

303,640

8.50%,

04/15/31

(a)

...........

200

209,752

7.00%,

04/15/32

(a)

...........

200

200,265

Lion/Polaris

Lux

4

SA

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

6.30%,

07/01/29

(b)(c)

..

EUR

735

792,769

Loxam

SAS,

6.38%

,

05/31/29

(c)

....

1,522

1,715,682

Lune

Holdings

SARL,

5.63%

,

11/15/28

(c)

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

749

603,371

Nova

Alexandre

III

SAS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

8.03%

,

07/15/29

(a)(b)

..........

678

745,108

Paprec

Holding

SA,

7.25%

,

11/17/29

(c)

809

918,187

Picard

Groupe

SAS,

6.38%

,

07/01/29

(c)

167

185,770

RCI

Banque

SA

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

...

900

1,012,683

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%,

03/24/37

...

400

431,816

Security

Par

(000)

Par

(000)

Value

France

(continued)

Sabena

technics

SAS,

(Acquired

10/28/22,

cost

$1,688,656),

(3-mo.

EURIBOR

+

5.00%),

8.72%

,

09/30/29

(b)(d)(j)

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

EUR

1,713

$

1,851,728

Seche

Environnement

SACA,

4.50%

,

03/25/30

(c)

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

105

113,418

Societe

Generale

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.79%),

8.13%

(a)

(b)(r)

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

USD

667

664,438

Tereos

Finance

Groupe

I

SA,

5.75%

,

04/30/31

(c)

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

EUR

240

261,004

TotalEnergies

Capital

International

SA,

1.66%

,

07/22/26

(c)

...........

GBP

200

248,701

Worldline

SA,

0.00%

,

07/30/26

(c)(e)(q)

.

EUR

1,219

1,281,986

25,581,659

Germany

—

0.7%

ADLER

Pelzer

Holding

GmbH,

9.50%

,

04/01/27

(a)

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

435

450,714

ADLER

Real

Estate

GmbH,

3.00%

,

04/27/26

(c)

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

800

845,577

alstria

office

REIT-AG,

5.50%

,

03/20/31

(c)

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

100

105,167

APCOA

Group

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.91%

,

04/15/31

(b)(c)

..........

484

527,248

Aroundtown

Finance

SARL

(b)(c)(r)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

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

GBP

799

1,018,949

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

..........

EUR

644

695,865

Commerzbank

AG

(b)(c)(r)

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

...........

400

415,219

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

...........

1,000

1,119,146

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

..........

600

705,389

Deutsche

Bank

AG

(b)(c)(r)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

..........

400

414,692

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

..........

2,000

2,035,244

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13%

..........

400

426,032

Deutsche

Lufthansa

AG

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%,

01/15/55

...

400

430,898

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%,

01/15/55

...

600

646,347

Dynamo

Newco

II

GmbH,

6.25%

,

10/15/31

(c)

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

302

330,635

Envalior

Deutschland

Gmbh,

(6-mo.

EURIBOR

at

0.00%

Floor

+

9.50%),

13.41%

,

04/01/31

(b)(d)

.........

2,704

2,726,823

Fressnapf

Holding

SE,

5.25%

,

10/31/31

(c)

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

343

370,422

IHO

Verwaltungs

GmbH

(c)

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(b)(p)

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

1,029

1,161,146

7.00%,

11/15/31

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

626

693,725

Mahle

GmbH,

6.50%

,

05/02/31

(a)

...

1,226

1,308,506

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Mercer

International,

Inc.,

5.13%

,

02/01/29

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

USD

114

$

97,696

PCF

GmbH

(c)

4.75%,

04/15/29

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

EUR

624

576,039

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

7.54%,

04/15/29

(b)

...

517

475,102

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.54%,

07/01/29

(b)(c)

..

564

611,724

ProGroup

AG

(a)

5.13%,

04/15/29

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

360

384,207

5.38%,

04/15/31

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

462

485,601

Schaeffler

AG

(c)

4.25%,

04/01/28

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

200

215,719

5.38%,

04/01/31

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

200

215,111

TAG

Immobilien

AG,

0.63%

,

03/11/31

(c)

(q)

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

300

321,808

Tele

Columbus

AG,

10.00%

,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(b)(c)(p)

1,131

996,539

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(c)

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

883

956,119

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

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

2,585

2,777,691

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

400

392,504

TUI

Cruises

GmbH

6.25%,

04/15/29

(a)

...........

EUR

833

933,374

5.00%,

05/15/30

(c)

...........

250

271,677

Volkswagen

Financial

Services

NV,

4.25%

,

10/09/25

(c)

...........

GBP

100

128,346

26,267,001

Ghana

—

0.0%

Kosmos

Energy

Ltd.,

7.50%

,

03/01/28

(c)

USD

200

187,000

Greece

—

0.0%

(b)(c)

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%

,

02/07/36

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

EUR

714

745,060

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%

,

06/28/35

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

578

659,377

1,404,437

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)

....

USD

400

390,000

FWD

Group

Holdings

Ltd.,

8.40%

,

04/05/29

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

3,577

3,722,226

HKT

Capital

No.

6

Ltd.,

3.00%

,

01/18/32

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

350

305,617

Melco

Resorts

Finance

Ltd.,

5.38%

,

12/04/29

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

200

183,998

4,601,841

India

—

0.2%

ABJA

Investment

Co.

Pte.

Ltd.,

5.45%

,

01/24/28

(c)

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

200

201,186

Acropolis

Trade

&

Investments

Ltd.,

11.04%

,

04/02/28

...........

6,540

6,540,000

CA

Magnum

Holdings,

5.38%

,

10/31/26

(c)

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

300

294,660

Diamond

II

Ltd.,

7.95%

,

07/28/26

(a)

..

200

201,625

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

179

173,406

Security

Par

(000)

Par

(000)

Value

India

(continued)

India

Green

Power

Holdings,

4.00%

,

02/22/27

(c)

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

USD

244

$

232,114

Network

i2i

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

3.98%

(b)(c)(r)

...

300

294,390

REI

Agro

Ltd.

(d)(f)(o)(q)

5.50%,

11/13/14

(a)

...........

5,549

1

5.50%,

11/13/14

(c)

...........

2,291

—

ReNew

Pvt

Ltd.,

5.88%

,

03/05/27

(c)

..

200

196,674

Vedanta

Resources

Finance

II

plc

(a)

10.88%,

09/17/29

...........

240

247,200

9.48%,

07/24/30

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

200

198,234

9.85%,

04/24/33

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

200

199,940

8,779,430

Indonesia

—

0.0%

(c)

Freeport

Indonesia

PT,

4.76%

,

04/14/27

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

252

250,362

Minejesa

Capital

BV,

4.63%

,

08/10/30

171

165,480

415,842

Ireland

—

0.1%

AIB

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00%

(b)(c)(r)

.

EUR

725

764,344

Bank

of

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

(b)(c)(r)

687

747,503

Dell

Bank

International

DAC,

0.50%

,

10/27/26

(c)

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

469

491,632

Helios

Software

Holdings,

Inc.,

7.88%

,

05/01/29

(a)

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

1,328

1,457,334

ION

Trading

Technologies

SARL

(a)

5.75%,

05/15/28

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

USD

600

558,282

9.50%,

05/30/29

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

247

247,935

4,267,030

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.88%,

03/31/27

(c)

...........

EUR

513

533,434

3.75%,

05/09/27

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

1,015

1,090,396

7.38%,

09/15/29

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

50

60,215

7.38%,

09/15/29

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

285

343,225

7.88%,

09/15/31

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

1,061

1,348,711

3,375,981

Italy

—

0.5%

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(b)(c)(r)

.....

450

493,815

Agrifarma

SpA,

4.50%

,

10/31/28

(a)

..

2,304

2,472,630

BPER

Banca

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.35%),

6.50%

(b)(c)

(r)

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

400

440,673

Bubbles

Bidco

SpA

(c)

6.50%,

09/30/31

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

582

629,336

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.60%,

09/30/31

(b)

...

570

616,143

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.91%

,

07/15/31

(b)(c)

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

705

766,739

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%

,

05/15/28

(c)

.......

1,142

1,302,761

Eni

SpA,

(5-Year

EUR

Swap

Annual

+

2.40%),

4.88%

(b)(c)(r)

..........

500

530,080

Fedrigoni

SpA,

6.13%

,

06/15/31

(c)

...

1,068

1,126,634

Fiber

Midco

SpA,

10.00%

,

06/15/29

(c)

446

475,026

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%

,

08/01/27

(c)

...........

EUR

607

$

656,415

IMA

Industria

Macchine

Automatiche

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.54%,

04/15/29

(a)

...

825

891,751

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.54%,

04/15/29

(c)

...

441

476,682

Intesa

Sanpaolo

SpA

(c)

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(b)(r)

.........

250

270,999

8.51%,

09/20/32

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

GBP

400

581,536

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.25%

,

12/15/29

(b)(c)

EUR

470

508,211

Itelyum

Regeneration

Spa,

5.75%

,

04/15/30

(c)

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

151

162,052

Lottomatica

Group

SpA

(c)

5.38%,

06/01/30

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

218

242,062

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.74%,

06/01/31

(b)

...

329

358,426

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

1,329

1,435,385

Nexi

SpA,

0.00%

,

02/24/28

(c)(e)(q)

....

800

780,987

Pachelbel

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.86%,

05/17/31

(b)

...

291

316,792

7.13%,

05/17/31

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

319

365,345

Rossini

SARL

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.23%,

12/31/29

(b)

...

487

529,226

6.75%,

12/31/29

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

343

387,159

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$1,962,123),

(3-mo.

EURIBOR

+

3.25%),

5.77%

,

08/22/27

(b)(c)(d)(j)

..

1,786

1,910,897

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.29%

,

07/31/31

(b)(c)

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

511

553,235

Unipol

Assicurazioni

SpA,

4.90%

,

05/23/34

(c)

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

300

333,004

19,614,001

Japan

—

0.1%

Rakuten

Group,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.25%),

8.13%

(a)

(b)(r)

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

USD

300

296,240

SoftBank

Group

Corp.

(c)

5.38%,

01/08/29

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

EUR

1,409

1,553,515

5.75%,

07/08/32

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

1,232

1,358,805

Sumitomo

Mitsui

Financial

Group,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

6.45%

(b)(r)

...........

USD

222

217,521

Takeda

Pharmaceutical

Co.

Ltd.,

2.25%

,

11/21/26

(c)

...........

EUR

850

913,855

4,339,936

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(a)

..........

USD

924

835,458

10.38%,

03/31/29

(c)

..........

GBP

1,022

1,228,813

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%

,

10/02/25

(a)(e)

..........

USD

4,486

4,324,469

6,388,740

Security

Par

(000)

Par

(000)

Value

Kuwait

—

0.0%

EQUATE

Petrochemical

Co.

KSC,

4.25%

,

11/03/26

(c)

...........

USD

267

$

264,004

Luxembourg

—

0.4%

ADLER

Financing

SARL

8.25%,

12/31/28

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

EUR

997

1,087,971

10.00%,

12/31/29

...........

399

444,252

Herens

Holdco

SARL,

4.75%

,

05/15/28

(a)

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

USD

200

179,914

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

1,815

1,560,235

INEOS

Finance

plc

6.63%,

05/15/28

(a)

...........

957

1,061,099

5.63%,

08/15/30

(c)

...........

237

255,733

Kleopatra

Finco

SARL,

4.25%

,

03/01/26

(c)

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

975

975,197

Matterhorn

Telecom

SA,

3.13%

,

09/15/26

(c)

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

3,102

3,326,269

Petroleos

Mexicanos,

7.50%

,

03/20/26

(a)

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

USD

6,405

6,372,975

Summer

BC

Holdco

B

SARL

(c)

5.88%,

02/15/30

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

EUR

238

253,131

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.79%,

02/15/30

(b)

...

309

334,515

Vivion

Investments

SARL,

8.25%

,

(8.25%

Cash

or

7.90%

PIK),

08/31/28

(c)(p)

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

1,126

1,194,599

17,045,890

Macau

—

0.0%

MGM

China

Holdings

Ltd.,

7.13%

,

06/26/31

(a)

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

USD

200

204,250

Sands

China

Ltd.

(s)

5.13%,

08/08/25

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

400

399,552

5.40%,

08/08/28

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

200

199,750

Studio

City

Co.

Ltd.,

7.00%

,

02/15/27

(c)

300

301,740

Studio

City

Finance

Ltd.,

5.00%

,

01/15/29

(c)

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

334

300,667

1,405,959

Malaysia

—

0.0%

(c)

CIMB

Bank

Bhd.,

2.13%

,

07/20/27

..

200

189,810

Dua

Capital

Ltd.,

2.78%

,

05/11/31

...

341

301,880

Gohl

Capital

Ltd.,

4.25%

,

01/24/27

..

300

294,960

786,650

Mexico

—

0.0%

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(r)

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

253

244,299

Netherlands

—

0.3%

ABN

AMRO

Bank

NV,

(5-Year

EUR

Swap

Annual

+

3.90%),

6.38%

(b)(c)(r)

EUR

300

326,418

Boels

Topholding

BV

6.25%,

02/15/29

(c)

...........

1,522

1,699,225

5.75%,

05/15/30

(a)

...........

296

327,305

Cooperatieve

Rabobank

UA,

(GUKG1

+

1.05%),

1.88%

,

07/12/28

(b)(c)

...

GBP

200

241,979

ING

Groep

NV

3.00%,

02/18/26

(c)

...........

200

254,114

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

(b)(r)

.........

USD

600

549,933

(USISSO05

+

4.08%),

7.25%

(b)(c)(r)

750

759,375

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

NN

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(b)(c)(r)

.

EUR

425

$

445,626

Nobian

Finance

BV,

3.63%

,

07/15/26

(c)

766

824,134

Q-Park

Holding

I

BV

(c)

5.13%,

02/15/30

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

517

566,607

5.13%,

02/15/30

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

559

612,637

Sigma

Holdco

BV,

5.75%

,

05/15/26

(c)

254

272,362

Sunrise

FinCo.

I

BV,

4.88%

,

07/15/31

(a)

USD

1,480

1,345,860

Sunrise

HoldCo

IV

BV,

5.50%

,

01/15/28

(a)

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

200

196,706

Trivium

Packaging

Finance

BV

(a)(s)

5.50%,

08/15/26

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

400

393,806

8.50%,

08/15/27

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

216

214,891

VZ

Secured

Financing

BV,

5.00%

,

01/15/32

(a)

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

553

480,515

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

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

EUR

1,523

1,471,104

Ziggo

Bond

Co.

BV,

6.13%

,

11/15/32

(c)

309

316,330

11,298,927

Peru

—

0.0%

(a)

Pluspetrol

Camisea

SA,

6.24%

,

07/03/36

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

USD

75

76,800

Volcan

Cia

Minera

SAA,

8.75%

,

01/24/30

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

253

248,719

325,519

Poland

—

0.0%

ORLEN

SA,

6.00%

,

01/30/35

(a)

.....

200

204,500

Portugal

—

0.0%

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

4.63%

,

09/16/54

(b)(c)

EUR

600

652,024

Saudi

Arabia

—

0.0%

Al

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

+

1.59%),

6.25%

(b)

(c)(r)

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

USD

292

295,375

Ma'aden

Sukuk

Ltd.

(a)

5.25%,

02/13/30

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

239

241,763

5.50%,

02/13/35

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

200

202,500

739,638

Singapore

—

0.1%

Continuum

Energy

Pte.

Ltd.,

12.85%

,

09/11/27

(a)(d)

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

1,930

1,972,977

Slovenia

—

0.0%

United

Group

BV

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

6.81%,

02/15/31

(a)(b)

..

EUR

1,029

1,111,267

6.50%,

10/31/31

(c)

...........

250

271,963

1,383,230

South

Africa

—

0.0%

Sappi

Papier

Holding

GmbH,

4.50%

,

03/15/32

(c)

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

354

378,952

Sasol

Financing

USA

LLC

4.38%,

09/18/26

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

USD

200

193,170

6.50%,

09/27/28

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

200

191,646

763,768

South

Korea

—

0.1%

LG

Electronics,

Inc.

(a)

5.63%,

04/24/27

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

430

437,293

5.63%,

04/24/29

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

200

205,186

POSCO,

5.75%

,

01/17/28

(a)

.......

200

204,792

Security

Par

(000)

Par

(000)

Value

South

Korea

(continued)

Shinhan

Financial

Group

Co.

Ltd.,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.06%),

2.88%

(b)(c)(r)

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

USD

500

$

484,770

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

(c)

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

480

463,728

1,795,769

Spain

—

0.3%

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

+

2.50%),

4.84%

,

05/01/30

(b)(c)

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

EUR

483

522,537

Banco

Bilbao

Vizcaya

Argentaria

SA

(b)(r)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38%

(c)

.........

400

475,772

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(c)

..........

600

673,109

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.75%

...........

USD

1,082

1,059,117

Banco

Santander

SA,

(GUKG1

+

1.80%),

3.13%

,

10/06/26

(b)(c)

....

GBP

700

894,557

Bankinter

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

(b)(c)(r)

.

EUR

600

680,908

CaixaBank

SA

(b)(c)(r)

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

...........

600

664,662

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.25%

..........

200

215,719

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(c)

(q)

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

2,000

1,895,707

Cirsa

Finance

International

SARL,

7.88%

,

07/31/28

(c)

...........

1,027

1,161,985

Grifols

SA,

7.13%

,

05/01/30

(c)

.....

544

608,180

Iberdrola

Finanzas

SA,

Series

IBE,

1.50%

,

03/27/30

(c)(q)

..........

500

541,731

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

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

477

518,330

Telefonica

Emisiones

SA,

5.38%

,

02/02/26

(c)

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

GBP

401

519,635

10,431,949

Sweden

—

0.2%

Heimstaden

Bostad

Treasury

BV

(c)

0.63%,

07/24/25

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

EUR

771

824,048

1.38%,

03/03/27

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

771

800,435

Intrum

AB

(c)(f)(o)

3.00%,

09/15/27

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

862

736,344

9.25%,

03/15/28

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

359

319,283

Stena

International

SA,

7.25%

,

01/15/31

(c)

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

USD

2,214

2,212,977

Swedbank

AB,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(b)(c)

..........

GBP

199

242,606

Verisure

Holding

AB

3.25%,

02/15/27

(c)

...........

EUR

806

859,628

9.25%,

10/15/27

(a)

...........

811

918,201

Verisure

Midholding

AB,

5.25%

,

02/15/29

(c)

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

1,375

1,487,620

8,401,142

Switzerland

—

0.1%

Julius

Baer

Group

Ltd.,

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

(b)(c)(r)

228

252,148

UBS

AG,

(1-day

SOFR

+

0.72%),

4.86%

,

01/10/28

(b)

...........

USD

256

257,172

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

UBS

Group

AG

(a)(b)(r)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

...........

USD

225

$

218,254

(USISSO05

+

3.63%),

6.85%

...

1,175

1,168,177

(USISSO05

+

3.08%),

7.00%

...

325

320,070

(USISSO05

+

3.18%),

7.13%

...

225

221,314

VistaJet

Malta

Finance

plc

(a)

9.50%,

06/01/28

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

100

98,970

6.38%,

02/01/30

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

100

87,603

2,623,708

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

198,600

5.30%,

09/21/28

(a)

...........

200

202,910

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

3.73%,

09/25/34

(b)(c)

..

200

184,694

Krung

Thai

Bank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

4.40%

(b)

(c)(r)

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

282

276,642

862,846

Ukraine

—

0.0%

NAK

Naftogaz

Ukraine

(p)

7.13%,

(7.13%

Cash

or

7.13%

PIK),

07/19/26

(c)

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

EUR

440

413,863

7.63%,

(7.63%

Cash

or

7.63%

PIK),

11/08/28

(a)

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

USD

251

199,565

VF

Ukraine

PAT,

9.62%

,

02/11/27

(c)(s)

.

251

244,937

858,365

United

Arab

Emirates

—

0.0%

DP

World

Salaam,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(b)(c)(r)

...

404

404,379

Emirates

NBD

Bank

PJSC,

(6-Year

USD

Constant

Maturity

+

1.84%),

6.25%

(b)(c)(r)

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

307

313,140

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(b)

(c)(r)

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

202

202,232

MDGH

GMTN

RSC

Ltd.,

4.38%

,

11/22/33

(a)

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

314

298,909

1,218,660

United

Kingdom

—

1.5%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$1,977,481),

15.00%

,

06/19/26

(d)(j)

GBP

1,586

2,202,143

AA

Bond

Co.

Ltd.,

6.50%

,

01/31/26

(c)

.

1,506

1,940,908

Amber

Finco

plc,

6.63%

,

07/15/29

(c)

.

EUR

1,240

1,393,573

Ardonagh

Finco

Ltd.,

6.88%

,

02/15/31

(a)

2,600

2,867,608

Barclays

plc

3.00%,

05/08/26

(c)

...........

GBP

199

251,801

3.25%,

02/12/27

(c)

...........

199

248,780

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(b)(r)

.........

USD

216

194,626

(USISSO05

+

3.69%),

7.63%

(b)(r)

.

200

195,589

BCP

V

Modular

Services

Finance

II

plc

6.13%,

11/30/28

(a)

...........

GBP

2,322

2,849,051

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

6.13%,

11/30/28

(c)

...........

GBP

521

$

639,258

BCP

V

Modular

Services

Finance

plc,

6.75%

,

11/30/29

(a)

...........

EUR

1,699

1,678,676

Bellis

Finco

plc,

4.00%

,

02/16/27

(c)

..

GBP

1,479

1,805,497

BG

Energy

Capital

plc,

5.13%

,

12/01/25

(c)

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

366

473,372

Bracken

MidCo1

plc,

6.75%

,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(c)(p)

.

286

363,932

British

Telecommunications

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%

,

11/23/81

(a)(b)

..........

USD

723

661,139

California

Buyer

Ltd.,

5.63%

,

02/15/32

(c)

EUR

490

536,403

CD&R

Firefly

Bidco

plc,

8.63%

,

04/30/29

(c)

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

GBP

189

249,024

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(b)(c)

....

845

1,099,114

CK

Hutchison

Group

Telecom

Finance

SA,

2.63%

,

10/17/34

(c)

........

491

456,502

Connect

Finco

SARL,

9.00%

,

09/15/29

(a)

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

USD

878

800,498

ContourGlobal

Power

Holdings

SA,

5.00%

,

02/28/30

(c)

...........

EUR

404

433,023

CPUK

Finance

Ltd.,

7.88%

,

08/28/29

(c)

GBP

149

194,784

Deuce

Finco

plc

5.50%,

06/15/27

(a)

...........

1,595

2,021,689

5.50%,

06/15/27

(c)

...........

1,582

2,005,212

Edge

Finco

plc,

8.13%

,

08/15/31

(c)

..

965

1,271,470

eG

Global

Finance

plc,

12.00%

,

11/30/28

(a)

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

USD

1,073

1,188,077

Gatwick

Airport

Finance

plc,

4.38%

,

04/07/26

(c)

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

GBP

467

592,690

Global

Auto

Holdings

Ltd.,

11.50%

,

08/15/29

(a)

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

USD

200

195,440

Global

Switch

Finance

BV,

1.38%

,

10/07/30

(c)

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

EUR

559

565,407

Heathrow

Finance

plc,

6.63%

,

03/01/31

(c)

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

GBP

1,393

1,782,274

Howden

UK

Refinance

plc,

7.25%

,

02/15/31

(a)

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

USD

200

201,847

HSBC

Holdings

plc

(b)

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%,

07/24/27

....

GBP

267

330,248

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)(r)

.........

EUR

724

762,354

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.64%),

6.95%

(r)

..........

USD

102

101,562

INEOS

Quattro

Finance

2

plc

(c)

8.50%,

03/15/29

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

EUR

539

610,948

6.75%,

04/15/30

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

428

461,976

Informa

plc,

3.13%

,

07/05/26

(c)

.....

GBP

200

252,201

Kane

Bidco

Ltd.,

6.50%

,

02/15/27

(a)

.

1,408

1,809,690

Lloyds

Banking

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.44%),

7.50%

(b)(r)

....

200

251,891

Market

Bidco

Finco

plc

(c)

4.75%,

11/04/27

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

EUR

618

647,394

5.50%,

11/04/27

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

GBP

1,330

1,640,716

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(c)(r)

...

170

209,716

Motion

Finco

SARL,

7.38%

,

06/15/30

(c)

EUR

470

502,328

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

National

Grid

plc,

0.16%

,

01/20/28

(c)

.

EUR

1,236

$

1,243,521

Nationwide

Building

Society

(b)(c)(r)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

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

GBP

344

431,902

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

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

881

1,129,497

NatWest

Group

plc

(b)

(BPSW1

+

1.49%),

2.88%,

09/19/26

(c)

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

200

255,414

(BPSW1

+

2.01%),

3.13%,

03/28/27

(c)

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

199

252,151

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.29%),

7.50%

(r)

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

350

439,943

Pinewood

Finco

plc,

6.00%

,

03/27/30

(a)

1,640

2,088,392

Pinnacle

Bidco

plc,

10.00%

,

10/11/28

(c)

440

600,682

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

1,823

2,340,142

Santander

UK

Group

Holdings

plc,

3.63%

,

01/14/26

(c)

...........

199

254,406

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

9.18%,

07/31/29

(b)

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

EUR

293

324,142

10.75%,

07/31/29

...........

GBP

917

1,223,032

Thames

Water

Utilities

Finance

plc,

4.00%

,

06/19/25

(c)

...........

1,381

1,394,500

Virgin

Media

Secured

Finance

plc

(c)

4.25%,

01/15/30

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

1,232

1,384,549

4.13%,

08/15/30

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

1,531

1,691,105

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

2,393

2,864,947

Vmed

O2

UK

Financing

I

plc

4.50%,

07/15/31

(c)

...........

1,573

1,731,706

4.75%,

07/15/31

(a)

...........

USD

200

173,692

Vodafone

Group

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

4.13%,

06/04/81

....

141

125,170

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(c)

.........

GBP

452

623,574

Zegona

Finance

plc,

6.75%

,

07/15/29

(c)

EUR

757

863,564

60,376,462

United

States

—

5.3%

Acrisure

LLC,

4.25%

,

02/15/29

(a)

...

USD

300

280,700

Adient

Global

Holdings

Ltd.

(a)

8.25%,

04/15/31

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

108

104,649

7.50%,

02/15/33

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

100

93,630

Aethon

United

BR

LP,

7.50%

,

10/01/29

(a)

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

200

203,429

Affinity

Interactive,

6.88%

,

12/15/27

(a)

319

241,743

AG

Issuer

LLC,

6.25%

,

03/01/28

(a)

..

200

196,692

Alexander

Funding

Trust

II,

7.47%

,

07/31/28

(a)

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

635

675,908

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

431

417,561

Alliant

Holdings

Intermediate

LLC

(a)

4.25%,

10/15/27

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

100

96,510

6.75%,

04/15/28

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

200

200,782

6.50%,

10/01/31

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

100

98,169

Allied

Universal

Holdco

LLC

9.75%,

07/15/27

(a)

...........

404

405,287

4.63%,

06/01/28

(a)

...........

200

188,755

4.88%,

06/01/28

(c)

...........

GBP

3,068

3,725,304

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

7.88%,

02/15/31

(a)

...........

USD

200

$

202,550

Alpha

Generation

LLC,

6.75%

,

10/15/32

(a)

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

200

200,130

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

1,254

1,299,458

4.25%,

02/15/29

(a)(q)

..........

510

449,055

4.25%,

02/15/29

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

1,278

958,700

Amentum

Holdings,

Inc.,

7.25%

,

08/01/32

(a)

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

256

251,816

American

Axle

&

Manufacturing,

Inc.

6.88%,

07/01/28

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

100

95,305

5.00%,

10/01/29

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

184

158,379

American

Tower

Corp.,

0.45%

,

01/15/27

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

EUR

2,157

2,242,144

AmeriGas

Partners

LP,

9.38%

,

06/01/28

(a)

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

USD

200

197,880

Amgen,

Inc.,

5.50%

,

12/07/26

(c)

....

GBP

200

260,997

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

USD

430

431,021

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

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

300

294,535

Arcosa,

Inc.,

6.88%

,

08/15/32

(a)

....

200

202,763

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

.......

EUR

1,894

1,850,864

Ardagh

Packaging

Finance

plc

2.13%,

08/15/26

(c)

...........

1,343

1,341,459

4.13%,

08/15/26

(a)

...........

USD

4,760

4,371,870

AT&T,

Inc.

2.90%,

12/04/26

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

GBP

373

466,954

5.50%,

03/15/27

(c)

...........

200

261,248

ATI,

Inc.,

7.25%

,

08/15/30

........

USD

222

228,824

Avis

Budget

Car

Rental

LLC

(a)

4.75%,

04/01/28

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

106

97,088

8.25%,

01/15/30

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

200

195,069

Bank

of

America

Corp.,

(3-mo.

EURIBOR

+

0.91%),

1.95%

,

10/27/26

(b)(c)

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

EUR

875

941,870

Bank

of

New

York

Mellon

Corp.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.30%),

6.30%

(b)(r)

...........

USD

101

103,517

Bausch

+

Lomb

Corp.,

8.38%

,

10/01/28

(a)

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

490

508,375

Becton

Dickinson

Euro

Finance

SARL,

3.55%

,

09/13/29

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

EUR

1,455

1,599,042

Blue

Racer

Midstream

LLC,

7.25%

,

07/15/32

(a)

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

USD

300

310,352

Boyd

Gaming

Corp.

4.75%,

12/01/27

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

100

97,839

4.75%,

06/15/31

(a)

...........

210

193,679

Brand

Industrial

Services,

Inc.,

10.38%

,

08/01/30

(a)

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

116

110,664

Breeze

Aviation

Group,

Inc.

(d)(j)

(Acquired

01/26/24,

cost

$1,877,103)

20.00%,

(20.00%

Cash

or

20.00%

PIK),

01/30/28

(p)

1,877

1,787,940

(Acquired

01/26/24,

cost

$938,551)

20.00%,

01/30/28

.........

939

893,970

Caesars

Entertainment,

Inc.

(a)

4.63%,

10/15/29

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

273

250,923

6.00%,

10/15/32

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

300

280,161

California

Resources

Corp.,

8.25%

,

06/15/29

(a)

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

570

579,274

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Calpine

Corp.

(a)

5.13%,

03/15/28

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

USD

408

$

401,431

5.00%,

02/01/31

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

148

141,299

CCO

Holdings

LLC,

4.75%

,

02/01/32

(a)

296

262,817

Central

Parent,

Inc.,

7.25%

,

06/15/29

(a)

193

167,018

Chemours

Co.

(The)

(a)

4.63%,

11/15/29

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

144

122,912

8.00%,

01/15/33

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

200

187,016

Churchill

Downs,

Inc.

(a)

5.50%,

04/01/27

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

200

198,415

5.75%,

04/01/30

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

193

188,779

6.75%,

05/01/31

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

132

133,040

Cinemark

USA,

Inc.,

7.00%

,

08/01/32

(a)

139

140,311

Citigroup,

Inc.

(3-mo.

EURIBOR

+

1.66%),

1.25%,

07/06/26

(b)(c)

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

EUR

872

939,216

1.75%,

10/23/26

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

GBP

316

389,122

Series

FF,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

(b)(r)

..

USD

119

118,657

Civitas

Resources,

Inc.

(a)

8.38%,

07/01/28

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

672

693,495

8.63%,

11/01/30

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

575

593,211

Clarios

Global

LP

(a)

6.75%,

05/15/28

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

341

345,803

6.75%,

02/15/30

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

100

100,953

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

5.13%,

08/15/27

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

176

170,100

7.88%,

04/01/30

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

100

98,045

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

1,826

1,774,992

9.00%,

09/30/29

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

504

502,685

8.25%,

06/30/32

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

654

664,941

Clydesdale

Acquisition

Holdings,

Inc.

(a)

6.63%,

04/15/29

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

300

301,656

8.75%,

04/15/30

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

611

619,643

Comcast

Corp.,

0.25%

,

09/14/29

...

EUR

513

492,397

CommScope

LLC,

9.50%

,

12/15/31

(a)

USD

290

298,700

Comstock

Resources,

Inc.,

6.75%

,

03/01/29

(a)

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

279

272,873

Consolidated

Communications,

Inc.,

5.00%

,

10/01/28

(a)

...........

400

374,962

Constellium

SE,

5.38%

,

08/15/32

(c)

..

EUR

364

386,967

Core

Scientific,

Inc.,

0.00%

,

06/15/31

(a)

(e)(q)

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

USD

226

189,416

Cornerstone

Building

Brands,

Inc.,

9.50%

,

08/15/29

(a)

...........

100

83,189

Crescent

Energy

Finance

LLC,

7.38%

,

01/15/33

(a)

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

575

554,426

CSC

Holdings

LLC

(a)

5.50%,

04/15/27

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

1,673

1,548,893

11.25%,

05/15/28

...........

359

347,067

11.75%,

01/31/29

...........

784

760,356

CVR

Energy,

Inc.,

8.50%

,

01/15/29

(a)

.

200

192,020

Dana

Financing

Luxembourg

SARL,

8.50%

,

07/15/31

(c)

...........

EUR

741

862,773

Diebold

Nixdorf,

Inc.,

7.75%

,

03/31/30

(a)

USD

160

165,850

DISH

Network

Corp.

(q)

0.00%,

12/15/25

(e)

...........

1,454

1,323,140

3.38%,

08/15/26

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

411

341,130

Encino

Acquisition

Partners

Holdings

LLC,

8.50%

,

05/01/28

(a)

.......

300

304,994

Endo

Finance

Holdings,

Inc.,

8.50%

,

04/15/31

(a)

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

200

208,505

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Energizer

Holdings,

Inc.,

4.38%

,

03/31/29

(a)

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

USD

157

$

146,183

EQT

Corp.

7.50%,

06/01/27

(a)(c)

..........

200

204,185

7.50%,

06/01/30

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

210

226,487

EquipmentShare.com,

Inc.

(a)

9.00%,

05/15/28

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

100

103,602

8.63%,

05/15/32

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

131

135,031

Exo

Imaging,

Inc.,

(Acquired

08/14/24,

cost

$102,781),

8.00%

,

08/14/25

(d)(j)

103

142,896

Ferrellgas

LP

(a)

5.38%,

04/01/26

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

200

197,979

5.88%,

04/01/29

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

219

198,257

Fertitta

Entertainment

LLC,

4.63%

,

01/15/29

(a)

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

200

184,201

Fidelity

National

Information

Services,

Inc.,

1.50%

,

05/21/27

.........

EUR

911

958,635

First

Citizens

BancShares,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.97%),

6.25%

,

03/12/40

(b)

...........

USD

3,700

3,630,598

Focus

Financial

Partners

LLC,

6.75%

,

09/15/31

(a)

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

100

98,618

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

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

140

127,305

Freedom

Mortgage

Holdings

LLC

(a)

9.25%,

02/01/29

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

136

138,113

9.13%,

05/15/31

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

100

100,632

Frontier

Communications

Holdings

LLC

5.00%,

05/01/28

(a)

...........

227

223,966

6.75%,

05/01/29

(a)

...........

720

723,620

5.88%,

11/01/29

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

90

90,009

6.00%,

01/15/30

(a)

...........

90

90,199

8.75%,

05/15/30

(a)

...........

2,394

2,521,916

8.63%,

03/15/31

(a)

...........

1,705

1,816,115

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

1,880

1,917,600

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,101

1,118,890

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

59

58,306

General

Motors

Financial

Co.,

Inc.,

4.30%

,

02/15/29

(c)

...........

EUR

598

667,335

GFL

Environmental,

Inc.,

4.00%

,

08/01/28

(a)

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

USD

100

95,039

Global

Partners

LP,

8.25%

,

01/15/32

(a)

300

308,389

Global

Payments,

Inc.,

4.88%

,

03/17/31

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

EUR

423

477,249

Goldman

Sachs

Group,

Inc.

(The)

0.25%,

01/26/28

(c)

...........

999

1,010,091

7.25%,

04/10/28

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

GBP

204

279,951

0.88%,

05/09/29

(c)

...........

EUR

943

933,637

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

05/31/26

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

USD

184

182,520

5.63%,

04/30/33

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

200

178,647

GoTo

Group,

Inc.

5.50%,

05/01/28

(a)

...........

441

254,409

GS

Finance

Corp.,

(10-Year

USD

Constant

Maturity

at

0.00%

Floor

and

5.00%

Cap

+

0.00%),

8.75%

,

02/14/30

(b)

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

6,830

6,986,953

H&E

Equipment

Services,

Inc.,

3.88%

,

12/15/28

(a)

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

173

172,441

Hanesbrands,

Inc.,

9.00%

,

02/15/31

(a)

160

168,595

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hilton

Grand

Vacations

Borrower

LLC

(a)

5.00%,

06/01/29

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

USD

100

$

93,718

4.88%,

07/01/31

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

100

87,794

Homes

By

West

Bay

LLC,

11.00%

,

02/06/30

(d)

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

9,929

9,929,000

Howard

Midstream

Energy

Partners

LLC,

7.38%

,

07/15/32

(a)

.......

200

204,905

HUB

International

Ltd.,

7.25%

,

06/15/30

(a)

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

300

309,002

International

Business

Machines

Corp.,

3.38%

,

02/06/27

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

EUR

837

917,666

ITT

Holdings

LLC,

6.50%

,

08/01/29

(a)

USD

100

92,253

Jefferies

Finance

LLC,

5.00%

,

08/15/28

(a)

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

200

188,029

JetBlue

Airways

Corp.,

9.88%

,

09/20/31

(a)

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

200

197,418

JPMorgan

Chase

&

Co.

(b)

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%,

04/28/26

(c)

...

GBP

479

616,729

(3-mo.

EURIBOR

+

0.76%),

1.09%,

03/11/27

(c)

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

EUR

909

967,979

(3-mo.

EURIBOR

+

0.60%),

3.67%,

06/06/28

(c)

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

781

859,244

Series

OO,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.15%),

6.50%

(r)

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

USD

110

112,579

KeHE

Distributors

LLC,

9.00%

,

02/15/29

(a)

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

100

102,861

Kraft

Heinz

Foods

Co.,

4.13%

,

07/01/27

(c)

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

GBP

100

127,545

Kronos

International,

Inc.,

9.50%

,

03/15/29

(c)

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

EUR

213

248,700

LABL,

Inc.

(a)

5.88%,

11/01/28

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

USD

136

107,026

8.63%,

10/01/31

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

100

74,500

Lamar

Media

Corp.

3.75%,

02/15/28

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

200

190,310

4.88%,

01/15/29

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

188

182,802

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(d)

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

10,050

10,515,315

LCM

Investments

Holdings

II

LLC,

4.88%

,

05/01/29

(a)

...........

200

187,679

Lessen

LLC,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(d)

.

5,074

4,725,023

Level

3

Financing,

Inc.

(a)

10.50%,

04/15/29

...........

400

440,000

10.75%,

12/15/30

...........

100

110,500

10.00%,

10/15/32

...........

1,418

1,411,817

LGI

Homes,

Inc.,

7.00%

,

11/15/32

(a)

.

928

877,610

LifePoint

Health,

Inc.,

8.38%

,

02/15/32

(a)

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

402

404,757

Light

&

Wonder

International,

Inc.

(a)

7.25%,

11/15/29

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

253

256,464

7.50%,

09/01/31

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

203

207,949

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%

,

04/15/29

(a)

...........

4,657

4,320,739

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

206

166,995

Live

Nation

Entertainment,

Inc.,

4.75%

,

10/15/27

(a)

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

350

341,193

Magnera

Corp.,

4.75%

,

11/15/29

(a)

..

300

265,925

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

04/15/27

(a)

........

876

858,480

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

McGraw-Hill

Education,

Inc.,

7.38%

,

09/01/31

(a)

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

USD

200

$

201,104

Medline

Borrower

LP,

5.25%

,

10/01/29

(a)

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

869

833,869

MGM

Resorts

International,

6.50%

,

04/15/32

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

125

122,574

Morgan

Stanley

(b)

(3-mo.

EURIBOR

+

0.83%),

1.34%,

10/23/26

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

EUR

1,109

1,190,048

(3-mo.

EURIBOR

+

1.30%),

4.66%,

03/02/29

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

747

844,079

MPT

Operating

Partnership

LP,

7.00%

,

02/15/32

(c)

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

531

583,973

Nasdaq,

Inc.,

4.50%

,

02/15/32

.....

615

702,200

Nationstar

Mortgage

Holdings,

Inc.

(a)

5.00%,

02/01/26

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

USD

136

135,431

6.00%,

01/15/27

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

100

99,947

5.75%,

11/15/31

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

200

199,938

NCL

Corp.

Ltd.,

6.75%

,

02/01/32

(a)

..

500

493,901

NCR

Atleos

Corp.,

9.50%

,

04/01/29

(a)

1,190

1,290,323

NCR

Voyix

Corp.

(a)

5.00%,

10/01/28

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

200

192,444

5.13%,

04/15/29

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

35

33,335

Netflix,

Inc.,

3.63%

,

05/15/27

......

EUR

1,650

1,821,550

New

Generation

Gas

Gathering

LLC,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.75%),

10.34%

,

09/30/29

(a)

(b)(d)

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

USD

2,747

2,705,822

Nexstar

Media,

Inc.,

4.75%

,

11/01/28

(a)

184

172,311

NGL

Energy

Operating

LLC

(a)

8.13%,

02/15/29

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

154

155,076

8.38%,

02/15/32

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

100

100,215

Northern

Oil

&

Gas,

Inc.

(a)

8.13%,

03/01/28

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

187

187,482

8.75%,

06/15/31

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

181

184,612

Olympus

Water

US

Holding

Corp.

(a)

4.25%,

10/01/28

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

200

184,813

9.75%,

11/15/28

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

530

550,254

OneMain

Finance

Corp.,

7.13%

,

11/15/31

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

175

176,040

Organon

&

Co.

(a)

5.13%,

04/30/31

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

423

368,816

7.88%,

05/15/34

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

200

194,135

OT

Midco,

Inc.,

10.00%

,

02/15/30

(a)

..

1,304

1,122,689

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

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

100

98,285

4.25%,

01/15/29

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

100

92,737

4.63%,

03/15/30

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

100

91,425

Owens-Brockway

Glass

Container,

Inc.,

7.25%

,

05/15/31

(a)

...........

143

139,604

Pactiv

Evergreen

Group

Issuer

LLC,

4.38%

,

10/15/28

(a)

...........

138

141,019

Panther

Escrow

Issuer

LLC,

7.13%

,

06/01/31

(a)

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

282

287,339

Paramount

Global,

7.88%

,

07/30/30

.

1,275

1,400,664

Park

Intermediate

Holdings

LLC,

5.88%

,

10/01/28

(a)

...........

245

239,093

Performance

Food

Group,

Inc.

(a)

5.50%,

10/15/27

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

100

99,044

4.25%,

08/01/29

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

252

235,655

Permian

Resources

Operating

LLC

(a)

5.38%,

01/15/26

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

72

71,684

8.00%,

04/15/27

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

487

496,203

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Perrigo

Finance

Unlimited

Co.,

5.38%

,

09/30/32

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

EUR

258

$

283,017

PetSmart,

Inc.

(a)

4.75%,

02/15/28

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

USD

300

280,571

7.75%,

02/15/29

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

300

275,514

Pike

Corp.,

8.63%

,

01/31/31

(a)

.....

100

105,381

Pioneer

Midco

LLC,

10.50%

,

11/18/30

(a)

(b)(d)

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

4,144

4,200,998

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

1,535

1,533,074

Post

Holdings,

Inc.

(a)

5.50%,

12/15/29

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

119

115,667

4.50%,

09/15/31

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

188

170,270

6.38%,

03/01/33

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

200

196,663

PPG

Industries,

Inc.,

1.88%

,

06/01/25

EUR

841

907,975

Prestige

Brands,

Inc.,

3.75%

,

04/01/31

(a)

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

USD

500

448,439

Prime

Security

Services

Borrower

LLC,

6.25%

,

01/15/28

(a)

...........

521

521,409

Procter

&

Gamble

Co.

(The),

4.88%

,

05/11/27

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

EUR

581

657,448

Quikrete

Holdings,

Inc.,

6.75%

,

03/01/33

(a)

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

USD

482

479,807

Resort

Communities

LoanCo.

LP,

12.00%

,

11/21/28

(a)(b)(d)

........

6,518

6,534,541

Reworld

Holding

Corp.,

5.00%

,

09/01/30

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

100

92,631

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

2,082

2,188,536

RR

Donnelley

&

Sons

Co.

(a)

9.50%,

08/01/29

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

100

99,050

10.88%,

08/01/29

...........

100

97,388

Sabre

GLBL,

Inc.

(a)

8.63%,

06/01/27

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

1,328

1,314,166

10.75%,

11/15/29

...........

2,569

2,587,694

SCIH

Salt

Holdings,

Inc.,

4.88%

,

05/01/28

(a)

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

100

95,116

Scotts

Miracle-Gro

Co.

(The),

4.00%

,

04/01/31

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

344

301,754

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

1,466

1,558,739

8.50%,

07/15/31

(a)

...........

781

829,470

9.63%,

12/01/32

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

1,235

1,389,013

Select

Medical

Corp.,

6.25%

,

12/01/32

(a)

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

1,132

1,102,952

Service

Properties

Trust

8.38%,

06/15/29

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

2,640

2,638,835

4.95%,

10/01/29

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

100

82,578

4.38%,

02/15/30

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

176

135,910

8.63%,

11/15/31

(a)

...........

270

284,827

8.88%,

06/15/32

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

3,165

3,132,132

Six

Flags

Entertainment

Corp.

5.38%,

04/15/27

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

200

197,465

5.50%,

04/15/27

(a)

...........

200

197,927

5.25%,

07/15/29

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

205

193,989

7.25%,

05/15/31

(a)

...........

176

176,678

SM

Energy

Co.,

6.75%

,

08/01/29

(a)

..

250

246,276

Snap,

Inc.,

6.88%

,

03/01/33

(a)

.....

100

99,992

Sonder

Corp.,

10.00%

,

12/10/27

(d)

..

623

591,436

Sonder

Holdings,

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

13.87%

,

12/10/27

(b)(d)

...

4,879

4,634,648

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

1,346

1,435,881

9.75%,

11/15/30

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

3,522

3,887,738

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

A,

4.10%,

04/01/28

(f)(o)

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

USD

41

$

37,913

Series

2017-1,Class

AA,

3.38%,

02/15/30

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

455

411,026

Series

2017-1A,Class

A,

3.65%,

08/15/31

(f)(o)

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

1,192

1,059,733

SS&C

Technologies,

Inc.,

6.50%

,

06/01/32

(a)

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

300

303,243

Stagwell

Global

LLC,

5.63%

,

08/15/29

(a)

100

95,231

Star

Parent,

Inc.,

9.00%

,

10/01/30

(a)

.

200

197,131

Station

Casinos

LLC,

4.50%

,

02/15/28

(a)

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

174

166,659

Stem,

Inc.,

0.50%

,

12/01/28

(a)(q)

....

166

43,160

STL

Holding

Co.

LLC,

8.75%

,

02/15/29

(a)

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

336

344,847

Suburban

Propane

Partners

LP,

5.00%

,

06/01/31

(a)

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

100

90,282

Talen

Energy

Supply

LLC,

8.63%

,

06/01/30

(a)

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

675

715,974

Tallgrass

Energy

Partners

LP,

6.00%

,

09/01/31

(a)

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

300

283,607

Talos

Production,

Inc.

(a)

9.00%,

02/01/29

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

181

185,985

9.38%,

02/01/31

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

100

101,746

Tenet

Healthcare

Corp.,

6.13%

,

10/01/28

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

911

906,832

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

1,412

1,346,687

Texas

Capital

Bancshares,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(b)

...........

1,875

1,824,457

Thermo

Fisher

Scientific,

Inc.,

1.38%

,

09/12/28

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

EUR

917

946,421

TransDigm,

Inc.

5.50%,

11/15/27

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

USD

648

640,676

4.88%,

05/01/29

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

239

227,013

Transocean,

Inc.,

8.25%

,

05/15/29

(a)

.

776

758,521

Tronox,

Inc.,

4.63%

,

03/15/29

(a)

....

300

256,569

UKG,

Inc.,

6.88%

,

02/01/31

(a)

......

264

267,812

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

A,

2.90%

,

05/01/28

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

185

172,525

United

Wholesale

Mortgage

LLC,

5.50%

,

04/15/29

(a)

...........

100

96,412

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

2,042

2,169,200

Univision

Communications,

Inc.

(a)

6.63%,

06/01/27

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

270

267,766

8.00%,

08/15/28

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

500

501,562

4.50%,

05/01/29

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

159

140,481

8.50%,

07/31/31

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

300

293,142

USA

Compression

Partners

LP,

7.13%

,

03/15/29

(a)

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

367

373,264

UWM

Holdings

LLC,

6.63%

,

02/01/30

(a)

626

620,887

Valaris

Ltd.,

8.38%

,

04/30/30

(a)

.....

100

100,115

Vantage

Drilling

International

Ltd.,

9.50%

,

02/15/28

(a)

...........

351

351,000

Venture

Global

LNG,

Inc.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(b)(r)

.........

789

748,752

7.00%,

01/15/30

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

575

566,483

Verizon

Communications,

Inc.

1.13%,

11/03/28

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

GBP

199

225,367

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.25%,

10/31/30

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

EUR

796

$

902,213

Viking

Cruises

Ltd.

(a)

7.00%,

02/15/29

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

USD

336

337,128

9.13%,

07/15/31

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

400

427,252

Vistra

Operations

Co.

LLC,

5.63%

,

02/15/27

(a)

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

2,339

2,330,299

Vital

Energy,

Inc.

9.75%,

10/15/30

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

100

101,711

7.88%,

04/15/32

(a)

...........

140

130,329

Wand

NewCo

3,

Inc.,

7.63%

,

01/30/32

(a)

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

300

307,004

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

17

16,074

Wells

Fargo

&

Co.

(c)

1.38%,

10/26/26

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

EUR

909

964,000

1.50%,

05/24/27

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

1,390

1,465,131

0.63%,

03/25/30

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

921

874,274

Wildfire

Intermediate

Holdings

LLC,

7.50%

,

10/15/29

(a)

...........

USD

462

449,144

Wolfspeed,

Inc.,

1.75%

,

05/01/26

(q)

..

330

207,900

WR

Grace

Holdings

LLC,

5.63%

,

08/15/29

(a)

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

100

86,061

Xerox

Corp.

(a)

10.25%,

10/15/30

...........

431

426,690

13.50%,

04/15/31

...........

625

596,094

Xerox

Holdings

Corp.

(a)

5.50%,

08/15/28

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

177

124,280

8.88%,

11/30/29

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

100

67,133

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

226

205,850

208,577,530

Uzbekistan

—

0.0%

Navoi

Mining

&

Metallurgical

Combinat,

6.95%

,

10/17/31

(a)

...........

200

198,658

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

(a)

6.88%,

10/15/27

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

477

476,041

9.38%,

03/01/29

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

1,172

1,233,530

1,709,571

Total

Corporate

Bonds

—

11.9%

(Cost:

$506,798,102)

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

474,524,776

Fixed

Rate

Loan

Interests

France

—

0.0%

Atos

SE,

1st

Lien

Term

Loan,

5.06%

,

 12/13/29

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

EUR

1,264

1,380,431

United

States

—

0.1%

Aspen

Owner

LLC,

1st

Lien

Term

Loan,

7.27%

,

 04/07/25

(d)

...........

USD

4,200

4,233,730

Twitter,

Inc.,

1st

Lien

Term

Loan

B3,

9.50%

,

 02/14/30

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

432

442,878

4,676,608

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$6,018,342)

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

6,057,039

Security

Par

(000)

Pa

r

(

000)

Value

Floating

Rate

Loan

Interests

Belgium

—

0.1%

(b)

Finco

Utilitas

BV,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.88%

,

 09/26/30

.

EUR

1,040

$

1,125,024

United

Petfood

Finance

BV,

1st

Lien

Term

Loan

B,

02/26/32

(t)

.......

2,562

2,744,837

3,869,861

Canada

—

0.1%

(b)

Clarios

Global

LP,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.61%

,

 01/28/32

......

2,500

2,680,570

Garda

World

Security

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32%

,

 02/01/29

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

USD

455

452,748

3,133,318

Finland

—

0.1%

Mehilainen

Yhtiot

Oy,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.90%),

6.26%

,

 08/05/31

(b)

EUR

2,498

2,696,397

France

—

0.3%

(b)

Atos

SE,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

+

4.60%),

7.06%

,

 12/17/30

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

700

568,311

Banijay

Entertainment

SAS,

Facility

1st

Lien

Term

Loan

B4,

01/27/32

(t)

...

1,864

2,005,056

Claudius

Finance

Parent

SARL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.86%

,

 01/31/30

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

2,000

2,149,084

Groupe

Babilou,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.16%

,

 11/18/30

.

1,151

1,173,733

Hestiafloor

2

SASU,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.11%

,

 02/27/30

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

1,176

1,271,584

HomeVi

SAS,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

7.61%

,

 10/31/29

......

2,000

2,152,695

Obol

France

3

SAS,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.06%

,

 12/29/28

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

1,500

1,539,506

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.95%

,

 02/03/31

.

1,411

1,523,144

Ramsay

Generale

De

Sante

SA,

Facility

1st

Lien

Term

Loan

B5,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.93%

,

 08/13/31

......

1,800

1,936,122

14,319,235

Germany

—

0.5%

(b)

Aenova

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.50%

,

 08/22/31

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

2,264

2,428,347

Apleona

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.36%

,

 04/28/28

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

2,400

2,595,626

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

AVIV

Group

GmbH,

1st

Lien

Term

Loan

B,

01/29/32

(t)

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

EUR

2,293

$

2,476,315

IFCO

Management

GmbH,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.09%

,

 11/29/29

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

1,000

1,079,386

Minimax

Viking

GmbH,

Facility

1st

Lien

Term

Loan

B,

02/20/32

(t)

.......

1,000

1,079,948

Mosel

Bidco

SE,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.11%

,

 09/16/30

.......

1,529

1,649,483

Nidda

Healthcare

Holding

GmbH,

1st

Lien

Term

Loan

B2,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.54%

,

 02/21/30

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

2,879

3,107,013

Schoen

Klinik

SE,

Facility

1st

Lien

Term

Loan

B2,

01/13/31

(t)

..........

1,333

1,429,723

Speedster

Bidco

GmbH,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.13%

,

 12/10/31

.

1,740

1,879,581

Tele

Columbus

AG,

Facility

1st

Lien

Term

Loan

B,

01/01/29

(t)

.......

2,146

1,824,578

TK

Elevator

Midco

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.60%

,

 04/30/30

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

1,631

1,753,744

21,303,744

Ireland

—

0.1%

(b)

Applegreen

Ltd.,

Facility

1st

Lien

Term

Loan

B,

01/26/32

(t)

...........

1,424

1,546,371

Helios

Software

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/13/28

(t)

........

1,000

1,068,238

ION

Trading

Finance

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.93%

,

 03/31/28

.

1,500

1,589,770

4,204,379

Jersey,

Channel

Islands

—

0.1%

Vita

Global

FinCo

Ltd.,

1st

Lien

Term

Loan

B

(b)(d)

(6-mo.

EURIBOR

at

0.00%

Floor

+

7.00%),

9.66%, 04/23/27

....

2,035

1,892,554

(Daily

SONIA

at

1.19%

Floor

+

7.00%),

12.45%, 07/06/27

....

GBP

1,246

1,394,362

3,286,916

Luxembourg

—

0.4%

(b)

AI

Sirona

Luxembourg

Acquisition

SARL,

Facility

1st

Lien

Term

Loan

B3,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.86%

,

 09/29/28

.....

EUR

2,000

2,157,540

Froneri

International

Ltd.,

1st

Lien

Term

Loan,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

5.10%

,

 09/30/31

.

3,000

3,225,312

Matterhorn

Telecom

SA,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

5.14%

,

 01/26/32

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

1,362

1,471,186

Speed

Midco

3

SARL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.95%),

7.33%

,

 05/16/29

(d)

...........

6,106

6,644,203

Tackle

SARL,

1st

Lien

Term

Loan

B,

05/22/28

(t)

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

891

955,088

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Tackle

SARL,

Facility

1st

Lien

Term

Loan

B2,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.78%

,

 05/22/28

.

EUR

984

$

1,053,314

15,506,643

Netherlands

—

0.7%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.86%

,

 06/29/28

.

1,459

1,567,544

Cypher

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.92%

,

 01/01/28

(d)

....

5,188

5,455,032

Median

BV,

Facility

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.93%),

7.28%

,

 10/14/27

.....

1,964

2,110,498

Nobian

Finance

BV,

1st

Lien

Term

Loan

B,

07/31/30

(t)

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

2,526

2,710,535

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B6,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.97%

,

 07/01/31

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

2,200

2,367,465

Pegasus

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.02%

,

 07/12/29

.....

2,000

2,164,287

Stage

Entertainment

BV,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.54%

,

 06/01/29

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

2,000

2,166,385

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Daily

SONIA

at

0.00%

Floor

+

5.25%),

5.29%

,

 01/03/28

......

GBP

1,364

1,764,149

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.37%

,

 01/31/29

.....

EUR

9,179

9,545,268

29,851,163

New

Zealand

—

0.1%

FNZ

NZ

Finco

Ltd.,

1st

Lien

Term

Loan,

(Daily

SONIA

at

0.00%

Floor

+

6.00%),

6.00%

,

 11/05/31

(b)(d)

....

GBP

2,000

2,467,243

Norway

—

0.0%

Sector

Alarm

Holding

A/S,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.00%

,

 06/14/29

(b)

...........

EUR

1,017

1,098,313

Spain

—

0.1%

(b)

Aernnova

Aerospace

SAU,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.76%

,

 02/27/30

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

1,606

1,732,046

Cervantes

Bidco

SL,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.46%

,

 10/30/31

.

1,483

1,606,364

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.52%

,

 12/31/29

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

1,617

1,741,741

5,080,151

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.1%

(b)

IGT

Holding

IV

AB,

Facility

1st

Lien

Term

Loan

B4,

08/29/31

(t)

......

EUR

1,667

$

1,793,156

Quimper

AB,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.43%

,

 03/29/30

.

2,017

2,183,783

3,976,939

United

Kingdom

—

1.1%

(b)

Acuris

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.03%

,

 02/16/28

.

1,000

1,069,146

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.09%

,

 05/12/31

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

1,647

1,696,053

Belron

Finance

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.53%

,

 10/16/31

.

1,988

2,144,199

CD&R

Firefly

Bidco

plc,

1st

Lien

Term

Loan,

04/30/29

(t)

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

GBP

1,750

2,247,994

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B8,

(Daily

SONIA

at

0.00%

Floor

+

5.25%),

5.25%

,

 04/30/29

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

2,031

2,615,903

Eagle

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(Daily

SONIA

at

0.00%

Floor

+

4.50%),

4.53%

,

 03/13/28

.

1,100

1,414,488

Edge

Finco

plc,

Facility

1st

Lien

Term

Loan

B1,

08/22/31

(t)

..........

EUR

1,453

1,564,069

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.62%

,

 06/30/28

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

1,546

1,670,914

Hbx

Group

International

plc,

1st

Lien

Term

Loan

B,

02/14/32

(t)

.......

2,359

2,544,082

INEOS

Finance

plc,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.05%

,

 06/23/31

.

2,000

2,126,290

INEOS

Quattro

Holdings

UK

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.86%

,

 04/03/29

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

1,940

2,044,368

Inspired

Finco

Holdings

Ltd.,

1st

Lien

Term

Loan

B6,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.61%

,

 02/28/31

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

289

310,185

Inspired

Finco

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

B6

(t)

 02/28/31

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

766

822,459

 02/28/31

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

383

411,230

Magnavale

Holdings

Ltd.,

Facility

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.28%

,

 06/05/26

(d)

...........

GBP

3,756

4,852,364

Market

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

7.06%

,

 11/04/30

.

EUR

689

742,524

Market

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(Daily

SONIA

at

0.00%

Floor

+

5.25%),

5.36%

,

 11/04/30

.

GBP

404

521,669

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

5.22%

,

 03/25/31

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

EUR

1,839

1,966,552

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Mercia,

1st

Lien

Term

Loan

A1,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.10%

,

 04/09/25

(d)

...........

GBP

1,595

$

2,060,465

Mercia,

1st

Lien

Term

Loan

A2,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.10%

,

 04/09/25

(d)

...........

4,864

6,282,583

Mercia,

1st

Lien

Term

Loan

B-1,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.10%

,

 04/09/25

(d)

...........

280

361,898

OCS

Group

Holding

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(Daily

SONIA

at

0.00%

Floor

+

5.75%),

5.75%

,

 11/27/31

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

1,905

2,449,724

Zegona

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B,

07/16/29

(t)

.......

EUR

831

892,490

42,811,649

United

States

—

1.7%

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.17%

,

 05/12/28

(b)

...........

USD

682

680,563

Alorica,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.88%),

11.20%

,

 12/21/27

(b)

(d)

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

2,520

2,492,213

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

9.75%

,

 02/01/30

(b)

3,621

3,419,999

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57%

,

 09/29/31

(b)

...........

1,446

1,395,752

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.80%

,

 12/30/27

(b)

...........

382

381,411

Arsenal

AIC

Parent

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07%

,

 08/19/30

(b)

...........

157

155,547

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.82%

,

 08/01/28

(b)

.....

10

7,573

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.80%

,

 10/02/28

(b)

...........

1,061

941,223

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67%

,

 05/10/27

(b)

...........

1,131

1,125,986

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.05%

,

 10/16/31

(b)

...........

1,233

1,228,959

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.30%

,

 01/31/31

(b)

...........

1,396

1,385,584

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.11%

,

 07/30/31

(b)

EUR

1,496

1,608,242

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56%

,

 02/06/31

(b)

...........

USD

2,161

$

2,142,806

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.56%

,

 12/15/31

(b)

.....

230

228,898

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.83%

,

 03/30/29

(b)

...........

1,007

997,153

Clover

Holdings

SPV

III

LLC,

1st

Lien

Term

Loan,

15.00%

,

 12/09/27

(b)

..

312

305,478

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

7.50%

,

 04/13/29

(b)

.....

1,375

1,368,170

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.06%

,

 09/29/28

(b)

981

979,557

CPPIB

OVM

Member

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05%

,

 08/20/31

(b)

...........

1,250

1,240,493

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

9.00%

,

 04/15/27

(b)

....

477

447,983

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30%

,

 12/30/27

(b)

1,608

1,607,970

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.67%

,

 12/21/28

(b)(d)

..........

792

784,390

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.55%

,

 08/02/27

(b)

...........

160

159,565

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

B,

02/17/31

(b)(t)

..........

1,770

1,685,066

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82%

,

 08/30/30

(b)

...........

2,742

2,734,686

Emerald

Technologies

US

AcquisitionCo,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.57%

,

 12/29/27

(b)(d)

.........

920

680,618

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82%

,

 01/29/29

(b)

...........

1,559

1,533,755

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

7.61%

,

 03/30/27

(b)

EUR

1,583

1,603,400

Galaxy

Universal

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

10.94%

,

 11/12/26

(b)

(d)

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

USD

4,629

4,629,299

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GoTo

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.19%, 04/30/28

(b)

.........

USD

199

$

133,046

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.94%

,

 10/25/28

(b)(d)

..........

579

463,587

Icon

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32%

,

 11/13/31

(b)

3,216

3,189,114

Indy

US

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.86%

,

 03/06/28

(b)

EUR

1,995

2,140,109

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.82%

,

 04/26/30

(b)

...........

USD

890

875,689

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.32%

,

 01/28/32

(b)

...........

369

367,709

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(b)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.81%, 06/05/28

.........

753

456,084

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.81%, 06/05/28

(d)

........

429

385,806

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32%

,

 03/01/29

(b)

1,874

1,785,069

Medline

Borrower

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57%

,

 10/23/28

(b)

...........

2,705

2,698,386

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.40%

,

 01/24/30

(b)

119

26,118

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80%

,

 07/25/31

(b)(d)

..........

642

639,178

Pitney

Bowes,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07%

,

 03/19/32

(b)

...........

1,440

1,423,195

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.11%

,

 06/02/28

(b)

EUR

2,494

2,519,875

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.30%

,

 04/27/28

(b)

...........

USD

2,455

1,300,783

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.30%

,

 04/27/29

(b)

..........

1,749

645,021

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

10.32%

,

 09/11/29

(b)(d)

.........

4,865

4,865,000

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32%

,

 03/14/31

(b)

...........

USD

874

$

868,911

TransDigm,

Inc.,

1st

Lien

Term

Loan

J,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80%

,

 02/28/31

(b)

596

591,802

Twitter,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.98%

,

 10/26/29

(b)

430

427,179

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.60%

Floor

+

5.00%),

9.45%

,

 01/22/29

(b)

...........

950

875,680

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/20/25

(b)(t)

...........

1,748

1,570,500

Veritas

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

12.50%),

16.93%

,

 06/30/31

(b)

..........

479

478,712

Xerox

Corp.,

1st

Lien

Term

Loan,

11/19/29

(b)(t)

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

262

248,712

66,927,604

Total

Floating

Rate

Loan

Interests

—

5.5%

(Cost:

$225,036,323)

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

220,533,555

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA,

9.50%

,

01/17/31

(a)

.......

132

137,643

Chile

—

0.0%

Empresa

Nacional

del

Petroleo,

5.95%

,

07/30/34

(a)

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

200

201,050

Colombia

—

0.0%

Ecopetrol

SA,

8.88%

,

01/13/33

....

268

275,973

France

—

0.1%

Electricite

de

France

SA

(b)(c)(r)

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

...........

EUR

400

398,165

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63%

..........

200

219,235

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

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

GBP

400

519,542

1,136,942

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt.,

6.00%

,

05/16/29

(c)

...........

EUR

200

232,082

Kazakhstan

—

0.0%

Development

Bank

of

Kazakhstan

JSC,

13.49%

,

05/23/28

(a)

..........

KZT

114,000

209,087

Mexico

—

0.0%

Petroleos

Mexicanos

8.75%,

06/02/29

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

USD

249

248,036

5.95%,

01/28/31

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

187

158,380

6.70%,

02/16/32

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

160

140,384

10.00%,

02/07/33

...........

117

121,545

668,345

Security

Par

(000)

Par

(000)

Value

Morocco

—

0.0%

OCP

SA,

7.50%

,

05/02/54

(a)

.......

USD

298

$

303,587

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

202

142,410

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(c)

...........

200

199,300

Petroleos

del

Peru

SA,

4.75%

,

06/19/32

(a)

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

200

149,650

348,950

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$3,646,670)

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

3,656,069

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain,

5.45%

,

09/16/32

(c)

341

316,810

Brazil

—

0.1%

Federative

Republic

of

Brazil

10.00%,

01/01/27

...........

BRL

29

4,782,311

7.13%,

05/13/54

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

USD

465

445,005

5,227,316

Chile

—

0.0%

Republic

of

Chile

3.75%,

01/14/32

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

EUR

452

487,770

4.34%,

03/07/42

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

USD

220

189,090

676,860

Colombia

—

0.3%

Republic

of

Colombia

4.50%,

01/28/26

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

241

239,674

5.75%,

11/03/27

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

COP

11,075,100

2,398,347

6.00%,

04/28/28

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

22,663,500

4,807,933

7.75%,

09/18/30

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

7,256,400

1,486,265

8.00%,

04/20/33

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

USD

312

322,062

8.00%,

11/14/35

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

200

201,400

7.75%,

11/07/36

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

284

278,036

9,733,717

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

7.30%

,

11/13/54

(a)

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

229

236,571

Czech

Republic

—

0.1%

Czech

Republic

5.00%,

09/30/30

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

CZK

46,550

2,128,745

4.50%,

11/11/32

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

24,960

1,108,988

3,237,733

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

...........

USD

233

234,165

4.50%,

01/30/30

(a)

...........

230

215,165

7.05%,

02/03/31

(a)

...........

355

367,070

4.88%,

09/23/32

(a)

...........

156

142,096

10.75%,

06/01/36

(a)

..........

DOP

36,950

605,173

6.95%,

03/15/37

(a)

...........

USD

154

155,540

1,719,209

Egypt

—

0.1%

Arab

Republic

of

Egypt

24.46%,

10/01/27

...........

EGP

8,610

174,788

5.63%,

04/16/30

(c)

...........

EUR

199

182,028

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Egypt

(continued)

7.63%,

05/29/32

(c)

...........

USD

416

$

358,031

9.45%,

02/04/33

(a)

...........

200

188,350

8.50%,

01/31/47

(a)

...........

268

202,431

7.50%,

02/16/61

(a)

...........

303

201,213

Egypt

Government

Bond,

21.38%

,

02/04/28

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

EGP

13,013

253,779

1,560,620

Gabon

—

0.0%

Gabon

Government

Bond,

9.50%

,

02/18/29

(c)

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

USD

327

297,367

Guatemala

—

0.0%

Republic

of

Guatemala

(a)

7.05%,

10/04/32

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

200

210,437

6.60%,

06/13/36

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

225

226,575

437,012

Hungary

—

0.0%

Hungary

Government

Bond

5.25%,

06/16/29

(a)

...........

200

198,750

5.38%,

09/12/33

(c)

...........

EUR

143

161,052

7.00%,

10/24/35

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

HUF

271,310

714,201

5.50%,

03/26/36

(a)

...........

USD

200

191,113

1,265,116

Indonesia

—

0.2%

Republic

of

Indonesia

7.00%,

05/15/27

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

IDR

25,712,000

1,562,589

4.65%,

09/20/32

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

USD

200

193,625

3.88%,

01/15/33

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

EUR

265

282,605

6.75%,

07/15/35

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

IDR

15,015,000

888,407

8.25%,

05/15/36

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

12,577,000

816,442

7.13%,

06/15/38

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

36,520,000

2,198,343

5,942,011

Ireland

—

0.4%

Republic

of

Ireland,

2.60%

,

10/18/34

(c)

EUR

13,890

14,529,698

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

6.38%,

03/03/28

(c)

...........

USD

220

220,346

5.88%,

10/17/31

(c)

...........

EUR

148

149,830

8.08%,

04/01/36

(a)

...........

USD

200

191,000

561,176

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan,

4.95%

,

07/07/25

(c)

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

200

198,876

Kenya

—

0.0%

Republic

of

Kenya,

9.75%

,

02/16/31

(a)

241

234,975

Malaysia

—

0.2%

Malaysia

Government

Bond

3.89%,

08/15/29

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

MYR

11,833

2,698,577

4.64%,

11/07/33

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

9,508

2,277,399

3.83%,

07/05/34

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

6,173

1,396,100

6,372,076

Mexico

—

0.2%

United

Mexican

States

7.00%,

09/03/26

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

MXN

594

2,847,881

3.75%,

01/11/28

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

USD

296

286,972

8.50%,

03/01/29

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

MXN

226

1,092,195

8.50%,

05/31/29

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

92

442,855

7.50%,

05/26/33

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

733

3,224,314

6.35%,

02/09/35

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

USD

200

200,300

7.75%,

11/13/42

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

MXN

80

321,246

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

7.38%,

05/13/55

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

USD

602

$

617,050

9,032,813

Montenegro

—

0.0%

Republic

of

Montenegro,

2.88%

,

12/16/27

(c)

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

EUR

179

186,198

Morocco

—

0.0%

Kingdom

of

Morocco

(a)

5.95%,

03/08/28

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

USD

239

242,336

4.75%,

04/02/35

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

EUR

271

290,249

532,585

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

10.38%,

12/09/34

(a)

..........

USD

200

200,550

7.63%,

11/28/47

(c)

...........

225

169,069

369,619

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

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

EUR

196

220,847

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

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

USD

300

310,125

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

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

327

339,099

6.40%,

02/14/35

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

357

335,535

674,634

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

2.74%,

01/29/33

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

200

165,068

5.60%,

03/13/48

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

210

184,852

349,920

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

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

93

81,770

1.86%,

12/01/32

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

149

116,146

197,916

Poland

—

0.2%

Republic

of

Poland

5.75%,

04/25/29

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

PLN

12,976

3,399,126

4.75%,

07/25/29

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

7,351

1,860,157

5.00%,

10/25/34

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

4,179

1,022,387

2.00%,

08/25/36

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

1,353

307,114

5.50%,

04/04/53

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

USD

154

144,454

6,733,238

Republic

of

Turkiye

—

0.0%

Republic

of

Turkiye

(The)

31.08%,

11/08/28

...........

TRY

13,627

323,719

30.00%,

09/12/29

...........

15,810

369,195

7.13%,

02/12/32

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

USD

298

292,934

985,848

Romania

—

0.0%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

124

123,504

2.12%,

07/16/31

(c)

...........

EUR

151

132,906

5.88%,

07/11/32

(a)

...........

302

324,104

6.25%,

09/10/34

(a)

...........

284

304,325

884,839

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

4.50%,

04/17/30

(c)

...........

USD

209

$

205,848

5.00%,

01/18/53

(a)

...........

230

196,301

402,149

Serbia

—

0.0%

Republic

of

Serbia

6.50%,

09/26/33

(c)

...........

200

205,626

6.00%,

06/12/34

(a)

...........

221

218,653

424,279

South

Africa

—

0.3%

Republic

of

South

Africa

8.00%,

01/31/30

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

ZAR

143,785

7,508,666

7.00%,

02/28/31

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

56,221

2,720,414

7.10%,

11/19/36

(a)

...........

USD

200

194,050

9.00%,

01/31/40

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

ZAR

26,875

1,210,659

5.00%,

10/12/46

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

USD

201

137,183

5.75%,

09/30/49

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

548

402,232

7.95%,

11/19/54

(a)

...........

220

206,580

12,379,784

Spain

—

0.5%

Bonos

y

Obligaciones

del

Estado,

3.15%

,

04/30/35

(a)(c)

..........

EUR

17,380

18,467,093

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.40%

,

06/26/34

(a)

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

USD

266

260,281

Ukraine

—

0.0%

Ukraine

Government

Bond

(a)(s)

1.75%,

02/01/29

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

87

56,371

0.00%,

02/01/30

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

8

4,058

0.00%,

02/01/34

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

30

11,670

1.75%,

02/01/34

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

58

30,880

0.00%,

02/01/35

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

25

13,820

0.00%,

02/01/36

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

21

11,464

128,263

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond,

3.90%

,

09/09/50

(c)

.......

210

151,725

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

9.75%,

07/20/33

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

UYU

7,875

189,065

5.75%,

10/28/34

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

USD

253

264,362

5.25%,

09/10/60

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

245

223,440

676,867

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(a)

5.38%,

05/29/27

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

EUR

206

225,116

7.85%,

10/12/28

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

USD

224

233,589

458,705

Total

Foreign

Government

Obligations

—

2.7%

(Cost:

$109,038,843)

.............................

106,374,871

Shares

Shares

Investment

Companies

Health

Care

Select

Sector

SPDR

Fund

(g)

...................

13,480

1,968,215

iShares

0-5

Year

TIPS

Bond

ETF

(g)(h)

.

45,255

4,682,535

Security

Shares

Shares

Value

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(g)(h)

.......

130,551

$

4,805,582

iShares

China

Large-Cap

ETF

(g)(h)

...

119,476

4,282,020

iShares

Core

S&P

Small-Cap

ETF

(h)

.

19,759

2,066,198

iShares

MSCI

Brazil

ETF

(g)(h)

......

59,131

1,528,536

SPDR

Blackstone

Senior

Loan

ETF

(g)

52,573

2,162,327

SPDR

Gold

Shares

(k)

(l)

..........

290,948

83,833,757

SPDR

S&P

Homebuilders

ETF

.....

19,652

1,904,279

SPDR

S&P

Regional

Banking

ETF

(g)

.

26,121

1,484,979

VanEck

Semiconductor

ETF

(g)

.....

13,142

2,779,139

Total

Investment

Companies

—

2.8%

(Cost:

$106,377,526)

.............................

111,497,567

Par

(000)

Pa

r

(

000)

Municipal

Bonds

(a)

Arizona

-

0.0%

Maricopa

County

Industrial

Development

Authority

,

Series

2024,

RB,

7.38%, 10/01/29

.........

USD

875

902,855

Texas

-

0.1%

Port

of

Beaumont

Navigation

District

,

Series

2024B,

RB,

10.00%, 07/01/26

...........

2,125

2,183,459

Total

Municipal

Bonds

—

0.1%

(Cost:

$3,000,000)

..............................

3,086,314

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.5%

United

States

—

0.5%

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

3,671

3,012,765

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

4,935

4,408,496

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

2,344

1,603,323

MCM

Trust

(d)

Series

2018-NPL2,  3.00%,

08/25/28

...............

1,661

1,595,822

Series

2021-VFN1,  0.00%,

09/25/31

...............

2,198

1,399,892

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

6.87%,

10/25/39

(a)(b)

1,726

1,733,432

TVC

DSCR,

Series

2021-1,

Class

A,

2.38%,

02/01/51

(a)(d)

..........

3,607

3,309,460

TVC

DSCR

Trust,

Series

2021-

1,  0.00%,

02/01/51

(d)

.........

1,654

1,424,907

18,488,097

Commercial

Mortgage-Backed

Securities

—

2.2%

Bermuda

—

0.0%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.57%,

01/19/37

(a)(b)

...............

995

989,082

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

—

0.0%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.37%

Floor

+

3.37%),

7.69%,

12/15/34

(a)(b)

USD

926

$

896,990

United

States

—

2.2%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.14%,

08/10/35

(a)(b)

...............

1,182

1,111,080

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.21%),

7.53%,

04/15/34

(a)(b)

..........

428

283,978

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)

...........

428

328,412

BAHA

Trust,

Series

2024-MAR,

Class

C,

7.01%,

12/10/41

(a)(b)

........

1,320

1,363,815

BAMLL

Trust,

Series

2025-ASHF,

Class

E,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.25%),

9.57%,

02/15/42

(a)(b)

...............

1,952

1,946,622

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

M6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.80%

Cap

+

1.16%),

5.48%,

11/25/35

..........

81

86,053

Series

2006-3A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.62%),

4.94%,

10/25/36

...

79

75,411

BHMS

(a)(b)

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

5.87%,

07/15/35

...

1,722

1,720,476

Series

2018-ATLS,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.20%),

6.52%,

07/15/35

...

653

650,963

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

7.71%,

06/15/41

(a)(b)

602

594,472

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(a)

.

1,000

900,707

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

5.34%,

02/15/33

...

4,847

4,808,139

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

6.58%,

02/15/33

...

2,843

2,826,558

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

8.68%,

02/15/33

...

1,877

1,875,664

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

7.23%,

06/15/38

...

2,054

2,012,754

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

7.24%,

05/15/38

...

1,472

1,464,740

Series

2021-XL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.69%

Floor

+

0.80%),

5.12%,

10/15/38

...

294

292,585

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.68%,

10/15/38

...

2,549

2,536,624

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-GPA3,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.96%,

12/15/39

...

USD

2,399

$

2,392,676

Series

2024-KING,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

05/15/34

...

770

767,940

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

03/15/41

...

1,317

1,318,926

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

...............

3,052

2,757,928

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.68%,

01/15/34

...

577

571,328

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.43%,

01/15/34

...

898

888,174

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.76%,

04/15/41

...

1,385

1,387,221

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

7.21%,

07/15/29

...

658

648,126

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

8.26%,

07/15/29

...

1,645

1,616,201

Series

2025-ROIC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

2.94%),

7.26%,

03/15/30

...

1,155

1,147,796

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.45%),

6.77%,

12/15/37

(a)(b)

....

335

334,800

CFSP

Mortgage

Trust,

Series

2024-

AHP1,

Class

A,

6.50%,

04/15/37

.

1,282

1,235,409

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.49%

Floor

+

4.49%),

8.81%,

06/15/41

(a)(b)

....

780

780,175

CONE

Trust,

Series

2024-DFW1,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

8.21%,

08/15/41

(a)(b)

...............

760

756,774

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(a)

.........

423

416,273

CSAIL

Commercial

Mortgage

Trust,

Series

2016-C5,

Class

C,

4.63%,

11/15/48

(b)

................

166

159,690

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.86%

Floor

+

5.48%),

9.80%,

10/15/37

...

238

218,392

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

7.76%,

02/15/27

(d)

..

2,798

2,761,579

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

6.20%,

08/15/34

(a)(b)

230

230,144

DBGS

Mortgage

Trust

(a)(b)

Series

2018-BIOD,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

5.42%,

05/15/35

...

13

12,542

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-BIOD,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.60%),

5.92%,

05/15/35

...

USD

394

$

387,703

Series

2018-BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

6.62%,

05/15/35

...

1,411

1,406,208

ELM

Trust,

Series

2024-ELM,

Class

E10,

7.27%,

06/10/39

(a)(b)

......

1,467

1,480,626

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.67%

Floor

+

2.78%),

7.10%,

11/15/38

(a)(b)

....

1,459

1,450,912

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.68%,

07/15/38

...

2,726

2,722,368

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

7.28%,

07/15/38

...

1,739

1,735,969

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

3.05%),

7.37%,

11/15/36

...

1,892

1,870,247

Series

2021-IP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

5.38%,

10/15/36

...

357

354,267

Series

2021-ROSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

5.73%,

05/15/26

...

381

363,955

Series

2022-ECI,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.19%),

6.51%,

08/15/39

...

324

324,236

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

+

2.15%),

6.97%,

11/18/29

..........

2,299

2,299,000

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

1,202

1,045,700

HILT

Commercial

Mortgage

Trust

(a)(b)

Series

2024-ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

05/15/37

...

1,317

1,316,177

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.51%,

05/15/37

...

1,451

1,443,745

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

2.98%,

08/10/38

(a)(b)

...............

315

299,112

Independence

Plaza

Trust,

Series

2018-INDP,

Class

B,

3.91%,

07/10/35

(a)

................

528

520,073

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%),

6.81%,

07/05/33

438

329,588

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.81%),

7.13%,

04/15/38

...

1,839

1,833,253

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

7.63%,

04/15/38

...

866

862,753

Series

2022-OPO,

Class

C,

3.45%,

01/05/39

...............

700

602,990

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.51%,

06/15/39

(a)(b)

....

USD

540

$

541,584

KSL

Commercial

Mortgage

Trust,

Series

2024-HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

12/15/39

(a)(b)

....

988

986,764

LBA

Trust,

Series

2024-BOLT,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.76%,

06/15/39

(a)(b)

239

237,594

LoanCore

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/17/42

(a)(b)

...............

1,320

1,316,551

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

E,

8.73%,

06/12/39

(a)

.

691

702,512

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

6.53%,

04/15/38

...

2,038

2,033,068

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.72%),

7.03%,

04/15/38

...

233

232,748

MHP

Commercial

Mortgage

Trust,

Series

2021-STOR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

7.18%,

07/15/38

(a)(b)

....

870

860,990

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)(b)

...............

552

511,961

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

7.78%,

07/15/38

(a)(b)

....

204

119,378

PRM5

Trust,

Series

2025-PRM5,

Class

D,

5.25%,

03/10/33

(a)(b)

........

1,400

1,378,099

SCG

Commercial

Mortgage

Trust,

Series

2025-DLFN,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

2.95%),

7.26%,

03/15/35

(a)(b)

....

820

819,306

SREIT

Trust

(a)(b)

Series

2021-MFP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.73%

Floor

+

0.85%),

5.16%,

11/15/38

...

339

336,961

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

7.06%,

11/15/38

...

1,916

1,887,133

Series

2021-MFP2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.62%

Floor

+

2.73%),

7.05%,

11/15/36

...

524

519,003

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

6.36%,

07/15/36

(a)(b)

...............

579

574,518

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

321

293,867

VEGAS

(a)(b)

Series

2024-GCS,

Class

C,

6.22%,

07/10/36

...............

1,570

1,533,466

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

...............

1,770

1,655,261

VNDO

Trust,

Series

2016-350P,

Class

D,

3.90%,

01/10/35

(a)(b)

........

583

562,769

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

USD

886

$

882,126

Series

2018-1745,

Class

A,

3.75%,

06/15/36

(a)

..............

375

343,500

Series

2024-1CHI,

Class

A,

4.95%,

07/15/35

(a)

..............

669

671,754

86,930,942

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

Benchmark

Mortgage

Trust,

Series

2021-B23,

Class

XA,

1.26%,

02/15/54

.................

14,001

733,270

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.69%,

12/12/53

(a)

................

1,407

99,501

Wells

Fargo

Commercial

Mortgage

Trust

Series

2020-C58,

Class

XA,

1.80%,

07/15/53

...............

7,798

584,276

Series

2021-C59,

Class

XA,

1.50%,

04/15/54

...............

6,303

406,037

1,823,084

Total

Non-Agency

Mortgage-Backed

Securities

—

2.8%

(Cost:

$113,931,101)

.............................

109,128,195

Preferred

Securities

Shares

Shares

Preferred

Stocks

—

2.7%

Brazil

—

0.2%

Banco

Bradesco

SA

(Preference)

...

438,091

970,388

Gerdau

SA

(Preference)

.........

236,849

674,049

Itau

Unibanco

Holding

SA

(Preference)

475,062

2,615,715

Neon

Payments

Ltd.

(d)(f)

..........

10,763

4,390,874

8,651,026

China

—

0.5%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$9,000,423)

(d)(f)(j)

...

82,140

17,768,525

Germany

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

17,557

1,396,961

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$7,547,351)

(d)(f)(j)

.........

1,420

—

1,396,961

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$4,447,311)

(d)(f)(j)

.............

1,380

—

Israel

—

0.0%

(d)(f)(j)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$3,888,688)

...............

639,810

51,185

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$2,474,803)

...............

351,019

31,591

82,776

Security

Shares

Shares

Value

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$804,100)

(d)

(f)(j)

......................

6,817

$

—

United

Kingdom

—

0.1%

10x

Future

Technologies

Services

Ltd.,

Series

D,

(Acquired

12/19/23,

cost

$6,197,921)

(d)(f)(j)

............

163,645

2,549,344

United

States

—

1.9%

Anduril

Industries,

Inc.,

Series

F

(d)(f)

..

79,095

3,337,018

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

01/26/24,

cost

$2,232,275)

(d)(f)(j)

............

4,133

563,163

Bright

Machines,

Inc.,

Series

C

(d)(f)

...

238,542

696,543

Bright

Machines,

Inc.,

Series

C-1

(d)(f)

.

496,892

924,219

Caresyntax,

Inc.,

Series

C-2

(d)(f)

....

16,777

43,956

Caresyntax,

Inc.,

Series

C-3

(d)(f)

....

2,170

5,685

Coreweave,

Inc.,

10.00%

(d)

.......

2,520,000

2,973,600

Databricks,

Inc.,

Series

F,

(Acquired

10/22/19,

cost

$3,030,010)

(d)(f)(j)

..

211,650

19,577,625

Databricks,

Inc.,

Series

G,

(Acquired

02/01/21,

cost

$3,419,476)

(d)(f)(j)

..

57,837

5,349,922

Davidson

Homes,

Inc.,

12.00%

(d)

...

4,221

4,242,612

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)(r)

........

8,429

8,323,637

Exo

Imaging,

Inc.,

(Acquired

06/24/21,

cost

$2,122,371)

(d)(f)(j)

.........

362,303

1,667

GM

Cruise

Holdings

LLC,

Series

G,

Class

G,

(Acquired

03/25/21,

cost

$2,563,091)

(d)(f)(j)

............

97,271

97,271

Insightful

Corp.,

Series

D

(d)(f)

.......

1,558,289

335,344

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$3,136,443)

(d)(f)(j)

..

1,719,824

3,938,397

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$677,436)

(d)(f)(j)

....

113,119

259,042

Lessen

Holdings,

Inc.,

Series

BX

(d)(f)

.

252,164

743,884

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$2,878,751)

(d)(f)(j)

..

336,696

2,060,579

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$596,540)

(d)(f)(j)

....

29,827

281,269

Lookout,

Inc.,

Series

F,

(Acquired

10/22/14,

cost

$7,673,753)

(d)(f)(j)

..

671,775

906,896

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$1,673,918)

(d)(f)(j)

...

72,889

1,043,042

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$1,646,873)

(d)(f)(j)

..

2,397

—

Noodle,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$2,167,122)

(d)(f)(j)

..

242,823

352,093

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$1,355,632)

(d)(f)(j)

..

51,690

1,933,723

RapidSOS,

Inc.,

Series

C-1

(d)(f)

.....

1,308,937

1,204,222

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$2,333,656)

(d)(f)(j)

............

102,196

1,022

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$3,134,751)

(d)(f)(j)

............

58,878

2,695,435

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$1,780,353)

(d)(f)(j)

............

18,737

1,014,421

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$839,659)

(d)(f)(j)

....

55,904

500,900

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$2,149,052)

(d)(f)(j)

............

360,289

821,459

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$292,529)

(d)(f)(j)

..............

44,138

$

105,490

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$2,013,552)

(d)(f)(j)

...

378,004

2,449,466

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$321,734)

(d)(f)(j)

....

44,740

322,575

Veritas

Newco

(f)

...............

9,276

213,344

Veritas

Newco,

Series

G-1

(f)

.......

6,403

147,275

Wells

Fargo

&

Co.,

Series

L,

7.50%

(q)(r)

1,367

1,641,494

XAI

Corp.,

Series

C,

(Acquired

11/27/24,

cost

$6,332,885)

(d)(f)(j)

...

292,512

6,332,885

75,441,175

Total

Preferred

Stocks

—

2.7%  

(Cost:

$126,341,868)

.............................

105,889,807

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

10.92%, 10/30/40

(b)

110,488

3,299,172

Total

Trust

Preferreds

—

0.1%  

(Cost:

$3,055,236)

..............................

3,299,172

Total

Preferred

Securities

—

2.8%

(Cost:

$129,397,104)

.............................

109,188,979

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

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%),

7.74%, 01/25/42

(a)(b)

USD

482

493,755

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,

1.36%

,

 12/25/29

........

2,197

91,200

Series

KW09,

Class

X1,

0.79%

,

 05/25/29

........

14,252

340,088

431,288

Mortgage-Backed

Securities

—

0.8%

Uniform

Mortgage-Backed

Securities,

3.50%, 04/25/55

(u)

...........

32,071

28,921,679

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.8%  

(Cost:

$29,972,615)

..............................

29,846,722

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.63%, 02/15/55

(v)

(w)

......................

1,318

1,326,352

U.S.

Treasury

Notes

3.50%, 09/15/25

(k)

(l)

..........

4,125

4,112,142

4.00%, 12/15/25

(v)

...........

32,462

32,437,653

4.13%, 02/28/27

............

2,161

2,169,088

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

4.63%, 09/30/28

(v)(w)

..........

USD

16,622

$

17,008,981

Total

U.S.

Treasury

Obligations

—

1.4%

(Cost:

$56,471,220)

..............................

57,054,216

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)

(f)

..................

21,152

1,629

Israel

—

0.0%

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(d)(f)(j)

.........

24,748

247

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)

(d)(f)(j)

197,161

178,278

United

States

—

0.1%

(f)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(d)

..........

90,780

23,548

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(d)

..........

42,220

1

Davidson

Homes,

Inc.

(Issued/

Exercisable

05/16/24,

1

Share

for

1

Warrant,

Expires

05/16/34,

Strike

Price

USD

8.47)

(d)

...........

29,296

170,503

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

07/01/26,

Strike

Price

USD

11.50)

...................

38,021

7,650

Flagstar

Financial,

Inc.,

(Acquired

03/11/24,

cost

$0)

(Issued/

Exercisable

03/11/24,

1

Share

for

1

Warrant,

Expires

03/11/31,

Strike

Price

USD

2.50)

(j)

............

441

998,962

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

28,141

355

Insight

M,

Inc.

(Issued/Exercisable

01/31/24,

1

Share

for

1

Warrant,

,

Strike

Price

USD

0.34)

(d)

.......

1,614,658

83,155

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

(d)

..................

28,921

—

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

(d)

..........

76,842

—

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

50,071

$

991

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

...................

30,984

8,675

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

...................

59,602

16,689

RapidSOS,

Inc.

(Issued/Exercisable

12/13/23,

1

Share

for

1

Warrant,

Expires

12/13/33,

Strike

Price

USD

0.01)

(d)

...................

725,761

660,442

Sonder

Corp.

(Issued/Exercisable

12/30/24,

1

Share

for

1

Warrant,

Expires

12/30/29,

Strike

Price

USD

0.01)

(d)

...................

13,704

29,601

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

1,819

2,002,391

Total

Warrants

—

0.1%

(Cost:

$613,945)

................................

2,182,545

Total

Long-Term

Investments

—

93.6%

(Cost:

$3,745,345,460)

...........................

3,724,760,641

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

0.0%

Brazil

—

0.0%

Letras

do

Tesouro

Nacional

Treasury

Bills,

15.00%

,

01/01/26

(x)

.......

BRL

5

739,757

Security

Par

(000)

Par

(000)

Value

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills

(x)

26.05%,

11/18/25

...........

EGP

12,450

$

211,144

25.66%,

12/16/25

...........

28,300

468,458

679,602

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$1,372,684)

..............................

1,419,359

Shares

Shares

Money

Market

Funds

—

8.7%

(h)(y)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.50%

(z)

.....

76,675,933

76,714,271

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.22%

......

269,113,344

269,113,344

Total

Money

Market

Funds

—

8.7%

(Cost:

$345,829,845)

.............................

345,827,615

Total

Short-Term

Securities

—

8.7%

(Cost:

$347,202,529)

.............................

347,246,974

Total

Options

Purchased

—

0.3%

(Cost:

$10,523,187

)

..............................

13,679,657

Total

Investments

Before

Options

Written

—

102.6%

(Cost:

$4,103,071,176)

...........................

4,085,687,272

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$(6,301,303))

.................

(11,701,671)

Total

Investments

Net

of

Options

Written

—

102.3%

(Cost:

$4,096,769,873)

...........................

4,073,985,601

Liabilities

in

Excess

of

Other

Assets

—

(2.3)%

............

(92,216,884)

Net

Assets

—

100.0%

..............................

$

3,981,768,717

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Zero-coupon

bond.

(f)

Non-income

producing

security.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Affiliate

of

the

Fund.

(i)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(j)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$119,394,050,

representing

3.00%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$132,845,546.

(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)

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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

33

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:

(t)

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.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(w)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(x)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(y)

Annualized

7-day

yield

as

of

period

end.

(z)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

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

Par/Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

60,045,903

$

16,675,852

(a)

$

—

$

(5,255)

$

(2,229)

$

76,714,271

76,675,933

$

95,860

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

119,514,327

149,599,017

(a)

—

—

—

269,113,344

269,113,344

1,674,219

—

iShares

0-5

Year

TIPS

Bond

ETF

................

4,552,653

—

—

—

129,882

4,682,535

45,255

6,549

—

iShares

Biotechnology

ETF

(c)

.

4,230,720

—

(4,248,940)

(329,760)

347,980

—

—

3,877

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

4,802,971

—

—

—

2,611

4,805,582

130,551

55,427

—

iShares

China

Large-Cap

ETF

—

4,192,078

—

—

89,942

4,282,020

119,476

—

—

iShares

Core

S&P

Small-Cap

ETF

................

2,276,632

—

—

—

(210,434)

2,066,198

19,759

6,386

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

5,297,550

—

(5,476,669)

(31,133)

210,252

—

—

24,257

—

iShares

Latin

America

40

ETF

(c)

1,091,188

—

(1,261,417)

(43,312)

213,541

—

—

—

—

iShares

MSCI

Brazil

ETF

...

1,331,039

—

—

—

197,497

1,528,536

59,131

—

—

iShares

MSCI

Emerging

Markets

ETF

(c)

.........

531,532

—

(568,910)

1,587

35,791

—

—

—

—

iShares

Russell

Mid-Cap

Growth

ETF

(c)

.........

764,810

—

(1,104,836)

150,571

189,455

—

—

597

—

Quintis

Australia

Pty.

Ltd.,

12.00%, 10/01/28

......

2

—

—

—

—

2

14,448,961

—

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.......

2,058,470

3,163

—

—

(3,163)

2,058,470

16,144,865

—

—

Quintis

HoldCo

Pty.

Ltd.

....

47

—

—

—

1

48

7,642,509

—

—

$

(257,302)

$

1,201,126

$

365,251,006

$

1,867,172

$

—

—

—

(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

collateral

investment

fees,

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)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

34

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

.......................................................

406

04/24/25

$

18,901

$

(

332,697

)

Euro-Bobl

...............................................................

1,195

06/06/25

152,203

(

867,072

)

Euro-BTP

...............................................................

70

06/06/25

8,895

(

156,420

)

Euro-Bund

..............................................................

1,038

06/06/25

144,597

(

2,572,828

)

Euro-OAT

...............................................................

168

06/06/25

22,288

(

398,752

)

Euro-Schatz

.............................................................

158

06/06/25

18,273

3,949

OSE

Nikkei

225

Index

.......................................................

274

06/12/25

65,871

(

1,266,754

)

Australia

10-Year

Bond

......................................................

1,111

06/16/25

78,209

465,663

CBOE

Volatility

Index

.......................................................

2

06/18/25

41

(

946

)

U.S.

Treasury

Long

Bond

.....................................................

263

06/18/25

30,960

476,321

U.S.

Treasury

Ultra

Bond

.....................................................

723

06/18/25

88,861

1,215,523

EURO

STOXX

50

Index

.....................................................

583

06/20/25

5,764

(

199,325

)

Russell

2000

E-Mini

Index

....................................................

180

06/20/25

18,244

(

306,628

)

Long

Gilt

................................................................

151

06/26/25

17,885

(

227,361

)

U.S.

Treasury

5-Year

Note

....................................................

2,885

06/30/25

312,369

1,390,945

CBOE

Volatility

Index

.......................................................

1

08/20/25

21

686

CBOE

Volatility

Index

.......................................................

2

10/22/25

41

(

880

)

CBOE

Volatility

Index

.......................................................

2

11/19/25

41

894

(

2,775,682

)

Short

Contracts

CBOE

Volatility

Index

.......................................................

3

04/16/25

63

(

256

)

CBOE

Volatility

Index

.......................................................

1

05/21/25

20

860

Euro-Buxl

...............................................................

21

06/06/25

2,708

157,690

Japan

10-Year

Bond

........................................................

17

06/13/25

15,686

(

61,440

)

U.S.

Treasury

10-Year

Note

...................................................

1,196

06/18/25

133,261

(

747,530

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

3,629

06/18/25

415,237

(

8,307,039

)

S&P/TSX

60

Index

.........................................................

4

06/19/25

833

(

12,359

)

EURO

STOXX

50

Index

.....................................................

71

06/20/25

4,006

141,288

FTSE

100

Index

...........................................................

49

06/20/25

5,463

65,515

Nasdaq-100

E-Mini

Index

.....................................................

432

06/20/25

167,957

3,844,017

S&P

500

E-Mini

Index

.......................................................

39

06/20/25

11,024

35,945

U.S.

Treasury

2-Year

Note

....................................................

3,900

06/30/25

808,245

(

2,108,321

)

CBOE

Volatility

Index

.......................................................

3

07/16/25

62

(

2,744

)

3-mo.

SOFR

.............................................................

252

03/17/26

60,726

(

195,897

)

(

7,190,271

)

$

(

9,965,953

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

18,509,745

USD

3,184,359

Barclays

Bank

plc

04/02/25

$

59,294

BRL

10,073,276

USD

1,746,000

Citibank

NA

04/02/25

19,244

BRL

3,913,316

USD

682,000

Morgan

Stanley

&

Co.

International

plc

04/02/25

3,770

USD

719,000

BRL

4,078,628

Goldman

Sachs

International

04/02/25

4,260

TRY

13,953,600

USD

360,000

UBS

AG

04/11/25

2,939

EUR

513,988

USD

527,047

Barclays

Bank

plc

04/16/25

29,142

EUR

241,224

USD

260,650

UBS

AG

04/16/25

380

INR

397,969,285

USD

4,561,000

Citibank

NA

04/16/25

89,901

USD

202,513

EUR

185,754

BNP

Paribas

SA

04/16/25

1,507

AUD

1,141,000

USD

711,573

Deutsche

Bank

AG

04/24/25

1,508

BRL

54,219,121

USD

9,417,260

Deutsche

Bank

AG

04/24/25

45,393

CZK

123,266,506

USD

5,336,707

State

Street

Bank

and

Trust

Co.

04/24/25

5,890

EUR

668,000

USD

719,125

Barclays

Bank

plc

04/24/25

4,038

EUR

2,693,732

USD

2,911,066

Nomura

International

plc

04/24/25

5,111

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

35

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

INR

134,761,502

USD

1,560,905

HSBC

Bank

plc

04/24/25

$

12,878

JPY

88,156,391

USD

587,436

Bank

of

America

NA

04/24/25

1,762

RON

4,906,325

USD

1,063,492

Goldman

Sachs

International

04/24/25

1,587

THB

156,289,342

USD

4,601,144

Barclays

Bank

plc

04/24/25

12,732

THB

36,221,449

USD

1,067,000

Standard

Chartered

Bank

04/24/25

2,307

USD

462,523

CLP

432,195,367

Bank

of

America

NA

04/24/25

7,393

USD

259,477

CLP

242,312,596

BNP

Paribas

SA

04/24/25

4,306

USD

719,000

MXN

14,646,749

Goldman

Sachs

International

04/24/25

5,434

USD

89,903

PHP

5,150,992

HSBC

Bank

plc

04/24/25

14

USD

291,000

SGD

389,572

BNP

Paribas

SA

04/24/25

686

USD

718,000

SGD

960,642

State

Street

Bank

and

Trust

Co.

04/24/25

2,116

TRY

14,324,400

USD

360,000

Barclays

Bank

plc

04/30/25

3,155

USD

352,797

TRY

13,696,463

HSBC

Bank

plc

05/07/25

8,576

USD

1,279,271

TRY

49,552,421

UBS

AG

05/07/25

33,913

THB

169,815,231

USD

5,011,460

Barclays

Bank

plc

05/20/25

11,358

USD

9,927,166

COP

41,176,394,919

Morgan

Stanley

&

Co.

International

plc

05/20/25

145,960

USD

3,570,709

CZK

82,246,313

UBS

AG

05/20/25

3,933

USD

338,014

EUR

310,246

Deutsche

Bank

AG

05/20/25

1,647

USD

749,074

HUF

276,349,128

State

Street

Bank

and

Trust

Co.

05/20/25

9,081

USD

3,718,986

IDR

61,062,027,611

JPMorgan

Chase

Bank

NA

05/20/25

62,103

USD

6,914,881

MXN

140,068,526

Barclays

Bank

plc

05/20/25

115,245

USD

1,104,723

MXN

22,338,353

JPMorgan

Chase

Bank

NA

05/20/25

20,306

USD

4,141,602

MYR

18,305,882

Goldman

Sachs

International

05/20/25

4,959

USD

7,382,160

PLN

28,511,940

UBS

AG

05/20/25

33,710

USD

5,052,852

THB

169,815,231

BNP

Paribas

SA

05/20/25

30,034

USD

793,079

ZAR

14,546,324

Credit

Agricole

Corporate

&

Investment

Bank

SA

05/20/25

2,784

USD

11,067,831

ZAR

203,713,394

Morgan

Stanley

&

Co.

International

plc

05/20/25

183

EGP

17,983,143

USD

339,441

Societe

Generale

SA

05/27/25

6,399

TRY

7,408,800

USD

180,000

Barclays

Bank

plc

05/27/25

1,731

TRY

33,647,159

USD

816,976

State

Street

Bank

and

Trust

Co.

05/27/25

8,357

TRY

7,075,598

USD

172,059

Barclays

Bank

plc

06/02/25

245

BRL

91,240,837

EUR

14,093,861

Citibank

NA

06/18/25

421,431

BRL

22,000,000

USD

3,720,143

Citibank

NA

06/18/25

72,164

EUR

204,410

USD

221,015

Barclays

Bank

plc

06/18/25

982

EUR

204,411

USD

221,928

JPMorgan

Chase

Bank

NA

06/18/25

70

GBP

7,178,335

EUR

8,488,952

Bank

of

New

York

Mellon

06/18/25

52,630

JPY

888,539,412

USD

5,966,976

JPMorgan

Chase

Bank

NA

06/18/25

8,787

NOK

222,081,325

CHF

18,246,902

State

Street

Bank

and

Trust

Co.

06/18/25

292,451

SEK

150,812,332

USD

15,069,456

Credit

Agricole

Corporate

&

Investment

Bank

SA

06/18/25

3,427

USD

272,547

CAD

389,736

Citibank

NA

06/18/25

669

USD

688,376

CNY

4,950,354

HSBC

Bank

plc

06/18/25

3,417

USD

17,947,741

EUR

16,370,604

Bank

of

New

York

Mellon

06/18/25

168,670

USD

27,163,900

EUR

24,998,689

Deutsche

Bank

AG

06/18/25

14,415

USD

477,320

EUR

436,006

JPMorgan

Chase

Bank

NA

06/18/25

3,802

USD

68,799,630

GBP

53,059,593

UBS

AG

06/18/25

264,885

USD

40,961,076

HKD

317,700,246

JPMorgan

Chase

Bank

NA

06/18/25

59,597

USD

2,829

IDR

46,738,348

Barclays

Bank

plc

06/18/25

34

USD

8,754,595

MXN

179,752,754

Citibank

NA

06/18/25

61,431

ZAR

192,632,898

EUR

9,522,933

State

Street

Bank

and

Trust

Co.

06/18/25

98,414

ZAR

84,894,527

USD

4,596,446

Barclays

Bank

plc

06/18/25

4,821

USD

8,960,000

HKD

69,489,280

HSBC

Bank

plc

08/15/25

6,144

NGN

215,216,100

USD

130,434

Morgan

Stanley

&

Co.

International

plc

09/04/25

1,431

2,366,943

BRL

4,117,349

USD

722,000

Citibank

NA

04/02/25

(

474

)

USD

693,000

BRL

4,037,490

Barclays

Bank

plc

04/02/25

(

14,530

)

USD

678,000

BRL

3,910,704

Citibank

NA

04/02/25

(

7,313

)

USD

2,998,981

BRL

17,516,388

Goldman

Sachs

International

04/02/25

(

70,596

)

USD

1,160,922

BRL

7,191,333

JPMorgan

Chase

Bank

NA

04/02/25

(

99,290

)

USD

293,762

EUR

284,000

Barclays

Bank

plc

04/16/25

(

13,556

)

USD

273,692

EUR

264,247

Canadian

Imperial

Bank

of

Commerce

04/16/25

(

12,253

)

USD

1,073,089

EUR

1,046,384

Deutsche

Bank

AG

04/16/25

(

59,209

)

USD

616,257

EUR

570,138

Natwest

Markets

plc

04/16/25

(

694

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

36

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

680,057

EUR

663,135

Toronto

Dominion

Bank

04/16/25

$

(

37,527

)

USD

144,051

EUR

138,529

UBS

AG

04/16/25

(

5,853

)

USD

1,932,496

INR

168,330,257

JPMorgan

Chase

Bank

NA

04/16/25

(

34,710

)

AUD

1,161,648

USD

728,587

Toronto

Dominion

Bank

04/24/25

(

2,602

)

CAD

2,306,684

USD

1,613,524

Natwest

Markets

plc

04/24/25

(

8,880

)

CHF

597,890

USD

679,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

04/24/25

(

1,409

)

CLP

1,687,284,538

USD

1,809,304

Citibank

NA

04/24/25

(

32,484

)

CNY

42,763,062

USD

5,897,611

State

Street

Bank

and

Trust

Co.

04/24/25

(

1,985

)

COP

2,950,454,700

USD

710,000

BNP

Paribas

SA

04/24/25

(

6,558

)

COP

4,666,269,766

USD

1,113,405

HSBC

Bank

plc

04/24/25

(

882

)

COP

4,463,250,000

USD

1,082,000

Societe

Generale

SA

04/24/25

(

17,881

)

EUR

666,000

NOK

7,611,066

Goldman

Sachs

International

04/24/25

(

2,448

)

HUF

1,296,722,714

USD

3,500,270

Nomura

International

plc

04/24/25

(

23,296

)

IDR

67,393,580,148

USD

4,078,527

Standard

Chartered

Bank

04/24/25

(

37,271

)

MXN

7,270,897

USD

355,000

Goldman

Sachs

International

04/24/25

(

774

)

MXN

172,975,296

USD

8,564,435

HSBC

Bank

plc

04/24/25

(

137,363

)

MYR

32,850,374

USD

7,438,270

Barclays

Bank

plc

04/24/25

(

20,651

)

PEN

1,323,768

USD

364,330

Goldman

Sachs

International

04/24/25

(

4,222

)

PLN

3,163,082

EUR

756,682

UBS

AG

04/24/25

(

3,119

)

PLN

8,913,949

USD

2,303,700

Societe

Generale

SA

04/24/25

(

3,975

)

SGD

1,350,029

USD

1,009,000

HSBC

Bank

plc

04/24/25

(

2,939

)

USD

710,000

CLP

678,760,000

Deutsche

Bank

AG

04/24/25

(

4,778

)

USD

710,000

COP

2,982,710,000

Deutsche

Bank

AG

04/24/25

(

1,132

)

USD

722,159

EUR

668,000

Goldman

Sachs

International

04/24/25

(

1,004

)

USD

1,075,000

ZAR

19,781,075

Citibank

NA

04/24/25

(

2,005

)

ZAR

130,651,563

USD

7,159,327

Goldman

Sachs

International

04/24/25

(

45,839

)

USD

1,746,612

BRL

10,140,605

Barclays

Bank

plc

05/05/25

(

19,603

)

USD

1,071,000

BRL

6,215,174

Citibank

NA

05/05/25

(

11,513

)

TRY

126,881,805

USD

3,272,258

Barclays

Bank

plc

05/07/25

(

83,446

)

TRY

10,780,177

USD

278,682

BNP

Paribas

SA

05/07/25

(

7,753

)

IDR

60,953,255,807

USD

3,712,361

JPMorgan

Chase

Bank

NA

05/20/25

(

61,992

)

USD

12,575,426

BRL

73,923,385

Goldman

Sachs

International

05/20/25

(

254,175

)

USD

2,284,394

MYR

10,111,869

Credit

Agricole

Corporate

&

Investment

Bank

SA

05/20/25

(

620

)

USD

283,428

UYU

12,190,234

Citibank

NA

05/20/25

(

5,817

)

AUD

89,324,684

USD

56,393,353

HSBC

Bank

plc

06/18/25

(

542,963

)

CAD

74,656,224

USD

52,157,362

Bank

of

New

York

Mellon

06/18/25

(

77,514

)

CHF

87,333,009

USD

100,062,970

Societe

Generale

SA

06/18/25

(

433,454

)

CNY

340,546,067

USD

47,328,960

Standard

Chartered

Bank

06/18/25

(

209,054

)

DKK

113,725,781

USD

16,724,795

Citibank

NA

06/18/25

(

157,966

)

EUR

20,276,509

CHF

19,391,085

Canadian

Imperial

Bank

of

Commerce

06/18/25

(

100,327

)

EUR

60,961,417

USD

66,828,831

Bank

of

New

York

Mellon

06/18/25

(

622,515

)

EUR

11,081,448

USD

12,118,798

Canadian

Imperial

Bank

of

Commerce

06/18/25

(

83,942

)

EUR

7,348,033

USD

8,047,125

JPMorgan

Chase

Bank

NA

06/18/25

(

66,894

)

EUR

3,540,939

USD

3,881,878

UBS

AG

06/18/25

(

36,289

)

GBP

10,816,631

USD

14,023,465

Bank

of

New

York

Mellon

06/18/25

(

52,098

)

HUF

1,668,498,599

USD

4,532,130

Goldman

Sachs

International

06/18/25

(

71,254

)

JPY

4,342,508,022

EUR

27,022,198

Canadian

Imperial

Bank

of

Commerce

06/18/25

(

142,086

)

JPY

34,141,482,356

USD

232,829,596

BNP

Paribas

SA

06/18/25

(

3,215,256

)

JPY

2,372,363,765

USD

16,084,640

Morgan

Stanley

&

Co.

International

plc

06/18/25

(

129,600

)

JPY

889,098,313

USD

6,021,429

State

Street

Bank

and

Trust

Co.

06/18/25

(

41,908

)

JPY

106,183,536

USD

723,678

UBS

AG

06/18/25

(

9,554

)

KRW

27,641,010,030

USD

19,137,865

Citibank

NA

06/18/25

(

309,058

)

MXN

314,560,495

EUR

14,042,379

Morgan

Stanley

&

Co.

International

plc

06/18/25

(

37,828

)

MXN

17,494,816

USD

862,881

Citibank

NA

06/18/25

(

16,801

)

MXN

64,945,823

USD

3,174,084

JPMorgan

Chase

Bank

NA

06/18/25

(

33,188

)

NZD

3,796,841

USD

2,178,612

Natwest

Markets

plc

06/18/25

(

18,806

)

PLN

28,615,906

USD

7,412,895

Goldman

Sachs

International

06/18/25

(

46,127

)

SGD

11,263,938

USD

8,498,430

Bank

of

America

NA

06/18/25

(

80,617

)

TWD

616,817,260

USD

18,796,235

HSBC

Bank

plc

06/18/25

(

147,872

)

USD

8,971,194

BRL

53,053,407

Citibank

NA

06/18/25

(

174,025

)

USD

7,306,896

EUR

6,746,600

Citibank

NA

06/18/25

(

20,157

)

USD

744,962

INR

65,346,269

BNP

Paribas

SA

06/18/25

(

15,207

)

USD

17,797,952

NOK

188,909,814

Credit

Agricole

Corporate

&

Investment

Bank

SA

06/18/25

(

157,662

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

37

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

360,000

TRY

15,800,400

Barclays

Bank

plc

07/31/25

$

(

1,847

)

NGN

415,754,280

USD

261,810

Citibank

NA

09/04/25

(

7,074

)

USD

360,000

TRY

16,716,600

UBS

AG

09/26/25

(

1,156

)

(

8,224,520

)

$

(

5,857,577

)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Up

and

Out

Nomura

International

plc

04/22/25

CAD

1.47

CAD

1.55

USD

6,814

$

7,120

USD

Currency

...............

One-Touch

Standard

Chartered

Bank

04/30/25

INR

88.00

INR

88.00

USD

87

2,275

USD

Currency

...............

One-Touch

HSBC

Bank

plc

04/30/25

CNH

7.63

CNH

7.63

USD

177

424

USD

Currency

...............

One-Touch

HSBC

Bank

plc

05/16/25

CAD

1.48

CAD

1.48

USD

54

5,795

AUD

Currency

...............

One-Touch

UBS

AG

06/16/25

USD

0.67

USD

0.67

AUD

169

7,209

USD

Currency

...............

Up

and

Out

HSBC

Bank

plc

07/02/25

CNH

7.35

CNH

7.74

USD

1,373

3,158

USD

Currency

...............

One-Touch

UBS

AG

07/18/25

CAD

1.53

CAD

1.53

USD

108

6,076

USD

Currency

...............

One-Touch

Standard

Chartered

Bank

08/29/25

TWD

34.60

TWD

34.60

USD

100

8,802

40,859

Put

USD

Currency

...............

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

CLP

950.00

USD

67

34,836

EUR

Currency

...............

One-Touch

HSBC

Bank

plc

04/16/25

USD

1.02

USD

1.02

EUR

165

542

EUR

Currency

...............

One-Touch

Barclays

Bank

plc

04/24/25

USD

1.01

USD

1.01

EUR

105

345

CNH

Currency

..............

One-Touch

JPMorgan

Chase

Bank

NA

04/30/25

JPY

19.00

JPY

19.00

CNH

1,260

2,306

USD

Currency

...............

Down

and

Out

UBS

AG

05/19/25

JPY

147.00

JPY

142.50

USD

682

1,433

USD

Currency

...............

Down

and

Out

UBS

AG

06/05/25

JPY

150.00

JPY

142.00

USD

1,348

11,369

EUR

Currency

...............

One-Touch

Bank

of

America

NA

06/06/25

CZK

24.50

CZK

24.50

EUR

153

14,219

USD

Currency

...............

Down

and

Out

UBS

AG

06/17/25

MXN

19.90

MXN

19.45

USD

1,076

1,161

USD

Currency

...............

Down

and

Out

UBS

AG

08/07/25

JPY

144.00

JPY

136.00

USD

2,181

9,252

75,463

$

116,322

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

.........................

2,546

04/11/25

USD

275.00

USD

73,360

$

3,551,670

CBOE

Volatility

Index

.........................

192

04/16/25

USD

30.00

USD

428

10,752

Alaska

Air

Group,

Inc.

.........................

230

04/17/25

USD

77.50

USD

1,132

7,475

Alphabet,

Inc.

..............................

461

04/17/25

USD

220.00

USD

7,202

692

Bank

of

America

Corp.

........................

1,272

04/17/25

USD

48.00

USD

5,308

6,996

Citigroup,

Inc.

..............................

827

04/17/25

USD

85.00

USD

5,871

3,308

Delta

Air

Lines,

Inc.

..........................

230

04/17/25

USD

77.50

USD

1,003

690

Duke

Energy

Corp.

..........................

279

04/17/25

USD

115.00

USD

3,403

192,510

Eli

Lilly

&

Co.

..............................

27

04/17/25

USD

930.00

USD

2,230

3,200

JPMorgan

Chase

&

Co.

.......................

229

04/17/25

USD

290.00

USD

5,617

1,145

KraneShares

CSI

China

Internet

ETF

..............

2,384

04/17/25

USD

38.00

USD

8,323

73,904

Sabre

Corp.

...............................

146

04/17/25

USD

4.50

USD

41

1,241

Sabre

Corp.

...............................

330

04/17/25

USD

7.00

USD

93

1,815

SPDR

Gold

Shares

(a)

.........................

2,290

04/17/25

USD

275.00

USD

65,984

3,206,000

Uber

Technologies,

Inc.

.......................

382

04/17/25

USD

72.50

USD

2,783

111,353

UnitedHealth

Group,

Inc.

.......................

254

04/17/25

USD

490.00

USD

13,303

1,068,705

Walmart,

Inc.

..............................

1,392

04/17/25

USD

110.00

USD

12,220

2,784

Warner

Bros

Discovery,

Inc.

....................

223

04/17/25

USD

12.00

USD

239

1,450

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

38

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Williams

Cos.,

Inc.

(The)

.......................

618

04/17/25

USD

65.00

USD

3,693

$

6,180

Invesco

QQQ

Trust,

Series

1

....................

163

04/25/25

USD

500.00

USD

7,643

23,635

Invesco

QQQ

Trust,

Series

1

....................

327

04/25/25

USD

507.00

USD

15,334

24,525

U.S.

Treasury

5-Year

Note

.....................

24

04/25/25

USD

109.00

USD

2,400

5,438

Invesco

QQQ

Trust,

Series

1

....................

762

05/02/25

USD

500.00

USD

35,732

169,545

Citigroup,

Inc.

..............................

208

05/16/25

USD

75.00

USD

1,477

34,528

EURO

STOXX

Bank

Index

.....................

782

05/16/25

EUR

200.00

EUR

7,282

84,558

Invesco

QQQ

Trust,

Series

1

....................

762

05/16/25

USD

505.00

USD

35,732

201,930

KraneShares

CSI

China

Internet

ETF

..............

1,969

05/16/25

USD

41.00

USD

6,874

65,962

Lam

Research

Corp.

.........................

191

05/16/25

USD

85.00

USD

1,389

19,864

Marvell

Technology,

Inc.

.......................

327

05/16/25

USD

140.00

USD

2,013

1,635

SPDR

Gold

Shares

(a)

.........................

826

05/16/25

USD

282.00

USD

23,800

875,560

Union

Pacific

Corp.

..........................

133

05/16/25

USD

260.00

USD

3,142

14,298

Williams

Cos.,

Inc.

(The)

.......................

763

05/16/25

USD

60.00

USD

4,560

196,473

U.S.

Treasury

30-Year

Bond

....................

22

05/23/25

USD

126.00

USD

2,200

4,813

Sabre

Corp.

...............................

146

06/20/25

USD

5.50

USD

41

1,387

Sabre

Corp.

...............................

291

06/20/25

USD

6.00

USD

82

1,019

Warner

Bros

Discovery,

Inc.

....................

211

06/20/25

USD

14.00

USD

226

3,060

Informatica,

Inc.

............................

68

07/18/25

USD

25.00

USD

119

1,700

Informatica,

Inc.

............................

73

11/21/25

USD

35.00

USD

127

3,650

9,985,450

Put

SPDR

S&P

500

ETF

Trust

......................

97

04/04/25

USD

535.00

USD

5,426

8,924

SPDR

S&P

500

ETF

Trust

......................

312

04/04/25

USD

555.00

USD

17,453

156,780

Wolfspeed,

Inc.

.............................

32

04/04/25

USD

2.00

USD

10

80

EURO

STOXX

50

Index

.......................

312

04/17/25

EUR

175.00

EUR

2,905

32,893

FedEx

Corp.

...............................

97

04/17/25

USD

210.00

USD

2,365

2,716

Ford

Motor

Co.

.............................

340

04/17/25

USD

8.85

USD

341

1,870

Forward

Air

Corp.

...........................

121

04/17/25

USD

15.00

USD

243

3,328

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

204

04/17/25

USD

77.00

USD

1,609

3,162

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

205

04/17/25

USD

78.50

USD

1,617

13,838

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

246

04/17/25

USD

78.00

USD

1,941

9,963

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

4,861

04/17/25

USD

108.00

USD

52,834

260,064

iShares

Russell

2000

ETF

......................

90

04/17/25

USD

185.00

USD

1,795

7,020

iShares

Russell

2000

ETF

......................

148

04/17/25

USD

190.00

USD

2,952

22,644

NVIDIA

Corp.

..............................

506

04/17/25

USD

110.00

USD

5,484

261,855

Southwest

Airlines

Co.

........................

194

04/17/25

USD

25.00

USD

651

2,522

SPDR

S&P

500

ETF

Trust

......................

90

04/17/25

USD

525.00

USD

5,035

17,775

United

Parcel

Service,

Inc.

.....................

253

04/17/25

USD

100.00

USD

2,783

5,060

Wolfspeed,

Inc.

.............................

51

04/17/25

USD

2.00

USD

16

791

American

Airlines

Group,

Inc.

....................

192

05/16/25

USD

9.00

USD

203

5,280

CommScope

Holding

Co.,

Inc.

...................

29

05/16/25

USD

4.00

USD

15

290

iShares

Russell

2000

ETF

......................

106

05/16/25

USD

185.00

USD

2,115

23,108

SPDR

S&P

500

ETF

Trust

......................

956

05/16/25

USD

555.00

USD

53,478

1,183,050

Southwest

Airlines

Co.

........................

145

06/20/25

USD

22.50

USD

487

2,755

2,025,768

$

12,011,218

(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

...........

Barclays

Bank

plc

—

04/02/25

BRL

6.00

USD

1,354

$

1

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/02/25

BRL

6.15

USD

1,016

–

EUR

Currency

...........

BNP

Paribas

SA

—

04/03/25

USD

1.07

EUR

628

7,614

USD

Currency

...........

Bank

of

America

NA

—

04/03/25

CAD

1.48

USD

15,424

110

AUD

Currency

...........

Bank

of

America

NA

—

04/08/25

USD

0.64

AUD

1,566

692

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

39

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/08/25

JPY

162.00

USD

1,589

$

–

USD

Currency

...........

Citibank

NA

—

04/14/25

MXN

21.00

USD

2,133

8,613

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

04/15/25

USD

1.06

EUR

14,693

344,229

USD

Currency

...........

Citibank

NA

—

04/15/25

MXN

20.40

USD

722

10,499

EUR

Currency

...........

BNP

Paribas

SA

—

04/16/25

USD

1.07

EUR

27,367

427,703

Intuit,

Inc.

..............

Citibank

NA

9

04/17/25

USD

610.00

USD

5

95,064

USD

Currency

...........

UBS

AG

—

04/17/25

USD

1.47

USD

1,335

2,103

USD

Currency

...........

Standard

Chartered

Bank

—

04/29/25

THB

34.30

USD

1,067

5,706

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

04/30/25

CNH

7.35

USD

1,383

1,537

EUR

Currency

...........

BNP

Paribas

SA

—

05/05/25

USD

1.08

EUR

1,534

19,126

EUR

Currency

...........

Barclays

Bank

plc

—

05/08/25

NOK

11.80

EUR

502

565

EUR

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

05/16/25

USD

1.12

EUR

7,715

20,094

943,656

Put

EUR

Currency

...........

Goldman

Sachs

International

—

04/03/25

USD

1.00

EUR

17,208

–

USD

Currency

...........

HSBC

Bank

plc

—

04/03/25

SGD

1.33

USD

1,654

111

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/08/25

JPY

156.00

USD

1,589

65,359

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/10/25

BRL

5.75

USD

1,431

16,050

USD

Currency

...........

Bank

of

America

NA

—

04/15/25

ZAR

18.18

USD

1,065

7,016

USD

Currency

...........

Deutsche

Bank

AG

—

04/15/25

MXN

19.90

USD

722

1,114

EUR

Currency

...........

Bank

of

America

NA

—

04/16/25

USD

1.08

EUR

1,970

13,159

USD

Currency

...........

Standard

Chartered

Bank

—

04/29/25

KRW

1,460.00

USD

1,065

6,252

EUR

Currency

...........

Goldman

Sachs

International

—

05/08/25

NOK

11.55

EUR

1,004

18,659

USD

Currency

...........

Goldman

Sachs

International

—

05/29/25

TRY

40.00

USD

363

7,778

USD

Currency

...........

Bank

of

America

NA

—

06/24/25

JPY

145.00

USD

24,074

264,629

EUR

Currency

...........

Barclays

Bank

plc

—

07/15/25

USD

1.02

EUR

2,967

5,566

EUR

Currency

...........

UBS

AG

—

07/15/25

USD

1.06

EUR

1,978

12,212

417,905

$

1,361,561

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

EURUSD

WM10AMNY

<=

1.02

and

USDJPY

WM10AMNY

<=

148.00

.......

UBS

AG

123,261

07/15/25

USD

18,243

$

2,492

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

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

......

5

.00

%

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

Quarterly

BNP

Paribas

SA

04/16/25

USD

104.00

USD

4,850

$

14,632

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Goldman

Sachs

International

04/16/25

USD

104.00

USD

4,000

17,600

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

04/16/25

USD

104.00

USD

4,600

13,877

$

46,109

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

40

(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

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Citibank

NA

04/22/25

3

.30

%

USD

11,349

$

3,639

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Goldman

Sachs

International

04/23/25

3

.30

USD

9,068

3,368

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Deutsche

Bank

AG

04/25/25

3

.30

USD

9,025

4,375

11,382

Put

10-Year

Interest

Rate

Swap

(a)

2.95%

Annual

6-mo.

EURIBOR

Semi-Annual

Citibank

NA

06/27/25

2

.95

EUR

24,099

130,573

$

141,955

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

USD

Currency

...............

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

USD

950.00

USD

33

$

(

17,431

)

USD

Currency

...............

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

USD

950.00

USD

33

(

17,405

)

$

(

34,836

)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

..........................

2,546

04/11/25

USD

290.00

USD

73,360

$

(

686,147

)

CBOE

Volatility

Index

..........................

192

04/16/25

USD

50.00

USD

428

(

2,976

)

Alphabet,

Inc.

...............................

461

04/17/25

USD

240.00

USD

7,202

(

922

)

KraneShares

CSI

China

Internet

ETF

...............

2,384

04/17/25

USD

42.00

USD

8,323

(

35,760

)

SPDR

Gold

Shares

(a)

..........................

2,290

04/17/25

USD

290.00

USD

65,984

(

778,600

)

UnitedHealth

Group,

Inc.

........................

254

04/17/25

USD

530.00

USD

13,303

(

408,305

)

Walmart,

Inc.

...............................

1,392

04/17/25

USD

120.00

USD

12,220

(

1,392

)

EURO

STOXX

50

Index

........................

1,172

05/16/25

EUR

215.00

EUR

10,914

(

20,593

)

KraneShares

CSI

China

Internet

ETF

...............

1,969

05/16/25

USD

48.00

USD

6,874

(

49,225

)

SPDR

Gold

Shares

(a)

..........................

826

05/16/25

USD

295.00

USD

23,800

(

340,725

)

SPDR

Gold

Shares

(a)

..........................

1,256

05/16/25

USD

288.00

USD

36,190

(

904,320

)

United

States

Steel

Corp.

.......................

279

05/16/25

USD

45.00

USD

1,179

(

94,162

)

(

3,323,127

)

Put

SPDR

S&P

500

ETF

Trust

.......................

97

04/04/25

USD

510.00

USD

5,426

(

1,988

)

Air

Products

and

Chemicals,

Inc.

..................

26

04/17/25

USD

270.00

USD

767

(

1,820

)

Alaska

Air

Group,

Inc.

..........................

166

04/17/25

USD

60.00

USD

817

(

180,110

)

Alphabet,

Inc.

...............................

176

04/17/25

USD

185.00

USD

2,750

(

515,240

)

Apple,

Inc.

.................................

227

04/17/25

USD

210.00

USD

5,042

(

40,746

)

Bank

of

America

Corp.

.........................

1,272

04/17/25

USD

41.00

USD

5,308

(

126,564

)

Capital

One

Financial

Corp.

......................

109

04/17/25

USD

165.00

USD

1,954

(

18,802

)

Citigroup,

Inc.

...............................

1,048

04/17/25

USD

70.00

USD

7,440

(

223,748

)

Delta

Air

Lines,

Inc.

...........................

131

04/17/25

USD

60.00

USD

571

(

214,840

)

Eli

Lilly

&

Co.

...............................

27

04/17/25

USD

810.00

USD

2,230

(

47,857

)

EURO

STOXX

Bank

Index

......................

312

04/17/25

EUR

155.00

EUR

2,905

(

6,326

)

FedEx

Corp.

................................

97

04/17/25

USD

170.00

USD

2,365

(

2,037

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

41

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Forward

Air

Corp.

............................

121

04/17/25

USD

10.00

USD

243

$

(

3,025

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

205

04/17/25

USD

76.00

USD

1,617

(

7,175

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

246

04/17/25

USD

75.00

USD

1,941

(

1,353

)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

4,861

04/17/25

USD

106.00

USD

52,834

(

2,284,670

)

iShares

Russell

2000

ETF

.......................

90

04/17/25

USD

150.00

USD

1,795

(

540

)

iShares

Russell

2000

ETF

.......................

148

04/17/25

USD

170.00

USD

2,952

(

2,516

)

JPMorgan

Chase

&

Co.

........................

87

04/17/25

USD

225.00

USD

2,134

(

14,529

)

JPMorgan

Chase

&

Co.

........................

229

04/17/25

USD

245.00

USD

5,617

(

162,017

)

Live

Nation

Entertainment,

Inc.

...................

94

04/17/25

USD

120.00

USD

1,227

(

12,690

)

Netflix,

Inc.

.................................

8

04/17/25

USD

820.00

USD

746

(

6,420

)

Netflix,

Inc.

.................................

20

04/17/25

USD

880.00

USD

1,865

(

41,350

)

SPDR

S&P

500

ETF

Trust

.......................

90

04/17/25

USD

475.00

USD

5,035

(

4,095

)

TransDigm

Group,

Inc.

.........................

10

04/17/25

USD

1,160.00

USD

1,383

(

4,800

)

Wells

Fargo

&

Co.

............................

336

04/17/25

USD

65.00

USD

2,412

(

18,648

)

Williams

Cos.,

Inc.

(The)

........................

618

04/17/25

USD

55.00

USD

3,693

(

13,905

)

Invesco

QQQ

Trust,

Series

1

.....................

55

04/25/25

USD

460.00

USD

2,579

(

46,172

)

Invesco

QQQ

Trust,

Series

1

.....................

109

04/25/25

USD

470.00

USD

5,111

(

132,653

)

Bank

of

America

Corp.

.........................

1,171

05/16/25

USD

38.00

USD

4,887

(

69,089

)

Citigroup,

Inc.

...............................

755

05/16/25

USD

65.00

USD

5,360

(

103,435

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

287

05/16/25

USD

73.00

USD

2,264

(

9,758

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

2,844

05/16/25

USD

77.00

USD

22,436

(

718,110

)

JPMorgan

Chase

&

Co.

........................

182

05/16/25

USD

230.00

USD

4,464

(

81,445

)

Lam

Research

Corp.

..........................

191

05/16/25

USD

72.00

USD

1,389

(

81,175

)

SPDR

S&P

500

ETF

Trust

.......................

956

05/16/25

USD

525.00

USD

53,478

(

495,208

)

Union

Pacific

Corp.

...........................

133

05/16/25

USD

225.00

USD

3,142

(

50,540

)

Amazon.com,

Inc.

............................

407

06/20/25

USD

165.00

USD

7,744

(

147,537

)

Apple,

Inc.

.................................

96

06/20/25

USD

180.00

USD

2,132

(

16,272

)

Apple,

Inc.

.................................

407

06/20/25

USD

190.00

USD

9,041

(

108,262

)

Broadcom,

Inc.

..............................

611

06/20/25

USD

140.00

USD

10,230

(

303,972

)

Meta

Platforms,

Inc.

...........................

32

06/20/25

USD

480.00

USD

1,844

(

32,640

)

Meta

Platforms,

Inc.

...........................

148

06/20/25

USD

500.00

USD

8,530

(

206,090

)

Netflix,

Inc.

.................................

89

06/20/25

USD

780.00

USD

8,300

(

158,865

)

NVIDIA

Corp.

...............................

763

06/20/25

USD

85.00

USD

8,269

(

172,819

)

SPDR

Gold

Shares

(a)

..........................

636

06/20/25

USD

250.00

USD

18,326

(

32,754

)

(

6,924,607

)

$

(

10,247,734

)

(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

.............................

Barclays

Bank

plc

04/02/25

BRL

6.15

USD

2,031

$

—

AUD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/08/25

USD

0.64

AUD

1,566

(

692

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/08/25

JPY

160.00

USD

1,589

(

1

)

EUR

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/16/25

USD

1.07

EUR

27,367

(

427,705

)

USD

Currency

.............................

Standard

Chartered

Bank

04/29/25

KRW

1,500.00

USD

1,065

(

3,610

)

EUR

Currency

.............................

BNP

Paribas

SA

05/05/25

USD

1.10

EUR

1,534

(

7,545

)

EUR

Currency

.............................

Goldman

Sachs

International

05/08/25

NOK

12.00

EUR

1,004

(

372

)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

05/16/25

USD

1.12

EUR

30,862

(

80,377

)

USD

Currency

.............................

Bank

of

America

NA

05/23/25

CLP

950.00

USD

1,444

(

29,483

)

AUD

Currency

.............................

Bank

of

America

NA

05/28/25

USD

0.64

AUD

1,566

(

6,692

)

USD

Currency

.............................

Citibank

NA

05/29/25

MXN

22.00

USD

1,067

(

5,691

)

USD

Currency

.............................

Goldman

Sachs

International

05/29/25

TRY

48.00

USD

181

(

2,530

)

USD

Currency

.............................

Bank

of

America

NA

06/24/25

JPY

155.00

USD

24,074

(

114,019

)

–

(

678,717

)

–

Put

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/01/25

MXN

20.25

USD

677

(

227

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

42

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

.............................

Bank

of

America

NA

04/03/25

USD

1.01

EUR

15,424

$

—

EUR

Currency

.............................

Nomura

International

plc

04/03/25

USD

1.00

EUR

17,208

—

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/08/25

JPY

152.00

USD

3,179

(

51,207

)

USD

Currency

.............................

Barclays

Bank

plc

04/10/25

BRL

5.75

USD

1,431

(

17,709

)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

04/15/25

USD

1.03

EUR

14,693

(

720

)

USD

Currency

.............................

Citibank

NA

04/15/25

MXN

19.90

USD

722

(

1,114

)

USD

Currency

.............................

Goldman

Sachs

International

04/15/25

ZAR

18.40

USD

716

(

8,747

)

USD

Currency

.............................

Goldman

Sachs

International

05/16/25

TRY

39.50

USD

719

(

12,076

)

USD

Currency

.............................

UBS

AG

05/28/25

MXN

20.10

USD

719

(

6,413

)

USD

Currency

.............................

Citibank

NA

05/29/25

CLP

930.00

USD

1,312

(

16,064

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/29/25

BRL

5.75

USD

1,431

(

25,781

)

USD

Currency

.............................

Bank

of

America

NA

06/24/25

JPY

140.00

USD

24,074

(

108,367

)

EUR

Currency

.............................

UBS

AG

07/15/25

USD

1.02

EUR

2,967

(

5,423

)

–

(

253,848

)

–

$

(

932,565

)

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

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5

.00

%

Quarterly

BNP

Paribas

SA

04/16/25

B+

USD

99.00

USD

4,850

$

(

3,181

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

04/16/25

B+

USD

99.00

USD

4,600

(

3,017

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5

.00

Quarterly

BNP

Paribas

SA

04/16/25

B+

USD

99.50

USD

4,800

(

3,452

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

5

.00

Quarterly

Goldman

Sachs

International

04/16/25

NR

USD

100.00

USD

4,000

(

800

)

$

(

10,450

)

(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

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Citibank

NA

04/22/25

2

.70

%

USD

11,349

$

(

13

)

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

04/23/25

2

.70

USD

9,068

(

15

)

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

04/25/25

2

.70

USD

9,025

(

30

)

5-Year

Interest

Rate

Swap

(a)

.

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/26/25

3

.70

CZK

35,255

(

18,007

)

(

18,065

)

Put

5-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.10%

Annual

JPMorgan

Chase

Bank

NA

04/22/25

4

.10

GBP

27,936

(

67,255

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Citibank

NA

04/22/25

4

.15

%

USD

3,950

$

(

3,523

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Goldman

Sachs

International

04/23/25

4

.15

USD

2,267

(

2,249

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Deutsche

Bank

AG

04/25/25

4

.15

USD

2,256

(

2,704

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.05%

Annual

Goldman

Sachs

International

06/04/25

4

.05

USD

29,405

(

151,348

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.25%

Annual

JPMorgan

Chase

Bank

NA

06/09/25

4

.25

USD

29,704

(

75,988

)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

2.74%

Annual

Citibank

NA

06/27/25

2

.74

EUR

48,197

(

117,396

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.80%

Annual

Goldman

Sachs

International

07/24/25

4

.80

USD

38,593

(

37,558

)

(

458,021

)

$

(

476,086

)

(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

$

(

142,945

)

$

(

173,586

)

$

30,641

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1

.00

Quarterly

12/20/27

USD

3,853

(

64,687

)

(

3,002

)

(

61,685

)

$

(

207,632

)

$

(

176,588

)

$

(

31,044

)

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)

Markit

CDX

North

American

High

Yield

Index

Series

39.V4

...........

5

.00

%

Quarterly

12/20/27

BB-

USD

4,609

$

270,596

$

2,507

$

268,089

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5

.00

Quarterly

12/20/28

BB-

USD

8,106

488,354

228,193

260,161

iTraxx

Europe

Crossover

Index

Series

42.V2

..

5

.00

Quarterly

12/20/29

BB-

EUR

24,875

2,013,555

2,256,372

(

242,817

)

iTraxx

Europe

Main

Index

Series

42.V1

.......

1

.00

Quarterly

12/20/29

A-

EUR

6,986

136,484

144,373

(

7,889

)

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

...........

5

.00

Quarterly

12/20/29

B+

USD

249

15,035

13,091

1,944

$

2,924,024

$

2,644,536

$

279,488

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

44

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)

4.29%

At

Termination

1-day

EFFR

At

Termination

05/07/25

(a)

06/18/25

USD

107,776

$

(

1,843

)

$

—

$

(

1,843

)

9.31%

Monthly

1-day

MXIBTIIE

Monthly

N/A

01/09/26

MXN

83,590

(

31,939

)

—

(

31,939

)

1-day

MXIBTIIE

Monthly

8.47%

Monthly

N/A

02/25/26

MXN

150,366

17,677

—

17,677

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

6,905,897

176,557

—

176,557

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/26/26

ZAR

64,010

(

20,545

)

—

(

20,545

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

275,832

2,685,570

27,396

2,658,174

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

85,826

(

33,369

)

—

(

33,369

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

60,573

104,788

—

104,788

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

26,266

72,923

—

72,923

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/19/26

PLN

13,418

(

7,865

)

—

(

7,865

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

09/23/25

(a)

09/23/26

ZAR

10,244

2,185

—

2,185

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

93,778

68,793

—

68,793

1-day

MXIBTIIE

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

785,780

769,625

—

769,625

1-day

SOFR

Annual

4.07%

Annual

N/A

01/14/27

USD

89,140

409,886

—

409,886

6-mo.

BUBOR

Semi-Annual

6.50%

Annual

N/A

03/19/27

HUF

760,799

(

3,708

)

—

(

3,708

)

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/27

ZAR

33,973

4,344

—

4,344

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

11,160

(

12,404

)

—

(

12,404

)

5.13%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

6,696

(

7,024

)

—

(

7,024

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

1,416,301

147,486

—

147,486

3.88%

Annual

1-day

SOFR

Annual

N/A

03/20/27

USD

2,161

(

5,823

)

257

(

6,080

)

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

323,761

5,676,167

121,474

5,554,693

1-day

SOFR

Annual

4.10%

Annual

05/30/25

(a)

05/30/27

USD

72,500

615,243

—

615,243

1-day

SOFR

Annual

4.15%

Annual

05/30/25

(a)

05/30/27

USD

72,500

684,092

—

684,092

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

24,185

307,450

—

307,450

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

57,791

543,696

—

543,696

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

57,791

48,027

—

48,027

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

58,231

237,822

—

237,822

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

209,758

(

1,752,500

)

—

(

1,752,500

)

1-week

CNREPOFIX_

CFXS

Quarterly

1.58%

Quarterly

N/A

03/19/28

CNY

12,422

(

595

)

—

(

595

)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

15,705

510,792

—

510,792

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

14,641

43,837

—

43,837

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

14,659

45,777

—

45,777

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

37,409

1,038,735

—

1,038,735

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

404,893

63,801

—

63,801

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

494,869

85,658

—

85,658

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

433,729

12,016,222

396,231

11,619,991

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

42,361

1,646,609

—

1,646,609

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

60,450

274,463

—

274,463

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

30,721

1,173,299

—

1,173,299

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

29,663

(

113,850

)

—

(

113,850

)

1-day

MXIBTIIE

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

215,381

420,060

—

420,060

8.97%

Monthly

1-day

MXIBTIIE

Monthly

N/A

12/14/29

MXN

17,520

(

32,087

)

—

(

32,087

)

1-day

SONIA

Annual

4.00%

Annual

N/A

01/16/30

GBP

33,697

(

45,542

)

—

(

45,542

)

1-day

SOFR

Annual

4.00%

Annual

N/A

01/23/30

USD

33,697

491,378

—

491,378

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

N/A

01/31/30

EUR

680

110

184

(

74

)

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

N/A

02/03/30

EUR

1,364

1,296

3,311

(

2,015

)

8.65%

Monthly

1-day

MXIBTIIE

Monthly

N/A

02/07/30

MXN

19,307

(

23,458

)

—

(

23,458

)

1-day

SOFR

Annual

3.23%

Annual

N/A

02/19/30

USD

33,284

(

675,980

)

—

(

675,980

)

1-day

SOFR

Annual

3.90%

Annual

N/A

02/24/30

USD

28,911

306,741

—

306,741

6-mo.

PRIBOR

Semi-Annual

3.46%

Annual

N/A

03/19/30

CZK

35,718

(

7,285

)

—

(

7,285

)

6-mo.

WIBOR

Semi-Annual

4.88%

Annual

N/A

03/19/30

PLN

2,621

7,358

—

7,358

6-mo.

WIBOR

Semi-Annual

4.91%

Annual

N/A

03/19/30

PLN

3,069

8,873

—

8,873

6-mo.

WIBOR

Semi-Annual

4.94%

Annual

N/A

03/19/30

PLN

4,368

14,350

—

14,350

6-mo.

BUBOR

Semi-Annual

6.55%

Annual

N/A

03/19/30

HUF

304,250

(

6,221

)

—

(

6,221

)

7.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/30

ZAR

61,728

(

26,951

)

—

(

26,951

)

6-mo.

PRIBOR

Semi-Annual

3.56%

Annual

06/18/25

(a)

06/18/30

CZK

9,027

—

—

—

6-mo.

PRIBOR

Semi-Annual

3.66%

Annual

06/18/25

(a)

06/18/30

CZK

14,102

2,830

1,677

1,153

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

29,481

4,721,516

—

4,721,516

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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

$

(

236,071

)

$

—

$

(

236,071

)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

34,535

161,002

—

161,002

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

69,070

321,772

—

321,772

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

34,535

163,502

—

163,502

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

260,498

73,140

—

73,140

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

260,498

75,208

—

75,208

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

312,429

12,759,673

524,710

12,234,963

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

19,976

(

238,701

)

—

(

238,701

)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

34,848

(

324,557

)

—

(

324,557

)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/06/35

USD

27,248

(

180,795

)

—

(

180,795

)

1-day

SOFR

Annual

3.75%

Annual

N/A

03/27/35

USD

26,996

(

38,051

)

—

(

38,051

)

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

11,768

325,758

—

325,758

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

3,732

(

162,171

)

2,274

(

164,445

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

12,585

408,053

—

408,053

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

702,103

(

525,654

)

—

(

525,654

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

702,103

(

524,477

)

—

(

524,477

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

12,548

462,280

52,410

409,870

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

104,627

3,179,653

29,532

3,150,121

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

12,000

(

881,033

)

55,880

(

936,913

)

3.99%

Annual

1-day

SOFR

Annual

N/A

02/19/55

USD

1,174

(

39,735

)

—

(

39,735

)

$

47,415,843

$

1,215,336

$

46,200,507

(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

$

102,794

$

—

$

102,794

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)

Pitney

Bowes,

Inc.

.........

1

.00

%

Quarterly

Citibank

NA

06/20/25

USD

300

$

(

163

)

$

5,766

$

(

5,929

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

125

9,631

7,122

2,509

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

80

6,164

3,516

2,648

BorgWarner,

Inc.

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

390

(

5,264

)

2,945

(

8,209

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

160

2,608

23,273

(

20,665

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

120

1,956

16,984

(

15,028

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

100

1,630

15,333

(

13,703

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

70

1,141

10,428

(

9,287

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

120

1,956

16,994

(

15,038

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

190

32,792

12,113

20,679

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

105

(

1,330

)

2,862

(

4,192

)

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

98

(

1,237

)

2,662

(

3,899

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

485

(

6,152

)

13,862

(

20,014

)

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

1,005

(

18,620

)

14,892

(

33,512

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,840

(

40,397

)

40,990

(

81,387

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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)

Boeing

Co.

(The)

..........

1

.00

%

Quarterly

Deutsche

Bank

AG

12/20/28

USD

2,100

$

(

20,787

)

$

(

7,655

)

$

(

13,132

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

30

9,202

2,710

6,492

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

2,100

(

19,651

)

21,285

(

40,936

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

177

(

26,593

)

(

16,750

)

(

9,843

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

355

(

53,337

)

(

38,009

)

(

15,328

)

Best

Buy

Co.,

Inc.

.........

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

USD

1,049

(

199,287

)

(

202,527

)

3,240

Deutsche

Bank

AG

.........

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

EUR

998

(

6,099

)

(

6,154

)

55

Intesa

Sanpaolo

SpA

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

EUR

960

5,281

—

5,281

Telecom

Italia

SpA

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

440

12,577

20,516

(

7,939

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

Goldman

Sachs

International

06/20/30

USD

600

(

88,102

)

(

91,454

)

3,352

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

06/20/30

USD

1,415

12,970

9,053

3,917

$

–

$

–

$

–

$

(

389,111

)

$

(

119,243

)

$

(

269,868

)

$

–

$

–

$

–

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

$

17,424

$

6,720

$

10,704

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

532

26,370

18,503

7,867

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

96

4,753

3,264

1,489

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

483

23,987

18,586

5,401

Altice

France

SA

......

5

.00

Quarterly

Deutsche

Bank

AG

12/20/29

CC

EUR

722

(

149,294

)

(

131,133

)

(

18,161

)

Comcast

Cable

Communications

LLC

.

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

A-

USD

1,049

22,515

20,936

1,579

Eutelsat

SA

..........

5

.00

Quarterly

Deutsche

Bank

AG

12/20/29

B

EUR

249

(

25,927

)

(

24,040

)

(

1,887

)

Forvia

SE

...........

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

255

14,214

17,417

(

3,203

)

Hannover

Rueck

SE

....

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

A

EUR

499

3,346

2,988

358

iTraxx

Europe

Crossover

Index

Series

42.V2

20-

35%

............

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

1,600

183,758

204,264

(

20,506

)

Muenchener

Rueckversicherungs-

Gesellschaft

AG

....

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

A+

EUR

499

3,391

3,104

287

Swedbank

AB

........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

NR

EUR

960

(

8,342

)

(

2,739

)

(

5,603

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Citibank

NA

12/20/29

BB+

USD

190

30,323

32,208

(

1,885

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BB+

USD

100

15,959

16,028

(

69

)

$

162,477

$

186,106

$

(

23,629

)

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

47

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)

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/10/25

COP

8,016,758

$

7,490

$

—

$

7,490

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

05/10/25

COP

12,840,269

9,527

—

9,527

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

22,225

(

45,539

)

—

(

45,539

)

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Barclays

Bank

plc

07/01/25

BRL

1,680

(

1,912

)

—

(

1,912

)

1-day

BZDIOVER

At

Termination

12.16%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

18,321

(

16,545

)

—

(

16,545

)

14.18%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/26

BRL

10,455

1,702

—

1,702

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

559,662

2,131

—

2,131

11.49%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

13,660

135,875

—

135,875

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

8,415

79,546

—

79,546

12.21%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

1,965

14,556

—

14,556

15.41%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

5,302

(

14,039

)

—

(

14,039

)

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

01/04/27

BRL

35,188

(

702,025

)

—

(

702,025

)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

30,611

(

613,705

)

—

(

613,705

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

Bank

of

America

NA

01/04/27

BRL

43,391

(

848,339

)

—

(

848,339

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

41,632

(

813,306

)

—

(

813,306

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

232

(

4,543

)

—

(

4,543

)

1-day

BZDIOVER

At

Termination

14.55%

At

Termination

Bank

of

America

NA

01/04/27

BRL

12,261

(

10,615

)

—

(

10,615

)

1-day

BZDIOVER

At

Termination

8.65%

At

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

(

137,445

)

—

(

137,445

)

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

9,160

(

167,312

)

—

(

167,312

)

1-day

BZDIOVER

At

Termination

14.03%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

4,312

(

12,188

)

—

(

12,188

)

$

(

3,136,686

)

$

—

$

(

3,136,686

)

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)

Invesco

Senior

Loan

ETF

...........

At

Termination

1-day

SOFR

minus

0.10%

At

Termination

BNP

Paribas

SA

05/14/25

USD

41

$

(

905

)

$

—

$

(

905

)

Invesco

Senior

Loan

ETF

...........

At

Termination

1-day

SOFR

minus

0.20%

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/30/25

USD

21

1,053

—

1,053

1-day

SOFR

minus

0.05%

.........

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

06/17/25

USD

153

(

34,197

)

—

(

34,197

)

1-day

SOFR

minus

0.80%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

06/17/25

USD

26

(

13,573

)

—

(

13,573

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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

(continued)

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)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.65%

At

Termination

Goldman

Sachs

International

06/17/25

USD

79

$

22,895

$

—

$

22,895

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.65%

At

Termination

JPMorgan

Chase

Bank

NA

06/17/25

USD

210

61,129

—

61,129

1-day

SOFR

minus

0.95%

.........

Quarterly

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Quarterly

Goldman

Sachs

International

06/20/25

USD

67

(

35,316

)

—

(

35,316

)

1-day

SOFR

plus

0.05%

Quarterly

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

164

(

36,931

)

—

(

36,931

)

0.00%

...........

Quarterly

DB

Variable

Notional

Long-

Short

Cross-

Currency

Carry

Index

v8

Quarterly

Deutsche

Bank

AG

12/19/25

USD

204

1,085

—

1,085

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

365

(

855

)

—

(

855

)

0.00%

...........

Quarterly

Goldman

Sachs

TY

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

182

(

2,042

)

—

(

2,042

)

0.00%

...........

Quarterly

J.P.

Morgan

EM

FX

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/19/25

USD

209

1,032

—

1,032

1-day

SOFR

.......

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/19/25

USD

310

(

660

)

—

(

660

)

$

(

37,285

)

$

—

$

(

37,285

)

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

$

(

1,721,631‌

)

$

203,467‌

(c)

$

(

1,517,295‌

)

0

.1‌

%

Monthly

Citibank

NA

(d)

02/24/28

(

135,092,619‌

)

5,150,540‌

(e)

(

130,015,027‌

)

3

.4‌

Monthly

JPMorgan

Chase

Bank

NA

(f)

05/09/25

(

24,581,678‌

)

(

53,175‌

)

(g)

(

24,672,723‌

)

0

.8‌

$

5,300,832‌

$

(

156,205,045‌

)

(b)

(d)

(f)

Range:

20-638

basis

points

0-1,500

basis

points

0-500

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

49

(b)

Barclays

Bank

(c)

Amount

includes

$(869)

of

net

dividends

and

financing

fees.

(d)

CitiBank

NA

(e)

Amount

includes

$72,948

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$37,870

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

and

short

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

$

145,450

(

9

.6

)

%

Reference

Entity

—

Short

Common

Stocks

United

States

Karman

Holdings,

Inc.

......

(

49,753

)

(

1,662,745

)

109

.6

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

................................

$

(

1,517,295

)

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

Brazil

Marfrig

Global

Foods

SA

....

(

95,604

)

(

302,571

)

0

.2

Natura

&

Co.

Holding

SA

....

(

71,836

)

(

126,767

)

0

.1

NU

Holdings

Ltd.

,

Class

A

....

(

330,118

)

(

3,380,408

)

2

.6

(

3,809,746

)

Canada

Brookfield

Asset

Management

Ltd.

,

Class

A

..........

(

27,551

)

(

1,333,659

)

1

.0

Canadian

Pacific

Kansas

City

Ltd.

................

(

21,453

)

(

1,505,534

)

1

.2

Restaurant

Brands

International,

Inc.

.................

(

10,419

)

(

694,552

)

0

.5

(

3,533,745

)

China

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

..............

(

134,500

)

(

380,397

)

0

.3

China

International

Capital

Corp.

Ltd.

,

Class

H

..........

(

881,600

)

(

1,657,616

)

1

.3

China

Overseas

Land

&

Investment

Ltd.

........

(

206,500

)

(

369,626

)

0

.3

China

Railway

Group

Ltd.

,

Class

H

..................

(

1,141,000

)

(

504,760

)

0

.4

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

588,897

)

(

1,400,913

)

1

.1

CRRC

Corp.

Ltd.

,

Class

H

...

(

754,000

)

(

470,413

)

0

.3

JD

Health

International,

Inc.

..

(

267,450

)

(

1,142,040

)

0

.9

Kuaishou

Technology

.......

(

299,500

)

(

2,100,262

)

1

.6

Li

Auto,

Inc.

,

Class

A

.......

(

23,500

)

(

296,156

)

0

.2

Meituan

................

(

44,100

)

(

887,401

)

0

.7

MMG

Ltd.

..............

(

1,308,000

)

(

451,347

)

0

.3

New

Oriental

Education

&

Technology

Group,

Inc.

...

(

137,500

)

(

654,058

)

0

.5

Shares

Value

%

of

Basket

Value

China

(continued)

NIO,

Inc.

,

Class

A

.........

(

63,200

)

$

(

239,260

)

0

.2

%

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

.......

(

1,842,000

)

(

1,139,809

)

0

.9

Xinyi

Glass

Holdings

Ltd.

....

(

198,000

)

(

195,882

)

0

.1

(

11,889,940

)

Denmark

Zealand

Pharma

A/S

.......

(

10,772

)

(

808,918

)

0

.6

Finland

Neste

OYJ

..............

(

94,681

)

(

875,727

)

0

.7

France

Alstom

SA

..............

(

47,943

)

(

1,061,970

)

0

.8

Pernod

Ricard

SA

.........

(

13,035

)

(

1,287,762

)

1

.0

Renault

SA

.............

(

19,163

)

(

970,731

)

0

.7

Societe

Generale

SA

.......

(

33,914

)

(

1,529,993

)

1

.2

Teleperformance

SE

.......

(

7,184

)

(

722,360

)

0

.6

(

5,572,816

)

Germany

BASF

SE

...............

(

12,470

)

(

625,107

)

0

.5

SAP

SE

................

(

2,639

)

(

707,119

)

0

.5

(

1,332,226

)

Italy

DiaSorin

SpA

............

(

6,254

)

(

621,096

)

0

.5

Nexi

SpA

...............

(

179,815

)

(

959,043

)

0

.7

(

1,580,139

)

Japan

Aeon

Co.

Ltd.

............

(

13,500

)

(

338,579

)

0

.3

Dentsu

Group,

Inc.

........

(

42,100

)

(

929,762

)

0

.7

DMG

Mori

Co.

Ltd.

........

(

48,956

)

(

956,236

)

0

.7

Harmonic

Drive

Systems,

Inc.

.

(

31,000

)

(

659,676

)

0

.5

Hoshizaki

Corp.

..........

(

14,200

)

(

549,663

)

0

.4

IHI

Corp.

...............

(

4,900

)

(

341,965

)

0

.3

Kadokawa

Corp.

..........

(

14,100

)

(

337,136

)

0

.3

Kawasaki

Heavy

Industries

Ltd.

(

23,500

)

(

1,418,462

)

1

.1

Kobayashi

Pharmaceutical

Co.

Ltd.

................

(

21,600

)

(

818,277

)

0

.6

Kobe

Bussan

Co.

Ltd.

......

(

33,800

)

(

786,946

)

0

.6

Lasertec

Corp.

...........

(

16,400

)

(

1,409,587

)

1

.1

MatsukiyoCocokara

&

Co.

...

(

65,300

)

(

1,021,553

)

0

.8

Mercari,

Inc.

.............

(

127,334

)

(

2,019,345

)

1

.5

Mitsubishi

Heavy

Industries

Ltd.

(

23,700

)

(

407,014

)

0

.3

MonotaRO

Co.

Ltd.

........

(

23,700

)

(

442,734

)

0

.3

NEC

Corp.

..............

(

12,100

)

(

257,739

)

0

.2

Nippon

Express

Holdings,

Inc.

.

(

1,692

)

(

30,819

)

0.0

NTT

Data

Group

Corp.

......

(

57,200

)

(

1,036,181

)

0

.8

Oji

Holdings

Corp.

.........

(

183,000

)

(

767,118

)

0

.6

Rakuten

Bank

Ltd.

........

(

26,900

)

(

1,169,731

)

0

.9

Rohm

Co.

Ltd.

...........

(

51,200

)

(

494,675

)

0

.4

Seibu

Holdings,

Inc.

.......

(

24,700

)

(

547,439

)

0

.4

Seven

&

i

Holdings

Co.

Ltd.

..

(

91,600

)

(

1,326,451

)

1

.0

Sharp

Corp.

.............

(

14,800

)

(

93,562

)

0

.1

Shimano,

Inc.

............

(

4,200

)

(

589,735

)

0

.4

SoftBank

Group

Corp.

......

(

32,000

)

(

1,636,797

)

1

.3

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

50

Shares

Value

%

of

Basket

Value

Japan

(continued)

Square

Enix

Holdings

Co.

Ltd.

.

(

3,350

)

$

(

155,613

)

0

.1

%

SUMCO

Corp.

...........

(

148,700

)

(

1,007,633

)

0

.8

Sumitomo

Metal

Mining

Co.

Ltd.

(

29,600

)

(

647,021

)

0

.5

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(

341,100

)

(

981,925

)

0

.8

(

23,179,374

)

Mexico

Alfa

SAB

de

CV

,

Class

A

....

(

151,134

)

(

117,720

)

0

.1

Netherlands

ABN

AMRO

Bank

NV

,

CVA

...

(

39,366

)

(

829,496

)

0

.6

Poland

ORLEN

SA

.............

(

69,845

)

(

1,230,226

)

1

.0

Singapore

Seatrium

Ltd.

............

(

361,100

)

(

563,285

)

0

.4

South

Korea

LG

Energy

Solution

Ltd.

.....

(

2,178

)

(

498,875

)

0

.4

POSCO

Future

M

Co.

Ltd.

...

(

2,848

)

(

235,244

)

0

.2

(

734,119

)

Spain

Grifols

SA

,

Class

A

........

(

128,648

)

(

1,145,346

)

0

.9

Sweden

Beijer

Ref

AB

,

Class

B

......

(

5,394

)

(

75,879

)

0

.1

Switzerland

Avolta

AG

..............

(

15,419

)

(

675,422

)

0

.5

Clariant

AG

(Registered)

....

(

48,989

)

(

530,915

)

0

.4

Georg

Fischer

AG

(Registered)

(

6,028

)

(

441,183

)

0

.3

Sandoz

Group

AG

.........

(

36,916

)

(

1,548,037

)

1

.2

Swatch

Group

AG

(The)

.....

(

7,905

)

(

1,363,190

)

1

.1

Temenos

AG

(Registered)

...

(

12,412

)

(

963,694

)

0

.8

(

5,522,441

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

168,522

)

(

595,951

)

0

.5

Formosa

Chemicals

&

Fibre

Corp.

...............

(

366,000

)

(

289,949

)

0

.2

Formosa

Plastics

Corp.

.....

(

488,000

)

(

542,247

)

0

.4

Fubon

Financial

Holding

Co.

Ltd.

(

244,707

)

(

636,306

)

0

.5

Innolux

Corp.

............

(

2,126,000

)

(

977,943

)

0

.7

Shin

Kong

Financial

Holding

Co.

Ltd.

................

(

1,725,000

)

(

636,651

)

0

.5

(

3,679,047

)

United

Kingdom

Coca-Cola

Europacific

Partners

plc

.................

(

17,367

)

(

1,511,450

)

1

.2

Entain

plc

..............

(

72,342

)

(

546,575

)

0

.4

JD

Sports

Fashion

plc

......

(

782,150

)

(

691,605

)

0

.5

Rentokil

Initial

plc

.........

(

280,111

)

(

1,271,184

)

1

.0

(

4,020,814

)

United

States

Albemarle

Corp.

..........

(

38,372

)

(

2,763,551

)

2

.1

APA

Corp.

..............

(

175,278

)

(

3,684,344

)

2

.8

AppLovin

Corp.

,

Class

A

.....

(

7,668

)

(

2,031,790

)

1

.6

Axon

Enterprise,

Inc.

.......

(

2,668

)

(

1,403,235

)

1

.1

Calumet,

Inc.

............

(

9,402

)

(

119,217

)

0

.1

CH

Robinson

Worldwide,

Inc.

.

(

16,770

)

(

1,717,248

)

1

.3

Charles

River

Laboratories

International,

Inc.

.......

(

9,703

)

(

1,460,496

)

1

.1

Charter

Communications,

Inc.

,

Class

A

..............

(

6,831

)

(

2,517,428

)

1

.9

Shares

Value

%

of

Basket

Value

United

States

(continued)

Corteva,

Inc.

............

(

13,990

)

$

(

880,391

)

0

.7

%

Diamondback

Energy,

Inc.

...

(

16,035

)

(

2,563,676

)

2

.0

Dollar

General

Corp.

.......

(

7,217

)

(

634,591

)

0

.5

Dollar

Tree,

Inc.

..........

(

15,018

)

(

1,127,401

)

0

.9

Enphase

Energy,

Inc.

.......

(

11,910

)

(

739,015

)

0

.6

Equifax,

Inc.

.............

(

3,240

)

(

789,134

)

0

.6

First

Solar,

Inc.

...........

(

13,537

)

(

1,711,483

)

1

.3

Flowco

Holdings,

Inc.

,

Class

A

.

(

32,946

)

(

845,065

)

0

.7

Henry

Schein,

Inc.

.........

(

12,533

)

(

858,385

)

0

.7

Intel

Corp.

..............

(

36,895

)

(

837,885

)

0

.6

International

Business

Machines

Corp.

...............

(

12,502

)

(

3,108,747

)

2

.4

International

Paper

Co.

.....

(

40,186

)

(

2,143,923

)

1

.6

Kenvue,

Inc.

.............

(

156,546

)

(

3,753,973

)

2

.9

Lamb

Weston

Holdings,

Inc.

..

(

64,935

)

(

3,461,035

)

2

.7

Las

Vegas

Sands

Corp.

.....

(

35,504

)

(

1,371,520

)

1

.1

LKQ

Corp.

..............

(

80,077

)

(

3,406,476

)

2

.6

McDonald's

Corp.

.........

(

2,796

)

(

873,386

)

0

.7

Molina

Healthcare,

Inc.

.....

(

3,689

)

(

1,215,120

)

0

.9

Norfolk

Southern

Corp.

.....

(

6,302

)

(

1,492,629

)

1

.1

O'Reilly

Automotive,

Inc.

....

(

1,213

)

(

1,737,720

)

1

.3

Parker-Hannifin

Corp.

......

(

3,335

)

(

2,027,180

)

1

.6

Smurfit

WestRock

plc

......

(

93,675

)

(

4,220,995

)

3

.2

Solventum

Corp.

..........

(

1,692

)

(

128,660

)

0

.1

Super

Micro

Computer,

Inc.

..

(

43,732

)

(

1,497,384

)

1

.2

Western

Digital

Corp.

.......

(

48,068

)

(

1,943,389

)

1

.5

(

59,066,472

)

Investment

Companies

United

States

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.......

(

3,398

)

(

447,551

)

0

.3

Total

Reference

Entity

—

Short

............

(

130,015,027

)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(

130,015,027

)

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

May

9,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Saudi

Arabia

Derayah

Financial

Co.

......

22,719

222,884

(

0

.9

)

Dr

Soliman

Abdel

Kader

Fakeeh

Hospital

Co.

...........

16,409

215,859

(

0

.9

)

Nice

One

Beauty

Digital

Marketing

Co.

.........

10,831

116,652

(

0

.4

)

Rasan

Information

Technology

Co.

.................

46,399

1,009,243

(

4

.1

)

United

International

Holding

Co.

548

24,894

(

0

.1

)

1,589,532

United

Arab

Emirates

Talabat

Holding

plc

........

2,753,429

1,064,489

(

4

.3

)

United

States

AMC

Networks,

Inc.

,

Class

A

..

44,646

307,164

(

1

.3

)

Eagle

Bancorp,

Inc.

........

8,126

170,646

(

0

.7

)

Flagstar

Financial,

Inc.

......

80,132

931,134

(

3

.8

)

Informatica,

Inc.

,

Class

A

....

25,586

446,476

(

1

.8

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

51

Shares

Value

%

of

Basket

Value

United

States

(continued)

Paramount

Global

,

Class

B

...

5,046

$

60,350

(

0

.3

)

%

1,915,770

Total

Reference

Entity

—

Long

............

4,569,791

Reference

Entity

—

Short

Common

Stocks

Australia

Dexus

.................

(

164,936

)

(

733,454

)

3

.0

Lynas

Rare

Earths

Ltd.

.....

(

189,436

)

(

829,425

)

3

.4

Mineral

Resources

Ltd.

.....

(

73,022

)

(

1,102,562

)

4

.5

Pro

Medicus

Ltd.

..........

(

1,654

)

(

209,356

)

0

.8

SEEK

Ltd.

..............

(

44,692

)

(

604,256

)

2

.4

Treasury

Wine

Estates

Ltd.

...

(

168,477

)

(

1,032,972

)

4

.2

(

4,512,025

)

Brazil

Cosan

SA

..............

(

372,981

)

(

484,327

)

2

.0

Localiza

Rent

a

Car

SA

.....

(

114,589

)

(

675,110

)

2

.7

Marfrig

Global

Foods

SA

....

(

183,114

)

(

579,526

)

2

.3

Natura

&

Co.

Holding

SA

....

(

132,743

)

(

234,248

)

1

.0

Suzano

SA

.............

(

37,836

)

(

352,273

)

1

.4

(

2,325,484

)

Canada

Power

Corp.

of

Canada

.....

(

5,563

)

(

196,689

)

0

.8

China

China

International

Capital

Corp.

Ltd.

,

Class

H

..........

(

10,400

)

(

19,555

)

0

.1

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

5,599

)

(

13,319

)

0.0

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

..........

(

396,000

)

(

733,277

)

3

.0

Shandong

Gold

Mining

Co.

Ltd.

,

Class

H

..............

(

242,750

)

(

579,693

)

2

.3

(

1,345,844

)

Denmark

Zealand

Pharma

A/S

.......

(

2,974

)

(

223,331

)

0

.9

France

Sartorius

Stedim

Biotech

....

(

4,530

)

(

897,471

)

3

.6

Italy

Telecom

Italia

SpA

........

(

3,813,213

)

(

1,288,103

)

5

.2

Japan

Harmonic

Drive

Systems,

Inc.

.

(

3,300

)

(

70,224

)

0

.3

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(

43,500

)

(

516,259

)

2

.1

Mercari,

Inc.

.............

(

5

)

(

79

)

0.0

Rakuten

Group,

Inc.

.......

(

61

)

(

350

)

0.0

Sapporo

Holdings

Ltd.

......

(

13,200

)

(

674,263

)

2

.7

Sharp

Corp.

.............

(

110,400

)

(

697,921

)

2

.8

Square

Enix

Holdings

Co.

Ltd.

.

(

21,646

)

(

1,005,490

)

4

.1

SUMCO

Corp.

...........

(

2,600

)

(

17,618

)

0

.1

(

2,982,204

)

Mexico

Alfa

SAB

de

CV

,

Class

A

....

(

367,574

)

(

286,307

)

1

.2

Poland

InPost

SA

..............

(

27,609

)

(

405,197

)

1

.6

Shares

Value

%

of

Basket

Value

Singapore

SATS

Ltd.

..............

(

203,500

)

$

(

465,007

)

1

.9

%

Seatrium

Ltd.

............

(

242,000

)

(

377,499

)

1

.5

(

842,506

)

South

Africa

Impala

Platinum

Holdings

Ltd.

.

(

207,001

)

(

1,425,070

)

5

.8

South

Korea

POSCO

Future

M

Co.

Ltd.

...

(

3,769

)

(

311,318

)

1

.3

POSCO

Holdings,

Inc.

......

(

1,587

)

(

302,655

)

1

.2

(

613,973

)

Sweden

Beijer

Ref

AB

,

Class

B

......

(

26,180

)

(

368,283

)

1

.5

Switzerland

Avolta

AG

..............

(

3,053

)

(

133,735

)

0

.5

Bachem

Holding

AG

.......

(

5,262

)

(

310,797

)

1

.3

Clariant

AG

(Registered)

....

(

8,271

)

(

89,636

)

0

.4

Georg

Fischer

AG

(Registered)

(

3,096

)

(

226,593

)

0

.9

Tecan

Group

AG

(Registered)

.

(

883

)

(

168,016

)

0

.7

(

928,777

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

874

)

(

3,091

)

0.0

Formosa

Chemicals

&

Fibre

Corp.

...............

(

2,000

)

(

1,584

)

0.0

(

4,675

)

United

Kingdom

JD

Sports

Fashion

plc

......

(

87,199

)

(

77,104

)

0

.3

St

James's

Place

plc

.......

(

26,710

)

(

339,535

)

1

.4

(

416,639

)

United

States

Atlantic

Union

Bankshares

Corp.

(

3,650

)

(

113,661

)

0

.5

Brandywine

Realty

Trust

....

(

1,273

)

(

5,678

)

0.0

Celanese

Corp.

..........

(

1,785

)

(

101,334

)

0

.4

Community

Financial

System,

Inc.

.................

(

3,473

)

(

197,475

)

0

.8

CVB

Financial

Corp.

.......

(

8,831

)

(

163,020

)

0

.7

Enphase

Energy,

Inc.

.......

(

383

)

(

23,765

)

0

.1

International

Paper

Co.

.....

(

23,539

)

(

1,254,268

)

5

.1

Lamb

Weston

Holdings,

Inc.

..

(

2,318

)

(

123,549

)

0

.5

Provident

Financial

Services,

Inc.

.................

(

12,456

)

(

213,870

)

0

.9

ServisFirst

Bancshares,

Inc.

..

(

2,996

)

(

247,470

)

1

.0

(

2,444,090

)

Investment

Companies

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(

52,158

)

(

5,669,053

)

23

.0

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.......

(

15,692

)

(

2,066,793

)

8

.4

(

7,735,846

)

Total

Reference

Entity

—

Short

............

(

29,242,514

)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(

24,672,723

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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

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.

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.

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

.05

%

1-day

EFFR

.........................................

Effective

Federal

Funds

Rate

4

.33

1-day

ESTR

.........................................

Euro

Short-Term

Rate

2

.42

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

8

.97

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

7

.20

1-day

MXIBTIIE

.......................................

Mexico

Interbank

TIIE

1-day

9

.05

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

4

.33

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4

.46

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

0

.48

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

2

.25

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

7

.56

6-mo.

BUBOR

........................................

Budapest

Interbank

Offered

Rate

6

.53

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

2

.34

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

3

.61

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5

.66

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

........................................

$

—

$

18,717,890

$

—

$

18,717,890

Ireland

..............................................

—

18,167,377

2,990,114

21,157,491

Jersey,

Channel

Islands

...................................

—

250,545

—

250,545

United

Kingdom

........................................

—

1,050,584

—

1,050,584

United

States

..........................................

—

50,285,364

5,670,550

55,955,914

Common

Stocks

Australia

.............................................

388,103

15,346,462

48

15,734,613

Belgium

.............................................

—

2,348,097

—

2,348,097

Brazil

...............................................

11,809,002

—

—

11,809,002

Cambodia

............................................

—

109,604

—

109,604

Canada

.............................................

33,908,485

6,629,221

—

40,537,706

Cayman

Islands

........................................

—

—

323,036

323,036

Chile

...............................................

—

—

39,411

39,411

China

...............................................

5,107,329

55,009,746

—

60,117,075

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

53

Level

1

Level

2

Level

3

Total

Colombia

............................................

$

163,855

$

—

$

—

$

163,855

Czech

Republic

........................................

152,924

190,430

—

343,354

Denmark

.............................................

—

27,695,216

—

27,695,216

Finland

..............................................

709,825

1,352,443

—

2,062,268

France

..............................................

894,263

85,881,506

—

86,775,769

Georgia

.............................................

142,470

—

—

142,470

Germany

............................................

4,043,502

13,368,360

—

17,411,862

Greece

..............................................

—

397,955

—

397,955

Hong

Kong

...........................................

—

8,134,479

—

8,134,479

Hungary

.............................................

—

507,575

—

507,575

India

...............................................

—

4,260,324

—

4,260,324

Indonesia

............................................

176,552

1,335,981

—

1,512,533

Ireland

..............................................

951,410

1,550,538

—

2,501,948

Italy

................................................

—

49,411,052

—

49,411,052

Japan

...............................................

—

68,152,905

—

68,152,905

Kazakhstan

...........................................

567,454

—

—

567,454

Macau

..............................................

—

918,756

—

918,756

Malaysia

.............................................

—

305,103

—

305,103

Mexico

..............................................

4,269,668

—

—

4,269,668

Netherlands

...........................................

—

56,072,016

—

56,072,016

Norway

..............................................

—

5,984,358

—

5,984,358

Peru

................................................

1,970,317

—

—

1,970,317

Philippines

...........................................

191,037

505,324

—

696,361

Poland

..............................................

—

2,246,780

—

2,246,780

Portugal

.............................................

226,240

—

—

226,240

Republic

of

Turkiye

......................................

399,350

269,363

—

668,713

Romania

.............................................

—

168,632

—

168,632

Saudi

Arabia

..........................................

908,925

885,874

—

1,794,799

Singapore

............................................

1,183,414

1,952,332

—

3,135,746

South

Africa

...........................................

259,886

2,292,177

—

2,552,063

South

Korea

..........................................

115,593

11,409,902

—

11,525,495

Spain

...............................................

—

23,967,486

—

23,967,486

Sweden

.............................................

—

7,403,230

—

7,403,230

Switzerland

...........................................

8,837,590

10,846,155

—

19,683,745

Taiwan

..............................................

1,010,608

35,872,305

—

36,882,913

Thailand

.............................................

—

471,299

—

471,299

United

Arab

Emirates

....................................

—

—

4

4

United

Kingdom

........................................

6,909,164

105,898,404

—

112,807,568

United

States

..........................................

1,629,892,392

29,869,119

32,537,744

1,692,299,255

Corporate

Bonds

Angola

..............................................

—

199,680

—

199,680

Argentina

............................................

—

131,355

—

131,355

Australia

.............................................

—

1,174,324

6,753,182

7,927,506

Austria

..............................................

—

1,024,183

—

1,024,183

Belgium

.............................................

—

2,014,404

—

2,014,404

Brazil

...............................................

—

1,439,510

—

1,439,510

Canada

.............................................

—

16,334,836

—

16,334,836

Chile

...............................................

—

521,178

890,600

1,411,778

China

...............................................

—

1,927,838

—

1,927,838

Colombia

............................................

—

412,719

—

412,719

Costa

Rica

...........................................

—

220,193

—

220,193

Cyprus

..............................................

—

202,661

—

202,661

Czech

Republic

........................................

—

1,160,978

—

1,160,978

Denmark

.............................................

—

379,612

—

379,612

Finland

..............................................

—

372,580

—

372,580

France

..............................................

—

23,729,931

1,851,728

25,581,659

Germany

............................................

—

23,540,178

2,726,823

26,267,001

Ghana

..............................................

—

187,000

—

187,000

Greece

..............................................

—

1,404,437

—

1,404,437

Hong

Kong

...........................................

—

4,601,841

—

4,601,841

India

...............................................

—

8,779,429

1

8,779,430

Indonesia

............................................

—

415,842

—

415,842

Ireland

..............................................

—

4,267,030

—

4,267,030

Israel

...............................................

—

3,375,981

—

3,375,981

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

54

Level

1

Level

2

Level

3

Total

Italy

................................................

$

—

$

17,703,104

$

1,910,897

$

19,614,001

Japan

...............................................

—

4,339,936

—

4,339,936

Jersey,

Channel

Islands

...................................

—

6,388,740

—

6,388,740

Kuwait

..............................................

—

264,004

—

264,004

Luxembourg

..........................................

—

17,045,890

—

17,045,890

Macau

..............................................

—

1,405,959

—

1,405,959

Malaysia

.............................................

—

786,650

—

786,650

Mexico

..............................................

—

244,299

—

244,299

Netherlands

...........................................

—

11,298,927

—

11,298,927

Peru

................................................

—

325,519

—

325,519

Poland

..............................................

—

204,500

—

204,500

Portugal

.............................................

—

652,024

—

652,024

Saudi

Arabia

..........................................

—

739,638

—

739,638

Singapore

............................................

—

—

1,972,977

1,972,977

Slovenia

.............................................

—

1,383,230

—

1,383,230

South

Africa

...........................................

—

763,768

—

763,768

South

Korea

..........................................

—

1,795,769

—

1,795,769

Spain

...............................................

—

10,431,949

—

10,431,949

Sweden

.............................................

—

8,401,142

—

8,401,142

Switzerland

...........................................

—

2,623,708

—

2,623,708

Thailand

.............................................

—

862,846

—

862,846

Ukraine

.............................................

—

858,365

—

858,365

United

Arab

Emirates

....................................

—

1,218,660

—

1,218,660

United

Kingdom

........................................

—

58,174,319

2,202,143

60,376,462

United

States

..........................................

—

161,915,941

46,661,589

208,577,530

Uzbekistan

...........................................

—

198,658

—

198,658

Zambia

..............................................

—

1,709,571

—

1,709,571

Fixed

Rate

Loan

Interests

France

..............................................

—

1,380,431

—

1,380,431

United

States

..........................................

—

442,878

4,233,730

4,676,608

Floating

Rate

Loan

Interests

Belgium

.............................................

—

3,869,861

—

3,869,861

Canada

.............................................

—

3,133,318

—

3,133,318

Finland

..............................................

—

2,696,397

—

2,696,397

France

..............................................

—

14,319,235

—

14,319,235

Germany

............................................

—

21,303,744

—

21,303,744

Ireland

..............................................

—

4,204,379

—

4,204,379

Jersey,

Channel

Islands

...................................

—

—

3,286,916

3,286,916

Luxembourg

..........................................

—

8,862,440

6,644,203

15,506,643

Netherlands

...........................................

—

24,396,131

5,455,032

29,851,163

New

Zealand

..........................................

—

—

2,467,243

2,467,243

Norway

..............................................

—

1,098,313

—

1,098,313

Spain

...............................................

—

5,080,151

—

5,080,151

Sweden

.............................................

—

3,976,939

—

3,976,939

United

Kingdom

........................................

—

29,254,339

13,557,310

42,811,649

United

States

..........................................

—

51,987,513

14,940,091

66,927,604

Foreign

Agency

Obligations

.................................

—

3,656,069

—

3,656,069

Foreign

Government

Obligations

..............................

—

106,374,871

—

106,374,871

Investment

Companies

....................................

111,497,567

—

—

111,497,567

Municipal

Bonds

.........................................

—

3,086,314

—

3,086,314

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

989,082

—

989,082

Cayman

Islands

........................................

—

896,990

—

896,990

United

States

..........................................

—

96,750,463

10,491,660

107,242,123

Preferred

Securities

Brazil

...............................................

3,586,103

674,049

4,390,874

8,651,026

China

...............................................

—

—

17,768,525

17,768,525

Germany

............................................

—

1,396,961

—

1,396,961

India

...............................................

—

—

—

—

Israel

...............................................

—

—

82,776

82,776

Sweden

.............................................

—

—

—

—

United

Kingdom

........................................

—

—

2,549,344

2,549,344

United

States

..........................................

4,940,666

360,619

73,439,062

78,740,347

U.S.

Government

Sponsored

Agency

Securities

....................

—

29,846,722

—

29,846,722

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

V.I.

Fund

55

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

...................................

$

—

$

57,054,216

$

—

$

57,054,216

Warrants

..............................................

25,330

1,011,440

1,145,775

2,182,545

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

1,419,359

—

1,419,359

Money

Market

Funds

......................................

345,827,615

—

—

345,827,615

Options

Purchased

Credit

contracts

..........................................

—

46,109

—

46,109

Equity

contracts

..........................................

12,000,967

95,064

—

12,096,031

Foreign

currency

exchange

contracts

...........................

—

1,382,819

—

1,382,819

Interest

rate

contracts

......................................

10,251

141,955

—

152,206

Other

contracts

..........................................

—

2,492

—

2,492

$

2,193,077,857

$

1,618,238,768

$

266,983,388

$

4,078,300,013

Investments

Valued

at

NAV

(a)

......................................

7,387,259

$

4,085,687,272

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

636,693

$

—

$

636,693

Equity

contracts

...........................................

3,882,402

5,648,004

—

9,530,406

Foreign

currency

exchange

contracts

............................

—

2,366,943

—

2,366,943

Interest

rate

contracts

.......................................

3,710,091

52,472,068

—

56,182,159

Other

contracts

...........................................

—

102,794

—

102,794

Liabilities

Credit

contracts

...........................................

—

(

692,196

)

—

(

692,196

)

Equity

contracts

...........................................

(

10,571,547

)

(

1,976,430

)

—

(

12,547,977

)

Foreign

currency

exchange

contracts

............................

—

(

9,191,921

)

—

(

9,191,921

)

Interest

rate

contracts

.......................................

(

15,642,660

)

(

9,884,333

)

—

(

25,526,993

)

$

(

18,621,714

)

$

39,481,622

$

—

$

20,859,908

(a)

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.

(b)

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

Preferred

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2024

..............

$

5,588,774

$

32,725,808

$

71,271,123

$

5,395,487

$

51,780,374

$

10,505,412

$

102,500,034

$

1,275,745

$

281,042,757

Transfers

into

Level

3

............................

—

—

—

—

1,175,130

—

—

—

1,175,130

Transfers

out

of

Level

3

...........................

—

—

—

—

(

6,257,541

)

—

(

313,583

)

—

(

6,571,124

)

Other

(a)

......................................

—

(

128,066

)

—

—

—

—

128,066

—

—

Accrued

discounts/premiums

........................

—

—

65,605

(

14

)

25,241

5,927

—

—

96,759

Net

realized

loss

................................

—

—

(

24,175

)

(

88

)

(

424,105

)

—

—

—

(

448,368

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

.......

103,659

(

3,244,331

)

52,100

74,755

1,844,772

25,720

(

822,592

)

(

129,970

)

(

2,095,887

)

Purchases

....................................

2,968,231

13,880,361

5,380,530

—

—

99,199

—

—

22,328,321

Sales

.......................................

—

(

10,333,529

)

(

11,775,243

)

(

1,236,410

)

(

1,793,076

)

(

144,598

)

(

3,261,344

)

—

(

28,544,200

)

Closing

balance,

as

of

March

31,

2025

.................

$

8,660,664

$

32,900,243

$

64,969,940

$

4,233,730

$

46,350,795

$

10,491,660

$

98,230,581

$

1,145,775

$

266,983,388

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2025

(b)

.............

$

103,659

$

(

4,284,628

)

$

67,397

$

53,634

$

1,393,941

$

25,720

$

(

3,145,664

)

$

(

129,970

)

$

(

5,915,911

)

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks

and

Preferred

Securities.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2025

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)

March

31,

2025

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

$18,121,938.

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

........................

$

5,670,550

Income

Discount

Rate

7%

—

Common

Stocks

.............................

31,809,926

Market

Revenue

Multiple

1.10x

-

7.00x

3.37x

Volatility

44%

-

56%

42%

Time

to

Exit

0.5

–

0.8

years

0.7

years

EBITDA

Multiple

24.95x

—

Gross

Profit

Multiple

7.75x

—

Discount

for

Lack

of

Marketability

9%

—

Income

Discount

Rate

15%

—

Corporate

Bonds

.............................

64,079,337

Income

Discount

Rate

7%

-

30%

12%

Total

Gross

Bid

Value

37%

—

Market

Revenue

Multiple

3.72x

-

4.00x

3.98x

Volatility

50%

-

80%

55%

Time

to

Exit

0.3

–

1.0

years

0.3

years

Fixed

Rate

Loan

Interests

........................

4,233,730

Income

Discount

Rate

7%

—

Floating

Rate

Loan

Interests

......................

40,929,973

Income

Discount

Rate

7%

-

15%

9%

Non-Agency

Mortgage

Backed

Securities

..............

2,761,579

Income

Discount

Rate

9%

—

Preferred

Stocks

(b)

............................

98,230,581

Market

Revenue

Multiple

1.05x

-

21.08x

11.30x

EBITDAR

Multiple

10.00x

—

Volatility

36%

-

95%

72%

Time

to

Exit

0.5

-

5.0

years

2.4

years

Market

Adjustment

Multiple

1.00x

1.00x

Gross

Profit

Multiple

11.75x

—

Direct

Profit

Multiple

4.75x

—

Income

Discount

Rate

10%

-

15%

12%

Warrants

..................................

1,145,774

Market

Revenue

Multiple

2.75x

–

6.50x

5.68x

Volatility

45%

-

70%

62%

Time

to

Exit

0.3

–

5.6

years

2.5

years

Discount

for

Lack

of

Marketability

9%

—

$

248,861,450

(a)

A

significant

change

in

unobservable

input

could

result

in

a

correlated

or

inverse

change

in

value.

(b)

The

Fund

valued

certain

of

its

Level

3

Preferred

Stocks

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

$6,430,156

as

of

March

31,

2025.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

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

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

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

BUBOR

Budapest

Interbank

Offered

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

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

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

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

WIBOR

Warsaw

Interbank

Offered

Rate